If my site were to see continuous growth and I felt like I could handle it all, then I would probably keep it in the family and continue to watch it grow as it is passed down. More likely however, is that some bigger company would come along and buy it from me. Then they could incorporate it in with the rest of their services and find ways to improve it themselves. I'm just the guy with the idea right now and not much of the know-how so I'd probably have to sell it to someone who could handle all of that.
My exit strategy hasn't really influenced my concept because my goal has always been for it to be the best it can be, regardless of whether I plan to sell it or keep it. I can't sell it if it isn't worth anything, and I can't keep it either, so I still want it to be the best on the market.
Friday, November 30, 2018
27A Reading Reflection No. 3
How to Fail at Almost Everything and Still Win Big
I decided to read Scott Adams's book How to Fail at Everything and Still Win Big which details a number of useful tips Adams has picked up in his life of continuous failure and unexpected success. The general theme is that anyone can experience success and happiness if they develop the right mindset, and constantly work to learn and improve themselves. I think it makes for a good read for a lot of young entrepreneurs, especially since the author has his own stories of entrepreneurial failure, but mostly because it is simply good advice for anyone. It's a great guide for taking control of one's life and finding true happiness.
A good activity relating to the book might be to have students write down three to five goals that they have and think of how they can either turn them into a system, or use a system to achieve them (i.e. Get an A on the next test could become spend more time studying at night). Adams talks about how goals can wear on us since they often have a decisive end wherein they are either achieved or not achieved, whereas systems are things we can do regularly that allow us to succeed every time we do them, allowing us to feel better about ourselves in the process.
I think my biggest surprise when reading was that it wasn't all about failure and learning from mistakes, a lot of the book was about little changes we can make in our mindsets and daily lives that can lead to more happiness in the future. Things like developing skills and overcoming shyness. They were all useful tips that I plan on applying to my own life.
I decided to read Scott Adams's book How to Fail at Everything and Still Win Big which details a number of useful tips Adams has picked up in his life of continuous failure and unexpected success. The general theme is that anyone can experience success and happiness if they develop the right mindset, and constantly work to learn and improve themselves. I think it makes for a good read for a lot of young entrepreneurs, especially since the author has his own stories of entrepreneurial failure, but mostly because it is simply good advice for anyone. It's a great guide for taking control of one's life and finding true happiness.
A good activity relating to the book might be to have students write down three to five goals that they have and think of how they can either turn them into a system, or use a system to achieve them (i.e. Get an A on the next test could become spend more time studying at night). Adams talks about how goals can wear on us since they often have a decisive end wherein they are either achieved or not achieved, whereas systems are things we can do regularly that allow us to succeed every time we do them, allowing us to feel better about ourselves in the process.
I think my biggest surprise when reading was that it wasn't all about failure and learning from mistakes, a lot of the book was about little changes we can make in our mindsets and daily lives that can lead to more happiness in the future. Things like developing skills and overcoming shyness. They were all useful tips that I plan on applying to my own life.
26A Celebrating Failure
Earlier this semester I applied for a job at a local gym. It was a simple front desk job, and after reviewing my application I was called in for an interview by the gym. It was my first job interview ever so needless to say I was nervous, and unsure of what to expect or how to prepare. Thus, when the interview began I stuttered my way through a few questions and found myself blanking on others. A few days later I got the call that I didn't get the job. I half-expected it as I walked out after the interview, but it still hurt. I had failed, and I had done it while applying for one of the simplest jobs out there, it should have been a cakewalk and I felt like if I could screw that up then what other hope could there be for me?
I basically handled it the same way I usually handle failure, I was angry about it for a few days until I was finally able to sit back and reflect on how I could use this as a learning experience. What should I do differently next time? I thought about it and soon went out and applied for another job, this time with UF RecSports. I'll save you the gory details, and just tell you that this interview went much better and I was offered the job. I think failure is frustrating at first, and often embarrassing, but without it there can be no success. Not only can we learn from our mistakes and get better, but finding success after failing just makes it that much sweeter.
I basically handled it the same way I usually handle failure, I was angry about it for a few days until I was finally able to sit back and reflect on how I could use this as a learning experience. What should I do differently next time? I thought about it and soon went out and applied for another job, this time with UF RecSports. I'll save you the gory details, and just tell you that this interview went much better and I was offered the job. I think failure is frustrating at first, and often embarrassing, but without it there can be no success. Not only can we learn from our mistakes and get better, but finding success after failing just makes it that much sweeter.
Tuesday, November 13, 2018
25A What's Next?
Existing Market:
Based on my interviews with customers in my existing market, I've been able to come up with some ideas for what might be next for my venture. First, I explained my service and what it brings to the table and how my plan is for the website to revolutionize online sports betting. They all liked the idea with a few suggestions here and there such as offering new ways to play daily fantasy and things like that.
When asking what my next move could, or should be, I got back a couple of good ideas. One possibility was to find ways to connect with the four major American pro sports leagues, as they are all looking for ways to incorporate betting and all that it entails now that it is legal. Another suggestion was to create an app, which would be expensive, but if I were doing well enough to the point where it made no sense not to have one then it could be in the cards. I think what makes the most sense for my venture going forward is to continue to look for ways to expand and grow. Also to continue to find ways to set myself apart from the competition be it with a great app, new ways to play, or a partnership with a major league if I were lucky enough.
New Market:
My current target market is people with money to blow on things like betting and daily fantasy sports, but my service could also provide value to people who don't have as much money. Granted, it's a double-edged sword but if you don't have much money a quick way to double or triple it would be to gamble. Maybe not the smartest way, but definitely quick and definitely effective if you're successful.
Being a college student, I happen to know a few people who are often short on money so I asked them about the idea. Both of my interviewees were sports fans which is what I would be going for here (my target market is also sports fans, just the wealthier ones), and they were excited at the idea. They already use their few extra dollars to bet on lines and play daily fantasy to try and make a couple extra bucks, so they liked the idea of a better site/service. They made similar suggestions about creating an app for greater accessibility, and making connections in the business, which surprised me a bit at first because it was essentially the same as my target market, but I guess at their core they're all still bettors no matter how much they are wagering.
Based on my interviews with customers in my existing market, I've been able to come up with some ideas for what might be next for my venture. First, I explained my service and what it brings to the table and how my plan is for the website to revolutionize online sports betting. They all liked the idea with a few suggestions here and there such as offering new ways to play daily fantasy and things like that.
When asking what my next move could, or should be, I got back a couple of good ideas. One possibility was to find ways to connect with the four major American pro sports leagues, as they are all looking for ways to incorporate betting and all that it entails now that it is legal. Another suggestion was to create an app, which would be expensive, but if I were doing well enough to the point where it made no sense not to have one then it could be in the cards. I think what makes the most sense for my venture going forward is to continue to look for ways to expand and grow. Also to continue to find ways to set myself apart from the competition be it with a great app, new ways to play, or a partnership with a major league if I were lucky enough.
New Market:
My current target market is people with money to blow on things like betting and daily fantasy sports, but my service could also provide value to people who don't have as much money. Granted, it's a double-edged sword but if you don't have much money a quick way to double or triple it would be to gamble. Maybe not the smartest way, but definitely quick and definitely effective if you're successful.
Being a college student, I happen to know a few people who are often short on money so I asked them about the idea. Both of my interviewees were sports fans which is what I would be going for here (my target market is also sports fans, just the wealthier ones), and they were excited at the idea. They already use their few extra dollars to bet on lines and play daily fantasy to try and make a couple extra bucks, so they liked the idea of a better site/service. They made similar suggestions about creating an app for greater accessibility, and making connections in the business, which surprised me a bit at first because it was essentially the same as my target market, but I guess at their core they're all still bettors no matter how much they are wagering.
24A Venture Concept No. 1
Venture Concept No. 1:
Opportunity
On May 14th, 2018, the United States Supreme Court ruled in favor of the state of New Jersey in a landmark case that struck down a 1992 law banning sports betting in most states. The ruling will forever alter the landscape of sports gambling in the U.S. as avid bettors will no longer be forced to look to shady offshore operations or bookies in order to place their bets but will instead allow them to become a part of the future of the business. As it currently stands just months after the ruling, there are a handful of sites and services out there competent enough to cater to the needs of the market.
Today’s bettors are a lot like today’s fantasy sports fans, probably because they are mostly comprised of the same people but no matter, they share similar interests and needs. Most importantly, everyone wants to be a winner. Sites like DraftKings and FanDuel do a good job of making their customers feel like winners by offering competitions that create hundreds, or even thousands of winners. However small their payout may be, they’re winning money (quite easily as well), and it’s what keeps them coming back. Meanwhile, betting sites like Bovada offer reward programs to their visitors alongside welcome bonuses to get new customers started quickly. All of this is great, but these sites have their flaws. Right now Bovada is simply a space to go and place bets. They seem to be working on becoming something more, but as it stands they are little more than a way to quickly put down a wager and not much else. Even if you wanted to place a bet on-the-go you’d have to access their full site as their app doesn’t allow you to do so. DraftKings and FanDuel are the titans of the daily fantasy sports industry, so they’re a little less flawed. However, one would expect with how large their customer base has become that they’d expand into new arenas of the sports betting world, yet they seem content to sit tight with daily fantasy. The one thing that none of these sites offer is expert insight or analysis. Like I said before, winning is the most important thing to every bettor who finds themselves on a given site, and when they have “experts” telling them to bet one way or the other, it makes them feel better about their picks. Fantasy sites have been including this feature for years, and just like fantasy, it all comes back to winning.
Essentially, the opportunity is this: the U.S. sports betting market is valued at about $60-70 billion dollars with a current growth rate of about $10 billion per year (a growth rate we can only expect to rise with the new SC ruling). Despite this massive amount of value there are only a select number of sites currently capable of offering quality service to the market, and they aren’t without their flaws. There is an opportunity for someone to step in and create a betting service that combines the best of what everyone else has to offer and then some, and in doing so take control of the behemoth that is the sports betting market in the USA.
Innovation
My idea is to introduce a site that can offer betting, daily fantasy, and the like all in one place, while also improving upon the current model for these kinds of sites. A service that could serve as a one-stop shop for all of one’s betting needs. Like current sites it would offer a welcome bonus (i.e. matching one’s first deposit 50% up to $250) and would include rewards for things like wagering a certain amount or playing for a certain number of days in a row. Additionally, I’d like to draw an idea from the website Bleacher Report, which provides links to articles from other sites in addition to their own articles, as well as Twitter feeds geared to the specific team, league, or sport one is reading about. Basically, a hub of information gathered from across the web related to whatever one could want to know about. Essentially, I’d like to do the same thing but betting related. You enter the site, click on whichever sport or event you would like, and all your options appear: betting, daily fantasy, the latest news and updates from all over, you name it. Everything you would need to gamble away a small fortune, which brings me to how I would make money. Like any sportsbook, there are two sides to every bet with only one winner, so if I collect a total of $100,000 in bets (we’ll say $50,000 from each side) and winners’ payouts end up totaling $75,000 then I can just give them their $50,000 back plus $25,000 out of the money collected from the losers, and keep the remaining $25,000 as profit. It’s how almost any sportsbook turns a profit. Additionally, the site could include ads should it gain enough traffic to warrant them, which would provide an additional source of revenue.
Venture Concept
The idea here is to help lead the way into a new age of sports betting. To move away from quiet and simple betting sites and toward a new model wherein these sites are hubs for information and gambling. Fantasy sports have experienced this kind of evolution in the last ten years or so, from basic “Play Here!” websites to articles, TV shows, and a myriad of new ways to play. It’s a full-on movement. Sports betting is ready to follow a similar path, and it might have an even higher ceiling, but what’s available right now just won’t cut it in 5-10 years. No one currently offers anything outside of the bare minimum with a few handsome rewards here and there for spending a lot of money. Were I to launch my site, by then I’d like it to be the leader in online sports betting and expanding with perhaps my own to staff of journalists to write articles and create videos. Additionally, I’d hope to have an app that is a must have for sports fans in order to bet and cash in, and perhaps begin giving the option to trade earnings in for prizes (ranging from small things like giftcards or sweepstakes entries to more luxurious prizes like a vacation) rather than cash. Bettors care about winning so why not help them win and win big? No matter what, the important thing would be to continue to set my service apart from the basic click-and-bet sites that currently rule.
Friday, November 9, 2018
22A Elevator Pitch No. 3
Listening to my feedback, I recorded at a quieter time to reduce background noise, and I tried to show a little more emotion. I did find that I felt more comfortable this time compared to the last two times when I felt much more awkward in front of the camera, and I think the pitch has come a long way since the beginning.
21A Reading Reflection No. 2
Mindset: The New Psychology of Success:
This self-help book by Carol Dweck argues that success in life is often determined by one's mindset. Expanding on that, she argues that there are two mindsets, a fixed mindset in which one believes that certain attributes such as their skills and intelligence are fixed, or cannot be changed, and a gorwth mindset in which one believes that their basic abilities can be developed.
People with a growth mindset see challenges and set backs as opportunities, much like successful entrepreneurs see their own challenges not as roadblocks, but as opportunities as well. I think if I had to put together an activity related to this book I'd have everyone come up five setbacks or challenges they've faced recently and explain how they can use them as an opportunity to grow and get better.
Going in, I kind of expected the book to explain how highly successful people think a certain way and the rest of us think another way, and to some extent it did. However, it also explained the way one's mindset can affect aspects of everyday life like parenthood, relationships, etc. and that anyone can change their mindset as long as they are able to catch themselves thinking in a fixed mindset. Those things differed from what I expected, as I didn't know how much I would connect with the book before I read it.
This self-help book by Carol Dweck argues that success in life is often determined by one's mindset. Expanding on that, she argues that there are two mindsets, a fixed mindset in which one believes that certain attributes such as their skills and intelligence are fixed, or cannot be changed, and a gorwth mindset in which one believes that their basic abilities can be developed.
People with a growth mindset see challenges and set backs as opportunities, much like successful entrepreneurs see their own challenges not as roadblocks, but as opportunities as well. I think if I had to put together an activity related to this book I'd have everyone come up five setbacks or challenges they've faced recently and explain how they can use them as an opportunity to grow and get better.
Going in, I kind of expected the book to explain how highly successful people think a certain way and the rest of us think another way, and to some extent it did. However, it also explained the way one's mindset can affect aspects of everyday life like parenthood, relationships, etc. and that anyone can change their mindset as long as they are able to catch themselves thinking in a fixed mindset. Those things differed from what I expected, as I didn't know how much I would connect with the book before I read it.
Friday, November 2, 2018
19A Idea Napkin No. 2
I'm just a guy in college, who is a huge sports fan and wants to offer other sports fans and bettors a better alternative to today's betting sites. I've been following sports for years, and have been betting for the last couple of years, so I'm familiar with both worlds and understand what consumers want because I am a consumer. What I want to offer is a comprehensive, one-stop betting service for sports fans and bettors across the U.S., a site that will finally bring everything together as far as sports gambling goes by offering both wagering and daily fantasy, while also providing expert analysis and insight. Most sites and services today only offer one of these things, so to bring them all together would instantly create a hub for betting that no other site could rival.
What sets me apart however, is my ability to connect with my consumers. Like I said before, I am a consumer, so I get it. I know that most of my customers are people looking for their best shot to turn $5 into $25 for this weekend. I know what makes gambling fun and addicting. I know what they want. That's what sets me apart.
I think a lot of this fits together on paper, but obviously there's some holes in my plan. Most importantly, I have no idea how to build a website like this, so I'd have to find someone who could actually do that. Additionally, I don't have the money to run an online casino, so as soon as people start winning I don't really have anyway to pay them. And finally, I'm new to this, so inevitably there will be people who understand the ins-and-outs of this business much better than I do.
As far as feedback, people mentioned the popularity of fantasy sports so I've tried to think of ways to make my service more like most popular fantasy sites today. This has meant including things like articles from experts, a feature prominent on many popular sites. People also mentioned an app, which would cost more money that I do not have, so maybe if my idea ever took off it would be something that could be considered.
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