Final Reflection

ENT3003 Final Reflection

There were so many things that this class taught me. One of the biggest would be getting my head outside of the box. I was very nervous to interview people about my idea. I wanted them to only say good things and make me feel good about my project. However, I learned that criticism is the best way to make something better. If I only use my own ideas and don’t seek input from others, my business is likely to fail.

I think that these lessons from ENT3003 have helped me to develop my entrepreneurial mindset. While I have not completely grasped it, I went from not really knowing what an entrepreneur was to having a grasp on the concept.

To students taking this course in the future, I would give two pieces of advice. First, work ahead. It will give you flexibility with your projects, make them less stressful, and allow you to play with them creatively. Second, don’t be afraid to talk to strangers. UF students are usually really friendly and interested in what you have to say.

I am thankful for the experiences and skills that I have acquired by working hard at this class. 

Week 15 Reading Reflection

Week 15 Reading Reflection 

Business Basics at the Base of the Pyramid

1.       Interesting – I find it so interesting that Akula works so hard for multiple reasons. Not only does he want to dominate the bottom of the economic pyramid for his own success, but he also wants to genuinely help the lower class survive with a better life.

2.       Confusing – If anything, I am just very impressed by Akula’s ability to see beyond a typical business plan. Many businesses want to target people with money because they know that they will be able to make money. His plan, though not conventional, somehow works perfectly. I am perplexed by it.

3.       2 questions – If I could ask Akula some questions, I would first want to know how he came up with this idea. I would also be very interested to know the interworkings of how he grew the company so large and also how he can trust people to be honest working beneath him.

4.       Incorrect – I didn’t see anything in this article that I thought was incorrect. I am; however, very intrigued by the fact that this company is gaining over 160,000 new customers every month. It would be very exciting to follow these company and see how it grows over the next few years. 

Venture Concept No. 2

Venture Concept No. 2

Chomp N' Run - A drug store on campus! 

Opportunity.

Here on the University of Florida’s campus, I have found a large unmet need. Students do not have access to purchase the daily products they need. UF’s campus is unique in the sense that there are stores within a close vicinity to some stores, there are few places to purchase daily needs. It is also a unique opportunity because there are over 8100 students who live on UF’s campus, and many of those do not have cars to travel to off-campus stores for daily needs. This market is a unique group people because they are willing to spend more money on convenience than the average consumer. This 18-25 year old group is known for doing thing last minute and needing things on the go. What happens when someone drops their toothbrush on the ground and needs a replacement? How about when one comes down with a cold and pulls the last tissue out of the box? Customers are currently satisfying their needs in multiple ways. Some are leaving campus to shop by taking long bus rides or losing their coveted parking spots. Others are finding substitutes for what they need at POD markets, but they do not have a lot of options. Some desperate students order items through amazon prime and would rather wait two days for the item to ship than take the time to find it off campus. This opportunity could be huge. The only downfall is that the project would need to get started fast. In the time that I started formulating this proposal, a CVS was opened on 13^th street at the Social 28 apartment complex. However, if UF acts fast and opens a drug store soon, they could use effective product promotion and advertising to make loyal customers.

Innovation.  

The drug store would be called Chomp N’ Run. The connection to the Gators would make students interested and want to come in. The store could advertise in UF libraries and on busses that travel through campus. It would be located behind the HUB and Marston science library, where many students congregate on campus on a daily basis. The biggest and most obvious perk to Chomp n’ Run is its level of convenience. Due to the restrictions of UF campus, it will be the closest drug store possible. Competitors will always have a lower level of convenience. It will have a larger and wider inventory than places such as POD Market or the Reitz Bookstore. By simply offering products that these places do not, competition will be lessened. The prices of this store would be reasonable. Prices would be cheaper than those of the convenient POD markets located only steps away from where students live; however, the prices would be slightly higher of those than a regular drug store because people are paying for the convenience of being able to grab a new toothbrush, nail clipper, or printed personal photos in between or after class.  

Venture Concept.

My newest venture concept concerning this project is the creation of a mobile rewards app for Chomp N’ Run. This app would offer rewards points on purchases that could be traded in for discounts and provide coupons and promotional items to anyone who actively uses the app. I believe that these features would create customer loyalty, improve user experience, and connect with the target market of young people through technology. My app would have three “sections.” One for coupons and general promotions, one for rewards, and one for general item search! This would solve that problem and make it easy for people to search if their desired item is available at our store! I believe that the combination of convenience, large inventory, and perks for returning customers will not only make UF students interested in Chomp N’ Run, but I think that they will really love it and use it as a regular stop for their needs. A loyal customer base will continue on as new students are continually funneled through the system. 

The Three Minor Elements. 

1. Most important resource - Convenience! UF students will love and take advantage of Chomp N' Run's convenient location. 

2. What's Next? - Chomp N' Run will use a promotional rewards app with coupons and rewards points to get students excited about shopping there! 

3. What's Next for You? - I hope to come back to UF in 5 years to see on campus students living with less of a struggle than I did! 

Feedback.

1. I got really positive feedback from my first venture concept! People loved my business venture as a whole. They felt that Chomp N' Run would do a good job meeting its target market. The only constructive criticism I received is that UF would not want to start Chomp N' Run for fear of cannibalizing the POD markets. I agree that this could happen; however, Chomp N' Run is going to have different inventory than the POD market. It will have a wide variety of inventory and meet different needs than POD. I also believe that students who live in residence halls on campus will still go to POD markets because of how close they are to where the students live. People who live in Beaty, Rawlings, or Graham will want to still have the convenience of walking downstairs in their pajamas as opposed to walking a few blocks to Chomp N' Run. Instead, it will target daytime students needs when people are on their way to class and need things that POD does not sell. 

2. Based on this feedback, I don't have much to change. With the right prices, hours, and inventory, I think that Chomp N' Run will thrive on UF's campus. 

Going for Google Gold

Going for Google Gold

1.       My general approach or strategy to SEO (search engine optimization) was to use repeated key words. I repeated a lot of key terms throughout the course of the semester. I also made sure that what I wrote was relevant to the title of the specific article and relevant to my blog (or project) as a whole.

2.       The main keywords that I used from the beginning are as follows: drug store, store, chomp, gator, convenience, and on-campus. I chose these specific words because I felt that they were relevant to my project and are commonly used words. My posts would probably have a chance of being relevant to people who search those key words. During the semester, I added more keywords: app, promotion, and advertising. As my venture became more specific, I added in these new keywords.

3.       I don’t use social media regularly. I determined that my friends/followers seemed very uninterested in my project, so I did not share it often. Though social media did not work as a method of advertising for me, it could definitely work for others!

4.       My most “Viral” post was the Idea Napkin No. 2. This was the first post where I expanded to talk about my potential mobile savings app. I think that people were interested in it because it was a short and sweet overview of what I’ve done.

5.       If you type “Chomp N’ Run, drug store” into google, my blog comes up as the number one post. However, without using the name of my drug store, I was unable to find it with the other key search words. People would have to know the name of my business in order to find it on google.

Celebrating Failure

Celebrating Failure

1.       During this semester, I have been failing at meeting my academic goals for ACG2021. At the beginning, I told myself that I was going to finish out the semester with a B in the class; however, it is looking more like I may receive a C in the class even after a lot of hard work. It is something that I really struggle to understand and have had to work at every day.

2.       I have learned from this challenge that I am not always going to be great at everything. Though accounting might be hard for me, I am really good at other things. I have to look at it knowing that doing my best sometimes just has to be enough. Otherwise, I’ll continually drive myself crazy trying to be the best at everything.

3.       Failure is really hard. It’s embarrassing. I have never been good at accepting failure because I am very determined and do not like to give up. I also don’t ever like to admit that I need to change something. At times, I would rather change the subject and avoid acting like I did anything wrong to begin with. Failure usually makes me shut down emotionally, but I have been working on trying to be angry instead of emotional and then use that anger to make a change. This class has taught me that it is necessary to be able to move on from failures and start working on the next thing!

My Exit Strategy

Your Exit Strategy

1.       Chomp N’ Run is a unique business. Because I think that it would do best in a market if it were UF affiliated, I would plan on selling the idea to the university right away. Without UF ownership, there is no way that Chomp N’ Run could be built on campus and run the way I have planned it to be run. I don’t plan on staying in Gainesville for the foreseeable future and don’t plan on making the venture a family business.

2.       I have selected this “sell of my idea” strategy because it makes the most sense based on location and target market. I really think that this idea would only be successful on campus, and therefore it needs to be a UF affiliated venture. Without being conveniently located and associated with the Gators, students would not be willing to shop at Chomp N’ Run and go to the competition, CVS, instead.

3.       My exit strategy has made me more focused on broad ideas such as themes, promotional applications, and general advertising. I haven’t spent as much time focusing on the details such as specific pricing or a particular inventory because these are specifics that may need to be tested out after the opening of the store. Chomp N’ Run was never a venture that I planned on sticking with for an extended period of time, so I did not plan on acquiring resources or using them myself. This approach made me much more focused on location, advertising, and creating overall initial awareness.

Week 14 Reading Reflection

Week 14 Reading Reflection

The Entrepreneurial Mindset in Organizations

Social Entrepreneurship and the Ethical Challenges of Entrepreneurs

1.       Surprise – I found Kuratko’s comments on intrapreneurship to be very interesting. He describes it as the infusion of entrepreneurial thinking into large bureaucratic structures. It surprises me that this concept has become popular. Most people that I know who dream of entrepreneurship and innovation want to work for themselves or be their own boss. The idea of taking innovative ideas and bringing them into big corporate business is obviously a smart move though. It combines the best of the small and big business.

2.       Confusing – In any business setting, it becomes difficult to talk about ethics. I think that the world often makes ethics in business look like shades of gray; however, Kuratko did a good job of laying out the topic of ethics in chapter four. The figure on page 88 lays out a good system for classifying ethical decisions.

3.       Questions – I would be very interested in asking Kuratko, “How long have big companies been seeing the need for corporate entrepreneuring?” It is a concept that I have only recently heard about directly, but it makes sense as a concept. I would also be interested to know how Kuratko would predict the future for intrapreneuring. Would he see it expanding, shrinking, or changing in any way, shape, or form?

4.       Incorrect – I agreed with pretty much everything that Kuratko said in this reading. Companies are going to do well if they are able to create an atmosphere of intrapreneurship and good ethics together.

Week 13 Reading Reflection

Week 13 Reading Reflection

Valuation of Entrepreneurial Ventures

1.       Surprising – I was very surprised by the length of the checklist for analyzing a business. There are so many details that go into finding out how much a venture is worth. It seems to be such a more extensive system than I would have ever guessed before reading this week’s chapter.

2.       Confusing – I found the adjusted tangible book value to be somewhat confusing. I can understand that a company would want to adjust its book value to accurately depict what something is truly worth, but the book is not very specific on how or what is subtracted from the gross book value to find the adjustment.

3.       Questions – I would be very interested in asking Kuratko how the due diligence evaluation was put together and assembled. It seems like such an intricate and time consuming process. I would also be very interested in asking Kuratko about the specifics of calculating the actual value of a venture. The reading leaves out the details and makes the process seem vague. I’m interested in knowing how it works.

4.       Incorrect – As I was very unfamiliar with this topic, I did not see anything in this chapter that I could see as incorrect. On the contrary, I appreciated the global perspective cut out. I found the evaluation of Dubai’s innovative views to be very interesting.

Week 12 Reading Reflection

Week 12 Reading Reflection

Strategic Entrepreneurial Growth

1.       Surprising – I found it very interesting that businesses use SWOT analysis on a regular basis. It is a theory that I have heard of before outside of a business setting. I like how this glorified version of a pro/con list can help companies make huge but logical decisions.

2.       Confusing – Kuratko mentions that many new business ventures lack adequate planning. I found this odd because I am an extreme planner. I would never invest in an idea that had not covered all the bases and been checked out by mentors or advisors of mine. However, he says that a lot of ventures fail due to time scarcity, lack of knowledge, lack of skills, lack of trust, and perception of high planning cost.

3.       Questions – I would ask Kuratko, “Why is it hard for businesses to implement the strategy once they have taken the time to plan it out?” I would also be interested to know, “How does a business successfully establish strategic positionings in the real world?”

4.       Incorrect – As I previously did not know very much about Entrepreneurial growth or the strategy behind it, I did not see anything in this reading that came across as incorrect. However, if there was one thing that I would seek more information on, it would be about life cycle stages. I’m curious to know what they look like when they don’t fit the typical, traditional cycle.

Venture Concept No. 1

Venture Concept No. 1

Chomp N' Run - A drug store on campus! 

Opportunity.

Here on the University of Florida’s campus, I have found a large unmet need. Students do not have access to purchase the daily products they need. UF’s campus is unique in the sense that there are stores within a close vicinity to some stores, there are few places to purchase daily needs. It is also a unique opportunity because there are over 8100 students who live on UF’s campus, and many of those do not have cars to travel to off-campus stores for daily needs. This market is a unique group people because they are willing to spend more money on convenience than the average consumer. This 18-25 year old group is known for doing thing last minute and needing things on the go. What happens when someone drops their toothbrush on the ground and needs a replacement? How about when one comes down with a cold and pulls the last tissue out of the box? Customers are currently satisfying their needs in multiple ways. Some are leaving campus to shop by taking long bus rides or losing their coveted parking spots. Others are finding substitutes for what they need at POD markets, but they do not have a lot of options. Some desperate students order items through amazon prime and would rather wait two days for the item to ship than take the time to find it off campus. This opportunity could be huge. The only downfall is that the project would need to get started fast. In the time that I started formulating this proposal, a CVS was opened on 13^th street at the Social 28 apartment complex. However, if UF acts fast and opens a drug store soon, they could use effective product promotion and advertising to make loyal customers.

Innovation.  

The drug store would be called Chomp N’ Run. The connection to the Gators would make students interested and want to come in. The store could advertise in UF libraries and on busses that travel through campus. It would be located behind the HUB and Marston science library, where many students congregate on campus on a daily basis. The biggest and most obvious perk to Chomp n’ Run is its level of convenience. Due to the restrictions of UF campus, it will be the closest drug store possible. Competitors will always have a lower level of convenience. It will have a larger and wider inventory than places such as POD Market or the Reitz Bookstore. By simply offering products that these places do not, competition will be lessened. The prices of this store would be reasonable. Prices would be cheaper than those of the convenient POD markets located only steps away from where students live; however, the prices would be slightly higher of those than a regular drug store because people are paying for the convenience of being able to grab a new toothbrush, nail clipper, or printed personal photos in between or after class.  

Venture Concept.

My newest venture concept concerning this project is the creation of a mobile rewards app for Chomp N’ Run. This app would offer rewards points on purchases that could be traded in for discounts and provide coupons and promotional items to anyone who actively uses the app. I believe that these features would create customer loyalty, improve user experience, and connect with the target market of young people through technology. My app would have three “sections.” One for coupons and general promotions, one for rewards, and one for general item search! This would solve that problem and make it easy for people to search if their desired item is available at our store! I believe that the combination of convenience, large inventory, and perks for returning customers will not only make UF students interested in Chomp N’ Run, but I think that they will really love it and use it as a regular stop for their needs. A loyal customer base will continue on as new students are continually funneled through the system. 

Week 11 Reading Reflection

Reading Reflection Week 11

“You Need an Innovation Strategy” Gary Pisano

1.       Surprising – I found it surprising that even huge companies such as Hewlett Packard or Yahoo really struggle with innovation. Pisano says that many companies fail to create and follow a plan.  Even companies that are pros at executing tasks can struggle if they do not have an effective innovation strategy. This strategy is a commitment to policies aimed at achieving a specific goal.  

2.       Confusing – Pisano says that companies are able to go through many well-thought processes such as dividing research and development into decentralized teams, pursuing external alliances, embracing open innovation and crowdsourcing. However, he says that sometimes even these intricate processes aren’t enough. I would think that they would be able to create fruitful innovation.

3.       Questions – I would ask Pisano, “What kind of specific changes are best for adopting a new innovation system?” “Does a change in an innovation affect all departments of a company?” “Because one size does not fit all, what is the best method to planning a custom made innovation plan?”

4.       Incorrect – As I am very unfamiliar with this topic, I did not find anything in this article that seemed incorrect. If anything, I would be interested in learning more about innovation, particularly how it affects the consumer. I find it fascinating how many consumers are caught up on having the next new thing and being willing to pay for it. 

Amazon Whisperer

Because my product is essentially a service (Chomp N’ Run, a drug store), coming up with an amazon product is difficult. However, I was able to align this product with my business.

As an on-campus UF drug store, we are going to need many ways to pull in new customers. We plan on making money by selling inventory, but how are we going to do that?

I have decided that what I need to do next is create a rewards app for Chomp N’ Run. This app would offer rewards points on purchases that could be traded in for discounts and provide coupons and promotional items to anyone who actively uses the app. I believe that these features would create customer loyalty, improve user experience, and connect with the target market through technology.

The product that I found to be an equivalent of this is Target’s Cartwheel App. I read reviews for the app on the Google Play Store because the app is not offered from Amazon. The app is rated four out of five stars; for the most part, people love the savings that the app offers them and the ease of use right at their hands. Some people complained that there is no way to search for specific product sales and that they have to scroll through anything. My app would have three “sections.” One for coupons and general promotions, one for rewards, and one for general item search! This would solve that problem and make it easy for people to search if their desired item is available at our store!

I believe that this free product would drastically improve sales at Chomp N’ Run and create a loyal customer base on campus. 

Your Venture's Unfair Advantage

Your Venture’s Unfair Advantage

What makes your business so special? What advantages do you have?

                Chomp N’ Run – an on campus drug store

1.       Location

a.       Valuable - Without being affiliated with the university, it would be virtually impossible to purchase their land.

b.      Rare – There aren’t many areas as great as the University of Florida for locations in Gainesville.

c.       Imitable – You cannot recreate the atmosphere and benefits of being located in UF.

d.      Non-substitutable – You simply can’t find a better location than behind Marston and the Hub.

2.       Convenience

a.       Valuable – People can easily walk or take the bus to get to the store.

b.      Rare – There is not currently a place to buy items such as toothbrushes or varieties of shampoo on campus.

c.       Imitable – UF would want to only open one of these places on campus to generate the most revenue.

d.      Non-substitutable – no one else can beat the convenience of being located on campus.

3.       Consistent foot traffic

a.       Valuable – People are always walking past the Hub or take the bus there; people will see it and go in.

b.      Rare – There is nothing comparable on campus. It would be the only place to grab quick personal items.

c.       Imitable – There are very few places that get more traffic than campus does in Gainesville. In fact, Turlington gets more daily foot traffic than the gates to magic kingdom!

d.      Non-substitutable – You could not simply create a similar place in Gainesville.

4.       Large base of customers

a.       Valuable – There are 50,000 students at UF circling around.

b.      Rare – Some may prefer to shop off campus, but there are at least 8100 students living on campus who would see this as an only or best shopping option.

c.       Imitable – There is no similar situation in Gainesville.

d.      Non-substitutable – No one can create that kind of customer base.

5.       Theme

a.       Valuable – People in Gainesville will flock to anything with a Gator themed name or logo.

b.      Rare – There will be no other Gator drug store.

c.       Imitable – People would have to pay licensing fees to try to create a similar thing off campus.

d.      Non-substitutable – A gator is the most loves symbol in Gainesville.

6.       Bus routes

a.       Valuable – The Hub location is the most frequently used bus stop on campus.

b.      Rare – People will be dropped off by it every day.

c.       Imitable – Other busses will take other people to other places, so it can be imitable.

d.      Non-substitutable – This will be one place that people will take the bus to regardless.

7.       Start-up funds (probably)

a.       Valuable – UF could find funds in an account they have or take advantage of the huge alumni/donor base they already have.

b.       Rare – Not many organizations have this much financial resources or connections.

c.       Imitable – This cannot be recreated.

d.      Non-substitutable – There would be few similar financial situations in Gainesville.

8.       New customers annually

a.       Valuable – A new 6,000+ students join the university each year. There is a constant influx of growth.

b.       Rare – Few cities or areas grow by this much.

c.       Imitable – Only other universities could pull off the same thing.

d.      Non-substitutable – Could be done elsewhere in Gainesville, but would not reach most freshman students.

9.       An easy target market

a.        Valuable – Students are all around and interested. They share a common interest – the gators.

b.      Rare – Everyone loves gators and would be around to check it out.

c.       Imitable – College towns are the only places that have such a specific target group – 18-25 year olds.

d.      Non-substitutable – Can only be seen in other college towns.

10.   Easy advertising

a.       Valuable – can easily partner with other UF entities and advertise in libraries and busses.

b.      Rare – There aren’t many other places with so many advertising opportunities where the exact target market will view them.

c.       Imitable – Cannot be easily done anywhere else.

d.      Non-substitutable – This place is unique for easy ads.

My top resource: I think the best resource I have available for my business idea is location. It encompasses a lot of the other advantages I have, and is the factor that is going to make Chomp N’ Run so successful. 

Week 10 Reading Reflection

Week 10 Reading Reflection

Chapter 11 – Financial Preparation for Entrepreneurial Ventures

1.       Surprise – I found this reading interesting because I am currently taking Financial Accounting and am very familiar with many of the topics. Though I have been learning these topics for the past three months, I still find it incredible that this complex system was developed so perfectly. Somehow, the accounting equation always balances perfectly, and the system is very seldom flawed.

2.       Confusing – When talking about accounts receivables, I found it crazy that business often let so many accounts go unpaid for such a length of time. If a business isn’t receiving cash right away, how is it supposed to run efficiently? I was able to find a portion of my confusion to be answered by the “in practice” segment on page 318. This page offered great advice for businesses suffering from this issue. It was recommended to develop a process, make some noise, demand to get paid up front, find an advocate, and know when to walk away. I thought the last point was very interesting – at times, it can be too expensive to track people down and better to just let the debts go unpaid. For me, that seems incredibly tough because I have such a strong desire to profit. However, it is smart if trying to get that money back is unlikely, expensive, and time consuming.

3.       Questions – One topic that I have not learned very much about yet is the cash flow statement. The general concept is clear to me, but I would want to ask Kuratko, “How often does the average company make or use a statement of cash flows?” I am also not very familiar with the types of financial budgets. I would like to ask Kuratko, “Which financial budget method is found most popular by general businesses?” “Is there a method that you have personally used before or recommend?”

4.       Incorrect – There wasn’t really anything in this reading that stood out to me as being incorrect. I have been studying some of these topics over the duration of this semester and know that many of them follow the rules. There is no gray area when it comes to accounting; there is a black and white rule for everything. Kuratko gave a good overview of handling the financials of an entrepreneurial venture.

Elevator Pitch No. 3

1. The Pitch

2. Most of my feedback that I got on the 2nd elevator pitch was the same as the feedback that I had received on the 1st elevator pitch - people liked my ideas a lot but wanted me to recognize the competition of the CVS on 13th Street.

3. For this improved edition, I added in details about combatting the competition of CVS. I also gave a briefing on how I plan to advertise the business on campus. I think that I have done a good job of making my pitch short and sweet but informational.

Week 9 Reading Reflection

Week 9 Reading Reflection

Chapter 10: Marketing Challenges for Entrepreneurial Ventures

1.       Surprise – I found it very surprising when Kuratko mentioned that most entrepreneurs do not know their market very well. I would assume that someone who was interested in creating a product or service would automatically do research on their market before they even decide to move forward with an idea. Maybe I tend to analyze markets from the beginning because it is what I do as a marketing major. I guess other people with different outlooks like to focus on different aspects and forget to look into the target market.  

2.       Confusing – I found the segment on becoming a popular internet link very interesting. Though we had a guest speaker about this topic in class, I still find myself unsure of how becoming a popular link on the internet works. It is definitely a topic I need to look into and do some research on.

3.       Questions – One question that I’d like to ask Kuratko is “What is the most effective way to get a diverse population to actually respond to surveys?” To me, it seems almost impossible to get different kinds of individuals to all respond accurately to a survey. I would also want to ask Kuratko, “Which is more often used in real life – a production-driven philosophy or a sales-driven philosophy?” Do people prefer to focus on production or finding the key consumer? What types of products fit into each category?

4.       Incorrect statement – When talking about the internet, Kuratko says that a drawback to internet marketing is a limited target audience. While that may have been true when this book was written in 2009, I think there is a different story 7 years later. The internet is an incredibly effective method of marketing because almost everyone has access to it – from children to elderly. The smartphone has made the internet accessible to people wherever they are. 

Idea Napkin No. 2

1.       You - My name is Megan Vande Pol. I am a second year marketing student who loves being a gator. I have lived on campus for three and a half semesters to date without a car. If I could accomplish the goal of creating an on campus drug store, I would definitely plan on staying in Gainesville a lot longer than initially planned.

2.       What are you offering to customers? – My idea offers customers (UF students) access to a drug store on campus. Students who live on campus will be able to buy things they need without having to take the bus or lose their parking spot. Students who live off campus will be able to use their time effectively and grab the items they need between classes. This drug store, Chomp n’ Run, will offer the products students need at reasonable prices. I am also interested in creating an app where students can recommend products that they would like the store to carry. What better way is there to find out a customer’s needs than to ask them?

3.       Who are you offering it to? – This shopping opportunity will be available to mostly on campus students, followed by off campus students. On occasion, it may be useful for parents or families who are visiting or touring. The biggest target will be students who live within walking distance, mostly on campus students.

4.       Why do they care? – There is a need in the targeted market of on campus students. Students would be drawn in by the convenience and ease of use. Instead of having the inconvenience of traveling far to get items they need, students can have easy access.

5.       What are your core competencies? – The biggest and most obvious perk to Chomp n’ Run is it’s level of convenience. Due to the restrictions of UF campus, it will be the closest drug store possible. Competitors will always have a lower level of convenience. It will have a larger and wider inventory than places such as POD Market or the Reitz Bookstore. By simply offering products that these places do not, competition will be lessened.

I believe that these five items really work together and clarify my goal. Simply stated, I want an on campus drug store that will fit the needs of college students at reasonable prices. Each of these steps put together the pieces of my project.

Feedback memo:

I added in the advice of my peers to element #2. A peer gave me the idea of the mobile app to add customer input and inclusion. I think that it was a really great idea and would add to my business. I truly believe that these five elements work together to create a solid project. If there is one section that is weaker than the others, it would be the core competency, specifically the competition. The one issue that stands in the way of Chomp n’ Run being perfect is the new CVS that just opened on 13^th street. While students do love the UF name, they may be more inclined to walk a little bit further to be loyal to the CVs name. Besides that one CVS location, on campus students without cars would  be much more inclined to shop at Chomp n’ Run. 

Week 8 Reading Reflection

Week 8 Reading Reflection

Sources of Capital for Entrepreneurial Ventures

 

Surprise: I found Kuratko’s statements about venture capital myths very interesting. I was surprised to hear that venture capitalists are slow to invest. Many people think that venture capitalists are quick to jump on companies and invest, but they actually make long and deliberative decisions when it comes to investments. Kuratko also mentioned that the only way to gain a venture capital investor’s attention is to make a detailed and well-organized business plan. Everything needs to be incredibly planned before any actions will be taken on the capitalist’s side.

 

Confusing: I wish that Kuratko had expanded further upon IPO. He defines it as a method of representing the registered public offering of a company’s securities for the first time. What number is considered a good or bad IPO? What is a goal IPO that a company should have by a certain number of years? I wish that Kuratko went into further detail about the background information. I may have to look it up on my own to figure out what the premise of IPO is.

 

Questions: If I could ask Kuratko a question, I would ask him, “In what ways have you personally sought debt financing?” It would be very interesting to see how an expert in the field of entrepreneurship has personally worked to find startup money. I would also be interested to find out his opinions on the debt that he did take out – what ones he thought were the best, which had the best returns, which were easiest to pay off, and which incurred the least amount of debt. I would be interested in seeing an in depth analysis of his opinions on each option.

 

Incorrect?: I found it to be interesting when Kuratko mentioned that venture capital firms do not want to control your company and tell you how to run your business. While this may be true, I also think there is are some venture capitalists who do have that goal in mind. I think it honestly comes down to picking the right venture capital firm so that no one tries to take away your rights in your own business.

Half-Way Reflection

1.       Tenaciousness is a skill. ENT3003 is a fun and entertaining class, but it does require a lot of hands on work. While lectures teach you important things that are highly applicable to real life situations, assignments can sometimes be challenging. This class has forced me to keep a running record of assignments and check my online learning portal daily to make sure that I am completing them on time. One behavior that I am trying to teach myself but am struggling to abide by is completing assignments early. In this class, there are many assignments that require planning ahead and it simply doesn’t work to try to complete them the day they are due. It is my goal for the second half of the semester to complete assignments at least three days before they are due.

2.       Tenaciousness is also about attitude. During the fifth week, I had been working on my second customer interview assignment, and I simply forgot to turn it in before the deadline. It was completely frustrating that I had been working on the project but did not get to finish. Dr. Pryor’s advice to keep moving, keep working hard, and complete some extra credit assignments pushed me to move on to the next assignment and keep pushing forward. This class has helped me to become more tenacious and accept that there may be failures along the road, but they should not define us.

3.       Three tips.

1.       Work ahead on the assignments. You’ll be less stressed and have more fun completing them!

2.       Attend live lecture if it fits your schedule! It is more fun and engaging than watching online.

3.       Don’t be afraid of failure. Picking yourself back up when something doesn’t work is key!

Megan

Week 7 Reading Reflection

Week 7 Reading Reflection

As a marketing major, I found the premise of the entire article to be very interesting. Rather than going after typical targeted segments like age, income, or residence, Daniel Yankelovich transitioned to find a way to segment groups based on more non-demographic criteria. I think that it is incredibly important for a marketer to find a very specific group of people to sell a product to if they want to survive in a market for the long haul.

I found the “gravity of decision spectrum” to be interesting, but also a bit confusing. I would love if the author went into more detail about how an individual is placed on a spectrum and how the spectrum can be applied to the field of marketing. Does every individual fit the mold and have a place on the spectrum? Or do some not fit in to the spectrum?

If I could ask the author a question, I would want to know, was there a specific reason that Yankelovich decided to go after different segments? What made him think that there might be something more to preferences than simply one’s family income or age group? It seems like such an obvious statement when put simply, but what made him decide that his idea might work? I would also want to ask the author why no one else had decided to try Yankelovich’s idea before.

I think that everything the author writes about is pretty spot on with concerns to segmented marketing. He understands and pushes that both demographic and non-demographic criteria can build important segments. They both are equally important when determining who a product should be directed towards.

Megan