23A - Your Venture's Unfair Advantage

1) Human Capital

Value - Human capital is very important as not everyone knows the same skills and every person can bring different value and knowledge to the table.

Rare - This is not rare as everyone has some form of human capital and has different skills to offer.

Inimitable - People can have similar experience but they will never know exactly every thing you know or have learned. They will also not have the same experiences as you.

Non - Sustainable - You can substitute someones human capital by bringing in multiple different people that fill this persons criteria.

2) Social Capital

Value - This is extremely valuable, especially when trying to sell a product or service and be competitive.

Rare - This is not very rare as some people can have very similar connections.

Inimitable - People can have similar resources and social connections but it is very unlikely they will have the same exact connections.

Non - Sustainable - You can substitute someones social capital by bringing in multiple people with the same or similar resources.

3) Financial Capital

Value - This is extremely valuable because many start up businesses have a hard time getting money to make the business what it hopes. Having this money can give you a good start and allow your success to fluctuate.

Rare - This is somewhat rare because many people do not have the financial capabilities to up and start a business.

Inimitable - It is easy to copy someone else's financial capital if you were to save money for your business.

Non - Sustainable - There are no other similar resources unless you were to go into debt.

4) Business Experience

Value - This is very valuable as it allows you to know and be familiar with at least some aspects of starting a business.

Rare - This is somewhat rare as many people do not have the opportunity to gain experience in starting a business and seeing it grow.

Inimitable - This is very easy to copy as anyone can open a business or try to be apart of a new business.

Non - Sustainable - You can not receive the same benefits as having your own experience.

5) Location

Value - Being close to you anticipated customers is very valuable as it allows you to gain knowledge on your customers and their needs.

Rare - This is somewhat rare as some companies are trying to reach a larger audience and can not live where all their customers do.

Inimitable - This is somewhat inimitable because many people can start a business where they live.

Non - Sustainable - You can have people represent you across these areas and have them gain knowledge on the location without you being there.

6) Customer Service Experience

Value - This extremely valuable as it give you experience working with customers and selling your product or service.

Rare - This is not that rare as you can gain customers service anywhere.

Inimitable - This is not that hard to imitate because you can this experience in any type of business or workplace.

Non - Sustainable - You are not able to fulfill this with anything else as it is an experience.

7) Familiarity with marketed customers

Value - This is extremely valuable as it allows you to be familiar with the intended customers and know their needs.

Rare - This is somewhat rare because not everyone that starts a business, started with the same need and they may not completely understand.

Inimitable - You are become familiar with these customers but you will not have the same relationships as someone who was once a part of that group.

Non - Sustainable - You can not get these benefits from another resource.

8) Vendor Relationships

Value - This is valuable as it allows you to have predetermined vendors to help with your business.

Rare - This is somewhat rare as many people do not have access to vendors before they start a business.

Inimitable - You are able to establish relationships with vendors but it will take time and can push back your business plans.

Non - Sustainable - No, these are relationships that take time to form.

9) Supportive Resources

Value - This is very important as many people do not have other businesses and resources that will promote a new business.

Rare - This is rare as you would need to have relationships with these business and resources in your community.

Inimitable - You are able to make these relationships but it will not be the same as someone who has made these relationships a while ago.

Non - Sustainable - It takes time to make these relationships and these can not be replaced with something else.

10) Marketing Experience

Value - This is very valuable as it will put you ahead in opening your business.

Rare - This is somewhat rare as some people may not have been able to get this experience before opening their own business.

Inimitable - This is hard to copy because marketing is continuously changing and if you do not know how to market to your customers, it can be very difficult.

Non - Sustainable - You can gain this knowledge elsewhere but you will still be new to marketing.

I believe my top resource is being familiar with the intended customers. Having personal experience with their issue will allow me to better understand their needs and what will and wont work for their circumstances.

21A – Reading Reflection No. 2

1) What was the general theme or argument of the book?

The book that I chose to read was The Art of Social Media - Power Tips for Power Users by Guy Kawasaki and Peg Fitzpatrick. The general theme of the book was supplying the reader with an extensive amount of tips on how to better your social media. It gave you tips on things like your profile and how to even manage your comments and how to get more followers.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book allowed me to see just how helpful social media can be with promoting your product or service. It showed me many different ways in which I can utilize social media and how I can continuously change my profile to match the direction I want my product to go.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

If I had to design an exercise for this classed based on the book it would be to have students make a social media platform for their potential product or service. Using these tips from the book, I would have students set up their profile and a few posts advertising and promoting their product. After that, I would have other students comment on their page which would allow the students to practice responding to comments and how to make their profiles perfect. This would simulate real life situations for them and would better prepare them for their future businesses.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

While reading the book I found that there was a strong encouragement to respond to positive and negative comments on your posts. Although I now see how this can better your business, from what I usually see on social media, I don't see people responding to negative comments and often here people saying to just ignore the negative comments.

20A – Growing Your Social Capital

The first person I engaged with is a family friend of ours who has owned multiple successful businesses throughout the time I have known him. Walter has owned these businesses that have allowed him to grow his franchise and venture in to many different categories as well. He has a lot of experience in retail as most of his businesses focus on this. Walter is filling my domain expert slot because he has extensive knowledge on retail and was able to give me multiple tips on selling the product and advertising it. He also said that if I am serious about the service, he would help in any way possible.

The second person I targeted for my expert in my market was Jonathan Rivers. Jonathan is very well know in my community for a free bike program that he has established for everyone to use. He has also tried many other products within the community and has great experience with trials and errors. I found him by simply knowing about the business he had and meeting up with him at his office. Jonathan offered advice and support for my business idea. He loved the idea and believes it would benefit a lot of people in the community.

The last person I contacted was Julie who works for the community service center on the post I am trying to install a bus system on. She has a lot of experience selling different products to the same target group and had very good advice on advertisement and how to get the word out. She stated how she would look into other organizations on post to see if any would support my idea or help me start it.

I enjoyed doing this activity as it allowed me to see and meet with other entrepreneurs who supported my idea. It definitely motivated me to continue trying for this idea. It showed me that there are many needs for this community and it'll take some work to achieve the business I want but I will get there eventually. 

16A –What’s Your Secret Sauce?

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 

1. I have a strong work ethic. I think a lot of people lack this nowadays and I take pride in my work.

2. I am very caring. I love taking care of individuals, I have a big heart.

3. I have interests in a variety of things. I enjoy doing many things and find I pick them up rather quickly.

4. I am very open-minded. I love to learn new things and am open to other peoples differences.

5. I am very adventurous. I love to travel and live different place.

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

I am unable to provide audio recordings as I interviewed my family and they are in a different state than myself but I will summarize their interviews below.

Interview #1

The first interview was with my dad who stated I am headstrong, opinionated, and persistent.

Interview #2

The second interview was with my mom who stated I am strong, very smart, very opinionated and doesn't hesitate to say exactly whats on her mind. She said I am very generous, thoughtful and very funny.

Interview #3

The third interview was with my sister who stated I am hardworking, blunt, caring and outspoken.

Interview #4

The fourth interview was with my husband who stated I am hardworking, smart and I don't let little things bother me.

Interview #5

My last interview was with my other sister who said I am witty, determined and independent.

3) Reflect on the differences. 

I think that the people interviewed represent who I am as a person but so does my list. I think it depends what situation you're in, people might see different sides to you. I am not going to act the same way at work as I do with my family, so I think these people would say very different things. I would not change anything about my list.

15A – Figuring Out Buyer Behavior No. 2

Interview #1

In this first interview I spoke with a lower enlisted soldier who has not had a car for a couple months. He stated that he does not have enough money to buy a car. When choosing his mode of transportation he wants it to be reliable, inexpensive and easy to access. He usually gets rides from his coworkers or friends since this covers his main concerns. He said he might regret using public transportation if he later found a cheaper alternative.

Interview #2

My second interview was with another lower enlisted soldier who has just arrived to this post. She said she plans on buying a car but would love public transportation in the meantime. As of right now she catches rides from friends but they are not very reliable. She said she doesn't mind spending a bit of money as long as it's reliable. She said she would not regret using public transportation if she arrived to her destinations on time.

Interview #3

In my third interview I spoke with a lower enlisted soldier who owns a car but likes public transportation to save money. He said if public transportation was offered, he'd use it over his car as long as it was reliable. He doesn't want to risk getting to work late. He said he would only regret using public transportation if he was late to work.

Conclusion

The main concerns of these potential customers are the price and how reliable it would be. If all these things can be managed then it would be a great success. Although, if another forms of public transportation comes on post, it might be competitive.

14A – Halfway Reflection

1) Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

To keep up with this course, I have had to adjust my entire schedule. I have worked ahead and posted "new events" on my canvas calendar to make notes about upcoming assignments. I have also had to have better time management and set aside time for this class and others. With the interviews required for this class, I had to make sure I had time to complete these.

2) Tenaciousness is also about attitude. 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?

With the amount of work for this class and the stress of this pandemic, it was very stressful at times to keep up with the load. Being an essential worker, I found this time to be a lot more stressful than others. The thought of being able to graduate next semester pulled me through. I didn't want to have to push that even further.

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

1. Work ahead!

2. Don't be afraid to step outside your comfort zone!

3. Stay focused!

13A – Reading Reflection No. 1

For this reading reflection, I read Grinding It Out: The Making of McDonald's, by Ray Kroc.

1) You read about an entrepreneur:

What surprised you the most? What surprised me the most was how long it took him to find this opportunity.

What about the entrepreneur did you most admire? One thing I admired about him was how hard working he was and how he always found a way to support his wife and his daughter.

What about the entrepreneur did you least admire? The thing that I least admired about him was how he would often put strain on his relationship with his wife and daughter in order to follow his dreams.

Did the entrepreneur encounter adversity and failure? If so, what did they do about it? Yes, he had many businesses earlier in life and often closed them after a few years, even a couple months.

2) What competencies did you notice that the entrepreneur exhibited? 
Ray Kroc was very personable and able to read the body language of many of his customers. He found this to be his strong point in making business sales and keeping his customers.

3) Identify at least one part of the reading that was confusing to you.
One part that was confusing to me was some of the jobs he held before he stumbled upon this opportunity. I found that many of these jobs are no longer a thing and found it very difficult to understand what exactly he was referring to in these parts of the book.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?
What is some advice you would give to prospective entrepreneurs?
Do you regret doing or stopping any of the jobs you did?

I would ask these questions simply because I would find his answers to be very important and eye-opening. To see his full story and all the struggles he went through to get to where he ended up, it would be very interesting to see if he would change any of it.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?
I believe Ray Kroc believed hard work was a necessity in life. I feel he thought if you weren't hard working, you won't make it. I also share this opinion. Especially in today's generation, there are many individuals who lack this quality and it shows. Without a high work ethic or desire to achieve the best, we will have world full of unemployment and poverty which is where we are headed.