Assignment 30A: Final Reflection

1) I would say the lows for this class started with the beginning assignments. I think I felt that the more abstract assignments, the ones essentially about nothing but working on our skills, were the hardest. Those were definitely the hardest and the most cringey to read. I think my interest in the class pick up when I had something consistent to write about.

2) I think what sticks out to me the most was the first elevator pitch and how the rest progressively got better. I was definitely sure that I could wing the first one. I was very confident in my ability to make something up. However, I ended up recording that pitch for like 2 hours. I hate being on public speaking and being on camera so this wasnt my favorite assignment. However, even though I didnt want to do it, I learned a lot from it. By the last pitch I was done in 15 mins. 

3) I do think that I now have an entrepreneurial mindset. I always find myself pointing out flaws, but instead of complaining and forgetting about it, now I think of solutions for the problem. I also have a running list of thing I think I could fix. 

4) I would say that a student going through this course definitely needs to be organized. Even though the assignments are the same time every week, some take more work than others. Even if you have a time set aside to do it during the week, you should check the assignments due at the beginning of the week to make sure your time that is set aside is enough. I also think a student in this course needs to be open minded. You have to step out of your comfort zone a lot to do these assignments but it is better for you in the long run. 

Assignment 29A: Venture Concept No. 2

Opportunity: People how are watching their pockets have a need for the low-cost food provided. The nature of the ultimate need, hunger, is common and frequent. The nature of the need of low-cost food depends on time and circumstances, but can be found in a lot of individuals. The forces that are creating this opportunity are the lack of quality food for a cheap price. This market is primarily college students and small working class families. Geographically, it would likely start in Gainesville. Currently, customers are getting cheap, low-quality food, like McDonald's, or more expensive, better quality food, like Olive Garden. I think that these other outlet fulfill the basic need of satiety but are not places that people are hooked to. I would say that this opportunity is pretty big; no one really tries to down-scale high quality foods or restaurants. I think the window will be open for some time because each segment is okay with the revenue they they are bringing in when compared to the quality that they put out.

Innovation: I will be selling customizable, quality bowls of pasta for prices ranging from $7-$12. This business will help customers have shorter wait times when getting their food. This market specifically to pasta makes it more accessible than every before. Pasta is rarely sold on its own, which makes customers have to jump through hoops like long wait time at dine-in restaurants or higher prices at dine-in restaurants to get to it. The restaurant would be focused on a build-your-own pasta bowl model, though there will be made designed menu items. It will work as an assembly line style ordering system where you pick what you want in your bowl, as much as you want. There will only be upcharging if absolutely necessary, but never over $12. These upcharges would be for things like gluten-free pasta or zucchini noodles for example. I think a good to keep up customer loyalty would be to have rewards for visiting often. For example, if you buy ten bowls of pasta you can get the next one free. I think having an attainable goal that customers can work toward would spark interest in my restaurant.

Venture Concept: The reasons that they would switch would be because it is hard to find, an adult serving size, quick, quality bowl of pasta for under $12 almost anywhere; it is pretty much unheard of. I don't think that it will be hard to get people to switch because the value is sort of self-evident. The most direct competitors would be big chains, like Olive Garden or Carrabba's, and small Italian restaurants. I think the chains are vulnerable because they have higher prices, and the smaller restaurants are vulnerable because they have a wide scope. I think my price point are the selling point and any thing else that is beneficial is added bonus. I don't think there would have to be a lot of employees to start off; maybe 5, but they would do classical restaurant roles. They would cook, take calls, make orders, man the register, etc.

Three minor elements: I think our most important resource will be creating a culture of adaptability to changes. I think what would be next would be getting involved with a delivery service and thinking about branching out to more locations. I think this would help me learn how to start my first business so that I could go on to start and finance more.


2. The most common critique that I got was to further explains and develop my price plan. There was a suggestion to have some sort of rewards plan to encourage custome loyalty.

3. What I adjusted from the comments I got on the last venture concept was the customer loyalty rewards plan. I mentioned that it would be a good idea to have a rewards system where customers can buy certain amount of bowls of pasta and get the next one at a discounted rate.

Assignment 28A: Your Exit Strategy

I think my exit strategy is to keep the business, at least for a few decades, and expand it. I don't know if I plan to pass it down to my children, but I know that it is something that I want to see through. If my children end up wanting to take the reigns on it, then they can have it. I think my chosen exit strategy has a lot to do with my personality. I am super loyal and I stick through thing even when times get rough. I know you will have to pick and choose what you dedicate your time to if you have multiple ventures that you have trouble maintaining. However, I don't plan to have a ton of other ventures, only a few. I think my exit strategy has influenced how I have chosen to go forward with the business. I have chosen to grow and expand the company to new locations. I don't think it has changed how I identify an opportunity.

Assignment 27A: Reading Reflection No. 3

The book that I chose to read was Shoe Dog by Phil Knight. The thing that surprised me the most about Knight was that he had managed to stay hidden for so long. Most people didn't know his name or his affiliation to Nike until a few years ago. I admired that he let other people be. He let his employees make have their own ideas and be able to lead their own lives in some aspects. The thing that I admired least about Knight is that he pretty much surrounded himself with yes men. I don't think it is smart to have a bunch of negative people who don't believe in you in your circle, but I think it is important to have some close skeptics or people who don't see you point your point of view. The adversity that Knight faced was always being broke. Since his parent company was in Japan, he needed numerous bank loans in order to keep brining the shoes to the U.S. Despite not feeling appreciated by the Japanese business men he worked with, he continued to try to make the company better. He improved the shoe designs as well as the name and the logo to try to attract more customers.One of Knight's competencies is undoubtedly that he isn't afraid to take risks. He started the company on a small investment and a bold approach to a CEO in Japan. I also think leadership is one of his core competencies. He has a more hands-off approach to leadership, but I think some of the best leaders trust their team. We can see that Knight does trust his team by not micromanaging them. I would say the most confusing part of the book was how he portrayed himself versus his actions. He said he was super awkward and could barely manage to tell the woman who would eventually become his wife that he had a crush on her. Yet, all of his actions seem to contradict this shy, introverted nature. For example, he walked up to a CEO and basically asked for a part of his company.One question I would ask Knight would be if he would do it all over again, start Nike, considering all of the hardships he endured. I would also ask if he believes that his shy and nervous attributes help him in any way. I think Knight's opinion of hard work is that it is the foundation of everything. He believes that hard workers make the difference in a company. He values the struggles that he has endured. I would say that I share that opinion. I think that hard work is the foundation of anything that is successful and has longevity, especially a company.

Assignment 26A: Celebrating Failure

My story about failure happened this semester. I had two exams on the same day, ten minutes apart, this past month and I didn't feel prepared for either going into the week of the exams. I am pre-med so I cared more about my Physics exam than my Business Finance exam. I was studying hard for my Physics exam, but the class is fairly difficult. Though I understood the information I was studying, I kept getting practice problems wrong. In my attempt to do well in Physics, I barely gave Finance a second thought. When I took my Finance exam I realized that I hadn't studied much by looking at the first question. I thought I could figure it out since it was mostly based on Accounting formulas that were somewhat interconnected. I was sadly mistaken. I got a 30% on the Finance exam, the lowest exam score I have ever gotten, and didn't even do well in the Physics exam. What I learned was that I am not naturally gifted in Finance and that I need to put a little more effort into studying it. I also learned that I shouldn't dedicate all of my efforts to one subject.

I absolutely hate failure. I am a perfectionist and I try to avoid failure at all costs. Since I loathe failure, I handle it really unhealthily. I don't really talk about it, and I definitely try not to process it or dwell on it. I would say this class has changed the ways that I think about failure. I have always been up for taking risks, but I always thought I would succeed in the risks or I wouldn't take them. Now, I can take risks and accept having to alter my plans if the risks don't pan out.

Assignment 25A: What’s Next?

Existing Market

1: I think what would be next for this business would be trying to make it happen outside of a college town. I think it would be really interesting to see how if and how families would gravitate toward the restaurant if it was placed next to a neighborhood of small family homes. I think knowing if the business would have a future as a chain is important.

2: When I talked to the interviewees, I got an overwhelming since of knowing how this restaurant would fit into their lifestyle. The people who were in college wanted to know if this would be accessible at late hours if they are studying, and would it be able to be delivered to them. The small families wanted to know if it could be brought to them as well, if they're having a day when the children are having a rough not and they need something quick to eat. They said branching out would be a good idea.

3: I think the way to grow for the future would to be to branch out. I would have to get my feet wet trying to seeing where best to put another location. These families would have to know that it existed, but it couldn't be too far that it felt like a hassle to go to. It also couldn't too close that it felt as though industrialization was infringing upon their neighborhood. I would also be interesting to see if working class single or married people would take an interest into the new location.

Also also think a great way to move forward would be to outline some accommodations. I think that it would be good to start setting hours of operation and thinking about those implications. I think it would be good to have the restaurant open during lunch time as well as later into the night for college students. However, it would have to be enough time closed so that workers don't feel like they have no time to rest. I also don't think this schedule would be needed if the location targeted to families opens. I do think that there needs to be some delivery service or partnership with outsourced delivery services for all locations.

New Market

1: Affluent individuals

2: I think this venture would create value because it is easily accessible and customizable. They won't have to spend too much time looking at a menu, and they definitely won't have to leave work.

3:  I interviewed doctors, and they basically said it would be great because it could get delivered to them. The only adaptation would be that they would want higher priced menu items like shrimp.

4: I think what I learned about this interaction was that having a system of delivering the food to the customer would be a big help. I also think that having some higher prices add-in would help complete the menu. Though it sort of defeats the purpose of keeping the cost low and having everything under $12, it does add some more variety. These changes to the menu would also help me market to these affluent individuals. This market is not as appealing as my current market because there are a lot less affluent individuals in the world.

Assignment 24A: Venture Concept No. 1

Opportunity: People how are watching their pockets have a need for the low-cost food provided. The nature of the ultimate need, hunger, is common and frequent. The nature of the need of low-cost food depends on time and circumstances, but can be found in a lot of individuals. The forces that are creating this opportunity are the lack of quality food for a cheap price. This market is primarily college students and small working class families. Geographically, it would likely start in
Gainesville. Currently, customers are getting cheap, low-quality food, like McDonald's, or more expensive, better quality food, like Olive Garden. I think that these other outlet fulfill the basic need of satiety but are not places that people are hooked to. I would say that this opportunity is pretty big; no one really tries to down-scale high quality foods or restaurants. I think the window will be open for some time because each segment is okay with the revenue they they are bringing in when compared to the quality that they put out.

Innovation: I will be selling customizable, quality bowls of pasta for prices ranging from $7-$12. This business will help customers have shorter wait times when getting their food. This market specifically to pasta makes it more accessible than every before. Pasta is rarely sold on it own, which makes customers have to jump through hoops like long wait time at dine-in restaurants or higher prices at dine-in restaurants to get to it. The restaurant would be focused on a build-your-own pasta bowl model, though there will be made designed menu items. It will work as an assembly line style ordering system where you pick what you want in your bowl, as much as you want. There will only be upcharging if absolutely necessary, but never over $12. These upcharges would be for things like gluten-free pasta or zucchini noodles for example.

Venture Concept: The reasons that they would switch would be because it is hard to find, an adult serving size, quick, quality bowl of pasta for under $12 almost anywhere; it is pretty much unheard of. I don't think that it will be hard to get people to switch because the value is sort of self-evident. The most direct competitors would be big chains, like Olive Garden or Carrabba's, and small Italian restaurants. I think the chains are vulnerable because they have higher prices, and the smaller restaurants are vulnerable because they have a wide scope. I think my price point are the selling point and any thing else that is beneficial is added bonus. I don't think there would have to be a lot of employees to start off; maybe 5, but they would do classical restaurant roles. They would cook, take calls, make orders, man the register, etc.

Three minor elements: I think our most important resource will be creating a culture of adaptability to changes. I think what would be next would be getting involved with a delivery service and thinking about branching out to more locations. I think this would help me learn how to start my first business so that I could go on to start and finance more.