30A – Final Reflection

1) Read through your posts from this semester. Recall all of the experiences you've had along the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread. What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

I think the most formative experiences came from the interviews and elevator pitches. Interacting with others and receiving their feedback is the most important part of the entrepreneurship process in my opinion. I really enjoyed coming up with these ideas and discussing them with others and I'm proud of myself for keeping up with the assignments and getting out of my comfort zone to interview others.

3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

I think I have learned a lot through this course, but would only think of myself as an entrepreneur if I were really considering opening a business and being my own boss. I think I would need to sacrifice a lot more and realize my dreams before giving myself the title of "entrepreneur". I am also really proud of myself for being able to at last spell entrepreneur without second-guessing myself!

4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

Pick a topic that interests you and affects you personally. We are more passionate about these things than, say, curing world hunger (although that's a great goal, it's not tangible and difficult for us to visualize). Consider doing assignments at the beginning of the week because it can be quite stressful to come to a Friday and want to relax when, oops! You realized you forgot you had three assignments due in three hours! But the most important thing is to just choose something that interests you because the course will be very boring if you don't.

29A – Venture Concept No. 2

Opportunity:

Students have the need for access to a hot and nutritious meal throughout their busy days on campus; the solution needs to be affordable and convenient for them because students are becoming aware of how much money they are spending on food that isn't great; buying food everyday or even a couple times a week is not sustainable on a college kid's budget.

Innovation:

Heating stations in combination with frozen food vending machines would make it more convenient for students who pack a lunch to enjoy their leftovers on campus as well as for students who want to avoid a long line and overpriced meals but still want something satisfying for lunch.

Venture Concept:

Students will appreciate this new addition to campus because it is easier on their wallets, almost as convenient, and a much more nutritious option. Unless students are fully aware of the option of heating stations, it may be difficult for this idea to be successful, so advertising is a must. If students aren't aware of this option, they will continue to purchase meals from the various restaurants on or near campus.

The Three Minor Elements:

My most important resource is my connection to a leader of student government. She can point me in the right directions in order to get this idea implemented on campus.

My next venture might be to begin implementing these heating stations and frozen foods vending machines in other areas or schools.

I don't know where I will be in 5 years but I am sure this venture will help me in the future because I am now somewhat familiar with the process of becoming an entrepreneur.

Provide a summary of the feedback from your last venture concept post:
My peers unanimously agreed that my venture concept was very clear, understandable, and to the point. There was no constructive criticism. In the "What's Next" post, my peers also agreed that college campuses are the best place for the heating stations, although one student did consider other college campuses as new markets which I had not considered before.

What did you change about this venture concept based on feedback from your last venture concept?
I re-read my venture concept looking for something to add, delete, or change, but I feel that it is very clear and to the point and I don't think I would change anything about it.

Source: CudaKitchen

28A – Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

I would plan on implementing the heating stations across campus and then leaving when I graduate. I don't expect to make any money off of this product and see no way I can benefit from it after graduation.

2) Why have you selected this particular exit strategy?

It's the only one that makes sense.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I think it makes this project not much of a priority for me since I will not benefit from it in a year from now. It's a very short term goal that won't do much good for me but can help many other students for years to come.

27A – Reading Reflection No. 3

1) You read about an entrepreneur:

• What surprised you the most?

When I'd first heard of Elon Musk, I thought it was a men's cologne. Since then, I've come to learn that Musk is not a scent, but a person. In all seriousness, I was most surprised to learn that Musk studied economics as an undergrad! I find this particularly interesting because this is my undergrad major also,

• What about the entrepreneur did you most admire?

I really admire that in addition to earning a BA in economics, he also earned a BA in physics, and then continued his education to work towards a PhD in energy physics. You have to have some kind of motivation and will to live (both of which I feel that I lack) in order to pursue education as he did.

• What about the entrepreneur did you least admire?

I least admire Musk's success, or lack thereof, in marriage and family life. I really hesitate to write my thoughts here, but I disapprove of Musk's divorce especially since there are five children involved and also his seemingly non-committed relationship with actress Amber Heard.

• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

See above.

2) What competencies did you notice that the entrepreneur exhibited? 

Dedication, hard work, communication, and a touch of genius are all competencies that Musk has exhibited through his education and career.

3) Identify at least one part of the reading that was confusing to you.

I don't think I was every confused.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

What motivated you through college? Did you have an end goal in mind? Did you know what you wanted to do when you were 20 years old?

I struggle answering these questions for myself, so hearing the answers of someone successful would be beneficial I'm sure.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I think Elon Musk would say that there would be no reward without hard work! Good things don't come easy. And I absolutely share that opinion.

26A – Celebrating Failure

Our friend, Thomas Edison, once remarked -- rather famously! -- that he didn't fail to invent the lightbulb 1,000 times. No! He just discovered 1,000 ways that didn't work. 

In this exercise, bare your soul.

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

2) Tell us what you learned from it.  

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

-------

This semester has been a time of great growth for me. I feel that I have been pushed to my limit several times but each time I think I grew a little more as a person. That hasn't always been reflected in my grades, but I think that as I am lying on my death bed, I don't stress about the grades I did or didn't get but rather reflect on how I lived my life. I'd like to break this post into a few sections in order to show how I've grown in different areas of my life through failure.

Grades

This is one area of failure we can all relate to. In my economics classes I've not done as well as I have in the past. I have received C's and B's and that's not something I'm used to. Regardless of how much effort I've put into my assignments, I feel that i always come up a little short. The same goes for my Chinese class; remembering characters, tones, Pinyin, and the endless grammar rules feels overwhelming. We have quizzes once or twice a week, so it's difficult to stay on top of it all.

Work

As a pharmacy technician, I'm always learning something new. Whether it's how to handle insurance or what each drug does, each day is full of potential to learn. And oftentimes I've failed to learn due to stress or how busy we get.

Spiritual

I've noticed that when my prayer life suffers, so do the other areas of my life. And I think perhaps that's the reason for being constantly overwhelmed and not being able to manage my life as well as I think I should be able to. I feel tired 99.9% of the time and so I neglect my readings and prayers more often than I'd like to admit. In this way, I feel that I have let myself down.

25A – What’s Next?

Existing Market

I think the next step for this idea is to simply follow through; implement the heating stations in one area of campus; if students like it, we can invest in more heating stations so that the majority of students can have access a cheap, hot meal. There will be less waste since Florida Gators can bring a meal from the night (or three) before and enjoy it on campus instead of forgetting about the spaghetti from a few days ago and remembering only once it's spoiled.

After we have decided whether or not this idea's benefits outweigh the cost (or at least break even), we can then possibly begin reaching out to other schools and bring this idea to them, thus resulting in less wasted food and healthier, richer students.

New Market

I think that anything outside of a college or university setting would qualify as a "new market". Examples could include a place of work or even grocery store. I don't think my idea would work as well in a public area since it depends in part on users cleaning up after themselves and I don't trust the general public to do that. College students know who is using these heating stations: college students. And we trust each other for the most part. A large company could find heating stations useful, although not practical.

24A – Venture Concept No. 1

Opportunity:

Students have the need for access to a hot and nutritious meal throughout their busy days on campus; the solution needs to be affordable and convenient for them because students are becoming aware of how much money they are spending on food that isn't great; buying food everyday or even a couple times a week is not sustainable on a college kid's budget.

Innovation:

Heating stations in combination with frozen food vending machines would make it more convenient for students who pack a lunch to enjoy their leftovers on campus as well as for students who want to avoid a long line and overpriced meals but still want something satisfying for lunch.

Venture Concept:

Students will appreciate this new addition to campus because it is easier on their wallets, almost as convenient, and a much more nutritious option. Unless students are fully aware of the option of heating stations, it may be difficult for this idea to be successful, so advertising is a must. If students aren't aware of this option, they will continue to purchase meals from the various restaurants on or near campus.

The Three Minor Elements:

My most important resource is my connection to a leader of student government. She can point me in the right directions in order to get this idea implemented on campus.

My next venture might be to begin implementing these heating stations and frozen foods vending machines in other areas or schools.

I don't know where I will be in 5 years but I am sure this venture will help me in the future because I am now somewhat familiar with the process of becoming an entrepreneur.

23A – Your Venture’s Unfair Advantage

1. Work Ethic

Valuable: this is a resource that is valuable all throughout one's life and to develop it now is key.

Rare: not all students work as hard as I do toward my goals.

Inimitable: there's only one me!

Non-substitutable: See above!

2. Ability to learn quickly.

Valuable: this comes in handy no matter the job and makes the work environment a little easier.
Rare: not all people can learn quickly and I am very grateful for this skill (which I think is a result of working hard).
Inimitable: there's only one me!
Non-substitutable: See above1

3. The right human resources.

Valuable: It's not what you know; it's who you know.
Rare: Having the right connections is rare because there are only a few right connections.
Inimitable: You can't fake a connection.
Non-substitutable: See above.

4. The passion for my idea.

Valuable: I know what it's like to live without passion, so I do think this one is very important because it gives you a reason to get up in the morning.
Rare: I don't think everyone loves what they study or what they do for work; to enjoy what you do is a true blessing.
Inimitable: You can't fake determination.
Non-substitutable: See above.

5. The simplicity of my idea.

Valuable: A simple idea that can change a lot is incredibly valuable because it's easy to understand and people like that.
Rare: I don't think simple ideas are rare...
Inimitable: I don't think the idea of heating stations on campus are inimitable.
Non-substitutable: There are substitutes.

6. The easy implication of my idea.

Valuable: One can see a convenient change in a small matter of time.
Rare: Not many ideas can be implemented as quickly as I think this one can; usually, it takes years to change something on a campus.
Inimitable: It's not inimitable.
Non-substitutable: It's not nonsubstitutable.

7. The student support of my idea.

Valuable: This is a campus and this change is for students; if the students don't like it, then what's the point?
Rare: I think many students are indifferent to changes on campus; this idea really makes students excited and I'm grateful for that.
Inimitable: It's not.
Non-substitutable: It's not.

8. Ability to present my idea clearly.

Valuable: presentation is everything!
Rare: It's not a rare skill.
Inimitable: It's not inimitable.
Non-substitutable: It's not non-substitutable.

9. My people-skills.

Valuable: In order to get support, one needs to be liked!
Rare: It's not rare.
Inimitable: It's not.
Non-substitutable: It's not.

10. Relatively cheap

Valuable: A huge change for a small price? Yes, please!
Rare: I do think good ideas are usually quite expensive, but I don't expect this idea to cost more than a few hundred to a couple thousand dollars depending on how many heating stations are put up throughout campus.
Inimitable: It's not.
Non-substitutable: It's not.

My Top Resource: Human resources because who you know is vitally important to making changes in certain environments and especially on campus!

22A – Elevator Pitch No. 3

I did not receive any negative feedback on my last elevator pitch and I am pretty satisfied with it. My peers felt that I was engaging, passionate, and could relate to my problem. They also felt that they could benefit from my solution!  At this time, I don't think I could come up with a better elevator pitch, so I will leave my last one as is.

21A – Reading Reflection No. 2

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

Innovation and Entrepreneurship by Peter Drucker explains what an entrepreneur is and defines the term "entrepreneurship" as well as what true innovation is.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

I found Innovation and Entrepreneurship to be very insightful. There were certain subtle distinctions that Drucker made that made a lot of sense to me. For example, in this course, we have learned that we can become entrepreneurs and that our personality traits and characteristics can help us. In this book, it was pointed out that entrepreneurship is not a personality trait. It can help, but that is not what makes an entrepreneur.

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

In this book, Drucker says that innovation (an important aspect of entrepreneurship) ought to be simple. I think it would be a good exercise to look at a couple of big ideas and describe them in one or two sentences.

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

I found it really surprising that Drucker says we ought to innovate for the present, not the future. I would expect that innovation ought to be done with the future in mind but I can understand why he would emphasize the importance of the present.

20A – Growing Your Social Capital

Establish contact with three new people, who will be valuable to helping you pursue your business idea. 

I was unable to get responses from two people for this exercise; however, I was able to speak with Dana, a student government leader here at UF. We have taken the same Chinese classes together for the past two semesters and recently became good friends. I believe she is the best person for me to know since she has all the right contacts when I start to get this ball rolling. I would describe her as the "market expert" in a sense because of this reason.

How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

I believe knowing Dana will open up my options and broaden my network spectrum so to speak. I do think this experience differed from other networking experiences because there is more research involved and one must target individual people to speak with.

19A – Idea Napkin No. 2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am currently a full time student at the University of Florida; I work two and a half jobs and do my best at whatever the task at hand is. I am a pharmacy technician, call for political surveys over the phone, and I babysit as needed. In the past, I worked at my father's grocery store in all departments (meat, grocery, produce, cooler, cash register, etc.) as well as interned at a local library and then a bakery in Naples, Florida called "Epiphany" where I was able to clean, bake, decorate, and eat the best brownies in the world!

As mentioned in a previous post, I was brought up to work. Never was I handed anything - I always had to earn my rewards. This trained me to think as worker and push myself harder than any of my friends. While they were hanging out during break, I was working two jobs - 10 -12 hours a day sometimes.

By the time I graduated high school, I had my associates degree and a 5.04 GPA - all this because I was taught that there is no reward without much effort and nothing good comes easy.

These experiences helped form me into the person I am today: a hard worker with an ever-evolving skill set.

In the future, I would like to travel. I would like to teach English in a foreign country someday, open a coffee shop and cafe, perhaps have my own cooking show! In regards to this assignment and the business idea I chose to pursue, I don't see it playing much of a role outside of the university. I believe this experience will help guide my decisions in the future, but I do not see myself pursuing it in the long run.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

I am offering the idea of a heating station in several locations throughout campus so that students can save money by bringing lunches from home. Accompanying this heating station, I think it would be great to have a frozen foods vending machine with cheap lunches (hello, $0.94 chicken pot pie!).

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I am offering this to the students of UF. We all have long days on campus sometimes - whether that's because we have three lectures a day or just do all of our studying in the libraries. Either way, we all get hungry because we're all human. Unlike the staff members of UF, we don't have access to microwaves. We are forced to either starve or buy a $7.00 lunch from Starbucks, Panda Express, Subway, Firehouse Subs, etc. None of these are healthy options and they're all too pricey for students!

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Students will care because they work hard and don't want to blow their money eating out. Some may not care and some may have a dining card. But for the rest of us, we like to be conservative and smart with our money.

Microwave access will be free of charge. The frozen foods vending machine would cost money, but not much (e.g. $0.94 chicken pot pie, $1.29 burger, etc.). It is a better deal than waiting in line at Starbucks for an overpriced panini sandwich.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

See my answer to question 1.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

I do believe these elements work together perfectly in order to fulfill this goal of mine. I see a need and a practical solution. Every student I've discussed this idea with have agreed that it would be great for students because it would save them money and be very convenient for students who bring their own meals to campus.

For the "feedback memo" -- please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin.

Unfortunately, there was no critique on my first idea napkin; all of my peers agreed that this is a good idea.

18A – Create a Customer Avatar

My custom avatar is the average student who attends the University of Florida.

What kind of hobbies does your customer have? 

Procrastinating on homework, scrolling through a plethora of memes daily, complaining, binge-watching a favorite t.v. show, drinking coffee, hanging out with friends, etc.

What kind of car do they tend to drive? (What color is it?) 

I don't know what other students drive, but mine is a 2006 black Volvo S80.

What TV shows do they watch? 

Frasier, Parks and Rec, Friends, Lost, The Walking Dead, etc.

Do they have children? Are any of them adopted? 

Typically no and no.

What are their favorite books, and who are their favorite politicians? 

I can only speak for myself here. Some favorites are anything by J.R.R. Tolkien and Mark Twain as well as biographies and history books (currently reading a biography on Andrew Jackson and a history on how the Catholic Church built western civilization - both of which are absolutely fascinating). Philosophy books by Plato and Aristotle are also "lit" as the kids say.

How old are they? 

18-22

How old do they feel?

Again, I can only speak for myself, but I feel ancient. 200 years old is probably accurate.

What do you have in common with the customer avatar? 

The avatar is basically me.

If you have anything in common with the avatar, do you think that is a coincidence? Why?

It's no coincidence! This product is made for students by a student! We're poor and hungry and just want a hot meal less than the cost of tuition.

17A - Elevator Pitch No. 2

2) A reflection on the feedback you received from your last pitch.

Reviewing the feedback from my last pitch, it seems that my peers felt engaged while watching the video and could relate to the Struggle. I tried to keep the light humor and passion for my idea in this pitch as well while relating my struggles and experiences to my fellow Gators' struggles and experiences.

3) What did you change, based on the feedback?

One of my peers noticed a lot of pausing in my last video which I also noticed and didn't like and he suggested I try to make the next video flow a bit more smoothly. I tried to do that in this pitch.

16A –What’s Your Secret Sauce?

1) Describe five ways in which you think you have human capital that is truly unique. 

• I always arrive early and leave late.
• I always offer to do more than what my job requires.
• I am not afraid to ask others how I can improve.
• I pay attention to small details and leave my work space cleaner and more organized than I found it.
• I work very hard and try to prioritize tasks.
• I am not afraid to ask questions and seek advice if I don't know how to approach a problem.
• I have an amicable personality but know when it's time to be serious.
• I know my weaknesses and what areas I need to improve upon, so I focus on that a lot.

2) Interview the five people who know you the best.

Unfortunately, I was unable to record all of my interviews because the people who know me best do not live locally. I was able to get some answers via text, however.

My friend Dana said that I am: "very encouraging, dedicated when pursuing new things, understanding of situations, warm, and approachable".

My friend Aly said that I am: "Understanding, a good listener, conscientious, reliable, helpful, organized, responsible, trustworthy".

My sister Sophia said that I "have a very great work ethic both in the workforce and in personal life". I am "very well organized. Once given a topic, you make sure you become knowledgeable about that topic". I also lift the workplace mood with my humor and people are "usually" happy to see me when I come to work. When I work, I do a thorough job.

My friend Emma said, "One thing that you do really well is that you meet people where they're at. You meet them halfway, find out what they need, etc. You're dedicated, no matter how new or old the activity, and you see things through to completion. In addition to this, you strive towards excellence. You don't just finish a job or assignment; if it needs to be completed, you will make it the best it can be in the situation. You're extremely good at communication, both in terms or speaking and in listening. You listen well to instruction, and will ask for clarification if necessary. When speaking, you make the purpose of your words clear. You are also extremely diligent, and you have the level of maturity and responsibility to do things without being told. You see something that needs to be done, and you do it."

My friend Hannah said that, "You're incredibly compassionate, very kind, extremely creative. You know how to make great things with a budget. You know how to make great things even when you're going through difficulty. You're a decent person. You treat people well. You don't cut corners, you don't take advantage of them. You treat them well. You don't let people take advantage of you. You're very smart and savvy. You know how to sniff out a stinky situation before it happens. And I have to say you have a determination about you to do take on whatever situation is before you and whenever you set your mind to do something, you do it and that makes you very exceptional."

3) Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How?

I think it's very interesting to see how others view me. They all seemed to notice how I am as a person and they noticed how I treat others. I never really considered that aspect of my personality; I just treat people the way I want to be treated. Others seem to view me as determined, honest, reliable, and caring. I just focus on the things that need to be improved upon. I can accept when I'm good at something or if I have a valuable character trait, but I don't dwell on it.

I don't know that my interviewees are right about me. I see so much that needs to be improved; I don't see myself as a very driven or motivated person.

Going back to my original list, I think it's interesting that I focused on very specific habits whereas my interviewees focused on me in general.

15A – Figuring Out Buyer Behavior No. 2

Beginning these interviews, I assumed price would be the number 1 factor in determining how a student decides what and where to eat; however, health reasons and convenience were at the top! One student said she was watching her weight, so that was a main factor in her decision-making process. Another student said they usually ate Krishna lunch regardless because it's cheap and tastes good! 

When asked how they knew they had made a good or bad decision after eating out, one student said it was based upon how she felt after the meal which makes sense!

While I was surprised that price was not the main deciding factor for these students, I do understand their reasoning behind the decisions they do make. I think most students would still benefit from heating stations around campus.

14A – Halfway Reflection

For this exercise, I'd like you reflect on the past two months. In your post for this exercise, pretend that you're talking to a student from next semester's course. What would you tell them?

1) Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

I won't lie. Sometimes I do wait until the last minute to even look at what's due for the week, but that's life! You have to roll with the punches. But one of the best ways to do well in this course is to put a lot of thought into what product you're developing as well as speaking to others about it - you will find that many people are as excited about your idea as you are and they will often offer thoughts of their own to improve your idea! Listen to them. They are your future customers!

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

I haven't felt like giving up in this course yet but I have felt overwhelmed by the amount of work due for this course and others. It's okay to feel down and it's okay to take some time for yourself, but let the stress fuel you until you're on top of things again (good luck, pals!). Write out a to-do list, rearrange in order of priority, and then set a schedule for yourself.

I don't know that I've developed a tenacious attitude in the last two months; I don't feel that I've changed at all. I just know what my responsibilities are and somehow get them all done. It's one day at a time, right?

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset'?

1. Prioritize your workload.

2. Know that these four years, these classes: they're important but they'll pass and on your deathbed, I doubt you'll be crying over not getting an A+++ in all your classes. School is important, but grades are not always measure of how well you're doing. Do your best and don't beat yourself up if it feels like your best isn't good enough. You are not defined by your failures or successes. You are enough as you are.

3. Breathe.

Source: Linked In

Enjoy your spring break, pals! You've earned it!

12A – Figuring Out Buyer Behavior No. 1

Students of the University of Florida are the targeted group for my business. There are so many places to eat on campus, but so few places where one can bring a meal from home and heat it up in order to save money and make more health-conscious decisions. In addition, there are no cheap options options for a hot meal. It's all upwards of $3 or so.

With all of the interviews I've conducted, every student had a kind of "ah-ha" moment. None of them really recognized the need before I put it in words. After I mentioned my idea to them, most were eager to share their disappointment in the lack of convenience as well as contribute ideas of their own to help create a better solution.

When I asked what they do now when they're hungry between classes, some students say they just go hungry, some purchase a lunch or snack, and some bring their own food with them. As mentioned previously, no one seems to be keenly aware of this need on campus until it's brought up in specific terms, so there's nothing that anyone really does to solve the problem. As a result, there are no Google searches unless it's looking for restaurants on or near campus.

13A – Reading Reflection No. 1

1) You read about an entrepreneur: Coco Chanel

• What surprised you the most?

Before this assignment, I knew next to nothing about Coco Chanel! I was surprised to learn that she grew up in an orphanage after her mother died and her father left her there. This is where she learned to sew under the guidance of nuns.

• What about the entrepreneur did you most admire?

I admire and respect her perseverance and work ethic. She could have chosen to blame her circumstances and remain mediocre but she chose to work and pursue an art that brought her happiness.

• What about the entrepreneur did you least admire?

I am aware that many don't find this a fault, but as someone more traditionally-minded, I do find it a fault that Chanel was in a relationship with a duke of Westminster for several years and was proposed to several times. She is known to have said, “There have been several Duchesses of Westminster—but there is only one Chanel!” Perhaps I watch too much Frasier, but it seems to me that there is an underlying hint of pride and distrust to be found in that statement that are probably due to her childhood experiences. She also said that she no more wished to weigh a man down than a bird. I think that's an interesting statement for someone who is in a relationship and refuses to marry that person. So many complain about dating someone for 5 years and not being proposed to. Isn't that a weight on the mind?

• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

Absolutely! The Great Depression as well as World War II forced her to shut down her shops. In addition, she made a bad deal concerning her perfume under which she only received 10% of the profits.

2) What competencies did you notice that the entrepreneur exhibited? 

Perseverance, passion, and determination.

3) Identify at least one part of the reading that was confusing to you.

I think it's confusing that Chanel made such a deal that compromised her earnings from her perfume. I wish that was explained more.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

How did you persevere during such hard times - whether is was when you were abandoned by your father after the death of your mother or when you were forced to shut your businesses down during the Depression and War? What was your driving force?

Who was your role model?

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I think she would say that hard work (as well as the right connections) is the greatest factor in the equation of success and I would agree.

10A – Elevator Pitch No. 1

11A – Idea Napkin No. 1

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am currently a full time student at the University of Florida; I work three jobs and do my best at whatever the task at hand is. I am a pharmacy technician, phone call campaigner, and I babysit. In the past, I worked at my father's grocery store in all departments (meat, grocery, produce, cooler, cash register, etc.) as well as interned at a local library and then a bakery in Naples, Florida called "Epiphany" where I was able to clean, bake, decorate, and eat the best brownies I've ever had in my life!

As mentioned in a previous post, I was brought up to work. Never was I handed anything - I always had to earn my rewards. This trained me to think as worker and push myself harder than any of my friends. While they were hanging out during break, I was working two jobs - 10 -12 hours a day sometimes.

By the time I graduated high school, I had my associates degree and a 5.04 GPA - all this because I was taught that there is no reward without much effort and nothing good comes easy.

These experiences helped form me into the person I am today: a hard worker with an ever-evolving skill set.

In the future, I would like to travel. I would like to teach English in a foreign country someday, open a coffee shop and cafe, perhaps have my own cooking show! In regards to this assignment and the business idea I chose to pursue, I don't see it playing much of a role outside of the university. I believe this experience will help guide my decisions in the future, but I do not see myself pursuing it in the long run.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

I am offering the idea of a heating station in several locations throughout campus so that students can save money by bringing lunches from home. Accompanying this heating station, I think it would be great to have a frozen foods vending machine with cheap lunches (hello, $0.94 chicken pot pie!).

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I am offering this to the students of UF. We all have long days on campus sometimes - whether that's because we have three lectures a day or just do all of our studying in the libraries. Either way, we all get hungry because we're all human. Unlike the staff members of UF, we don't have access to microwaves. We are forced to either starve or buy a $7.00 lunch from Starbucks, Panda Express, Subway, Firehouse Subs, etc. None of these are healthy options and they're all too pricey for students!

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Students will care because they work hard and don't want to blow their money eating out. Some may not care and some may have a dining card. But for the rest of us, we like to be conservative and smart with our money.

Microwave access will be free of charge. The frozen foods vending machine would cost money, but not much (e.g. $0.94 chicken pot pie, $1.29 burger, etc.). It is a better deal than waiting in line at Starbucks for an overpriced panini sandwich.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

See my answer to question 1.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.

I do believe that my work ethic will get me far and that my experiences will help me make some right choices, but I know that I am far from where I need to be in order to start a business. I think the first steps in this process would be to find out who at UF would be willing to listen to this idea and able to help me implement it.

9A – Testing the Hypothesis, Part 2

The need is a heating station on the UF campus so that students who bring a lunch to school can heat it up and enjoy it. This will save them money because they will not have to buy a lunch; it will also save them time because they will not have to wait in a lunch line.

Who falls outside the boundary of this need?

Staff, professors, and students who have a dining card. The staff and professors have access to microwaves in their break rooms or offices while students with dining cards can hit up the cafeterias if they're hungry. These groups would be the outside the boundary of this need.

What is the point where the identified need differs from another need?

The main need here has to do with convenience, being more financially responsible, making healthier decisions, and hunger! I think the point where this need differs from another need is when a person asks themselves if they're hungry and the answer is no.

Why: is the underlying cause of the outsiders' need different than people who are inside the boundary?

The underlying cause of the outsiders' need is simply access. This is the reason the outsiders' will not need access to a heating station. They already have access to hot food whether it's from the cafeteria or because they already have access to a microwave in their break rooms.

Inside the Boundary

Who is in: Students who are keen on saving money, making healthier decisions when it comes to food, and students who prefer to eat a hot meal rather than a bag of chips for lunch.

What the need is: Access to a heating station in multiple areas on campus.

Why the need exists: Students get hungry between classes or study sessions and often want to eat a hot meal but not at the expense of travelling over a mile to the other side of campus to wait in a long line and eat food that is not healthful.

Outside the Boundary

Who is not: Staff and students who have a meal plan.

What the need is not: The group mentioned above do not need this heating station because they either already paid for their meals in advance or have access to a heating station in their break room.

Alternative explanations: Some people prefer to snack instead of eat a lunch, aren't on campus all day, or already have this need met in another way.