Thomas's Entrepreneurial Mindset

Free Money  1.) I am currently on vacation to upstate New York on a lake house. I figured since there are a lot of people around the area on vacation as well I could get people exercising right by the lake. I will try to approach younger people as they will be more relatable with me and not as sketched out. Plus every kid could use some extra money. I want to start the conversations by saying "excuse me do you have a second". I will use this because I want to politely ask them for their time. 95% of people will give you their attention if you approach them politely. My plan is to be personal with them and just act like i am being genuine and put them in a situation where they'll actually think of what I was doing. Honestly, I dont see anyone turning down a dollar I think I could get all five.  The overall results in the two videos were success. They both acted like I was a weirdo but accepted the dollar. I interrupted them during exercise but hopefully...

28A: Exit Strategy  1.) The exit strategy, as of now is to sell it. As far as at a certain time, I can not determine right now. Starting this business is an implementation towards my 10 year goal. If i worked at this and expanded into different college markets and create a huge market, I would want to sell it and invest the money I made. This is because I have other plans for after my 30's which doesn't entail furthering this business.  2.) I selected this strategy because personally I want to walk different paths in life. If you keep growing and growing a business, it becomes a very stressful and time consuming life. That is why I plan to create something big, expand it if it is successful and sell it at its peak. This will allow me to walk a different path in life like such as traveling, being more involved in my kids lives, and whatever it may be.  3.) I think the business I created has a lot of opportunity. There are thousands of congested areas that coul...

27A: Reading Reflection No. 3 The book I chose to read for the third assignment was a part of the second list and it is:  How to Fail at Almost Everything and Still Win Big, Scott Adams 1.) The big picture of the book is pretty self-explanatory for the title. Also, it reflects on what we just wrote about in the assignment right before this. I found it neat how I read the book right before doing the assignment on failure. The book illustrated that the more you fail the more you learn and that even the most successful entrepreneurs have surpassed the numerous failures to get to where they are and win big. 2.) After reading the book I was thoroughly able to answer the reflection (part 3) part of assignment 26A. I was able to have a fresh concept of the idea of failure and how some key personal attributes like patience and persistence can mitigate the ideal of failure. 3.) The assignment I would create would to be to think about one of their weaknesses. To write an a...

26A: Celebrating Failure 1.) The first thing that comes to mind about failing for this semester is the first week in this class. It's obvious to everyone in this class that the setup in this class is different. Between the blog and the declaring, it took us a couple of times to reread the syllabus to get a grasp on what exactly to do. The first week I forgot to declare one of the three assignments and didn't get credit for it. This was a failure because I was moving along too quickly and didn't take my time each step of the way for the first week and do everything properly.  2.) From there on out I doubled and triple checked each assignment and made sure to follow step A, B and C correctly.  3.) I think failure is definitely something that is spoken about heavily, and with that being said I think it is important to plan for and work with. Dealing with failure encourages the self attribute of dedication, patience, and emotional stability. I think the biggest par...

25A: Whats Next  Existing Market:  In the existing market the next step could be adding a driving service. If our name gets out there we could be trusted to be a great company and could be used for driving as well. We could compete with Uber by charging cheaper prices.  After interviewing my three friends that go to UF they all agreed that expanding into the driving market might not be the best idea. They mentioned Uber is too big to try to compete with and charging cheaper prices would be like suicide to the company.  What makes sense to me is to keep with the peer to peer parking. This service is unique and cant really be expanded into another service or product. UF is very straight forward with the need and I think focussing specifically on the need is important.  While focusing on the need I will be able to expand as much as I can within Gainesville. Making Gainesville my home base, I will have a good backbone moving forward. With a domi...

23A: Your Venture's Unfair Advantage 1.) App Development Team: The team from Sarasota is ranked best in the area. I found them through a church friend which is why we have friendly relations and work well together. The app design will be unique and special for the customers to use it easily. 2.) Peer-to-Peer Parking: Peer-to-peer parking has shown its dominance through driving and housing markets but not parking. This concept is rare and is about to be taken full advantage of.  3.) Motivation: I am fresh out of college ready to start my career. I am anxious to put everything I have to start my career out right. People who are older may be a little burnt out or not solely motivated like I am.  4.) Business Itself: The business is funding itself. Meaning I will put down no money for the app and as the app grows the revenue pays off the expenses to the app developers. This provides an essential advantage because the start up cost itself is zip none nada.  ...