Speaker Day 1/28 (Graham)

This guest speaker day made me feel very uncomfortable about my knowledge of course-related material.  A majority of the time was spent taking a business and identifying its key partners and activities, customer relations, cost structure, revenue streams, and the like.  Although this provided a lot of insight on how to go about elaborating on a business idea (to find out how it may work), a lot of the material discussed was previously unfamiliar (for example, cost structures).  It made me understand the complexity about obtaining a good business idea, but I feel like I may expect to learn about those types of relations later in the course before being able to apply them better.

The speaker also discussed different “models,” for lack of a better term (I’m sure the term, model, refers to something else), of businesses.  The models would list whether the business concept was good or bad, whether the marketing was good or bad, and whether the cost was low or high, and would output the income level of the business.  I found it interesting how a bad idea with good marketing and a low cost could even take off, but then again, good marketing even can bring people to buy snake oil as a weight-loss tool.  To me, it seems the success of a business is almost solely dictated by how well it was marketed.  If a product targets the right audience, as determined through monetary expenditure on surveying, polling, and the like, then the product should be expected to sell (although a good idea of a product would likely sell better).

Speaker Day 1/23 (Erik)

It was a fascinating experience listening to the guest speaker today.  Judging by his presentation, it seemed that he has been an entrepreneur for most of his life and has been through many ups and downs in the process.  I learned that being an entrepreneur could mean a lot more than just starting your own business.  At one point, he talked about writing books and selling them.  This doesn’t look like a typical company, but it is essentially one in nature.  It was a business where he monitored which books sold and he made business decisions to try to promote further sales, such as by making a particular book “permanently free” for a temporary time.  I was moved by this idea and as it was essentially monetizing what may as well be a hobby and turning it into a business; I felt that I wanted to partake in doing so with my interests as well.

There was one particular statement the speaker made that made me feel uncertain.  He talked about starting a business with his wife called Side By Side, where the couple literally works side-by-side.  He mentioned that in doing so, the business worked well because it was easy to communicate as husband and wife.  However, I felt it would be exactly the opposite: by co-owning a business with one’s partner, one may delve into complicated business arguments which may impact the marriage, and would therefore harm the business.  The way I see it, his wife must assume the role of a business partner in the company, or the business might falter.  Other than that, I enjoyed the story of starting and growing a small business and would like to learn more about how the process works. 

3 Business Ideas

I’m not the savviest with the current state of the markets out there, but nonetheless here are my three business ideas.  The first is more or less an actual business, but it involves creating and selling mobile applications.  I found out that there are opportunities to create applications for mobile devices such as Android phones and as smart phones are becoming more and more prevalent in this age, it feels that starting a “business” creating apps might be a valuable time investment (and also, it’s very interesting).  Like other businesses, working on apps will require attention to audiences, and there’s a lot of competition and it’s more than likely that a new business in the application department would not grow well without extensive work.  But I feel this may be one of the more fun and flexible options out there and is worth including in this list.

Another idea was inspired by Amazon (I believe it was them, anyway), which introduced a flying robot (still in the prototype/testing phase) that delivers packages to users very quickly.  Seeing this made me feel that the process might be very complicated and prone to problems.  What if it was steered off-course by winds, or what if something happened to it during flight that caused it to not be able to make the trip (e.g. getting stuck in a tree or somehow dropping the package midflight).  It feels like creating a technology that could solve these problems could lead to starting a technology-based company (that would try to sell to Amazon), but getting such a company to work will require finding and inventing other technologies to accompany to expand the product line.

The third idea is the simplest and is starting a fast-food restaurant.  I’ve seen many restaurants that serve great burgers I’ve watched a lot of a show called “Restaurant Impossible” where an expert goes to failing restaurants to identify why they fail and rebuilds them by changing the way their business is run, their menu, practices, and also rebuilding the restaurant itself.  I feel that although running a company in the form of a small restaurant still relies on a lot of business practices such as appealing to the area the restaurant is located, and also competing with all the other restaurants in the area.  On an added bonus, having a restaurant as a business means being around food, which is always a plus.

Movie Day

Last Thursday I saw a movie that followed two friends as they started to build up a business from the ground up.  With limited experience and knowledge about the workings of businesses, I had naturally found this movie confusing.  I felt that through watching this movie, I was expected to understand the steps/process in building a business.  In the beginning, it felt like there were hints about this, such as when the Kaleil was deciding on what his company would do and furthermore, what he should call it.  It seemed like many meetings were required.  Also, everyone seemed to develop roles quickly.  It was apparent from the start that Kaleil would lead the company as CEO.  However, as the movie progressed, it was more and more difficult to follow along.  It seemed that there were many processes that needed to be considered in creating a company, such as dealing with legal issues.  The movie focused mainly on the conversation and arguments that occurred around those issues, and vaguely seemed to cover the actual problem and its resolution.  It seemed to me that this was because it was, after all, a movie (or perhaps I should call it a documentary), and there is entertainment value in showing dialogue.  But, I feel that overall, despite that much of the content showed speeches, arguments, and conflicts, the movie still gave valuable insight on some of inner-workings of a company and also showed that being an entrepreneur is a risky, but potentially rewarding experience.

My expectations from this class

Personally, I consider this class the unusual one from my schedule this quarter as it is the only class that doesn’t come directly from the computer science program (however, it is related).  Nonetheless, I feel that learning about entrepreneurship and business in general is highly valuable as all computer science work has business ties and being able to relate to both areas will benefit me.  This way, I will not end up becoming the developer who develops for the sake of itself and forgets about the customers and what they want.

In this class I hope to find out about what it takes to get a business started.  It is without a doubt that in the past I have considered starting a small business (or, what might seem to be a business) with a small team by working together to create simple apps, but in hindsight I am glad I did not proceed to start without a basic understanding of what makes a business work and not work.  It has become apparent that there are already simple details like determining an audience to market to and how revenue would be split that I would not have even considered.  I am also sure there are many more details to consider as the “Business Plan” that I will be creating later this quarter seems lengthy and comprehensive.  Thus, it is through taking this class that I hope to find this answer and be able to run my own business, or at least maintain business ideals in my future computer science work.