The Twenty Percent

Entrepreneur: Raja Weise, CEO of Fan Spot. 

Audio Recording: https://youtu.be/nEqHjg1eNIk

- Who their 20 percent is & who the entrepreneur thinks their 20 percent is. 
His twenty percent is aficionado fans, who represent the population to would spend the most on music. They are the types of people who are willing to pay $400 dollars to Skype with an idol. Allowing the fan(s) to feel like they are important rather than being an admirer. 

- What activities have they done to actually discover and understand their 20 percent, 
He has done tons of industry research, found statistical data on music customers and their share of spending. He identified the regions of the world that spend their money on music, along with the proportion of the types of spending they do. For examples: they buy albums, stream music, and/or attend concerts. 

- How often do they actively solicit feedback from customers? 
He has conducted a survey that identifies peoples' preference on music spending.Additionally, he has formulated other surveys to receive a better understanding to what the customers want from the music industry.

- What kinds of questions do they ask when they do ask for feedback?

1. On average how much do you spend on music?
2. How do you primarily listen to music for free?
3. Why do you purchase music instead of listening to it for free?
4. Why do you buy concert tickets and do you buy merchandise there?
5. How do you primarily purchase tickets?

Customer #1: Jesse
Customer #2: Jocey
Customer #3:Hunter

Link if there is problems accessing the video: https://youtu.be/SWxgkuGDE3k

Question List:
Introduction: Hello my name is Vincent DiMenna, I would like to tell you about an entrepreneur's idea and receive your honest feedback to six questions pertaining to the music industry. The app is called Fan Spot, which allows idols and fans to get paid for interacting with each other. Let's start off this interview by having you introduce yourself by stating your name, age, and ethnicity,


What are your unmet needs when it comes to the music industry?
On average how much do you spend on music?
Which ways do u support your top artists or bands?
Do you attend concerts and do you purchase merchandise when you do?
How do you primarily listen to music?
What is your favorite genre of music? 

- Reflect. 

Yes, the entrepreneur knew his twenty percent from proper methods of research that he conducted to find an estimate of his twenty percent. He has referred to existing businesses to infer what percentage of customers will utilize the app and the projected revenue of his app when it is officially launched. Overall, the experience of interviewing the entrepreneur and the three target customers expanded my thoughts on what steps need to be made to conduct a practical survey which ultimately results into a successful business.   

Week 8 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 biggest surprise that I encountered while reviewing the material presented in this chapter was the fact that their were two different types of financing methods when it came to funding a business's expenses. 

2) Identify at least one part of the reading that was confusing to you.
One part of the chapter that I found to be baffling was the concept of crowd lending, I am unsure what the author meant by this term. He could have provided more information or examples to clarify the term better. 

3) If you were able to ask two questions to the author, what would you ask? Why?
- Why are the 400 richest people not becoming business angel? I wonder why they hold on the money and not invest and help others make a good living as well. 
-Which method of financing is best betwixt debt and equity financing? I am curious to know this because I want to set up myself with the best plan.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
Honestly, I do not have prior knowledge to these concepts, so for me to criticize or make an objection to the author's thoughts would be foolish. On the other, I found a lot of practical information that has enlightened me of what resources that are out here.

Half-way Reflection

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

I have obtained an enhanced skill of time management and mapping, this is vital for your success in this course because without proper management skill you will fail to devote your time to this course. I would highly recommend that every new student entering this course would map out each and every assignment to ensure that they have fully invested their thoughts and effort into successfully completing the assignment's requirements. 

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?

A moment where I felt like giving up was with the first interview assignment in this course. The reason I felt like giving up was merely on the fact that the responses I received from the people I asked to donate five minutes of their time was rudely stated. I am a respectful man that is very outgoing and cheerful, but the vulgar replies weakened my drive to set forth and complete this assignment. What pulled me through was the grade that I am going to the receive would reflect on my character and performance. I have a major problem with not giving my all with it comes to things involving my performance, which is ultimately an attribute of my character. I feel as if I am still developing my tenacious attitude, because in my opinion there is always room for improvement. 

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. Time management, everyone should schedule times to work on weekly assignments and execute.

2. Positivity, this will allow assignments to seem less challenging due to a mindset that will overcome adversity with a smile!

3. Perseverance, the only way you will obtain the grade you deserve is by giving your best in all that you do and that only will reflect your performance.

Week 7 Reflection Reading

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 biggest surprise when reading this chapter was the upside gain and downside loss, because I have questions on how you can predict and prepare for the good and the bad when it comes to business. I find this concept to be skeptical because an individual can only assume so much before they become invalid.

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

One part of the text that seemed confusing me was the charts provided on page 205 depicting the  pie charts without giving percentages or measurements of the different sectors. 

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

Why is new-new approach different from the new-old approach? I am curious because the terms sound similar, but the reading does not do a grand job of fully explaining it in full detail and should provide examples.

Which approach is best to use and in what situations amongst the new-new approach and the new-old approach? I have interest in this question because I would like to be able to differentiate which approach to use in different situations and what factors determine the choice between the two approaches.

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

I did not disagree with the author on any of the material presented in this chapter, I found it to be very interesting and make logical points that makes me expand my entrepreneurial mindset or perspective. 

Free Money

• Where will you go? I went around my apartment complex to seek out random people to approach with my dollar bill and attempt to capture the encounters on video. 
• What kind of people will you approach? I will approach anyone I see that is not too occupied or gives me a bad vibe. I tend to look for positive energies to approach and interact with. 
• What will you say to get the conversation started? I will approach them with a positive spirit and open the conversation with ,"Hey, you dropped a dollar...", I believe this will allow the topic to be easily addressed because who does not want money.
•  What is your plan for the conversation? I plan on guiding the conversation to introducing myself by name and offer a firm hand shake. 
• Out of five attempts, how many dollar bills do you think you will be able to give away. 

I think I will be able to give away five dollar bill out of the encounters I will create with the happy, high-spirited approach. I do not think anyone will deny money, even a dollar bill.

What are your reflections on this exercise? I found this activity to be fairly easy since I was instructed to give away a dollar. However, the random people that caught on to me recorded seems skeptical in conversation and did not respond to me as much. 

 Was giving away a dollar easier or harder than you imagined?  It was easier than i thought because we live in a time were money is hard to obtain and every dollar counts!

Were your predictions correct or incorrect? If they were incorrect, why?  My predictions were correct because like I said before it is not hard to give away money especially these days. 

What assumptions did you make about the people you planned to talk to, which were wrong? I made assumptions that they would be imitated by my physical appearance since I am a large, mixed man with a half-sleeve tattoo, but two of the five did not judge me and listened to what I had to say with respect and focus. 

Customer Interview No. 3

Who: I am going to ask five random people from my hometown and my living complex since I plan on starting up my business here and expand to Gainesville. The people of Madison and Gainesville will be my target customers, so I need to satisfy their needs and wants.

Questions:

1) What foods do you think I should add to my menu?

2) What's an ideal price range for organic food service?

3) How do you feel about a seasonal menu? 

4) Do you have any comments or ideas that I should consider implementing into my business?

Reflection:

I learned that people were pleased to read my business concept, I really appreciated the support from my interviewees. I expect to change some of the food options, or implement more variety, so that the people can have a vast amount of organic foods to choose from. I have obtained the confidence to interview random people throughout these three interviewing assignments and I plan on using this skill to my benefit!

Week 6 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 biggest surprise I encountered was that the growth stage of a business venture is less important than the start up stage. I find this information surprising because I thought the growth stage was the most important part of a business. 

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

One part of the reading that was confusing to me was the eBay example when they explained developing a speciality. The concept of marketability was a bit confusing as well, I could not seem to fully understand the key factors.

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

Why is the start up stage more important then the growth stage? I am curious to why this is so, because I believed that the growth stage was the most vital aspect of a business.

What are other business sites, like eBay, that I can use to begin conducting business? I want to know if there is other sites, because I want to start venturing online and make money while I am in college and for experience.

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

I do not have any disagreements or concerns with the material presented, because I found this chapter to be very helpful.

Idea Napkin No. 1

1) You. 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?
I am Vincent DiMenna a natural born athlete with a mindset that knows how to adapt and overcome most obstacles. My skills are being able to communicate effectively with my peers, I have a great work ethic for earlier experience with athletics throughout my high school years, and I have acquired the knowledge of proper weight training and conditioning. My business concept will play a vital role in my life because I plan on opening up my own gym, after I have implemented all the necessary steps to obtain the financial background to successfully create a gym.
2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 
The service I will provide for my customers will be personal training, nutritional cooking lessons, and mental conditioning. Additionally, there will be fitness gear that will be sold in the lobby as well online.
3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
The audience that I will appeal to will be people who want to improve their overall fitness, and  is interested in learning different methods of cooking and weight training, which all methods will be up to date. The demographic and psycho graphic characteristics of my customers will be internationally based to all cultures and genders who obtain a mind set of true determination and will to change their lifestyle behaviors, which ultimately alters their life. 
4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 
Customers will pay me money for my services because it is an extremely unique service that will provide a database that will contain knowledge on different areas of health and strategies created for the success of the customers.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 
I will have a gym that will have a meal prepping service, so that the membership customers pay will provide them with a nutrition plan and allow them to either participate in learning how to cook different types and styles of food.

I believe that these elements fit together in constructing a successful business plan, but their are other aspects that need to be addressed. These aspects are pertaining to the likenesses of other companies that have already established your brand. These brand name companies that have achieved success needs to be analyzed and take note to what works in our modern society. This process in my opinion is extremely vital when formulating a business plan.

Week 5 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 biggest surprise when I was reading this chapter was the explanation of the creative process and the exercises to help develop an abstract entrepreneurial mindset. The exercises will be implemented into my behaviors, so that I may practice developing a creative mind that produce logical innovations. 

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

One part that was confusing to me would be the explanation of the brain and the functions of the specific regions. I thought try to remember the names and the function it corresponded to so difficult. 

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

1. Why is the creative process something that can not be scientifically proven? THE SCIENTIFIC METHOD  is a formula that supports its discoveries.

2. Why is it that people typically only use 2 - 10 percent of their creativity? I find this odd, because I believe that we can assert certain measures at different times, or situations. 

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

I thought the author was wrong about the amount of creativity humans use, because I happen to believe people assert different amounts depending on the situation that surpasses 2-10 percent of our capacities. 

Elevator Pitch No. 1

ALPHA: The name of my business is known as Alpha Inc. consisting of training and workout routines, nutrition plans, and training gear. The training and workout routines will be divided into three generalized body type fitness goals. The body types will be an endomorph, metamorphic, and basically a body builder's physique. The nutrition plans will be devised and categorized by culture and time consumption. Additionally, there will be price listings that will allow the individual to choose the intensity of their nutrition plans with the expected muscular gain range correlated with the shopping lists. The Alpha gear will be training attire that tracks our overall fitness with the assistance of technical health monitoring system.

Customer Interviews No. 1

Customer Interviews No. 1

Customer Interviews No. 1