Assignment 30- Final Reflection

This semester has been interesting for me. This class is the first class that I've had where the course is so relaxed. It has made me at times even forget that I'm in this class until Friday and then I'm last minute scrambling to do the assignments before they're due. This class has also been  lot of fun though because I've learned a lot and enjoyed what I've learned. Even though I've decided that I'm no longer going to pursue a minor in Entrepreneurship, the class was still a great experience. The best part of this class has been developing my fake app. I know that I won't ever actually pursue this app because I'm just not that passionate about it, but I've enjoyed the process. Before the course I already felt like I was an entrepreneur because I already own my own Graphic Design and Photography company and have for a few years now. I do think however that this class has helped me with my own business and has helped me to grow it better than I had before. I would recommend to future students that they stay on top of the class. I kind of wish I would have just done all the assignments during syllabus week and have just been done with it. Staying focused is the key.

Assignment 29- Venture Concept No. 2

Opportunity: 

• Who has the need? People who regularly buy fresh food items and want to save the most money possible. Specifically young adults and parents.
• The need is specific to produce items, butcher items, and bakery items. These are items with price that fluctuate weekly so customers never know where and when to get the best deal. These items also often become discounted the longer that they are on shelves so their prices can fluctuate throughout the week.
• Geographically the initial market is the Gainesville area. The target demographic is younger adults who shop frequently and are looking to save money in the area. Eventually the market would expand to Alachua County, then Florida as a whole, and then go nationwide.
• Customers currently satisfy this need with coupons. The coupons for these items, however, are limited and expire quickly so I think they won't be all that loyal.
• This opportunity is a nationwide problem and everyone wants to save money. There is a lot of competition in the market for saving people money so the window may not be open for long.

Innovation:

• My innovation is an app called "Bananas." This app analyzes your shopping list and tells you where you should go shopping to get each item (specifically the produce, butcher, and bakery items). The app will compare the prices of each item you entered at all of your local supermarkets and farmers markets. It will then calculate how much you will spend in gas to get to each store. The app will then run a cost-benefit analysis to determine the best places to shop for each item on your list.
• The app will have a 30 day free trial. After the trial expires the customer will move to a $5 a month subscription. 

Venture Concept: 

• This app very easily allows the customer to see where they should shop for their food. Customers will download the app because they don't really have any reason not to at least try it out. The app doesn't exactly rival coupons, but more so works with them. There are really no competitors for this product other than some shopping list apps that don't do nearly the same thing. Marketing for this app is going to be the most important thing. People need to be aware of it and download it in order for me to generate money. 

The Secret Sauce:

• Competitors will not be able to easily copy the apps algorithm. The algorithm will be patented so that only I can run the calculations.

What's next for the venture?

• Honestly, the next step for this venture would be to sell the app to another, larger company who could implement the algorithm into their company. I want an easy out and would like to take the money and pursue a new venture.

What's next for me?

• In five years I want to have sold this venture for a large enough profit to fund my next venture, but at this point I don't know what that'll be.

Feedback:

• I didn't get too much feedback the first time so I just made my opportunity and Innovation sections more specific as well as the what's next section.

Assignment 28- Your Exit Strategy

I've actually had my exit plan in mind this whole semester. If I were to pursue this venture I would 100% sell the app to the highest bidder after a few years of building a following and showing proof of concept. I have this strategy because I would want to move on to bigger and better things and I think my app could fund even more lucrative ventures in the future. This exit strategy has made me more focused on rapid growth as opposed to long term growth. Rapid growth will allow me to sell the company for more money, more quickly.

Assignment 26- Celebrating Failure

So this semester has had its ups and downs for sure. I can remember specifically one failure that stands out more than any other this semester. I am a photography major and taking a six credit hour art class that is incredibly difficult. I have been forced out of my comfort zone numerous times and one of those times was a group performance piece. Our group was tasked with creating a large puppet performance that was abstract, yet conveyed deep meanings. Our performance was rubbish. Everything that could go wrong went wrong. The puppet broke, people forgot their timing, and the audio didn't work the way it was supposed to. Our group made complete and utter fools of ourselves in front of the entire class. Trainwreck. From this performance, however, I learned that sometimes you just have to step back and let things happen. Our group did not really get along well from the beginning and my trying to fix things didn't matter. Sometimes you just can't control the outcome of events and that's okay.

I think failure sucks, but is ultimately beneficial. I actually spoke at my high school graduation about how failure leads to success. I think that the only way to grow and become better is by failing and learning from those failures. I think that this class has further instilled those beliefs about failure in me and shown me that you just have to keep working. I think that this class has inspired me to take more risks in life and to go for your dreams.

Assignment 25- What's Next?

Existing Market:

• After talking with three new people I figured that the next logical step in my business would be to expand to more than just items from the butcher, baker, and produce isles. I could open the app up to all food items. The app could specifically be looking for deals and sales offered at each store to give you the best prices. This is a much more difficult venture to pursue and would require several employees and very, very good contacts within the retailers.

New Market:

• After interviewing two potential customers I have come to the conclusion that my app could expand into the B2B market. I could take the (hypothetically) patented algorithm that my app uses and apply that to businesses purchasing items from their suppliers, specifically small businesses. This would allow small businesses to know where to purchase their items from for the cheapest prices. I could see this being effective for small restaurants who frequently buy produce and other food items.

Assignment 24- Venture Concept No. 1

Opportunity: 

• Who has the need? People who regularly buy fresh food items and want to save the most money possible.
• The need is specific to produce items, butcher items, and bakery items. These are items with price that fluctuate weekly so customers never know where and when to get the best deal.
• Geographically the initial market is the Gainesville area. The target demographic is younger adults who shop frequently and are looking to save money in the area.
• Customers currently satisfy this need with coupons. The coupons for these items, however, are limited and expire quickly so I think they won't be all that loyal.
• This opportunity is a nationwide problem and everyone wants to save money. There is a lot of competition in the market for saving people money so the window may not be open for long.

Innovation:

• My innovation is an app called "Bananas." This app analyzes your shopping list and tells you where you should go shopping to get each item. The app will compare the prices of each item you entered at all of your local supermarkets and farmers markets. It will then calculate how much you will spend in gas to get to each store. The app will then run a cost-benefit analysis to determine the best places to shop for each item on your list.
• The app will have a 30 day free trial. After the trial expires the customer will move to a $5 a month subscription. 

Venture Concept: 

• This app very easily allows the customer to see where they should shop for their food. Customers will download the app because they don't really have any reason not to at least try it out. The app doesn't exactly rival coupons, but more so works with them. There are really no competitors for this product other than some shopping list apps that don't do nearly the same thing. Marketing for this app is going to be the most important thing. People need to be aware of it and download it in order for me to generate money. 

The Secret Sauce:

• Competitors will not be able to easily copy the apps algorithm. The algorithm will be patented so that only I can run the calculations.

What's next for the venture?

• Honestly, the next step for this venture would be to sell the app to another, larger company who could implement the algorithm into their company.

What's next for me?

• In five years I want to have sold this venture for a large enough profit to fund my next venture, but at this point I don't know what that'll be.

Assignment 23- Your Venture's Unfair Advantage

5+ years of graphic design experience

• Value- My 5+ years of graphic design experience will allow me to make social media, advertisements, and a website for very cheap to help with exposure
• Rarity- It's not rare to know the basics of graphic design, but it is more rare to find the experience that I have and to be able to get that experience for free
• Inimitability- This can be imitated if someone were to put in the work
• Non-substitutability- There are no other resources that can provide the same benefits at this price point

Financial capital

• Value- Starting up an app is relatively cheap and requires mostly time
• Rarity- Not rare. Startups often have the funds required to get up and running
• Inimitability- Someone can easily get funds to start up their own app
• Non-substitutability- There isn't really a substitute for money

Outgoing personality

• Value- This will help me when building connections with stores to get their prices for the app
• Rarity- Obviously anyone can have an outgoing personality, but I have a drive like no other
• Inimitability- I guess someone could copy my personality?
• Non-substitutability- There is no substitute for a bomb personality

Knowledge of the retail space

• Value- I have worked in retail and the food service industry for years so I have knowledge about how all the pricing and ordering works behind the scenes
• Rarity- Lots of people work in retail, so not too rare
• Inimitability- This experience can easily be found
• Non-substitutability- I wouldn't want to substitute this experience because I feel it is really valuable

Open schedule

• Value- The biggest thing with building an app is that it takes a lot of time. Luckily I have spare time when I'm not in class to dedicate to building an app
• Rarity- This is actually more rare than you might think. A lot of people just don't have time.
• Inimitability- People could make time, but probably won't
• Non-substitutability- How would you substitute time?

Contacts with local supermarkets

• Value- These contacts allow me to get the prices of items for the app as early as possible so I always stay updated
• Rarity- Pretty rare, not many people would have these contacts
• Inimitability- People can pursue these contacts, but I doubt they will
• Non-substitutability- You can't substitute relationships

Contacts with local farmers

• VRIN- Same as above for everything

Friends who are in the tech field

• Value- My friends in the tech space have extensive knowledge of app design and UI so they would be really beneficial when developing the app
• RIN- Same as above

Determination

• Value- I don't give up easily and will work hard everyday
• Rarity- People have determination, but not many have it like me
• Inimitability- There's no copying my drive and ambition
• Non-substitutability- Why would I substitute this?

Knowledge of app UI design

• Value- I kinda ran out of resources so this is just kinda a rehash, but yeah I can design apps so that's helpful when designing an app
• Rarity- Anyone can learn it
• Inimitability- See above ^
• Non-substitutability- Again, why would I substitute this?

My top resource is probably my already established contacts within local supermarkets. This contact will allow me to get accurate prices as soon as they change so my customers always stay up to date.