29A - Venture Concept #2 My concept is to create a business that centers around the sale of highly-customizable, modern firearms for conservative, 2nd Amendment supporting customers. The opportunity revolves around a lack of firearm businesses in the greater Gainesville area as well as a more rural, conservative population who would be prime candidates. As far as awareness goes, my customer's are well aware of what is available, but lack the knowledge to assemble or customize the firearms. This is where I convert them from aware to leads, after which I will be able to sell them on why my product is superior to all other products in the area. I firmly believe that this opportunity has large potential to be a lucrative investment and business proposition. The innovation surrounding my business concept has already been accomplished by gun experts in the industry, but successfully pairing the innovation and associated inventions is where my expertise comes into play. Why wou...
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30A - Final Reflection This semester has had a lot of ups and downs and times of hardship and drudgery. I will say however, that it has also been a period in which I learned the most from a certain class. With that being said, I now have a clearer picture of the rigors associated with such a profession and mindset of entrepreneurship. What sticks out to me the most is the science behind this subject. This course teaches you elementary methods of getting your business off the ground all the way to launching it and nurturing its growth after reaching success. If I had a more robust and sound business idea, (along with quite a bit more money), I am confident that I would be very able to start my business and fulfill my entrepreneurial dreams. I really enjoyed making the customer avatar assignment. It struck me as a great assignment because it made me think realistically about my potential customers and how I was going to reach out to them. I am most proud of thinkin...
Your Exit Strategy - 28A
1. My exit strategy involves growing my fledgling business to effective maturity, tying up all loose ends as far as regulation and taxes goes, and then assessing current business worth. If I find that my business is worth more kept rather than liquidated or sold, I will continue to grow the business and look for additional outlets to success. In that regard, I can see myself holding on to my business for 5+ years. 2. I have selected this strategy because I know that I am probably the only person in my current and future family with this particular business interest. I would not want to pass on my business to my children because it takes a special person to grow such as business. As a result, I would rather leave an inheritance to my children to do with as they see fit. 3. My exit strategy revolves around the intention to grow the business to a certain degree, after which I will liquidate and move my resources to another business venture of my choosing. This idea will enable me to ...
Reading Reflection #3 - 27A
How To Fail At Almost Everything And Still Win Big Scott Adams, in my opinion, is the working man's champion. He believes in hard work and the end goal. In essence, success through multiple failed ventures is the ultimate goal. His book primarily features a a list for success, broken down into your health, your finances, and lastly, the people around you and your duty to the world. Although this may seem selfish at first, when you don't take care of yourself first, you become a burden to your family and loved ones. ENT3003 has taught me that to properly assess how you will succeed at something, you must first detail the necessary steps, execute those tasks, and then analyze your mistakes and retrieve feedback to amend your initial appraisal. In that regard, failing and learning from those mistakes will lead you to ultimate success in life. The exercise I would design is assessing your current life and seeing what you could add/change. This includes diet, exercise, sleep...
Celebrating Failure - 26A
There was a time this semester that I failed to properly carry out a task at work which led to some serious disarray and loss of work time. It had been a late night and I simply forgot to do something and heard a lot about it the next day at work. Fortunately, I was able to right the situation and once again get on the good side of my manager. I learned that no matter how tired you are or how long of a day you've had, its vital that you make a list of tasks that you need to accomplish. In that regard, you will never forget to do something. That night, I was simply too lazy to take inventory and make a premeditated list. In that situation, I dealt with my own failure by behaving in such a way to show my manager that I was sorry for my mistake and then I dealt with it by finishing what I had failed to do. Emotionally, I was resigned to the fact that it was 100% my fault and had to deal with the consequences of my actions. As far as my willingness to repeatedly fail in the journe...
Whats Next? - 25A Existing Market What's next entails the following: The firearm industry is moving into more adaptable building of firearms as opposed to buying an assembled gun from the store. Customer #1: Q: What do you think the next step is for my business? A: The next step might involve getting a feel for what additional parts consumers want on their firearms, such as sights, stock grips, or larger magazines. Q: What should we focus on as a business? A: You should focus on getting all your regulatory bases covered with the government. I know people who haven't done that and they learn a hard lesson. Customer #2: Q: What do you think the next step is for my business? A: Your next step should be attaining legal permits to buy wholesale items from larger companies Q: What should we focus on as a business? A: You should focus on keeping your overhead at the lowest possible point with shipping loopholes, promos, etc.. Customer #3 Q: What do you think...
Your Venture's Unfair Advantage - 23A Venture's Resources: 1) Manufacturing techniques 2) Lower competition in Gainesville 3) Extensive assembly knowledge 4) Quality Control experience 5) Loophole's for cheaper parts 6) Attached gun range to store 7) Milling of billet lowers 8) Attachment and add-on options 9) Superior customer service 10) Like-mindedness with customers VRIN Analysis 1) Manufacturing techniques Valuable - Yes Rare - Competitor's could access the same tech Imitability - Yes, but maybe not at the same quality Non-substitutable - It is entirely substitutable, but at maybe at less quality 2) Lower competition in Gainesville Valuable - Yes Rare - Smaller market, so yes. But not as many customer's as a larger market Imitability - Yes, because of the decreased competition Non-substitutable - N/A 3) Extensive assembly knowledge Valuable - Yes Rare - Gun aficionados would have the same knowledge Imitability - Y...
Reading Reflection #2 - 21A The premise of this book is the chronological progression of Muhamed Yunus, the inventor of micro finance, from poor Bangladeshi to Nobel Peace Prize recipient. This man, though born in extreme poverty and possessing no foreseeable advantage, worked tirelessly through school to get into Dhaka University and then managing to obtain the Fulbright scholarship to attend Vanderbilt University here in the states. He got his PhD from that school and went on to become the head of economics at a university in Bangladesh. This book taught me that no matter your social standing or your current wealth, any investment can be made on your future if you put your proverbial back into the work. With grit and determination and instruction from this class, you can come up with an idea that is sound and can be carried out to success. The exercise I would design is to enhance your horizons to include international business. Most students would only be conc...
Growing Your Social Capital - 20A For this post, I am branching out from the firearm business and moving into the sale of financial currency exchange. This domain primarily deals with financial analysts and sales managers of said software. 1) The domain expert is a contact of mine in Orlando. He currently works for a company that specializes in currency exchange software that targets large companies nationally. He is a sales manager and a VP of sales who conducts B2B dealings. I met this person through friends of friends and have forged a friendship as a result. He has given me a lot of advice on career tracks to take to get into his domain, including what types of extracurricular activities to be involved in as well as internships to pursue. This person provides me with an opportunity to possibly get into said company and engage in the same work. Regardless of whether it pans out in the future, I have learned a valuable lesson. It is who you know, not what you know....
19A - Idea Napkin #2 1) I'm a third year student at the University of Florida who grew up overseas my whole life. As a result, I've formulated a world view that is pretty unique. I've seen third-world practices, learned a great deal about international trends, and have picked up a few tricks of the trade along the way. Those skills have stuck with me all throughout my college career, landing me different jobs and opportunities. As a gun advocate, I've also learned the ins and outs of gun construction and assembly. As a result, I am interested and have been researching a business into a niche of the gun industry that might be open for the taking. If I started this business, I would be very heavily invested and it would most likely take up most of my time. 2) I'm offering a storefront that focuses on gun aficionado's desire for customization. We buy the quality parts, assemble it, and then make unique changes to the firearm that makes it aesthetically ple...
18A - Create A Customer Avatar In this post, I will identify and describe my prime customer, explaining their life as well as their tendency and attraction to my product. My customer is named Mike. He is a mid-30's aged man who is married and has three kids. They live on the outskirts of Gainesville, but most people would think of it as the "country." They live on a pseuto-farm and raise chickens and a few goats. Mike is the operating manager for a local company that sells and services tractors and farm supplies. On top of this, he also grows hay to sell to his community, where cattle and horses are commonplace. Mike has always loved the outdoors as well has making complete use of his property. He is an advocate of gun ownership and goes hunting often. He also carries a .38 special under the back seat of his black Chevy Silverado truck for personal safety as well as the cool factor, because why not? Mike also has a concealed carry permit, in which he carries his...
16A - What's Your Secret Sauce? Part 1) I have experience in teaching others and have a knack in doing so I am organized and ensure that my work is completed perfectly I am honest and trustworthy in my work I can be a leader when called upon to do so I have a persuasive personality which enables me to attain my goals Part 2) Q: What do you think my skills, talents, or knowledge entail? Interviewee #1) I think you're a motivated individual who possesses a lot of strengths. I would say that from experience, you are a loyal person who enjoys helping people. You also have a good amount of knowledge about a number of items, as well as talent in some specific areas, like your business plan. Interviewee #2) If I had to describe you to someone, I would say that you're a person who is driven to be successful, even though you have experienced a number of setbacks in your life. You work hard for your goals, are a trustworthy friend, and can shoulder a lot of...
15A - Figuring Out Buyer Behavior #2 Alternative Evaluation Potential Customer #1 (Close Friend) Q: When purchasing a firearm, what matters the most to you? A: What matters to me the most is usability - being able to use this firearm for years to come with little to no trouble. If the price is low, I will most definitely purchase it. Q: If the quality is not as you would like, will you still purchase it at the lower price? A: I know that gun manufacturers have to produce firearms at a fast rate, which means lower quality, and I'm fine with that, as it impacts my wallet less. Q: Knowing that the quality is less but the price suits you, will you be happy with the purchase? A: Most definitely, I am happy when I'm getting a good deal on anything! Q: Would you buy this online or in a store? A: Hearing stories from other people and reading reviews of online storefronts, I'd rather go to a store, purchase a firearm, have a backgrou...
14A - Halfway Reflection Tenaciousness is a competency This course has taught me innumerable skills, insights, and tricks-of-the-trade that I will use in the future. Not only have I learned extensive lessons about myself and my talents, but I am better able to organize my thoughts and how I will execute a possible business plan. With all these weekly assignments, it has also taught me anti-procrastination techniques to keep up and be successful in the course. These are all invaluable lessons that I have acquired. Tenaciousness is also about attitude I'm going to be completely honest. I hate my job as a bar-back. The late hours, the constant badgering of drunk customers, and the numerous frantic requests from the bartenders all converge to create a very stressful work environment. However, the job does pay well and I am working with people I like. There have been MANY times I have thought about walking to the manager's office and quitting right there and then, but w...
13A - Reading Reflection #1 1) Thoughts on Andrew Carnegie What surprised me the most about this great steel tycoon was his humble beginnings as the son of a hand loom weaver in Scotland. He later emigrated to the United States. I greatly admire his shrewd business dealings in the railroad and oil businesses at the beginning of his career. Such investments enabled him to have the resources to start the Carnegie Steel Corporation. There were hardly any negative aspects about this man, but one that the book touched on was the rebellion in his factory to low wages, which prompted his managers to deal out punishment in the form of beatings. This reflects on Andrew Carnegie as a leader, though I think it is a misconception, being that he was gone at the time. He most definitely encountered adversity and failure on his way to the top. At the beginning, he faced innumerable difficulties in managing to consolidate his hold on all the aspects of his busine...
12A - Figuring Out Buyer Behavior No. 1 Pick A Segment The segment I have chosen is the idea that more and more people nowadays are beginning to lean towards more of a gun-control mindset. After the recent events, they are calling for reform in how people purchase firearms and the process that precedes it. As a result, I may be losing potential buyers due to this phenomenon. Essentially, I am losing customers to liberalism. Interviews 1) Grad Student (age 26) In this interview, I outlined my business plan to offer lower cost firearms and innovative firearm components to the demographic group that this same person is apart of. I clearly stated what my intentions were, how I was going to implement my plan, and my overall goals. After this "pitch" of sorts, I asked him what his political leanings were. He stated that he was a Democrat, placing him in the group of people who do not fall in my category of buyers and are most likely not sway-able. After recent eve...
11A - Idea Napkin No. 1 1) You I am a third-culture individual who has some talent in various areas of expertise. I grew up overseas, lending me insight into additional cultural values as well as a global world view and mindset. I have always been good at financial management as well as technical skills. I eventually see a business playing a central role in my life and determining my future career. 2) What are you offering to customers? I am offering a wide array of legal, background-checked firearm parts and equipment at lower cost and more efficiency. Along with this, I hope to be able to tap into a market of individuals who are eager to buy newer, innovative firearm components. 3) Who are you offering it to? I will be offering it to the local community, though definitely intend to create an online storefront with which to more actively tap into the national/global market. Demographically, I am expecting to be catering to men, in the age range of 25-45 an...
9A – Testing the Hypothesis, Part 2 Associate #1 Q: Do you think that gun shop's gun prices are too high? A: Yes. Personally, if I wanted an AR-15 at a reasonable price, I would not be willing to shell out $800 for a gun that I could purchase and assemble myself. However, I do not have the time or the skills to assemble the gun, leaving me with no choice but to spend the money. Q: Would you be willing to spend $600 on an AR-15? A: Probably not at this point. Its not all that often that I find myself wanting to spend that much money on a weapon. Conclusion: This potential customer falls outside the boundary. Too expensive at reduced price even for interested customer. Customer must be older or have more spending money. Co-worker #2 Q: Do you think that gun shop's gun prices are too high? A: I've only been to a few pawn shops, and their prices were outrageous. I would like a gun, but I just can't justify spending money on a weapon when I have...
8A – Solving The Problem Though controversial, I have clearly stated my interest in creating a business that revolves around the sale of new firearms. Discounted, quality parts can be purchased online from a wide variety of sites, enabling me to take advantage of the price spread and possibly make a modest profit. I have done a lot of research into getting the necessary licenses to operate such a business, including an FFL and a manufacturing license. My only issue is that I am wary about purchasing items wholesale from distributors, assembling and milling lowers, and then re-selling them to prospective customers. I would need to cultivate a professional relationship with the distributors, which may be hard considering I will be profiting from the price gap created by my own work. This may seem like a minor problem, but it could turn into a potential lawsuit, rendering my business ineffective and a failure. My solution to this issue would be to first contact the company an...
7A – Testing the Hypothesis, Part 1 Gun shops in the US are unable to deliver cost-efficient, quality rifle upper's and lower's to the public interested in exercising their right to the 2nd Amendment. I am certain I am not the only one who has walked into a gun shop and inquired about a certain AR-15 rifle part's price and receive an answer double what I expected. Other people who are gun enthusiasts surely see the same need for cheaper prices. The natural boundaries of the need revolved around lower competition for quality rifle parts and rifle kits. Certain rifle parts which are very cheap are easy to purchase for a fair price, but mid-quality firearms still cost an arm and a leg, regardless of the billeting and manufacturing technology that companies have. In the end, a large majority of people do not purchase firearms in their lifetime, but for the minority that does, I am positive that they would share the same view as myself. Personally, I can build a good qu...
6A - Identifying Opportunities In Trends Economic Trend #1 This trend has continued for some time now, with the Fed raising rates, the US Treasury changing its stance on the economy, and foreigners gaining more leverage in US bond and stock markets. This trend, which has gone on for almost a decade, is a gradual downward declining US market, which will eventually lead to a recession. This will only happen after the optimism fades and the bubble bursts, which still may not happen for some time. But it will happen. After reviewing the markets, I noticed that there is ample opportunity in researching how/when to position yourself in lieu of such a recession. First of all, one should be wary of getting into trading commodities until the peak of this seemingly endless mountain reveals itself. At that point, one could start a short position on all commodities, after which selling off all profits once the dust settles. This is extremely risky because no one knows when the bubble ...
Article #1 Irma leaves behind foul stink across region After Hurricane Irma, there has been standing water, tons of debris, and over-flowing sewage that will take weeks, if not months, to clean up. Now, after a few weeks since Irma ravaged most of Central Florida, residents are complaining of an increasingly bad rotting smell emanating from areas with lots of water. This is due to the amount of debris, standing water, and mix of sewage in these temporary lakes. In Orange and Seminole counties alone, an estimated 1 million cubic yards of debris are said to are said to be dispersed around the region. The problem is, its going to take weeks to collect that debris. And thats the problem. Many people have downed trees, debris blocking their lawns, and driveways that need cleaning up. Because of this problem, there is a huge opportunity for entrepreneurs to start a temporary business designed to help those people in need. They could go from door to door offering to clean up debris for ...
Beginning Point My belief is that there is a serious need for a gas station in the new Butler Plaza are of Gainesville, preferably close to Walmart and Sam's to accommodate shoppers or restaurant-goers in the area. The unmet needs that this gas station, like a nice RaceTrac or Wawa, would meet are as follows: 1) There are no gas stations from Archer Road all the way to where 43rd Street meets 20th Avenue. 2) Shoppers at Walmart, already out shopping, generally also need/would want to fill up their tanks if they are already out and about. 3) Getting gas on Archer when in that area of town takes some time, particularly at high traffic times. Because all but one are on the north side of Archer Rd., one has to usually get onto Archer and then proceed to do a U-turn to access a gas station. The need for a newer, larger gas station has not always existed, but transpired as a result of all the new businesses being built in that area of Gainesville. As of now, I do not believe t...
3A – Your Entrepreneurship Story
This post is centered around how/why entrepreneurship intrigues me and how I have come in contact with it throughout my life. To begin, I have known many people who have taken the bull by the horns and taken a journey to see an idea, product, or innovative creation come to fruition. In high school, I interned at a Product Development company to learn the cross-functionality of engineering, business, and marketing. This company had created many different prototypes of products that they had visualized, created, and then created a physical representation of all their hard work. That experience was very inspirational to me not only because of their combined skills and traits that I wished to emulate, but also because anybody can make something out of NOTHING. Take your dreams by the horns! Secondly, I had the pleasure of making a friend here at UF who emulated entrepreneurship in every light. As a recent undergraduate and current graduate student, he worked tirelessly to see his drea...
2A - Luke Kelley's Bug List
In this exercise, I will highlight twenty different bugs that I experience in my life and the answer to each one of them. An explanation for why they exist and bother me will be provided below. 1) Living in Gainesville on 62nd Blvd, I have difficulty with traffic on SW 20th Ave. This problem exists because of an explosion of apartment building coupled with an increasing student population and not enough city planning to offer alternative routes to 62nd. 2) I work as a Barback here in town and commonly have customers asking me to make them a drink and every time I tell them "I'm just a barback, sorry." This happens 15-20 times a night. I guess name plates with positions would make this problem go away, but thats a little tacky. 3) Living with roommates in college can be hard due to personality differences and differing opinions of cleanliness. I love a kitchen to be spotless, and if you're going to make a mess, please clean it up within the day. I guess a confro...