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.

Assignment 22- Elevator Pitch 3

Last time I received feedback that commended my dynamicness so I tried to stay dynamic throughout the pitch. It was suggested that I mention who my target demographic is so I added that to my pitch.

Assignment 21- Reading Reflection 2

The Art of Social Media: Power Tips for Power Users, Guy Kawasaki


What was the general theme or argument of the book?

• The point of this book is to help people grow their social media presence. It teaches you how to start a successful social media page, how to build a following, how to incorporate a blog and other things that seem basic but are really in depth. The book focuses on how you need to put out solid content to grow your presence.

How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

• This book focuses on the specific parts of social media marketing that this class doesn't go into. This class is more about how to develop an idea and build a company. Social media is a really important part of building a brand and I think should get its own unit in the class.

If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

• I would have liked to create a social media account for my fake brand and create fake content to practice and get feedback. I think getting some social media practice that is specific to our business concepts would be really cool.

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?

• One of the really interesting things to me was the whole blogging aspect of social media. I've always viewed blogging in a derogatory sense and never really saw the point of it, but blogging can actually be a powerful tool to connect with your audience and customers.

Assignment 20- Growing Your Social Capital

Domain expert

1. The person I contacted for this part was a contact of one of my clients. His name is Wes and he has experience building apps for companies.
2. Domain expert
3. One of my clients whom I have done some branding and web design for had a friend who had lots of experience in app creation. I contacted him via email thanks to my client, Jayson.
4. Wes met with me over facetime after we talked about the app via email. He listened to my pitch and offered some advice about app building. He said that my app was going to be very difficult to create and implement, but if I worked hard enough it was doable.
5. This person can definitely help me build a better app and is a good contact if I run into any problems.

Market expert

1. For this contact I reached out to a local Publix and spoke with their manager in a sit down meeting. 
2. Market expert
3. I called up the Publix and asked if I could get an appointment with their manager
4. The manager offered insight into how they receive their produce and how often they change the prices of their produce.
5. I think having contacts within the local stores will be extremely helpful when it comes to pricing items for the app.

Supplier

1. I contacted one of the produce suppliers for Publix (received the name from the Publix manager).
2. Supplier
3. I contacted a farm over the phone and talked with them about my app idea. I was curious about how they priced their produce.
4. The farm gave me information about how they price their produce. The price fluctuates depending on how much they are able to harvest of the produce and what time of the year it is. 
5. This contact could be beneficial to possibly find out the price of produce items before they even get to the store.

Reflect:

This experience was great because it gave me practice networking and looking for people who can help me. I think that through having this experience I will be more confident in the future when looking for contacts.

Assignment 19- Napkin No. 2

1. I am a graphic design and photography major and I own and operate a small graphic design company that does graphic design work and branding for small businesses. My five years of graphic design and coding experience will be helpful in the development of the app. I know that I can create a visually beautiful app with a good and easy to use UI. I want to make an app that is just as good looking as it is functional. My ultimate goal with this venture if I were to pursue it would be to sell it to the highest bidder down the line.
2. I am offering to customers an easier way to shop for produce, butcher items, and baked goods at local supermarkets. The app will analyze the users shopping list and tell them where to purchase each item to save the most money. It will also check the price of gas and determine if it's worth driving to the multiple stores or not. The best way to gather these prices at the start will be for me to personally gather all the prices of the items at all the stores in the Gainesville area each week. This would be to prove my concept and show the retailers that it will bring them more customers once they know where to get the best deal. Eventually I would implement a way for each retailer to update their prices in the app when they change the price. 
3. The target demographic of this product is shoppers who want good deals such as young people (millenials), couponers, and parents. These people in the Gainesville area are who I would focus on first before expanding state or nationwide.
4. Customers will pay money for this app because it will save them more money in the long haul. The app will have a 30 day free trial so the customer can see just how much they can save. After the free trial period the app will cost $5 a month.
5. The feature that sets my app apart from the crowd is the algorithm that will run a cost-benefit analysis on your shopping list. It will determine the cheapest places to buy your food items and then determine the cost in gas to get to each store. It will determine if it is worth going to certain stores to save money and then will show how much money you can save by shopping at certain stores for certain items. This feature will allow you to save the most money possible.

I think all five of these elements work well with each other. I think that if I was able to develop this app it would sell itself. The app would be incredibly useful to the customers and would be worth them subscribing to it.

Feedback memo: The two main points that I took away from feedback were determining how I will gather the prices of these items and how I will charge my customers (free trial, subscription, flat rate, etc). I addressed both of these points in the napkin.

Assignment 17- Elevator Pitch 2

https://youtu.be/StzZoNder-g

Assignment 18- Create a Customer Avatar

So my customers are young, college aged kids who probably follow vegetarian or vegan diets. You could call them hipsters for sure. They're fond of wearing hats and beanies as well as glasses (probably fake glasses tbh). Flannel is a lifestyle to them and you'd be hard pressed to find one of them without flannel shirts in their closet. The guys love facial hair and arm sleeve tattoos and the girls love their coffee. Let's be honest, they probably drive a Prius because it's more economical and they are obsessed with The Office and Parks and Recreation. These are your hard core liberals and they definitely voted for Bernie Sanders in the Democratic primaries. These healthy eating youngsters love to shop at Whole Foods, Trader Joe's, and Target. They're always looking for a way to save money.

Me and my avatars have very little in common. I would not consider myself a hipster, but I do wear glasses and can often be seen in a dad cap. I really like The Office and enjoy saving money, but that's about where the similarities end. I think this is my target person because I know a lot of people like this and know what they want. The "hipster millennial" demographic is growing more and more over time.

Assignment 16- What's your Secret Sauce?

I am from Panama City, Florida and my town was recently devastated by Hurricane Michael. Much of my home town no longer remains. All of my close friends and family live in PC and there is no cell service there because of the hurricane, I was however able to contact a few of them via text message when they got some spotty service. There wasn't enough for me to actually call and record an interview. I hope that this doesn't cost me points. I was only able to conduct three interviews with people who know me well enough to speak on my human capital, but I put exactly what they texted me below verbatim.

Five ways in which I have unique human capital:

1. Leadership- Specifically, leadership when no one else is willing to lead. I enjoy taking command and helping people pursue a common goal. I am always the first one to volunteer as a leader when no one else will.
2. I don't care what other people think of me- If someone dislikes me or has a problem with me, I don't care. I want people to like me, but I'm not going to let someone's dislike of me affect my life. It's not narcissism, but more along the lines of if someone doesn't like me for who I am, I won't change who I am to please them. I guess I'm stubborn.
3. Creative- I'm an out of the box thinker and a textbook overthinker. If I can't figure out a solution I work on it till I find a solution or create one myself.
4. Solid moral compass- I am not easily swayed in the wrong direction and I can easily know what is the right thing to do.
5. Don't easily give up- Right now specifically I am unable to return home to help with the hurricane recovery, but that didn't stop me from doing what I can to help. I made shirts and have been selling them online to raise money. So far I've generated over $800 in sales and over $400 in profits that I can give back to the community.

Interview 1:

• "Your faith, your willingness to serve and help others, your tender heart, your life experience having moved so much and adjusting to new situations, your willingness to work hard and consistent hard work. Your witty sense of humor, ability to learn new things quickly, and your creativity."

Interview 2:

• "You are always up for a discussion. When you love (someone or something) you are 100% invested. You have great self-taught computer skills, you have high morals and religious knowledge that you aren't afraid to show others."

Interview 3:

• "Moral compass, character, work ethic, faith, life experience from moving around."

Reflection:

• What I think of myself and what others think of me seem to be mostly aligned. One thing that I hadn't considered as a part of my human capital was my faith, yet everyone I talked to mentioned that. I think that what my interviewees mentioned are true (specifically my witty sense of humor, I'm absolutely hilarious) and if I could go back to my list I would add my faith and golden comedic talent.

Assignment 15- Figuring out Buyer Behavior 2

I presented each interviewee with 3 alternatives, two shopping list apps (one free and one premium) and the option of calling a store to find out produce prices. There is no single app that does everything mine would do, so none of the options are complete substitutes.

The interviews:

• All three interviewees chose the free app because it started free and then they had the option to upgrade for more functionality if they liked it. None of them wanted to call the stores, but they all wished there was a way to check without calling. Two of the interviewees stated that when they look back on purchases of this nature the most important thing is if they got value for their original money (ie if they save more than they spent), the other thinks that the most important thing is if they saved time because of the purchase, not money.

Conclusions:

• The segment does now want to put forth the effort to save money and would rather spend a little money to save a lot, however they need proof that the concept works before they'll invest money in the app. This leads me to believe that a free trial is the best way to draw people to purchasing the app. If people have saved time, money, or both after the trial, they will more than likely purchase the app.

Assignment 14- Halfway Reflection

1) Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course?

• I have had to learn self-discipline. It is so easy to just not do the assignments or not try hard on them because this is an online class, but I've had to learn to just grind it out and do the work because it will help me more to actually try and complete the assignments.

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

• I kinda feel like giving up every week, but honestly I just keep in mind that I have to complete the assignments or I won't get the grade I want in this class. I don't feel like I've developed a "tenacious attitude" but I think that's mostly because I'm more concerned with passing the class than excelling at what I do in the class.

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

• 1. Work ahead. I still have a tough time getting the motivation to work ahead and do the assignments so I just end up doing them at the last minute.
• 2. Get invested in the subject and coursework.
• 3. Actually try on all the assignments. Don't just do the bare minimum.

Assignment 13- Reading Reflection

The entrepreneur I chose was Ray Kroc, the "founder" of McDonald's.

1) You read about an entrepreneur:

• What surprised you the most?
• Ray Kroc wasn't the actual founder of McDonald's, but he is the reason that the restaurant is now nationwide.  
• What about the entrepreneur did you most admire?
• I admire his drive to be successful. Kroc was 52 when he met the McDonald brothers, but his whole life he never gave up. He definitely had an undeniable drive to become successful.
• What about the entrepreneur did you least admire?
• Kroc cheated the McDonald brothers and ran them out of their own business. He was determined, but kind of a jerk.
• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?
• His whole life Kroc encountered adversity and failure, but he kept trying until he was 52 and saw an opportunity with McDonald's. Kroc never succeeded in anything until he found McDonald's, but he never gave up.

2) What competencies did you notice that the entrepreneur exhibited?

• Ray Kroc had determination above all else. He was committed to making McDonald's a nationwide experience. He took out loans and was dedicated to making it big.

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

• I was confused as to why Kroc wanted to push the McDonald brothers out of the business. He shouldn't have done that to them and it just wasn't nice. Made me not really like some of his decisions and choices.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

• I would firstly ask if he ever saw McDonald's being as big as it is now. I'm curious if it exceeded his vision. Secondly, I want to ask about his cutting the McDonald brothers out of the business. I want to know if it was intentional or if it just kinda happened.

Assignment 12- Sketching out the Beginning of the Buyer Behavior Process

The Segment: college students at UF (geographic segment)

Research Findings: I found through my three interviews that people in the target segment take to the internet to find a solution to their problems. Throughout the interviews people told me that if they were to look for a way to compare prices of food that they would see if they could find them online. When I revealed to them that the local food and produce prices are not posted online they bacem stumped. They suggested calling the stores or just giving up altogether because there isn't an easy way to compare all the local stores.

Conclusions: I found that college age students immediately turn to the internet to find solutions, so if I were to pursue this venture I would need to have a very visible website that appears when people are looking for the best deals. This website would send them to my app. I found that this segment was aware of the problem, but unwilling to try and solve it on their own (calling the local stores). This segment resorted to looking online for solutions.

Assignment 11- Napkin No. 1

1. I am a graphic design major and I own and operate a small graphic design company that does graphic design work and branding for small businesses. My five years of graphic design and coding experience will be helpful in the development of the app. I know that I can create a visually beautiful app with a good and easy to use interface. I could see my app being something that could be a long term business venture that I would ultimately sell to the highest bidder once it's successful. 
2. I am offering to customers an easier way to shop for produce, butcher items, and baked goods at local supermarkets. The app will analyze where the customer should shop in their local area to get the best deals on food relative to the cost of getting to the store.
3. The target demographic of this product is shoppers who want good deals so young people (millenials), couponers, and parents would probably be the ones to focus on first. These people in the Alachua county are who I would focus of first before expanding state or nationwide.
4. Customers will pay money for this app because it will save them more money in the long haul. If the app is $5 and they can save anywhere from $5 to $10 every week, it is worth them purchasing the app.
5. The feature that sets my app apart from the crowd is the algorithm that will run a cost-benefit analysis on your shopping list. It will determine the cheapest places to buy your food items and then determine the cost in gas to get to each store. It will determine if it is worth going to certain stores to save money and then will show how much money you can save by shopping at certain stores for certain items.

I think all five of these elements work well with each other. I think that if I was able to develop this app it would sell itself. The app would be incredibly useful to the customers and would be worth them purchasing it.

Assignment 10- Elevator Pitch