The 20%

Editors Note: Please send positive vibes to ya boi in these hard times. Anthony recently had his phone dropped in water and is in the process of buying a new one. At the time he was able to meet with his intended entrepreneur he didn't have access to any other type of recording device so please bear with us as we attempt this assignment the old-school way with only literal pen and paper to record the responses..


Who: Kate Cook
What: ARTini's Art Lounge
Where: Athens, GA

Questions: Who do they think their target customers are? What are their customers' unmet needs? Where do they find their customers? What are their customer's demographics? What kinds of media do their customers consume?

Responses:

"We tend to attract customers that are creative, somewhat wealthy, and of legal drinking age, obviously."

"At it's root, art is just plain fun. As a child i'm sure you finger painted, and I'm sure growing up you've at least doodled in class. Our customers want to try something fun and new, and don't have the time or place to paint on their own. Also, I think that most people don't have the confidence to be able to decide to paint whenever they like. We offer everything, a comfortable spot, fun atmosphere, and instruction."

"Um, I'm not sure if there's one specific place we find customers? We enjoy a lot of word-of-mouth referral so that brings in a lot of out-of-town folks. We also see a lot of people come in from college, or other institutions that look for activities to promote."

"I feel that we try to cater to multiple demographics. As you can see there are several types of people here. Families, Young, Old, ethnically diverse, ya know? It is a leisure activity, so i suppose financial status is important."

"I think our customers are largely social media based. Our best source of advertisement and feedback is Facebook." 

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Customer 1:

"My guess is they try to attract middle aged people"

"It's hard to find new, fun things to do in town"

"I'm not sure"

"Demographics. Hm, I'd say Middle-aged and younger adults with spending money"

"I've only heard about  this place from friends"


Customer 2:

"I think Artini's target customer is families and the 20-something crowd depending on the day."

"I love painting, but never have time for it!"

"[the owner] finds her customers from locals that invite their touring friends"

"I've seen all types of people each time that i've been here."

"I watch t.v and pay attention to flyers and posters because I've found a lot of cool places that way. Wait, does that answer your question?"



Customer 3: 

"target customer is probably 20-30 and looking for a unique experience in town"

"My unmet needs are no skill in painting, and finding places to bring friends."

"I think she finds customers from a whole bunch of places, Like, social media, and advertisement around town."

"Like what kinds of people come here? Oh, I've seen all types of people, If I were her I wouldn't limit it to any set thing."

"Social Media mostly"

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Overall, I think this entrepreneur has a very decent understanding of her customers. It is a unique and great idea, and practically can sell itself based just on the experience. I did notice that it was more the customers themselves that misunderstood some of the questions.

Week 8 Reading Reflection

Once again, I found myself immersed in the fledgling yet oddly enjoyable text of Kuratko's Entrepreneurship. This chapter focused on sources of capital and the finacial practices of businesses. Lets take a look, shall we?....


Two things stood out to me, the myths surrounding venture capital, and the decline of commercial banks. Before reading my views were a little naive but now I understand that for people to fund your project initially, they're gonna want a controlling voice into the future. I also was surprised that theres projected to be only 4000 commercial banks by the end of the  decade, a decrease I did not expect.

If anything was difficult to understand it was the section regarding "angle investors". I get the idea, I just wish that the text went into more detail examining the motives and results of the investor's actions. Things like this need anecdotes along with it to capture the underlying thoughts behind decisions.

Hey Kuratko: "What do you see the future of social lending and VC being like?" "Let me hear your opinion on what types of businesses are best suited to take on which type of investment?"

I can't really debate any of the evidence presented in the chapter, but I would like to contend that chapters like this could be better organized and need a lot more in-depth detail for students to truly see how the process of investment and equity works.

HALF-WAY REFLECTION

Tenacious: Not easily stopped or pulled apart; very determined to do something

  To all my readers and fellow students, it has been my pleasure to keep up with this blog and strive to hone my entrepreneurial ability. This class is interesting in the sense that it works towards making intangible skills tangible. In order to keep up with the various projects and assignments, I have needed to become more proactive and better organized. Time waits for no man and neither does a weekly ENT3003 grade. Constantly checking canvas for updates or notifications was a major key (S/O DJ Khaled) as was the ability to push myself and work ahead.

  Has it been at times frustrating, annoying, made me want to give up? Yes. All of the above? Yes. However, I had to realize that in the grand scheme of things, this class is easy compared to other things in life. If I can't succeed here, how do I expect to succeed elsewhere...magic? No, wizardry is unfortunately not an option for me, but I have come to realize a few things. As pointless or tedious as some of these assignments are, they all serve a purpose. Even things like giving a dollar away teaches you a lesson; in that case it was to drive home the concept that even ideas with great value to consumers requires effort and persuasion put into the message. I am continuing to develop the tenacity to push past complacency and doubt to unearth new potential.

  Just cause I like you guys, here are 3 tips

1) Read and plan ahead for each assignment. Does that mean you should finish everything months ahead? Hell no you over-achiever, but it does mean that greater success comes from having enough time to think critically and execute.

2) Always try to relate things to a bigger picture. This will help when you don't understand something or question the relevance of it. Life is all about connections, and if you stop to take a moment and find them, good things will come your way. (Like A's in the class)

3) *cliche alert* HAVE FUN. Really though. Tenacity has the connotation of being this cold, calculating, beastly mentality that you unleash painfully to fulfill your mission or whatever. Wrong. It becomes much easier to stay proactive, determined, and persistent if you lighten up and enjoy what your doing. Want an example? Look at Google, possibly the most powerful and influential corporation in the world. Are they tenacious? Yes, definitely they continue to innovate and dominate the industry. Do they have fun? Yes, they have fun with it as well; their company culture is full of creativity, fun, and happiness.