ENT3003

As far as an exit strategy goes, I plan to stay with my business for several decades and retire. It's possible that the venture could become a family business and be passed down in the distant future. I have selected this particular exit strategy as I believe the gyms subscription based revenue model could provide stable passive income for an indefinite period of time. I think setting up legitimate passive income streams is important while your working and during retirement. My exit strategy has not influenced how I identified the opportunity. The exit strategy was something that came after the original opportunity was identified. However, it might play a role in what my growth intentions are and how I plan to acquire and utilize resources. The underlying business strategy will have to be oriented around achieving the venture's goal of large, stable passive income streams. It's been exciting planning all of this.

For my third reading reflection, I chose to read Makers: The New Industrial Revolution  by Chris Anderson. The book generally talked about how modern entrepreneurs utilize open source design and 3-D printing to bring customized manufacturing to desktop computers. This book enhanced what I've been learning in ENT3003 in many ways. I think one main parallel between whats taught in the course and what's demonstrated in this book is the skill of identifying an unmeet need and capitalizing on it. Based on this book, I would make the class write a brainstorming-style blog post where they explore different ways to offer mass customization to a large group of people, such as the student body of the University of Florida. The biggest 'aha' moment for me when reading this book was when the author described this type of mass manufacturing as the third industrial revolution. This was an aha moment for me as it was interesting to think about this industrial revolution compar...

Earlier this semester, I failed at trying to arrange interviews for this course. While it was easy to reach out to numerous different professionals in the industry that I was interested in, it was difficult to actually schedule anything with them. What I learned from this experience was that most professionals have busy lives that don't revolve around other people's requests. While these individuals try their best to give back to the community and help teach interested individuals, they have to focus on their own careers first. In order to successfully schedule meetings with industry professionals, you have to send out emails far in advance and show qualities of respect and courtesy. Failure might be uncomfortable at first, but it's necessary in order to grow and mature. By failing early on in this course, I was able to quickly identify what I was doing wrong, and improve upon those shortcomings. I would say that now, as a result of this class, I'd be more willing t...

Strength Systems (1) Opportunity There is great demand for larger gym facilities at the University of Florida. Currently, the main gym offered to students at the University of Florida is Southwest Recreation Center. While this building looks large and impressive from the outside, you'll quickly realize upon entering that the space is utilized incredibly inefficiently on the interior. The most popular and most heavily utilized space in the building, the weight room, is just one small area tucked away in the back of the massive complex. Since the room is so small and the number of students who attend this university is so large, individuals are packed like sardines whenever they try to get a workout in. As a student at this school who regularly attends Southwest Recreation Center, I know for a fact that one of the biggest complaints is the lack of supply of gym space. Furthermore, I am proposing that a second gym space gets opened up in Gainesville. Currently, the window of op...

Existing Market The next step involving my venture would be to get the operation up and running, This would entail successfully obtaining a gym space and filling it with all of the amenities highlighted in post 23. I received mixed feedback from the individuals that I interviewed in my market. All three of the customers told me that I shouldn't rush on selecting a location for my facility, and that I should take my time and make sure the selected location is flawless. Based on the feedback I received, I won't rush the process of getting my venture operating. When it comes to selecting the location of the facility, I will take my time and make sure the decision is well-informed. Finding the right location will pay great dividends going forward New Market My venture might see success a different college campus In order to succeed in this new market, my venture might have to differentiate in ways that are different from what I mentioned before. The core competency of h...

The 10 resources I've identified are listed below. A VRIN analysis is conducted for each item. 10 Resources 1. Land - Land is intrinsically valuable and is increasingly more difficult to obtain in growing areas 2. Updated Equipment - Acquiring equipment is one of the main startup costs involved with starting a gym. Getting the best quality equipment will be a noteworthy expenditure 3. On site trainers - Offering the best training oriented services to customers will boost retention 4. On site nutritionists - Clients can learn how to train optimally by interacting with nutrition professionals 5. Cost cutting strategies - Finding a way to cut costs in order to offer all of these luxury features at a reasonable rate to customers will be important. If done successfully it will pay great dividends 6. Expansion strategies - The gym is projected to grow at a certain rate based on proposed strategies 7. Stretching resources - A dedicated stretching area will satisfy and please cust...

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For my second reading reflection, I read The Art of Social Media: Power Tips for Power Users  by Guy Kawasaki. The book argued how to fully utilize and tap into the power that social media offers. The book connected with course material for ENT 3003 in many ways. One of the main ways in which it connected with the course was by encouraging an entrepreneurial mindset. It is emphasized that in order to grow your social media page, you must demonstrate creativity and willingness to connect with other users. The exercise would involve social media users reaching out to leaders in their industry. Successfully getting in contact with one of these individuals would allow the student to learn more about any of their entrepreneurial ideas. It would be a great learning experience for the student. The biggest surprise moment for me was when the author went over just how powerful of a tool social media can be.

Part 1 1) This individual has been a player in the fitness industry for a large amount of time. This individual has started their own gym facility and has grown a large social media following 2) Domain expert - providing expertise on the fitness industry 3) I contacted them through social media 4) This person plans to look over my idea napkin. They said they will provide feedback on areas that need improvement 5) This person will point out all of the obstacles that come with opening a new gym that I would've never thought of or expected. Part 2 1) This person has been a real estate developer in the Gainesville area 2) Market expert 3) I saw the person in a local real estate development ad. Through a series of cold calls I got in contact with the individual. 4) The individual said they would allow me to come into the office and learn about the intricacies of the early stages of real estate development 5) This person will allow me to more efficiently execute my idea P...

1) My name is Michael, I study finance at the University of Florida. Once I graduate I will be doing investment banking, and as far as my aspirations go, I hope to further advance my career. The business concept is more for the benefit of University of Florida students than me. 2) What I'm offering to customers is a new, additional gym space to workout at in Gainesville. The current gym is way too small for the current demand, and is always busy. 3) I am offering this product to University of Florida students. What my customers have in common is that they all have demand for a less crowded and upgraded gym facility. 4) My customers care because they're tired of having to navigate through a zoo of people every time they want to get a simple workout done. When Southwest is a busy as it always is, it makes workouts less effective and less time efficient. 5) College friendly rates, less busy facility I think these five elements fit together well. I think part of my concep...