Venture Concept No. 1

Opportunity. An opportunity may be defined as a group of customers with unmet or under-met needs.

Students all over the country need to study to complete their education. It is a fact of the university life that cannot be avoided. Because of this, students deeply desire to have their own special place to get away from the world and set their mind to truly learning more about what they want to do for the rest of their lives. This provides us with a unique opportunity to create a place that someone, hopefully many, claim as their secret place. College students also have a funny way of always wanting to express themselves; to make themselves stand out from the rest of the crowd. This being so, we have a unique niche to fill as not many restaurants, libraries, or coffee shops currently allow students to “make themselves at home”, so to speak.

Our market currently consists mainly of 18-25 year old college undergraduates, graduates, and young faculty. Geographically speaking, they are relatively centered around the better part of the University of Florida campus, or within the parallelogram that archer road, 34^th, 13^th, and University make. This window of opportunity will begin to close as prime locations begin to be bought out by large apartment complexes and successful chains make their way into the hot spots around mid town.

Innovation. An innovation may be defined as a new or creative service, product, or process that may be applied in the marketplace to address customer needs.

My innovation, The Smoothie Pit, is a casual, modern, hipster smoothie café with a specific focus of creating spaces for students and professionals alike to escape from their homes to work diligently on whatever it is that their needs call for.

We will be selling healthy smoothies using real fruit, natural ingredients, with a heavy dependence on natural flavors and add-ins. Coffee, cinnamon, peanut butter, almond butter, coconut milk, and chia seeds are all examples of the kinds of options that customers will have available. Our cost drivers will include a flat rate smoothie price for three categories; Simple (Strawberry Banana, Mango Orange, etc.) starting at $4.50 for our one size, more complicated (Chia seeds, acai, coffee, protein powder, dragon fruit, etc.) at $5.50, and build your own with 4 add ins for 5.75. This will give students the option to stay under $5 for those who want to save money and go for a more basic smoothie. Our other cost drivers will be sandwiches that range from 2.99-5.99, depending on the ingredients and size. Salads will also be on the menu, from 2.99-10.99, depending on the size and ingredients. We want to make healthy food available for students, but also keep in mind the success of the business.

We will provide free WIFI of course, and will have hammock racks available for their own use if they choose to bring their own (This of course could be a liability, but we will look into legal matters later).

We will also have an app that they can acquire rewards points to earn free add-ins, smoothies, and even a free hammock with enough points.

Venture Concept. A venture concept may be defined as the application of a specific innovation to address a specific opportunity

I truly believe that my idea for the new smoothie business will satisfy the desires of students and professionals currently. No other place allows college age students to bring their favorite hammock into their place of study, or even have a comfortable place to sit. My competitors would be Starbucks, tropical smoothie café, and Pascal’s. Price point is huge because students will go where the cheapest, most fun place is to be. If we have fun, but our product is too expensive, no one will come. We will need a team of about 30 employees to staff each day and market our business around campus. We will give our employees access to free smoothies and discounted food while working and a 60% off while not on shift. I believe that a good business starts with treating your employees right from the beginning.

The three minor elements

First, describe what you think your most important resource will be.

I think our hammock racks, natural ingredients and options, study rooms for groups, and our comfortable, unique seating will give us the competitive advantage that we need.

Second, what’s next for the venture?

After we launch, we will need to get in contact with study organizations and connect with their managers to see if hosting one of their study sessions would be an option.

Third, what’s next for you?

In five years, I hope to have 2 locations around Gainesville and one-two in Tallahassee. I think that Florida State is another school with a great opportunity for students to experience something new with their eating habits and study space.

Amazon Whisperer

Here's what you need to do: 

• Essentially my one revenue driver would be the same of Smoothies, sandwiches, salads, and other food or smoothie options we may serve. We would also make revenue with the help of sponsorships from the tutoring organizations. 
• I think the next product may be a pre made kit with the smoothie mix all put together or home delivered smoothies with competitive prices.
• My "next" thing would enhance the user/consumer experience by providing them with what they desire in a much more convenient fashion. 
• The product is a pre-made smoothie kit that promotes superfood health. 
• Unfortunately there are 0 customer reviews for this product, making me think that it is not a popular product and not something that customers even desire to have in their homes at the moment for this price ($160). 
• I would certainly make this a much cheaper product with a simpler use. Having 4 different containers that they need to put into a smoothie can be difficult to measure out. I would create small individual bags that already include all of the ingredients that you would need to make the smoothie (just add ice).
• For those who do not have transportation to the physical Smoothie Pit, I think that having access to the same quality of smoothie from the comfort of home would be an addition that would add customer loyalty and consumer experience. 

Week 11 Reading

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 
What stood out most to me was the specific definition of the innovation system:
 innovation system: a coherent set of interdependent processes and structures that dictates how the company searches for novel problems and solutions, synthesizes ideas into a business concept and product designs, and selects which projects get funded.
The idea that innovation within a company s large as Google, for example, requires all departments to be interdependent. 

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

The idea that it is not advisable to have the R&D department working on separate projects is confusing to me.

3) If you were able to ask two questions to the author, what would you ask? Why?

I would ask how far the leader's should be looking to start planning for R&D? 2 years out from expected release? 1 year? 6 months?

And also,

What should the balance be for a company that is seeking to innovate in basic processes and also in high functioning technology?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I don't think that R&D necessarily needs to always be working in the same direction for the company to succeed. I think having a single or few separate projects always paving the way for the rest of the R&D team to eventually get on track would be the best way to view this scheme. 

My Unfair Advantage

• Servant Leadership
• Valuable: Employees desire to be served while being led.
• Rare: Its uncommon for bosses to possess this.
• Inimitable: Other bosses can do this as well.
• NS: Not many can.
• Available monetary investment
• Valuable: All businesses need this to begin.
• Rare: Not rare.
• Inimitable: Very.
• NS: Very much so, top priority.
• Brand new locations with a close proximity to campus
• Valuable: Extremely.
• Rare: Yes, only so many businesses can occupy a specific area on campus.
• Inimitable: only if another business were to find the same building.
• NS: No. Location is key.
• Patience
• Valuable: Yes, makes for a better working environment.
• Rare: Yes, not many manages use this.
• Inimitable: Yes. Easy reproduced.
• NS: This is substituable. 
• Extroverted
• Valuable: Yes, great for marketing.
• Rare: No.
• Inimitable: Yes.
• NS: I believe this is a necesity for a boss to start a business.
• An optimal market in Gainesville
• Valuable: Yes, not many places would require such a kind of place as the smoothie pit.
• Rare: Yes. See above.
• Inimitable: Yes, other businesses can use similar locations.
• NS: Absolutely.
• A brand
• Valuable: The key to any businesses to stand out.
• Rare: No, every business has one.
• Inimitable: No, unique brand is key.
• NS: Yes, this is necesity. 
• Direction for a modern, comfortable, inclusive store culture
•  Marketing hotspots (Turlington, Reitz Union, Greek Row)
• Valuable: Yes, make marketing easy.
• Rare: No
• Inimitable: Yes, free speech zones.
• NS: Yes, we need these areas.
• Understanding of what customers desire
• Valuable: Yes.
• Rare: yes not many companies do this.
• Inimitable: No
• NS: Yes, we need this.

The brand will be the most important part of the businesses. Creating a place that gives students options to study and reasons to be there is unlike anything else around the city and will give us a competitive advantage aganist other smoothie/coffee shops in the city. 

Growing Your Social Capital

1) One person must be a domain expert in your industry. This would be someone who's engaged in the same type of business activity as you would like to be. They may own the same kind of company that you would like to own, or they may be a technical expert who knows a lot about the kind of product or service that you would like to produce.

1) Who they are and what their background is.

Kevin Michaels of Tropical smoothie cafe. Degree from UF and sales experience. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Domain expert.

3) A description of how you found the person and contacted the person.

I walked into tropical smoothie cafe and asked for an owner.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

No favors, I simply asked for information!

5) How will including this person in your network enhance your ability to exploit an opportunity?

A strong business partner already in the industry that can offer advice for my new chain. 

2) One person must be an expert on your market. This would be someone who is targeting your market with similar products services -- or knows a lot about conducting customer research in your area -- or represents a major piece of your market (this might be most applicable with B2B markets).

1) Who they are and what their background is.

Catie Brookes. Marketing director for alachua county. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Market expert.

3) A description of how you found the person and contacted the person.

Also walked into tropical smoothie and asked to speak to a marketing team member. had to call her due to not being located in the local office. 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

They asked that I return nothing, just that I would reach for my dreams!

5) How will including this person in your network enhance your ability to exploit an opportunity?

Having someone to ask about target markets and market segments for certain products will be fruitful. 

3) One person must be an important supplier to your industry. This would be someone who is selling products and services to other organizations/firms in your industry.

1) Who they are and what their background is.

John Lammers from Vanna's Tropical fruits and vegetables. Local farmer that supplies for many food cafes. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

supplier. 

3) A description of how you found the person and contacted the person.

Looked up the local alachua suppliers and found one that seemed well respected. Called to speak to a marketing director for them. 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

Just asked about how much of the supply chain works! No favors in return, just to say good and potentially use Vanna's in the future. 

5) How will including this person in your network enhance your ability to exploit an opportunity? 

I think that having a great source to call about bringing in local fruits will enhance my brand. 

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

What most stood out to me was the existence of common stock and preferred stock, I love the idea of being able to pay just a little bit more to ensure that at the end of the day you are left with some sort of dividend. 

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

The confusing part of this weeks reading to me was the existence of a note payable. The definition is similar to a form of collateral, or so I thought. So I found out more about this area of accounting. 

3) If you were able to ask two questions to the author, what would you ask? Why?

If I was able to ask the author a couple of questions they would be these: 

1. why is a note payable just not considered a collateral for a purchase? 

2. why isn't an operating budget not just considered as the baseline capital required for a business to function?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

As most weeks, I do not have anything that I feel the author was wrong about. 

Elevator Pitch No. 3

Reflection: The only feedback I received was the question of why the large tutoring organizations would come to my location to host their sessions. I addressed that here in my video now for the 3rd time around! 

I also wanted to try a more casual approach. My last pitch I did standing outside by a wall. This time I wanted to try and make it seem like my future business partner and I were sitting and just casually talking about potential new businesses we want to start. That is why I did what I did with this video. I hope you enjoyed it. 

Week 9 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

I am surprised that the idea that social media marketing is very dissimilar from traditional marketing. The ways in which we interact over social media limit the things that marketers can do.

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

I honestly did not find any of the reading to be confusing.

3) If you were able to ask two questions to the author, what would you ask? Why?

One thing that I would ask the authors is do they really think that many small upcoming entrepreneurs will have the resources to do the great amount of marketing research that they think is needed?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I cannot say that I disagreed with anything that the author discussed.

My Secret Sauce

I truly do feel like I have a few qualities that separate me from many of my peers:

1. Authenticity. I never try to be someone that I am not. If I am having a rough day, I try and always let people know that today may not be my best. If I feel strongly about something, I do not try to hide it behind a veil of agreeance.

2. Fun. I love to have a good time, and I know that a great culture to have around the workplace is one of good times and being lighthearted (EX. the TV show The Office).

3. Love. I strive to love everyone, including my enemies, or even when someone does me wrong. Everyone deserves to be loved, so I make that a high priority.

4. Drive. When I get a vision for something that I want to do or achieve, not much is able to stop me. I am someone who can do just about anything if I have a strong sense of direction to it.

5. Listener. I have been told by many that I am a great listener; I take the time to sit down with my peers who may be struggling and simply listen to what they are going through. This can be a great strategy for developing influence in any group that you find yourself.

Tyler: Very authentic. No walls up.

Blake: People skills, investment in people new and old.

Stephen: Ability to communicate in a creative way. Go out of my way to talk to people.

Caleb: Very inclusive. Family oriented.

Brian: Outgoing, connecting with people on a personal level.

I can definitely see a difference in how others see me as opposed to the way that I see myself. It's interesting that many of the things other saw in me are things that I also would have put on my list. I think that I would replace listener with includer and fun for clear communicator.

Idea Napkin No. 2

1) Me. Well I am someone who is a team builder, teachable, someone who can rally the troops, a strong public speaker, and a servant leader. I have experience in banking, sales, team leader/manager roles, and the restaurant business. I aspire to do many things; becoming a pilot, working in human resources for a world leading technology company, and start/lead an organization. The business idea that I have of creating a healthy and mindful smoothie restaurant that places an emphasis on customer loyalty and student study areas would play a large roll in my life as I love college life and smoothies. 

2) What are you offering to customers? My smoothie cafe, called The Smoothie Pit, is an innovative, 24 hour smoothie joint that gives students the opportunity to get away from the library or their dorm to study in a personalized way, drink healthy smoothies that use ingredients that support healthy brain recovery and immune health, and also an affordable price and rewards system that encourages customer loyalty. The personalized study areas would include hammock racks for students to hang their Enos or personal hammocks or relaxin the ones provided. We would also have "Study Hours" where inside music would be turned down and prices will be reduced to encourage students to come out and study. We would also bring extracurricular study companies to host their study sessions at our location in the study rooms to even further centralize study to our location. 

3) Who are you offering it to? Our main audience will be high school and college students. Our location will cater to the everyday smoothie enthusiasts during the day, but especially cater to the needs of college students during after class hours when most will be studying.  

4) Why do they care? Many students struggle to study within libraries because of the amount of friends they see there. Getting off campus to study would help students to be more productive with their time. College students are also at a pivotal time in their eating habits. Gaining the ability to know what they are putting in their bodies and having the ability to spend about the same as at another smoothie cafe for a healthier option is why we exist. 

5) What are your core competencies? Healthier ingredient, better study areas, personalized and customizable seating areas, rewarding loyalty programs, ideal walking distance locations, comparable prices. 

I truly do believe that all of my ideas and core beliefs of business line up with what students want. I am a current college student with many of the problems that I am trying to fix above.

Feedback Memo: I only received two points of feedback, both very positive. What I took away was this:

• Students love aesthetically pleasing ads and environments.
• The area in which I am currently would be a hot spot for my business.
• My idea of having specific study spaces seems to be a hit.
• Having "study hours" with reduced prices also seemed to be popular among my feedback.
• So far my idea seems to be on track with what the needs are in the community.