Assignment 23A Your Venture's Unfair Advantage

1. Uniqueness of Venture: there is currently no other product like mine, meaning there is a lack of competitors. 
• Valuable: this is valuable, because it is important to stand out in your venture and upon your competition. 
• Rare: it is rare, especially if you are the first product. though, this can also be risky if you don't do a good job of making consumers aware of your product.
• Inimitable: as of now, my product is unique being the first. though, others can be influenced and imitate the product in the future.
• Non-substitutable: if I wanted, I could come up with another unique product to substitute.
2. Finance Background/Experience: I was in the Academy of Finance throughout my 4 years of high school and I interned for Launch Federal Credit Union for 3 years, so I am familiar with this venture.
• Valuable: this is valuable because it shows my credibility for creating this product, as I apply my experience and knowledge.
• Rare: this isn't rare, as there are many opportunities to gain experience in the finance field.
• Inimitable: others can also gain finance work experience through other internships, as well as join finance programs.
• Non-substitutable: I could expand my experience by working with other companies in the finance industry.
3. Social Capital: Card Users: This is my primary target, in which a lot of college students fall into this realm. Being that I am a student at UF, I have the opportunity to contact and market my product to this target around campus.
• Valuable: this is valuable to reach out to a bunch of prospects and develop relationships to generate a successful business.
• Rare: anyone at UF can network and communicate with other students if they wanted.
• Inimitable: this is imitable if you are willing to make connections and communicate with others.
• Non-substituable: this cannot be substituted, as card users are my primary target. though, I could also venture outside of uf.
4. Marketing experience: Throughout my years of interning, I also had to do some marketing for the credit union. I can apply these skills when marketing my product.
• Valuable: gaining marketing experience is valuable, as it will be useful to apply when marketing my product.
• Rare: marketing experience itself isn't rare, though mine being for a credit union is particularly beneficial towards my business.
• Inimitable: this is imitable, as anyone can gain marketing experience.
• Non-substituable: I could substitute the marketing experience with another experience with another company.
5. Social Capital: Bank tellers and Finance educators: I have a lot of connections with people who work in the finance industry, that are very knowledgeable about the venture, and would be willing to help. They could also help market the product in their own banks.
• Valuable: their expertise is valuable to help me get a bigger understanding on my prospective customers, as well as the field and product itself.
• Rare: this is not rare, as there is the financial industry is large.
• Inimitable: this could be imitated by anyone who has a connection with someone in the field.
• Non-substituable: their expertise would be non-substitutable because their knowledge is significant for my venture. though, I could expand on who I am talking to as long as it falls within the field.
6. Publicity: Credit card fraud and skimming is all over the news and media. If there is a new product introduced that could help solve the issue, it would not be difficult to get the word out about it, especially through the media. 
• Valuable: getting the word out there about your product is valuable, especially if you are using media as a platform. 
• Rare: it is rare to see a new product gain a lot of publicity immediately.
• Inimitable: the amount of coverage on this venture can be imitated by anyone who comes into this field.
• Non-substituable: a substitute could be traditional advertising, and self-advertising rather than publicity, but it may be less effective.
7. Human Capital: Hardworking: This determination and strong work ethic can be applied towards making my business successful, because it will indeed require a lot of hard work.
• Valuable: this quality is valuable because the amount of work you put into your business can affect the outcome. 
• Rare: anyone can be hardworking, it just depends how hard you are willing to work for something.
• Inimitable: anyone can be hardworking, but in a way this trait can be inimitable because everyone has their own level of work ethic.
• Non-substituable: other quality and skills can be mixed towards the process, but nothing can substitute a strong work ethic. if you are not putting the effort and work towards your business, you can't expect it to become successful easily.
8. Human Capital: Leadership: I have taken up many leadership positions, which have allowed me to gain leadership skills. I can apply these skills when running a business on my own.
• Valuable: it is valuable to obtain leadership skills, as it is an important aspect of being an entrepreneur and can help generate a successful business.
• Rare: anyone can have leadership skills
• Inimitable: anyone can have a leadership skill, but each leadership quality can also be individualistic and be applied differently.
• Non-substituable: other qualities and skills can be applied on top of the skill, but nothing can substitute leadership. 
9. Financial Capital: Fundraising: I have a lot of fundraising experience, as I had raised a lot of money for clubs and charity events in high school through fundraisers. In which, I can apply this experience when fundraising to raise money to start the business.
• Valuable: this is valuable because I will definitely need funds for startup.
• Rare: this is not that rare, because many people have fundraising experience and are capable of fundraising in general.
• Inimitable: this can be imitated, but it can also be individualistic as others may have different approaches to fundraising.
• Non-substituable: if I wanted, I could hire someone to fundraise for me but it would be costly.
10. Communication Skills: my experiences have allowed me to gain communication skills that can be applied towards generating my business and making it successful.
• Valuable: this is valuable, because it is helpful to have communication skills to network with others, and get your point across effectively.
• Rare: it isn't rare to have communication skills
• Inimitable: anyone could have communication skills and apply it towards their own business
• Non-substituable: nothing can substitute the importance of communication when developing a business.

Top Resource:

• After doing my VRIN analysis, I would say my Finance Background/ Experience is my top resource for my venture. It makes my business even more personal, seeing that I have personal experience. It shows that I am credible, coming in with knowledge on the finance field, and it gives me a better understanding of my prospecting customers. With this background, it demonstrates my passion for my business, which is something that would distinguish my business from others in the venture.

Assignment 22A Elevator Pitch 3

Feedback

• Overall, my feedback was positive once again, which was very reassuring coming into my third pitch. The positive feedback regarded my confidence displayed throughout my pitch, my nonverbal communication with hand gestures, and the additions made from looking at the critiques of others. The confidence remark stood out to me once again, because it reflects my knowledge of my product, and it shows that I am getting more comfortable with presenting my business each time I complete a pitch. 
• Being that my feedback was so positive, it was important to me to carry all of these qualities into my final pitch. By my third pitch, I memorized what I was going to say which allowed the flow of my pitch to be more fluent than the others. There was also a burst of confidence and comfort of speaking in front of a camera, which increased my confidence level in this pitch. This was portrayed through a combination of fluently going through my pitch, added enthusiasm in my voice, and apparent hand gestures. Lastly, I included a prop of a card to give the pitch a visual element. Overall, I found that this tweak tied the whole pitch together, making it better as a whole. I really focused on the execution of presenting this last pitch, by practicing to ensure that it would result in the best out of the three. 

Assignment 21A Reading Reflection No. 2

Inbound Marketing by Brian Halligan

• What was the general theme or argument of the book?
• The book emphasizes the benefits of inbound marketing, where you are attracting customers in the sense that they find you, rather than pushing your business onto them. Because, as customers are becoming more prone to ignoring outbound marketing targeted at them, Halligan stresses the benefits of inbound marketing and how to effectively implement it throughout this book. Overall, Inbound marketing details how to convert people from visitors, to prospects, leads, opportunities, then customers through the use of search engine optimization, social media, and blogs. 

• How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
• I found that chapter 6 of the book most correlated and enhanced what we learned in Dr. Pryor's Lecture 20, where he discussed the role of marketing in entrepreneurship and the importance of search engine optimization and finding leads. SEO is a significant aspect in entrepreneurship, being that in order for your business to be recognized by customers, it is important that you increase the chances that your site will show up as high as possible in the search results when a user searches for a keyword regarding your business. Dr. Pryor emphasized an important aspect that was also discussed in Chapter 6 of the book, being that if the site of your company is not being found on Google, you are missing out on an opportunity to generate leads for your business. As Dr. Pryor gave an outline in his lecture of how to reach this optimization by choosing the right search term, proper use of the term, and gaining link backs, I was able to find some familiarities in the book- which gave a more in depth outline of how to improve your SEO with tips and steps of the entire process- ultimately enhancing my overall understanding of the topic. 

• If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
• An exercise that the class can do based on Inbound Marketing, would be practicing search engine optimization. In which, they would have to determine a list of keywords regarding your business, that would optimize their company's website to be on the first page of the google search. They would have to figure out the best methods of implementing these key words into their website, whether its in the url, title, page description, etc, in order to gain the best results. I believe that this exercise will be useful for students and give them a better understanding of the importance of the aspects of marketing their company in order for it to become successful. 

• What was your biggest surprise or 'aha' moment when reading the book? What did you learn that differed most from your expectations?
• I think reading this book as a whole was an 'aha' moment, because it made me realize how effective inbound marketing really is today. Everyone has the idea that marketing is all about promoting your product in order to get others to buy it, using a ton of techniques to reach your potential buyers like advertising, telemarketing, direct mail, etc. Though, with these traditional marketing techniques, consumers today are most likely more prone to ignore and avoid these promotions, making the marketing strategy less effective. Though, as technology has become a part of our everyday lives, we don't even realize that the actions we do through the internet and social media daily is what inbound marketing is all about, which makes it so effective today. In which, as we are constantly shopping and gathering information through our search engines and social media, we are being attracted to different businesses and products through our own search. Where marketers behind this using inbound marketing, just have to be sure they are prospecting their customers and implementing strategies to improve their search engine optimization in order for their business to be successful. Overall, reading this book gave me the realization of why inbound marketing is so effective today, which I considered to be an 'aha' moment because I was one of those people who instantly thought of the traditional marketing techniques when asked about marketing. I never really looked into the idea that through the constant searching on the internet and scrolling through social media on our own, it was inbound marketing taking place- being that the use of technology has been so routine for us today. In which, I feel this is why I was so interested in reading the book and gaining more knowledge on inbound marketing overall. 

Assignment 19A Idea Napkin No. 2

• Who are you?
• My name is Davina, and I am an 18-year-old freshman at the University of Florida. I am an Accounting major who intends on joining the 3/2 Program. My aspiration is to become a CPA and work in an accounting firm. After talking five of the closest people to me and reflecting upon myself, I am hard working, compassionate, self-driven, and organized. I am always one to give 110%, strive to achieve my goals, and be there for others when they need me. My past experiences with volunteer work and a three year internship at a federal credit union, have helped to further these skills that can be applied towards furthering this business concept. If I were to start this business concept, it would play a huge role in my life, knowing that I had been able to satisfy other's needs with a solution. Especially with an issue this big and expanding, it would leave a huge impact on my life.

• What are you offering to customers?
• I am offering credit/debit card users a product to help deter and prevent credit card fraud by skimming. With technological advances rising, it has become more efficient to get away with credit card fraud through skimming by hacking card readers with a small device that is able to read card information without consumer's knowing. In which, my product is solving this unmet need of the prevention of credit card fraud by notifying if a skimmer is apparent beforehand, in order to prevent the fraud. In other words, my product functions in a way that consumers will be able to check the card reader for skimmers before using, indicated by a green or red light, to avoid credit card fraud.
• (I did not make any adjustments for this part of my idea napkin.)

• Who are you offering it to?
• I am offering my product to credit or debit card users in Florida. This is mainly directed to those in Florida, because according to Credit Sesame, Florida is considered a high risk state in terms of credit card fraud, with high credit card complaints of 60 per 100,000 residents. It is among the top 3 high risk of credit card fraud states in the U.S. Eventually, I will then venture out my business to market in other states. As for the targeted market in Florida, I am specifically offering the product to those who use a credit or debit card, because they are the ones that skimmers target. 

• Why do they care?
• Card users care and will be interested in my product because all of the incidents with credit card fraud through skimming have one thing in common: the victims of fraud were unaware of when it had happened. That is what has makes skimming so successful, the fact that skimmers are able to steal credit card information from consumers through card readers without them even knowing. In which, this leads to the notion that consumers are never really fully aware until after the damage has been done. Therefore, with this common problem of not exactly knowing of whether they are facing fraud or not, consumers will seek my solution of preventing the fraud before the damage can be done. In which, my product will appeal to consumers, as they will be able to become aware of the issue before the issue of skimmers can negatively affect them. My product will situate the issue by allowing consumers to evidently be notified with a distinct green or red light, of whether or not they should be using the card reader. This precaution will help reduce the amount of credit card fraud through skimming. 

• What are your core competencies?
• For what I know, there is one leading competitor which is EMV chip cards. This high technology chip that is implemented on the new generation of cards, provides added security against fraud. Which is why, cards with EMV chips have been in high demand and card readers have added chip readers as well. This just shows that people are seeking solutions to avoiding credit card fraud in every way they can. Though, a major issue with EMV chip cards is that skimmers have found ways around it, and EMV card users are still in risk of fraud. Although the risk with EMV chips is lower than traditional cards, the risk is still there as many people are still facing fraud. This is important to note with my product, to be ready for skimmers looking to find their way through my product, in which I would have to be adaptable to. 
• In which, overall, this idea is set apart from everyone else, as although there has been steps towards preventing credit card fraud through skimming, the problem is still occurring. My solution is able to solve this issue by preventing the fraud beforehand, with the ability to check for skimmers. Whereas, other solutions in the past- including the avoidance of using card, being cautious of where you are inserting your card, and or EMV chips- have helped to lower the risk of fraud, but have not completely prevented it. 

• Evaluation
• Overall, I think that these elements work well together with the unmet need, targeted customers, reasoning, and solution. Though, one major drawback is the production of this product. I do not have any connections with people that can drive the product forward, as it is a complicated concept that would need to require professional technology. In which, this is why I would plan to start in one specific area first, then wait to see if my business can branch out. Seeing that this is a global problem, it raises pressures to making an effective product. 
• (I did not make any adjustments to this part of the idea napkin)

• Feedback Memo:
• Based on my feedback, they liked how I introduced and presented myself. I kept this in mind for my revised idea napkin, and only made a little adjustment of adding some of the strengths that five of the closest people to me said I had. I found this important to include in my idea napkin because it adds credibility and accuracy when the strengths you perceive yourself to have is also seen in the eyes of those around you. I felt like this addition was beneficial to my idea napkin.
• Another comment admired how I detailed how previous alternatives have attempted to prevent credit card fraud, but still fell short, and that credit card fraud is still an ongoing issue. I decided to build off of this feedback, and added a more detailed description of what I believed was my product's biggest competitor: EMV chip cards. With this added in my idea napkin, I feel like it gives consumers a better look on how my product is distinct from other alternatives, and how it can come on top.

Assignment 18A Create a Customer Avatar

      My avatar is 22 years old, and is a proud 4th year gator at the University of Florida. In which, she would definitely be delighted to hear that Florida happens to be one of the top three high risk states of credit card fraud... She is a Business Administration major, seeking to become a Financial Analyst. She fell in love with the business career path ever since she was a part of the Academy of Finance all throughout her high school years. She still looks up to her Finance teacher today, who she still thanks her for providing her with useful financial advice that she still currently benefits from. This influenced her decision of becoming a Financial Analyst.
      She has owned a debit card since she was 16 years old, and praises the convenience that it provides. She is fully aware of the risks it comes with, as she has always been warned to be cautious of credit card fraud from her parents and finance teacher. Though, it wasn't until she first became a victim of credit card fraud when she was 19 years old while at a gas station, that she took these warnings seriously and became more aware. On that day, little did she know that paying for gas on her card for her 2010 burgundy Honda Accord, would ultimately lead to a random $370 charge on her card from Georgia. Now, she fully avoids using her card at gas stations, and will only use her gas card or cash.
      She is very attentive when it comes to managing her money. She makes sure to constantly check her payment transactions each day, and is cautious with her spending. In which, she is a very organized, detail oriented, and dedicated student. She has devoted her enter life to her studies and has big dreams in the mere future. She is ready to make the big transition from being a part-time server at Satchel's Pizza to becoming a Financial Analyst. In her free time, spending time with her friends and family, volunteering, painting, and binge-watching Friends, Stranger Things, and Gossip Girl on Netflix. She is very close with her family, and hopes to give back one day. She loves helping them out whenever she can, giving them financial advice that she has learned and mastered over the years. Overall, she is optimistic of her college years coming to an end and of what the outside world holds for her.

• What do you have in common with her?
• I had a similar experience of being in the Academy of Finance throughout my high school years, in which I was also really passionate about and was able learn a lot financially. Like her, I am very attentive in general, and with my money. I am aware of the risks of credit card fraud, which is why I am hoping to provide a solution to the issue. Overall, I am also very organized, detail oriented, and dedicated, and I am optimistic about my future with an Accounting major at UF. 
• Do you think it is a coincidence that you have these things in common?
• I don't think it is a coincidence, because being that I am also in this segment of business/finance students, we are bound to have similar backgrounds and or qualities. Also, more people are being aware of the issue of credit card fraud through skimming now that this form of theft has become more efficient and is arising today.

17A Elevator Pitch 2

• Feedback
• Overall, my feedback was fairly positive. She stated that I spoke eloquently and that my body language was professional. I tried to keep these both in mind and carried that through my second pitch. She also mentioned that I displayed confidence and sounded like I knew what I was talking about. This stood out to me, and I am pleased with this feedback, because I feel like it is important to display confidence and be sure that you as an entrepreneur portray professionalism, confidence, and credibility. 
• Being that these comments were positive, I made sure carry all these qualities into my second pitch. Though, I also took some criticism from when we watched three other students' first pitches in class. Some key notes that stuck out to me then were to add variation in the tone of voice to engage the audience, body language, and to specify what specific target you are targeting. These were the main changes I made, as I made sure I added more enthusiasm and variation in my voice, added hand gestures, and specified that I was targeting card users in Florida. 

Assignment 16A What's Your Secret Sauce?

• Human Capital
• Generosity: I am always looking out for those around me, willing to care for them and be there for them whenever they need me. I have a big heart, and I am very altruistic and selfless, which makes up a huge part of my human capital.
• Ambition: I would say my ambition is a part of my unique human capital, as I am self-driven and motivated by my goals. I strive to succeed and will not give up until I have.
• Diligence: I would consider myself to be a very hard worker, in which I will give 110% each time in order to achieve my goals. 
• Passion: My strong passion for something heightens the other qualities that make up my human capital. When I deeply care about something, it is evident and reflected upon my work and actions, in which it pushes me to succeed. 
• Deliberation: I am a deliberative person, in which I like to take careful consideration in my decisions by weighing out the options. I like to have my actions be intentional and organized. 
• Interviews
• Interview 1: Siriya (Cousin)
• https://soundcloud.com/davina-s-928396725/interview-1/s-pNbgv
• Siriya stated that I was a very reliable person, as I am someone that you can always go to whenever you need someone to talk to or be there for you. She also said that I was a great listener. I wasn't surprised to with her response, as I am always her go to person to call whenever she needs advice.
• Interview 2: Malida (Sister)
• https://soundcloud.com/davina-s-928396725/interview-2-malida/s-IRCNb
• My sister addressed my selflessness of always helping others, including herself, and my hard work. She finds that I am always helping her whenever she needs me to as well as others. I find this to be really spot on, of describing my human capital. 
• Interview 3: Mom
• https://soundcloud.com/davina-s-928396725/interview-3-mom/s-K8lfU
• My mom described me to be very hardworking, committed, and caring for others. She said it well when she stated that I am always willing to help others. Her insight on these traits portrayed by me is clear when she sees me helping my little sister out all the time.
• Interview 4: Farah (Roommate)
• https://soundcloud.com/davina-s-928396725/interview-4-farah/s-UrCJF
• My roommate simply described me to be encouraging, as I am always uplifting. I always try to motivate her whenever she's feeling down and encourage her to do her best. 
• Interview 5: Dad
• https://soundcloud.com/davina-s-928396725/interview-5-dad/s-Vp5vc
• My dad pointed out that I am compassionate, selfless, and hardworking. He sees me as always wanting to help others and as being very serious with my work. I also agree with his response, as I feel like it is very similar to what I said.
• Reflection
• Overall, I found it interesting to see the very similar correlation between the way I see myself and how others see me. Within all five interviews, they were all similar in a sense of describing my human capital. What stuck out the most throughout all the interviews, was my compassion for others. It seemed to be a very common response, they all stated that I am willing to help others, be there for others, and or encourage others. Nobody mentioned deliberation, which is one of the aspects I found to be a part of my human capital. I think this is because it is more of an internal aspect that I don't really portray towards others, whereas my selflessness and hard work is very evident. One thing I didn't consider myself to be was encouraging, stated by my roommate. She finds me to be uplifting and optimistic, which I found interesting. Overall, I wouldn't change anything from my list, as it is evident that what I portray myself to be is also seen in other's eyes.