Week 12 Reading Reflection

One of the biggest surprises in the chapter was about Facebook's origin. I was unaware that it was created through hacking into Harvard's secure database. I had previously read about this subject, however, I had never realized how brilliant and surprising this really was.

I was very confused on the section on financial statements and their functions in various organization. I think further expansion on this would be helpful.

My two questions would be as follows:
Does less strategic planning lead to more startup failures or is this not the primary reason?
Why do companies allow uncollectible accounts?

I did not disagree with anything in the chapter, but I don't really consider liabilities as debts of the business. I think that these are necessary, regardless of the definition of this term.

Venture Concept No. 1

Opportunity: The opportunity for my venture idea arose from students on the UF campus. My market is primarily students who cannot find the time or means of transportation to get to the grocery store. I noticed this as I was on crutches for the first 9-10 weeks of classes this semester, so doing anything was very difficult for me. All customers are on or around the UF campus. The market consists of students who cannot go to the grocery store. Currently, customers are forced to find a way to get to the grocery store as well as the time to do so. With a student’s schedule, balancing classes, homework and projects, exams, extracurricular activities, and physical health is nearly impossible as is. However, when you try to incorporate time to go grocery shopping, things get a lot harder. This venture is a way to eliminate the chaos and stress of getting to the grocery store while also allowing students an opportunity to avoid the unhealthy options of delivery and focus on their fitness and health with a healthy diet. This opportunity could become even larger if I were to extend my business into a non-GMO and organic option for those people with major health concerns and focus. I hope and think that this opportunity will be available for a long period of time as students will always have this problem with the limited parking on campus and the schedules that we manage.

Innovation: My venture is that of a grocery delivery truck. I would launch an app that would also allow students to place orders through. To ensure that it is only students, they will have to sign in with their GatorLink in order to place the order. Customers would call the partner grocery store or open the free app and place their order at least 24 hours in advance. Once this order is placed, the groceries are bagged and the next day, the truck has a designated route that essentially delivers these orders to the customers. The prices would be competitive to that in the grocery stores. There would be a $2 charge when placing the order to ensure groceries are picked up as well as cover the cost of the truck. If this business is popular, the prices would be able to remain low and manageable. Customers would pay when picking up their orders at the truck with cash or card and show proper student ID at the truck.

Venture Concept: I believe that my venture will eliminate the stress, chaos, and time management struggles that students are consistently faced with. Students would easily switch to this product if prices were kept low enough. They would accept the small fee and have their groceries brought to their doorstep essentially. Competitors would be the grocery stores nearby. For students that can find the transportation, they might want to stay with their familiar methods. My pricing is vital to my venture’s success. If this causes prices to spike too high, students (who are very fiscally cautious) would not be overjoyed to pay extra. They would resort to finding rides to the store rather than paying extra.

I believe my most important resource is my competitive drive. I may have many other things or nothing at all, but my competitive drive will continue to push me and motivate me to make my business as successful as possible.

Next, I hope to expand to organic and non-GMO foods. With growing health concerns, this will allow my business to expand to those with these concerns in mind.

In 5 years, I hope to be expanding my business. I hope that it is very successful initially, but all good things take time. So in five years, I hope to be expanding into non-GMO foods and even beyond that, possibly to a larger target market.

Week 11 Reading Reflection

The importance of the innovation strategy was surprising to me. I did not realize how important this really was. When the author talked about the value in innovation for potential customers I was slightly confused. My two questions would be, is there a preferred method of break-even point computation, is one better than the other? Also, for failing companies, does a change in the innovator rather than policies create a better outcome? I did not disagree with anything in the reading.

Amazon Whisperer

Revenue Drivers: My revenue drivers are the students who purchase/order groceries and pick them up through the delivery truck.

Next: With today's health concerns, the next thing customers will want is an organic/healthy and non-GMO food delivery option.

Next Option: This will foster customer loyalty. It will enhance the customer satisfaction and opportunity while giving a more flexible option for those with these needs/wants.

Amazon: I found a picture of a non-GMO dried mango snack. This is something I could offer to customers who prefer this option of food.

Reviews: Customers seem to like the healthy and non-GMO aspect but others say that there is too much added sugar and some salt. 

Changes: I'm not sure I could make changes to this exact product but I may try to find substitutes that allow for a low sugar content and just pure dried fruit as many people request.

I think this product would be a good addition because it is simply the first step to a new line of healthy foods. I am very health conscious so finding healthy options for myself is not only very important, but also difficult. If I could extent this service to all students, it would benefit myself as well as other students struggling to find time to remain healthy in their eating habits. 

My Unfair Advantage

Word of Mouth: 

V: I believe that word of mouth allows for business to quickly increase. If a business does well and performs well, word of mouth will be positive and will travel quickly.

R: Word of mouth is not provided and it is not equal for all businesses, and therefore, positive word of mouth is rare because customers are more likely to speak about a negative experience than a positive one.

I: It is individual for every customer.

N: No other resource is identical to this one, as many benefits will come of it.

Positivity:

V: If you are positive, it will be visible to customers and therefore, business will be better. Also, there will be many setbacks throughout a business's lifespan, and therefore, positivity will remain a valuable attribute.

R: Many people are easily discouraged.

I: Many people can be positive, but various things will affect different people.

N: No other resource allows for a constant upbeat and great mindset.

Competitive Drive:

V: Being competitive, at some points, is a fault. However, when in the business world, a strong competitive drive is vital to success. I always strive for best: to do my best, as well as be the best. This will help my venture rise to the top and remain successful.

R: Although many individuals are competitive, my drive is far beyond what others I have met possess. I continue to strive to stay the best even after the "best" is reached.

I: Competition is not as important to everyone as it is to me. Also, competition varies upon the situation.

N: Competitive drive leads to other advantages; it creates a domino effect that allows for success to continue.

Time-management concerned:

V: My venture is that of a truck that delivers grocery orders to students on and around campus. The basis for this idea was to decrease the amount of time needed to accomplish grocery shopping. For this reason, my concern with managing my time perfectly is key to keeping my business successful.

R: Some individuals do not have a regard for time and the importance of managing it well.

I: Everyone manages time very differently.

N: Time management is hard to really possess. Although I do not do it perfectly, I try to do it the best that I can and no other resources can really do what this can. 

Target Market:

V: I know exactly who I want to offer my services to, and it helps that I am a part of this population.

R: Each venture has an individualized target market and sometimes, it is hard to know who this is at first.

I: Other businesses are offered to my target market of students, however, each business is unique and therefore, my venture targets a unique population, even if it is different in only the slightest way.

N: No other resource can accomplish what knowing your target market early can do.

Sense of Humor:

V: Although this may not seem valuable immediately, a goal in my life is to love and have a passion for whatever I do. Therefore, having a sense of humor will allow me to enjoy my work and venture and remain positive in its success.

R: Bringing a sense of humor to work is very important, but it is sometimes overlooked and therefore not always seen.

I: Every sense of humor is unique, and regardless of this, everyone approaches their work differently so having this in work is not able to be seen everywhere else.

N: No other resource can do exactly what a sense of humor can do. It can bring positivity to the workplace and the customers.

Marketing Knowledge:

V: I am a marketing major and therefore, I am currently taking various courses. I have knowledge on how to advertise, spread awareness, and approach the promotional mix that is so important to a successful business, brand, or product.

R: Not all entrepreneurs have this knowledge. The degree of knowledge in those who are familiar varies as well.

I: It varies from person to person.

N: This knowledge is invaluable and will keep a business on top of competitors.

Selflessness:

V: A common trait of mine that is overlooked by myself as well as others is my passion for helping other people. I have no problem going out of my way to help people, so for my customers, this is beyond valuable as my goals will always be set with them in mind.

R: This trait is hard to find in some people. Although I may not be more selfless than many people, I like to think that it is hard to come by someone who is selfless with an intense passion for helping others.

I: It is individualized and not found immediately in everyone. 

N: No other resource can provide to customers what this can.

Motivation: 

V: I am constantly motivated as well as by many things. I am motivated by my friends and family, my failures and achievements, as well as by my faith. Therefore, motivation in a business world is key to success.

R: People are motivated by very different things, and therefore, it differs from individual to individual and it is rare to find the same form.

I: Differs between individuals.

N: Nothing is better than having a constant drive and push behind you.

My own critic:

V: There is no one harder on me than myself, and therefore, like my competitive drive, I will continue to push myself and my business to continue its success or to improve its quality. I will never be able to say that it is "good enough" and therefore, it will continue to improve.

R: Some people need others to push them and motivate them but I can remain motivated on my own.

I: This is not found in everyone.

N: A strong motivation can do what this does, but adding this to my motivation will put me above my competitors.

I believe my strongest and most valuable resource is my competitive drive. It was hard for me to choose, but I think that a lot of what I can do won't come from things that are given to me or that I come across, but from my work ethic and what I strive to do and build. A successful business won't come from simple knowledge, although this does help. It will come from a constant passion to grow and become the best. 

Week 10 Reading Reflection

Nothing was very confusing, but the one thing that seemed a little difficult was the vertical and horizontal analysis. The one thing that was somewhat surprising was the description of knowing when to walk away. Knowing when it is time to stop is difficult and important.
My two questions would be: How do you know when the exact moment to walk away is? Is it a moment or a window of time?
My second question would be: What is the best way to end a relationship with an unprofitable customer?
I did not disagree with anything the author stated or described.

Growing My Social Capital

1). Domain expert: My business idea is one of a grocery delivery truck. I spoke to a manager at Publix, since I was not aware of anyone who is in this same field. Therefore, I spoke to a manager and he said it would be a very successful venture if all of the aspects played out. This manager could be my connection to inventory.

2). Market expert: I approached some of the workers at Study Edge, Swamp, and employees at Publix, all of which said the best way to appeal to a student population was to keep prices low and keep services convenient. Both of these aspects were goals of mine from the beginning, but hearing this reinforced my idea.

3). Supplier: I was unsure of whom to contact for this. My supplier is technically grocery stores (Publix, Whole Foods, even Walmart). Therefore, contacting their suppliers was not possible for me. 

Reflect: I think this assignment was more surreal. It was not difficult; it just required you to step out of your comfort zone and contact new people. It made my idea seem more real and definitely a possibility if I were to pursue it further. 

Elevator Pitch No. 3

The feedback on my second elevator pitch, someone commented stating that I should extend this service to those who are disabled as well. I liked this idea, as it did not include other residents who just choose not to go, but those who are unable to do it themselves. Therefore, I added this to my pitch as well as including an ordering service to keep costs down and orders organized.

Week 9 Reading Reflection

After reading this chapter, the only thing that surprised me was the number of companies venture capitalists choose to invest in. I thought this would be more prominent than it is. I am a Marketing Major so this material was very familiar.

I did not find anything very confusing, but some of the information on debt financing; personal and corporate debt are very important and more information on this would be helpful.

My two questions would be: How has marketing strategy changed and evolved most recently? and is there ever a balance between debt and equity or is this not possible?

I did not disagree with anything.

My Secret Sauce

1). The 5 ways I believe I am different are:
        a. I am much more competitive than most; sometimes this can be a fault and others it proves very beneficial.
        b. I think I have a very unique and sometimes strange sense of humor. I find humor in the smallest of things.
       c. I am very hard on myself and even when I do my best, I believe I can still do better. This also comes from my more competitive side.
       d. I do a lot of things for other people. I have recently realized how much I do for my friends and family and I think this is a very good thing.
       e. I am very independent and stubborn. I would rather work harder and maybe struggle a little in order to do things for myself.

2). I interviewed:

My best friend and roommate Sydney: She mentioned my sense of humor which confirmed my thoughts on this. She also commented on my constant laughing which I had not mentioned. I also believe I am a very happy person.

My mom: she was obviously biased but she mentioned that I am very assertive and self-motivated. I am hardest on myself which is usually a good thing. She also said I am organized, which I think goes along with my self-motivation and goals.

My roommate Hannah: she said that I am very happy and she also mentioned my storytelling, as Sydney did as well.

My friend Claire: she said that I am very nice, which goes along with my happiness.

My dad: he mentioned that I am strong-willed and competitive, as well as an over-achiever.  This goes along with the assertiveness that my mom mentioned. My dad also joked about my height.

3) I believe that I see myself similarly as my friends and family do. They know me best; my parents raised me and my best friends are with me every day (I also live with two of them). So I think that they may know me better than I know myself. I was surprised that Hannah mentioned my selflessness, because I feel like this sometimes goes overlooked. If I were to go back to my initial list, I don't think I would change anything. My friends see me in a similar way as I see myself, but just with a little more of an objective point of view.

Idea Napkin No. 2

1. My name is Emily Treasure and I am a first year Marketing & Sports Management major. My schedule is always so busy, between class & homework, the gym, sports, my clubs and my family. In addition, I was on crutches for 9 weeks and just began walking two weeks ago, so getting to the grocery store was very difficult for me. My business idea is that of a grocery truck. I hope to alleviate the inconvenience and time consumption that grocery shopping produces.

2. Gator Groceries would allow for the necessities of a student's life to be, essentially, brought to their doorstep. After getting a permit to allow the truck on campus, it would have a designated route and on specific days of the week, visit the apartments and dorms it is assigned to. It would have a registry of students it delivers to, therefore, costs would bet kept down and the amount of stock on the truck would be kept at a constant level and enough to provide. Students would place orders 24 hours in advance by calling or using a designed app, and placing an order of what they need delivered. The truck would have extras of only the necessities.

3. This product/service is best for students on the college campus that have limited time and transportation. In order to keep it directed to and most useful for students, year-round residents in the area would not have the access to this service as the students do.

4. My service eliminates the 2 most stressful and difficult parts of grocery shopping: transportation/getting there, and taking the time to do so with the busy schedule that most of us students have. Most of the customers I interviewed have trouble getting to the store so this would increase business for the stores through this method.

5. Rather than forcing students to go to the grocery store, the groceries that they need are brought to them. Furthermore, the prices are competitive to that in the store as the registry helps to keep prices down. There would be a driver, and a worker at the front of the truck to check out the customers in order to monitor security.

I believe that when these ideas are put together, this business could be very successful. My ideas flow together and with the feedback of other students, I have been able to adjust my services and make them much more useful.

The 5 things I changed due to feedback were:

1). Limit service to solely students to keep prices down
2). Apply a registry with a list of student names who are using the service
3). More workers to monitor the truck for security purposes
4). Only extra necessities would be on the bus in addition to specific orders
5). Ordering system for orders to be picked up with a extra necessities