Jenna's Entrepreneurship Blog

1) Some of highs in this class was finally finishing this class. Although it was fun and great to learn, it has been difficult for me because I have had to think of things in a way I've never thought about them. I never saw myself taking a business-like class in college but I just finished mine. By taking this class, I have seen the challenges and struggles that real entrepreneurs have faced by reading their books and seeing how they rose above struggles and developed ideas that many other people would never think about.  2) What I will remember most about this class is the development of a small idea into an entire building block of a entrepreneurial idea. We started by saying "I want to help people have a healthier lifestyle" and from there we just developed that idea more and more until we had a full business plan. Creating something from essentially nothing was the best for me because I started no where and ended up developing something I am proud of.  3) I can s...

Opportunity Individuals that are looking for a healthier lifestyle when it comes to treatment of certain medical, therapeutic, dietary, and/or religious aspects of their life. This is something people of all backgrounds can use. My potential customers are people that are seeking a beneficial change to their current lifestyle.  The nature of the need is about looking to change lifestyle decisions to become healthier. This My business proposal is the use of  homeopathic  essential oils that can help people live healthier and with less chemicals involved in their everyday lifestyle.  This market is defined  demographically  I  believe  for women more often than men because they will want the change that homeopathic treatments provide. At first, I would gear towards a market that may be open to these lifestyle changes and geographically  restrict  it to those in the continental United States.  Many people are looking towards hom...

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children? For my exit strategy, I would think about either selling it. If it were to grow as much as I would expect for it to grow, it would need to be industrial almost. I would want to same expectation and quality even it was in industry because I wouldn't want the quality of my product to decline just because it is monetarily more effective. I think this business idea would expand very much because many people are moving towards homeopathic treatments.  2) Why have you selected this particular exit strategy? I selected this strategy because I believe it would become too much to do something out of your kitchen at home. With the sale of my company, it could be to someone who ap...

1) You read about an entrepreneur: This autobiography is a 1977 memoir by Ray Kroc, the man behind McDonald's. Throughout the book, Kroc discusses his career, how he failed time and time again, and where his career started and where it ended. The thing that surprised me the most about Kroc was that he didn't start this franchise until he was 52. I would've assumed he would've been younger when his McDonald's business boomed. I admired the devotion that Ray Kroc and his business partner had in their success and how it even became international. He [Kroc] changed everything about the American restaurant industry. One thing I least admire about Ray Kroc is how the progression of McDonald's food started out really good and today, it almost seems like dog food at times. His idea is also really unsustainable and bad for the environment but it continued throughout the decades.  2) What competencies did you notice that the entrepreneur exhibited?  Ray Kroc was...

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. There have been a few times during this semester where I failed. Some of it was my fault, like not studying enough for a test and I ended up getting a bad grade. Some of it was due to my job, things I really don't have control over. For my exam that I failed this semester, I think I was overconfident in the exam, thinking that it was going to be easy and simple and that I didn't really need to study. That's why I failed. It was all my fault, I should've known that college is way different from the things I did in high-school. For work, I'm a TA for a class and a lab technician. And these two things come together in the class. While teaching my students about lab processes throughout the semester, the professor and my b...

Existing Market Step 1: What is next for my venture is the introduction of these homeopathic products into therapeutic and chiropractic offices. This will be hard because medical communities may not support the use of these products in the office. The oils are known to have relaxation benefits that can relieve stress and tension in the body. Some applicable oils can help reduce pain in the body after a few uses. This could significantly impact a person when they are at either of these locations.  Step 2:  Lori: I would suggest a presentation of the benefits that homeopathic medication can have throughout a therapy session or a chiropractic session. This could probably enable people to understand your product and your intentions more and could have a positive effect on patients within each practice.  Sara: If there are individuals that already support the use of homeopathic treatments, you should have them talk to others ab...

Opportunity Individuals that are looking for a healthier lifestyle when it comes to treatment of certain medical, therapeutic, dietary, and/or religious aspects of their life. This is something people of all backgrounds can use. My potential customers are people that are seeking a beneficial change to their current lifestyle.  The nature of the need is about looking to change lifestyle decisions to become healthier. This My business proposal is the use of  homeopathic  essential oils that can help people live healthier and with less chemicals involved in their everyday lifestyle.  This market is defined  demographically  I  believe  for women more often than men because they will want the change that homeopathic treatments provide. At first, I would gear towards a market that may be open to these lifestyle changes and geographically  restrict  it to those in the continental United States.  Many people are looking towards hom...

My personal experience with medical conditions and using the medicinal benefits to change my lifestyle and better my condition. (Human Capital) Valuable: Yes, it can help me better my insight into what my potential consumers needs.  Rare: No, there are many other people that share the same medical condition that I do and want to seek a healthier lifestyle.  Inimitable: Many people want and seek the same lifestyle changes that I can provide with my product.  Non-substitutable: Yes, there are manufactured products that could help with my idea but they aren't are healthy or sustainable as my product.  Knowledge of my prototypical customers from interviews.  Valuable: Yes, this could show a certain outcome for my product and see how the market can change over time.  Rare: No, business owners and entrepreneurs are supposed to know what their customers will want.  Inimitable: Other people can interview prototypical customers and se...

1)  https://youtu.be/-nUKlUhNtf0 2) I didn't really change many of the things that I did from the last elevator pitch. I did cut back on my pitch, as it was too long the first time around but making it simpler brings the point of the pitch more clearly into focus.  3)I tried to keep my voice from being monotone and made natural fluctuations while speaking. I also cut back on my pitch time because I realized that it was get lengthy when I had written it. 

1) What was the general theme or argument of the book? The overall theme for this book was how to keep motivated, healthy, and happy even through the failures your might run into along the way and definitely all the successes as well. Failure is also inevitable, and not that I needed to read this book in order to let me know that, it still made me remember to not lose hope for goals I set upon myself in the future.  2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003? This book allowed me to see that failure does happen. Whether we want it to or not, it happens. The author, Scott Adams, gives a few lessons in the book that could really apply to entrepreneurship and the challenges you may run into along the way. Lesson 1 was the one I connected with the most. It discussed building your life around systems, not goals. Goals have two problems; they're in the future and they're specific. To get an outcome for an unknown day in the...

1)  My first domain expert is actually my mom, Kim. She has been studying and using these oils for about a decade. As for her background, my mom was a microbiologist who worked for Merk Pharamceutical Industry, Anheuser-Busch the beer company, and Mount Sinai Hospital where she manufactured radioactive isotopes for treatment of rheumatoid arthritis and cancer. I am filling her in as domain expert. Because she's my mom, it obviously wasn't hard to contact her about my business idea. My mom has always given me ideas about the use of oils and practicing using them for myself for medical issues I might have. Obviously, if I have strep throat or some other major medical issue, I see a doctor but she also guides me on what to use for soothing and healing.  2) I talked to Aria, a woman who works for a company called Aēsop. She is my expert. She opened her own franchise store in Wynwood, the art design district in Miami. I went to her store while walking around Wynwood and talked t...

1)  My name is Jenna Allen and I'm a Sophomore at UF. I'm a Biotechnology/Biology major with a minor in innovation. I currently work for the USDA as a laboratory technician. I don't have too much experience with entrepreneurship or business ideas because it is something that hasn't really interested me at times. If I were to create this business, I think it would be beneficial because I do want to pursue a career in the medical field.  2)  I am offering customers a chance to try homeopathic medicinal remedies for minor health setbacks. Natural medicinal opportunities have been around for millenniums like essential oils however the food and drug administration has not capitalized on their health benefits due to the cost and quantitative biochemicals. This could eliminate the use of heavy pharmaceuticals and no long-lasting or harmful side effects from the drugs as well.    3)  I would be offering this chance for those who would prefer a homeopathic...

My prototypical customer is one that wants a homeopathic lifestyle change. When something such as this comes out to the market, women and families tend to turn to these products which would be my ideal candidates at first and then would become more broad as they become more popular.  My prototypical customer is one that enjoys living a healthy lifestyle. She is a young woman, 24 years old. She keeps house clean and use candles and air freshners to keep her house nice. Recently, her friend was allergic to one of the candles, so she wants to transition into something more natural. She has been reading a lot of research over the internet as well for common house deodorizers and natural remedies for some knee pain she has because of her long distance running. She doesn't want to use over-the-counter medications because they don't seem to work for her and if she uses prescription medication for her knee pain, she has symptoms that don't make her feel like herself. She finds a...

1) The pitch.  Elevator Pitch No. 2 2) A reflection on the feedback you received from your last pitch.  I only got one comment on my last elevator pitch, but I believe is still provided insight for this pitch. I am usually good at speeches and elevator pitches in person, but doing it online has been a challenge for me because I don't know where to look and I feel weird about using my hands when I talk. I do believe I have to show more energy during my pitch because it is something that I am creating and should be proud about.  3) What did you change, based on the feedback?  Based on the feedback I received, I tried to be more dynamic with my pitch and excited about the product. I felt as though I was somewhat monotone in my first pitch too so I tried to fluctuate my voice during certain points in my pitch. 

1)  Describe five ways in which you think you have human capital that is truly unique.   I have a really strong work ethic and I am extremely ambitious.  Growing up with three younger brothers has given me significant patience when dealing with multiple problems.  I believe that I am extremely knowledge in my field of study due to all the practice and the education I got when I was in high-school.  I'm bilingual and I know that it has helped me before in previous jobs.  I am extremely independent and work my best when I am alone. I do like to bounce ideas off of those who know me the best, just to have some input about the idea.  2)  Soundcloud Link:  https://soundcloud.com/user-333243727/sets/16a/s-Nbv8p My mom, dad, and three brothers were the ones I interviewed because I believe they know me the best. Even though my brothers are younger than me at 15, 13, and 11, I believe that they are still able to se...

Interview #1: Joyce Is it important to you to be able to be healthy without spending a lot of money on over-the-counter and prescription medications? Yes. Prescription medications and OTC medications can end up being extremely expensive, especially when you may have to buy them often due to colds and the flu you can get by being around so many different people at school.  Would you rather have a homeopathic solution than a manufactured medication? Yes I would. I think it is healthier to use than having medication that you don't know what is in it and the potential side effects it may cause.  Do you think that essential oils could have a healthy impact on your life? I do. They are extremely easy to use and are natural meaning less problems that could a person can have towards them.  Why do you think people don't use essential oils as often as FDA regulated medication? People say that they are expensive and not worth the cos...

1. Some of the behaviors I have developed for this course are taking a few days to read over assignments so I can understand them completely and do them efficiently. This class has been somewhat harder for me because I only need this class for my minor and I haven't really done many things business or entrepreneurship related. I am a science major so taking classes that are out of my usual realm have been difficult but I have developed methods for those others classes to help me work easily. With this class, I also read more about entrepreneurship ventures that I see online or in the media and I think that helps me improve my understanding and requirements for these classes.  2. During this class, I felt like "giving up" especially when I had to do the elevator pitch. I've had to do them before but they were always in class and were usually about a subject I was comfortable with. What helped me pull through this class is knowing that I would have more knowledge abo...

For my reading reflection, I read about Coco Chanel. While this book was quite insightful on the ways of entrepreneurship, I have realized that you have to have a certain kind of personality and charisma to do exactly what she did, especially during the time period that she started her business. Coco Chanel had a less than ideal childhood, growing up in the impoverished countryside of France. She didn't speak French too well and started learning when she was almost as adult. She couldn't read French too well either which is odd considering the country she lived in and the fact that it must have been extremely difficult for her to be able to do things whilst not being able to speak the main dialect of the country. Through difficulties, she persevered which is something I admired the most about her. From becoming a seamstress and a singer-actress combination shortly after she turned 18, she built her business from the ground up, literally. She started trends in fashion that she ...

1) My segment is people that are interested in starting to use homeopathic medicinal  remedies .  2) Interviewee 1: Sara - How do you feel about the use of essential oils? I believe that they can helpful for decontaminating the air and helping to de-stress. That what I use it for the majority of the time and I feel like it helps.  - Do you believe that they could help relieve short term conditions? Yes I believe they can.  - Why do you think they aren't used more normally? People don't believe they will be as affective than non-homeopathic remedies.  - Even if you use essential oils, would you still use medication prescribed by a doctor? Of course I would, especially if it is a serious problem. I know what is important for me especially if I need to see a doctor about something.  - Do you think the use of essential oils has become "trendy"? Yes I think they have because there's a hype around them. I'm not ...