Dot.com to Dot bomb

Unexpected transition had been risen from the horizon where the giant network proprietaries like Prodigy, CompuServe, Genie, Yahoo, AOL, and Delphi could no longer survived and most of them dead right the launch of Word Wide Web project. Because of the rate that technology was changing made impossible the adjustment that this network proprietaries were needed to adopt. While their large number of consumers market disappeared to be part of new innovative network of networks “the Internet.” However, the transition of local networks into a magnificent internet was also happening so fast and it arrived the door of every network user.

This is why Prof. Andrew Fry illustrated what was happening like the world dinosaur where most of them disappeared. Because of they could no longer digested rate of change that happen to their Habitat and instantly they died.  The advancement of technology reached unprecedented level, where it grasped the attention of many people to invest early for small startup tech-companies that were capable of changing the way world use to do the business before. While this situation on the other hand created a financial bubble that over-value a small companies which has not make profit.

 

Finally, there were some reasons that was caused the bubble of Dot.com Dot bomb!

Over-excitement of investing new technology without unknowing the financial situations of those startup companies was a one factor.

Lack of institutional regulation about the tech-IPO and how those IPO should been traded. At the same time, how some companies go public was a part of the problem.

Suddenly, in March, 2000 the financial market in New York collapsed due to bad investment of tech-companies IPO and the shares of most tech-companies dropped half or more. While so many companies out of business in matter of days.

Our Speaker: John Dimmer

Luckily, we got John Dimmer as the last speaker of our Entrepreneurship course before the spring break. In fact, this was nice opportunity to listen John and asked him important question about how to find an investor for a business or how to choose a company structure such as C- Corporation, S – Corporation, LLC and Sole Proprietary. But, before we dive into the story let us mention the John Dimmer’s background briefly. John went University of Oregon and graduated with BS in finance. Then he found a job at Puget Sound Bank where he learned a consumer lending and debit collection.

Then in the early of 1994, John and our Professor Andrew fry had founded Free Range Media a software company that had created the first commercial website for car dealership and so many other great websites including the NFL website which was under Free Range Media contact for a while. Currently John owns different business includes the Firs Management LLC an investment company that has it headquarter in Tacoma Washington, a Honda Car Dealer located in Wilsonville Oregon and an Air Stream dealership that has different locations throughout the Pacific Northwest region and North California.

In his class presentation, John addressed few important topics such as how to attracted investment in your business and how choose the right structure of your business. And what are the legal aspect surrounding for each option of company structures while it is C-Corporation, S-Corporation, LLC or Sole Proprietary. He also illustrated two common business models. A traditional business model that are financial stable, and their revenue are always greater than their expenses in order they can make a profit. On the other hand, there is another model that focuses to control a large share of a market and later use the controlled market sold other companies. 

The Mission and Vision statement

Somteek Mission:

To innovate the way grocery and convenient stores handle the business by integrating a cutting edge pre-orderable mobile application that will minimize the customer’s shopping time and maximizes the efficient of their services.

Somteek Vision:

Our vision is to expend our business model cross the country and satisfy the needs of our clients by improving their business demand with sophisticated pre-orderable mobile application.

The Guest Speaker Amy Salin.

On Thursday, February 25 2016 we got an opportunity of listening the Assistant Director Buerk Center for Entrepreneurship at Foster school of Business in UW Seattle Amy Salin.  Amy was working the Center for a while, and she shared with us her experience about the Business Idea Competition that the center host every year. At the same time, she mentioned the resources that are made available for the student of University of Washington, as well as the students of the other Universities in Washington State too. The resources are kick start those student who are pursuing a dream of creating a business in the near future or has an entrepreneurial mindset to invent new product.

There are three different competition opportunity which are the UW Business Plan Competition, Health Innovative Challenge and Environmental Innovative Challenge. Those the major events that Amy stated during her speech at the class. She also informed us that, students can propose their business ideas, and may submitted seven page long executive summary of their business plan. Then if they pass the initial screening process as a contender they will go to the second round of the competition. At the second round each contender will meet handful of judge that are acting as a real investor, and the judge will invest the business Idea they likes with vague currency. Therefore who ever get the most investment will proceed the next round of competition.

Finally, Amy suggested that this is opportunity of both, get connected to the other students that has a talent and skill which your business Idea may need, or sake a networking for your business. Specifically, for those people who can give you a constructive criticism, feedback, or may connected you to a potential investor in the future.

LOGO, NAME AND COMPANY’S PRODUCT

Every business has a unique identity and remarkable features that differentiates itself from other competitors which means a special logo, a distinct name and a valuable commodity separates one business from another. However, each one those business properties I mentioned in the above lines has its own consideration when it comes to selecting them. Similarly, the upcoming few lines of the text, I will demonstrate to clarify what they are? And why I choose the name, logo and the services that my company want to provide its customers.

NAME

To begin with the name I chose my for business Somteek, and the reason that I selected this name; it is very short, unique, easy to remember and it is the combination of two words that are Somalia for “Som” and Technology for “Teek” in my local language which has also a close relationship with technology, On top of that, to use the names of the company as a domain name for its website in order to minimize a confusion of customers. With the consideration in mind, I chose this name after long search of both the name itself and the domain availability.

LOGO

My logo has its own consideration too, it is consist of three things that I specifically designed to be a unique logo. The first thing is the color which are dark blue and purple that makes my logo very beautiful and attractive. Secondly it has a special U before the characters of name that I designed to stand for the Universe in order my business to be a universal company in the future.

Services

Finally, as the name of the business suggests, I planned my company to focus for providing a software application services into small business. Specifically, the local convenient stores that are located a remote area, suburbs and street-corners. I am also planning to expand my services to inner Cities in the next level. So the core Idea behind my software application is to facilitate and connected between customers and the store-keepers by interchanging their information, order list and, location in a text, or short email format which will save a lot of time for customers and also increases the sales of conenient stores.

The Guest Speaker: Brian Forth

In order to understand clearly how Brian forth become a successful entrepreneur and the transition courses he made, let us begin with his background first. Brian was born and grew up in California, during in his high school he was a Base Ball player. He also worked in Walt Disney Company. Where he developed his successful work-ethic and how to be the “best person he could be every day” as he mentioned in the class presentation. His early work of Walt Disney Company teaches him the skill that made him the man he is right now. After he finished the high school, Brian went to Loyola Marymount University then transferred when he get scholarship from Gonzaga University in Spoken Washington. 

 

Where he earned his double degrees of Theology and Philosophy. Brian also become an elementary teacher and technology coordinator in the early 1990’s. When technology and internet was became a hot spot, Brian was teaching kids how code. Then he started building websites after schools hours as a part time job. However, when he realized that He made more money for his part time job than his full time job. He quit teaching, and began for creating his own technology company called “SiteCrafting.com”. Since then Brian has been managing and running this technology company in the past 18 years. The company is currently working in 30 different projects with the running force of 35 hardworking employees.

Sitecrafting has been working on different areas of technology, but as Brian state the company was interesting in home industry at the beginning, where early Sitecrafting expertise laid. However when the company grown into maturity it had   built a variety of projects in a different states.  Another area that SiteCrafting has currently leading is the development of healthcare applications and making cutting edge websites that can satisfy the needs of healthcare industry.

Another Opportunity for Successful Guest Speaker

Erik Hanberg is a successful business entrepreneur and a great author that has published number of different books including fiction, nonprofit sector and mystery. He also founded variety of business such as Side x Side, Horatio and so forth. Erik is also involved to support the community and contributes to a common good. He is now serving a board member of Metro-Parks Commission.

Even though I came late for the class that day. However, It was my second time I met Erik, and for listening Erik as a guest speaker in our class was very special to me, and I am really appreciated the opportunity that Prof. Andrew Fry give us to meet him again, listening and asked Erik questions about his internet success story. Which was an encouragement of how benefit the unlimited opportunity of technology today and how someone can achieve a great things by using the internet advantage is phenomenon.

However, the major takeaway of Erik’s speech were: Internet is an opportunity for creative and self-driven entrepreneurial individuals that are willing to succeed in the world of technology. If you are realistic about your dreams and you have the energy to promote yourself into a beautiful future, internet is yours, and it has unlimited open door for you to accomplish your goal of better life. Finally the Erik speech was a motivational that elevated our dream as a students. If Erik succeed the world of technology and become a self- publishing author of nine books, then anyone else can also succeed with excuse.

The Guest Speaker: Derek Young

Derek Young is a successful entrepreneur and small business promoter. After earning his undergraduate from University of Puget Sound in political science and chemistry. He landed his first professional job for REI as an IT support, but worked hard to promote way up to lead negotiator, and a program manager. However, after ten year of REI he decided to go back in school and pursued his MBA from University of Washington Tacoma. At the times, he started to create small business such as Seasonal View, Exit133, Suite133, and Tacoma Runners, and so many others.

As he mentioned during his speech in the class, Derek has a deep passion about creating small business and inventing new ideas to improving service industry. Where he has a plenty of expertise, and excellent experience for renovating how the companies can maintain a stable health businesses. Derek also explained very clearly, how his strategy of creating something new help him to reach a level where he feels boring or disengagement if he is not making any new business. Which is totally a unique approach how he adopted entrepreneurial mindset that works for him all the time.

Indeed, Derek had been talked so many important stuffs, but there are few takeaways that are necessary to remember all the time. Derek said during the speech “I was and still I am a guy that jumps the cliff and by the half way checks if he has a parachute”  which means if you want to create something do not worry about what will happen next, but start the work right away.  He also said if you want to create something “ it has to be solving a problem that existed and put there to tested” this means, If you have an invention, or you are establishing a new business it has to address issues which needs to be solved, and start to tested it before you deliver to the public.

Wonderful business Ideas

It is a human nature that everyone has to have a wonderful thoughts and Ideas of make money from a business someday. But the most fortune one are the people who executed their business dreams very well. Not only that but it also needs a thick skin and strong heart to bypass any initial obstacle at the beginning to establish a business. However, the right business idea lays the ground foundation of every successful business. And this is why I want to share with you my three great business ideas. So, in the upcoming passage, I am discussing each idea in detailed way.

To begin with the most obvious, I want to create an eCommerce website that provide services for East African countries and its population. For enables them to easily buy new and used products from the U.S manufacturing industry. By facilitating the business information between the two, where both sides have not had no prior business relation. It is also a good strategy to start this business when the East African market is growing hugely, and there is a high demand of different commodities that are need over there. So, this website will help the customers to find or buy products from the U.S by using their local languages.

Another great business idea I want to implement is; to make a mobile application that may help customers to save time and money. When it come to shopping from small grocery stores. This application will enable for its users to find the closest grocery store in their area. Then the customer can send a text to that specific storekeeper for ordering the items which the customer needed and the time customer will arrive to pick up the order. At the same time, the storekeeper will make the grocery ready into the counter.

Finally, the I want to start a small software company that builds web application and other technology that are related for building web, such as  logo, prototyping, SEO and graphical related works. This will also help me to implement my other business ideas.