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.