I must admit that I was quite impressed by the discussion that we had with Jon Goodman; she brought some very valuable information to the table. I found that the best part of the discussion came after the formal discussion, when I was able to talk with Jon face-to-face rather than having to compete with the entire class for her attention.
Go into my scheduled interview that I had with Tim Hoover, the owner of Auto Claim Solutions, I felt much more adequately prepared than before I talked with Jon. The question that I had asked Jon was regarding what questions I should ask to get the best value for my time, as well as Tim's.
One of the most helpful suggestions that Jon gave me was to ask follow-up questions to the questions that I ask. In other words, after getting an explanation to a question that you have asked, clarify what you have heard so that you fully understand what was conveyed to you, and to show that you are actively listening to them, and that you are interested in what they have to say. This made the conversation much more active from both sides.
I liked her suggestion of stocking away 20% of what you earn so that you have that financial freedom to go off and be an entrepreneur. I often times have a hard time saving; the money always seems to burn a hole in my pocket. Obviously, this is an area that I need some more discipline in.
Thursday, January 28, 2010
Wednesday, January 27, 2010
My Strengths and Weaknesses In a Business Context
One of the hardest things for me to do is to self-reflect, as it forces me to bring out qualities that aren't necessarily great in me. I have noticed that this is an uncomfortable subject for a lot of people; most of us don't like delving into ourselves to find character flaws, and we have a hard time pointing out the good traits that we have. Personally, I'm horrified of even the notion of starting up a business, which brings me to I believe to be my single most limiting weakness: A lack of self-confidence.
I simply do not feel like I have what it takes to make the risk of starting a business, because of the thought of failure. This also happens to be why I don't like to gamble; the ambiguity drives me crazy; I need something that is guaranteed, and not something that is a huge question mark. Perhaps with time and experience, this flaw in my personality will subside, but for now, it is a major factor that keeps me from wanting to start a business.
This leads me to my second weakness, which has plagued me through school, and is now in the process of impeding me from doing well on my business plan: I have a very hard time getting started on something. In my personal experience from writing many essays, I have noticed that getting started is the hardest part for me; I get writers' block, and freeze up. I spend considerable time just trying to find inspiration. Once I get my feet off of the ground however, I find it to be smooth sailing from there on out.
On the other hand, I feel that I'm an extremely good people-person, and I do very well in conversations. I know that this is an important part of being a good entrepreneur. You are going to have a hard time doing business with people if you aren't a likable person, no matter how good your idea is. If people don't like you, they won't buy from you.
Another aspect of being an entrepreneur is keeping your eye on the goal, and not getting side-tracked, no matter how poorly things may be going. This is an area in which I feel that I excel. I can be going through the worst time in my life, and yet still retain that laser focus on the goal.
Finally, I feel that I'm very good with written communication, which may seem like a relatively small attribute of mine. Let me tell you something though: I have been put in shock with how many people my age and older cannot write proper English in the papers or e-mails that they write; it's simply atrocious! That simply won't cut it in the business world. If you don't make an effort to correct all spelling or grammar errors, no one in their right mind is going to waste their time with you. You have to be able to write correctly in order to succeed in the professional world.
Enough with my semi-heated lecture; as you can see, I have some good attributes, and some that I'm not so proud of. Put quite simply, we are all humans, and as such we all have our flaws. The difference between a successful person and one that is not so successful is how they handle those flaws. We must be on a constant mission to correct those flaws, and improve ourselves. There is nothing that you can't do if you put your mind to it!
I simply do not feel like I have what it takes to make the risk of starting a business, because of the thought of failure. This also happens to be why I don't like to gamble; the ambiguity drives me crazy; I need something that is guaranteed, and not something that is a huge question mark. Perhaps with time and experience, this flaw in my personality will subside, but for now, it is a major factor that keeps me from wanting to start a business.
This leads me to my second weakness, which has plagued me through school, and is now in the process of impeding me from doing well on my business plan: I have a very hard time getting started on something. In my personal experience from writing many essays, I have noticed that getting started is the hardest part for me; I get writers' block, and freeze up. I spend considerable time just trying to find inspiration. Once I get my feet off of the ground however, I find it to be smooth sailing from there on out.
On the other hand, I feel that I'm an extremely good people-person, and I do very well in conversations. I know that this is an important part of being a good entrepreneur. You are going to have a hard time doing business with people if you aren't a likable person, no matter how good your idea is. If people don't like you, they won't buy from you.
Another aspect of being an entrepreneur is keeping your eye on the goal, and not getting side-tracked, no matter how poorly things may be going. This is an area in which I feel that I excel. I can be going through the worst time in my life, and yet still retain that laser focus on the goal.
Finally, I feel that I'm very good with written communication, which may seem like a relatively small attribute of mine. Let me tell you something though: I have been put in shock with how many people my age and older cannot write proper English in the papers or e-mails that they write; it's simply atrocious! That simply won't cut it in the business world. If you don't make an effort to correct all spelling or grammar errors, no one in their right mind is going to waste their time with you. You have to be able to write correctly in order to succeed in the professional world.
Enough with my semi-heated lecture; as you can see, I have some good attributes, and some that I'm not so proud of. Put quite simply, we are all humans, and as such we all have our flaws. The difference between a successful person and one that is not so successful is how they handle those flaws. We must be on a constant mission to correct those flaws, and improve ourselves. There is nothing that you can't do if you put your mind to it!
Thursday, January 21, 2010
Guest Speaker: Ron Kornfeld
Ron Kornfeld's speech was amazingly helpful in clarifying a few things that I needed to know about how to develop a good business plan. He maid many great points, one of my favorite being the following:
It is better to develop something small, sell it for a modest amount, but do it well, then to aim for a million-dollar company.
I loved Ron's suggestion of reading a section of reading a section of your business plan backwards after you've completed it to catch any grammar errors--I had never heard of that, but I will definitely have to give it a try. I have had many times where I have run the spell checker only to find duplicate or improper use of words in some of my documents.
I must admit however, that I'm a little dismayed about writing business plans, and left with a few questions. I'm not a business major, and the concept of writing a business plan is quite a daunting subject for me to begin with. As knowledgeable as Ron is, I felt that he used way too much business jargon for the audience that he was speaking to. I found myself looking up a very large list of vocabulary because there were a lot of things that Ron said, that just did not seem to click in my head.
I feel that it is very important to put yourself in the position of the audience, and then ask yourself a couple questions, such as the following: What knowledge of my topic do I perceive the audience as having? How can I put things into simpler terms that they will understand? Perhaps it is just like writing a business plan--the first step is to identify your audience.
To sum this all up, I feel that if the jargon had been dulled down a little bit, Ron's speech would have been perfect. I still did gain a lot of very helpful information from his speech, however, and I'm glad that he took the time out of his busy schedule to speak to us.
It is better to develop something small, sell it for a modest amount, but do it well, then to aim for a million-dollar company.
I loved Ron's suggestion of reading a section of reading a section of your business plan backwards after you've completed it to catch any grammar errors--I had never heard of that, but I will definitely have to give it a try. I have had many times where I have run the spell checker only to find duplicate or improper use of words in some of my documents.
I must admit however, that I'm a little dismayed about writing business plans, and left with a few questions. I'm not a business major, and the concept of writing a business plan is quite a daunting subject for me to begin with. As knowledgeable as Ron is, I felt that he used way too much business jargon for the audience that he was speaking to. I found myself looking up a very large list of vocabulary because there were a lot of things that Ron said, that just did not seem to click in my head.
I feel that it is very important to put yourself in the position of the audience, and then ask yourself a couple questions, such as the following: What knowledge of my topic do I perceive the audience as having? How can I put things into simpler terms that they will understand? Perhaps it is just like writing a business plan--the first step is to identify your audience.
To sum this all up, I feel that if the jargon had been dulled down a little bit, Ron's speech would have been perfect. I still did gain a lot of very helpful information from his speech, however, and I'm glad that he took the time out of his busy schedule to speak to us.
Friday, January 15, 2010
Five Business Ideas
After much thought, I have managed to think up five business ideas, most of which involve a web service. Mind you, this was not easy for me as well, as I'm not a creative person by any means. Before I go further, consider the following:
In statistics taken from Nielson Online, it was reported that over 1.73 billion people were using the Internet by the end of the past decade--that's nearly a quarter of the world's population. In America alone, nearly 228 million people were online by the end of the decade (~74%).
So what does this all mean, you may ask? That answer is obvious--we are an online society, and there is no denying it.
So without further ado, here are my business ideas:
1) This is the idea that I'm most excited about. As I was sitting in in my mechanic's shop, waiting on my car, I began to wonder...
I began to think of the airlines and how they have online status updates for all of their flights. Well, if that is the case, why could my car not have an online status update? As I continuously keep my cell phone on vibrate, I'm horrible about answering it. However, if there is one thing I religiously, it's surf the web; I'm on my computer constantly.
This first business idea would be for a web service that would allow you to view the status of your car's repairs online, as well as the ability to authorize additional repairs.
Have to pick up your car after hours, because you're stuck at work? No problem! Just enter your credit card information in an online form and submit. Your car will be waiting for you whenever you are ready to pick it up, so you'll never have to wait until the next day to pick up your car.
Better yet, wouldn't it be great if you could do this all on your smart phone?
2) Having my car stolen lately, I was devastated. However, this was not necessarily just because of my car; it was what my car contained.
I've been flying since I was fifteen years old, and every flight that I have ever taken has been logged in my pilot's logbook. It contains the hours that I flew for and what I did on that flight. This is all essential information for an FAA examiner whenever you go to get a new rating. This was all taken from me when my car was stolen; I did not have a backup.
My second idea involves just that--a piece of software that you could install on your computer that would act as an "electronic logbook." However, this information would be backed-up to an online server, every time you updated information in your e-Logbook (for a fee). This would save a pilot considerable time and effort in having to call all of the FBOs where they did flights to recover all of their flight information.
3) My third idea involves an online virtual tour site for real estate. Specifically, when a home owner was ready to sell their home, the company would come and create a virtual tour of their house, and then post it online for greater market exposure. Buyers wouldn't even have to get dressed to go house shopping. If the house sold, a percentage of the sale would go to the virtual tour company.
4) My fourth idea is for an online custom high performance computer retailer. This company would use the latest high-end components to build the computers that gamers crave. The company would offer up base models, where customers would have the option of adding to the base model, with their own custom parts that they wish to include.
5) My fifth idea is the only idea of mine that does not involve a web service. Simply put, this idea involves a bar or restaurant that uses Microsoft's new "Surface" (http://www.microsoft.com/surface) as a unique way of ordering food or drinks. It would also double as the customers' entertainment; they would be able to choose from music, movies, or even games to play, all right there on the very table that they're dining at.
In statistics taken from Nielson Online, it was reported that over 1.73 billion people were using the Internet by the end of the past decade--that's nearly a quarter of the world's population. In America alone, nearly 228 million people were online by the end of the decade (~74%).
So what does this all mean, you may ask? That answer is obvious--we are an online society, and there is no denying it.
So without further ado, here are my business ideas:
1) This is the idea that I'm most excited about. As I was sitting in in my mechanic's shop, waiting on my car, I began to wonder...
I began to think of the airlines and how they have online status updates for all of their flights. Well, if that is the case, why could my car not have an online status update? As I continuously keep my cell phone on vibrate, I'm horrible about answering it. However, if there is one thing I religiously, it's surf the web; I'm on my computer constantly.
This first business idea would be for a web service that would allow you to view the status of your car's repairs online, as well as the ability to authorize additional repairs.
Have to pick up your car after hours, because you're stuck at work? No problem! Just enter your credit card information in an online form and submit. Your car will be waiting for you whenever you are ready to pick it up, so you'll never have to wait until the next day to pick up your car.
Better yet, wouldn't it be great if you could do this all on your smart phone?
2) Having my car stolen lately, I was devastated. However, this was not necessarily just because of my car; it was what my car contained.
I've been flying since I was fifteen years old, and every flight that I have ever taken has been logged in my pilot's logbook. It contains the hours that I flew for and what I did on that flight. This is all essential information for an FAA examiner whenever you go to get a new rating. This was all taken from me when my car was stolen; I did not have a backup.
My second idea involves just that--a piece of software that you could install on your computer that would act as an "electronic logbook." However, this information would be backed-up to an online server, every time you updated information in your e-Logbook (for a fee). This would save a pilot considerable time and effort in having to call all of the FBOs where they did flights to recover all of their flight information.
3) My third idea involves an online virtual tour site for real estate. Specifically, when a home owner was ready to sell their home, the company would come and create a virtual tour of their house, and then post it online for greater market exposure. Buyers wouldn't even have to get dressed to go house shopping. If the house sold, a percentage of the sale would go to the virtual tour company.
4) My fourth idea is for an online custom high performance computer retailer. This company would use the latest high-end components to build the computers that gamers crave. The company would offer up base models, where customers would have the option of adding to the base model, with their own custom parts that they wish to include.
5) My fifth idea is the only idea of mine that does not involve a web service. Simply put, this idea involves a bar or restaurant that uses Microsoft's new "Surface" (http://www.microsoft.com/surface) as a unique way of ordering food or drinks. It would also double as the customers' entertainment; they would be able to choose from music, movies, or even games to play, all right there on the very table that they're dining at.
Thursday, January 7, 2010
Entrepreneurship: Is it right for you?
After reading "Entrepreneurship" by Reggie Aggarwal and Mark Esposito, I was left with a sense of indecision in whether or not Entrepreneurship was really the right choice for me. The tone of the entire essay was rather somber, and I thought that it should have spent a little bit more time describing the good aspects that being an entrepreneur can have. Certainly, the essay did little to convince me that being an entrepreneur, would lead to a happy and successful life. In fact, it is quite the contrary--the article showed just how daunting of a task becoming an entrepreneur can be, because it is an extremely extremely difficult that takes a special type of person.
I thought that the authors made a good point in that wealth should not be a primary motivating factor in wanting to become an entrepreneur. If wealth is all a person cares about, but they don't have passion for their business, failure is a very likely possibility.
The article also talked about how entrepreneurs must have a lot of courage. That is, they must be so passionate, that they are willing to take the financial risk associated with starting a business. This is a big factor in why I'm so uncertain about whether or not entrepreneurship would be the correct choice for me. Perhaps, with enough passion, the financial risk may be a mere afterthought.
If there is anything that this article clearly illustrated, it is that it takes a special breed of person to be an entrepreneur. It is not an easy road to follow, but those who choose to follow it, have the right idea, and are willing to stick with it and endure any hardships along the way, have the opportunity to reap great rewards.
I thought that the authors made a good point in that wealth should not be a primary motivating factor in wanting to become an entrepreneur. If wealth is all a person cares about, but they don't have passion for their business, failure is a very likely possibility.
The article also talked about how entrepreneurs must have a lot of courage. That is, they must be so passionate, that they are willing to take the financial risk associated with starting a business. This is a big factor in why I'm so uncertain about whether or not entrepreneurship would be the correct choice for me. Perhaps, with enough passion, the financial risk may be a mere afterthought.
If there is anything that this article clearly illustrated, it is that it takes a special breed of person to be an entrepreneur. It is not an easy road to follow, but those who choose to follow it, have the right idea, and are willing to stick with it and endure any hardships along the way, have the opportunity to reap great rewards.
Wednesday, January 6, 2010
Welcome To My Blog
Hello, and welcome to my blog. As I think that blank space looks really bad and a lot of the classes that I have taken thus-so-far have started out with introductions, I will take some time in this blog post to introduce myself:
My name is Kyle Levy, and I'm a Junior in the brand new Information Technology & Systems major here at the University of Washington Tacoma. I transfered here after going through the Information Technology program at Green River Community College, and admittedly, several other colleges along the way (I had a tough time making up my mind).
My career goals involve pursuing a career in system administration for a Fortune 500 company in the Silicon Valley area (perhaps, Google???). I have also been contemplating the idea of entering graduate study in UC Berkely's Master of Information Management & Systems program.
Aside from professional interests, my personal interests include travelling, both domestically and abroad, hiking, hanging out with my friends, sports, aviation (I have been a private pilot for over four years now), and last, but certainly not least, computer networks.
My name is Kyle Levy, and I'm a Junior in the brand new Information Technology & Systems major here at the University of Washington Tacoma. I transfered here after going through the Information Technology program at Green River Community College, and admittedly, several other colleges along the way (I had a tough time making up my mind).
My career goals involve pursuing a career in system administration for a Fortune 500 company in the Silicon Valley area (perhaps, Google???). I have also been contemplating the idea of entering graduate study in UC Berkely's Master of Information Management & Systems program.
Aside from professional interests, my personal interests include travelling, both domestically and abroad, hiking, hanging out with my friends, sports, aviation (I have been a private pilot for over four years now), and last, but certainly not least, computer networks.
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