Book: The Art of Social Media, by Guy Kawasaki
1. This book contains many various insights on how to utilize social media for your institution. The book is designed to help people understand how to use social media to grow their digital assets.
2. This book is similar to the lessons on building social capital. Companies can use tips present in this book to grow their digital capital by optimizing company profiles and attracting views and clicks. Growing your digital capital through social media is similar to building social capital except the people you are connecting with are strictly on social media. The main difference is that social capital is more directly beneficial to a business, whereas social media capital is geared towards the businesses exposure and appearance. I would say that growing social capital is more important early in a company's life, and growing digital capital comes later.
3. An exercise relating to this topic would involve studying different companies presence on social media. The students would be asked to give some examples of good use of social media usage, and some bad examples of social media usage. They would be asked to give their reasoning for coming to these conclusions, and would likely cite information from the book itself.
4. There is a section titled, "feeding the content monster". In this section, it discusses the struggles of finding enough content to satisfy the needs of social media users. What I did not expect was the fact that too little content was a bad thing. I was under the impression that if you did not have sufficient content, it would be wise to not post anything at all. It turns out that in order to keep your media presents, that you have to either "create, or curate" content for your followers.
Friday, November 30, 2018
Assignment 30
1. What sticks out to me reading my old posts is how much I fleshed out my actual concept. It started off as just a thought I've had for a business, to a fully formed idea with feedback and specific details. The experiences that I will remember are the ones where I had to buckle down and actually form the full business concept. The most joyous experience for me was the act of actually thinking, in the mindset of an entrepreneur, about how I would run this type of business. I am most proud of my ability to find and specify certain details of the business, given certain topics and feedback.
2. I believe I have a more entrepreneurial mindset after this course. I believe this because before this course, the idea of selecting a specific customer group was foreign to me. When I was younger, I always just assumed everyone was a potential customer. This is not the case. If you want to form a business, you must find out all the possible information so you can focus your efforts.
3. My biggest recommendation for students in this course is commit to an idea that you feel very passionate about. I chose to make a business revolved around cars, as I am a huge car guy. This will make it very easy to get into the nitty gritty of the assignment and commit to putting in a good effort.
2. I believe I have a more entrepreneurial mindset after this course. I believe this because before this course, the idea of selecting a specific customer group was foreign to me. When I was younger, I always just assumed everyone was a potential customer. This is not the case. If you want to form a business, you must find out all the possible information so you can focus your efforts.
3. My biggest recommendation for students in this course is commit to an idea that you feel very passionate about. I chose to make a business revolved around cars, as I am a huge car guy. This will make it very easy to get into the nitty gritty of the assignment and commit to putting in a good effort.
Assignment 28
1. I believe my exit strategy will be dependent on a variety of factors. But if I had to pick a certain exit strategy given the correct events, then I would choose to sell my business for a return after some time. The amount of time that it would take also depends on certain things. For instance, if in 5 years I can sell my business for a large enough return to retire, then I will sell it after 5 years.
2. I have selected this strategy because given a large enough return, I can safely invest that money into an annuity type account and live off the returns for the rest of my life. Obviously that would require a hefty down payment, but if I can make it happen, then I will be a happy man. I am willing to put in the time required to grow my business in order to make that required return. I am not the type of person to pursue more profits for the sake of profits.
3. My exit strategy will influence my business plan. For however long it takes me to grow my business, that is how long I will tend and nurture it. I wish to grow that business to the point where I can sell it to someone trustworthy, and live off the return as a retirement.
2. I have selected this strategy because given a large enough return, I can safely invest that money into an annuity type account and live off the returns for the rest of my life. Obviously that would require a hefty down payment, but if I can make it happen, then I will be a happy man. I am willing to put in the time required to grow my business in order to make that required return. I am not the type of person to pursue more profits for the sake of profits.
3. My exit strategy will influence my business plan. For however long it takes me to grow my business, that is how long I will tend and nurture it. I wish to grow that business to the point where I can sell it to someone trustworthy, and live off the return as a retirement.
Assignment 26
1. This semester has been much different from past semesters. I am an online UF student, coming from Santa Fe where I took in class courses. This semester I took 16 credit hours instead of 12. One thing that I have failed, countless times this semester, is keeping a normal sleep/wake cycle. Because I am online, I do not need to attend a class at a set time, which means I normally don't fall asleep until much later. This in turn makes me wake up much later, and that throws my balance off. I have tried to get to sleep early, but eventually I just wake up late again even if I got more then enough sleep.
2. What I have learned is that in order for me to fix my sleep schedule, I must commit to some activity early enough in the morning. If I have a reason to be awake, I am much more inclined to be active much earlier.
3. I believe failure is a good thing in general. If you NEVER fail, are you truly learning anything? As someone who played varsity sports in high school, I understand that failure is something you should learn from, but try your best to avoid. I handle failure in what I think is a healthy manner. I try to assess how I failed, what caused that failure, and how I can better myself from that failure. Failure does not hurt me emotionally. I am more likely to take risks if I know that there is something to learn from it. This class has taught me that in order to succeed, you must first fail, even if it is 1000 times. I believe there is a certain skill in evaluating what sort of actions are worth the risk of failure, and what aren't.
2. What I have learned is that in order for me to fix my sleep schedule, I must commit to some activity early enough in the morning. If I have a reason to be awake, I am much more inclined to be active much earlier.
3. I believe failure is a good thing in general. If you NEVER fail, are you truly learning anything? As someone who played varsity sports in high school, I understand that failure is something you should learn from, but try your best to avoid. I handle failure in what I think is a healthy manner. I try to assess how I failed, what caused that failure, and how I can better myself from that failure. Failure does not hurt me emotionally. I am more likely to take risks if I know that there is something to learn from it. This class has taught me that in order to succeed, you must first fail, even if it is 1000 times. I believe there is a certain skill in evaluating what sort of actions are worth the risk of failure, and what aren't.
Friday, November 16, 2018
Assignment 24
Opportunity
My opportunity revolves around the unmet need of people with cars that they want to fix themselves. This can also apply to people who frequently change parts out of there car like exhaust, body panels, wheels, etc. The difference between, say, someone with a full garage and a set of tools, and my customers, is the fact that my customers won’t have that full garage and that set of tools. The group of customers that would meet this need are car owners with experience or desire to work on it themselves, yet they would most likely be college students or recently graduated. This means that they wouldn’t be able to make the investment on the tools and workspace to fix a car themselves. This is where my business comes in. I provide access to tools and lifts to these people at a rate that is substantially lower than the standard shop rate. It saves the customer money in the long run, and they can learn how to maintain their car at a cheaper rate over time. Forces that create this opportunity might be the increasing complexity of newer cars. With newer cars being less likely for home repair, graduates and car enthusiasts are more likely to buy older, slightly used cars that still hold value and are easily fixable by someone with the right knowledge. My market would start out in the local Gainesville area only. This area has the highest potential market because it contains graduates and students alike. My customer base most likely fixes their own cars my themselves at their home or brings it to a shop that will charge them a labor fee. They would be willing to try my business to see how cost effective it is for them. I believe my window of opportunity is big enough to cover the cost of the business, but not big enough to see huge growth in a short time. It is possible that the window of opportunity will only be open for a few more years, as electric cars are on the rise. I personally believe we are a long way from eliminating older, more fixable cars from the market.
Innovation
My business is relatively simple and cheap to run. It In involves having the necessary capital to purchase or rent a location, buy or rent the lifts themselves, and stock the location with tools and other amenities. For example, if I rented a location with enough space for 2 post style lifts and a wing for bathroom, sink, office, then that cost would only be ($5000 x 2) + (rent/building costs). Since the lifts and building costs are one-time capital expenditures, we can discount that from our variable and fixed costs. So, to make money, we must rent out the lifts to people at a rate that can cover the rent/electric/water costs each month and any other small overhead costs that arise. Standard shop rates globally are around $100 an hour. As a start, I will charge anything under that and calculate how many customers/day I would need to break even. As for how the business functions from a customer perspective, it would start by either calling or driving to the location and scheduling an appointment. If there are open bays on that day, then it is first come first serve. I would probably set up a camera on a website that customers can access to quickly see how many lifts are in use at any point in time. Plus, an accessible calendar. Since this type of business requires little labor as the customers work on their car themselves, I will be the one who stays on location and oversees the operation. Customers can rent a lift on an hourly, daily, or monthly basis, with discounts at each level. If a customer wants to use bay 2 for a weekend, then he/she would pay for the 2 days. Picture renting a storage unit, but that unit can lift your car up.
Venture Concept
Customers that cannot afford to take their car to a shop, don’t have the tools to do it themselves, or want to learn how to maintain their car will utilize my opportunity. Because my rates will be lower than shop charges, my store will be stocked with tools, and I can provide expert help to any customers free of cost, my business will be perfect for the customer type stated above. I believe that car enthusiast will flock to my business in order to see how they can make it work for them. Others, however, will not be so quick to jump on the boat. People that have normally taken their car to the shop won’t think otherwise. This will be the hardest market to penetrate, which is why I am content with a small business at the start. Competitors are any automotive shop that charges for labor. What my business can provide over other shops is a friendly, safe, learning environment. People will want to come to my location, even if their car works fine, just for the opportunity to meet others like them. It will be a location where car people can gather, work on their rides, and enjoy themselves. The customer experience is a key factor to my business concept, which is why I would want to oversee the early operation of the business. Like I’ve said before, employees are almost not needed. If I can be on location, then that is all there needs to be. For future growth, I would need at least 1-2 people on hand to help customers with any technical difficulties, while also being a knowledgeable helper for them.
3 Elements
1. My secret sauce is myself. Anyone can create my business but only I will be able to provide the knowledge and friendliness that will keep my customers coming back.
2. The next step for my business would be expanding to a larger building with more lifts for a higher at once capacity.
3. I want to be working from home, managing the location remotely with only a few employees on my payroll. Assuming that I am still Gainesville located, this is where I want to be in 5 years.
Assignment 23
1. The function of the car lifts themselves
2. The stock of tools on location
3. My affiliation with multiple automotive parts companies
4. My experience and knowledge of automobiles
5. My open and friendly attitude towards customers
6. My affiliation with the Gainesville car scene and its connections
7. A location for car enthusiasts and learners to conglomerate and have fun
8. Special amenities for customers while they work on their car
(bathroom, phone charging, computer access)
9. Easy scheduling
10. Cost effectiveness
V: It is valuable for people in the car scene to meet with new people and enjoy themselves, save money working on their car, and have expert opinions around.
R: Not many companies have this unique combination of attributes. Other places have some or most of these at any given point, but not all 10.
I: This is an imitable business model in the sense of the physical attributes. What I bring that is different is my expert knowledge and friendly attitude.
N: No other place in Gainesville allows you to use a lift on your own without the labor costs associated with the company.
I believe my top resource is my person. (#3-6) The physical attributes are easily imitable, but I will bring a level of understanding of my customers and the business that no one else in this industry brings.
2. The stock of tools on location
3. My affiliation with multiple automotive parts companies
4. My experience and knowledge of automobiles
5. My open and friendly attitude towards customers
6. My affiliation with the Gainesville car scene and its connections
7. A location for car enthusiasts and learners to conglomerate and have fun
8. Special amenities for customers while they work on their car
(bathroom, phone charging, computer access)
9. Easy scheduling
10. Cost effectiveness
V: It is valuable for people in the car scene to meet with new people and enjoy themselves, save money working on their car, and have expert opinions around.
R: Not many companies have this unique combination of attributes. Other places have some or most of these at any given point, but not all 10.
I: This is an imitable business model in the sense of the physical attributes. What I bring that is different is my expert knowledge and friendly attitude.
N: No other place in Gainesville allows you to use a lift on your own without the labor costs associated with the company.
I believe my top resource is my person. (#3-6) The physical attributes are easily imitable, but I will bring a level of understanding of my customers and the business that no one else in this industry brings.
Assignment 25
Existing Market
1. I believe what is next for my venture would be local expansion. What I mean is a larger building, in a better location, with increased advertising.
2. The people I talked to mostly seemed worried about keeping my business secure. How to manage customers, tools, and access to amenities. The general consensus is that the business can work, but would need hard supervision.
3. Before setting my business off, I would need to devise a way to keep my capital secure. I can imagine that I would need a camera system with a server to hold the last week or so worth of footage. I would also would need to hire a man to work this system, or maintain it in the event it breaks. I also would need a way to secure the property. With people's cars in my hands, It is my responsibility to insure that their cars are safe. Something I have seen at Gun Ranges are videos that people must watch before participating. For safety, there will always be a safety video on operating tools and lifts for the customers to view. For first time people, this will be mandatory.
New Market
1. A new market I would want to penetrate would be the market of people that dont work on their car themselves, but instead go to the dealer/shops.
2. A concept for this market could be something like ride share, but for working on cars. Customers that would normally take their car to a shop can have the ability to contact other customers at my business and negotiate prices for the work to be done at my business. The key here is that the prices are negotiable and can be done for free or for a premium depending on the work. What sets this apart from a real shop, is that you aren't stuck with that shops price. You can find someone that will change your brakes for $100 cheaper than the shop, at my location with a discounted rate. There is also the chance that my business will have a stock of old parts that you can use for cheap instead of a shop charging you to ship a new part.
3. The main concern from the people I talked to is the quality of the work being done. How do you know if the person you hired will do a good job? I believe this is a VERY valid concern and I believe it is one that is hard to solve. If my company was bigger, I could possible allocate resources to creating a social media place that customers can chat and discuss work to be done. Others can give reviews of their work and people can develop a portfolio that potential (out of market) customers can view.
4. This market will be very hard to penetrate. I believe that many people will be hesitant to try my business given the pretenses above. My expectations were that people would be weary of working on their own car/others working on it at my business. These expectations are correct. I was also expecting to hear things relating to securing my business. Keeping things from being stolen or abused. The new market would be very costly to incorporate, and would require extensive marketing analysis and customer research. It would not be impossible to reach, but would require much more work to utilize than my current market.
1. I believe what is next for my venture would be local expansion. What I mean is a larger building, in a better location, with increased advertising.
2. The people I talked to mostly seemed worried about keeping my business secure. How to manage customers, tools, and access to amenities. The general consensus is that the business can work, but would need hard supervision.
3. Before setting my business off, I would need to devise a way to keep my capital secure. I can imagine that I would need a camera system with a server to hold the last week or so worth of footage. I would also would need to hire a man to work this system, or maintain it in the event it breaks. I also would need a way to secure the property. With people's cars in my hands, It is my responsibility to insure that their cars are safe. Something I have seen at Gun Ranges are videos that people must watch before participating. For safety, there will always be a safety video on operating tools and lifts for the customers to view. For first time people, this will be mandatory.
New Market
1. A new market I would want to penetrate would be the market of people that dont work on their car themselves, but instead go to the dealer/shops.
2. A concept for this market could be something like ride share, but for working on cars. Customers that would normally take their car to a shop can have the ability to contact other customers at my business and negotiate prices for the work to be done at my business. The key here is that the prices are negotiable and can be done for free or for a premium depending on the work. What sets this apart from a real shop, is that you aren't stuck with that shops price. You can find someone that will change your brakes for $100 cheaper than the shop, at my location with a discounted rate. There is also the chance that my business will have a stock of old parts that you can use for cheap instead of a shop charging you to ship a new part.
3. The main concern from the people I talked to is the quality of the work being done. How do you know if the person you hired will do a good job? I believe this is a VERY valid concern and I believe it is one that is hard to solve. If my company was bigger, I could possible allocate resources to creating a social media place that customers can chat and discuss work to be done. Others can give reviews of their work and people can develop a portfolio that potential (out of market) customers can view.
4. This market will be very hard to penetrate. I believe that many people will be hesitant to try my business given the pretenses above. My expectations were that people would be weary of working on their own car/others working on it at my business. These expectations are correct. I was also expecting to hear things relating to securing my business. Keeping things from being stolen or abused. The new market would be very costly to incorporate, and would require extensive marketing analysis and customer research. It would not be impossible to reach, but would require much more work to utilize than my current market.
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