15A - Figuring out Buyer Behavior No. 2

Assignment 15A – Figuring out Buyer Behavior No. 2

The segment that I chose in assignment 12A is the same segment that I will be using today. This is per the instructions. This segment is Marines on the same base as me and of no higher rank than E-4. All three of my interviews took an average of 9-13 minutes each. When I dug into how my potential customers choose from their alternatives, the results were rather surprising. Most people prioritize the quality of their haircuts over the price; however, this was not the case for the three Marines, whom I interviewed. All three of these gentlemen told me that they would prefer to receive a not so great haircut from myself for $20 than pay $40-50 for a higher quality haircut from out in town.

Upon further questioning, they all admitted that since we are on deployment and not back in California, they are more worried about saving money than looking good. Although they are willing to receive “not so great” of haircuts, the haircuts still must be within the Marine Corps regulations so that they don’t get in trouble with their respective chains-of-command. I was able to conclude that these Marines prioritizing saving money and convenience over having high-quality haircuts.

Two of these gentlemen said that cash is their preferred method of payment. The other Marine stated that he would prefer to pay for haircuts through PayPal or Venmo, both of which are preferred methods of receiving payment for me. They are all more likely to get a haircut from me in the barracks for $20 than from out in town for a more expensive price.

Post-purchase, my customers still value the fact that they would have saved money by getting haircut from me. If the haircut is out of regulation; however, they all stated that they would have regretted getting a haircut from me. I asked them how they would feel about a money back guarantee if the haircuts did not meet their satisfaction, and they all were happy with this solution. I am confident enough in my ability to give good haircuts that I find it unlikely that my customers will not be happy with the quality of their haircuts.

All the information that I received from these interviews was in line with my presumptions/conclusions from my past interviews. These three interviews helped to solidify my belief that I can capitalize on this opportunity. I believe that my services better meet the needs of my customers than anyone else’s services do. I do believe that they will request my services rather than the services of barbers out in town. I believe that the customers’ post-purchase evaluations will be filled with satisfaction from my services.

14A - Halfway Reflection

Assignment 14A – Halfway Reflection

1) Tenaciousness is certainly a competency. I have been tenacious throughout this class by working ahead on assignments. Instead of waiting until right before the assignments are due, I work ahead on the assignments so that I can then focus on the other class that I am currently taking.

2) Tenaciousness is also about attitude. It is my personally-held belief that being optimistic and persevering is a choice. This choice may be more difficult for some than others to make; however, I believe that everyone is capable of being optimistic and persevering. When I first started taking Spanish (during my freshman year), I felt like giving up. I found the class to be very difficult at first. Instead of giving up, I chose to persevere and to dedicate as much time as necessary to ensure that I learned the material. By the time that Spanish 2 came along, I found Spanish to be one of my favorite classes that I had become good at. That persevering helped me to develop a tenacious attitude that has helped me throughout the past two months in this class, Principles of Entrepreneurship.

3) I offer the three following tips to next semester’s students:

(1) Work diligently and dedicate sufficient time to all your classes. This will set you up for success.

(2) Give 100%. A wise man once told me, “Give 100% at everything that you do or don’t do it.”

(3) Stay positive. When others complain, choose to stay positive and motivated. Decide to find solutions to complaints rather than just to complain for the sake of complaining.

13A - Reading Reflection No. 1

Assignment 13A – Reading Reflection No. 1

Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, Ashlee Vance

1) What surprised me the most:

I found Elon Musk’s perseverance through hard times to be astounding. He not only survived but also managed to through the hardest of times that he experienced.

What about the entrepreneur did I most admire:

I most admired Elon’s perseverance. When his ideas and entrepreneurial ventures failed or faced adversity, Musk stayed strong and overcame that failure and adversity.

What about the entrepreneur did I least admire:

Regarding Tesla, I least admire that Tesla is not actualizing profits. Although Tesla has still been somewhat of a major success, it has not been a financial success as I believe businesses should be.

Adversity/Failure encountered by Elon Musk and how he handled it:

As stated above, Elon Musk faced aversity and failure head on. He persevered and thrived through hard times. He did not concern himself too much with the negative thoughts and opinions of others.

2) What competencies did I notice that Elon Musk exhibited:

Elon Musk exhibited the competency of being innovative. Musk’s entrepreneurial ventures are founded primarily on his innovation and actualization of the said innovation.

3) One part of the reading identified that was confusing to me:

I found the majority of the reading to have been simplified and easy to understand. I do however have a hard time comprehending how Elon Musk actualized his vision so efficiently. I have a hard time understanding Elon’s entrepreneurial spirit.

4) Two questions that I would ask Elon Musk and why?

I would ask Elon Musk where he sees Tesla 10 years from now. I am very curious where Tesla will be 10 years from now, and I am curious as to what Mr. Musk envisions.

I would also ask Elon how important it is to him that Tesla yields profits or if economic responsibility is not one of his major concerns. I am unsure as to how important it is to Elon that Tesla makes money and how big of a concern to him it is that Tesla has failed to make money thus far.

5) What I think Elon Musk’s opinion of hard work is and do I share that opinion?

I think that Elon Musk’s opinion of hard work is working an excessive number of hours per work to actualize one’s goals. I believe that Elon Musk’s opinion of hard work may be oriented slightly more towards white collar than blue collar work. I share this opinion of what hard work is; however, my opinion of hard work is oriented slightly more towards blue collar than white collar work.