My first business idea is inspired by the LinkedIn format of social media as a form of networking. However, the main issue I have run into is that I set requirements for the job I am looking for, yet I still receive calls from insurance companies to come be a door to door salesman or something that doesn't play into my computer science mindset. So I think a website that focuses on software degrees, as well as companies trying to recruit people with information technology degrees. This would streamline searching for the right candidate as there is less hay in the haystack. This could be monetized through ad space and allowing companies to pay for premium searching. Premium searching would allow companies to be automatically alerted when a candidate that fits their profile is posted. It would cut down on the headhunting costs of most companies, by cutting down the time spent searching for the right candidate.
My second idea is an all-in-one fitness application. With the advent of wearable tech, such as Fitbit and Microsoft Band, the ability to aggregate fitness data is easier and easier. Now there is a lot of competition in the market, but no single app/website contains everything someone needs to reach their fitness goals. This app/website could track calories used vs calories taken in. Using this in conjunction with a fitness plan that tracks physical progress, would allow someone to accomplish all their goals in one place. Now monetizing this idea is where I run into trouble. You could charge for the app, charge a monthly fee, or sell ad space, none of which are particularly creative. The most creative idea I have is you charge a subscription of $5.00/month but for every 1000 calories spent (as tracked by a wearable), the user is refunded $1.00 of their subscription. So the more you work, the more you save. This would increase ad revenue as the user is seeing more ads in order to track their progress towards saving.
My last business idea is a financial planning website/application. many already exist but they are fairly rigid. I would like to build an app that has all the usual budget features, but also has a "daily budget" amount that helps a user stay on track towards their goals. Many apps are a monthly budget that doesn't force the discipline of a daily budget. This app would have a widget/front page that shows how much the user can spend in a given day. It would allow the user to spend their money knowing they won't go over their limit, or spend money that is pending for a bill a few days later. I am not sure how to monetize this. If it used with apps like Google Wallet or Apple Pay, it could charge a fee similar to a credit card fee. However, Google and Apple may have a problem with this. This idea will need to be fleshed out a bit before I can put my full confidence behind it.
Monday, January 19, 2015
Startup.com
Startup.com was a fairly interesting movie. At the time of the Dot-com boom and bust, I was about 10 years old and did not have a huge interest in the economy. So being able to see first hand how money was being thrown around and spent on "ideas" instead of actual concrete plans, was both interesting and horrifying. The concept behind govworks.com is solid, infact I wish it was more common, as I avoid the local county city building like the plague, so being able to handle tickets online would be convenient. However, Tom and Kaliel seems to focus more on gaining capital, than building value, which is their downfall.
I found the relationship between Kaleil and Tom to be a bit strange. While Kaliel is brought in for his experience from Goldman-Sachs, it seems he dose not have enough technology knowledge to fully grasp what work needs to be done and what the competition may hold. Similarly, Tom does not have the business savvy to find venture capital and talk with potential investors. This is shown by the early conversations with VCs in which Kaliel cuts off Tom a few times in the middle of a meeting. While I'm sure this is a common occurrence in a startup, I think Tom and Kaliel's friendship actually hurts them, as they did not find business partners that would compliment their skills, they just went with their friends.
Through all this Tom and Kaliel seemed to make the best of a bad situation. They used their knowledge of being part of a rise and fall to help other struggling startups. That might be the best example of making lemons into lemonade in the business world. I read an article in Business Insider in which Tom and Kaliel reflect on their lives before and after the documentary. They are still friends and have taken part in a few business ventures that have been fairly successful.
If I start a business, this is all valuable knowledge. The main lesson I will take with me is that a "failing" business can be the first step to being successful.
I found the relationship between Kaleil and Tom to be a bit strange. While Kaliel is brought in for his experience from Goldman-Sachs, it seems he dose not have enough technology knowledge to fully grasp what work needs to be done and what the competition may hold. Similarly, Tom does not have the business savvy to find venture capital and talk with potential investors. This is shown by the early conversations with VCs in which Kaliel cuts off Tom a few times in the middle of a meeting. While I'm sure this is a common occurrence in a startup, I think Tom and Kaliel's friendship actually hurts them, as they did not find business partners that would compliment their skills, they just went with their friends.
Through all this Tom and Kaliel seemed to make the best of a bad situation. They used their knowledge of being part of a rise and fall to help other struggling startups. That might be the best example of making lemons into lemonade in the business world. I read an article in Business Insider in which Tom and Kaliel reflect on their lives before and after the documentary. They are still friends and have taken part in a few business ventures that have been fairly successful.
If I start a business, this is all valuable knowledge. The main lesson I will take with me is that a "failing" business can be the first step to being successful.
Sunday, January 11, 2015
What do I want to gain from this class?
Typically, a student leaves school with their degree in hand and a list of places they will apply. It is not usually their first choice to start a business as this is seen as too much of a risk. I'll be the first to admit that I fall into this category and I do not currently plan on leaving my comfort zone. So, I suppose the first thing I would like to gain from this class is learning to understand the risk associated with starting a business, and if that is something I would like to do. As the saying goes, "Life begins right outside your comfort zone" and I imagine a career does as well.
The second aspect of this class that I am looking to is learning from Andrew Fry and his peers. In my time at UWT, Andrew Fry has been a great resource for preparing me for a career. Looking over the syllabus, it looks like we will be having a few lectures from people with experience in the software and small business field. Being able to hear from these people and ask questions will give us an edge heading out into the real world, regardless of our career path.
The last thing I want to gain from this class is being able to discuss and develop ideas for a technology based business. If I choose to work for a large company, a usual interview question is "What would you change about our technology?" I think the ability to discuss a product from a business standpoint is an invaluable skill. on top of that, ideas developed in this class could be the foundation of our careers or the next 60 years. Anything is possible and I am excited for the chance to see where this class takes me.
The second aspect of this class that I am looking to is learning from Andrew Fry and his peers. In my time at UWT, Andrew Fry has been a great resource for preparing me for a career. Looking over the syllabus, it looks like we will be having a few lectures from people with experience in the software and small business field. Being able to hear from these people and ask questions will give us an edge heading out into the real world, regardless of our career path.
The last thing I want to gain from this class is being able to discuss and develop ideas for a technology based business. If I choose to work for a large company, a usual interview question is "What would you change about our technology?" I think the ability to discuss a product from a business standpoint is an invaluable skill. on top of that, ideas developed in this class could be the foundation of our careers or the next 60 years. Anything is possible and I am excited for the chance to see where this class takes me.
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