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.

Assignment 23A: Your Venture’s Unfair Advantage

Resource #1: I know a lot of college students, plus I am one.

V: College students will likely better listen to someone who has been in their shoes, or is currently in that situation, concerning food prices.

R: I don't think its rare to be a college student

I: I also don't think it is hard to become a college student, and there are many pathways to do so.

N: I don't think it is substitutable because that sense of trust and understanding can really help you build a relationship with your target market.

Resource #2: I have a good idea of understanding who people are by meeting them by meeting them.

V: I can better relate to someone once I know who they are and how they generally operate.

R: I don't think it is that common to be this aware of personality types and traits.

I: I think this is harder to imitate because it can't be learned.

N: I don't think you can substitute anything for it because it is a really good relational tool.

Resource #3: I love pasta

V: It is valuable because I feel like I really know what I am selling

R: It is not that rare. A lot of people like pasta but maybe less eat it as frequently as I do.

I: It is pretty easy to imitate

N:  You could just not like pasta but devote your time and money into making a pasta restaurant

Resource #4: I know how to cook pasta

V: That is an important first start to having a pasta restaurant

R: Pasta is not hard to make

I: Anyone can learn to cook pasta

N: You could hire other people to make the pasta

Resource #5: I have connections for maintenance work

V: I think that it is very important to think about the logistics and maintenance of the venture so having these low-cost resources is very beneficial

R: I think that it is rare that someone would have as many contacts as I do

I: I don't think it would be hard to make some connections to have later

N: You can just hire workers when problems arise

Resource #6:  I am highly observant

V: Less will go unnoticed and there will be more attention to detail

R: I think a lot of people are at least a certain level of observant

I: People can train themselves to notice more out of their daily routine

N: I think this would be hard to substitute for because either you catch things or you don't

Resource #7: I am able to be adaptable

V: There is a lot that changes daily when opening and running a venture

R: I think that a lot of people are adaptable

I: I think that you can learn to be adaptable but it is harder to do if you don't naturally accept change to come degree

N: I think you can remain rigid and inflexible but it will reflect in your organizational culture and ultimately throughout your venture

Resource #8: I am able to be calm under pressure

V: I think there are a lot of high-stress, high-pressure situations that can arise and I think it is better to be able to keep calm while working through them

R: I think there are a lot less people that keep calm under pressure than there should be

I: I think that this would be hard to learn if you don't already have it, but easy to copy if you do

N: People can remain frantic under pressure but this usually leads to worse off results in the situation.

Resource #9: The organizational culture will be friendly and hospitable

V: It helps people want to come to your establishment and invite their friends and family.

R: There are lots of firms that create a hospitable environment. It's really about the way they go about it

I: I think it is can be challenging to find the people will be hospitable in almost any circumstance.

N: I don't really think you can have an effective business by being mean to customers

Resource #10: I think that I have an inviting sense of humor

V: I think this a great relational tool to bring others in

R: I think that it is fairly rare

I: I think you can learn to be funny (comedians) but having it spark up constantly through daily life would be challenging

N:There is no real need for it but I think it is an added bonus. so I think can substitute it with the lack of this trait.

I think the most important thing on this list is being adaptable. There really is no way to know what you will encounter by opening and running your venture. I think it is best to be open to change and able to pivot and work with the change.

Assignment 22A: Elevator Pitch No. 3

https://youtu.be/oLrF4SAFR7Y

The feedback that I got from my previous pitch was that it was good that I decided to use more inflections and a script. This time I kept these inflections and I also used a script. I did change the order in which I was presenting my pitch. Looking back some of the things I was saying didn't make since at the time I was saying them. I also added a few more fact to really stress the time saving qualities that my restaurant would provide. I also added a little bit more about why I would be fit to provide this service.

Assignment 21A: Reading Reflection No. 2

The book that I decided to read was How to Fail at Almost Everything and Still Win Big by Scott Adams. I think the general theme of the book was centered around knowing how to embrace your failures but also maximizing your chances of success. I think that the book connected with the material we learn in ENT 3003 in a lot of ways. To start, when it talks about goal setting and embracing failures, I think about how we are supposed to use the feedback from failed attempts to adjust our perspectives and find the first thing that works and run with it. I think the material is enhanced by Adams referring to the way energy and attitude can affect your success. I think if we had the class write out five ways they could maximize their personal energy by catering to their needs, it would be beneficial. The exercise would be for the class to write out their methods, do them over the course of the week, and reflect on how they went. I think a big surprise that I had while reading was that he suggested choosing a career path in line with the level of risk that you are willing to take or that you are comfortable with. I found this really interesting because that though would have never occurred to me. You are always told to "follow your passion" or "do what you love", but this book completely refutes this notion. He is saying do what you are built to do best.

Assignment 20A: Growing Your Social Capital

1) Carrabba's Italian Grill, Inc.

1) George Bilowus is the Catering and Marketing DIrector at Carrabba's in Tampa. 

2) I thought that he would fit the description of a domain expert. I thought that, since he is in charge of catering and marketing, he would know a lot about making and selling pasta.

3) I used hoovers initially for Olive Garden. However, I couldn't seem to find good contacts for Olive Garden so I went to the industry of Italian restaurants. Carrabba's had 13 contacts and I picked the one that would fit most with what I wanted to know.

4) There was only a phone number provided, and he didn't answer when I called. I would have asked about his role in catering and marketing, like a day in the life. I would have also asked what he thought would be different about his position if Carrabba's wasn't a chain restaurant.

5) I think having production and marketing advice on how to sell a produce and sell a similar product from someone who does it daily would give me a leg up. I wouldn't have to learn by trial and error which production/marketing strategies work well. 

2) Blaze Pizza, LLC

1) Dave Reinhart is the director of design and construction at Blaze in Pasadena, California

2) I thought that Dave would be a good market expert because he works on setting the atmosphere for the market I am trying to target and creating the interior for a similar business.

3) I went on Hoovers and look up Blaze because I am trying to model the flow of customers after that business. 

4) I emailed Dave and asked him what comes to mind when creating an environment for Blaze customers. He basically said to have an open concept; not in the sense of space but in the sense of customer relationship. having the ingredients and grill out in the open so that customers can see every step of the process was important. 

5) This helps me because now I have a sense of direction when trying to create an inviting interior.

3)Wells Fargo

1) Krisiti Atwood is a second level business initiatives consultant at Wells Fargo Bank, National Association in South Dakota.

2) I thought she would fit well in the supplier category because Carrabba's uses Wells Fargo as their bank.

3) I just looked up Wells Fargo on Hoover and I thought she fit what I was looking for best.

4) Unfortunately, she didn't answer my email. I would have asked how would what would banking look like for a company that is starting small and begins to grow. Would there need to be different accounts opened, etc.

5) I think this would give me a good insight into banking for a company as opposed to for individual purposes.

Reflection: 

 I think this experience differed from past experiences because I am not just asking about their company but I am asking how it could help me company. I think I will now take the perspective of networking for my benefit when participating in future networking events.

Assignment 19A: Idea Napkin No. 2

1) My name is Nala Mckie, and I love pasta. I think I make fantastic bowls of pasta for myself, and I think that I could bring this to others. I believe with my skills to be able to quickly observe and analyze the needs of others and strategize about solutions. Thus, I aspire for this restaurant to appeal to the need for cheaper, quality bowls of pasta. I think I would love to have as a broke college-student and a lover of pasta.

2) This restaurant will be a build-your-own-pasta bowl facility. There will be an assembly line of ingredients and you can pick those that fulfill your desires for that night; then you could switch it up the next week. This restaurant would have a set up like Blaze were you can see your food being made. You can tell someone exactly what you want, piece by piece, and you can see how long it is taking.  All pasta bowls will be quickly prepared, unlike waiting at a dine-in restaurant, and they will be under $12, unlike paying at a dine-in restaurant. The cheapest bowl of pasta that you could get would be starting around $7 and for that price you could pasta, sauce and cheese if you desired. There are a number of options for vegans, meat-lovers, gluten-free individuals, and those eating on the lighter side. 

3) The commonality in all of the customers is a hungry stomach and an affinity for pasta. I think that it is pretty important to mention that they don't have to love pasta; they simply have to be willing to consider it while enduring their hunger pains. I think the most common demographic will be lower to middle income individuals and families. People who want to go out to eat, but are not looking to break the bank. The restaurant will be marketed as a great place to hang out though. A good place to have a family night out or for students to catch up with their friends. I like to think of it as a place to do life together, or grow closer with each other while grabbing a bite to eat.

4) Customers care because they can't find this specific food item without going through much more hassle. Instead of spending an hour and a half in a nice Italian restaurant with screaming children, you can be in and out in 15-20 minutes. Even if you called ahead to a restaurant and ordered take out, it would still take at least 30 minutes and around $15 a meal. This restaurant offers the same, or even better, quality food starting at half that price.

5)I believe the main thing that would set me apart would be a high level of customizability. You can't go into Olive Garden and tell them you want spinach and mushrooms with chicken and sausage without facing some serious upcharges. Also, they might not even have all of the ingredients that you desire. That is not to say that this restaurant would have every type of add-in ingredient, but it would have a lot. Another thing that would set this restaurant apart would be the warm, social atmosphere and the level of quickness paired with quality


I think these elements mostly fit together. The aspect of targeting families and students by competing directly against some challenge that they face, like limited time and money, fits really well together. I think that there is a consistency in consideration of the target customers in every aspect all the way down to the core purpose of the business. The one thing that I think is a bit out of place is marketing the restaurant as a great place to hang out and catch up. I think its a good way to get people to fall in love with the place by creating memories there with friends and loved ones. However, I think it goes directly against the vision to be a quick, in and out restaurant.

I didn't get any feedback on my last idea napkin, but I think I used what I learned from some of the other assignments that we have done to adjust this idea napkin. First, I added more of my strengths, as defined in the secret sauce assignment, to explain my skills and how they would incorporate into producing this restaurant. I also think I did a better job of describing the service and why people would want it. I added more cost information and numbers and better explained the set up of the interior of the restaurant.