Week 8 Reading

Something I found interesting was the 4^th myth the author presented about venture capitalists, which states that “Venture capitalists are interested in backing new ideas or high-technology inventions-management is a secondary consideration.”  I found this surprising because as a kid I always watched shows like Shark Tank and assumed that the investors picked the pitches that had the most innovative products. 

A part of the reading I was confused on was the the Private placements section.

If I was to ask the author two questions I would ask, is there a way to determine exactly which type of capital to seek for an aspiring entrepreneur?   And

There was nothing I read from the author that I disagreed with. 

Half Way Reflection - Week 8

1.     I think the most important skill I have developed through this course is getting more out of my comfort zone.  I don’t think anyone feels comfortable trying to talk to strangers about something related to business or anything really.  It is very difficult getting up the nerve to make the first contact, however after that it becomes easier. 

I have also developed my ability to create an agenda because of the numerous deadlines we have each week, sometimes multiple even on one day.

2.     The first moment I felt like giving up was for the first customer interview exercise.  It took a long time to work up the courage to go out and try to find a few people to interview.  After my first interview, I expected to feel more confident, however I didn’t. It continued to be just as hard the entire time, and this was true for the second and third customer interview exercises.  What got me through the interviews was the fact that it would help me in the future so that I don’t mess up when it comes time to interview potential customers for my own business.  I think my attitude has definitely become more tenacious, as all of the exercises we have done have forced us to go out of our comfort zones to pursue learning an entrepreneurial mindset and getting a good grade.

3.     Something that I feel is very useful towards supporting tenacity is trying to envision the long-term goals a student has for themselves career-wise.  A student has to realize that this course is one of the best ways to learn what it means to be an entrepreneur in a relaxed environment.  Instead of having to learn while also running a business, students can learn the important skills needed and the hardest parts of interacting with customers and exploring their own goals. 

Free Money - Week 7

For this exercise I will set up on the floor of my dorm and ask fellow students that come in if they’d like a dollar.  Hopefully they ask if there is a catch and when they ask that I will simply reply that it is actually for a survey to determine what people would go out and buy with this dollar. I think it won’t be too hard to give the money away, people won’t feel too bad accepting a dollar.

Out of the five people I attempted to give a dollar to, four accepted.  The person who did not accept the dollar bill was someone who was walking quickly and talking on the phone, and although they acknowledged me, they did not seem to care about the dollar enough to stop what they were doing.  I also had one instance in which the person got mad that I interrupted them even though I tried to be as polite as possible.  This is perhaps the worst experience in dealing with consumers out in public. The only person that was actually okay with me filming the encounter did not want the initial take used however, so we did a second take.

Honestly I thought giving people a dollar would be a piece of cake when I first read the exercise, but when I actually went out and did it, it was way more awkward than I thought it’d be.  People often don’t want to be bothered by someone they don’t know, and when they see a dollar being handed to them, they automatically assume there must be some sort of string attached.