Venture Management E-Tool Box
Lloyd Greif Center for Entrepreneurial Studies
Make the benefits clear - Michael Spilsbury
I took Adam Shaivitz’s sales training class, and although I don’t plan on finding a job as a salesman, I took away one very important lesson: make the benefits clear. If you are trying to sell someone on a product, service, idea, favor, or anything at all it is crucial to clearly show them the benefits. It seems so simple, but we so often forget to do it. Adam’s training helped me to practice making the benefits clear and I will undoubtedly use what he taught me in many parts of my personal and business life.
The Black Pearl of Wisdom - Matt Anderson
Matthew Anderson
University of Southern California
Business Administration: Entrepreneurship
310-782-4672
John La E-toolbox
Please post toolbox 1 & 2.
EToolbox - Jack Sheehan
JACK SHEEHAN’S ENTREPRENEURIAL TOOLBOX 1.) Negotiating Skills
In any business that deals with buying and reselling products, there
is negotiating involved. In our case, we had to talk sellers down to
sell their paintings for perhaps less than they were willing, and we
had to convince buyers of the paintings’ value and have them buy at as
high a price as possible. In our business especially there is a large
amount of negotiating because paintings have such subjective value.
It’s not like buying a T-shirt that you know cost 20 cents to make
(Tommy aka Mr. Club Sportswear, don’t judge me if this estimate is way
off) and is being marked up to 10 dollars. A painting in a
paint-and-canvas sense is worth maybe ten dollars but can be resold
for millions if the artist is considered famous. The negotiations we
need to put into our venture come two-fold: in-person negotiation and
online negotiation.
a.) In-person: Because we sell all our works online, the majority of
the in-person negotiation we do is during the purchase. We would go
to flea markets in the Los Angeles area on Sunday mornings and talk to
vendors wishing to sell their paintings. Many times they don’t
recognize who their own artist is or what their piece is, which makes
it easier for us to get the price we want if we know its inherent
value. Other times, the seller has an idea and won’t settle for less
than a set price.
For example, I bought a cartoonish pastel by famous Spanish painter
Trinidad Osorio that John knew would be valuable. When I asked the
seller how much he was selling it for, he said, “Eighty”. Pretending
like I misheard him in order to have him feel foolish for such a
price, I replied with, “Forty?” When he corrected me, I chuckled to
myself and shook myself as if I was Mr. Art Connoisseur. I offered
him $50 but he wouldn’t budge off of $80. I finally talked him down
by acting disinterested and even leaving him for a while to have him
grow worried that he lost a sale, and then I returned to offer $60. At
this point he was sticking to $70. I convinced him to end this
dispute in a coin flip. If I won, I would get the painting for $60.
If he won, I’d buy it for $65. (He wanted $70 originally until I used
my charm). I won and the painting was ours at a $20 savings.
b.) Online: Negotiations online when selling product are much
different. The main method we use of online negotiation comes in the
form of the price we list our item at on eBay. If we offer too high a
price, nobody buys, if we offer too low, we don’t profit. The auction
option is like the customer saying, “I want this piece more than the
next guy and I am willing to pay this for it, but as soon as it gets
too high, I’m pulling out.” Negotiations also take place via email
when we advertise our products to past buyers and an exchange of
offers go for something new, the same way an in-person negotiation
would, but this time through email.
2.) eBay Listing Techniques
I had had eBay experience before this venture but dealing with the art
business gave me many new lessons.
a.) Auction: The hardest part of listing art is knowing how high to
mark the starting price. We do our research into how valuable a piece
is but there is always some element of ambiguity on its worth. We
could be listing a million-dollar piece for ten dollars one day and a
ten-dollar piece for a million dollars the next, you never really
know. The best hint we can get is looking at other works by the same
artist on eBay and seeing what the prices look like so that we can
attempt to match or surpass it
b.) Buy-It-Now: This feature is more for when we are sure of the
value of the piece, or if time is not a factor. We always like to
include the auction option so we can see the value rise, but if we
know the piece is worth so much and will accept nothing less, it is
smart to list it as a Buy-It-Now. Also, when we can sell the piece at
our leisure and there are no Challenge deadlines like in this class,
we don’t have to list it for a 7-day auction and be done with it at a
lower-than-desired price because we can afford to wait for higher
offers.
3.) Customer Acquisition/Retention
No business succeeds without customers and we found and kept ours in
two manners. Like negotiating, it was either in-person or online.
a.) In-person: This kind of acquisition came from meeting art buyers
on the streets at the Los Angeles art walk, at the Kairos Summit in
New York, at the New Venture Seed Competition where many of the VC’s
were wealthy collectors, and in daily activity. We would rarely
approach strangers on the street like a club promoter might because
our business was more upscale, and valuable only to the niche
population of art collectors. So, it was essential to know who we
were talking to before we actually talked to them. We would usually
begin by small-talking and explaining our business before handing out
our business cards and inviting them to check out our website or
contact us further. We would later retain them by keeping in close
contact via phone and email, especially if they were actively buying.
b.) Online: Though less personal, online customer acquisition offers
you a far broader market. By listing on such an open forum as eBay,
thousands of art buyers are brought to you. To make them our
customers, beyond just affiliates of eBay, we would email the users
after they bought or were interested in art, and like in-person
acquisition, invite them to check out our website and kept them up to
date with newsletters and emails.
4.) Art Valuation
One of the most interesting things I learned from this venture aside
from entrepreneurial skills was an appreciation for art and how to
identify its value. It took a keen eye in the field to know which
piece to approach a vendor about, and an even more detailed
observation to price it correctly after we acquired it.
a.) On-the-Spot: When we would look around art auctions, we had to
know how to notice valuable pieces. Nine times out of ten we would
glance at a painting sitting there, take note of the artist, and pass
by. But other times we would notice something that just looked too
nice to be sitting in the back of a rusty van. With the help of an
Internet connection on our cell phones, we were able to quickly get an
idea of how much the piece was worth before jumping into negotiations
with the seller.
b.) In the Research Lab: After locating and buying a piece, there
remains ambiguity to its true value until we do the research
afterwards. This entails in-depth searches online of the artist,
similar pieces, and what they have been sold for. We will never know
a piece’s exact value, because in reality, it doesn’t exist, so we
need to estimate and market as high value but sell it at a level that
is affordable to our customers.
5.) Marketing
Along with acquiring customers, marketing entails creating an image
for Lula Gallery and living that image. We must come off in different
ways depending on who we are dealing with.
a.) To Sellers: Most sellers at flea markets are low-income. If
they weren’t, they probably wouldn’t be spending time at a flea
market. The last people they want to talk to are rich, snobby
salespeople. Though we are trying to establish a reputable business,
it is most successful if we come off in the opposite fashion to our
suppliers. When we go to the markets, we dress down, we don’t smell
great, and we often socialize about hippie music and spirituality in
order to warm up the people we are buying from. Also, if we look
poor, they won’t expect us to pay as much for what they’re selling,
which is also a big help. They see it as helping out a new friend
they made when they were just trying to get a painting that was
useless to them off their hands.
b.) To Buyers: To buyers, we have to act the opposite as we do with
the sellers. Because we are marking up our product a huge amount and
marketing our brand as a company who knows the true value of fine art,
we need to come off as business-savvy and high class as possible.
Revealing that we are young college kids and not rich collectors with
forty years of art evaluating experience can hurt our brand.
Obviously in person-to-person interactions, we look young so we need
to dress well and speak like we know what we’re talking about in order
to make it work. On the internet and phone, we must not say too much,
but what we say must make our business seem legitimate.
c.) To Strangers: When we meet strangers, we market in various ways
depending on who the stranger is and where we are meeting them. If I
start chatting about art to another 22 year old at a basketball game,
I will act cool and friendly and hand him my business card. If I am
at an auction with retired connoisseurs on the other hand, I will act
very professional and not casual.
6.) Website Design
A big part of our business was our website, lulagallery.com. I had
built a couple websites previously, but there are always new
challenges and lessons that come with starting something new. Our
site had to market effectively, be functional for users and ourselves,
and might require additional help.
a.) Marketing: Since we were selling mostly to the wealthy, we needed
a clean, professional-looking site. We used a white background with
some nice greenery to portray our freshness and we displayed our
paintings in large, colorful format to make our product look
attractive. Of course, we had a contact page for any prospects to get
involved, which would greatly help with our customer acquisition.
b.) Functionality: It doesn’t matter how nice a site looks if it
isn’t functional. We made sure that the site was easy to understand
and navigate, with the appropriate tabs and important information. We
didn’t want too many features so we could avoid confusing viewers.
c.) Outsourcing: Though we developed the first version of our site on
our own, we envision a more interactive platform where users can list
their own pieces and buyers have a larger array of inventory and can
buy that inventory right through our site. This advanced version,
which we propose in our New Venture presentation, will require
outsourcing because we are not capable of designing it ourselves. We
have used elance.com as well as our personal contacts to compare
options.
7.) Presentation Skills
Along the road in this class, I definitely gained some presentation
tools while pursuing our venture.
a.) Selling the Dream: With any presentation, the most important
thing you can do is “sell the dream”. Regardless of what you’re
actually selling, you want to portray an image to the buyer. You want
to show that what they will buy is not the product itself but all the
inherent joys that come with that product. In our case, you don’t buy
a painting, you buy a lifestyle, an appreciation for the finer things
in the world, for the beauty of the inner artist, and the simplicity
and ease of us making it happen for you through our business.
b.) Cooperation: Cooperation is key during team presentations. John,
Tim, and I all have our own natures, and getting them to work
effectively to convey an idea to the class is not the easiest thing in
the world. We need to rehearse our presentations many times before
going in so that we know who will say what and when. I usually give
the intro or conclusion in order to electrify the audience, Tim speaks
on the technicalities like the website and the financials, and John
usually covers the art valuation side and our future vision.
c.) Tools: Having presentation tools there to help you can go a long
way. An effective Powerpoint slide, for example, has minimal slides
with minimal words, and is better used to show the image of what you
are currently speaking about. We also brought in an actual painting
for one presentation, which gave the audience a good look at our
product and helped make our concept seem more of a reality to those
who had never experienced it.
8.) Teamwork
Whether in the field, at home, or on the presentation floor, the three
of us working together is key.
a.) Coordination of Vision: A team is a group of individuals striving
for a common goal. We needed to constantly make sure that our vision
was uniform and we were heading in the right direction. As our
business developed from a flea market – to – eBay painting reselling
business to an online art broker for collectors to an interactive
listing space for sellers and buyers, we had many long discussions
into what we wanted our business to be. It could be different things
to different people. In all, we were able to understand who we wanted
to benefit and how we wanted to get there.
b.) Balance: The three of us are all different types of people. John
is very idealistic and driven, but not as technically detailed. Tim
is organized and great at developing our specifics like website and
budget, but not as great as salesmanship. I am good at marketing our
business and getting people excited about it, but not as good at
valuating the art or dealing with the smaller, technical aspects of
running the business. So, the three of us used our respective
strengths to make the operation succeed as a whole. Where one team
member was lacking, the others would fill in.
c.) Functionality: There are many technicalities that come with a
team including scheduling times to work and dividing up
responsibilities.
9.) Sustainability
The business has been successful, but there are further steps to make
it sustainable.
a.) Keep the Business Working: First of all, we need to keep bringing
in the money. That means future trips to the flea markets, more
reinvestment into our marketing and site development, and continual
customer support.
b.) Envision the Future: Along with conserving the present, we must
plan for the future. This includes developing our new web platform
that will allow buyers and sellers to have easier access to art
worldwide, and it includes reaching additional funding through the
means of venture capital, that can be provided in the Greif Center New
Seed Competition.
10.) Using Outside Help
Though we have run our business well, as it continues to grow, we will
need to bring in outside help.
a.) Funding/Publicity: We entered the New Venture competition where
we hope to win $10,000 of funding for our project, and additional
publicity on top of it. This will legitimize our business, be free
advertising, and give us the capital to make strong investments for
our company’s future.
b.) Expertise: Not only do we need money, but we need expertise to
guide our business correctly. The two main kinds we require at this
stage are art expertise and technical expertise.
• Art Expertise We have used the help of John’s father, Kenneth La, in
evaluating art, since he has had 25 years of experience collecting,
buying, and selling art.
• Technical Expertise As we develop our website, we look to elance and
friends in our network to help us write code and create an attractive
site.
c.) Sweat Equity: Money and expertise help, but the work must be put
in to drive them in the right direction. We brought on the help of
Phil Shin for our New Venture competition since he has great
experience with creating a strong Powerpoint presentation. As our
venture grows, we will also need to bring on more help in terms of
accountants and runners to locate and pick up our art.
In any business that deals with buying and reselling products, there
is negotiating involved. In our case, we had to talk sellers down to
sell their paintings for perhaps less than they were willing, and we
had to convince buyers of the paintings’ value and have them buy at as
high a price as possible. In our business especially there is a large
amount of negotiating because paintings have such subjective value.
It’s not like buying a T-shirt that you know cost 20 cents to make
(Tommy aka Mr. Club Sportswear, don’t judge me if this estimate is way
off) and is being marked up to 10 dollars. A painting in a
paint-and-canvas sense is worth maybe ten dollars but can be resold
for millions if the artist is considered famous. The negotiations we
need to put into our venture come two-fold: in-person negotiation and
online negotiation.
a.) In-person: Because we sell all our works online, the majority of
the in-person negotiation we do is during the purchase. We would go
to flea markets in the Los Angeles area on Sunday mornings and talk to
vendors wishing to sell their paintings. Many times they don’t
recognize who their own artist is or what their piece is, which makes
it easier for us to get the price we want if we know its inherent
value. Other times, the seller has an idea and won’t settle for less
than a set price.
For example, I bought a cartoonish pastel by famous Spanish painter
Trinidad Osorio that John knew would be valuable. When I asked the
seller how much he was selling it for, he said, “Eighty”. Pretending
like I misheard him in order to have him feel foolish for such a
price, I replied with, “Forty?” When he corrected me, I chuckled to
myself and shook myself as if I was Mr. Art Connoisseur. I offered
him $50 but he wouldn’t budge off of $80. I finally talked him down
by acting disinterested and even leaving him for a while to have him
grow worried that he lost a sale, and then I returned to offer $60. At
this point he was sticking to $70. I convinced him to end this
dispute in a coin flip. If I won, I would get the painting for $60.
If he won, I’d buy it for $65. (He wanted $70 originally until I used
my charm). I won and the painting was ours at a $20 savings.
b.) Online: Negotiations online when selling product are much
different. The main method we use of online negotiation comes in the
form of the price we list our item at on eBay. If we offer too high a
price, nobody buys, if we offer too low, we don’t profit. The auction
option is like the customer saying, “I want this piece more than the
next guy and I am willing to pay this for it, but as soon as it gets
too high, I’m pulling out.” Negotiations also take place via email
when we advertise our products to past buyers and an exchange of
offers go for something new, the same way an in-person negotiation
would, but this time through email.
2.) eBay Listing Techniques
I had had eBay experience before this venture but dealing with the art
business gave me many new lessons.
a.) Auction: The hardest part of listing art is knowing how high to
mark the starting price. We do our research into how valuable a piece
is but there is always some element of ambiguity on its worth. We
could be listing a million-dollar piece for ten dollars one day and a
ten-dollar piece for a million dollars the next, you never really
know. The best hint we can get is looking at other works by the same
artist on eBay and seeing what the prices look like so that we can
attempt to match or surpass it
b.) Buy-It-Now: This feature is more for when we are sure of the
value of the piece, or if time is not a factor. We always like to
include the auction option so we can see the value rise, but if we
know the piece is worth so much and will accept nothing less, it is
smart to list it as a Buy-It-Now. Also, when we can sell the piece at
our leisure and there are no Challenge deadlines like in this class,
we don’t have to list it for a 7-day auction and be done with it at a
lower-than-desired price because we can afford to wait for higher
offers.
3.) Customer Acquisition/Retention
No business succeeds without customers and we found and kept ours in
two manners. Like negotiating, it was either in-person or online.
a.) In-person: This kind of acquisition came from meeting art buyers
on the streets at the Los Angeles art walk, at the Kairos Summit in
New York, at the New Venture Seed Competition where many of the VC’s
were wealthy collectors, and in daily activity. We would rarely
approach strangers on the street like a club promoter might because
our business was more upscale, and valuable only to the niche
population of art collectors. So, it was essential to know who we
were talking to before we actually talked to them. We would usually
begin by small-talking and explaining our business before handing out
our business cards and inviting them to check out our website or
contact us further. We would later retain them by keeping in close
contact via phone and email, especially if they were actively buying.
b.) Online: Though less personal, online customer acquisition offers
you a far broader market. By listing on such an open forum as eBay,
thousands of art buyers are brought to you. To make them our
customers, beyond just affiliates of eBay, we would email the users
after they bought or were interested in art, and like in-person
acquisition, invite them to check out our website and kept them up to
date with newsletters and emails.
4.) Art Valuation
One of the most interesting things I learned from this venture aside
from entrepreneurial skills was an appreciation for art and how to
identify its value. It took a keen eye in the field to know which
piece to approach a vendor about, and an even more detailed
observation to price it correctly after we acquired it.
a.) On-the-Spot: When we would look around art auctions, we had to
know how to notice valuable pieces. Nine times out of ten we would
glance at a painting sitting there, take note of the artist, and pass
by. But other times we would notice something that just looked too
nice to be sitting in the back of a rusty van. With the help of an
Internet connection on our cell phones, we were able to quickly get an
idea of how much the piece was worth before jumping into negotiations
with the seller.
b.) In the Research Lab: After locating and buying a piece, there
remains ambiguity to its true value until we do the research
afterwards. This entails in-depth searches online of the artist,
similar pieces, and what they have been sold for. We will never know
a piece’s exact value, because in reality, it doesn’t exist, so we
need to estimate and market as high value but sell it at a level that
is affordable to our customers.
5.) Marketing
Along with acquiring customers, marketing entails creating an image
for Lula Gallery and living that image. We must come off in different
ways depending on who we are dealing with.
a.) To Sellers: Most sellers at flea markets are low-income. If
they weren’t, they probably wouldn’t be spending time at a flea
market. The last people they want to talk to are rich, snobby
salespeople. Though we are trying to establish a reputable business,
it is most successful if we come off in the opposite fashion to our
suppliers. When we go to the markets, we dress down, we don’t smell
great, and we often socialize about hippie music and spirituality in
order to warm up the people we are buying from. Also, if we look
poor, they won’t expect us to pay as much for what they’re selling,
which is also a big help. They see it as helping out a new friend
they made when they were just trying to get a painting that was
useless to them off their hands.
b.) To Buyers: To buyers, we have to act the opposite as we do with
the sellers. Because we are marking up our product a huge amount and
marketing our brand as a company who knows the true value of fine art,
we need to come off as business-savvy and high class as possible.
Revealing that we are young college kids and not rich collectors with
forty years of art evaluating experience can hurt our brand.
Obviously in person-to-person interactions, we look young so we need
to dress well and speak like we know what we’re talking about in order
to make it work. On the internet and phone, we must not say too much,
but what we say must make our business seem legitimate.
c.) To Strangers: When we meet strangers, we market in various ways
depending on who the stranger is and where we are meeting them. If I
start chatting about art to another 22 year old at a basketball game,
I will act cool and friendly and hand him my business card. If I am
at an auction with retired connoisseurs on the other hand, I will act
very professional and not casual.
6.) Website Design
A big part of our business was our website, lulagallery.com. I had
built a couple websites previously, but there are always new
challenges and lessons that come with starting something new. Our
site had to market effectively, be functional for users and ourselves,
and might require additional help.
a.) Marketing: Since we were selling mostly to the wealthy, we needed
a clean, professional-looking site. We used a white background with
some nice greenery to portray our freshness and we displayed our
paintings in large, colorful format to make our product look
attractive. Of course, we had a contact page for any prospects to get
involved, which would greatly help with our customer acquisition.
b.) Functionality: It doesn’t matter how nice a site looks if it
isn’t functional. We made sure that the site was easy to understand
and navigate, with the appropriate tabs and important information. We
didn’t want too many features so we could avoid confusing viewers.
c.) Outsourcing: Though we developed the first version of our site on
our own, we envision a more interactive platform where users can list
their own pieces and buyers have a larger array of inventory and can
buy that inventory right through our site. This advanced version,
which we propose in our New Venture presentation, will require
outsourcing because we are not capable of designing it ourselves. We
have used elance.com as well as our personal contacts to compare
options.
7.) Presentation Skills
Along the road in this class, I definitely gained some presentation
tools while pursuing our venture.
a.) Selling the Dream: With any presentation, the most important
thing you can do is “sell the dream”. Regardless of what you’re
actually selling, you want to portray an image to the buyer. You want
to show that what they will buy is not the product itself but all the
inherent joys that come with that product. In our case, you don’t buy
a painting, you buy a lifestyle, an appreciation for the finer things
in the world, for the beauty of the inner artist, and the simplicity
and ease of us making it happen for you through our business.
b.) Cooperation: Cooperation is key during team presentations. John,
Tim, and I all have our own natures, and getting them to work
effectively to convey an idea to the class is not the easiest thing in
the world. We need to rehearse our presentations many times before
going in so that we know who will say what and when. I usually give
the intro or conclusion in order to electrify the audience, Tim speaks
on the technicalities like the website and the financials, and John
usually covers the art valuation side and our future vision.
c.) Tools: Having presentation tools there to help you can go a long
way. An effective Powerpoint slide, for example, has minimal slides
with minimal words, and is better used to show the image of what you
are currently speaking about. We also brought in an actual painting
for one presentation, which gave the audience a good look at our
product and helped make our concept seem more of a reality to those
who had never experienced it.
8.) Teamwork
Whether in the field, at home, or on the presentation floor, the three
of us working together is key.
a.) Coordination of Vision: A team is a group of individuals striving
for a common goal. We needed to constantly make sure that our vision
was uniform and we were heading in the right direction. As our
business developed from a flea market – to – eBay painting reselling
business to an online art broker for collectors to an interactive
listing space for sellers and buyers, we had many long discussions
into what we wanted our business to be. It could be different things
to different people. In all, we were able to understand who we wanted
to benefit and how we wanted to get there.
b.) Balance: The three of us are all different types of people. John
is very idealistic and driven, but not as technically detailed. Tim
is organized and great at developing our specifics like website and
budget, but not as great as salesmanship. I am good at marketing our
business and getting people excited about it, but not as good at
valuating the art or dealing with the smaller, technical aspects of
running the business. So, the three of us used our respective
strengths to make the operation succeed as a whole. Where one team
member was lacking, the others would fill in.
c.) Functionality: There are many technicalities that come with a
team including scheduling times to work and dividing up
responsibilities.
9.) Sustainability
The business has been successful, but there are further steps to make
it sustainable.
a.) Keep the Business Working: First of all, we need to keep bringing
in the money. That means future trips to the flea markets, more
reinvestment into our marketing and site development, and continual
customer support.
b.) Envision the Future: Along with conserving the present, we must
plan for the future. This includes developing our new web platform
that will allow buyers and sellers to have easier access to art
worldwide, and it includes reaching additional funding through the
means of venture capital, that can be provided in the Greif Center New
Seed Competition.
10.) Using Outside Help
Though we have run our business well, as it continues to grow, we will
need to bring in outside help.
a.) Funding/Publicity: We entered the New Venture competition where
we hope to win $10,000 of funding for our project, and additional
publicity on top of it. This will legitimize our business, be free
advertising, and give us the capital to make strong investments for
our company’s future.
b.) Expertise: Not only do we need money, but we need expertise to
guide our business correctly. The two main kinds we require at this
stage are art expertise and technical expertise.
• Art Expertise We have used the help of John’s father, Kenneth La, in
evaluating art, since he has had 25 years of experience collecting,
buying, and selling art.
• Technical Expertise As we develop our website, we look to elance and
friends in our network to help us write code and create an attractive
site.
c.) Sweat Equity: Money and expertise help, but the work must be put
in to drive them in the right direction. We brought on the help of
Phil Shin for our New Venture competition since he has great
experience with creating a strong Powerpoint presentation. As our
venture grows, we will also need to bring on more help in terms of
accountants and runners to locate and pick up our art.
E-Toolbox 453 - Dean Mraz
Justine Hsu's E-Toolbox
E-Toolbox 453 - Ken McCormick
The Trunk Box - Daniel Trunk
My toolbox is best represented through comparisons to plants. As the focal point behind my entrepreneurial journey at USC I’ve been studying the USDA Organic Produce, Herbs, and Edible Flowers industry in Hawaii. I will use plants and their parts to identify my key tools within my box, and give examples of how I used them.
The Root System – The Network The roots of a plant are the foundation to everything the plant will ever become. For me, my network of friends, family, and fools is best represented as the roots within a plant. The root system is the backbone to a plant, as my network was and is the backbone to my journey. As an entrepreneur I’d argue that my overall success will come in part from how I use my network, and my capacity of success is limited by this network; ie a larger network lends my best chances for success. This is the same with a plant, as the over strength and size of the roots will later determine the healthiness, maximum size and yield of my plant. My network has proven its usefulness several times over this semester and my journey at USC. However, a large network doesn’t necessarily guarantee success; it’s up to me and how I use that network. In the studying of Organics I’ve continued to grow my network and reached out to chefs, restaurant owners, and farmers; this expansion of my root base allowed me to test and modify ideas, gave me great insight into the farming industry in Hawaii, and converted some random contacts to lifelong parts of my network. Additionally, In these short challenges of 453 I had to learn to use my network in different and creative ways. My network of USC friends and family became the focal point as I searched for ideas, tested their feasibility, and adapted them into short but hopefully successful ventures. A good example of this is reaching out to Rotary to find the LA Dodger tickets to help eradicate polio. Through my Rotary network I was able to quickly find a cause that our group could piggy back on, and used Rotary contacts to raise awareness and sell tickets. The goal of my network is to have access to a large pool of people; I want there to be diversity so that I may find, share, adapt ideas; yet my network is focused enough to be able to find help and guidance within the Organic Produce Industry of Hawaii; my network is powerful, it’s filled with successful business people, young and old entrepreneurs, and community leaders and activist; and most importantly I’ve learned to USE my network and I’m not afraid to reach out to ask for help and ideas. My network represents more than one tool, ten tools, maybe even hundreds of tools; but it’s up to me to make the most out of it. Nodes – Branching Out The nodes of a plant are where each branch begins to grow. These branches represent several things to me including multiple entrepreneurial journeys and some lessons learned. The ideal number of nodes changes from plant to plant and as the purpose of the plant changes; this correlates best to the journeys I’ve taken in life. Each branch represents a new journey and a new opportunity. It’s up to me as the entrepreneur to recognize which journeys are worth perusing and which are not. Additionally, as I head down this branch of life, I need to use my experiences to recognize my strengths and weaknesses; I must adapt quickly to help the branch grow in the direction of choice. I must not be afraid to ask people to join my journey or to help me along the way down each path. The nodes on a plant continually remind me to take a grander outlook on the project, to step back and evaluate the paths in which I’m headed, and to modify these paths as needed. The node count reminds me to keep it simple, to not take on too many paths at once and to make sure each path is on its’ perspective way before I start a new one. As I count the nodes I look back on projects and sales experiences and relate to the time and energy needed to make a sale, follow a path down a branch. Do I follow as many sales paths as possible or do I follow few in which the rewards may be greater? Do I sell 100 little black boxes at $5 or do I sell 20 at $15? The nodes on a plant give me the presence of mind to consider these things along my journey. Fruits & Flowers – The Bounty At the end of each branch, each journey, each path, hopefully I’ll find a plethora of fruits and flowers; the bounty I’ve worked so hard to reach and attain, all be it in the form of money, success, or knowledge. Throughout the 453 class I’ve learned to start with very little, sort of like my life, and to turn that little to nothing into something grand. But grandness can be measured in several manners, this is where my entrepreneurial mindset is at its’ best. For the little black box we failed in raising large amounts of money, or even an amount that represented the time we put into the project. In this project I learned to adapt from trying to be the leader in sales and to be more of a supporting role to Laura as she made the sales; and in doing so I feel I really encouraged Laura. I learned to adapt my mannerism completely to try and welcome all sorts of people, though in the long run personality conflicts may be unsurpassable. I learned that the time and energy spent must be valued at a fair rate, and if that rate is not achievable then I must adapt my product, mentality, approach, or something, in order to reach my valuation of time and energy. In challenge #2 I learned more about picking the right team members, as enthusiastic energy and knowledge doesn’t necessarily equate to success. Our group was hindered by a unique idea, though once we found an opportunity we quickly found a way to monetize our ideas as actions needed by Setster. This challenge also brought insight into technology and sales and marketing techniques, but no actually money changed hands. In the last challenge I learned that helping someone out, when not striving to make money, can be just as rewarding of a feeling than actually making money; if not a more rewarding feeling than money itself. Thought fruits and bounty in the form of money is a wonderful thing, I’ve learned to find bounty in my actions through knowledge, experiences, and heartfelt actions.Keep It Meaningful - Daryl Kong
1.) You gotta keep it meaningful; because no matter what you end up
doing, you will only be motivated if you find meaning in it. 2.) It's never too early to pursue something meaningful. (charity work) 3.) Every time I see Tommy Knapp's face/picture I will always stop to
ask myself, am I doing something meaningful right now and if not, what
the hell am I doing??
doing, you will only be motivated if you find meaning in it. 2.) It's never too early to pursue something meaningful. (charity work) 3.) Every time I see Tommy Knapp's face/picture I will always stop to
ask myself, am I doing something meaningful right now and if not, what
the hell am I doing??
