Growing your social capital

Domain Expert:

Eddie Garton, Vice President of Construction for Arthur Rutenberg Homes. Eddie has extensive experience in residential building construction as well as several years in commercial construction. Additionally, he is familiar with the process, from beginning to end, on building construction including permitting, estimating, budgeting, managing construction as well as interacting with customers. I found this person by working with him for three years. This person provided me with information on how to start the building process as well as requirements I would potentially need to start a company like I have in mind. By including this person in my network, it will provide me a resource for information as well as networking in the area since Eddie works with many subcontractors and owners of construction companies.

Market Expert:

Debbie Shagnea, real estate agent for Watson Realty Corp. Debbie is a very experienced real estate agent and has been practicing for over 20 years. She consistently sells a large volume of real estate annually and has the #1 real estate agent/team in Florida six times in the past 10 years. I found this person from working with her in Jacksonville to sell a couple houses. Debbie was able to provide me insight on how the real estate market work and any required certifications I might need in order to sell real estate after building it. She also gave me advice on selling real estate and how to target a specific audience. This person is a great network because she has a very extensive reach in the real estate market, loads of experience and knows many other realtors in many areas that would provide a very large customer base.

Supplier:

Jason from One Stop Kitchens and Bath. Jason is the head salesman for one stop which supplies cabinetry for new construction as well as remodels. This person fills the spot because he has an insight on the logistics of supplying a complicated item like cabinetry. I found this person by working with him over the past 2 years while I was working in residential construction. What he did for me was provide detail on how the whole process works on his end as a supplier/installer and how they typically do business with building companies as well as requirements for what they need to build they products. By talking to this person, he can help me network to other suppliers that will be able to provide me with additional product I will need that go into my final product.

This experience has showed me that networking opportunities are huge. They are extremely important to growing a business as well as simply finding information that can help determine if an idea I feasible. This interaction did differ from other networking experiences because instead of representing a company I was working for, it was my own idea I was working for so it made me more inclined to talk to people as well as ask more in-depth questions in order to figure out information for my idea.

Idea Napkin #2

I am a senior in the construction management program at UF. I’ve worked in the residential construction field for the past three summers as well as commercial for a year. Through this I have gained extensive knowledge about the homebuilding and real estate process both on the construction side and the financial side. I have experience with estimating, budgeting, and managing subcontractors to get custom residential homes built and planned for construction. In addition to this I have worked in the construction industry for the past five summers, teaching me how to build many things myself. I aspire to one start my own construction company or a development company. I want to start working for a company to learn the ropes and gain knowledge in the industry and then eventually start my own business or enter into business with someone else. I see this business playing a huge role in my life, using it as something to gain capital and assets to turn into future investments.

What I am offering to customer is a product, in the form of physical real estate and places of residence, as well as the service of a real estate company. By building, developing and selling housing/real estate this will provide for the influx of population moving to developing areas or relocating within the state.

My target audience is individuals or young families that are looking to relocate to developing areas in cities. By building apartment and multi-family housing in developing areas this will attract people that are moving into these areas due to the location of this housing. The people that I am targeting will be younger people that still like to out and do things on Fridays and the weekends. Additionally, they will probably be a young family with younger kids. They will most likely be moving within the state, possibly relocating for work or wanting to move to an area where there is a lot to do.

Customers would care because since my company would be acting as the developer, builder and the real estate agency, we would be able to sell at much lower prices than other developments without sacrificing quality or location. By doing so, customers would be provided housing in a desirable location without having to spend additional money to live in such location.

What sets me apart from everyone else is that I have the experience as well as the formal education to make a company like this successful. Given my work experience in the construction industry as well as the real estate market I believe this would provide me with some of the tools that would be required to start up this business. BY operating in a geographically desirable area there would be a large customer base willing to move into the area.

I believe these elements fit well together for my business idea. I think what elements I combine together create a successful business idea and will have the right target audience to make this idea successful. One point that I incorporated into my second napkin idea was that I described my target customer more specifically, as well as I changed what this typical customer looked like. The second thing I incorporated was I made my business idea clearer. From when I started the first napkin idea to now, I have a clearer vision of what I believe my opportunity is.

Customer Avatar

My idea of my customer “avatar” is a mid-30s male with a wife and maybe a young kid or two. This person has recently gotten a new job and is required to move for work, or simply wants to be closer to where things are “happening”. My ideal customer wants to live in the city and be near developing areas or areas with lots of things to do. This customer is one who likes to go out with friends on Friday and Saturday nights after a long week of work. While they work an office job, they are holding a higher-level position, possibly a manager or minor executive position. They enjoy things like golf, playing sports they used to play in high school, seeing live music and exercising. They probably drive a small SUV or sedan. They use it for things like taking their kids to school or sports, picking up groceries, driving to work and taking the occasional vacation elsewhere in Florida. I imagine this type of customer not reading a whole lot, but if they do it would be a nonfiction novel or perhaps a biography. While they are older, they have still adapted to use of technology and rely on things such as cell phones, tv, online media, and the internet over things like newspapers and magazines. Additionally, this customer avatar acts younger than they actually are and still enjoys being active and doing things on the weekends over spending it at home. While I expect the avatar to come from many different backgrounds, being located in Florida, they will most likely be a mix of right and left political backgrounds given that Florida is roughly 50/50 between republican and democrat registered voters. Additionally, by being in the city this will probably increase the odds of more left-leaning customers.  With this information, it can be used to market to different customers in different ways.

I think that what my custom avatar and I would have in common is they understand the value of money yet they’re also willing to pay for quality. I think this plays a huge part since the concept of my idea revolves around being a developer and real estate agency, allowing us to solely control quality and price to be able to make it work for what is selling in the market. I don’t believe this is a coincidence because I believe that people that can create a great value will ultimately seek out said value or will recognize it when it is marketed to them. As far as the specific things this customer does, I don’t think I would have a whole lot in common. While I prefer not to live in cites, I can see the appeal to my typical customer. By providing a place to live in an attractive area to my target audience I will be able to connect with them by understanding them, even if our hobbies and activities don’t align.

Whats your secret sauce

What I think that sets me apart from other people are many things. One of the biggest attributes that sets me apart from other is that I am willing to work harder and longer than anyone else. Because of this I am able to outwork other people and set myself apart. Second, what also plays into this is my drive. I don’t give up on things that I want. My drive is what keeps me going and allows me to show that I am different from an average worker. Third is my combination of common sense and book smarts. I’ve always done very well in school, but I also have much experience in the real world, not only from what we are taught out of books. This allows me to avoid the disadvantage of only having book knowledge, which is helpful, but in the real world it is all about experience. Some of the most successful people I’ve ever met have little, if any, formal education. Fourth, I’m very stubborn. While this may not immediately sound like a positive trait, where it comes to play is when people tell me something can’t be done. I usually don’t take that very well and it convinces me to try harder to prove that it can be done. Fifth, I’m very good at connecting with people. While my overall communication skills can still use some work, in a business or personal setting I’m very good at connecting with people which allows me to develop relationships very quickly. From doing interviews with my roommates and close friends I have discovered that the way my friends see me is fairly similar to how I see myself. I am very straight up and honest with my close friends, so I’m not surprised that this was the case. I think what causes the biggest differences between my perception and my friends is mostly just the way I act on a regular basis aside from when I’ actually relaxing and hanging out once I’m done with schoolwork and other things. I wouldn’t make any corrections to my list. My friends know me extremely well and I can be myself around them more than anyone else, so I’m not surprised that their perceptions of me lined up with my own. These group of friends I have surrounded myself with over the past six months have become so of the people I’m closest with and are people I can always be myself around.

Figuring Out Buyer behavior Pt 2

When customers pick from a set of alternatives, the factors of price, quality and style all play a factor. However, with my specific segment that geographic location is also a big factor since my idea has to do with the real estate/development market. Generally, in this market a combination of factors comes into play when customers make decisions. With my idea, price, quality and location are probably the biggest factors that play into making decisions. With my segment of real estate, the start of the transaction typically begins online with the customer looking at potential real estate online. Once finding property that the customer is interested in, they would then proceed to contact the real estate company that is selling the property. From here they can go between meeting in the real estate company’s office or meeting at the site of the property being sold. In this market typically everything is a financed purchase, although paying cash in full is a negotiation strategy used often. What typically matters most to customers in their determination of “rightness” is finding a place that they can call home and are happy living in that also works well for their family. What ultimately plays into determining if their purchase was a good idea is how satisfied they are overall with the combination of factors that play into their property they purchased. Through price, quality, location and style, the combination of these factors and how the customer feels about each one will go to determine how satisfied they are as well as their experience of working with the real estate company. From this new round of interviews, I have found that all three people I interviewed agree with what I have previously stated. With something as big of a purchase as real estate, all three people I interviewed agreed that many factors play into making a big purchase like this. While location, style, price and quality are all determining factors for purchasing property, I heard two of the interviewees note that there are many other factors that can apply to each customer depending on their experience in buying real estate. From interviews, I have learned that there are many factors that go into the real estate purchasing process and can be difficult for people to buy if they’re not being pushed to buy. Post-purchase however, the customer’s decision can leave them extremely satisfied since buying real estate is such a big purchase. Additionally if the customer has a good experience with one real estate company they are highly likely to work with them again should they decide to buy a new home or apartment.

Reading Reflection 1

I chose to read about The Wright Brothers, the founders of flight. What surprised me the most was that unlike most entrepreneurs, they never worked by themselves, they always had each other. They lived in the same house together, worked together for six days a week, ate meals together and even had a joint bank account. Additionally, they both attended high school yet never received diplomas. These two brothers were “inseparable” at birth and had very similar traits to the point where they were hard to tell apart at times. What I admire about this is they essentially had two minds working as one. I feel like this allowed them to be able to work very successfully together while also achieving more than a single man on his own could. What I least admired was that, surprisingly, Wilbur had no knack for business, despite trying to operate them and additionally did not have a college education. In their early years, these brothers did face adversity. They ran a small newspaper company that ended up shutting down as well a bicycle store they were forced to closed down due to a lack of business knowledge and an increase in competitors. Regardless, they never let setbacks deter them and they always moved on to their next project or idea and kept moving forward.

One of the Wright Brothers biggest competencies was the attribute of never giving up. Additionally, they had very creative minds that they used together to make each other more successful. They looked at things that other people did or didn’t do well and used that to fuel ideas. This especially came into play when they first got the idea to developing a machine that could fly. While not the reading specifically, really the only thing that confused me was how these two brothers were able to devise a system for flight in such a time period of antiquated technology. The amount of research and effort spent studying something that had never been proved possible is almost unfathomable.

If I were able to ask these brothers, my first question would be: What drove you to keep trying at something that seemed almost impossible at the time and that no one has ever done? While many entrepreneurs do thing that have never been done, these two brothers were chasing something that almost seemed against the laws of physics. My second question to them would be, how did the ability of having someone very close to you, like your brother, affect your work? I ask this question because I know that working with something can be stressful as well as helpful. Obviously, these brothers became very successful, but it would be interesting to see what they truly thought about having someone so close to them to work with.

I believe that these brothers’ opinion of hard work was that it was something special to them. They clearly loved what they did and weren’t afraid to work hard to attain what they wanted. In addition to this I think that they believed that if you worked hard at something, regardless of what it is, you can make it possible. Without a doubt, I share this opinion, I think that hard work is at the basis of all successful ideas and inventions, especially when it comes to entrepreneurship.

Halfway Reflection

1)  The biggest thing that I have done to keep up with this course is change my habit of procrastination. Instead of trying to complete assignments the day before they are due, I have started working on them early in the week to ensure that I am able to complete them on time without having to cram.

2) When it comes to giving up, its not something that I do. Early on in my time in college I gave up on being an engineering major for a variety of reason however what came of this was seriously letting my father down. I assured him that this would hold me back and subsequently switched to construction management. What I have learned from this over the past 3 years is that there are some things that must be let go. By changing majors, I was happier in school and with my subject that I was studying. However, since changing majors I haven’t let anything slow me down. It was less of having to change what I thought was going to be my life plan and more about how it affected other people. As of my freshman Spring when I changed majors, I had taken a different outlook on life. I put more effort in my work and had a completely different work ethic. I have been closer to failing things that mean the most to me and with how terrible that felt will never let it happen again. I keep that with me today and it is what drives me.

3) Don’t let anyone tell you that something is impossible or that you can’t do it.  There is no one stopping you but yourself; if you want it, go get it. C’est la vie, “that’s life”; its not easy, it’s not fair but if you want to do something: keep your head up, put all your effort into in and never give up; no one will give you what you want, you have to go earn it for yourself.

Figuring Out Buyer Behavior

Segment

The segment that I chose for this assignment is college students that want to stay active/healthy while in college, i.e. going to the gym, eating healthy.

Need Awareness

So, most college students tend to live less healthy than they previously did when they were back at home. The three people I interviewed were all in this same boat. While they did want to make a change to living healthier while up in Gainesville, they felt either they didn’t have the time or ability to do so. This need to be healthier most typically occurs after they had spent the night drinking causing them to feel bad the next day and making them think they need to be healthier. When this need to feel healthier occurs, they most common solution for those I interviewed was to eat healthy. Whether it’s getting a salad instead of a burger or cooking their own food instead of eating out, this was the go-to solution. However, all of them also wanted to take it a step further and actually get into a routine of eating healthy and exercising, not just when they feel hungover and want to feel short-term better. What I learned from this is that while these people want to make a healthier change, they lack a push to actually do it. While their own needs encourage them to make this healthy change occasionally the biggest need here was for these people to have something, such as an app, that can encourage them to workout or help this create a schedule/meal plan for living healthier and making it work within their schedule.

Idea Napkin 1

I am a senior in the construction management program here at UF. I’ve worked in the residential construction field for the past three summers and have gained extensive knowledge about the home building process both on the construction side and the financial side. I have experience with estimating, budgeting, and working with subcontractors to get custom residential homes built or pre-planned for construction. In addition to this I have worked in the construction industry for the past five summers, teaching me how to build many things myself. I aspire to one start my own construction company or a development company. I want to start working for a company to learn the ropes and gain knowledge in the industry and then eventually start my own business or enter into business with someone else. I see this business playing a huge role in my life, using it as something to gain capital and assets to turn into future investments.

What I am offering to customers is a service and a product that will provide them with permanent or temporary housing in an effort to supply accommodation for the influx of people coming to Florida. By offering real estate and development services this will allow me to have a wide range of market I can serve.

The customers that I am targeting are going to be those that are relocating, whether from out of state moving in, or those moving within the state. By operating in a geographic area with high growth and development this will provide a large customer base. All of these customers would be primarily ages of 45+ since that is the largest growing group of people in Florida.

The reason my service of real estate and development will be beneficial to customers is that we would be able to offer real estate services for people looking for places to live immediately. While also working as a developer, we would be able to develop multi-family dwellings and sell them at a competitive price to provide more affordable housing to a wide range of people.

What sets me apart from everyone else is that I have the ability and knowledge to run both a real estate and builder/developer company that will provide affordable housing to all demographics of Florida’s growing population. Through past work experience, real estate courses and formal education I will have the ability to successfully manage a company providing and building housing for Florida’s growing population.