Your Venture's Unfair Advantage

• Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.) 

Resource List

1. Human Capital in development process- I know multiple people who code that can create a well working app.

Valuable- Creating code provides a significant amount of value through improving my apps content.

Rare- While more and more people are learning how to code it is still an impressive and rare skill. 

Inimitable- Coding is imitatable, however I can put a patent on code written for my app. 

Non-Substitutable- Other people could create the same resource.

2.Human Capital in Advertising- I have connections with someone who runs a digital marketing company.

Valuable- This is extremely valuable since it can lead to me acquiring customers.

Rare- Not many people own a digital marketing/advertising company.

Inimitable- Other companies could use digital marketing as well, but having a direct contact gives me an advantage.

Non-Substitutable- Other companies would have to spend more money to acquire the same benefit that I would get.

3. Human capital to gain feedback, living on a college campus could allow me to advertise the app to students and get feedback from it. 

Valuable- Getting feedback to improve the app allows me to fix major issues.

Rare- Not many people live on a college campus.

Inimitable- This resource could be inimitable.

Non-Substitutable- Other companies could come to a college campus and get feedback as well.

4. I have financial capital(money).

Valuable- Money clearly has value.

Rare- Money is somewhat but not extremely rare.

Inimitable- Other people can get money.

Non-Substitutable- Some other resources are worth money as well. 

5. I have taken a high quality class teaching me how to be an entrepreneur.

Valuable- This class taught me skills that were definitely valuable.

Rare- Not many people have taken this class.

Inimitable- Most people can't just come to UF and take this. 

Non-Substitutable- Other entrepreneurship classes aren't as good.

6. I've attempted to start other business projects so I can learn from the previous mistakes I've made.

Valuable- I would say the knowledge and experience makes this extremely valuable.

Rare- Not many people start their own businesses.

Inimitable- Other people can't copy the experience that I've developed. 

Non-Substitutable- This is a hard resource to substitute although it is possible.

7. Originality- My app will be the first of its kind so I will have a large market share to start. 

Valuable- This is valuable since I have no direct competitors while entering the market.

Rare- Many ideas aren't original.

Inimitable- Someone could theoretically copy my idea.

Non-Substitutable- It is hard to develop a new idea. 

8. Social capital- Network of followers from social media. 

Valuable- I don't have an extremely large following but it is somewhat valuable.

Rare- Not extremely rare nowadays but still a help.

Inimitable- Others could advertise and connect with their social media as well. 

Non-Substitutable- Other companies could match this through advertising.

9. Statistical knowledge, I can read and understand statistics well. 

Valuable- Knowing Statistics is very valuable in terms of making the correct business decisions that will benefit you.

Rare- Stats knowledge is somewhat rare since not everyone has had the same exposure to it that I have. 

Inimitable- Others could take statistics courses as well but it would take a large amount of time.

Non-Substitutable- You can't substitute this knowledge unless they employ a statistician. 

10. Good communication skills.

Valuable- This is valuable to get clients and business partners.

Rare- This is somewhat rare but many people have good communications skills.

Inimitable- Not everyone can just develop good communication skills.

Non-Substitutable- This is hard to substitute without employing somewhat like a salesman. 

After doing this, I believe my best asset is having human capital in advertising. I believe this will help me make my app more public and give it more exposure. This will help the app become more popular and spread across networks of people and social media. 

Elevator pitch 3

https://youtu.be/HbgqEdzNpvQ

From the reflection, I realized I had some awkward phrases, which I listened too and ultimately took out. I also worked on the presentation of the pitch itself, and tried to change my body language and gestures.

Reading Reflection 2

The book I chose was Makers by Chris Anderson

There was definitely a general argument made by the book. Anderson Argues that in the close future, everyday individuals will move from being workers to producers, or "Makers" as the title would suggest. Basically, as economies move forward and 3d printers and other goods make producing things easier, everyday people will design and create their own everyday products, ultimately giving workers the means of production.

I think the theme only somewhat connected with ENT 3003. The similarities are obvious, in that people, especially entrepreneurs, can create in order to benefit themselves. In the book this is through producing goods and in ENT3003 its from starting a business. The differences are very large though, since this class largely doesn't discuss the economy of the distant(or not so distant) future. Additionally Anderson's book doesn't exactly say that everyone will be a business owner, just that everyone will be a maker. 

I would say an exercise based on this book would be to design an actual product. Instead of a business concept, design and sketch an actual product that you would use in your everyday life. 

I believe the biggest aha moment came when Anderson explained how most of this creating would be done, in the form of 3d printing. After understanding that most of the "making" he talks about would be done through this, I understood that this is actually a scenario that is feasible within the next few decades. 

Growing Social Capital

The first expert is my friend named Mike. He has a lot of experience developing apps, and experience running his own companies as well, making them the domain expert. I knew this person from high school and contacted him via text message. I asked him to meet with me and discuss this potential app idea. There is essentially no return expectation. Including him in my network will help me both develop the app itself and manage the business as a whole.

The second expert is my old UF roomate, Shane. Shane is a fitness guru, an avid weightlifter and a Tennis coach. I contacted him via phone call. I asked for feedback on my app and suggestions to advertise to the fitness community/industry. In return he said I have to let him be the first trainer on the app. Including him will help me get a feel for how to appeal to fitness as an industry. 

The final expert is OmarIsuf. He makes fitness youtube videos and has his own line of fitness products. I reached out to him via email to see if he would be interested in the app or promoting it. He said he would have to see the app, and receive compensation in return. Including him would help me reach a wide audience of those interested in the app 

This experience will shape how I network in the future. Since I have three dedicated experts at my disposal, now I just need to use them correctly, and try to get these experts to connect me with other experts in their respective field. This was different from previous networking since I was looking for an expert in a field rather than just feedback. 

Idea napkin 2

Please describe the following:
1) You.
I am Nick, a student at the University of Florida. I have experience in coding from taking multiple classes and coding during my internship in Denver. I also have experience working in a corporate office. I believe this helps me with the skill of professionalism and approaching business opportunities. I see this business being a way for me to get started in entrepreneurship and see how well I can do. 
2) What are you offering to customers? 
I'm offering GitFit, a fitness app for both trainers and trainees. Essentially the trainers pay a subscription fee to be on my app and get exposure to a large network and clients. In return, individuals get to select from a wide variety of personal trainers that can help them with fitness.
3) Who are you offering it to?
I'm offering this to fitness beginners. This is because most of those who are already in shape and work out don't need a personal trainer. I'm also offering the advertising portion of the app to personal trainers, mainly newer personal trainers who havn't established their independent brand or market yet. 
4) Why do they care?
They care because fitness and health are important aspects of everyday life. A lot of people want to get into shape but have never been able to, and this is who my app is geared towards.
5) What are your core competencies?
What sets GitFit apart from other companies is convenience. It is extremely easy to use for the trainers, since they don't have to advertise themselves, or make their own website. They can simply use our app to find clients. This makes it easier for consumers as well. It's easy for them to browse and find a high quality personal trainer who meets their needs and isn't as expensive as more established personal trainers. 


I believe these are all aspects of my business that naturally flow together. Two of the main things I summarized from this post is that the personal trainers should be newer less established personal trainers both because they cost less and they are more likely to actually use this app. The second is that for consumers, I must focus on wanting and encouraging individuals to make a fitness change in their life. 

Elevator pitch 2

Customer Avatar

I beleive my customer avatar is a middle aged individual who is relatively out of shape. Perhaps they've always had intentions to get in shape, and had brief stints where they were in shape, but they struggle with consistency and often lose results quickly. They probably have a couple children and a job which occupys the majority of their time, which makes finding gym time difficult.

I beleive I do have something in common with this avatar. A few years ago I was extremely overweight and definitely out of shape, and I found it difficult to overcome this. While I was able too, I feel like this would've been much easier if I had a personal trainer to help me. I don't think this is a coincidence, since my choice to develop this app is definitely partly because of my experience with getting in shape. If most people thought getting in shape was easy, there wouldn't be a need for personal trainers.