Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

It was surprising to read about the different types of innovation. I know innovation can come in many different forms, but I was not aware that there were names and and real structure to the different types. Each type of innovation can affect the business in different ways while also affecting the businesses around them.

2) Identify at least one part of the reading that was confusing to you.

I was slightly confused by how companies or outsiders would distinguish the difference between a great and innovative business plan and an innovation plan. New companies are always innovating to get ahead so what separates the two?

3) If you were able to ask two questions to the author, what would you ask? Why?

How would large companies know whether to make a new innovation strategy or just change their business plan if things need to progress?

What types of innovation plans are most used by small service based companies that provide basic services?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

Nothing in this reading seemed to stand out as wrong. The author made clear points and made the section easy to understand.

Amazon Whisperer

Current Revenue Drivers for the concept: Since the concept is an app that connects buyers to sellers, the main revenue driver is a small transaction fee that occurs when certain sale amounts are processed. Additional revenue drivers would include paid advertisements that would appear on the app, such as banners and pop ups. This would allow revenue to come from multiple sources and be consistent and reliable. Some more revenue could also come from the sale of the emails of users to marketing firms. When user sign up, they would provide their email, and these emails could be compiled and so in various ways to firms looking for leads.

Next Thing: The next thing my customers would want would be perks for using the app, such as coupons to local places and discounts. Customers also like to have feedback from using apps, so they would also want some type of edge or reward feature for using the app.

This reward and perks service would foster customer loyalty and reward active users. By doing this more customers will be willing to use the app and keep using the same app.


Since my concept is an unique app idea and is not a particular type of product, I will chose the a product from Amazon that is relatable to the industry but  I can not promise it will compliment my existing business concept.

The product I chose is relatable to my fresh produce app concept. The product is a set of reusable bags specifically designed to hold fruit and vegetables. They are also designed for storage and can easily be washed and reused. They allow customers to be environmental friendly by saving plastic bags, while getting superior produce storing abilities.

The customers love  the quality of the mesh the bags are made and love how easily they wash. They can be machine washed and customers love that. Customers also mentioned how they love the draw strings on the top of the bags. They are very secure and stay closed once locked down. The size of the bags also allowed customers to fit a good amount of fruit in them. 

Some customers mentioned that the bags were actually not made with quality fabrics and complain that they tore easily. One customer even mentioned how the produce she kept in the bag went bad faster than the traditional plastic bags.

If I could change this product I would suggest making one big mesh bag with several different compartments so the customer would not have to carry around so many bags. The multiple compartments would allow for the separation of different produce while also making it easier to carry.

 This product would not necessarily make a good addition to my app idea but I think reusable bags are a great idea and it is important for consumers to be environmental friendly as much as they can. 

My Unfair Advantage

• Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide the same benefits?). 
• After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources.

1. Human Capital
1. V- The people that surround me and my ambitions can help me and the company push forward and stay on track. The personality of me and the people I will work with have positive attitudes and much knowledge on the product.
2. R-The people that surround me are all intelligent and dedicated people in which not very venture can say they have. Some people and companies will have people that hold them back but i will not.
3. I- It is not hard to find intelligent and hard working individuals, but it is harder to get them on board with your idea and work with you.
4. N-No other substitutes can take the place of a great human worker.
2. Education
1. V- Education is extremely valuable. Having an education on technology, finances, and how to manage people is the most valuable thing an entrepreneur can have. Being in college I feel I have adequate education to start a venture.
2. R-Education is becoming less and less rare. More and more entrepreneurs have a good deal of education.
3. I- It is not hard to find educated professionals that are willing to work on a new venture.
4. N-There are no other resources that could take the place of an adequate education.
3. Emotional Support
1. V- Having emotional support by friends and family is extremely valuable when starting a new venture. I have family that will support me in anything i do and friends that will back me up on my ideas.
2. R-Many entrepreneurs lack family and friends that are willing to do anything for them to succeed. Many families push their children to get a "normal job" and not start a business.
3. I-No one can imitate the family and support I have for my ideas.
4. N-Nothing can replace a strong emotional support system
4. Financial Support
1. V- Money is probably the most valuable thing for new ventures. Money is what makes the business keep going.
2. R-Having enough money to start a business is very rare and is the reason most business don't succeed.
3. I-Money can be found in many places and can not be imitated
4. N-Nothing can replace cash
5. Physical Capital
1. V- I have computers to create apps and that is the most valuable part of creating the idea
2. R-It is not rare to have enough physical capital in business
3. I-Computers are not imitate able and are always needed
4. N-Computers can be replaced by outsourcing your tech building.
6. Social Capital
1. Having friends and family that will support and use the product is valuable and can not be replaced
7. Nothing to Lose Mindset
1. Being a student, I have nothing to lose but a little money and time. This mindset is very valuable and cannot be replaced by other mindsets
8. Time
1. Being so young, I have time to grow my ideas and gain more capital in my ideas. time can never be replaced and can never be substituted.
9. Constructed Social Capital
1. The idea of my venture would create new human connections and create a sense of community for the people that use it. This can be obtained with other products and many social media interfaces can do this.
10. Natural Capital
1. With the whole world turning to mobile apps, the time and place for this venture to launch is now and the social and tech environment right now is not replaceable for an idea like mine. The time is perfect to push forward.

The most important resource is my emotional support. The support of my family and friends is what will push me and allow me to continue forward and will allow mw to see the future clearly.  A supportive family is key to a successful venture, and I know I would have no problem dealing with my family and friends.

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

There was nothing very surprising in this section. I understand how important finances and budgeting are to growing business and how if you do not handle your finances correctly there are great chances that your company will fail. Knowing how to budget your business and handle the finances is just as important as knowing how to create the product or provide the service.

2) Identify at least one part of the reading that was confusing to you.

Nothing in this section was confusing to me since I have already taken all the basic accounting and finances courses. Most all of the concepts presented in this section were simple ones and did not go above the concepts presented in previous finance courses.

3) If you were able to ask two questions to the author, what would you ask? Why?

1.) If an owner has to bring in help for accounting and finances early on in the business life cycle, how much information, ideas, and responsibility should be shared with the outsider?

2.) When is it typically acceptable for the owner to start running his/her personal finances through their company?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

Since the chapter was mostly about technical and conceptual information regarding company finances, I could not find anything to disagree with the author about.

Elevator Pitch No. 3

After reading the feedback from my last Pitch, I believe I made some good changes and have made a much better pitch this time around. Some feedback that helped me was that I should try and stay still and not move around too much and that I should try and keep my unnecessary hand gestures to a minimum. I also dressed better and tried to speak slowly and more clearly than my previous attempt. I was also more dynamic in this pitch in that I was not on a webcam and I was outside.

My Secret Sauce

Describe five ways in which you think you have human capital that is truly unique. 

1. I am able to think big and outside the box when it comes to problem solving.
2. I am very caring of others even to those I do not know that well or have just met.
3. I am able to take control of a situation or group and lead others in a group setting.
4. I am very diligent and careful during projects and pay attention to details.
5. I am able to work well with many other types of personalities and get along with others easily.

2) Interview the five people who know you the best. 

This interview was with my friend and roommate Cory. I really appreciated what he said about me and I believe everything he said about me was correct. 

This interview was with my good friend Hannah. I think she was correct in saying that I like to have a good time and am not too serious. I hope I come off as a good guy to others as well.

This is my friend and roommate Ramon. He talked about the first time meeting me and his first impression of me. I am glad I left a good first impression.

This is my other friend Lauren. She did not want to be shown on camera. She said I was supportive and was willing to lend a helping hand. 

This is my other roommate and friend Devin. He talked about how I am dedicated and am a hard worker because I work a lot. The interview was brief but I think he mentioned a few good characteristics.

3) Reflect on the differences. 

After conducting the interviews with my close friends, I can say that what they said about me was accurate and that they see me in a way that I would like for them to see me. Assessing myself, I would say I am everything my friends said I am however I also believe I can be very harsh sometimes on myself, but that does not show when I am with others. I would not make any corrections to my list in part one, and I stand by any characteristics I listed there.

Week 9 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The part that stood out the most to me was the section on marketing research and the many different consumer characteristics and classifications. There were many more characteristics than I thought there would be and the amount of detail of each was definitely surprising.

2) Identify at least one part of the reading that was confusing to you.

The concept that was most confusing to me was the idea of secondary data. Why is secondary data used over new data and how exactly is the data captured and stored.

3) If you were able to ask two questions to the author, what would you ask? Why?

1.What marketing strategies can be used on social media that would be long lasting, since social media platforms are changing almost everyday?

2. Which marketing strategy would be best for a tech company with very little to no capital to work with?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I think the author was wrong to say that many entrepreneurs do not know much about their markets and how to reach them. True entrepreneurs would have taken the time to research the market and they should know who they are going after.

Idea Napkin No. 2

1) My name is Thomas Murphy and I am an junior studying finance here at the University of Florida. I have always been interested in finance and business and this class is helping me see how it all starts and how I can become a business owner myself. I aspire to be successful. That may sound vague but I know if i work hard success will follow. I do not know where I will be in 5 or ten years and I like it that way because anything I want will be in reach. The business concept I have talked about so far, I believe, is a great one and can truly change my life and many others if it is pursued. I would love to have my life consumed buy a growing business that is mine.

2) The service I am offering is a an app/website that would connect customers looking for local fresh produce to locals who grow and sell produce themselves. It would allow people to buy cheap produce from their neighbors or households near by for cheap prices instead of buying at the grocery store.

3) I am offering this service to anyone who likes fresh, local produce for cheap prices.Many people like organic produce and to know where the food is coming from. Well if you can buy the food from your neighbor's tree in their back yard, then you know exactly where it is coming from and where it has been. 

4) Customers care because they like to feel a sense of community and they also like to eat foods that they know are local and fresh. They will also care because, the service can save them time and money.

5) The core competencies of this business concept are the easy-to-use website/app- interface and the ability to sell your own produce while also being a customer. this service does not exist anywhere yet and that is what makes it exciting.

This blog post does not cover ever aspect of the business concept but I believe it is a strong plan. But, like every business there is always room to improve on the idea and I still have to figure out a lot of the logistics of how sales would take place and security risks.

One main point i took away was how I would initially get customers to use this service. With some isight it would have to start small in buy own neighborhood and move outward. I also got feedback on security risks and how I should approach those because customers would be interacting with sellers. The app interface was also brought up and there are many ideas that need to be improved. keeping customers using the app will be difficult too but I plan on getting more feedback on that. If you find this idea to be a good one, please comment and provide feedback to this blog and any following blogs.