Assignment 28

Exit Strategy

The plan for the business would be to develop it to eventually be sold. If it were a business I was more passionate about I think I would protect it as a business venture. Due to redesigning the business model at the last minute made me follow an opportunity I was not invested in. This influenced the whole growth of the business resulting in an idea that did not have me excited to proceed. Coming into it with the thought of catering to a problem, selling the business makes the most sense if you are not interested in. If I focused more on an idea I had more of an emotional connection to, it would become a family business. Looking back, I had other ideas that would have been beneficial to keep as drafts. If I were to start again, I would have kept those original ideas to come back to when issues arose.

Assignment 26

Failure

     I have had a few failures this semester, one being the first draft of what our business would focus on fixing. The opportunity I focused on was very wide spread, effecting more than forty thousand Americans. I realized quickly this issue would be quite harder than what could be presented, the government would have to get involved to resolve this issue. After this realization, I had to switch gears pretty fast and figure out an opportunity that was more plausible. 

      Failure has taught me how easily a reasonable idea one day can seem completely ridiculous the next. I also learned that having back ups to your original idea is a smarter move. Brainstorming and keeping all of your ideas in one place can become very essential later when an issue arises. My initial reaction to failure is to be embarrassed but I find being critiqued can be important lessons on moving forward with an idea. After this semester my view of failure is different, I think I will be more welcoming to failure as it allows for growth.         

Assignment 23

Advantages of my Venture

1. Knowledge of running a business- I have knowledge of what it takes to run a business through a family friends business. He allowed me insight to his business and everything that goes on behind the scenes. 
2. Experience running a family owned business- I have also been put in charge of running the business for periods of time, allowing me to work on skills of what its like to run a business. Such as working with customers and coming up with fixes when a situation goes wrong. Has made me "quick on my feet" to alleviate a situation.   
3. University of Florida student- this allows me insight to what other students or staff are wanting in regards to services provided on campus.   
4. Innovation Academy student- this has given me many opportunities to create and become an entrepreneur. It has allowed me to create broad concepts, showing me what can work ad what does not. 
5. Competitive prices- By partnering with local businesses we can cut the prices for students and staff while promoting local vendors.
6. Shorter wait time- Competitors on campus have long lines and with the busy schedule of a student or staff member, providing a short wait time will draw in more customers. We will also set up multiple locations on campus to even further lower the wait time. 
7. Healthier and wider variety of options- Competitors on campus provide "fast" food leaving many students who rely on meals on campus to be eating unhealthy options or the same meal repetitively.  
8. Connections- knowing certain people who work with local businesses and farms gives me access to showing them my concept. 
9. Experience with my own entrepreneurship ideas- I have often come up with entrepreneurship ideas on my own and started to create an actual business. Whether that be through social media or sites such as etsy, I have experience with running little side projects and I could see where things good right and where they go wrong. 
10. Similar demographic to those who will shop at my market- this allows me more insight to what this demographic wants/ needs. 

        Having knowledge and experience of running a business is probably my most important resource. These resources have allowed me become a more success business person and honed my skills to working and alleviating situations with customers. I have also seen behind the scenes of what it is like to run a business and shown that not everything goes right so to have multiple back ups to your back ups. 

Assignment 22

Elevator Pitch #3

https://www.youtube.com/watch?v=Q-DX_cS6jh0&feature=youtu.be

I did not receive much feedback on my last post other than that they enjoyed my pitch. I am far more comfortable giving the pitch the last two times and I have found that I can rerecord myself fewer times than the first pitch I did. I did not change much of the pitch itself as I believe it conveys all of the information I would like it to but I focused more on delivering the speak. Speaking more clearly and relaying less on the script, I believe the message is more convincing and draws more attention.   

Assignment 21

How to Fail at Everything and Still Win Big 

By Scott Adams

1. What was the general theme or argument of the book?

      The general theme of the book was how Adams searched for something he was successful, through loss after loss until he finally found something he could win at.

2. How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?

      I think this taught me a lot that even though my first few ideas may not be effective, if I were to keep trying and adjusting my plans I may eventually find the right fit. These are good lessons to learn in regards to ENT3003 as students may become discouraged after a few of their ideas or jobs do not work to plan or can not be carried out. Adams shows that through these failures you are getting closer to an idea or job that will be the right fit for you.

3. If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

      As the theme of the book is failing at things many times until getting it right, I think a good exercise for the class would be writing down as many ideas or innovations as they can think of. They will have 10 minutes to write down anything that comes to mind on a certain topic and at the end they can share their ideas or not. At the end for the ones who choose to share their ideas, a discussion with the class can take place about the pros and cons of the idea. 

4. What was your biggest surprise 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

      The biggest 'aha' moment was when Adams spoke on setting systems in place rather than goals, systems allow for adjustments in the schedule and are not hard set around a time. An example can be rather than saying 'I will lose ten pounds' which is a goal, say 'I will eat healthier' which is a system. This allows for a better change for the farther future rather than change in the immediate future. Adams also focuses on finding your energy rather than finding your passion which really spoke to me. In regards to a major I have had difficulty finding something I am passionate about but only recently have I realized my passion comes from the energy, time, and dedication I put into a project.

Assignment 19

Idea Napkin #2

1. Working in the service industry since I was 16 has given me plenty of experience with customers and accommodate their unmet needs. I see a basic need (hunger) being exploited on campus by larger corporations and I would like to create a company that is fairer towards students and staff as well as offering healthier options. 

2. I am offering my customers fairer prices and quicker service to match their busy and frugal lifestyle. I am also offering healthier options than those provided by my competitors while supporting other local farms and businesses. 

3. My target audience is University of Florida students and staff who do not have the means to make food at home. They all share the common feature that they either do not have the time or knowledge of meal prepping quick and healthy meals. This also includes students who do not have means of transportation or financial stability. 

4. Hunger is a basic need that everyone shares, my business is targeting this most basic need and creating a plan to make it the cheapest and most viable option on campus. I am also striving to make the market a healthier option than those provided on campus. 

5. My business would be supporting other local businesses and farms, while providing fresher and healthier ingredients. By partnering with local businesses we hope to make our market a cheaper option for students and staff. As the market will be set up in a buffet style, we hope to keep lines and wait time down too. 

     I believe these aspects do fit together, the problem is strong as well as being a need that most people can relate to. UF may not want a competitor to the P.O.D. on campus as they would make more money for the University than mine would so I need to find an incentive for UF to want my market on their campus. 

I did not receive feedback on my last Idea Napkin so I kept many points the same. 

Assignment 17

Elevator Pitch #2

https://www.youtube.com/watch?v=4CKdg66C4Sk