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.

Celebrating Failure

I failed a lot this semester in Entrepreneurship. I definitely failed in doing customer interviews. The first time I went out and did customer interviews, I was very scared to ask questions, and rarely asked follow-ups. I allowed the interviewees to give one word answers when instead I should have asked something along the lines of "why do you feel that way" to get them talking. After the first customer interviews, I was too scared to do the second two sections of customer interviews. That was a huge failure for me, as I could have gained so much more valuable feedback.

From this, I learned that even if I am scared to do something, I should give it a shot. In the end it will either be beneficial or a life lesson. If I had done the interviews, I could have progressed my idea much more.

I am a very competitive person, and I do not take failure well. I am the type of person to only do things if I know I will excel and be great at them. That is not the way to live if I want to be an entrepreneur, because entrepreneurship is all about taking risks for a major reward- even if it means talking to 15 random strangers. I think yes, I am more willing to take risks now than I was four months ago, however I'm still not jumping for joy when I have to take them.

I like this image because, for me, it can be meant in a literal sense. (My idea is a brunch restaurant called Bacon and Biscuits) 

My Exit Strategy

1) I think a breakfast/lunch restaurant would do well as a longstanding business. I would definitely plan on staying with the business until I retire. If it is successful, then I would give my children the opportunity to take over the business when I retire, however I would by no means expect them to spend their lives doing something they do not want to do.

2) I have selected this strategy because I believe successful family restaurants can be around for generations, and my concept is not a fad idea that will phase out in the next five years.

3) I think my concept influenced my exit strategy, not the other way around. I would definitely have a different exit strategy if I had a different, more volatile idea.

(picture of a family having brunch, because, you know, fam love and food)

week 12 reading reflection

1) I think the thing that stood out most to me was the section on Fatal Visions. I didn't know that Fatal Visions, like compromising strategy for growth, were even real things to worry about!

2) I am confused by the definition of risk, the probability of major financial loss, I didn't know risk pertained only to finances. In fact, I don't think it does so I am surprised they described it like that.

3) I would ask the author how a entrepreneur realizes what cell of the entrepreneurial strategy matrix their business is in, and I would ask if, during the failure stage of a life cycle, could some brands of a product succeed and some fail?

3) I do not think the author was wrong about anything, other than the definition of risk.

Venture Concept No. 1

As a student in ENT 3003, I have thought of a concept for a new venture. My concept is a new restaurant for brunch in Gainesville. I believe this restaurant should be within walking distance of campus, and should be accessible to students and residents alike.

I believe the students of the University of Florida need a new place to eat breakfast and lunch (brunch). Most of the places we have in Gainesville to eat brunch are not within walking distance, which means that students have to move cars from valuable parking spots. Also, most of the brunch restaurants have really long lines. I believe that if more brunch spots are opened, the clientele will be dispersed and lines will therefore be shorter.

Students are currently going to places like Peach Valley and The Flying Biscuit for brunch, however I believe my restaurant, Bacon and Biscuits, will be a much more convenient option. I think that the students of UF are pretty loyal to the places they already go, but I believe the ability to walk to the restaurant will sway their opinions.

The opportunity to open a brunch restaurant is a pretty big one. Brunch is a big deal these days, and a lot of students and families go on the weekends- even weekdays. I think the window of opportunity will be open for a long while. Breakfast food never really goes out of style!

My “innovation” will be the restaurant, Bacon and Biscuits. I would open this restaurant close to campus, probably midtown. Meals would be $8-12, depending on what you order, and appetizers would be less. I think I would also sell dry ingredient mixes, like biscuit mix and fritter mix, in local grocery stores, if the business does well. That was the venture that I added to my Amazon Whisperer page, and I think the dry ingredients would sell, if the business was already in good shape!

As I said before, I believe my customers will switch to my restaurant because it is within walking distance of campus. I also hope they will switch for the environment that I will provide, casual and trendy. I think word of mouth will really help get the majority of people to switch to my restaurant. A happy, helpful staff will be really important!

The competitors of Bacon and Biscuits are, as I said before, Peach Valley, The Flying Biscuit, and, recently, The Swamp Restaurant, which has opened for breakfast on Sundays. I believe Swamp has some weaknesses in this area as it is typically used as a bar, and isn’t really a clean, morning type environment. Most people probably won’t want to eat brunch at a bar, if they had another restaurant that they could walk to. Beyond this, Swamp is only open on Sundays, which is kind of a let down for people who want a good Saturday or weekday brunch. I believe that Peach Valley and The Flying Biscuit also have the weakness of distance from campus. As I said before, people really hate moving their cars.

I think customer support is going to be a huge factor in the success of Bacon and Biscuits. I myself am a loyal customer to Peach Valley, and do not usually agree to go to Flying Biscuit, even though I am sure it is just as good. I need this kind of customer support and loyalty if Bacon and Biscuits is going to thrive as a business.

I would need a staff of chefs, waiters/waitresses, hostesses/hosts, and management in order for this restaurant to run smoothly. These people are going to need to work well under pressure, be customer oriented individuals, and need to maintain an optimistic attitude. The size of the restaurant and customer base would define how many employees I truly need.

I believe my most valuable resource in developing this restaurant would be the chefs at my sorority. They would be able to teach me so much about what students like to eat for brunch, what “sells” best, menu suggestions, and how to deal with cooking for large groups.

Also, as I said previously, I really would like to sell dry ingredient mixes at local groceries, if the business takes off. I think it would be an added way to increase profits, as well as another way to increase customer loyalty. People that really like the restaurant will be inclined to buy the mixes to make at home!

If this venture really takes off, I would like to franchise, or at least open more Bacon and Biscuits in Gainesville. Beyond this, I could potentially look at other restaurant ventures in different culinary areas.