30A - Final Reflection

1-2 Upon reading back through my posts this semester, I can't really recall any experiences other than missing the first noon deadline. If I am being completely honest, nothing sticks out to me as a formative experience that I'll remember years later. I think the most joyous I've been in this class is writing this post because it means I am almost done with this class. I'm most proud of myself for some of my work and ideas regarding the Buccaneers organization.

3-4From the beginning of this semester to the end of the semester, I see myself as more of an entrepreneur than I did as I have learned more about the entrepreneurial mindset. My advice to a future student is don't forget the noon deadlines and approach this class with an open mind and you will definitely learn something. I would say get ahead as much as possible from the start to lessen your burden throughout the semester.

29A - Venture Concept No. 2

Opportunity: The group of customers with under-met needs are middle-to-low class Tampa Bay Buccaneers living in the Greater Tampa Bay Area. These are the fans who are very loyal to the team, but don't have the money to consistently go to the games. These are the fans always weighing the pros and cons of going to the game versus staying home, saving the money, and watching the game on the couch. These fans feel as if going to the games is not a great value, especially in the past decade where the team has not made the playoffs one time. These fans feel like the ticket and concession prices are a little too steep for what they are getting. These are the fans who are yearning for a little more when they are sitting in the stadium watching their team play. Forces that are creating this opportunity include disposable income and the decision of how to spend it. These fans live in suburban neighborhoods and make enough to live comfortably on limited budget. They debate whether to spend their disposable income on a day of going to the game which entails costs of the tickets, tailgating, and concessions at the minimum or staying home to watch the game from the comfort of their couch without spending any of that money. I believe this is a huge opportunity that can be exploited because many fans would ideally like to go the games if they are getting a better intrinsic value. I believe the window for this opportunity will remain open for a long time because each season brings hope and anticipation that always keeps fans coming back.

Innovation: My innovation for my venture is an improved fan experience in Raymond James Stadium for Buccaneers fans. The improved fan experience will first slightly decrease ticket prices and offer ticket incentives and promotions throughout the year. Another component is reducing the prices of food and drinks at the concessions. Despite lowering the prices which in theory reduces profit, this will sell out games and lead to more expenditures at the concessions which will cover that loss and more. For example, a 20% off discount for nosebleeds for Ronde Barber's induction into the Ring of Honor (Ronde Barber wore #20 when he played for the Bucs). Another example is reducing the cost of a hotdog and soft drink from the concession stands from $7 and $10 to $5 and $7 respectively. Another component of improving the fan experience is creating an in-stadium app. This app can give up-to-date wait times for lines at the restrooms and concession stands, host giveaways or drawings such as a 50/50 drawing, allow mobile purchases to be made at merchandise shops to be picked up at a certain time, and has activities that can keep fans engaged during television timeouts. This app will allow fans to enjoy their experience at Buccaneers games staying engaged in the game and connected with the whole fanbase with the utmost convenience.

Venture Concept: An improved fan experience will tilt the scale for the fans on the fence about deciding whether to go to the game or stay home. These fans will perceive a higher intrinsic value for a day at the game as it would be cheaper than any other game they've attended while receiving more benefits than ever before. Customers will go to more games when the tickets are cheaper and concession prices are lower. Fans looking for something more in the stadium will love the app as it allows them to spend their time more effectively and stay engaged throughout the game. Customers will buy this because they are spending less money for a more a valuable experience so it will be easy to get fans to switch. There is not really any competition as Bucs fans would not be able to enjoy an experience at the stadium if they don't get tickets. Packaging and distribution are not key role players in my venture. Price points are very important because the lowering of the ticket prices and concession stand prices has to be precise where money can still be made on the reduced markup costs. The price has to be set across the board at price point where the fans feel they are saving a significant enough amount of money while still making profits. Customer support and their fan experience will be the most important element of this venture because the whole business strategy is developed around satisfying the fanbase's needs. In order to achieve this, it would require help from other departments within the organization. Marketing, food and beverage services, ticket office, and technology departments among others would have to play a large role in making this happen for the fans. At the minimum, I would require at least one person from each department to coordinate their respective roles in delivering this superior experience to Bucs fans.

The only feedback I received on my last venture concept was to more explicitly state the lower ticket prices so I emphasized the lower ticket prices a little more, but that is all I changed.

28A - Your Exit Strategy

1 - My exit strategy for this venture is to license this fan experience concept to professional sports teams across the globe. Once I successfully implement it in Tampa Bay, I can use that success to make it work elsewhere. After that, I will license this concept, the app, and everything else included to other sports teams and collect a royalty fee that will allow for early retirement.

2 - I have selected this strategy because once it works with Bucs and one other team to prove it was not a fluke, teams will be interested in implementing it. Instead of me doing this for a team I don"t really care about, I'll license to them the information and resources necessary and then collect a royalty on all of their sales to limit the work I have to do in the future, while securing a future revenue stream.

3 - My exit strategy has not really influenced any of my other decisions. because this is further down the line and all my decisions will be implemented, just by other organizations.

27A - Reading Reflection No. 3

1 - In this post, I read a bout the Wright Brothers by David McCullough. What surprised me most about this reading was the natural, unique intelligence Wilbur and Orville possessed despite no real school. What I admired most was their tenacity and refusal to give up that allowed them to persevere. There wasn't really anything that I did not admire about them based on this book. They definitely overcame adversity and failure as the plane was not a success on their first try as well as scrutiny from those in their community. This didn't stop the Wright Brothers from accomplishing their goal.

2 - There were many competencies of theirs that McCullough exhibited. The ones that really stood out to me was their teamwork and perseverance that allow them to work so well together to accomplish their goal despite adversity.

3 - One part of the reading that was confusing to me was the amount of scrutiny they received for an invention that would come to change the entire world. There was little belief in them and minimal media coverage after its completion.

4 - If I was able to ask them two questions, the first would be, "What gave them the idea of making flight a reality?" and "What was the time they were closest to quitting and why? in order to know how the idea came about and what challenges almost ended them and how it did not.

5 - I think these two would value hard work tremendously as it it was a key component of their own success. I too also value hard work.

26A - Celebrating Failure

This past semester I failed to uphold one of my New Years' resolutions which was to be in bed every night before 1 am. I wanted to get in a healthier schedule for my body and my success in school. I did well in the beginning of the semester going to bed relatively early every night. Then, it began to get progressively worse especially with the onset of the quarantine. What I learned is I have the potential to accomplish this in the right setting and not being able to do it this whole semester just gives me more fuel to do it next semester.

I think of failure as a very valuable learning tool as it may be hard or embarrassing, but it teaches us what not to do. Failure is a key component of success which I think this class has done a good job of explaining. I handle failure with a positive attitude because as long as you're still breathing and can pursue your goals, you're already winning. Learning how to move on from failures and take away the necessary information is a crucial concept for an entrepreneur so they can move on and not make that same mistake again. I feel like I am more likely to take a risk now than I was a few months ago.

25A - What's Next?

Existing Market: I think what's next for my venture is expanding the idea to other professional sports teams. The first person I interviewed said I should try to market this idea to arenas and different venues that aren't just for sports. The second person I interviewed said he would like this in every sports stadium. The third person I interviewed said establish a loyalty program for season ticket holders.
 Based on feedback received from others and my own expectations, I believe the path forward is to first succeed with the Tampa Bay Buccaneers. From there, carry the success from this idea throughout all major professional sports teams. If that is successful, the next step will be to transition this idea to other arenas and different venues that aren't just sports related.
 As the goal of expanding the market is in motion, the next step is to modify the improvement of the fan experience by molding it to the different needs of the markets over time. I can add new ways that fans can get a better experience without breaking the bank, for example, adding loyalty programs for season-ticket holders and repeat customers.

New Market: I think a new market I can try to target are those in the Tampa Bay Area who are not Buccaneers' fans. This market will be difficult to access because it'll be hard to get those who are not football fans or are not Bucs fans to attend the games. My goal would be to still allow them to have a good enough time even if they don't like football that they would buy a ticket. the first person I interviewed said he would go with a group of friends if alcohol at the stadium was cheaper. The second person I interviewed said she would go to the games if it was not as hot outside. I think I can engage this market with more adaptations of the improvement of the fan experience. For example, I can misters and fans throughout the stadium to cool down fans in the hot Florida sun or make alcohol a little cheaper because the markup is already so high.

  What I learned about this new market is there is an opportunity that potentially can be exploited, but it would be costly. In order to get a non-fan to attend the game, it would be necessary to include more non-football related perks to incentive their attendance. This would cost the organization more money, but it could still pay off in the long run. This would be a market I would try to engage once I have successful conquered my existing market which is much more attractive due to the higher potential of increased net revenue and lower expenses.
 I was surprised to hear a willingness to go the games among both of those who weren't fans. this differed from my expectations of a very non-committal, unenthusiastic response. This leads me to believe this idea has real potential in both markets and potentially across many different teams and industries. 

24A - Venture Concept No. 1

Opportunity: The group of customers with under-met needs are middle-to-low class Tampa Bay Buccaneers living in the Greater Tampa Bay Area. These are the fans who are very loyal to the team, but don't have the money to consistently go to the games. These are the fans always weighing the pros and cons of going to the game versus staying home, saving the money, and watching the game on the couch. These fans feel as if going to the games is not a great value, especially in the past decade where the team has not made the playoffs one time. These fans feel like the ticket and concession prices are a little too steep for what they are getting. These are the fans who are yearning for a little more when they are sitting in the stadium watching their team play. Forces that are creating this opportunity include disposable income and the decision of how to spend it. These fans live in suburban neighborhoods and make enough to live comfortably on limited budget. They debate whether to spend their disposable income on a day of going to the game which entails costs of the tickets, tailgating, and concessions at the minimum or staying home to watch the game from the comfort of their couch without spending any of that money. I believe this is a huge opportunity that can be exploited because many fans would ideally like to go the games if they are getting a better intrinsic value. I believe the window for this opportunity will remain open for a long time because each season brings hope and anticipation that always keeps fans coming back.

Innovation: My innovation for my venture is an improved fan experience in Raymond James Stadium for Buccaneers fans. The improved fan experience will first slightly decrease ticket prices and offer ticket incentives and promotions throughout the year. Another component is reducing the prices of food and drinks at the concessions. Despite lowering the prices which in theory reduces profit, this will sell out games and lead to more expenditures at the concessions which will cover that loss and more. For example, a 20% off discount for nosebleeds for Ronde Barber's induction into the Ring of Honor (Ronde Barber wore #20 when he played for the Bucs). Another example is reducing the cost of a hotdog and soft drink from the concession stands from $7 and $10 to $5 and $7 respectively. Another component of improving the fan experience is creating an in-stadium app. This app can give up-to-date wait times for lines at the restrooms and concession stands, host giveaways or drawings such as a 50/50 drawing, allow mobile purchases to be made at merchandise shops to be picked up at a certain time, and has activities that can keep fans engaged during television timeouts. This app will allow fans to enjoy their experience at Buccaneers games staying engaged in the game and connected with the whole fanbase with the utmost convenience.

Venture Concept: An improved fan experience will tilt the scale for the fans on the fence about deciding whether to go to the game or stay home. These fans will perceive a higher intrinsic value for a day at the game as it would be cheaper than any other game they've attended while receiving more benefits than ever before. Customers will go to more games when the tickets are cheaper and concession prices are lower. Fans looking for something more in the stadium will love the app as it allows them to spend their time more effectively and stay engaged throughout the game. Customers will buy this because they are spending less money for a more a valuable experience so it will be easy to get fans to switch. There is not really any competition as Bucs fans would not be able to enjoy an experience at the stadium if they don't get tickets. Packaging and distribution are not key role players in my venture. Price points are very important because the lowering of the ticket prices and concession stand prices has to be precise where money can still be made on the reduced markup costs. The price has to be set across the board at price point where the fans feel they are saving a significant enough amount of money while still making profits. Customer support and their fan experience will be the most important element of this venture because the whole business strategy is developed around satisfying the fanbase's needs. In order to achieve this, it would require help from other departments within the organization. Marketing, food and beverage services, ticket office, and technology departments among others would have to play a large role in making this happen for the fans. At the minimum, I would require at least one person from each department to coordinate their respective roles in delivering this superior experience to Bucs fans.

23A - Your Venture's Unfair Advantage

My first resource is passion for sports. It is valuable because working in the sports industry would not be a job, it would be very enjoyable and I'd be glad to do anything asked of me. Many people are very passionate about sports so it is not very rare, but I would definitely say I'm more than an average sports fan. It is inimitable because anyone be passionate about sports. It is substitutable because other motivations can still lead to the job getting done, but passion is a key component of any business.

My second resource is my knowledge of sports. It is valuable because knowledge and information are crucial in any business setting. It is rare because I haven't met too many people who know as much about sports as I do. It is inimitable because anyone can learn about the sports world. It can be substitutable because knowledge of business is very useful, but knowing about sports in this industry is a necessity.

My third resource is my problem-solving ability. It is valuable because it allows me to make difficult decisions with a level head. It is not that rare because many people are good problem solvers. It is inimitable because others can learn how to solve problems. It is non-substitutable because the ability to problem solve, especially in higher level management is vital.

My next resource is my ability to get along with others. It is valuable because I can work with anyone efficiently. It is not that rare because many work well with others. It is inimitable because people can at least fake getting along with others to get the job done. It is non-substitutable to some extent because it is necessary in scenarios where working with others has to be done.

My fifth resource is my ability to retain information. It is valuable because it allows me to access information needed for a task. It is relatively rare I would say as not everyone has a photographic memory. It can be inimitable if people study the information. It is substitutable but it is helpful to be able to retain information easily.

My sixth resource is the fan-oriented culture of the Buccaneers' organization I intend on establishing. It is valuable because valuing fans who provide revenue and team support is a very important aspect of managing a sports team. It is not rare as many sports organizations employ a strategy similar to this, but I will place more emphasis on providing the optimal fan experience than previous strategies. It is very inimitable as any team could utilize this strategy. It is substitutable, but other strategies would not be as popular with the fans.

My seventh resource is my work ethic. It is valuable because I will work to the best of my ability doing anything necessary to get the job to the best it can possibly be. It is not rare as many people work hard. It is very inimitable as anyone can work hard. It is non-substitutable because hard work is very important in any line of work.

My eight resource is my communication ability. It is valuable because the ability to communicate professional is very important in all business settings. It is not rare and it is very inimitable as it is easy to learn so many people know to how to communicate. It is mostly non-substitutable as it comprises a large aspect of daily business functions.

My ninth resource is my adaptability. It is valuable because any business will run into a few bumps in the road which requires a leader to be able to adapt to whatever situation with which they are presented. It is relatively rare as many people are adaptable. It can inimitable as people learn how to deal with different situations from experience. It can be non-substitutable because an inability to adapt to an unfavorable situation can be the end of a business.

My last resource is my ability to learn quickly. It is valuable because I can learn necessary information or learn from previous experiences very easily to do the best work possible. It is not rare and it is inimitable and substitutable as it is easy to still learn if it takes a little longer. The important thing is as long as whatever is learned is retained which can happen either way.

I think my top resource is my passion. I'm a firm believer in the saying "If there's a will, there's a way" so I will not stop until I accomplish my goals I set for myself to improve the entire Buccaneers organization. Combining my passion with the all the other competencies puts me in a position to succeed in whatever I do.

22A - Elevator Pitch No. 3

https://www.youtube.com/watch?v=6QlJ51KNabQ

The only feedback I received on my last pitch was to try to improve my pitch and delivery. I tried to make the idea of improving the fan experience within the stadium more universal so it does not just apply to the Tampa Buccaneers. I definitely felt more comfortable doing this one even though it was far from perfect. I will definitely have to practice more before I can try to pitch this to those in the sports industry.

21A - Reading Reflection No. 2

The book I chose to read from the second half of the reading list was Thinking, Fast and Slow by Daniel Kahneman. The general theme or argument in the book is human irrationality when it comes to making decisions and solving problems. I definitely felt like this book connected with and enhanced what we are learning because Kahneman discusses human psychology in decision making and problem solving which is a vital component of the consumer buying behavior process. Knowing your customer and how their mind works and will perceive different products is crucial in business, especially if you're starting your own company. If I had to design an exercise based on the book, I would try to come up with something that recognizes the 2 different systems in our brains that Kahneman discusses and how those affect the consumer buying behavior. The biggest surprise to me in reading this book was the pure brain power that we all possess that is untapped. I have never taken a psychology course so this book was very interesting and enlightening.