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.