The Final Reflection of the Finale, Finally

I can honestly say from the bottom of my heart that this has been the most interesting and engaging class that I have ever taken (seriously).  To recall some of the best moments, back when I used to go to the live lectures, I played the role of Biff Tinkerton, the world's greatest bowler.  That was not something that I was expecting to do.  There have been some other highlights, but that moment sticks out the most to me.  Okay, now for the lows, where do I begin?  I actually don't have many "low" moments in this class, one that comes to mind however, is that one weekend back in like March when we had like three or four assignments due and we had to comment on at least five people's posts.  That wasn't fun since I had procrastinated to the last two hours.  When I think fun moments , the first thing that comes to mind is the look of utter confusion on this guy's face when I tried to sell him a dollar.  His face is still burned into my mind, it was priceless.  He didn't take the dollar.  As far as drudgery goes, reading reflections and customer interviews, that's all I have to say about that.
Though I had mentioned that the customer interviews were a pain and I dreaded going out and doing them, looking back at it now, I really do appreciate what those have done for me.  They didn't just help me get some ideas for my business, but they helped me Hulk jump out of my comfort zone, because we all can agree that those could get nerve racking.  An experience that I am most proud of is meeting Joe Cirulli, the founder and CEO of Gainesville Health & Fitness.  I met with him for the "Building your Personal Capital" assignment.  That was awesome, and now I can say I met a renowned CEO.

 Yes I do believe that I have developed an entrepreneurial mindset, and I can say that honestly, not just saying it to get the grade.  I've noticed that I now sometimes find myself searching for issues and opportunities in the world around me.  That's something that I used to do as well, but now I feel that I know what to do with these thoughts. 

What would I recommend to students taking this course in the future?  Let me list it out for you:
1.  Don't procrastinate on these assignments, they will come back to haunt you.
2.  Have an open mind while doing these assignments, they really hold a lot of invaluable experience.
3.  You get out of it what you put into it, don't expect to become an entrepreneur just because you can BS your way through an assignment and click a "declare" button to get your point.
4.  When thinking of an idea for your product/service/etc. for this class, make it one that you are actually interested in, because it will make the assignments that much more enjoyable and constructive, and by the end of the semester, you can possibly have a solid and complete idea that is ready to be implemented.
5.  Did I mention not to procrastinate? 

Week 15 Reading Reflection (It's OVEEEEEER)

 Business Basics at the Base of the Pyramid

Vikram Akula

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? 
 Well what stood out to me right away was the whole "gang intimidation" thing happening to the loan officers over there in Nizamabad.  I think it is awesome how SKS stood up for themselves by not giving in to the gang's threats, and in turn they received a lot of respect from neighboring towns and villages.  It just goes to show that sometimes going against the grain pays off.  I also respect the fact that the author took into account how allowing the gang to extort them would affect their customers.

2) Identify at least one part of the reading that was confusing to you.
 There was honestly nothing too confusing in this article.  Sure, at some points I ran into some terminology that I didn't quite understand, but overall it is very clear and concise.

3) If you were able to ask two questions to the author, what would you ask? Why?
 How did you determine that women would be more likely to repay their debt and reinvest their loans back into the household?  And also how consistent is this statistical model?
What are your plans to gain more traction in this microfinance industry?

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 the author was wrong about anything, but I do think he left out one factor when it came to the list of factors keeping microfinance businesses from growing.  Another reason I think that these firms can't grow is because of major banks preventing them from growing.  The World Bank, for example, probably doesn't appreciate all of these "insignificant" microfinance firms slowly but surely taking away from their business.  For people in power at these major banks, they can easily set up something to keep microfinancers from expanding.

This entrepreneur is a truly respectable person in my opinion.  He puts a whole new meaning to "putting the customer first", even if it means incurring a loss or enduring a complication.  He understands the endeavors that these impoverished people must go through, and anticipates /prepares for these events, such as a hut catching fire or a mother who can no longer work due to birth complications.  Many businesses can learn a thing or two (or ten) from SKS's policies and values.

Here is the link to the article if you'd like to read it for yourself.

Finally, the Finale of the Final Elevator Pitch

Here is the link to the YouTube video: https://www.youtube.com/watch?v=Y87zfD5NkkI

As I said in the video, I received no constructive criticism from my commenters.  The only one that was remotely helpful was the one who said I need to rethink my prices in order to compete with my fast-food competitors.  I did just that, I gave it a lot of thought.  I reached the epiphany that if I were to stoop to the low prices of other fast-food restaurants, then I would essentially be feeding my customers with the same unhealthy and processed crap that they serve.  My slightly higher costs are to accommodate for the higher cost of production.  Keep in mind, when I say higher prices, I mean between the $7-$12 range for a complete meal, depending on what the menu item is.

The New and Improved Venture Concept (Venture Concept no. 2)

 

Venture Concept: Comfort Food Inc.

Opportunity: There is an opportunity that is under-met, especially in Gainesville.  There is a lack of restaurants that serve healthy, natural food for an affordable price.  As far as who has this need, everybody does.  A healthy diet doesn’t just appeal to one demographic, everyone can benefit from this.  However, since the first Comfort Food Inc. restaurant will be based in Gainesville—which is a college town— and also because it is the younger generation that have taken to the recent health craze, my primary potential customers are college students and young adults. 

In recent years, there has been a growing trend in health and fitness.  People, especially us young adults, have been caring more about what they are putting into their bodies.  I am not entirely sure why or how this craze came into existence, but it has definitely influenced the way many people live their lives.  This opportunity is not just in Gainesville or even Florida, but across the entire nation.  The focal points of the healthy-eating population are primarily located in:

• college towns
• along the coast lines
• “big city” type places (i.e. New York, L.A., etc.)

This leaves many open doors for me to start pretty much anywhere, but in the end, a college town would be my best bet (unless I can somehow score a place in Beverly Hills).  So how are my customers currently satisfying their need to eat healthy?  Well I never said that there were not any healthy eating establishments already, there just are not many, and they are not cheap either.  The rarity and expensiveness of these restaurants can make it hard for customers to maintain their loyalty.  It is not clear how long this opportunity will last, but being that this health trend has just recently started (relatively speaking), I am confident that this trend will continue for several more years.

Innovation:  The main innovation and inspiration behind Comfort Food Inc. is the implementation of locally grown ingredients (produce, meats, and dairy) in the dishes that we serve.  The mission of Comfort Food Inc. is to stay loyal to the 100% locally grown promise we make to our customers, so they can rest assured knowing that the food they are eating is as fresh as can be.  The idea to use locally grown ingredients came to me once I had learned the steps in the shipping process that most restaurants use.  For most (primarily chain restaurants), the ingredients are frozen and shipped across long distances.  On average, the time it takes the produce to reach your plate after being harvested is about 2 and a half weeks. 

I know what you are thinking, “what’s so bad about that?” well I’ll tell you.  Produce, especially most vegetables, starts losing most of their nutrients within the first 24 to 48 hours of being harvested.  Even after being frozen, they just aren’t as fresh as they were within those first two days.  If they aren’t at their freshest, then in turn, they aren’t as healthy or tasty.  Comfort Food Inc. will strive to serve food made only with locally grown food.  This is what will set us apart from every other restaurant out there.  Our food will taste better, and be healthier, and I am sure that people will notice the difference.  Not only will we be helping people eat healthier, but we will also be strengthening and stimulating the local economy by buying from local farms, which is a dying industry.  This can lead to the community being more self-sufficient and self-dependent. 

You’ve probably noticed several burger joints around Gainesville (or anywhere really) where their burgers cost as much as a full dinner at Olive Garden; an example being Burgerfi.  If you were to get a burger, some fries, and a drink at Burgerfi, you are already looking at spending anywhere from 12-15 dollars, which is friggin’ outrageous.  We are college students, we can’t be spending money like that on something as niche as a hamburger (this restaurant is not a burger place, but I’m sure burgers will be a menu option).  At Comfort Food Inc., we understand that our loyal customers are not going to want to spend a good portion of their paycheck on food, so we will aim to keep our prices below the $12 line (and that would be considered high for us).

Venture Concept:  One specific opportunity I have been pondering is the implementation of health and fitness products, such as protein powders/bars, all natural snacks, energy boosters, etc.  I feel that this would be a good investment farther down the road once my business has made a name for itself, since this is a growing market.  I could sell brand name products, but then later develop my own brand of health products.  One example would be my own brand of all natural, official Comfort Food Inc. protein powder—although I will probably create a separate branch of my business specifically geared towards health and fitness products, with a cooler name.  This aspect of the business will be a completely new and independent department from Comfort Food Inc., but I would still plan on selling the products in the restaurant, as well as in other retail, health and fitness, and online stores.  The competition will be heavy since this is a relatively saturated market already, but I can gain the competitive edge over others if I can create for example, an all-natural protein powder mix that actually tastes good and is not grainy or awkward to ingest (too clumpy).  But again, this will all come after Comfort Food Inc. has made a lasting impression on the community that it is in. 

 

 

 

Comments on my first post:

All three of the comments on my first post pretty much consisted of "great post!" and "you have an awesome idea here, keep it up!".  So of course there is not much for me to build off of from that.  However, one person did say that I should look for ways to compete with the price of my fast food competitors, with their meals costing around $5 on average.  This is a good point, because while many people do care about their health and well-being, some people care about the health of their bank account more, especially college kids, which if I plan on starting up I Gainesville, is my biggest market.  The only problem with that is if I am selling food for $5, then I am essentially giving my customers the same cheap crap that they were trying to escape from.  I gave a lot of thought into this issue, and I came to the conclusion that my prices will have to be a bit higher simply to accommodate for the higher production costs.  As I said in my post above, there are places--such as Burgerfi--that will have you spending anywhere between $12-$15 for an entree, side item, and drink.  At Comfort Food Inc., $12 would be considered high for us.  I honestly think that under $12 is a fair price for high quality, and not to mention healthy food.  Please comment your thoughts on this, pleeeeeeeeease.  

All that Glitters, is not Google Gold

1.  I have no honest clue on how to do search engine optimization.  I wanted to make it a point to learn it during this semester, but I slacked on that.  However, I did do something to get some search results.  I have my posts some pretty awesome and unique names (in my opinion at least).  I knew that this would probably get me a few more views, since I'm avoiding using generic names for my posts.  Or maybe this did nothing at all and I'm just trying to make myself feel better.
I also shared my posts on my google+ account, just to get those extra ten or so views.

2.  I'm going to assume that my keywords are the words I used to name my posts.  As I said before, I gave my posts some unique names.  If I am completely misunderstanding the terminology here and you are cringing right now because of my ignorance on the subject, I sincerely apologize.  Please bare with me here.

3.  I didn't actually share my posts on social media.  I didn't really think that my business idea posts would be very popular on Snapchat or Instagram.  I was considering Facebook, but no one ever responds to any of my posts on there anymore anyways.  The only other thing I posted it on was my google+ account, if you want to count that as social media (I don't really think it is).

4.  My "Celebrating Failure, Together" post has the most views, with 20 views.  I don't know exactly what my average view count is, but most of my posts were between 15 to 19 views, so 20 won by just a bit.  As far as why it has the most views, I have no idea.  Perhaps I posted it at blogger.com prime time, which got me that extra view.

5.  I am happy to say that YES I did make it to the first page of Google for some of my posts!  One of them being the "Celebrating Failure, Together" post, which now that I think about it, is probably what got me those extra views.  I'm super psyched about that honestly.

Very Short Interview Part 2

My first interview was with a man that some of you may know here on campus.  His name is David Nassau, and he started the non-profit organization here at UF called Hopping 4 a Cure.

Now that we've got the introductions out of the way, we can talk about my first interview with him.  I looked back at the questions I had asked him, and I noticed that the questions were really geared towards beginning entrepreneurs.  It only makes sense, since at the beginning of the semester, I was still a beginning entrepreneur.  Don't get me wrong, I still have no clue what I'm doing, but I do know a bit more than I did then, so yes I believe I've leveled up from beginning entrepreneur to aspiring entrepreneur.  The questions asked things along the lines of "what should a beginner entrepreneur be prepared to face?" and "what can a beginning entrepreneur do in his/her power to be as prepared as possible for any situation?".

I've regularly been in contact with David since my first interview with him because I am involved in Hopping 4 a Cure, so throughout the semester I have been asking him several questions.  I didn't want to bother him with asking these same questions again all at once, especially since this past weekend was our hopscotch tournament so he was very busy and stressed about getting that done.  Instead, I'll just write about the questions I've asked him so far.

1.  Did you use Kick-starter or another crowd funding site to get your organization going?
I didn't get it started using a crowd funding site, but I do plan on utilizing one for people to use to help them raise the money to compete in the tournaments.  This allows people to raise more money than the $15 sign up fee, which is good for them because now they are able to get help from other supporters, and good for us because now each person is capable of raising more than $15.

2.  What incentive do we offer businesses to get them to sponsor us?
 Right now we have a few incentives, most of them being advertisement at our events, and a few others such as sponsor appreciation.  Our main one would be putting their name and logo on the back of our shirts, and we offer our shirts as a free pass into our smaller events, people will wear them more often, which is exactly what those businesses want.  They want people to be their walking billboard.  

3.  In what ways do we help contribute towards MS research?
Right now, being as small as we are, raising around $5,000 won't do squat for research, that will have to wait until we get bigger and start raising in the several hundred thousand to millions of dollars, which is pretty far down the road.  But what we can do with that $5,000 is give out scholarships to those impacted by MS.  Last year we gave out our first ever $1,500 scholarship to a guy with MS, who is now pursuing a degree in physical therapy.  That, in my opinion, made a much larger impact on that man's life than $5,000 would've made to a research center.

David did notice a bit of a difference in me from our first interview.  He said that now I was looking at things differently than last year.  For example, me asking what incentives do we offer our sponsors is something I most likely would not have contributed to before.  I too feel that I have come a long way through this class.  My main accomplishment, I feel is how much I've built up on my business ideas.  It all started out this semester as just an idea that I didn't think would catch on, but now I feel more confident that this is something that I could make into a reality. 

Celebrating Failure, Together

1.  What have I failed in during this past semester?  More like what haven't I failed in, hahahahaha!...  So many failures.  For instance, When the ticket clerk at Regal told me to enjoy the movie, I said "you too!", and then I ran inside and I'm never going back there again.  Those are my kind of failures, but for this assignment, I guess I'll talk about my classic one, "I still haven't studied for this exam."  I am currently taking Cultural Anthropology, which is actually a bit harder than it sounds.  The teacher is a grad student, and we all know how grad students seem to want to put us through hell, especially when it comes to exams.  We have had three exams so far, and after scoring a not-so-great grade on the first one, I looked myself in the mirror and said "you're studying for the next exam."  Next exam comes around and I'm cramming in all of my studying the night before.  Poor grade on the test again, I look myself in the mirror, "you're studying for this next exam."  Next exam comes, cramming in all studying the night before, get an "eh" grade on the test, go home, look myself in the mirror, "studying for next exam", ect.  The next exam coming up is going to be our final, yayyy! But this time, I am determined to study more than one night in advanced.  So please help me out by keeping me in check.

2.  What have I learned from this?  Well I have learned that I suck at studying and I excel at procrastinating (at least for studying).  But the moral lesson that I have gained from this is those who do well, are those who have prepared themselves for the situation at hand.  And this lesson is not just for succeeding on exams my friends, no there is a bigger life lesson here that we can all learn from.  Work hard, be diligent, accept the fact that you will need to sacrifice time doing something else that you'd probably rather be doing, but in the end, it is those who put in the extra effort and time who reap the bigger reward.

3.  Being in the Innovation Academy, I have already heard all of this "failure is not just something to expect, but something to aim for!" stuff.  And I have to say I don't entirely agree with that statement.  I know that this statement is not as extreme as the one in this assignment, it's more of the Innovation Academy's perspective.  Failure is definitely not something to aim for, you want to aim for success, but you should be prepared to fail.  Prepare yourself for failure, be ready to accept the criticisms and make sure you are open and willing to learn from your failures.  Failures are not a bad thing at all, they are a learning experience, and sometimes it can actually be more beneficial to fail a couple times before succeeding because you could probably learn a little more than what you bargained for.  Failure is a good thing to experience, but again, it should not be a goal to go into a situation and purposefully set yourself up for failure.  I hope I didn't sound too contradicting there.

I'm gone (My Exit Strategy)

I honestly did not have an exit strategy in mind when thinking of my business, I wasn't completely aware that I needed one either.  However, thinking of it now, I could have a few possible exit strategies that I would take.

My preferred route would be to stay with Comfort Food Inc. from anywhere between 8-10 years, before moving on to go full force on my actual dream business which is an athletic training business for prospective and professional athletes.  However, I would try my best to keep the business in the family or give it to a close friend.  I know that is wishful thinking, but if I actually try to do it, then I'm going to do it.  Yes, Comfort Food Inc. would be my baby and it would be extremely hard to bring myself to leave it to someone else, but it is not my dream company.



On the other hand, I know myself as a person, and I am super nostalgic.  For this reason, I would not be surprised if I decided to stay with Comfort Food Inc. until I retire.  I can see myself doing this, and in turn, I would most definitely keep this business in the family.  In the end, it is not about the money for me, it is about enjoying what I am doing.  That being said, if I see that this restaurant is making a difference in people's lives, and people seriously enjoy eating at my restaurant, then I would be perfectly happy staying there.  And who is to say that I can't start my athletic training business while doing this too?

If I do decide to stay with Comfort Food Inc., then I will plan on expanding to other locations, and adding in a health and fitness department as well.  I would probably still try to do this even if I was only planning on staying with the business for 10 years, but I would put more effort into doing it if I knew that I would be staying with the company for the rest of my working life.

Reading Reflection 12

1. Something that shocked me was the growth and how important it is in a venture. Personally I thought that something like stabilization would be a bit more important, but then again, what do I know?
2. The thing that confused me a lot was the fatal visions on strategic planning. Somethings are easy to understand, some are not.  This was one of those things.
3. If I were to ask the author a question it would probably be something like why is it more important to provide rewards when someone succeeds and not give punishments for failures? Also I would love to know where this guy learned what he has learned.
4. I liked most of what the author said but I think that punishment and a stern hand can go a log way (that sounds really bad but that's just me). I have done quite a bit and some people learn from their mistakes while others need a little bit harsher punishment then simply knowing they did something wrong for them to truly change in the future.

What's Next????????????

 Existing Market:
 For my thoughts on what could be added to my existing market is creating a separate department for selling health and fitness products such as protein shakes, health bars, all natural snacks, and stuff like that.

After my interviews, I learned of a few extra things that I could add to my business.  One of the things suggested to me in my first video interview was to also add the promise of 100% locally grown ingredients to the beverage menu.  For example, making our own Comfort Food inc. lemonade and tea, just to add more uniqueness.  Also, people seem to love when restaurants have their own drinks, like Panera's green tea.  The argument here was that if I am selling this food with the intent of providing a healthy eating establishment, then selling soda as a beverage may just be counter productive and slightly hypocritical.  Does this mean that we are going to completely remove soda from the menu? That is a possibility, but nothing is for certain right now.  Please comment on what you think.

Another idea that was given to me was giving our customers the recipes for some of our dishes so they can attempt to make them at home.  Besides, our ultimate goal is to help people live a healthy lifestyle, so this would be a good way of doing just that.  Also, a lot of people (especially college students) do not exactly excel at preparing home-cooked meals, so if we can teach them, then that is another victory on our part.  This can also help create a personal bond between business and customer.

New Market:
My current market as of right now is college students and young adults, since this healthy eating craze is prominent in this demographic.  That is why starting up in Gainesville would be awesome, being the giant college town that it is.  However, I soon came to the realization that everybody can use a healthier diet, so therefore, the world is my oyster.  Well not really, but a good majority of people do care about what they eat.

One example that one of my interviewees gave me was Charlotte.  He told me that Charlotte is a growing city, and that the older population there generally have a higher income.  So that may be a nice place to set up shop in the future.

In the end however, I still do strongly feel that the young adult population is my best target.  There is a higher number of these people who would be willing to eat at my restaurant since a good majority of them are trying to get that summer bod, amirite?


Here is the link to my videos:  https://www.youtube.com/watch?v=cwkA-tgBt2k&list=PLVH-QDhpYK1y0UYKHJSePcjeCaDHujXxQ

Venture Concept No. 1

Venture Concept: Comfort Food Inc.

Opportunity: There is an opportunity that is under-met, especially in Gainesville.  There is a lack of restaurants that serve healthy, natural food for an affordable price.  As far as who has this need, everybody does.  A healthy diet doesn’t just appeal to one demographic, everyone can benefit from this.  However, since the first Comfort Food Inc. restaurant will be based in Gainesville—which is a college town— and also because it is the younger generation that have taken to the recent health craze, my primary potential customers are college students and young adults. 

In recent years, there has been a growing trend in health and fitness.  People, especially us young adults, have been caring more about what they are putting into their bodies.  I am not entirely sure why or how this craze came into existence, but it has definitely influenced the way many people live their lives.  This opportunity is not just in Gainesville or even Florida, but across the entire nation.  The focal points of the healthy-eating population are primarily located in:

• college towns
• along the coast lines
• “big city” type places (i.e. New York, L.A., etc.)

This leaves many open doors for me to start pretty much anywhere, but in the end, a college town would be my best bet (unless I can somehow score a place in Beverly Hills).  So how are my customers currently satisfying their need to eat healthy?  Well I never said that there were not any healthy eating establishments already, there just are not many, and they are not cheap either.  The rarity and expensiveness of these restaurants can make it hard for customers to maintain their loyalty.  It is not clear how long this opportunity will last, but being that this health trend has just recently started (relatively speaking), I am confident that this trend will continue for several more years.

Innovation:  The main innovation and inspiration behind Comfort Food Inc. is the implementation of locally grown ingredients (produce, meats, and dairy) in the dishes that we serve.  The mission of Comfort Food Inc. is to stay loyal to the 100% locally grown promise we make to our customers, so they can rest assured knowing that the food they are eating is as fresh as can be.  The idea to use locally grown ingredients came to me once I had learned the steps in the shipping process that most restaurants use.  For most (primarily chain restaurants), the ingredients are frozen and shipped across long distances.  On average, the time it takes the produce to reach your plate after being harvested is about 2 and a half weeks. 

I know what you are thinking, “what’s so bad about that?” well I’ll tell you.  Produce, especially most vegetables, starts losing most of their nutrients within the first 24 to 48 hours of being harvested.  Even after being frozen, they just aren’t as fresh as they were within those first two days.  If they aren’t at their freshest, then in turn, they aren’t as healthy or tasty.  Comfort Food Inc. will strive to serve food made only with locally grown food.  This is what will set us apart from every other restaurant out there.  Our food will taste better, and be healthier, and I am sure that people will notice the difference.  Not only will we be helping people eat healthier, but we will also be strengthening and stimulating the local economy by buying from local farms, which is a dying industry.  This can lead to the community being more self-sufficient and self-dependent. 

You’ve probably noticed several burger joints around Gainesville (or anywhere really) where their burgers cost as much as a full dinner at Olive Garden; an example being Burgerfi.  If you were to get a burger, some fries, and a drink at Burgerfi, you are already looking at spending anywhere from 12-15 dollars, which is friggin’ outrageous.  We are college students, we can’t be spending money like that on something as niche as a hamburger (this restaurant is not a burger place, but I’m sure burgers will be a menu option).  At Comfort Food Inc., we understand that our loyal customers are not going to want to spend a good portion of their paycheck on food, so we will aim to keep our prices below the $12 line (and that would be considered high for us).

Venture Concept:  One specific opportunity I have been pondering is the implementation of health and fitness products, such as protein powders/bars, all natural snacks, energy boosters, etc.  I feel that this would be a good investment farther down the road once my business has made a name for itself, since this is a growing market.  I could sell brand name products, but then later develop my own brand of health products.  One example would be my own brand of all natural, official Comfort Food Inc. protein powder—although I will probably create a separate branch of my business specifically geared towards health and fitness products, with a cooler name.  This aspect of the business will be a completely new and independent department from Comfort Food Inc., but I would still plan on selling the products in the restaurant, as well as in other retail, health and fitness, and online stores.  The competition will be heavy since this is a relatively saturated market already, but I can gain the competitive edge over others if I can create for example, an all-natural protein powder mix that actually tastes good and is not grainy or awkward to ingest (too clumpy).  But again, this will all come after Comfort Food Inc. has made a lasting impression on the community that it is in.