ENT3003 Blog

The first thing I did to help grow my social capital was contact my friend's dad who is an engineer at Scandit. He's one of the smartest people I've met and I thought it would be a good idea to get his input on my product. I would consider him a domain expert in this industry since he is involved with working with the software that self-scanners use to function. I reached out to him over the phone and explained to him my product idea. He loved the idea of eliminating the job of the cashier completely but he noticed that I hadn't thought of anything technologically different that I could incorporate into my self-scanner. As a result, he gave me the idea to develop a self-scanner that can bag your groceries for you by using a robotic arm. I thought the idea was very neat because as time passes humans continue to get lazier and want easy solutions. The problem is it could be costly to develop this robotic arm, but if I could produce it without it being too expensive, it co...

I am a senior economics major here at the University of Florida. Some of my talents are my analytical skills and the ability to make a quick decision when needed. I would also add that I have great networking skills. Most of my experience has been from working with my parents in real estate and attending seminars. I aspire to be a successful investor and to have different streams of passive income by the time I'm 35. I see my business concept as a main source of income in my life so that I can begin to build my investment portfolio. The product I am offering my customers is a cheaper self-scanner that eliminates the job of the cashier. My product will be cheaper than existing scanners because I will target decreasing manufacturing costs so that the product can be sold at a cheaper price than my competitors. By implementing these scanners at every register, retailers will be able to reduce wait times at their store and satisfy the needs of customers. It is often the case that reta...

In my case, my product has to be sold by business-to-business transactions. I'm selling my product to businesses and not directly to the consumers who shop at stores. Specifically, I am selling my product to supermarket chains that are looking to satisfy the needs of consumers above anything else. Thus, these stores must be willing to spend more in the short run for long term customer satisfaction. I'll have to convince the upper-management of these supermarkets that my cheaper self-scanner is worth buying and that it will save them money in the long run by eliminating the job of the cashier.  For example, Publix is a supermarket that emphasizes interaction with customers so I don't think their upper-management would be convinced by my product. Walmart would be a better store to target for my product because their business isn't based as much on making the customer feel good; It's based on maintaining the cheapest prices on the market. Most of the people in upper-ma...

For this assignment, I interviewed three college students who have worked at major retailers that could purchase my product. To summarize, all three people provided me information on what they think about the product and how businesses would go about their purchase decision. When I explained to them my idea to develop a cheaper self-scanner that will help shorten the duration of time spent in line at the store, they thought it was a good idea for the consumer. But before we consider the consumer at the store, we have to consider the consumer we are selling it to. Since my product isn't being sold to the consumer at the store, but to the store itself, this is a business to business transaction. From the interviews, I found that in a B2B purchase most people think the price is the determining factor. Most businesses are looking for ways to maximize revenue so that they can keep reinvesting in the company while maintaining high-profit levels for their shareholders. This is why a bus...

1)  Describe five ways in which you think you have human capital that is truly unique. 1.  I truly love to see the people in my life do well which makes me a natural born motivator. There are many people in business that only care about how much money is in their pockets and have little care for their colleagues and friends. I pride myself on wanting my whole team to succeed, not just myself. 2. I have the ability to get along with people from different backgrounds/cultures. Throughout my life, I have had friends from different socio-economic upbringings and many of them came from third-world countries. I have been able to build a strong understanding of how to build relationships with different types of people because of my experiences growing up. 3. I'm able to push through tough situations. On many occasions in my personal, academic, and professional life I have had to overcome a situation even though it would've been easy to quit. 4. I'm always thinking about wa...