30A – Final Reflection

My most formative experience: By far, my most formative experience this semester was contending with the unpredictability and unforeseen circumstances of COVID while also contending with school and my own personal life. When I found out that I had to leave Gainesville, I had to (within a week), take two tests, complete assignments in four courses, pack up my apartment and my girlfriend’s apartment, and then drive us to my house to stay. This was a moment full of stress, anxiety, and doubt. What if I didn’t have enough time to study? What if I couldn’t sleep well and had to drive the next day? It was pretty rough to say the least. However, it brings out the best in us. I made amends where I could, and I planned with my girlfriend and just buckled down and did it. It took a great deal of grit and resilience on our behalves, but we got it done! Not only was this a great experience for us as a couple, but also as individuals. It tested our mental, physical, and emotional capabilities to the max.

My most joyous experience: My most joyous experience this semester started at the beginning of the course. When I found out that I had to come up with a business idea and an unmet need, my girlfriend and I sat down one night and came up with the idea of revising bags and packaging in the restaurant industry. I was really happy that I had something so niche and impactful, and that we were able to do it together as a team (As you can see, I am pretty head over heels about her too).

My most prideful experience: I am most proud of myself for taking and finishing this class as a whole. When I was in highschool, I was much more adventurous and entrepreneurial at heart. By the time I had graduated, I had started and ran 2-3 small local businesses in my community at a time. This gave me a lot of hands on experience, but I didn’t learn very many lessons from them (mostly due to them going exceedingly smoothly due to my connections, but also because I was young and naïve). In a way, taking this class was me forcing myself to get back in touch with that side of myself, which I am very proud of myself for doing!

I would absolutely say that I see myself now as more of an entrepreneur than when I first started this class. Being an engineer (computer scientist), I’ve always had a problem-solving mindset, but this class helped me to fine tune my methodologies and thought processes to be even more so. This class has taught me more than I ever expected, especially about efficiency, prioritizing on what actually matters, and getting the important things right. The little details only matter if you have the whole right! Being a perfectionist makes it hard to see that at times, but this class has helped me to combat it.

In addition, I have come to embrace my natural aptitude for being a realist. Before, I used to think that I needed to replace it with more positivity, but I have seen that it can actually be used as an asset to find opportunities when used properly!

If there’s one thing I had to recommend to students in this class in the future, it’s this: this class isn’t just about business, making money, or getting it off the ground. It’s also about being a better, smarter, more resourceful and more intentional individual. This has profound implications for every area of your life. Let Prof. Pryor be your mentor and get ready to learn! You get what you give… especially in this class. Once you realize that this class will impact you in ways you don’t even yet realize… you won’t have a hard time showing up and doing the work. Rather, it’ll be fun! Get ready to fall in love with the process of being better, one lecture and exercise at a time.

Image from: https://miro.medium.com/max/1000/1*iKPqdjkTLDETVM6GhIclNw.jpeg

29A – Venture Concept No. 2

29A – Venture Concept No. 2

Opportunity:

Who has the need?: This need is had by companies who offer catering/delivery/takeout services to their customers and who value the opinions and repeat business of said customers. Such customers of my customers are really anyone at all: busy families, busy professionals, or anyone who is in a rush and needs said services.

The nature of the need: You know the feeling: you’ve just gotten off of work, and your spouse/roommates/friends want you to pick up food. You do so, thinking that you’re doing a good deed for everyone. But by the time that you are home, the bags are wet, soggy, and the food is cold! Everyone is on your case. This is not an ideal experience to have, and this is where my product comes in, ready to save the day. Whether it’s a family matter or a business event, we can make it happen.

How big is this opportunity?: Potentially, massive: as big as the restaurant industry. Food is a necessary thing for sustaining life, so the need for restaurants will always be around. That’s a given. As society gets more and more fast paced, delivery/takeout/catering will become even more prevalent, leading to more and more increases in business in my target market.

How long will the window of opportunity be open? As mentioned above, it will be open indefinitely.

How are customers currently satisfying this need?: Well, they really aren’t, and that’s what makes it an unmet need. Unless you go out of your way to keep an insulated bag in your car 24/7 for picking up food (let’s face it, we all forget), you’re probably not doing anything about it. You’re stuck living with those subpar plastic and paper bags that you get when you order food.

Innovation:

I would describe my product more so as a mix between radically and incrementally innovative. I’m not recreating the bag, but I am building a bag in a way and in a mixture of features that has never been done before. I’m using bags that are fully recyclable, lightweight, and insulated to keep foods protected and at their optimal temperature. They have handles and are available in a variety of sizes as well as custom sizes if orders are of great enough quantity. This allows us to provide basic solutions while also adapting to whatever a customer may need. They feature custom branding as well. Pricing will vary based on size and quantity ordered, but it is priced to match competitors plus an additional 25% per unit as a rule of thumb. This allows us to make our marks while still producing a quality and innovative product at a low price.

One additional future innovation that I would like to explore with this business and its product line is the introduction of a universal packaging/bagging divider system that allows for one bag to satisfy a variety of size, shape, and structural needs. This bag would provide flexibility in inventory. Instead of having to carry multiple bags of varying sizes, businesses can carry this singular bag, reducing wastage and overhead. In addition, it will allow businesses to divide the various foods up into compartments (keeping cold from hot, etc.) in order to keep contents safe and as they should be. As one can see, this will need some further development.

Venture Concept:

Companies care about how their customers perceive them: If they perceive them positively, they will get repeat business and good reviews. Yay! If they perceive them negatively, they will get no more business and bad, scathing reviews. This could kill the company! As one can see, it is ESSENTIAL for businesses to provide their customers with the best experience possible. One of the biggest flaws in such an industry is the bags (as mentioned in the opportunity), which is where my innovative product comes into play. It solves all of these unmet needs, providing a cost-effective way for businesses to not only make their customers happier, but to also get more repeat business and increase revenues in the process. It helps the businesses while also helping their customers. WIN WIN!

Overall, I don’t think it would be hard to get businesses to switch to my product, especially when they are presented with potential projections and examples of what in can do for them (but this will come with time as people start to catch on and adopt this idea).

My competitors would be existing producers of bags for B2B transactions. They could potentially beat me out by trying to knock my product off, so I would need to either trademark/patent my product in some way, or establish relationships and offer things to them that no one else could via things like customer service and a beneficial relationship. These both will be imperative to long term, sustained success in this industry.

In order to form this into a business, I would need to setup a contract with a manufacturer to build my products for me as they are ordered. I would also need to secure contracts or licensing with restaurants to ensure their business. The good thing about this is that I could do all of this by myself at first until I had the capital to hire people to help with logistics as I scaled. In time, I could potentially build my own production facilities, but that would be years down the line.

Three Minor Elements:

I truly believe that my most important resource will be the intimate partnerships that I build with restaurants and their brands. I will (especially at first) be heavily relying upon this, as I probably will not be able to beat others out on price, especially if they knock off my product. However, assuming that they don’t do this, my products qualities will easily sell themselves, especially with my relationship with businesses.

The next step in my business is trying to actually set things in motion. Up until now, it has just been planning, debating, strategizing, and interviewing. Now that I have the facts and the lay of the land, it’s time to go out and execute!

If I am to launch this venture, in five years I’d like to have at least 15% of the market share in the bagging sector of restaurants. For me personally, this would allow me to work for myself, on my own terms, and to impact my employees in a positive light- building a company with good culture and values above all else. It would also allow me to support my future family and to retire early in life.

Student Feedback:

Overall, all of the feedback that I got on my venture concept was positive. No one really had anything constructive or negative to say, citing that I seemed to cover all of my bases and did a great job with the revenue models. One reader said that he agreed a cheap knockoff could be a potential threat to my product, so it was nice to get this consent and support behind patenting it and or making strong connections with my clients. The other reader also agreed that my relationships with restaurants would be imperative to the success of my business.

In regard to the feedback on my “What’s Next?” post, I got really strong praise on the notion of a flexible packaging/bagging system for my clients to implement. This would solve the issue of needing multiple sizes and types of bags, replacing it with just one. This would reduce wastage and overhead while also satisfying customer needs. This is something I need to work more into the future of my venture.

Changes I Made:

I did not have to modify anything in regards to the opportunity section, as the opportunity at hand is still at large the same as it was some 2-3 weeks ago, with the exception of the boom in delivery and takeout due to COVID (this will be a trend to watch in the future, though!). However, I did add a lot to the Innovation section based on the feedback I got and realizations I had. I also added more emphasis to the necessity of patents and strong customer relationships in order to prevent losing sales and business to competitors or knockoffs.

Image from: http://americaninvienna.com/bagging-your-own-groceries-oh-my/

28A – Your Exit Strategy

My Exit Strategy: My main goal with my business (at this point in time) is to hold onto the business for no more than 10-15 years, after which point, I would desire to sell it off to another firm/company/individual. I would potentially have interest in being on the board of the company as an advisor, but I wouldn’t want any big commitments per say.

My goal with this strategy is to milk the majority of growth out of the firm, realize its potential, and acquire as much value and assets as I can. I firmly believe that this is achievable within 10-15 years, and that most of the growth beyond that will be slower paced.

One of the main reasons why I want to sell it off is so that I can retire early on in life. This is due to the things that I value in life: family, experiences, and growing in all areas of life. It’s one of my major goals to retire at a young age (before 50, perhaps even around 40) so that I can spend the second half of my life and then some watching my family grow, living with the love of my life, travelling the world, reading books, seeing art and shows, things of that nature. I believe that a full and fruitful life comes not from material pleasure, but from the experiences that we have, the memories that we make, and the things that we know. Wiping my hands clean from the job of running a business would provide me with ample time (and funds) to do all of these things and more.

My exit strategy has without a doubt had a major impact upon my decisions: If I saw this venture as a life long opportunity, one that I could play out over the course of 40+ years, then I would be much less inclined to grow it at such a high rate and to lock in assets and deals/contracts as fast as possible.

In addition, it also gives me more incentive to set up infrastructure (distributors, supply lines, manufacturing, employees) faster and more efficiently, since they will all be assets that companies would pay more for when acquiring my company. If I did not have all of these things set in place already, my idea and my company would be much less appealing and lucrative. The faster that I can move and grow, the better!

As such, my short timeline of 10-15 years of ownership has incentivized me to move fast and grow it as much as possible before I call it quits and sell it off so that I can explore all that life has to offer.

27A – Reading Reflection No. 3

Book of Choice: Makers by Chris Anderson

General Theme/Argument: In Makers, Anderson tries to purport the idea that a third industrial revolution is coming upon us in the near future, this revolution being the advent of the possibility of everyday individuals to become manufacturers, designers, and what have you. He believes that in the near future, people will use open source software and tools to create the next big thing. He believes that the people themselves will own production lines/means, and that it will be less of a move in the direction of big companies like Google and Amazon. He believes that this will have an overwhelmingly positive impact upon the world, empowering people in places everywhere.

This is certainly a very bold idea, and one that I do not agree with at all. From what I have seen of the world and from my first hand experiences and manufacturing, design, and engineering, none of these things will be happening any time soon. We as sole individuals do not possess that power. However, when we harness it together in large conglomerates, we can really drive innovation as a whole and as a society.

If you want to go fast, go alone. But if you want to go far, go together.

Connection to ENT3003: One of the things that I do have to applaud Makers for is the underlyingly positive message that it seeks to send. This is one of the things that we learn here in ENT3003 as well, and I believe that it is necessary to succeed both as an entrepreneur and just in life in general. Without a positive outlook and a resilient attitude (surpassing failures, as we talked about recently), we can’t get far. However, with it, the sky is the limit.

Exercise: If I had to make an exercise, it would consist of asking everyone to think of three things that they could build using resources at home, online, or in their circle. What I really think Makers is about is thinking on your feet and using the things around you- being resourceful and creative. I would have everyone think of such things and then share with one another and get feedback on them. This would allow everyone to see that they truly are capable of doing things, building things, right here and right now. You don’t have to be an expert to build something, and the same applies to being an entrepreneur. You just have to think, plan, act, and roll with the punches!

Biggest Surprise Moment: My biggest ‘aha’ moment definitely came from reading the bits about how Anderson truly believes that the everyday person can be a designer, manufacturer, or creator and build the next big thing. While I usually am a proponent of such beliefs, I’m also a realist in the regard that I think there is a finite limit as to what one person can do, especially dependent upon their circumstances and the opportunities given to them (check out Outliers by Malcom Gladwell, he makes a profound case for this). While I want to say that everyone can be the next Steve Jobs or Bill Gates, it’s just not feasible. However, I get that Anderson is trying to promote creativity and open source development. While his beliefs are rather radical in my opinion, I admire them for the inspiration they give. After all, you never know what you are truly capable of until you do it!

26A – Celebrating Failure

The event that I chose to speak about in regard to failure is the journey that I faced this semester with my progress on my bodybuilding journey. Along this journey, I’ve been training six days a week, every week and meal prepping along the way. Each workout is usually an hour and a half to two hours, which takes up a considerable chunk of my day, not to mention the time in between due to things like cooking extra, doing extra laundry, grocery shopping more often, etc. This has led to a lot of unexpected difficulties, to which I will now divulge.

For example, waking up and not realizing that I was out of tank tops or shorts, or not checking the weather before I left for the gym, only to realize that I really wish I had a hoodie or a pair of sweatpants in my gym bag. In order to remedy this, I learned that preemptive action and planning is always key. As such, I started keeping a pair of sweats and a hoodie in my bag at all times. The result? No more frigid workouts! In addition, I started keeping better track of when I did my laundry so that I would not run out of clothes. I found that always choosing to do It on Saturday while I prepped my meals not only let me alleviate this problem, but it also made it more efficient for me (killing two birds with one stone!).

One other recurring problem I had was straining my muscles and not recovering them fast enough. This led me to examine some of my daily habits and routines, as I was not sure what was the cause. What did I find? I wasn’t drinking enough water (especially on my off day), and I wasn’t getting enough sleep, particularly on weeknights before I had things due for classes. This led me to formulate a plan: I would keep a note in my phone every day as to how much water I had drank. Every time that I filled up my bottle, I would add to it. I also did the same for how much sleep I was getting. What I found astonished me: I would almost always get 8 hours, but usually one night a week (Thursday) I would only get 6 hours due to having a lot of recurring deadlines. This led me to shift my schedule so that my off day was on Thursday, when I had the most work to do. This let me get enough sleep each night while still getting my work done.

Simply put, failure sucks. It always feels bad, and anyone that tells you otherwise is lying. Having to recognize, assess, and solve a problem takes time and energy, which we do not always have in surplus, especially if we are already under stress with other things in our life. Being a massive perfectionist, I’ve always been extremely hard on myself. I always expect my best, and I get upset whenever I fall short. While this has led me to extremely successful, it has also mad prioritizing and improving my mental health a challenge. However, over time, I have come to the realization that if I can improve my mental health and the conversations that I have with myself, then everything will benefit. Why be mad when I could focus on a solution? At the end of the day, it’s all about being better to me. Why be mad or upset when you could be awesome!

ENT3003 has without a doubt made me more prone to taking risks, be it with voicing my opinion more, or just pushing through the little bits of self-doubt on a daily basis. I’ve realized that when you just say you know what, whatever happens, happens, life gets a lot more fun.

25A - What's Next?

Existing Market:

What’s next?

·         Branded bags

·         Insulated boxes to hold multiple bags at a time for catering services

·         Reusable bags given to customers, when 5 are collected by a customer, they get an incentive like 25% off an order

·         Different options for bags: most environmentally friendly choice, a cold bag, a heat bag, different sizes, etc.

·         Bag with structure to encourage food to keep its shape and stay where it belongs in the bag

Interviews:

·         Small restaurant owner: In quarantine, their takeout frequency has skyrocketed. Because of this, they have not prepared adequately for this explosion of orders. With more takeout orders, comes more complaints when food is not quite up to par.

o   He recommends looking into production of extra-large structured bags, that have separate pouches/compartments for separate orders in the delivery process. Having different orders all in the same insulated bag will help put even more heat to be circulated within the food, keeping the orders extra hot.

o   He also loves the idea of having his logo placed on the bags, as his restaurant is very small and local, so in the use of these branded bags, the word would be spread about his business.

o   He often gets orders for things like cannolis and salads, which do not stay cold very often, so he recommends adding a cold bag option to the business for things like desserts.

·         Fast food restaurant manager: Fast food purchases/customers have boomed in the last month or two due to quarantine, and are expected to continue as such for a while. They have diverted all of their focus from in-store orders to order ahead and drive through. As such, they have been running out of supplies and having problems like above.

o   She has bought clothes from places before that have given her reusable bags, and she has gone one to use them out and about for things like carrying food to work, to the gym, to the beach, etc. She thinks using these could also be applicable in the setting of a fast food restaurant to help give more exposure.

o   She also suggested doing some sort of a promotional deal in which if customers brought a certain number of reusable bags back in, they could get some sort of a reward (free meal, etc.).

o   She also suggested the incorporation of insulated/reusable cups/drinkware into my product lineup for the same reasons as before. This would help drinks from getting prematurely watered down, especially when getting takeout! It would also be another chance for incentive and brand growth.

·         Catering company: Obviously no one is getting catering right now due to the times, but once things resume as normal, catering companies will be stuck with the same issues that they had before (or perhaps even more so) as they will need to provide less family style things and more personal meals since people will be more conscious of it.

o   Having structured boxes that have insulated/cooling capabilities would be a big win for catering events and situations. Not only would this facilitate transport, but also the distribution of meals to customers.

o   Giving customers some sort of a memento to keep (a reusable bag!) would be a key way to market and spread growth. Not only would you be getting business from the event, but also potentially from the attendees in the future!

Future Path:

The first thing that I will pursue in the coming future is the branded bags. This makes the most sense I would say and has the greatest chance of playing out as a success based on my market research thus far. It would also be a nice segue into some of the other future options.

Aside from this, I would definitely explore marketing my products with incentives for companies (another way to help sell my product!) and then pursuing the cups, as I believe they would be easy to sell to customers once they have started to buy into my bags and my ecosystem!

New Market:

Step 1) Instead of targeting a B2B market, this time I will be trying my hand at a B2C market, selling bags directly to consumers instead of the companies that would distribute them to them.

Step 2) I would be able to provide value for the people in this market space in the same exact way as before, solving the exact same problem as before. The only difference here would be that I would be selling directly to the consumers.

Step 3)

·         Mom of 3: She is frequently buying carryout/takeout and has issues all of the time with the food being wet and cold by the time that it gets home. Having my product would ensure that the food she brings home is always hot and fresh, no matter where she goes to get food from. She like the security and reassurance that this provides.

o   She suggests giving bags with eye-appealing patterns like chevrons, dots, and assorted color palettes. This would help incentive customers to use them more frequently and buy them in the first place if they had aesthetic appeal.

o   She also likes this idea because they can also be repurposed for use during shopping. Not only will this keep her from having to pay for plastic bags, but it will also help keep her groceries cool and fresh on the way home. This would really help sell her on this product.

·         Single Professional: She always is making lunch to take to the office, and she struggles with having a good solution to taking her lunch in while also being fashionable. She also likes to keep things as minimal as possible and will often stop at the store on the way home to pick up groceries if she needs something to make a recipe for dinner.

o   Having a reusable bag that would allow her to not only take her lunch to work in style but then also grab groceries after work, all while being to keep it in one neat and compact package in between is extremely appealing.

o   On the occasion that she were to go through the drive through, she would also be able to use this bag too! She could keep it in her glove box for easy storage since it could be folded down neatly.

Step 4) This new market turned out to be more promising than I had first expected- there does seem to be a lot of room for me to sell my product to consumers. However, I am still skeptical as to whether or not this by itself would be a better avenue for my product since there are already a lot of options in this space and I feel that I would have less edge and utility.

However, one thing that I could potentially be able to do was to both simultaneously conduct B2B and B2C sales! This could potentially allow me to capitalize on two avenues of revenue, but from the same product. Sounds like a win win to me, but needs more testing and market research to see if it would be worth it.

24A – Venture Concept No. 1

Opportunity:

Who has the need?: This need is had by companies who offer catering/delivery/takeout services to their customers and who value the opinions and repeat business of said customers. Such customers of my customers are really anyone at all: busy families, busy professionals, or anyone who is in a rush and needs said services.

The nature of the need: You know the feeling: you’ve just gotten off of work, and your spouse/roommates/friends want you to pick up food. You do so, thinking that you’re doing a good deed for everyone. But by the time that you are home, the bags are wet, soggy, and the food is cold! Everyone is on your case. This is not an ideal experience to have, and this is where my product comes in, ready to save the day. Whether it’s a family matter or a business event, we can make it happen.

How big is this opportunity?: Potentially, massive: as big as the restaurant industry. Food is a necessary thing for sustaining life, so the need for restaurants will always be around. That’s a given. As society gets more and more fast paced, delivery/takeout/catering will become even more prevalent, leading to more and more increases in business in my target market.

How long will the window of opportunity be open? As mentioned above, it will be open indefinitely.

How are customers currently satisfying this need?: Well, they really aren’t, and that’s what makes it an unmet need. Unless you go out of your way to keep an insulated bag in your car 24/7 for picking up food (let’s face it, we all forget), you’re probably not doing anything about it. You’re stuck living with those subpar plastic and paper bags that you get when you order food.

Innovation:

I would describe my product more so as a mix between radically and incrementally innovative. I’m not recreating the bag, but I am building a bag in a way and in a mixture of features that has never been done before. I’m using bags that are fully recyclable, lightweight, and insulated to keep foods protected and at their optimal temperature. They have handles and are available in a variety of sizes as well as custom sizes if orders are of great enough quantity. This allows us to provide basic solutions while also adapting to whatever a customer may need. They feature custom branding as well. Pricing will vary based on size and quantity ordered, but it is priced to match competitors plus an additional 25% per unit as a rule of thumb. This allows us to make our marks while still producing a quality and innovative product at a low price.

Venture Concept:

Companies care about how their customers perceive them: If they perceive them positively, they will get repeat business and good reviews. Yay! If they perceive them negatively, they will get no more business and bad, scathing reviews. This could kill the company! As one can see, it is ESSENTIAL for businesses to provide their customers with the best experience possible. One of the biggest flaws in such an industry is the bags (as mentioned in the opportunity), which is where my innovative product comes into play. It solves all of these unmet needs, providing a cost-effective way for businesses to not only make their customers happier, but to also get more repeat business and increase revenues in the process. It helps the businesses while also helping their customers. WIN WIN!

Overall, I don’t think it would be hard to get businesses to switch to my product, especially when they are presented with potential projections and examples of what in can do for them (but this will come with time as people start to catch on and adopt this idea).

My competitors would be existing producers of bags for B2B transactions. They could potentially beat me out by trying to knock my product off, so I would need to either trademark/patent my product in some way, or establish relationships and offer things to them that no one else could via things like customer service and a beneficial relationship.

In order to form this into a business, I would need to setup a contract with a manufacturer to build my products for me as they are ordered. I would also need to secure contracts or licensing with restaurants to ensure their business. The good thing about this is that I could do all of this by myself at first until I had the capital to hire people to help with logistics as I scaled. In time, I could potentially build my own production facilities, but that would be years down the line.

Three Minor Elements:

I truly believe that my most important resource will be the intimate partnerships that I build with restaurants and their brands. I will (especially at first) be heavily relying upon this, as I probably will not be able to beat others out on price, especially if they knock off my product. However, assuming that they don’t do this, my products qualities will easily sell themselves, especially with my relationship with businesses.

The next step in my business is trying to actually set things in motion. Up until now, it has just been planning, debating, strategizing, and interviewing. Now that I have the facts and the lay of the land, it’s time to go out and execute!

If I am to launch this venture, in five years I’d like to have at least 15% of the market share in the bagging sector of restaurants. For me personally, this would allow me to work for myself, on my own terms, and to impact my employees in a positive light- building a company with good culture and values above all else. It would also allow me to support my future family and to retire early in life.

23A – Your Venture’s Unfair Advantage

Resources:

1.       Connections with big figures in the restaurant/catering industry.

a.       Valuable? Yes! Can provide feedback and opportunities for sales.

b.       Rare? No… anyone could go out and form these connections. It would just take them time.

c.       Inimitable? No… for the same reasoning as rare. Anyone could copy them.

d.       Non-substitutable? Yes, since they are direct connections to those that make my target market go around. There is no one better to talk to for information and for sales than them.

2.       Connections with environmental specialists who will help me make the most ecofriendly option, especially for companies that want to better their image.

a.       Valuable? Yes! Companies will want any option that will make their image better, and they can help.

b.       Rare? No… Anyone can find them and talk to them.

c.       Inimitable? No… for the same reason as above.

d.       Non-substitutable? Yes, since they are experts in their field. The same sort of logic for the figures in the restaurant industry applies here.

3.       Connections to bag manufacturers

a.       Valuable? Yes! They will make my business possible.

b.       Rare? No… anyone could have them make bags.

c.       Inimitable? No… There are lots of them out there.

d.       Non-substitutable? No… I could go with many different producers.

4.       Product Designers to create bagging options and features

a.       Valuable? Yes! I need to be able to have product specs and mockups before I can produce them.

b.       Rare? No… There are lots of product designers out there.

c.       Inimitable? No… Anyone could be doing this for me.

d.       Non-substitutable? Yes, since if I have no one to design the bags, they will never get made!

5.       I am a realist that sees things for what they are: I don’t idealize or imagine what I wish would be reality and true.

a.       Valuable? Yes! This will keep me from trying to make and sell products that no one actually needs in the first place.

b.       Rare? Yes! So many people in today’s world are susceptible to getting caught up in their own world view, hindering them from seeing the bigger picture and capitalizing on it.

c.       Inimitable? No, as anyone could try to learn this. However, it is hard and oftentimes not something people can learn.

d.       Non-substitutable? Yes! There is no substitute for seeing things as they are.

6.       I am a genuine, trustworthy person and my voice and demeanor show this very clearly.

a.       Valuable? Yes! Would you buy something from someone who you could tell was just in it for the money? NO!

b.       Rare? Yes! Most people in business (especially at the startup stage) are just in it for the money.

c.       Inimitable? Yes! You can’t fake honesty (unless you are a sociopath).

d.       Non-substitutable? Yes! As the old saying goes, telling the truth is always better than lying.

7.       Knowledge of my target market from interviews and reflection

a.       Valuable? Yes! This will allow me to pinpoint my target market and sell to those who need my product.

b.       Rare? No, as anyone could take the time to acquire this knowledge.

c.       Inimitable? Yes, as you can’t fake facts from real people.

d.       Non-substitutable? Yes, as this information can’t be faked or made up.

8.       The use of delivery and takeout is increasing at an alarming rate, and I will be stanced to capitalize upon this in the coming years.

a.       Valuable? Yes! Knowledge is power, and this shows that my work has a payoff.

b.       Rare? No, as anyone can look up facts and statistics on this online.

c.       Inimitable? Yes! You can’t fake facts!

d.       Non-substitutable? Yes! Once again, there is no substitute or replacement for the truth.

9.       I know firsthand how annoying and aggravating it is to have a wet and soggy bag on a day when everything has been a drag and I just want to get home and shovel down my food and go to bed. This a key part of the human experience. I understand the reason behind my product.

a.       Valuable? Yes! This will allow me to sell and pitch my product with passion and care.

b.       Rare? No… we all face this!

c.       Inimitable? Yes! We all experience the human condition, and nothing else.

d.       Non-substitutable? Yes! Once again, you can’t fake reality.

10.   I know firsthand that I (and others) as customers value a positive experience when we buy food from them. This can be enhanced by amenities, extras, freebies, or good service. My product speaks to this.

a.       Valuable? Yes! This allows me to sell my product and relate to my customers.

b.       Rare? No… we all know this!

c.       Inimitable? Yes! You can’t fake or make up reality!

d.       Non-substitutable? Yes! There is no substitute for truth.

Top Resource: I am a genuine, trustworthy person and my voice and demeanor show this very clearly.

At the end of the day, this is what will carry me through from start to finish. At every stage of the process, people will want to go with my product and company not only because I solve their unmet need, but because they trust me, and they see beyond a shadow of a doubt that I care. When they work with me, they aren’t just working with a businessperson. They are working with a friend who is there to help one another out.

Elevator Pitch No. 3

Pitch: https://www.youtube.com/watch?v=q6CPGtNMtAI&feature=youtu.be

Reflection: The only constructive feedback that I got on my last pitch was to work on making it a little bit smoother (although someone else said that it was very smooth- there's always room for improvement!). Aside from that, it was all positive responses for having a good hook, appropriate attire and a smooth delivery. I was sure to capitalize on my strengths while trying to make it even more refined and polished. Practice makes permanent!

What I changed: This time around, I tried something a little different with my hook and the setting in which I did it. I really feel as if I did an even better job of putting the viewer in the shoes of the customer and the user, making for a maximum impact when it came to presenting my product. I really enjoyed the change of pace, and it helped everything seem a lot smoother and more conversational. It said less "buy my product" and more "hey pal, you really could use this!".

Reading Reflection No. 2

Book of Choice: Cognitive Surplus by Clay Shirky

What was the general theme or argument of the book?: Cognitive Surplus seeks to detail the immense role that computers, the Internet, and modern forms of media (social media, etc.) have upon the way that individuals in society spend their free time- in particular, the ability for individuals to use technology and the internet for good (learning, sharing ideas, finding culture, community, and inclusion, and creating new things). It plays a lot on the idea that as a whole, many people in society value belonging and a sense of self (community) over most other things. It also advocates for the view that the internet is a safe haven of sorts, especially in the ever-developing world that we live in, with all of its new views and increasing opportunities for creativity. It is a roaming ground with no real rules, where anything goes and anyone is welcome (within reason, obviously).

How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?: I feel that one of the main underlying themes in this class is that entrepreneurship is not always about being the zero to one, and that often times its more about just having a meaningful impact upon a community and the lives of others (which I was reminded of by Cognitive Surplus). At its core, that’s what entrepreneurship is about- being and making things in the world better. It’s not about making a profit, which is something that I feel gets lost in translation at times, especially with big startup companies that turn public. Everyone wants to be a billionaire, but for all of the wrong reasons. If we were to all just focus on being better people, helping and collaborating with others, and learning and sharing our ideas freely, society as a whole would be a lot better off.

If you had to design an exercise for this class, based on the book you read, what would that exercise involve?: My exercise would be a thought experiment of sorts. I would have everyone get together and think to themselves: If money were not a worry and you could do anything- what would you devote your life to? I believe that people often times get so caught up in the pursuit of wealth that they end up making themselves miserable. If people were to step back and really consider just what their aspirations are, all things aside, they would have so much more direction in life, and as a whole the world would be a lot better off. The goal would be for everyone to realize just that- that no matter how much money they have or make, or that the world makes, it will never be enough. It is more about how we as people interact, live, share, and coexist as good human beings, being kind and caring to one another.

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?: To be honest, I really wasn’t all too sure what to expect from this book when I first opened it up. I had half anticipated it to be a book about how we as humans are evolving into more cognizant and intelligent beings as society is progressing due to the strains and stresses of modern society (evolution, if you will), but I was pleasantly surprised to find that it was something quite different. This book definitely provides a hot take, purporting the Internet and social media to be positive influencers on society (especially in our troubling day and age when so many lies and problems arise due to it). However, it does present a lot of valid viewpoints, and does help to restore my faith in humanity, which is always refreshing- especially at a troubling time in the world, like we are facing right now.

Idea Napkin No 2

You: I'm John Dillon, a computer science major at the University of Florida. Thinking big and trying out new things is what I live for. This has always been a key component of who I am, being the son of a mathematics teacher and an aerospace engineer turned tech executive. For me, it's less about asking what, but more about how and why. I'm an extremely mature individual, being treated as an equal with adults since the age of 17 (the past two years). Whether it was playing golf on the weekends with the men at the country club or getting desk jobs before most people had a part time job, I was doing it and living it. All of this has taught me to jump high, move fast, speak confidently, and think big.

One of my biggest life goals is to be a great father and husband. This aspiration drives me to do most everything I pursue in life, from career to health and fitness to my overall personal development. I'm a big believer in the fact that life is incomplete until one takes that next step, extending their legacy into the next generation with someone they love. This business would allow me to retire early (around the age of 45), breaking away from the 9-5 grind and living my life to its fullest. I have never been a strong proponent of the way that our society treats work (work till you die), and as such I value efficiency and time management. I always want to make the most out of my money and my time, in any and every way. This will allow me to make efficient and strategic decisions both in life and in business.

What are you offering to customers: I am offering an inexpensive, lightweight, cost effective solution to the bagging problem that plagues the fast food/catering / takeout industry. When was the last time that you went to one of these such places (perhaps not now with the Coronavirus!) and had a bag that leaked, ripped... was not what you would have liked? Chances are, every single time! We all know the pain of taking out our Chipotle from the bag when we get home to find that it has leaked all over the bag, into our car... giving that horrific smell of salsa a week later.

My product provides a new solution to the horrible products currently out there. It's customizable and made to order for customers. Anything is possible when you order with us. We can do small, medium, large, XL... handled, zippered, you name it! Not only that, but it's also eco friendly and reusable! Stop throwing away bags, and starting reusing ours. 

From the perspective of a business, this allows for them to have a positive impact on their customers, insuring that they will be coming back for more, time and time again! 

Who are you offering it to?: I'm offering my product to franchised restaurants/ fast food chains that provide catering and takeout as well. These customers typically face very high competition (think McDonalds and Chicfila), and will be willing to do anything to gain a competitive advantage and get market share over their competitors. Their priorities are profit and repeat business. We can help them do that.

Why do they care?: My customers care about my product because they NEED it to survive. Without bags, they wouldn't be able to operate on a considerable portion of their business, increasingly more so in this day and age with problems like viruses. Distancing is the future. Takeout and delivery sales are going to boom, and they need to be ready for the next era in the food business.

What are your core competencies?: I'm willing to act, think, and go out of my way when no one else is willing to. Simply put, I'm like a spartan warrior. No matter what challenge you give me, I will defeat and conquer it head on. I always have, and I always will. I'm extremely adept at seeing the good side of otherwise bad things, and at capitalizing on everything I possibly can. 

I also am realizing that I have a talent with making new connections, especially at such a young age due to my maturity and demeanor. This has allowed me to exploit opportunities in the past, and it's only moreso now. People are impressed with young people who are mature and have drive- they want to help. Using this to my advantage will serve me well as I seek to make more connections so as to expand my circle and grow my social capital, as we have talked a lot about.

Evaluation: I really do truly believe that I have a cohesive plan that works very well. My heart, mind, and actions are all in the right place. Obviously, I need to grow my connections and reach out so as to clear up details with design, manufacturing, planning, patenting, and things of the sort, but that's nothing a little bit of networking can't fix! Aside from this, I really think I have a winner. Now I just have to execute on my plan.

Feedback Memo: I didn't receive much feedback at all, but here were two main changes I made:

I focused more on trying to be shorter and concise (like a napkin) while putting the reader in the shoes of the customer. I felt that my post before was too long and was getting off topic.

I tried to frame things more on my competitive advantage with this product, and how I can use it to help my clients and to win business for them. Essentially, realizing the full impact and potential of my product.

Elevator Pitch No. 2

Link to my Elevator Pitch: https://www.youtube.com/watch?v=c0ZYgJxn84A

Reflection:

Unfortunately, I didn't receive any negative or constructive feedback. Everything that I got was positive- people picking out things I did that they liked, and how they would use it in their pitches. This was a nice confidence boost, but not very good from a learning perspective. I did what I could to make it smoother and more refined to my market segment, but beyond that, I'd like to ask Dr./Prof. Pryor for more input.

Create a Customer Avatar

Segment: Catering Managers/Directors

                My customer is a 29-year-old well to do woman who drives a white Toyota Solara and is a catering director at a prominent fast-food/restaurant chain. She doesn’t have any kids, but she does have one dog. Playing with it is how she usually passes her time if she is not busy working or taking business calls. She is single and doesn’t have a significant other. She abhors both reading and politics and stays far away from both. She dares not touch vegetables, but she loves fruits and is an avid red meat eater. Although she is young at 29, she feels more like 40. She has a lot of friends and is a very outgoing individual. She can talk up a storm with most anyone that she meets, be it in a meeting or out on the streets.

                I have almost nothing in common with my customer avatar. I believe that this stems from the fact that my field of interest and my character traits are so wildly different. While she is very extroverted, I tend to be much more introverted and reserved. I enjoy talking, but only if it is meaningful and genuine. I enjoy hobbies like working out, reading books, and watching movies, none of which she does. The only thing that we really have in common is our love for dogs! But then again- who doesn’t love a cute dog?

Figuring Out Buyer Behavior No. 2

Segment: Delivery / Catering Orders

Interview 1: Felipe’s Taqueria Restaurant Manager (33M)

                For him and his restaurant, when they carry out catering orders, quality and style matter the most. He needs a bag that displays the Felipe’s colors and logo while still retaining heat, keeping the food warm for all of the customers/individuals at the event. At a big event, the last thing that he needs is for the food to be cold and customers to be unhappy. He relies a lot on repeat customers, many of which are local Gainesville businesses as well as the University and many of its organizations. He really doesn’t care a whole lot about price- he just needs the right tool (bag) for the job.

                He purchases all of his bags via a B2B distributor that he has been working with for years. All of the purchases are via e-commerce, and they are done in cash (no financing). In order to make the purchases, he has to get authority from higher ups, but otherwise it is at his discretion.

                He determines how effective a product is/was based on customer feedback and experience. If he doesn’t get any complaints and the food stays warm and well at events, then he is happy with the product. If not, then he is unhappy. His metric for it is very plain and simple. He has had times were he has nearly lost customers over bad bags and them not living up to what he thought, and as such he is very cognizant of the role they play.

Interview 2: Piesanos General Manager (28F)

                For her and her restaurant, catering orders and delivery compromise a major portion of their sales. As such, it is one of their main focuses at the restaurant. She needs bags that can represent Piesanos outside of the restaurant via their logo, but also high-quality ones that will not break and will leave a positive, lasting impression on her customers and clients. As such, the quality and style of the bags are what matter most to her. While price is obviously still important, it is one of the things she considers the least so long as the price is reasonable. She needs a great product with a decent price. They make their money on food sales, not by skimping on their bags and accompanying utensils/ accessories.

                She purchases all of her bags in cash via an online ecommerce platform that does B2B transactions. She isn’t particularly happy with their customer service or the time to production, but she doesn’t want to take the hassle of switching just yet. She has to talk to higher ups about the purchase, but she has a majority of the say.

                She determines the quality of a product based upon customer feedback almost entirely. She believes that you can’t really get a good sense of how a product performs unless you get it out there and test it- there is a lot of trial and error, but the risks are high as she can’t lose customers over their bags breaking repeatedly, not keeping food warm, etc. If she gets bad feedback, she knows they are bad. If she gets good feedback, she knows they are good. It is rather simple.

Interview 3: McAlister’s Deli General Manager (29M)

                For him and his restaurant, catering comprises a considerable portion of the restaurant’s revenue (with delivery and in-restaurant sales just behind). As such, a considerable amount of time is spent trying to create the best customer experience for these individuals, from the food offered to even the bags, drinks, and utensils. A lot of though and planning goes into this. When he needs bags for a catering event, he always emphasizes quality (and branding, of course) over everything. Price matters, obviously, but it takes a back-seat role in the decision-making process. If he can find a bag that is high quality, has good branding, and is reasonable, he will jump on it in a heartbeat. The only problem with this is that he has yet to find any such bag that meets these standards. Bags he finds are either way too low quality, or way too exuberantly priced for him to make good profit margins. He has been switching back and forth, trying to find what works best for fear of losing customers over a sub optimal solution.

                He purchases all of his bags in cash via an online B2B ecommerce site that specializes in restaurant supplies. He has been using them for the last year and isn’t all too happy. He is considering switching to a new provider. He has to consult with higher ups to make decisions but has a good deal of say in the process of choosing.

                His evaluation of whether or not a bag is good or bad relies upon how it performs in a real-life situation (i.e. customers ordering). If he gets good feedback, it lets him know that the bags he used can be counted on. If he gets negative feedback, then he knows he needs to find a new bag, ASAP. The only problem he has encountered is that he has not found a bag or provider that produces consistent, reliable results. Some customers have bad experiences, while others have great ones. This leads him to believe that the quality of even the high-end bags he has purchased are still lacking.

Summary:

                All of my customers order via online B2B sites and pay in cash. Their highest priorities are quality and branding, but price still plays a lesser role. They care about customer feedback and experience above all else. They need to get customers to come back for more orders.

Conclusion:

                My segment spends a good bit of time on alternative evaluation due to the high stakes nature of it (losing or keeping customers, lower or higher profits). As such, they are always looking for new solutions and are very receptive of new ideas in this area. They make their purchases online, in cash, and care mostly about quality and branding (but also price). They need approval from higher up but make a good deal of the calls and decisions after that. The end all be all for them is customer feedback.

                One thing that I realized from this is that in order to find potential clients, I may be able to search through restaurant reviews online that make note of low-quality bags, and then target those restaurants as potential clients as a way to vet out who may and may not be a potential customer for my product.