Elevator Pitch No. 4

In the feedback I received last time, I was told to speak slower, so this time I tried to do that. I was surprised at how much positive feedback I received last time about my idea!

Week 14 Reading Reflection

1) I thought the part about managerial rationalizations under Ethics and Laws in chapter 4 was very surprising. I took management recently, and managerial rationalizations were never discussed, so it is interesting to learn about them now.

2) I was confused with table 4.3, on the page following Managerial Ethics. I was confused because they did not elaborate on role failure, distortion, assertion etc.

3) I would ask the author if he thinks that 3Ms rules, such as "don't kill a project" are beneficial in all areas. I would also ask what he suggests we do if our company did not support/encourage entrepreneurial thinking? Should we quit and go somewhere that does?

4) I do not think the author was wrong about anything in these chapters.

Final Reflection

 I have learned so much through Principles of Entrepreneurship. I have learned that being an entrepreneur isn’t necessarily easy, but with the right mindset, it is not impossible. I truly think writing my venture concepts were the best, most formative experiences for me. Sitting down and writing it all out, details included, really helped me form my business and think of ways to enhance it. I will remember everything from this class years from now, but mostly I will remember asking random strangers what they thought of brunch, I will remember doing elevator pitches and having my friends laugh at me as they recorded them, I will remember growing more passionate about my business.

I do see myself as an entrepreneur, or at least as someone who is on the correct path to becoming one. I think spending a semester growing a goal, and forcing myself to look at many different aspects of that goal, really helped me to see different aspects of entrepreneurship as well. There will always be ways that I can further grow my entrepreneurial mindset, but Principles of Entrepreneurship definitely gave us the skills we need to do that.

I think the main thing I would say to future students of Entrepreneurship is to keep an open mind. An open mind and the ability to take this class one assignment at a time is seriously all it takes. I recommend that future students do the customer interviews. My biggest regret in this class is quitting customer interviews after the first one. I could have learned so much more about my venture and been so much more confident in myself, had I gone through with the other two interview sessions.

Week 15 Reading Reflection

I think the biggest shock for me in this reading is how these people took a horrible event, and turned it into a life lesson that is helping a lot of people. Helping people realize, "you can start a small business and get out of poverty."

I don't think I was confused by anything in this reading, it was interesting and easy to understand.

I would ask the author how they grew from what happened to them and, before that, I would ask what pushed them to get back up and fight for their customers and themselves.

I don't think the author was wrong about anything in this reading.

Google Gold

1) Honestly, I haven't done much to try and show up on the first page of Google. I guess all I have done is post links to other blogs when I comment. I should have done more.

2) I suppose, in terms of Key Word usage, I used the word brunch a lot, and made sure it was closely tied to the word Gainesville.

3) I genuinely did not use social media to promote my blog. I do not really want a blog, and I only have one for this class. Using social media to promote it would definitely not help anything I was trying to promote.

4) My Elevator Pitch posts got the most traffic, I think this is because they are a quick and easy way of finding out what my idea is.

5) No, I did not make the first page of Google, and I was absolutely nowhere close.

Venture Concept No. 2

The opportunity I found in our community is an opportunity for restaurants close to the college campus. Students need restaurants that are within walking distance of campus, because moving cars can almost always be a hassle. I think there have always been opportunities to open restaurants near campus, which is why all of the midtown/downtown restaurants do so well. Students are currently satisfying the need for close food by making use of the restaurants that are already near campus. I do not believe the window of opportunity will ever close because food is a necessity, and close proximity is a great benefit.

I believe that a brunch restaurant would work extremely well in midtown. A lot of college students already go to brunch on the weekends, even the weekdays. Students go to places like The Flying Biscuit or Peach Valley. Each of these places require a vehicle, as they are not a close walk from campus. I genuinely think a brunch restaurant within walking distance of campus would sell itself, especially if prices are fairly reasonable ($8-$14 a plate).

My venture concept is a brunch restaurant called Bacon and Biscuits, a relaxing, fun environment located in Midtown. This will be a place for students (or anyone) to take an hour or two to hang with friends and forget about all the stress of University life. I think that students will choose this restaurant over competitors because students will have the ability to walk from class or home. Competitors are The Flying Biscuit and Peach Valley, I think their weaknesses have to do with proximity and wait times. I have the advantages of lower price points, proximity, and a relaxing environment. Also, hopefully now that there are a few brunch spots to choose from, the lines will be shorter as customers disperse between each. I think the amount of employees I have would depend on the success of the venture to begin with, I would start with a few employees and then add as the customer base increases. I would need chefs, waiters and waitresses, hosts and hostesses, and finance people.

My most important resource will be my knowledge of finance (it is my major) and my culinary background (4 years of classes). With the combination of these, I will better understand multiple aspects of running a successful restaurant. I don’t think it is necessarily hard to copy this, but it will still be an important advantage for me.

I think the next thing I would want to do is add a line of dry ingredients in local grocery stores. I would have things like Bacon and Biscuits Biscuit Mix and Bacon and Biscuits Fritter Mix, etc. I think branching out to grocery stores will really get my brand name out there. For existing customers, buying these mixes will be reminders of the actual store and increase brand loyalty. For new customers, maybe the mixes will entice them to come into the restaurant!

In five years I would love to have many Bacon and Biscuits locations throughout Gainesville, maybe even throughout Florida. Eventually I would love to have many stores throughout the south, just fun relaxing places for families and friends to enjoy time together. This original venture will help me achieve this future vision by helping me get my foot in the door in terms of the restaurant market. Hopefully I will create store and brand loyalty with this original venture.

The feedback I received from my original Venture Concept was all positive, so I do not have much to say I changed. Most of the feedback discussed how great it was that this restaurant would be so close to campus. So, I suppose if I changed anything, I added a lot more about proximity.

week 13 reading reflection

1) The biggest surprise for me in this reading is time scarcity. In economics, we learn that time is a scarce and valuable resource. I did not really realize how much time value carried over to entrepreneurship.

2) I am confused by the figure (13.2) that depicts entrepreneurial actions and strategic actions. Can wealth not be created with just one of these?

3) I would ask the author if an entrepreneurial venture could survive a fatal vision under certain circumstances, and I would ask if a venture could survive if weaknesses and threats outweighed strengths and opportunities.

4) I do not think the author was wrong about anything.