Hello class,
My name is Derek Davies and this is my blog entry for class on September 10, 2014
For my blog
entry, I chose to post about some entrepreneurs that are most likely unfamiliar
to many of us. I believe that a lot can be learned from their experiences
starting a business and own advice they have to give even if they are not
millionaires as of yet. Many of the entrepreneurs that I discovered were off of
the website www.entrepreneur.com and
after reading an article pertaining to them, I conducted further research on
Google.
The first
person I would like to highlight is entrepreneur Brian Foley, founder of
BuddyTruk. Foley is a great example of an innovator and someone that has had a
great idea and actually went through with it. Foley, like many people was
frustrated when he had to hire a truck to move his belongings, which he may not
have been very experienced at driving this type of large vehicle. In his case
he accidently hit another car while he was backing the truck up. It was then
that Foley thought the world ought to have an application similar to Uber but
instead you can hire a person with a truck to transport your belongings for
you. I truly believe that many people have come up with the same great ideas at
times when they were frustrated and wished that something was available to
solve that particular problem. In this case, Foley was the actual one to get
off of the couch and make it happen. That to me is the definition of an
innovative entrepreneur.
How did he
do it?
Foley
received support and financial aid from family and friends but one in
particular was a friend that is listed as the co-founder of the company. They
started by working off of free wifi offered in coffee shops around the city and
with the help of a blogger/social media expert. They marketed themselves using
social media and offering a scholarship contest for the best photo during March
Madness. Foley states, “The best way to drive traffic to your business is to
offer something of value to your users.”
Were there
any troubles?
Of course
every company is going to have problems and make mistake, especially when
starting out. BuddyTruk made the mistake of outsourcing their app development
overseas where they ran into several bumps in the road. Every problem comes
with a price so the company had to find more investors but out of sheer luck
they found some developers who wanted to build the app in exchange for equity.
Some advice
from Foley for aspiring entrepreneurs:
1) Find
like-minded people who can help you reach your goals
2) Always
trust your gut
3) You
have to jump
Foley’s
third point agrees with what I said in the very beginning of my blog post.
Foley stated that you become an entrepreneur once you actually take that leap
and make everything you are talking about happen.
I have to
say that Foley definitely does have the entrepreneurial mindset. Now you may
ask yourself what is the entrepreneurial mindset? According to an article on
www.entrepreneur.com , the mindset is composed of a two different factors. Of
course I argue that there are many more here are the two listed.
1) Recognize
opportunity
2) Innovate
I agree
that recognizing opportunity is important. Yes you may hear or think of ideas
that are risky but you have to ask yourself could it actually work? Recognizing
opportunity also means see the need for a certain product or service and
realizing that the public NEEDS it. To be innovative is an obvious one because
every entrepreneur is going to have to innovate something. Some entrepreneurs
can easily build off of the ideas of others and make them even more outstanding
and unique which is a prime example of an innovator.
A prime
example of an entrepreneur who recognized opportunity is Swift Key’s Founder,
Jon Reynolds. Reynolds noticed a frustrated Blackberry user attempting to send
a text message when he thought of his idea. Swiftkey is an application this
allows the user to slide their finger across the screen to each letter and the
software will pick up what you are trying to spell out.
Every time I wake up I instantly am thinking of new ideas for things and how to improve life. For others this may sound crazy but I really believe that is what an entrepreneurs mind is always doing. So many things outside the technology field have already been thought of but most of the time the people who have already invented these great ideas in their head have done nothing with them, which is a shame.
Every time I wake up I instantly am thinking of new ideas for things and how to improve life. For others this may sound crazy but I really believe that is what an entrepreneurs mind is always doing. So many things outside the technology field have already been thought of but most of the time the people who have already invented these great ideas in their head have done nothing with them, which is a shame.
QUESTIONS:
1) What do you
think makes an entrepreneur? Is it someone who just comes up with idea or
someone who actually is a go-getter?
2) Are there any other entrepreneurs that you may know of that others may not? If so could you please share a brief summary of their advice or experience from an article for aspiring entrepreneurs?
3) If you were Foley, how else would you have marketed the business other than social media?
http://vimeo.com/98077823
Links:
www.entrepreneur.com
http://vimeo.com/98077823
http://www.entrepreneur.com/article/234299
Brain Foley is an excellent example of what it means to be an entrepreneur. He saw a need, saw the opportunity, and took it to the next level. Foley did an amazing job of using the resources he had available to market Buddy Truk. Marketing through social media can make your product/service successful overnight, if done right. I also agree with you that some of the best ideas come to us when we’re frustrated with something else.
ReplyDeleteI found Foleys idea of thinking of being an entrepreneur as a mindset interesting. While I do agree with him that entrepreneurs should always find a better way to do something, I don’t necessarily agree with the example he gave in the video about the two mechanics. I think that in order to maximize the efficiency of improving something, you have to know it front and back.
I believe that one of the most important aspects of being an entrepreneur is recognizing opportunity. It’s not just about the idea; it’s about the ability to actually make it happen. You have to be able to see the need, see what needs to be done, and see the opportunity that will take you there.
Kim Zapata
I agree with you Kim, our best ideas arise when we seek to find a solution to a problem. In answering the first question, I believe an entrepreneur is not one that comes up with an idea, but one that is a problem solver and therefore finds an idea to solve the problem. But to solve the problem, an entrepreneur also has to be a go-getter in order to provide a solution for the market. In my opinion, to move from wantrepreneur to entrepreneur is to make that leap that Foley describes.
ReplyDeleteDerek, as you mentioned above I agree that it is a shame that people come up with such great ideas, but never do anything with them. I can see it being hard to determine the point in which you have done enough research and preparation to make the jump. Maybe we could get Professor Alvarado to dedicate a class day to discuss when is the best time to make the leap, I know it would help me.
Brian, I think that is a great idea. We could come up with a list of the most crucial topics to consider before taking that "leap of faith." I would definitely be interested in this type of class discussion.
DeleteI think an entrepreneur is someone who understands that their idea must consider who the customer base is. By knowing there is a target market you can begin understanding what makes your product or service stand out against the rest. If there is no one like you even better. You must also consider the future. To keep a competitive advantage you must always be considering how to innovate your product or service.
ReplyDeleteBrian Foley gives the perfect example of an entrepreneur in the video above (http://vimeo.com/98077823). Brian describes being an entrepreneur is "a mindset." "An entrepreneur doesn't accept the status quo, he looks at how the world should be rather than how it is." So true, there is always a more efficient way to utilize a recourse. There is always a way to network and obtain a better system for your product or service. The successful entrepreneur understands the world around them an how to leverage their way to success.
Even more powerful for our generation, as an effective marketing tool, is the power of social media. Social media could be the key to unlocking your ventures next level of success. Learn the programs and know your target market so you can develop a successful marketing strategy. Check out this brief video on the power of social media for businesses:
https://www.youtube.com/watch?v=DYedZth9ArM
The best thing about technology is innovation never stops. The more you stay in the loop, with the latest and greatest technology has to offer, the better the advantage you have on the competition. Expect change and look for it. Like Brian Foley states, don't accept the status quo. Brian Foley is a prime example of the values and understanding a successful entrepreneur should possess.
Great video Alia!
DeleteThank you. There are so many outlets we, as entrepreneurs, can utilize to better manage our time and efficiency.
DeleteThis is a great blog post! I actually had no idea what BuddyTruk was and how it got to be so popular. An entrepreneur, I believe, is a combination of someone who has an idea and someone who is a go-getter. In this case, Foley is both. Foley saw an opportunity in an existing desire and came up with the idea of creating an app that could help solve the problem. Also, he got motivated so worked hard to get the money needed and the resources to get the idea up and running. I believe a real entrepreneur need to be both in order to become successful with his/her innovation.
ReplyDeleteThe way Foley marketed his idea was, for me, accurate because he was starting from nothing without big amounts of money to use for the advertising of the idea. We live in a world that social media is already part of our daily lives. We use many different products or services that are involved with social media and using this tool to get to people is a great and cheap way to get their attention. I agree with Alia saying that it is a powerful tool that entrepreneurs need to take advantage of. Specially our generation know how most of the social media tools work so it is important to always take advantage of this to create new customers all around the world.
David Arismendy
I found Brian Foley to be an entrepreneur worthy of admiring and one i can learn much from. He was someone who recognized a problem and despite not having much resources, he created a vision and found like minded people to help him build it. His company Buddy truk might not seem like an essential service to many people but Brian recognized a market of people like himself (who do not feel comfortable driving trucks) who he believed would make this company successful. His idea in itself was not that innovative, in my opinion, it was just a combination of other existing ideas (truck rental & uber) but being able to blend those ideas into a product customers will want is one of his virtues as an entrepreneur.
ReplyDeleteBrian also showed resourcefulness and perseverance with his company, which i believe is crucial for entrepreneurs. Because of the initial lack of resources, they started out using free wi-fi in coffee shops and resorted to social media as their main form of advertising but they made the best with what they had and managed to get the company going through the photo contest affiliated with March Madness. Perseverance was key also because they did not allow obstacles such as the application development to hinder their vision.
-Alejandro Joya
I think an important point is made by foley when he says "you have to jump". As Professor Alvarado has mentioned in class sometimes business planning is so vague that up to a certain point it stops helping. I think an entrepreneur is a person who has a balance to their personality. They have to be able to prepare meticulously, but still have the ability to say, screw it, let's give this idea a go.
ReplyDeleteTo answer the question about marketing, I definitely think that social media is great, but can't stand alone as the entire marketing campaign. Often times people do to many things and waste money, but there are definitely a few ways that are worth the money when it comes to marketing. Social media can be an aspect of a marketing plan. Making it the only aspect is not the best idea.
Trent Walker
ReplyDelete- Any individual who possesses positive attitudes and great ideas can be an entrepreneur. An entrepreneur has to be organized and possess the ability to find new opportunities and know if the ideas are going to work.
- An entrepreneur would be my uncle, who graduated in business management and now he’s in the real estate business building homes and has an IQF plant from el Salvador and Honduras to Europe because they had the best technology in Central America for fruit processing.
- Foley in this case used social media because it creates awareness to costumers about the business. I would have used mass media marketing like in TV, Radios to create even more awareness. Also I would distribute pamphlets and put up banners where I know it’s a key location to attract more costumers.
-F.T.
Great post. I think that a great entrepreneur is someone who does not only has great ideas but also knows how to implement them, manage them and connect the dots to make the idea, the environment and all the stakeholders fit perfectly together.
ReplyDeleteMany people think that the idea is what’s worth the most. I believe that what’s worth the most is how you implement your idea.
For someone to be an entrepreneur they must understand how the market works and what potential customers are looking for. An entrepreneur is a person that sees opportunities were others see risk.
David Grijalva
I think an entrepreneur is both a mixture of an idea innovator and a go getter. For an entrepreneur to succeed, he/she must first think the process through as to what solution they are catering to what problem. And how he/she differentiates from the competition in order to monetize off their service. Once this has been done, then comes the dirty work of actually carrying out the idea by developing it.
ReplyDeleteThis is where the go getter comes to play. The entrepreneur is the one responsible of making it all happen. From the engineering to the marketing to the customer feedback, the entrepreneur is the one that go gets the project. He/she might not be the actual person doing everything, but definitely the one overseeing the whole process.
Even though technology and social media have definitely changed the marketing the world, i think the old school coupons and massive guerrilla marketing would have been excellent ways to market this company. Discounts are always effective in attracting new customers, as well as a possible partnership with one of the local truck rental companies. Once they helped us offer our services, we would give them a small percentage from the sale.
-Eduardo M
I think some characteristics of an entrepreneur that are important as well as innovative would be passion, drive, and leadership. A good entrepreneur leads their team through the uncertainty of starting a business, and motivates them to believe in their ultimate goals and vision.
ReplyDeleteAn entrepreneur that I look up to here in Austin is Ben Siegel, owner of Banger's Sausage House and Beer Garden. Banger's is one of the premiere restaurants in Austin, having been featured in the New York Times, GQ magazine and many local media outlets. It is also the place of my employment. Ben is not only a prime example of an entrepreneur, but he is an amazing boss. He imagined having the best beer garden in Austin, and someday the country, and in my opinion has done so. With the largest tap wall in Austin, and awesome food, Ben has done what many others have failed to do in the restaurant industry. Turn a profit. But not only did he turn a profit in the first year of business, but we now can make over $30,000 in sales in one night. Ben is a great guy, great boss, and great entrepreneur.
Social media is a great way to reach out to potential customers due to the ubiquitous use of social media by people of all ages, but I would also take advantage of other forms of marketing. For BuddyTruck I would think about places where you might find people that are moving in large quantities, such as apartment complexes or college campuses near the beginning or end of a semester. You could either post print media around the area or talk with representatives at schools or complexes to see if they can do anything to promote the service.
-Catherine Hennessy
Taking the jump into the deep end is one of the hardest parts about being an entrepreneur. You can plan and research all you want but it will still all come down to having to pull the trigger to start your venture. Ideas are worth a dime a dozen, what really matters is the execution of the idea into a successful business. You can have a brilliant idea but still fumble on the execution and end up running your business into the ground. However, if you have a team that is not afraid of pulling the trigger and can properly execute the different aspects of a business then they will thrive with any decent business idea.
ReplyDelete-Louis Mendoza
I think that an entrepreneur has to have a certain attitude towards a challenge and has vision. By vision I mean that he or she is a person who is constantly looking in ways to improve things in the world. Foley is a great example of someone who had vision and saw an opportunity to help people move and make a business out of it. The other trait is attitude. Coming up with an idea or business is a long process and not always works out the way you though it would. So entrepreneurs need to have a challenging attitude towards obstacles in life and business. You gotta get back up and learn from your mistakes to keep trying. The trying part is something you have to enjoy as an entrepreneur. Every entrepreneur likes a challenge.
ReplyDelete-Pablo Rangel
I completely agree with Louis about his point that ideas are in fact a dime a dozen. There are many people with great ideas, who never do anything with them, and seem to have the universal mantra : coulda, shoulda, woulda. Having a clever thought or a stroke of inspiration does not make you an entrepreneur, it is taking an idea and translating it from imagination to reality. Foley is an entrepreneur for his creative approach to the problem of moving. He saw an opportunity that he did in fact pursue.
ReplyDeleteGoing off of what Pablo said about entrepreneurs liking challenges, it's true. Entrepreneurs are willing to face day to day challenges head on. They are not adverse to the risk involved or the problem they are trying to fix.
An example of an entrepreneur I have is that of Scott Boilen, the inventor of the Snuggie. Initially the Snuggie seemed to me to be the dumbest as seen on tv product out there. However, after watching the commercials and becoming aware of the product. I become conscious of the problem they were trying to fix. The next time I used a blanket I became acutely aware of the problem that it was trying to solve. I noticed how my arms would get cold if I got out from under the blanket to change the channel, eat, etc. The appeal of the product dawned on me. It was so simple it was brilliant, and became a smash hit.
I think if I were Foley, I would have ventured down the path of special event marketing. He has a potential market for college aged students who are always moving. They could advertise at end of the year parties. They want to appeal to the young adult demographic who are in a transitional phase so they need to be at events where they will be and advertise to them. Young families are also a good group to advertise to.