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.