Venture Concept No.1

Week 11 Reading Reflection

The importance of having an innovation strategy was very surprising to me, and the consequences of not having one.

I had to deal with accounts payable/receivable, etc. at my summer internship, not much in this chapter was confusing to me but I would like to get a better understanding of contributed capital.

Which method of innovation is best for start-up companies trying to expand their brand?
Do innovative collaborations have to follow set rules or are they free to do what they need to?

I don't think the author was wrong about anything in this section!

The Amazon Whisperer

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

My current revenue drivers are my food products.

• Describe what kind of product offering you believe should be next. What's the next thing your customers want?

The next kind of product offering I think should be next is to turn my restaurant into a bar at night. 

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

This will enhance my current business because it will bring in more money from alcohol and it will spread the name of the restaurant around. Therefore, it will foster customer royalty. 

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

http://www.amazon.com/Paykoc-Solid-Copper-Moscow-Embossed/dp/B004CYWOEU/ref=sr_1_2?ie=UTF8&qid=1459126093&sr=8-2&keywords=titos+vodka

This is a moskow mule mug and this is what i would serve my moskow mules in! This product has great reviews. 

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

What customers like "I had been wanting Moscow Mule copper mugs for several years and finally found the perfect ones. I love how the mugs keep the delicious drink cool. There is no other way to drink a Moscow Mule, and during the hot summer months, there's no better drink than a Moscow Mule to quench your thirst. They are the perfect size.

These mugs look great in your bar area when not being used, and look really special and are authentic when using them."

What customers don't like "I know this product would tarnish but it looks kind of weird after washing. I think it would have helped if it came with instructions for cleaning so you could get the shine back."

• Describe what design/usability changes you'd make to the product. 

I wouldn't change anything about this product because most customers seem to really like it. 

• Describe why you think this product would make a good addition to your current product/service offering.

I think that a lot of college kids are looking for a new place to drink at midtown and my restaurant could serve as a great bar too. 

My Unfair Advantage

human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create

• Personable - A lot of people are personable, so this isn't very valuable in differentiating myself.
• Fast learner - Not as many people are very fast learners, but it's not a big enough factor to make me stand out. 
• Highly Motivated - Being highly motivated is great and necessary, but a lot of highly motivated people still fail.
• Well Educated - I think this is one of my most valuable traits when it comes to being an entrepreneur. It's not easy to replicate the education that I am going to receive, and by the time I graduate I will have my bachelor's and master's in Finance. 
• Well Connected - This is definitely my most valuable resource, because not everyone who opens a restaurant knows as many people in Gainesville as I do, especially students, who are going to end up being my customers. This gives me a support network as soon as I open the restaurant, and free advertising through word-of-mouth.
• First-hand knowledge - This kind of goes hand in hand with the one about being well-connected. As a student, I personally know the needs of the students and what they'd like. 
• Team-oriented - The culture I would create would be very team-oriented, but this isn't very valuable or distinguishable. 
• Adaptable to change - Although this is a very necessary trait, it's also very common in many restaurants. 
• Creative - This is probably my least valuable trait, mostly because everyone considers themselves creative in some way. 
• Customer-oriented - This is more about the way I'd like my business to be run. I think that this will definitely make me stand out and will be very valuable. 

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

Even though I'm a finance major and I know that there's  a lot behind running a company, it is always surprising to much just how much there is to keep track of.

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

Since I've already taken finance and accounting, none of this was really confusing to me because I've learned it all already.

3) If you were able to ask two questions to the author, what would you ask? Why?

Would you recommend learning how to do the finances yourself or hiring someone who's a professional?
Do you think that finances behind businesses are going to become more automated with the advancement of technology?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I did not find anything that the author was wrong about. This is about finance and accounting, so there isn't really much room for error.

Growing Your Social Capital

The first person is an owner of a restaurant in midtown that serves lunch and dinner. They will act as my domain expert, because the restaurant is very similar to what I plan on opening, with a few minor differences (breakfast&lunch vs lunch&dinner). I found this person by walking into the restaurant and asking them to call me when they're free. A few of my friends work at this restaurant, so the manager was willing to talk to me without me doing him a favor. This person will give me a huge leg-up because they already know the ins and outs of the restaurant business, and I don't. I think it's always really important to have a good mentor when starting a business. 

The second person is the owner of a bar in midtown. They are my market expert, because although a bar is different from a restaurant (sometimes), they target the same market and they are run on the same basic principles. I found the person the same way as the first person, by having them call me. Once again, a few of my friends work here so he was willing to take a few minutes to talk to me for this project. Although I think this person is less useful than the first owner, he is still helpful for me because he provided more information about the target market and how to advertise well. 

The last person is the supplier of some of the food I would use. They are my supplier. I contacted this person by asking one of the restaurant owners who their supplier is, and then emailing that person. The favor I will be doing for them is buying their products. This person will help me exploit an opportunity because he has some of the best quality food in Gainesville and now I've already established a relationship with him. 

Elevator Pitch 3

This is my third elevator pitch. On the last one, I had a lot of people tell me that I needed to stabilize my camera and go somewhere with better lighting. So for this one, I put my camera on a flat surface and tried to go somewhere with better lighting. Other than that, all of the feedback was positive and they agreed with my business plan!

https://youtu.be/m8qI249XtlI

My Secret Sauce

How I'm unique:
1) I am very in control of my emotions and my reactions to my emotions
2) I am good at focusing on important tasks when they need to be completed
3) I don't let distractions interrupt my priorities
4) If something is important to me, I will do it with precision
5) I don't let other people's opinions influence me if I am confident in my reasoning

https://youtu.be/5y-Q1JIdYxE
Lacey told me that she think's I'm very good at using logic over my emotions when making decisions. She also said that I'm very good at focusing and studying.

https://youtu.be/McliJ6xQIII
Adam told me that I have good work ethic and that i'm a quick learner.

https://youtu.be/G4YbyG3tmBg
Simon told me that I'm cheerful, lively, and a good friend. He also told me that I'm generous.

https://youtu.be/hHT_MizgO7o
Ralph pointed out that I am a go-getter. He said that I am not afraid to say what's on my mind.


I think that the way that I see myself and other see me is incredibly similar, which was kind of shocking to me. I was flattered to hear about all the nice things my friends had to say about me. I do think that the friends that I interviewed are correct about me, but I think they may have exaggerated some characteristics haha. I wouldn't make any changes to my original list.

Week 9 Reading Reflection

Biggest surprise:

The author stated that banner ads are the "cheapest and most efficient way" for new companies to advertise. I found this very surprising because I generally ignore banner ads. I didn't realize that they were so efficient and effective.

Confusing:

At first I found it a little confusing how the author explained that researchers gather secondary data first. From the sound of it, you'd think you gather it second. But what it actually is is data that has already been collected, so you gather it first.

Questions:

What is your opinion on companies that use little to no marketing, such as WD40?
Which strategy is generally more fruitful, product-driven or sales-driven?

Disagree:

If anything, I'd have to say I disagree with the banner ad comment. I think that maybe they seem useful because a lot of people accidentally click on them, but I wonder how many of the people that click on the ads actually make a purchase.

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 a sophomore female finance student at UF. I am good at photography and I like to read, and I also enjoy food. I would like to run a successful company. I think this job could be my full-time job.
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 to customers a great American restaurant in midtown Gainesville. There aren't any breakfast places in midtown, so I think that students and professors alike would really enjoy this new option. It would provide a relaxed environment and great food, along with a friendly staff. In addition, on the weekend (Friday, Saturday, and Sunday) mornings, I will offer drink deals such as bottomless mimosas and bloody mary's for those of drinking age.
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?
This question doesn't change much. I still believe that what is special about my business opportunity as oppose to many other people's is that this restaurant would benefit literally everyone in Gainesville. Anyone who would like a new breakfast/brunch/lunch place with great food would benefit. This includes kids, families, students, professors, and Gainesville residents. The one part I would add is that I am aiming to make this an affordable brunch spot, where students won't have to break the bank.
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. 
My customers will find this place valuable because it is a great place to unwind from a stressful week with either your family or your friends. It is also a place you could get a breakfast to-go and eat it in the library during the week or bring it to class. The options are endless, and I think that many people in Gainesville will find a use for a restaurant like mine.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 
My core competencies include my love of great breakfast food and my knowledge in the area. I am also a very research-oriented type of person and I would make sure to get the best quality food available for the most affordable price.
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 believe that all of my business concepts fit together very well, and that there shouldn't be any problems implementing them. I think that if I were to implement this idea, the only flaw would be my lack of experience/age, so I would wait until I finish with my bachelors and my masters and work a few years before I dive into the restaurant industry. I might even try to pursue a degree in that industry.
For the "feedback memo" -- please summarize five main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin. 
- I realized that running a restaurant is a full-time business, and I'd need to make it my full-time job in order for it to be a success
- Alcohol is a huge part of the appeal of restaurants for college kids. My restaurant will now serve alcoholic beverages and have deals on those drinks during the weekends.
- I need to make affordability a priority, because not many college kids eat out. I have included that in my "Who?" question.
- Customers need to realize that this place can be used every day of the week, and all months of the year. There will be to-go and delivery options (**affordable**), so you can grab your breakfast sandwich and head to lib west (across the street), or come relax for an hour or so with friends.
- Quality of food matters to many customers, and I need to let them know that I will use the best quality foods I can find.