30A - Final Reflection

The most informative experience that I took away from this course was definitely the power of networking. It is so important in anything we do to build relationships with those in the same industry as us. Though I have been in classes that required me to speak with and interview my colleagues, I never had to apply them in business sense to something that I was building from the ground up. Though extremely challenging at times, I found this to be so rewarding and fun for me because I learned so much more than I had ever imagined about creating an unheard-of business. I do see myself as a potential entrepreneur in the future. I feel that I possess natural leadership qualities and I think it would be great to exercise them doing something that I feel passionately about whilst making a substantial income.

My number one recommendation to students taking this course is to stay on top of your assignments. I struggled at first with this because I tend to procrastinate at times. I found myself starting the weekly assignments just a few hours before they were due and I missed the deadline because I was not done. Though at times they can feel lengthy and time-consuming, don't make them more difficult than they really are. You will eventually find that you have learned a lot and will appreciate the entrepreneurial skill set you developed. 

29A - Venture Concept No. 2

The Hearty Gator

Opportunity 

• College is a critical time when college-aged adults tend to gain weight and increase their risk of obesity-related health issues later in life.
• Findings from multiple studies indicate family, significant others and college friends are potential influences on both diet and physical activity.
• Students are exposed to a variety of new experiences and potential lifestyle changes that may influence their health and risk of obesity, including changes in eating habits, living environment, daily physical activity and possibly increased alcohol intake.
• To add to this, increased stress associated with academics or life issues may also contribute to the risk of weight gain in college.
• This idea is exemplified by the infamous "freshman fifteen."
• As students progress through their college years, it is very common for them to become even more engulfed in school work, jobs and activities, leaving very little time to make physical activity and nutrition a priority. 
• Although most colleges do take into account these factors by establishing food outlets throughout campus that offer healthy snacks, the ratio between fast food joints and places that incorporate actual wholesome meals is extremely skewed. 
• The window of opportunity to create a place that provides well-rounded meals in a time crunch on university and college campuses in wide open.
• The market would pinpoint college-aged adults, specially at the University of Florida, between the ages of 18 and 26, and even faculty and staff who work on campus. However, as the business grows, it could expand to college campuses across the country.
• There is currently no satisfactory resolution as students are opting for fast food when they do not have time to prepare and bring their own healthy meals to campus.
• Potential customers: College students and staff 

Innovation

• My idea is a healthy restaurant, grab-and-go blend that will be located in the heart of the University of Florida campus. Our company would pave a path for college-aged students to continue with their healthy habits when their busy schedules may not allow them to do so in advance. Students, and even staff members, would be able to order in person or pick up wholesome meals for breakfast, lunch and dinner during the university's hours of operation.
• This would be the first and foremost establishment for the company so that we can later install easier, more tech savvy ways to speed up the process.

Venture Concept 

• Those who purchase meals from The Hearty Gator will do so to maintain their healthy lifestyle throughout their hectic day-to-day schedule. This will stop them from resorting to fast-food meals that they will eventually regret eating and give them the satisfaction of feeling full and happy.
• I do not think it will be hard to get students, faculty and staff to purchase these yummy meals. Each and every meal will be made with the freshest ingredients for a very reasonable price. Getting daily specials out quickly and effectively will be tricky, but I do not think this is anything social media posts cannot handle.
• Branding will be critical when it comes to implementing the business for such a vast student body with an array of diet preferences. Like Whole Foods and Vale Food Co., our aim is to debut our food and meals in a light that accentuates how they are prepared fresh daily with only the finest ingredients. 
• Initially, I would begin my business on, or even around, the University of Florida campus (specifically near Turlington where there is the most foot traffic). Instagram will be our main form of communication with our audience, posting on average 5 photos and announcements everyday. This will need to be consistent not only with timing but also with the look and vibe of our page. Once this is rooted and secure, then we will become recognized by everyone on campus, even visitors, and I will hire a public relations or marketing coordinator who would  oversee this full-time. 

Three Minor Elements

•  Unfair advantage: The most important resource to my business is that it is essentially the first of its kind so there is relatively no competition. This is highly valuable because my company is giving healthy meals to my audience that they have never had at this place during these times. This is something that no other food joint can replicate and if it is successful, then it can alter the lifestyles of college students and staff.
• What's next for the venture: After just six months to a year, I would like to introduce an application that allows customers to order meals on their phone that they can pick up at whatever time they wish, similar to Tapingo. The app will be updated regularly with any specials or menu changes so that they will be getting the same services if they were to be dining in. Customers will be able to link their debit or credit cards to the app making payment far easier for both us and them.
• What's next for me: Had I already build and launched this business, I would probably choose to sell it within five years of it being open. Though I would put all of my work and resources into the business, it is not something that I feel passionately enough about to stick with forever. I would see it as a stepping stone into another future entrepreneurial pursuit.

Feedback

Not much changed from my previous venture concept to this one as I received a great amount of feedback from my peers. They were very impressed by how well-developed my overall business plan was and said that they could see themselves as potential customers being students at UF. I did tweak some of my points regarding how staff and faculty could benefit in exactly the same ways as students in order to broaden the horizon of my consumers. They also said that creating a poetical application that could link with Tapingo would also be a smart option as many students already have this app downloaded so they will consider The Hearty Gator when scrolling through their food options. I also included how I would probably choose to sell the company after a few years.

28A - Your Exit Strategy

1. Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

Hopefully after making a great return that I would consider a success to myself, I would probably choose to sell my business after about five to ten years. I would put a lot of time and money into the business within the first year or so just so I know that it will come out on the other side a major success. Though I do care about the business and the hours of work I put into it, it is not necessarily something that I feel is a passion of mine. Therefore, after making enough money from it and knowing I could pass it on to someone who will capitalize on it, I believe I would sell my business.

2. Why have you selected this particular exit strategy?

I chose this particular exit strategy because I consider this entrepreneurial venture to be a stepping stone. Like I said, I am not as passionate about this business in particular as I would like to be and though I would work hard at it, it isn't something that I would feel comfortable handling for the remainder of my career. I enjoy the idea of being an entrepreneur and would like to exercise my skills in a business that I feel whole-heartedly connected to.

3. How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan acquire and use resources?

I think my exit strategy has influenced how I have made the majority of my business decision thus far because I had made it a point to focus on the design and management of it. I intentionally did this so that the employees I hire and train will feel comfortable and ready to take on a larger, more manager style role in the business's first few, developmental years. I wanted to give them the opportunity to step up and give me their opinions and thoughts on how we can help this business reach its full potential.

27A - Reading Reflection No. 3

Daniel Kahneman's Thinking, Fast and Slow

1. What was the general theme or augment of the book?

This book encompassed everything having to do with the brain and how it is split in half and how each portion has different strengths and weaknesses. The book refers to them as 'systems' and these systems are what we base our actions on. System 1 has to do with our immediate instincts that come into play with our natural emotions, while System 2 is far more slow as it encompasses how we compare different options in order to make the right, logical decision.

2. How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?

From a business or entrepreneurial perspective, I think it is very interesting and important to connect systematic thinking to science. Though my past experience in psychology dates back to my high school years and is probably a bit grey at this point, I think that coming up with new, unheard of concepts in any business venture is critical because it will set you apart from others. By getting a glimpse into the processes of the brain, I was able to see how these two things mold to create really interesting, complex results.

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

Based on this book, I would design an exercise where students could interact and bounce ideas off of one another from a business perspective. I would like for them to brainstorm some entrepreneurial examples that they would have to tailor their reactions to based on System 1 or System 2. Therefore, each student would be coming up with their individual scenarios while also keeping in mind that this could actually happen one day that needs a logical answer.

4. 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?

I was frequently surprised and had many 'aha' moments while reading this book because I found each and every new concept about the brain extremely interesting. The most intriguing thing, in my opinion, that I learned about from this book was how our instinct truly shapes the decisions we make. We always hear about "gut instincts" or "going with your gut" and it seems cliche, but it is actually true. My mom had always told me to follow my gut and it was really enlightening to learn that it is a real concept, which was definitely the main idea that differed from my expectations.

26A - Celebrating Failure

1. Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time.

This semester, I had taken a law of mass communication class and it was by far one of the most difficult classes I have ever been enrolled in. Prior to this class, I did not have any law experience or knowledge. The being said it was extremely difficult for me to get a grip on the concepts and overall understandings as each and every topic was very detailed and in-depth. I barely passed the first exam and that put me in a terrible headspace for the remainder of the class. I did not know if I would pass at that time but luckily I turned a corner and began doing a lot better.

2. Tell us what you learned from it.

I learned from this failure because it taught me that just because something is new and challenging does not mean that I cannot accomplish it. Most things regarding school and classes come easy to me, but this class in particular did not and it really threw me for a loop. I think that receiving a bad grade on the first exam was exactly what I needed because I knew right away that I was going to have to work and study extra hard from then on out. This taught me the importance of persistence and how to tackle new tasks in a different, more effective way than what I was used to.

3. Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

I think failure is a great thing and something that each and every one of us must embrace in our lives at some point or another. We are constantly putting so much pressure on ourselves to succeed but I am a firm believer that success is defined by our failures. I try to remind myself of this every day so it will be embedded in me to pick myself back up and keep going after any minor failure. This class has changed my perspective on failure because throughout this entire semester, I have learned how failures are inevitable in any business-type of situation. I am much more likely to take risks and be bold with them because you never know what great things they could lead to.

25A - What's Next?

What's next for my Venture:
Once my service is well-known across the University of Florida campus, I would like to develop an application for my clientele. This app will give users the capability to order a meal that will be ready for them to pick up within minutes, similar to Tapingo. They will be able to choose from a mobile menu and pay by connecting their credit or debit card to the app.

Existing Market Interview:

1. Freshman female at UF:
1. Suggested getting on social media immediately to not only promote the business, develop its brand so that everyone knows and is excited about it.
2. Athlete at UF
1. Suggested getting the application running sooner rather than later so that more and more people will purchase meals.
3. Professor at UF
1. Suggested making sure that campus goers know exactly where the food join would be located and its hours of operation so that they can plan meal pick-up's around their class schedules.  

Reflection:

I strongly believe that creating a Tapingo type of application for my restaurant is a really food idea and one that would enhance the quick efficiency of my future business. Students and even staff members are constantly on their phones and electric devices so knowing that they can order some dinner on their way to an 8 PM class with just the touch of a button is extremely valuable to them. There is also the added possibility that my restaurant could be added to the Tapingo application, as I know it is widely used to connect UF students and staff members to many of the other restaurants across campus making it a win win for every one involved. 

New Market:

Developing a concept that would allow me to sell meals in local grocery stores. My business concept might also be valuable to grocery goers because instead of buying individual ingredients, they would be able to just pick up an entire meal. Though they would be able to purchase the ingredients I use to mimic the meals I create, they would also have the option to just purchase it all ready made and ready to eat.

New Market Interviews:

1. Female, 32, mom in Gainesville 
1. Suggested targeting smaller grocery stores as opposed to chains because they usually already have some sort of meals prepped in every department. 
2. Male, 55, car salesman in Gainesville
1. Suggested scheduling certain days of the week when certain meals would be sold.

Reflection:

I certainly surprised by the feedback I received from residents of the Gainesville area. They definitely seemed open to the possible idea of having a sort of "meal prep" service in their local grocery stores to make dinners, and even lunches, easy. It was interesting to see how every seems to want to develop healthy eating habits but might not necessity know how or have the time to. My service would make this far less stressful and would give everyone the opportunity to eat a delicious and nutritious meal in a pinch without breaking the bank.

24A - Venture Concept No. 1

THE HEARTY GATOR 

Opportunity 

• Who has the need?
• People who need my product are college students and staff who value eating a healthy, well-rounded diet but do not have the time to buy and prepare these types of meals on a day-to-day basis.
• Nature of the need
• This need is described those on campus who want a nutritious meal - whether it breakfast, lunch or dinner - but did not have the time to either prepare a meal in advance and refuse to settle for fast-food.
• What forces create this opportunity?
• This opportunity was created by the feeling of defeat where you want to stick to your healthy food regime but your class or work schedule points in the direction of fast-food. As college students, balancing your budget, meals, class and maybe work or extra curricular's is a constant struggle, leaving little room to make it to the grocery store and fill up on a week's wroth of french produce. However, if there was a place on campus that provided these types of meals at a reasonable price then the hassle of meal prep and grocery visits would be eliminated. 
• How is the market defined?
• I believe the highest concentration of this need is college students and staff.
• How are customers currently satisfying this need/how loyal are they?
• To my understanding, customers are currently satisfying this need by trying to schedule a specific time to not only go to the grocery store, but to prep a weeks worth of meals at home. Nonetheless, this method is not one that many people ate loyal to since everyone is busy with prior, more important commitments. 
• How big is this opportunity?
• I think this opportunity is a big one because it addresses an issue that many students and staff members on a university campus face.
• How long will the window of opportunity be open?
• Though there are similar restaurants or grab-and-go places around town, there is not one on the University of Florida campus so the window is open.

Innovation 

The product, or more so the service, I have designed is called The Hearty Gator. The Hearty Gator is a healthy, grab-and-go restaurant or food joint located in the center of the University of Florida campus (specially near Turlington hall). It provides well-rounded meals for those on campus at all hours of the day. The meals will be completely affordable and the quality of each and every one will be up to par every single day. I am selling nutritious and delicious meals for breakfast, lunch and dinner so I anticipate making money when students are hungry for just that.

Venture Concept

This service will meet this need by reassuring students and staff members that they do not have to break they diet or healthy habits while on campus. They will choose to purchase my meals because they value eating healthy and know that the food I am providing is high quality, filling and delicious. I do not think it will be difficult to gain a clientele as many people's values align with those I have set for my restaurant. I am certain that this service will be successful as there is no other place in the heart of campus that does what mine will. 

Three minor elements...

1. My biggest resource, in my opinion, is the fact that I am creating service that is both convenient and of high-quality, as there is no other healthy food spot on campus that is easy to get to and provides completely healthy meals. 
2. The next venture for my service would be developing an app that allows customers to order a meal and pick it up in advance.
3. Assuming this service was a success after opening, I would probably stick to doing exactly what I set out to do in the first place. If it were a hit, I would of course take feedback into consideration but I do not think I would completely alter the service as a whole.