Jacob's Entrepreneurship Blog

What sticks out as the most formative experience? Personally, the most formative assignment I had to do was the first Bug List assignment in the very beginning. I thought that assignment would be easy, but it turned out to be pretty difficult. I was not use to thinking like that, and it made me think of all the things that annoy me and got me thinking of potential solutions that I would never have tried to think of before. What experience will you remember years later? I will remember selling bags of blueberries outside of Publix during breakfast hours for the extra credit assignment for years to come. I felt silly at first, but it got me out of my comfort zone and made me actually go through with an entrepreneurial venture, even in a small way. What was your most joyous experience? My most joyous experience was finding the growing your social capital assignment. I had fun contacting people and getting "expert" advice in different fields, especially with my famil...

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...

1. My family friend recently launched an app: could get advice from him Valuable: This is valuable because I can ask him for advice Rare: This is rare because not many people have their own app Imitable: This could be imitated because some people do have their own app and can be used as resources Non-substitutable: I don't need advice from someone else but it would be helpful 2. Fundraising experience: was a captain on a Dance Marathon team and fundraised thousands of dollars Valuable: This is valuable because I will need money to get the app started Rare: This is somewhat rare, but I feel like most college students have had to fundraise before Imitable: This could be imitated, fundraising is not unique to me Non-substitutable: I would need funds so this really isn't substitutable 3. Motivated to be healthy: I want to use this app myself Valuable: This is valuable because I would need to use the app to believe in it Rare: This is not rare, a lot of people...

1) What was the general theme or argument of the book? Scott Abrams emphasizes the point that it is most important to focus on oneself before you focus on winning big. You can't win big if you are lacking in physical fitness, have poor eating habits, and lack quality social interactions. Security is also important to focus on, such as your job, investments, house, etc.  2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003? To me, the part I feel connected the most with the class is when he talked about passion. You can be really passionate about something, but at the end of the day, it might not be that profitable. Sometimes it's better to go for what works. If you start a business and it becomes successful, you'll find a way to be passionate about it.  3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve? I would create an exercise where the individual wo...

Industry Expert Who they are and what their background is: Derek Tippins. He is the founder of Nyoobe, an app that helps businesses increase their sales by paying users to spread the word of that business. Description of how you found the person and contacted the person: Derek has been a family friend for many years and calls me to consult on his ideas every once in a while. Nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation: I chatted with Derek about my idea for roughly 15 minutes over the phone and asked for his advice on how to successfully launch an app. Derek and I have a back and forth conversation that continuously goes on, and I expect him to ask me for my help later in the future. How will including this person in your network enhance your ability to exploit an opportunity: It can be helpful to have someone you can ask for help when they have done something similar already. Launching an app is not an easy...

Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life? My name is Jacob, and I am a third year information systems major. I am a great communicator, team player, and problem solver. When I was in high school, I created a social media business that generated me thousands of dollars. I am experienced with WordPress with web development. I have also taken several object oriented programming classes, giving me a foundation of programming knowledge and an interest in app development. When I am on a normal schedule, I go to the gym regularly and have a fair sense of how a workout routine typically goes. If I were to create the app, I could easily see myself being obsessed with it and devoting most of my time to its improvement. I tend to dive deep into projects I am very passionate about. What are you offerin...

Even though my prototypical customer can be of any background, I will assume that it is a "he" for the sake of the assignment. He loves to go for a play sports as a hobby. He drives an Honda Civic, an average, ordinary car. He likes to watch South Park, Parks and Recreation, and The Office. He does not have children. Hi favorite book is 1984 (he is a conspiracy theorist). His favorite politician is Rand Paul. He is 21 years old. He feels confident but needs motivation. He feels like an average college student. He wants to get in shape and stay motivated to be healthy through the use of lifestyle apps and general habits. I have a lot in common with this avatar. I am of similar age and interests. I based most (not all) of the details on my own life. I think the avatar is so similar to me because I am the prototypical customer for my product.

Report findings and Draw Conclusions: Throughout my interviews, I learned a few key compliments could help me improve my product. My first interview was helpful in the fact that it made me realize that Southwest Recreation Center does already have a live camera of how crowded the gym is, but most people do not like to use it due to its poor quality and that it is difficult to access. My second interview was insightful in regards to the business aspect of the app. I realized that the app could also be monetized by promoting gym related products such as protein shakes, diet guides, etc. I could get a percentage off of each sale based on if they purchased the product by being redirected from my application. My third interview helped me understand the costs behind building an app. While a simple app can go viral on its own, a user friendly app with a marketing team behind it has a higher chance of being successful. With this, however, comes the cost of hiring an effective programmer a...

I read the book, “Grinding It Out: The Making of McDonald’s”, by Ray Kroc. What surprised me most about Ray Kroc and McDonald’s is the fact that the French Fries were actually one of the biggest sellers early on. One of his suppliers went as far as to say that he wasn’t even in the hamburger business - he was in the French Fry business! The thing about Ray Kroc I most admire is that he never gave up on reaching for success. Ray Kroc was 52 years old when he got involved with the McDonald’s business. He had previously sold multimixers but never achieved the level of success he did when McDonald’s started taking off. This goes to show you that the right opportunity may be a long ways down the road, but you should never give up looking for it. The thing about Ray Kroc I least admire is the decision to raise the franchise fee from 1.9% to a whopping 11.9%. I am in strong favor of small businesses and their ability to succeed, and 11.9% just seems too greedy to me. Kroc was a geni...

What are the behaviors that you have used (or developed) to keep up with the requirements of this course? One helpful behavior to have with this course is the determination to finish things well ahead of the deadline. If you can find time earlier in the week or on a weekend to knock out multiple assignments, your life will be a lot easier. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this? To be honest, I felt like giving up on this assignment. I have a very busy schedule and am gone every weekend and have to make time for this course, but I decided to pull through and write this assignment. The motivating factor is getting an A in this class. All I have to do is put in the time and work and I can get the A. I will be going to the extra credit as well and am trying not to miss that many assignm...

Segment: College students who go to the gym at least once a week. My first interview was with a second year male who goes to the gym almost every day. He is in the business college and has most of his classes online and therefore has a flexible schedule. When I asked him how he feels about whether or not the gym gets too crowded, he said that it's annoying when he has to wait for a machine that can sometimes take up to 10 minutes of pure wait time. He said he as a very strict workout routine and doesn't like to vary from it so he has to wait until the next machine is available. He said he tries to go when the gym is less crowded, but it can change day to day.  My second interview was with a fourth year girl who uses the gym primarily for cardio. She said that while most cardio machine are usually open, the track can get crowded sometimes and makes it hard to run indoors. During her leg day, she said she also struggles to get the leg press machine, as there is only one in th...

Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life? My name is Jacob and I am a third year Information Systems student in the combined degree program for Information Systems and Operations Management Master's degree. I have experience in small entrepreneurial ventures I've started dealing with social media, internet marketing, web design, and more. I am familiar with the basics of programming and know Java. I want to work in the technology field but also own my own business. If I were to start this business, I would see myself learning more about app development and interviewing more gym owners to see if they have any recommendations. What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).  I am offering a simpl...

Who:  After interviewing different people, I learned some new information but most of the conversations were similar to the ones I had previously had. People outside of this boundary would include people who don't go to the gym, people with rigid schedules where gym capacity does not affect their decision to go, people with physical disabilities that can't go to the gym, and gyms owners that wish to keep this information private. I had not considered the fact that some gym owners may not want the data of how many people are in their gym to be public information. While I still think that most gyms would go for this idea, there will definitely be some that will not. I had assumed all gyms wouldn't have a problem with that information being public. What: There are still some people that would not want the information as it is too insignificant to impact their decision to go to the gym or not. Why: I feel that this need is catered to people who have an active interest in go...

The opportunity I chose to pursue was an app that tracks how crowded the gym is. Gyms usually have members "sign in" in some fashion before using the equipment. When a member signs in, the computer system updates the capacity of the gym with a number reflecting how many people have signed in versus signed out. The app would need approval from the gym to have access to that number (which could potentially work out to being a partnership). The app would then project that number in the app, showing how many people are currently in the gym to people looking at the app. The app would then give data such as if it is busier than normal, recommend a time to go based off of user input, etc. As for designing the app, I have some experience in coding and, given enough time, could figure out how to make the app. This would be much more efficiently done though if I hired a programmer to make the app, or gave them part ownership in the company.

Gym Capacity App Opportunity: Picking the right time to go to the gym is a big part of having an efficient workout. An app that would allow you to track how crowded the gym is would be useful. The who: People who go to the gym The what: An app that tracks a gym's capacity The why: To plan an efficient workout Testing the who:  This could also be useful for people who don't go to the gym but want to start going. Some people are self conscious of other people watching them and would want to go at the least crowded time that fits their schedule. Testing the what:  The app would rely on the gym having a tracking system for capacity already and would just project that number to the app.  Testing the why:  People have busy schedules and want to get the most out of their time. If someone only has one hour to workout, they would want to be productive during that hour instead of sitting around waiting for a machine to open up. Interview #1:  My ...

Economic trend: CEOs Are Good at Predicting Economic Trends. Their Confidence in Growth Just Dropped Dramatically Source: http://fortune.com/2019/01/21/recession-2019-pwc-ceo-survey/ I believe there is an opportunity here when it comes to the stock market. Statistically, these CEOs have been fairly accurate in predicting major ups and downs in the economy, and more CEOs are expecting less growth from their companies than last year. Now may be a good time to tell stocks that have been gaining recently but may look like they could be due for a decline. I think the prototypical customer would be someone who invests in the stock market. This includes a majority of middle-class Americans. I think this could be relatively easy to exploit because of the data behind the observation.  I think I saw opportunity here because I have always been interested but skeptical of the stock market and have seen major dips cause people to lose a lot of money. Economic trend: Millennials ar...

"Opioid crisis calls attention to family" by Alanna Durkin Richer Link: https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AFTUB%21Florida%2BTimes-Union%252C%2BThe%2B%2528Jacksonville%252C%2BFL%2529/year%3A2019%212019/mody%3A0118%21January%2B18&f=advanced&action=browse&format=text&docref=news/17107F15D9E499E0 Description: The Sackler family has a drug company called Purdue Pharma. They've made billions of dollars from selling OxyContin. Arthur M. Sackler died in1987 and made most of his money from medical research, advertising, and trade publications, etc. He often donated to many institutions, one of which named a building after him called Harvard's Arthur M. Sackler Museum.  Problem: The family's ties to OxyContin are bringing the Sacklers a new and unwanted kind of attention and complicating their philanthropic legacy. In 2007, Purdue Pharma pleaded guilty and payed over $600 million for mislead...

I have a belief that an opportunity exists in regards to the need for cash while in midtown. A potential solution would be to act as a human Venmo ATM where people can Venmo you money in exchange for cash. You could charge a flat fee of say $1 or a percentage of the Venmo request, say 10% (i.e. $0.50 for $5, $1 for $10, or $2 for $20). The unmet need is that many bars/clubs will require a cover on busy nights, and often times people will forget to bring cash with them. This can lead to people asking their friends (or random strangers) to borrow cash in exchange for either cash tomorrow or a Venmo request. The people who have this need would most likely be college students in midtown. This need has existed as long as bars have been open, but has gotten more relevant ever since the popularization of debit cards and Venmo. Less people carry cash around with them than they did a decade ago. The only realistic solution that is currently in place is to ask your friends for money or use an ...

Hello everyone! My name is Jacob. I'm a third year Information Systems major in the combined degree program for a graduate degree in Information Systems and Operations Management. In the summer following my freshman year of high school, I decided that I wanted to start a website. At the time, Instagram had only been out for a few years and I really enjoyed the app so I decided to make a website about how to gain more followers on Instagram. I wrote guides, listed popular hashtags, and had a tips and tricks section for content. The first way I tried to monetize it was with Google AdSense, which added ads to your website. For about a year or so, that was my main method of monetization, with the highest amount earned per month reaching just over $100. A few years later, I decided to get into a more lucrative part of Instagram: selling likes and followers. I researched how others were doing it on internet marketing forums such as BlackHatWorld  and Warrior Forum  and figured out t...

The Britta Filter runs out of water too quickly WHY: My roommates and I drink a lot of water SMITE (a game I like to play) crashes frequently and has many broken features WHY: The company doesn't devote enough resources to the game and instead focuses on other projects It's too hot when I go to bed and too cold when I wake up WHY: My apartment is three stories tall and the AC unit isn't effective enough I always forget to buy something when I go to the store WHY: I don't keep track of small things I need to buy because I assume I'll remember The gym will randomly get overcrowded WHY: People's schedules change. Perhaps if the gym had a way to track how many people were in the gym it would make my workout more efficient I can't text on my Windows laptop from an iPhone like I can a Mac laptop WHY: Apple wants to retain exclusivity for that feature Having to pay cover at a bar/club with physical cash WHY: Bars may not want cover trans...