Philip's Entrepreneurship Blog

Resources: 1. I have an understanding of basic financial planning through personal investigation of the subject.      V: Yes this skill is valuable, this skill is essential to developing my main product.      R: No this skill is not rare, this skill can be achieved by anyone with time to consume appropriate teaching materials.      I: No this skill is not inimitable, anyone with time to pursue the skill can do so.      N: Yes this skill is non-substitutable, this specific skill set is essential and cannot be replaced with another similar skill set. 2. I have connections with a wealth management firm and its founder.       V: Yes, I can use this connection to model my product after existing financial planning systems.      R: Yes, few people have the direct connection I have to an industry expert.      I: No, if someone out in the work to find quality connections they ...

Link to Pitch:   https://www.youtube.com/watch?v=D171VbCaBq8&t=17s Reflection:  My pitch remained somewhat similar to the format of my last pitch, but I changed a few things as well as the overall pacing in response to the feedback I got on pitch number 2. One person suggested I include a statistic in my introduction to further cement the idea that the issue I discuss affects most Americans, which I agree made the pitch more enticing. I also refrained from giving my name in the initial grabber based on another person's input, which I think also aided the overall flow of the pitch. Lastly, I tried slowing down my pitch to add more emphasis on what I was conveying rather than move quickly to get all the information in, which I hope means people can understand what my idea is better rather than be bombarded with less useful information. Thank you all for the feedback!

Reading Reflection: "Cognitive Surplus: Creativity and Generosity in a Connected Age" by Clay Shirky General Theme:  Clay Shirky suggests in "Cognitive Surplus" that the innovations of the modern industrial age, specifically higher wages from increased global production and educational resources, has given most people the ability to maintain a level of free time in their lives that was not possible previously. Shirky asserts that while this time can be used for less productive efforts, like the consumption of gin or other entertainment outlets, the knowledge that an educated population attains while preparing for a shifting labor market can be used in one's free time for creative means that benefit the creator or society in general. Shirky asserts that the tools information age give the best platform to accomplish this, since now more than ever people are able to connect with one another, learning the skills that others have and the needs of the general...

Industry Expert: Financial Management Firm Owner (57M) My first expert contact I received from my family connection to a wealth management firm in Miami, and I was able to receive contact with the owner of the firm, Mr. Jack. Mr. Jack began his career as a orchestra specialist, helping to manage the logistics of funding a moving an orchestra through different venues across the country, but eventually pivoted later in life to finance work, using his logistical understanding to build a well-running financial firm that caters to the wealth needs of high income individuals. With over 30 years of experience, Mr. Jack is a clear domain expert in the industry, and knows how to adequately plan to solve his client's financial needs and retain their business. I was able to have lunch with Mr. Jack earlier in the year when I was in Miami, and I was able to use that social goodwill that we built to contact him via email to briefly ask about the viability of my product. I think having Mr. Jack...

Me I am a Finance major at the University of Florida, and have developed a lifelong love of learning new things, especially when it comes to finance and wealth management. I've had a number of entrepreneurial experiences in my youth, having opened a couple of small business and employed friends to help with my endeavors, as well as being exposed to the social good that entrepreneurial work can do through positive mentors like our family friend Mr. Keller. I also benefit from being very committed to work that produces a lasting impact on people's lives, be it economic relief work for less fortunate countries or production of resources that allow people to better their own financial positions. Given my aspiration to do meaningful work that helps people, I think my product and my business can help me achieve that goal. What am I offering to customers? I am offering clients an online course system to self-educate on important topics of finance management, focusing on the basics...

Link to Pitch:   https://www.youtube.com/watch?v=KIyqe7DXOOs Reflection:  I did not receive any comment feedback on my last elevator pitch, but I did try and utilize more of Professor Pryor's strategies in my second pitch to be less mechanical and more engaging. I added more of a grabber in the first part of the pitch by asking the listener about their own financial struggles, and then stated that most Americans face this issue, showing the listener that they are not alone and that there is a solution. I also added an "ask" at the end of the pitch to meet the listener at a different time for 30 minutes to go more in-depth into the product.

      Description:  My customer is 31 years old and works as a civil engineer. His salary is slightly above the national average, and his lifestyle reflects this with the minor standard of living improvements he can afford. He drives a metallic grey 2020 Toyota Corolla hybrid to save on gas money, and he has an expensive coffee maker so he can enjoy more complicated drinks without buying from a store every day. He enjoys attending music festivals and sporting events, as well as going to trendy local bars where he can drink beer that is better quality than the stuff he had in college. He enjoys fantasy literature, like Lord of The Rings and the Inheritance Cycle, as well as popular fantasy shows like Game of Thrones and The Witcher. He is single and focused on his career right now, and does not have any children or pets. Comparison:  I have a couple of things in common with my customer avatar, primarily in our shared enjoyment of fantasy novels a...