Jacob's Entrepreneurship Blog

1. Venture Concept Description Opportunity The potential customers for the app would be people that go to the gym or people that want to start going to the gym. They would use the app to check how crowded the gym is. This would benefit them because they would be able to find a time when it isn't too crowded to maximize their efficiency in the gym. This opportunity was created by overcrowded gyms. This app would target mostly college students who use their college gym, but could extend to anyone who uses a popular gym. Customers now just hope the gym isn't crowded when they go or try to find a time when it's not usually crowded, but you're never certain. I think this opportunity has potential. I don't think it will be huge, but there is definitely money to be made. The window of opportunity will be open for a long time. College gyms will most likely always be crowded. Innovation The way the app will work is the user will open the app on their phone and it will auto...

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children? With my Gym Checker app, I would plan to sell my business in the next few years or so for a return. It's easy right now for me to relate to college student's problems and needs because I am a college student. A few years after graduation I could still probably relate to most issues, but eventually I won't be able to relate as much. I also don't personally see this venture as my biggest project and would want to devote my time to my next big venture. I think it is important for me to build it up as good as I can and then set it up for a nice price tag in the future. 2) Why have you selected this particular exit strategy? Like I stated before, I don't see this as my biggest ...

1) What was the general theme or argument of the book? The book mentions how social media pages now are almost considered a second resume. Employers can find a surplus of information about who you are as a person and your interests based off of what you post, follow, like, etc. It also talks about how nobody knows exactly the best way to use social media and how it works because it is always changing. Trends come and go, new features are introduced, and the target audience can sometimes shift. The book isn't necessarily intended for top social media personalities that are excelling in the subject, but rather the average Joe who doesn't know a lot about ways to utilize social media to its full advantage. The book answers many basic questions you may or may not have thought of. 2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003? I think social media is an important part of entrepreneurship. Having previously owned a small bu...

I will discuss a time that I quite literally failed in my Business Finance class. I knew going into the class that it was going to be a tough course, but I didn't really anticipate how much time would be required to do well in the class. I started off the semester enjoying syllabus week, not taking any of my classes seriously, and only looked at the syllabus and did any required assignments the following week. I didn't look at my business finance class until the following week, and only did one or two study edge chapter review packets. By the time the first exam drew closer, I started to go on my study grind the week before. It was then that I realized how much material the exam covered and how little time I actually had to master the content. I nonstop studied for that class that week and went into the exam feeling somewhat confident, but still nervous. I only need a C in this class since I'm not a finance major, so I wasn't stressing too hard. I took the exam and fo...

Existing Market The next step for my business is to design how the app would work in a diagram. This would mean describing the function of the app, such as what happens if you click on what, etc. Interview 1 (my roommate): He said I should include ways to incorporate people's social media in the app to make it easy for them to share. Interview 2 (a friend): She suggested that I include workout videos as a part of the app, making the app more than just a simple way to see how crowded the gym is. She thinks it could expand to something more. Interview 3 (another friend): He suggested that I table in Turlington or outside the gym. This would give me the opportunity to promote my app to people that would benefit from it. After conducting these interviews, I think there could definitely be room for my to expand my app to more than just a gym counter. I should give customers as many reasons to want to use my app as I can. I also think that when the app is ready, tabling around ...

Opportunity The potential customers for the app would be people that go to the gym. They would use the app to check how crowded the gym is. This would benefit them because they would be able to find a time when it isn't too crowded to maximize their efficiency in the gym. This opportunity was created by overcrowded gyms. This app would target mostly college students who use their college gym, but could extend to anyone who uses a popular gym. Customers now just hope the gym isn't crowded when they go or try to find a time when it's not usually crowded, but you're never certain. I think this opportunity has potential. I don't think it will be huge, but there is definitely money to be made. The window of opportunity will be open for a long time. College gyms will most likely always be crowded. Innovation The way the app will work is the user will open the app on their phone and it will automatically search gyms near their location. The user will then tap the gym...