I do see myself as an entrepreneur in the future because it is great to be able to work for yourself vs. working for someone else.
I would tell them to not get frustrated and to be patient with their process in finding solutions.
Friday, April 19, 2019
30A - Final Reflection
29A - Venture Concept No.2
Product Opportunity: Affordable Drive thru fruit snacks - acai bowls, mixed fruit bowls, smoothies
Opportunity:
My potential customers are people who desire to live a healthier lifestyle yet still affordably. There are so many people who eat an unhealthy lifestyle just because it is cheaper. However, my product opportunity is just as cheap as fast food but gives the best nutritional benefits. I believe this is a big opportunity because there is not much out there like this. There would hardly be any competition so there is a huge chance of making a big profit. I think once others see how successful this business would be, they're might be more of a threat of competition being built. I think this can be beneficial to anyone no matter where they live or what their background is like. My typical customer just must want to live a better lifestyle and want to eat healthier. Many people just go to their grocery store to obtain fruit and then make their own smoothies, fruit bowls, or acai bowls. We can satisfy their needs by providing services to do all of those things for them. I don't believe customers will have a hard time switching over to be our customers instead of making on their own, because it is easier and probably cheaper to them. Also, fruit goes bad easily so they don't have to worry about buying more than they need.
ADDING***** I am going to try to expand my market by not just going for the likely potential customer, but by marketing to customers who may not usually be customers. For instance, I am going to be adding more dessert type of options incorporating fruit to the menu. This way, there is a more broad menu and will appeal to a wider variety of customers.
Innovation:
My company is a fruit drive- thru. People will come through our lines and order something from our wide menu and we will serve them. Smoothies, mixed fruit bowls, acai bowls will be served. I would be selling each item depending on the size they choose. Smaller options would be around $3, medium options under $5, and large options under $7. Each product option will depend and differ, but not dramatically from those prices.
ADDING**** This also is the same goal as it is now. I want it to be well priced - that is the main reason why I came up with this idea in the first place. Just need to make sure I can get fruit for a good price so I make enough profit.
Venture Concept:
My innovations will benefit my product because it is affordable options. I don't think this will be hard at all for customers to switch over to. There isn't much other competition so its not like they would give up their favorite place now for ours. This option would be easier and cheaper for the customers and would benefit them each. My competitors would just be grocery stores or fruit stands who sell fruit but they don't offer the snacks we do. We wouldn't need many employees, just people to run the drive thru and cashiers. We would need people to cut the fruit or to mix them. Then we would need people to help run the inventory. Making sure our fruit didn't go bad and seeing what we need more of. I would run a lot of the marketing and ads since it is my major and would maybe need more help as the company gets bigger.
ADDING ****All of this has generally stayed the same. Still very little competition and not a need for an extraneous amount of employees. Fruit going bad is going to be an issue for sure and we are going to need to figure out understanding how much produce we need at a time and not over buying, but also not underbuying.
Three Minor Elements:
We will have great margins because everything we buy we can sell for more, easily. Also with my advantage in marketing and social media, we won't have to spend a lot there. We can add different things to our menu or make many different stores. I see this in 5 years becoming bigger and opening more stores. I see myself running this and having fun with the marketing. If I got bored, maybe would come up with another business idea to also run. This would give me tons of experience to help me later on with future ideas.
ADDING*** I still believe my marking and social media skills will be very beneficial for the company. I would plan on being very hands on with the company and would hopefully enjoy it enough to keep it.
My main feedback was the concern for the fruit going bad, which really would be a constant problem for my business.Again, we really would just need to make sure we didn't buy too much product so we don't have a lot of waste. This being pointed out gave me more to think about and the efforts that will need to take place.
Friday, April 12, 2019
28A -Your Exit Strategy
I don't have a specific exit strategy for a few reasons. However, I think the most likely route would be to not sell it, and own it and run it for decades to come - that is, if I enjoy it. Right now, it seems like something I would enjoy for years but if I ever got bored with it or hated it, I definitely would sell my business. I would love for it to be a family venture, but I would never want my kids to feel like they had to own the company afterwards because it may not be their passion.
I have picked this sort of unknown exit strategy because I don't want to have any types of preconceived expectations for the company. I am naturally a go with the flow type of person, and I don't want to be tied down to something just because I feel like I have to, nor would I want my kids to feel that way.
I see myself currently being super passionate about this business, and as long as their is passion there than I will keep it going. If there isn't, then I sell it.
27A - Reading Reflection No. 3
The last book I read was called Miracles Happen by Mary Kay Ash. The author talks about her life and pivotal things that she has learned through it. Some main points she describes is how to be a strong leader. It was very good for me to read because being a leader is incredibly important in the entrepreneur world. Throughout the book, each chapter basically has some type of message for people who want to succeed in life. I loved reading this book because it really instilled a lot of valuable wisdom and knowledge that I can utilize in future aspects of my life. I think it is extremely important to learn from other people in life who might have experienced the same things you are about to, so that way you can be steered in a positive direction. This book had a lot of good and positive parts that will be beneficial to any entrepreneur.
Thursday, April 11, 2019
26A Celebrating Failure
A time this semester when I failed was when I made it a goal to use an agenda and journal more often to stay more organized, but hardly touched it all semester. I wanted to start using an agenda because I would often forget about the things I needed to do each day. I learned that while it would be nice to use an agenda, I am often all over the place and don't always have my agenda with me for when I would need to write in it.
I was definitely disappointed in myself for not reaching a goal that I placed for myself. Luckily this was not a major failure because failure is definitely hard on me. I hate failing myself, and I hate failing other people. I am very hard on myself, so when I fail, I am even harder on myself than normal. This class really has opened my eyes to not being so afraid of failure, because its bound to happen and its how you overcome it. I think I am more prepared for failing after this class, and I will be more okay with taking risks.
I was definitely disappointed in myself for not reaching a goal that I placed for myself. Luckily this was not a major failure because failure is definitely hard on me. I hate failing myself, and I hate failing other people. I am very hard on myself, so when I fail, I am even harder on myself than normal. This class really has opened my eyes to not being so afraid of failure, because its bound to happen and its how you overcome it. I think I am more prepared for failing after this class, and I will be more okay with taking risks.
Friday, April 5, 2019
25A- What's Next?
While talking to future customers, it was interesting to learn about different perspectives and thoughts. My ideas of what I thought customers wanted definitely coincided with theirs. They really liked the idea of my social media marketing being being a big tool for the company. A lot of people advised that the store should be very colorful and fun for people to take pictures in with their bowl because when people post in our store its free advertising for us. I really like that idea because I think it will be good for our business.
Im extremely passionate about helping farmers and having a business where it does no harm to animals. My product opportunity does both. I see this really being something that I am crazy passionate about which will fuel me to make it the best it can be, so I think I will open many other stores in the years to come.
I also love being creative whether its what the inside of the store looks like or what the marketing for the business looks like. I see this as something fun for me, and I see it stemming into other projects whether I do some freelancing on the side or if I decide to start another company all together.
Im marketing to people who desire to eat healthy and live a healthy lifestyle. The people I wouldn't be attracting would be people who don't enjoy eating healthy and don't want to. Maybe to appeal to them, I could create other products on the menu that would appeal to them such as fruit dipped into chocolate or frozen yogurt.
I asked a few people who don't like eating healthy if adding some things mentioned above would appeal to them. One said it would and one said not really but that it would help. They said if there friend wanted to go to our store that it would be an option for them.
I hadn't ever even thought about appealing to those who don't even like to eat healthy so it was good to realize that because thats a whole market I could also be getting money from. Doing this exercise also allowed me to use product resolution and made me really think outside the box. This will only make my company stronger.
Im extremely passionate about helping farmers and having a business where it does no harm to animals. My product opportunity does both. I see this really being something that I am crazy passionate about which will fuel me to make it the best it can be, so I think I will open many other stores in the years to come.
I also love being creative whether its what the inside of the store looks like or what the marketing for the business looks like. I see this as something fun for me, and I see it stemming into other projects whether I do some freelancing on the side or if I decide to start another company all together.
Im marketing to people who desire to eat healthy and live a healthy lifestyle. The people I wouldn't be attracting would be people who don't enjoy eating healthy and don't want to. Maybe to appeal to them, I could create other products on the menu that would appeal to them such as fruit dipped into chocolate or frozen yogurt.
I asked a few people who don't like eating healthy if adding some things mentioned above would appeal to them. One said it would and one said not really but that it would help. They said if there friend wanted to go to our store that it would be an option for them.
I hadn't ever even thought about appealing to those who don't even like to eat healthy so it was good to realize that because thats a whole market I could also be getting money from. Doing this exercise also allowed me to use product resolution and made me really think outside the box. This will only make my company stronger.
24A- Venture Concept No. 1
Product Opportunity: Affordable Drive thru fruit snacks - acai bowls, mixed fruit bowls, smoothies
Opportunity:
My potential customers are people who desire to live a healthier lifestyle yet still affordably. There are so many people who eat an unhealthy lifestyle just because it is cheaper. However, my product opportunity is just as cheap as fast food but gives the best nutritional benefits. I believe this is a big opportunity because there is not much out there like this. There would hardly be any competition so there is a huge chance of making a big profit. I think once others see how successful this business would be, they're might be more of a threat of competition being built. I think this can be beneficial to anyone no matter where they live or what their background is like. My typical customer just must want to live a better lifestyle and want to eat healthier. Many people just go to their grocery store to obtain fruit and then make their own smoothies, fruit bowls, or acai bowls. We can satisfy their needs by providing services to do all of those things for them. I don't believe customers will have a hard time switching over to be our customers instead of making on their own, because it is easier and probably cheaper to them. Also, fruit goes bad easily so they don't have to worry about buying more than they need.
Innovation:
My company is a fruit drive- thru. People will come through our lines and order something from our wide menu and we will serve them. Smoothies, mixed fruit bowls, acai bowls will be served. I would be selling each item depending on the size they choose. Smaller options would be around $3, medium options under $5, and large options under $7. Each product option will depend and differ, but not dramatically from those prices.
Venture Concept:
My innovations will benefit my product because it is affordable options. I don't think this will be hard at all for customers to switch over to. There isn't much other competition so its not like they would give up their favorite place now for ours. This option would be easier and cheaper for the customers and would benefit them each. My competitors would just be grocery stores or fruit stands who sell fruit but they don't offer the snacks we do. We wouldn't need many employees, just people to run the drive thru and cashiers. We would need people to cut the fruit or to mix them. Then we would need people to help run the inventory. Making sure our fruit didn't go bad and seeing what we need more of. I would run a lot of the marketing and ads since it is my major and would maybe need more help as the company gets bigger.
Three Minor Elements:
We will have great margins because everything we buy we can sell for more, easily. Also with my advantage in marketing and social media, we won't have to spend a lot there. We can add different things to our menu or make many different stores. I see this in 5 years becoming bigger and opening more stores. I see myself running this and having fun with the marketing. If I got bored, maybe would come up with another business idea to also run. This would give me tons of experience to help me later on with future ideas.
Opportunity:
My potential customers are people who desire to live a healthier lifestyle yet still affordably. There are so many people who eat an unhealthy lifestyle just because it is cheaper. However, my product opportunity is just as cheap as fast food but gives the best nutritional benefits. I believe this is a big opportunity because there is not much out there like this. There would hardly be any competition so there is a huge chance of making a big profit. I think once others see how successful this business would be, they're might be more of a threat of competition being built. I think this can be beneficial to anyone no matter where they live or what their background is like. My typical customer just must want to live a better lifestyle and want to eat healthier. Many people just go to their grocery store to obtain fruit and then make their own smoothies, fruit bowls, or acai bowls. We can satisfy their needs by providing services to do all of those things for them. I don't believe customers will have a hard time switching over to be our customers instead of making on their own, because it is easier and probably cheaper to them. Also, fruit goes bad easily so they don't have to worry about buying more than they need.
Innovation:
My company is a fruit drive- thru. People will come through our lines and order something from our wide menu and we will serve them. Smoothies, mixed fruit bowls, acai bowls will be served. I would be selling each item depending on the size they choose. Smaller options would be around $3, medium options under $5, and large options under $7. Each product option will depend and differ, but not dramatically from those prices.
Venture Concept:
My innovations will benefit my product because it is affordable options. I don't think this will be hard at all for customers to switch over to. There isn't much other competition so its not like they would give up their favorite place now for ours. This option would be easier and cheaper for the customers and would benefit them each. My competitors would just be grocery stores or fruit stands who sell fruit but they don't offer the snacks we do. We wouldn't need many employees, just people to run the drive thru and cashiers. We would need people to cut the fruit or to mix them. Then we would need people to help run the inventory. Making sure our fruit didn't go bad and seeing what we need more of. I would run a lot of the marketing and ads since it is my major and would maybe need more help as the company gets bigger.
Three Minor Elements:
We will have great margins because everything we buy we can sell for more, easily. Also with my advantage in marketing and social media, we won't have to spend a lot there. We can add different things to our menu or make many different stores. I see this in 5 years becoming bigger and opening more stores. I see myself running this and having fun with the marketing. If I got bored, maybe would come up with another business idea to also run. This would give me tons of experience to help me later on with future ideas.
23A- Your Ventures Unfair Advantage
Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.)
Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide the same benefits?).
Remember, not ALL resources will measure up well. That's OK. You just need one.
After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources.
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What makes you so special?
1.) Hardly any competition
2.) Many different product routes/options
3.) Strong social media marketing platforms
4.) Growth potential
5.) Cheap goods
6.) Benefits people
7.) Close knit workers due to not many workers being needed
8.) Helps farmers
9.) Doesn't harm animals
10.) Popular, creative, trendy stores
VRIN Analysis
1.) Wont have too beat any other companies. Hard to find a market with little competition. Not super hard to be copied. Could in the future have more competition.
2.) Wont only have one idea, can form into more. Some products can't always do that. Could be copied but wouldnt be easy. Possibly.
3.) Not all companies have tools to make strong social media platforms. Cant be copied. Other companies can catch on to successful tools.
4.) A lot of companies stay stagnant, it is hard to produce growth. If can grow, that is a big deal for the competition.
5.) Not all goods can be cheap. Other companies can benefit from this as well.
6.) Not all products benefit people. Hard to copy if product isn't helpful.
7.) Coworkers will have close relationship which will make them work better together. Not always common to have strong workforce.
8.) Produces opportunities for farmers. Not all products benefit farmers. Others can rely on farmers too.
9.) Not killing any animals in the process. Eco friendly. Not a lot of companies are good to animals. Others can follow but can be a good thing.
10.) Marketing and ads and designs are creative and trendy. Allows to standout from others. Makes others want to take pics of store and post which is free marketing.
I think my strong background of social media marketing and graphic design can really help this business and will make different from others. Will make company unique and will help with expanding knowledge of the company.
What makes you so special?
1.) Hardly any competition
2.) Many different product routes/options
3.) Strong social media marketing platforms
4.) Growth potential
5.) Cheap goods
6.) Benefits people
7.) Close knit workers due to not many workers being needed
8.) Helps farmers
9.) Doesn't harm animals
10.) Popular, creative, trendy stores
VRIN Analysis
1.) Wont have too beat any other companies. Hard to find a market with little competition. Not super hard to be copied. Could in the future have more competition.
2.) Wont only have one idea, can form into more. Some products can't always do that. Could be copied but wouldnt be easy. Possibly.
3.) Not all companies have tools to make strong social media platforms. Cant be copied. Other companies can catch on to successful tools.
4.) A lot of companies stay stagnant, it is hard to produce growth. If can grow, that is a big deal for the competition.
5.) Not all goods can be cheap. Other companies can benefit from this as well.
6.) Not all products benefit people. Hard to copy if product isn't helpful.
7.) Coworkers will have close relationship which will make them work better together. Not always common to have strong workforce.
8.) Produces opportunities for farmers. Not all products benefit farmers. Others can rely on farmers too.
9.) Not killing any animals in the process. Eco friendly. Not a lot of companies are good to animals. Others can follow but can be a good thing.
10.) Marketing and ads and designs are creative and trendy. Allows to standout from others. Makes others want to take pics of store and post which is free marketing.
I think my strong background of social media marketing and graphic design can really help this business and will make different from others. Will make company unique and will help with expanding knowledge of the company.
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