week 15
1. I thought commenting on people's elevator pitches and venture concepts was fun because it was cool reading and listening to fellow students have such creative and genius ideas. I found the reading reflections informative but boring. I dreaded the customer interviews because of the process of going out and finding people in my target market to answer questions about my venture idea.
2. I think "Growing My Social Capital" was the most formative experience and one that I will remember in many years to come. Networking is extremely important whether or not you are an entrepreneur. I learned the importance of knowing learning from other business owners/managers in the area that I hope to open a business. My most joyous experience was interviewing the entrepreneurs of Bay Nails and Tropical Liquors. I am most proud of myself for developing a professional elevator pitch. Although I am far from Shark Tank presentation ready, I received lots of positive feedback from my peers.
3. I do not really see myself as an entrepreneur because I have not actually started my own business. However, with all the new experience and knowledge this course has given me, I have definitely developed a stronger entrepreneurial mindset.
4. I would recommend to future students on this journey to do the assignments weekly to prevent from getting behind. A few times I completely forgot to do simple assignments thinking I had until midnight when it is actually 9pm. You truly get out of this class what you put into it. Most assignments, if done correctly, can give you experience that will benefit your future ventures in life.
Saturday, April 23, 2016
Week 15 Reading Reflection
week 15
1. Although it does not surprise me that micro-financing is a solution to poverty, I thought it was interesting that their strategy to re-envision microfinance found great success developing customer and business relationships.
2. I found it confusing that they would risk their short-term interests. However, it was clearly a good decision because they found success.
3. I would ask the author, "Why are loan officers' salaries not related to the size of their loan portfolios?" Also, "In your experience, how have costly customer relationships lead to high returns?"
4. I do not think the author is wrong about anything but I did find this reading extremely informative.
1. Although it does not surprise me that micro-financing is a solution to poverty, I thought it was interesting that their strategy to re-envision microfinance found great success developing customer and business relationships.
2. I found it confusing that they would risk their short-term interests. However, it was clearly a good decision because they found success.
3. I would ask the author, "Why are loan officers' salaries not related to the size of their loan portfolios?" Also, "In your experience, how have costly customer relationships lead to high returns?"
4. I do not think the author is wrong about anything but I did find this reading extremely informative.
Sunday, April 17, 2016
Week 14 Reading Reflection
week 14
1. What stood out that was different from my expectations was the concept of corporate entrepreneurship. I have always thought of entrepreneurs as innovative individuals who go at it on their own. I think it is great that a large entrepreneurial exists to promote even further innovation.
2. Although nothing really confused me in this reading, I enjoyed the author's discussion on sustainable entrepreneurship and how it can benefit the environment.
3. I would ask the author, "What was a time that you failed?" "How did you prevent from punishing yourself and look for positive rewards? This would help me gain a deeper understanding of failure and how to come out better for it.
4. I do not disagree with anything the author said in this reading.
1. What stood out that was different from my expectations was the concept of corporate entrepreneurship. I have always thought of entrepreneurs as innovative individuals who go at it on their own. I think it is great that a large entrepreneurial exists to promote even further innovation.
2. Although nothing really confused me in this reading, I enjoyed the author's discussion on sustainable entrepreneurship and how it can benefit the environment.
3. I would ask the author, "What was a time that you failed?" "How did you prevent from punishing yourself and look for positive rewards? This would help me gain a deeper understanding of failure and how to come out better for it.
4. I do not disagree with anything the author said in this reading.
Google Gold
week 14
1. I do not think I performed any activities to perform search engine optimization. This is the first blog I have ever had so the concept of "blogging" was fairly new to me. I certainly would not place in "winning the online popularity contest" because I did not promote my blog.
2. My key words are "lauren," "palombi," "blog," and "entrepreneur." I selected these key words because it is these broad terms are easy to Google and find infinite search results, while the specific terms(my first and last name) will lead you right to my blog. These key words did not change throughout the semester.
3. Based on the relatively few views my blog holds, social media ignored my blog. As I stated in the first question, I did not make efforts to promote my blog and therefore I also did not use social media to enhance my blog. I suppose to do this I could have included my blog's link in my Instagram and Twitter biographies, and shared the link several times asking people to check it out on Facebook.
4. My most viral post would probably have been my "Elevator Pitch Number 1" because it received the most comments. Videos are much more appealing to potential blog viewers because it is so much more engaging with sound and emotion which is harder to grasp from reading text. I think students in the beginning of this course, like me, sought out to view other student's business ideas because many were fascinating and inspiring.
5. By typing in "lauren palombi blog" I made it to the first page of Google results.
1. I do not think I performed any activities to perform search engine optimization. This is the first blog I have ever had so the concept of "blogging" was fairly new to me. I certainly would not place in "winning the online popularity contest" because I did not promote my blog.
2. My key words are "lauren," "palombi," "blog," and "entrepreneur." I selected these key words because it is these broad terms are easy to Google and find infinite search results, while the specific terms(my first and last name) will lead you right to my blog. These key words did not change throughout the semester.
3. Based on the relatively few views my blog holds, social media ignored my blog. As I stated in the first question, I did not make efforts to promote my blog and therefore I also did not use social media to enhance my blog. I suppose to do this I could have included my blog's link in my Instagram and Twitter biographies, and shared the link several times asking people to check it out on Facebook.
4. My most viral post would probably have been my "Elevator Pitch Number 1" because it received the most comments. Videos are much more appealing to potential blog viewers because it is so much more engaging with sound and emotion which is harder to grasp from reading text. I think students in the beginning of this course, like me, sought out to view other student's business ideas because many were fascinating and inspiring.
5. By typing in "lauren palombi blog" I made it to the first page of Google results.
Tuesday, April 12, 2016
Short Interview With Entrepreneur, Part 2
After revisiting the first interview I had with Baylor of "Bay Nails," I think she gave helpful and accurate advise. My three questions were broad because this course had just begun and the concept of being an entrepreneur was relatively new to me, and she responded with relatively broad answers.
Me: What can I do to lower my acquisition costs?
Baylor: Well for example, your online marketing strategy might involve bidding on expensive, large volume keywords. Instead, consider changing your campaign to a greater number of lower volume, less competitive keywords. You may even consider other tactics like Facebook advertising. There's also retargeting. It's a great way to re-market to the visitor you paid to get there, but didn't convert to a user or customer in the process.
Me: What can I do to ensure my service survives the constantly changing landscape of my market?
Baylor: That is one of the most challenging things I face. Stay on top of increasing trends and be proactive about your changing market. For instance, eating healthier is a constantly growing market so maybe you could have a select menu of healthy products.
Me: How can I be a better leader?
Baylor: Communication with your team is key! Listen to their ideas and encourage creative thinking. Set short and long-term goals and means to achieve them.
This entrepreneur was impressed by my questions and conveyed a sense that I have progressed through this journey.
Me: What can I do to lower my acquisition costs?
Baylor: Well for example, your online marketing strategy might involve bidding on expensive, large volume keywords. Instead, consider changing your campaign to a greater number of lower volume, less competitive keywords. You may even consider other tactics like Facebook advertising. There's also retargeting. It's a great way to re-market to the visitor you paid to get there, but didn't convert to a user or customer in the process.
Me: What can I do to ensure my service survives the constantly changing landscape of my market?
Baylor: That is one of the most challenging things I face. Stay on top of increasing trends and be proactive about your changing market. For instance, eating healthier is a constantly growing market so maybe you could have a select menu of healthy products.
Me: How can I be a better leader?
Baylor: Communication with your team is key! Listen to their ideas and encourage creative thinking. Set short and long-term goals and means to achieve them.
This entrepreneur was impressed by my questions and conveyed a sense that I have progressed through this journey.
Saturday, April 9, 2016
week 13 reading reflection
week 13
2. The tables sort of confused me with their abundance of information. It would have been easier to follow along if they had been more concise.
3. I would ask the author for examples on how to negotiate the sale of the company under certain circumstances. Is it often that people back out of a sale of their company even at a great offer?
4. I do not disagree with the author on anything.
Tuesday, April 5, 2016
My Exit Strategy
week 13
1. Throughout this course I have gone back and forth between two venture concepts. B-fast, a late night breakfast diner in midtown of Gainesville and my own tiki bar on the shore of Melbourne Beach, Florida. I would intend to sell B-fast within the next 5 years for a large profit. I would protect the tiki bar venture and pass it down as the family business.
2. I have selected this strategy for B-fast because it is not a business venture I am particularly passionate about but I do think it will be successful. After a few years something new and better will come along and I could sell the property for a decent profit due to its prime location. I selected this strategy for my tiki bar because it is a business venture I am extremely passionate about in the place where I hope to raise my kids and hopefully my kids will raise their kids. Melbourne is a small town with many family businesses. This business will grow with our customers as we will continue to get to know them better and continue filling their beach thirst and hunger needs.
3. Both exit strategies have a great influence on business decisions that need to be made. For instance, I would not look into expanding B-fast or doing major renovations when I know I want to sell the business within a few years. For the tiki bar, I would not want to create a chain because it would loose is affect as a local family owned business.
1. Throughout this course I have gone back and forth between two venture concepts. B-fast, a late night breakfast diner in midtown of Gainesville and my own tiki bar on the shore of Melbourne Beach, Florida. I would intend to sell B-fast within the next 5 years for a large profit. I would protect the tiki bar venture and pass it down as the family business.
2. I have selected this strategy for B-fast because it is not a business venture I am particularly passionate about but I do think it will be successful. After a few years something new and better will come along and I could sell the property for a decent profit due to its prime location. I selected this strategy for my tiki bar because it is a business venture I am extremely passionate about in the place where I hope to raise my kids and hopefully my kids will raise their kids. Melbourne is a small town with many family businesses. This business will grow with our customers as we will continue to get to know them better and continue filling their beach thirst and hunger needs.
3. Both exit strategies have a great influence on business decisions that need to be made. For instance, I would not look into expanding B-fast or doing major renovations when I know I want to sell the business within a few years. For the tiki bar, I would not want to create a chain because it would loose is affect as a local family owned business.
Thursday, March 31, 2016
Celebrating Failure
week 13
This semester, my biggest failure was failing to study enough for finance. This led me to have to drop the class due to my fear of actually failing it. After receiving a raw score of 45% which got converted to an adjusted score of 60% I gave up on myself and the class. The second exam had much easier material on it and I knew I could do better, at least B worthy. I told myself if I got an 80% I would not drop the class. However, my mind had already shut down and was close minded to the fact that I was dropping the class. So, I did not devote as much time I should have to studying and received a raw score of a 73%. Thus, I have dropped the class and am retaking it over summer.
From this I learned that I should not give up on myself so easily. It cost me $308 to pay back bright futures for being lazy and not studying hard. I definitely do not want to pay this price again.
Failure is embarrassing. However, this class has reinforced my belief that failure helps us grow as individuals and to learn from our mistakes. This class has definitely made me more likely to take a risk than before because I now know how common failure is and that I will get back up on my feet and improve from it.
This semester, my biggest failure was failing to study enough for finance. This led me to have to drop the class due to my fear of actually failing it. After receiving a raw score of 45% which got converted to an adjusted score of 60% I gave up on myself and the class. The second exam had much easier material on it and I knew I could do better, at least B worthy. I told myself if I got an 80% I would not drop the class. However, my mind had already shut down and was close minded to the fact that I was dropping the class. So, I did not devote as much time I should have to studying and received a raw score of a 73%. Thus, I have dropped the class and am retaking it over summer.
From this I learned that I should not give up on myself so easily. It cost me $308 to pay back bright futures for being lazy and not studying hard. I definitely do not want to pay this price again.
Failure is embarrassing. However, this class has reinforced my belief that failure helps us grow as individuals and to learn from our mistakes. This class has definitely made me more likely to take a risk than before because I now know how common failure is and that I will get back up on my feet and improve from it.
Wednesday, March 30, 2016
week 12 reading reflection
week 12
1. I cannot say that something surprised me in this reading, however, there was a quote that I really enjoyed. "A person will never find time to do anything but must, in fact, make time. Entrepreneurs should learn to use time as a resource and not allow time to use them." Too often do I find time using me.
2. This is the first reading in which none of the concepts were confusing to me but rather common sense.
3. What are effective ways for an entrepreneur to manage paradox and contradiction? How did you come up with the stages of development for a new venture?
4. I think the author has clearly done his research and is a professional so there is nothing I disagree with him about.
1. I cannot say that something surprised me in this reading, however, there was a quote that I really enjoyed. "A person will never find time to do anything but must, in fact, make time. Entrepreneurs should learn to use time as a resource and not allow time to use them." Too often do I find time using me.
2. This is the first reading in which none of the concepts were confusing to me but rather common sense.
3. What are effective ways for an entrepreneur to manage paradox and contradiction? How did you come up with the stages of development for a new venture?
4. I think the author has clearly done his research and is a professional so there is nothing I disagree with him about.
Tuesday, March 29, 2016
Venture Concept No.1
week 12
Opportunity: My customers needs are
not being met because there is not a breakfast place in midtown. However, their
coffee needs are being met by Dunkin Donuts, Starbucks and Krispy Crème, and
their bagel needs can be met by Bagels and Noodles six blocks away from
midtown. There is so much more to breakfast than just bagels and donuts! Where
are these people supposed to get scrambled eggs, omelets, waffles, sausage,
bacon or pancakes? Their under met needs call for B-fast located right in
midtown! Our potential customers include professors in need of a meeting place
with something to eat in the morning, construction workers nearby on break, and
most importantly students looking for an affordable breakfast in between
classes while getting some schoolwork done. The market is defined
geographically by Gainesville, mainly those who are a part of the University of
Florida. Customers are currently satisfying this need by places such as Dunkin
Donuts Krispy Crème and Einsteine’s Bagel Bros nearby. While Dunkin Donuts
customers are loyal to their cheap coffee, especially at happy hour, they are
not loyal to their limited food menu. Customers are only loyal to Einstein’s
Bagel Bros because of its convenience on campus. However, being a regular
customer at Einstein’s would be one expensive habit. I think this opportunity
is huge considering college kids are in search of an alternative late-night
eatery. Pita Pit, Relish and Jimmy Johns are currently the go-to places to eat
after a night out in midtown. Pita Pit is pricy and can take a while for your
food, and the line at Relish can be up to 30 minutes long. Late night breakfast
places such as I-Hop, Waffle House and Denny’s have proven successful because
there is such a market for late-night breakfast. So, why not in midtown?
Breakfast foods such as pancakes are not only extremely cheap and quick to
make, they are carbs which will cure our customers hangovers before they even
exist! With the constant construction around the university, this window will
probably only be open for the next two years. With the closing of Pizza by the
Slice and opening of Grill Fresh behind the Swamp Restaurant, it is hard to
predict what will happen next. However, our community will never cease to
continue growing and renovating – that is for certain.
Innovation: As the title B-fast
states, it will offer breakfast fast! Our number 1 late night seller will most
likely be pancakes. A $2 box of pancake mix will make 20 pancakes. For $4.00
customers will get a stack of 2 large plain pancakes in which they can apply
syrup to at no charge. This will generate $38 per box of pancake mix. For a
$1.00 up-charge customers can choose from chocolate chip, blueberry or M&M
pancakes.
Venture Concept: Pita Pit, Relish and
Jimmy Johns are currently the go-to places to eat after a night out in midtown.
Pita Pit is pricy and can take a while for your food, and the line at Relish
can be up to 30 minutes long. Late night breakfast places such as I-Hop, Waffle
House and Denny’s have proven successful because there is such a market for
late-night breakfast. I do not think it will be difficult to get consumers to
switch because it is all based on personal preference. Some people crave breakfast
late at night rather than a greasy burger and fries. The vast majority of women
I interviewed in “customer interviews” preferred breakfast late at night. Also,
our prices speak for themselves to appeal to the typical broke college student.
We would only need about 3 workers on the job – one at the cash register to
take orders, and two cooking.
Sunday, March 27, 2016
The Amazon Whisperer
week 11
Revenue drivers: My revenue drivers are the students of Gainesville, particularly out late at night, who are hungry and want cheap prices.
Next: Our customers are the same target as Pita Pit and Relish. However, B-fast is the next thing because no where near midtown sells late night breakfast. All you can eat pancakes for
$5 would be a great hit with students.
This "next thing" or cheap late night breakfast diner will increase customer switching costs from Relish and Pita Pit to B-fast instead. The cheaper options at B-fast will be more appealing to college kids(especially if under the influence), leading to customer loyalty as well.
On Amazon, this pancake mix is $3.42 which can make roughly 20 pancakes. The margins on this product would be great for business.
Customer Reviews: This product is cheap and filling! It tastes delicious with several ways it can be served with either chocolate chips, M&Ms or just butter or syrup. Some customers may not like Pancakes, but B-fast will serve all sorts of breakfast foods.
I am not sure what changes I could make at the moment.
This product would make a great fit because it could be our late night diner specialty, or what we are known for. Along with many other menu items, this would probably be our most popular.
Revenue drivers: My revenue drivers are the students of Gainesville, particularly out late at night, who are hungry and want cheap prices.
Next: Our customers are the same target as Pita Pit and Relish. However, B-fast is the next thing because no where near midtown sells late night breakfast. All you can eat pancakes for
$5 would be a great hit with students.
This "next thing" or cheap late night breakfast diner will increase customer switching costs from Relish and Pita Pit to B-fast instead. The cheaper options at B-fast will be more appealing to college kids(especially if under the influence), leading to customer loyalty as well.
Customer Reviews: This product is cheap and filling! It tastes delicious with several ways it can be served with either chocolate chips, M&Ms or just butter or syrup. Some customers may not like Pancakes, but B-fast will serve all sorts of breakfast foods.
I am not sure what changes I could make at the moment.
This product would make a great fit because it could be our late night diner specialty, or what we are known for. Along with many other menu items, this would probably be our most popular.
Week 11 Reading Reflection
week 11
1. I was a little surprised by the process and strategy that goes into innovation. When I think of something that is "innovative" my first thought is that the person who first thought of this idea had a spontaneous and creative problem solving mind, rather than planning how to be innovative.
2. I got a bit confused when the author discussed the value of innovation between potential customers.
3. How can you differentiate between routine and radical innovation? How can one plan to avoid being routine?
4. With such a thorough analysis of innovation, there is nothing I disagree with the author on.
1. I was a little surprised by the process and strategy that goes into innovation. When I think of something that is "innovative" my first thought is that the person who first thought of this idea had a spontaneous and creative problem solving mind, rather than planning how to be innovative.
2. I got a bit confused when the author discussed the value of innovation between potential customers.
3. How can you differentiate between routine and radical innovation? How can one plan to avoid being routine?
4. With such a thorough analysis of innovation, there is nothing I disagree with the author on.
Wednesday, March 23, 2016
My Unfair Advantage
week 11
1. Competitive Drive - It is valuable because it will drive me to always strive to improve sales and reach more customers. It is rare because many people are complacent with their businesses which causes them to be surpassed. It is inimitable because no two people really have the same sort of competitive drive.
2. Creativity - It is valuable because creativity is what makes a business stand out above the others. It is rare because out of the box marketing strategies help set trends in the marketplace. It is inimitable because if someone copies your creative strategy, the people will have already seen it before and not be impressed. It will have to be one upped.
3. Sense of Humor - It is valuable because it helps maintain a calm state of mind even in a hectic work environment. It is rare because people get so stressed out these days and need to know it is not the end of the world if things go awry. It will make for happier employees and no other resource can provide these benefits.
4. My mom - She is valuable social capital through her immense amount of connections throughout our community. As a personal trainer at the local YMCA who started a walking/biking club, and is a captain for organizing tennis teams, she knows just about everyone in the grocery store. So if I were to start a business, her trusted word of mouth would be the best and cheapest marketing I could get. Obviously she is inimitable and rare.
5. Location - This is valuable because it must be easy access for every beachgoer and person driving by to see and park at. It is not very rare considering many shops and restaurants are located on the beach.
6. Raising Capital - It is valuable because we need money for inventory and all the other sorts of costs that go into starting up a business. It is not rare but can be inimitable depending how creative we can get to raise money.
7. Friends and Family - They are extremely value via their support, spreading my business by word of mouth, investment and skills. For example, my uncle is a Chef and could help with the menu to write up some unique recipes. No two people are the same and my friends and family are definitely a rare and inimitable bunch.
8. Previous work experience - In my short life of 20 years, I have worked 8 different types of jobs from a car wash to a pizza place to receptionist to camp counselor to event planner to server and anywhere in between. These jobs have helped build the hard worker I am today as well as build great customer service skills, teamwork and leadership skills. I would definitely say it is rare for someone my age to have as much work experience as I do.
9. Passion - I am very passionate person when it comes to something I care about. I want to start my own business on the beach because it is my favorite place to be in the whole world. So if I am happy at work, my employees will be happy, and therefore my customers will be happy and life will be good. Unfortunately, I think it is rare that people love their jobs and are passionate about the work they are doing.
10. The Beach - It is inimitable because no two beaches are the same. It is valuable because this is where majority of customers will be coming from.
While my mom is the most important resource to me, I would have to say my venture's most important resource is to be passionate. I want my customers to feel as though they are at their vacation home. A happy business and its employees will result in happy and returning customers.
1. Competitive Drive - It is valuable because it will drive me to always strive to improve sales and reach more customers. It is rare because many people are complacent with their businesses which causes them to be surpassed. It is inimitable because no two people really have the same sort of competitive drive.
2. Creativity - It is valuable because creativity is what makes a business stand out above the others. It is rare because out of the box marketing strategies help set trends in the marketplace. It is inimitable because if someone copies your creative strategy, the people will have already seen it before and not be impressed. It will have to be one upped.
3. Sense of Humor - It is valuable because it helps maintain a calm state of mind even in a hectic work environment. It is rare because people get so stressed out these days and need to know it is not the end of the world if things go awry. It will make for happier employees and no other resource can provide these benefits.
4. My mom - She is valuable social capital through her immense amount of connections throughout our community. As a personal trainer at the local YMCA who started a walking/biking club, and is a captain for organizing tennis teams, she knows just about everyone in the grocery store. So if I were to start a business, her trusted word of mouth would be the best and cheapest marketing I could get. Obviously she is inimitable and rare.
5. Location - This is valuable because it must be easy access for every beachgoer and person driving by to see and park at. It is not very rare considering many shops and restaurants are located on the beach.
6. Raising Capital - It is valuable because we need money for inventory and all the other sorts of costs that go into starting up a business. It is not rare but can be inimitable depending how creative we can get to raise money.
7. Friends and Family - They are extremely value via their support, spreading my business by word of mouth, investment and skills. For example, my uncle is a Chef and could help with the menu to write up some unique recipes. No two people are the same and my friends and family are definitely a rare and inimitable bunch.
8. Previous work experience - In my short life of 20 years, I have worked 8 different types of jobs from a car wash to a pizza place to receptionist to camp counselor to event planner to server and anywhere in between. These jobs have helped build the hard worker I am today as well as build great customer service skills, teamwork and leadership skills. I would definitely say it is rare for someone my age to have as much work experience as I do.
9. Passion - I am very passionate person when it comes to something I care about. I want to start my own business on the beach because it is my favorite place to be in the whole world. So if I am happy at work, my employees will be happy, and therefore my customers will be happy and life will be good. Unfortunately, I think it is rare that people love their jobs and are passionate about the work they are doing.
10. The Beach - It is inimitable because no two beaches are the same. It is valuable because this is where majority of customers will be coming from.
While my mom is the most important resource to me, I would have to say my venture's most important resource is to be passionate. I want my customers to feel as though they are at their vacation home. A happy business and its employees will result in happy and returning customers.
Sunday, March 20, 2016
Growing My Social Capital
week 10
1. Dave Scott is the manager at Dough Religion and Oozoo Bar, a popular eatery located in the middle of midtown and downtown. It offers popular foods such as burgers and pizza, and serves late at night.
2. He is my "domain expert" because he runs a business with similar goals that I have for my restaurant B-fast in midtown. He has great insight on how to maintain good profit margins and how to run a successful business, due to their thriving success after being open only a few months.
3. I found Dave Scott through working at Dough Religion.
4. Dave helped me by giving me information. He told me the mistakes he made in the beginning so that I can avoid them and what he has done that has provided the greatest reward. In return, I will continue to speak nothing but highly of Dough Religion and will refer lots of business to him.
5. Dave can help exploit my business opportunity via his business insight and connections in the business community.
1. Ryan Prodesky is the marketing director for The Swamp Restaurant in midtown of Gainesville.
2. He is my "market expert" because he has great knowledge of conducting customer research in the area and targeting the same audience my business will be targeting, college kids(most likely drunk).
3. As a server at the Swamp Restaurant, I met Ryan across the street at Swamp Headquarters and set up a time to meet with him to discuss my business proposal and his thoughts.
4. Ryan helped me by teaching me to think outside the box to attract customers. He taught me various marketing strategies and how to affectively communicate to the community.
5. Ryan can help exploit my business opportunity via his business insight and connections in the business community.
1. Ron Evans works for Costco, a big time supplier company that happens to also supply my sorority house and The Swamp Restaurant with food.
2. He is an important supplier connection.
3. I found Mr. Evans unloaded supplies in our house kitchen and asked him some questions which he gladly answered.
4. He told me several of the places his company supplies in the Gainesville area and compared their prices to many competitor suppliers nearby. In return, because I know he is a genuine guy and works for a great company with fair prices, I will give him my business to supply my restaurant.
5. Having him in my network will exploit an opportunity of fairly priced supplies, on time, helping my restaurant run smoothly.
1. Dave Scott is the manager at Dough Religion and Oozoo Bar, a popular eatery located in the middle of midtown and downtown. It offers popular foods such as burgers and pizza, and serves late at night.
2. He is my "domain expert" because he runs a business with similar goals that I have for my restaurant B-fast in midtown. He has great insight on how to maintain good profit margins and how to run a successful business, due to their thriving success after being open only a few months.
3. I found Dave Scott through working at Dough Religion.
4. Dave helped me by giving me information. He told me the mistakes he made in the beginning so that I can avoid them and what he has done that has provided the greatest reward. In return, I will continue to speak nothing but highly of Dough Religion and will refer lots of business to him.
5. Dave can help exploit my business opportunity via his business insight and connections in the business community.
1. Ryan Prodesky is the marketing director for The Swamp Restaurant in midtown of Gainesville.
2. He is my "market expert" because he has great knowledge of conducting customer research in the area and targeting the same audience my business will be targeting, college kids(most likely drunk).
3. As a server at the Swamp Restaurant, I met Ryan across the street at Swamp Headquarters and set up a time to meet with him to discuss my business proposal and his thoughts.
4. Ryan helped me by teaching me to think outside the box to attract customers. He taught me various marketing strategies and how to affectively communicate to the community.
5. Ryan can help exploit my business opportunity via his business insight and connections in the business community.
1. Ron Evans works for Costco, a big time supplier company that happens to also supply my sorority house and The Swamp Restaurant with food.
2. He is an important supplier connection.
3. I found Mr. Evans unloaded supplies in our house kitchen and asked him some questions which he gladly answered.
4. He told me several of the places his company supplies in the Gainesville area and compared their prices to many competitor suppliers nearby. In return, because I know he is a genuine guy and works for a great company with fair prices, I will give him my business to supply my restaurant.
5. Having him in my network will exploit an opportunity of fairly priced supplies, on time, helping my restaurant run smoothly.
I have never really thought about who I would need in my network or who to search for to approach when starting a business before this exercise. I do not really have networking experience in the past besides previous employers for references, so this was a new and beneficial experience for me.
Week 10 Reading Reflection
week 10
1. In the reading, I found it very interesting that an entrepreneur must produce efficiently before worrying about sales according to the production-driven philosophy. I found this surprising because I originally thought that after extensive research on the market, you should have good idea of how much will sell and then produce that much.
2. One concept I found confusing was Capital Budgeting, mostly because it is a mathematical concept. I find problems like this challenging especially in my finance course.
3. Why is it necessary to use the IRR method if the NPV is so similar and effective?
How did you decide on the five easy steps in the research process?
4. There is nothing I disagree with the author about.
1. In the reading, I found it very interesting that an entrepreneur must produce efficiently before worrying about sales according to the production-driven philosophy. I found this surprising because I originally thought that after extensive research on the market, you should have good idea of how much will sell and then produce that much.
2. One concept I found confusing was Capital Budgeting, mostly because it is a mathematical concept. I find problems like this challenging especially in my finance course.
3. Why is it necessary to use the IRR method if the NPV is so similar and effective?
How did you decide on the five easy steps in the research process?
4. There is nothing I disagree with the author about.
Tuesday, March 15, 2016
Elevator Pitch No.3
week 10
I received such positive feedback from my first and second pitch that I did not change very much. What stood out to me as important was being passionate about my product because that is what catches an investor's attention. I do not think any feedback I received was outright wrong or silly, but rather helpful. However, I could have made more improvements and adjustments if I had received more constructive criticism. One person told me I should introduce myself and give a little more background information about B-fast, which I took into account. Another told me to slow own when speaking which was also helpful.
Sunday, March 13, 2016
My Secret Sauce
week 9
1) I am a leader. I am great at bringing people together to achieve a common goal via my passion and ability to be personable with each team member. My outgoing personality can be contagious for others.
2) I think logically. While most people love to gossip and spread rumor, I will disregard that and go straight to the source and get the facts.
3) I can read people's emotions and body language to figure out what mood they are in and how to approach them. This is beneficial in both the workplace and in friendships. For example, I can tell if my boss is stressed out or having a bad day and will save my questions for him for another time or do something out of the way to make his day just a little better.
4) I am outgoing.
5) I am extremely competitive which makes me so driven to attain my goals.
I interviewed the 5 people closest to me and who know me more than anyone - my mom, dad, sister, brother-in-law and my boyfriend. Each of them named several similar traits about me, most of which I stated myself. I really enjoyed this assignment and hearing the positive things my loved ones had to say about me. It also showed that I do have self awareness considering many of the traits I think I have, my close friends and family agreed.
1) I am a leader. I am great at bringing people together to achieve a common goal via my passion and ability to be personable with each team member. My outgoing personality can be contagious for others.
2) I think logically. While most people love to gossip and spread rumor, I will disregard that and go straight to the source and get the facts.
3) I can read people's emotions and body language to figure out what mood they are in and how to approach them. This is beneficial in both the workplace and in friendships. For example, I can tell if my boss is stressed out or having a bad day and will save my questions for him for another time or do something out of the way to make his day just a little better.
4) I am outgoing.
5) I am extremely competitive which makes me so driven to attain my goals.
I interviewed the 5 people closest to me and who know me more than anyone - my mom, dad, sister, brother-in-law and my boyfriend. Each of them named several similar traits about me, most of which I stated myself. I really enjoyed this assignment and hearing the positive things my loved ones had to say about me. It also showed that I do have self awareness considering many of the traits I think I have, my close friends and family agreed.
Wednesday, March 9, 2016
Week 9 Reading Reflection
week 9
1. I did not find anything in the reading different from my expectations because I am also currently enrolled in Marketing with Professor Lutz. This chapter hit several of the same key concepts and definitions that I was just tested on in Marketing. It was a nice confirmation to the knowledge I had just received.
2. Although I did not find anything to be confusing, I was interested to read about the pricing in the social media age via the different kinds of revenue models such as the Freemium Model, Affiliate Model, Virtual Goods, Advertising and Subscription Models.
3. What are some examples of companies that overcame the obstacles of undertaking marketing research? On the contrary, what are some examples of those who failed to overcome these obstacles?
4. There is nothing I think the author is wrong about.
1. I did not find anything in the reading different from my expectations because I am also currently enrolled in Marketing with Professor Lutz. This chapter hit several of the same key concepts and definitions that I was just tested on in Marketing. It was a nice confirmation to the knowledge I had just received.
2. Although I did not find anything to be confusing, I was interested to read about the pricing in the social media age via the different kinds of revenue models such as the Freemium Model, Affiliate Model, Virtual Goods, Advertising and Subscription Models.
3. What are some examples of companies that overcame the obstacles of undertaking marketing research? On the contrary, what are some examples of those who failed to overcome these obstacles?
4. There is nothing I think the author is wrong about.
Thursday, March 3, 2016
Idea Napkin No.2
week 9
1. My name is Lauren Palombi and I am a Business Management major here at UF. I am a people person who is extremely outgoing. I am currently a on the marketing team for The Swamp Restaurant as well as serving there. I also work as a cashier at Dough Religion and Oozoo Bar. My variety of work and life experiences have taught me excellent customer service skills as well as how to think outside the box to solve problems. I aspire to own my own bar that serves finger foods off the shore of Melbourne Beach. I can see this as a huge part of my life that I will start up after saving money until my kids are in school.
1. My name is Lauren Palombi and I am a Business Management major here at UF. I am a people person who is extremely outgoing. I am currently a on the marketing team for The Swamp Restaurant as well as serving there. I also work as a cashier at Dough Religion and Oozoo Bar. My variety of work and life experiences have taught me excellent customer service skills as well as how to think outside the box to solve problems. I aspire to own my own bar that serves finger foods off the shore of Melbourne Beach. I can see this as a huge part of my life that I will start up after saving money until my kids are in school.
2. This family owned beachside joint will be a hot spot for locals to come and grab a bite in between riding the waves or to relax after a day at work. The other side of town, Cocoa Beach, has several beachside bars and restaurants while Melbourne Beach has relatively none right on the water. This bar will serve customers unmet needs via surf/beach chair rentals. It will also keep beachgoers hydrated and full of food - two of the main reasons why people leave the beach. Another enjoyable feature will be live music on the weekends, and flatscreen TVs to watch games.
3. All my customers have one thing in common - a love for he beach. Customers also enjoy drinking and unhealthy foods such as fries, hotdogs, wings, hamburgers, mozzarella sticks and more. They are people who enjoy the beach scene and/or a place to get out of the blazing sun for a little and rejuvenate before heading back out into the water or to sunbathe.
4. Customers will pay to use this service because of its convenience. I would rather purchase a hotdog for $3.00 right on the beach where I can order and eat while still in my swim suit rather than $1.00 at a gas station in which I have to pack up my belongings, get in my car and put clothes on. The convenience factor and beach setting(cabana bar, cornhole etc.) are appealing to customers.
5. Our relationship with customers will be what sets us apart. It would soon be easy to greet returning customer by name in such a small town. This personalization will make them feel more welcome than they would anywhere else and will make them keep coming back.
I believe that these five elements fit together because one question led perfectly to the next, helping me organize my thoughts. I struggled at first to think what would make my beach bar/restaurant stand out above the others. However, I came up with one solution and will need to think of another idea shortly.
The feedback I received was all positive which was nice, but not very helpful when it came to making changes or improvements in my napkin idea. Therefore, hardly anything has changed since my first idea. One person told me my idea was "not the most creative but tends to be profitable," which really got me thinking as to how I can make my bar/restaurant could stand out amongst my competitors.
Sunday, February 28, 2016
The Twenty Percent
week 8
I interviewed Greg Nield, entrepreneur and owner of Island Liquors in Merritt Island, Florida. He said their "target customers" or his "20 percent" is males between the age of 40 and 50. Due to the store's location in a town with a wide range of wealth, frequent customers are usually white collar workers living on Tropical Trail(mansions on the water) or blue collared workers coming from 520. Their customers' unmet needs is that there are only two liquor stores in Merritt Island, Island Liquors and ABC Liquor. Mr. Nield's store is in a prime location on Courtney Road, located directly next to Publix. Also, Island Liquor provides fair prices and agrees to match the price of their competitor ABC if higher. Through advertisements in the Merritt Island hometown news with coupons, radio announcements, and signs around the area, people know of Island Liquors. Because their main consumers are middle aged men, social media sites such as Instagram or Facebook does not really appeal to them. These men rather listen to the radio in their cars or read the newspaper. However, Island Liquors does have a website.
Because we are in a college town, I was unable to interview Island Liquors main customer base(middle aged men living in Merritt Island. However, I sought out three guys in Gainesville who live in Merritt Island and are customers of Island Liquors. I think the entrepreneur adequately understands his customers problems.
I interviewed Greg Nield, entrepreneur and owner of Island Liquors in Merritt Island, Florida. He said their "target customers" or his "20 percent" is males between the age of 40 and 50. Due to the store's location in a town with a wide range of wealth, frequent customers are usually white collar workers living on Tropical Trail(mansions on the water) or blue collared workers coming from 520. Their customers' unmet needs is that there are only two liquor stores in Merritt Island, Island Liquors and ABC Liquor. Mr. Nield's store is in a prime location on Courtney Road, located directly next to Publix. Also, Island Liquor provides fair prices and agrees to match the price of their competitor ABC if higher. Through advertisements in the Merritt Island hometown news with coupons, radio announcements, and signs around the area, people know of Island Liquors. Because their main consumers are middle aged men, social media sites such as Instagram or Facebook does not really appeal to them. These men rather listen to the radio in their cars or read the newspaper. However, Island Liquors does have a website.
Week 8 Reading Reflection
week 8
1. Almost everything in this chapter was new information to me. I would not say it caught me by surprise because I knew little to nothing about financing and gathering capital to start a new venture, savings and loan associations or mutual banks, and therefore had no expectations. This chapter was extremely informative and I am happy to have learned this new information.
2. I found regulation D and their rules of exemption to be a little confusing and would like to review these concepts further.
3. So, the "Sharks" on Shark Tank is just a catchier term for venture capitalists?
Did you learn from experience by being denied a bank loan or having a VC refuse to work with you?
4. Because I did not know about many of the concepts in this chapter before, I do not think the author is wrong about anything.
1. Almost everything in this chapter was new information to me. I would not say it caught me by surprise because I knew little to nothing about financing and gathering capital to start a new venture, savings and loan associations or mutual banks, and therefore had no expectations. This chapter was extremely informative and I am happy to have learned this new information.
2. I found regulation D and their rules of exemption to be a little confusing and would like to review these concepts further.
3. So, the "Sharks" on Shark Tank is just a catchier term for venture capitalists?
Did you learn from experience by being denied a bank loan or having a VC refuse to work with you?
4. Because I did not know about many of the concepts in this chapter before, I do not think the author is wrong about anything.
Tuesday, February 23, 2016
Half Way Reflection
week 8
1. To keep up with this course, I have really developed my time-management skills. I have also learned to give and take helpful feedback in order to make adjustments. This course has also enabled me to free my mind, let the creative juices flow, and to always remember the customer is the number one priority.
2. I felt like giving up with the Free Money exercise so much that I did not do the assignment. I had work five days that week and was stressed about my Finance course, and the last thing on my mind was going out and recording myself give five people dollar bills. I realized that missing this assignment is not the end of the world due to extra credit opportunities from Yellowdig. However, I now know I must step it up and plan in advance to not miss any assignments this next half of the course.
3. Tip 1: Work ahead! Because the assignments are due at 9:00 rather than midnight, this means you must complete your assignments before going in to work that night shift. Working ahead helps ease this stress and get quick assignments out of the way.
Tip 2: Don't worry, a million dollar idea does not have to hit you right now so do not stress your brain over it. I have read so many peoples ideas that are simple yet brilliant.
Tip 3: Do all of the Yellowdig extra credit because it will help you immensely in the long run of this course.
1. To keep up with this course, I have really developed my time-management skills. I have also learned to give and take helpful feedback in order to make adjustments. This course has also enabled me to free my mind, let the creative juices flow, and to always remember the customer is the number one priority.
2. I felt like giving up with the Free Money exercise so much that I did not do the assignment. I had work five days that week and was stressed about my Finance course, and the last thing on my mind was going out and recording myself give five people dollar bills. I realized that missing this assignment is not the end of the world due to extra credit opportunities from Yellowdig. However, I now know I must step it up and plan in advance to not miss any assignments this next half of the course.
3. Tip 1: Work ahead! Because the assignments are due at 9:00 rather than midnight, this means you must complete your assignments before going in to work that night shift. Working ahead helps ease this stress and get quick assignments out of the way.
Tip 2: Don't worry, a million dollar idea does not have to hit you right now so do not stress your brain over it. I have read so many peoples ideas that are simple yet brilliant.
Tip 3: Do all of the Yellowdig extra credit because it will help you immensely in the long run of this course.
Saturday, February 20, 2016
Week 7 Reading Reflection
week 7
1. The biggest surprise for me in the reading was that of the 59% of executives that conducted a major market segmentation exercise, only 14% saw real value from the exercise. Few of them saw value, yet many still go through great expenses to find their segment in the market to target towards their products.
2. One part of the reading that was confusing was how Miller Lite's "Catfight" campaign made a strong impression on its targeted audience of young males yet sales did not increase.
3. I would ask the author: Do you think that having a specific target audience (such as in the Miller Lite circumstance) can deter some of the other markets involved from the product? Is this why there was no increase in sales?
4. I do not disagree with anything the author wrote. I found this article interesting and informative.
1. The biggest surprise for me in the reading was that of the 59% of executives that conducted a major market segmentation exercise, only 14% saw real value from the exercise. Few of them saw value, yet many still go through great expenses to find their segment in the market to target towards their products.
2. One part of the reading that was confusing was how Miller Lite's "Catfight" campaign made a strong impression on its targeted audience of young males yet sales did not increase.
3. I would ask the author: Do you think that having a specific target audience (such as in the Miller Lite circumstance) can deter some of the other markets involved from the product? Is this why there was no increase in sales?
4. I do not disagree with anything the author wrote. I found this article interesting and informative.
Wednesday, February 17, 2016
Elevator Pitch No.2
week 7
I received such positive feedback from my first pitch that I did not change very much. What stood out to me as important was being passionate about my product because that is what catches an investor's attention. I do not think any feedback I received was outright wrong or silly, but rather helpful. One person told me I should introduce myself and give a little more background information about B-fast, which I took into account.
I received such positive feedback from my first pitch that I did not change very much. What stood out to me as important was being passionate about my product because that is what catches an investor's attention. I do not think any feedback I received was outright wrong or silly, but rather helpful. One person told me I should introduce myself and give a little more background information about B-fast, which I took into account.
Saturday, February 13, 2016
Customer Interviews No.3
week 6
These interviews are conducted based off of my first idea, B-fast, not the napkin idea. The napkin idea is what I would really love to pursue but I could not find the customer base in Gainesville to interview for it, considering it would be located in Melbourne Beach, which many people here have not heard of.
1. I will be asking my interviewees:
Have you ever been to Pita Pit or Relish late at night? If so, what was the wait time like?
Would you get late night breakfast if it was available to you?
Why do you think people like late night breakfast?
Where would you go to get breakfast near campus before morning classes?
My strategy is to interview students of UF who are often found in midtown late at night. I will interview people in my apartment complex(sorority row area) and in the midtown area passing by.
3. From these interviews, I learned there are a number of people out there that do not like breakfast foods. I personally agree and would rather chicken nuggets and fries late at night rather than pancakes and eggs. However, I do still believe there is a large enough market in Gainesville for a late night breakfast spot. It is no surprise why places such as Waffle House, IHOP, Steak n Shake and Denny's are so successful, but none of them are close enough to campus.
These interviews are conducted based off of my first idea, B-fast, not the napkin idea. The napkin idea is what I would really love to pursue but I could not find the customer base in Gainesville to interview for it, considering it would be located in Melbourne Beach, which many people here have not heard of.
1. I will be asking my interviewees:
Have you ever been to Pita Pit or Relish late at night? If so, what was the wait time like?
Would you get late night breakfast if it was available to you?
Why do you think people like late night breakfast?
Where would you go to get breakfast near campus before morning classes?
My strategy is to interview students of UF who are often found in midtown late at night. I will interview people in my apartment complex(sorority row area) and in the midtown area passing by.
3. From these interviews, I learned there are a number of people out there that do not like breakfast foods. I personally agree and would rather chicken nuggets and fries late at night rather than pancakes and eggs. However, I do still believe there is a large enough market in Gainesville for a late night breakfast spot. It is no surprise why places such as Waffle House, IHOP, Steak n Shake and Denny's are so successful, but none of them are close enough to campus.
Week 6 Reading Reflection
week 6
1. I was happily surprised by how short the article was because I was expecting to read something in similar length to the chapters. I was also surprised to learn that if one factor is stronger than the other it can lead to bad progress.
2. I was confused when the article said, "how to use the forces to understand compliments." What are the compliments being spoken of here?
3. How did you come up with these traditional five competitive forces? Did you originally have a larger list of factors and speak with other entrepreneurs to eliminate it to the core five?
4. There is nothing that I disagree with the author on.
1. I was happily surprised by how short the article was because I was expecting to read something in similar length to the chapters. I was also surprised to learn that if one factor is stronger than the other it can lead to bad progress.
2. I was confused when the article said, "how to use the forces to understand compliments." What are the compliments being spoken of here?
3. How did you come up with these traditional five competitive forces? Did you originally have a larger list of factors and speak with other entrepreneurs to eliminate it to the core five?
4. There is nothing that I disagree with the author on.
Thursday, February 11, 2016
Idea Napkin No.1
week 6
2. This family owned beachside joint will be a hot spot for locals to come and grab a bite in between riding the waves or to relax after a day at work. The other side of town, Cocoa Beach, has several beachside bars and restaurants while Melbourne Beach has relatively none right on the water. This bar will serve customers unmet needs via surf/beach chair rentals. It will also keep beachgoers hydrated and full of food - two of the main reasons why people leave the beach.
3. All my customers have one thing in common - a love for he beach. Customers also enjoy drinking and unhealthy foods such as fries, hotdogs, wings, hamburgers, mozzarella sticks and more. They are people who enjoy the beach scene and/or a place to get out of the blazing sun for a little and rejuvenate before heading back out into the water or to sunbathe.
4. Customers will pay to use this service because of its convenience. I would rather purchase a hotdog for $3.00 right on the beach where I can order and eat while still in my swim suit rather than $1.00 at a gas station in which I have to pack up my belongings, get in my car and put clothes on. The convenience factor and beach setting(cabana bar, cornhole etc.) are appealing to customers.
5. Our relationship with customers will be what sets us apart. It would soon be easy to greet returning customer by name in such a small town. This personalization will make them feel more welcome than they would anywhere else and will make them keep coming back.
I believe that these five elements fi together because one question led perfectly to the next, helping me organize my thoughts. I struggled at first to think what would make my beach bar/restaurant stand out above the others. However, I came up with one solution and will need to think of another idea shortly.
Sunday, February 7, 2016
week 5 reading reflection
week 5
1. I think "uniqueness" as a critical factor for new-venture developments surprised me because I was just thinking about profit margins and money for the business to be successful. However, it is true that your product will not sell if it is not unique. With so many competitors out there, you must find a way to stand out to customers.
2. The comprehensive feasibility approach and the feasibility criteria approach seemed a confusing to draw differences from the two.
3. Is it up to management to decide which evaluation process to use or do certain approaches fit better for certain kinds of businesses?
4. I do not disagree with the author on anything he wrote.
1. I think "uniqueness" as a critical factor for new-venture developments surprised me because I was just thinking about profit margins and money for the business to be successful. However, it is true that your product will not sell if it is not unique. With so many competitors out there, you must find a way to stand out to customers.
2. The comprehensive feasibility approach and the feasibility criteria approach seemed a confusing to draw differences from the two.
3. Is it up to management to decide which evaluation process to use or do certain approaches fit better for certain kinds of businesses?
4. I do not disagree with the author on anything he wrote.
Interviewing customers No.2
week 5
1. After my first round of interviews, I think B-fast (a late night breakfast diner in midtown) will be successful because each consumer said they would be a customer and loved the idea.
2. I think I did talk to the right customers last time, because they were students who were eating in midtown, specifically at Relish and Pita Pit who would be B-fast's competitors. My customers are those who are frequently in midtown late at night after the bars or just students looking for a cheap alternative to Dunkin Donuts to get breakfast before class.
3. I added a few more questions from the first interviews. My first interviews focused only on the diner being a late-night eatery. These interviews also asked if the consumers would be B-fast customers during the day such as before morning classes.
5. I have learned that this opportunity could be a great success in the midtown location. However, from working at Swamp, I have recently learned that this idea may be implemented sooner than I could have ever imagined. The building under construction behind Swamp and next to Shucks may possibly be the late night diner Gainesville's students need.
6. I have learned that customers a more likely willing to be interviewed if they are in a a small group of friends. This was helpful because it knocked out several interviews quickly. Also, if someone does not like your idea, it will only help you. Don't let it hurt your feelings. Let the negative feedback inspire you to create a solution or addition to make your opportunity even better.
1. After my first round of interviews, I think B-fast (a late night breakfast diner in midtown) will be successful because each consumer said they would be a customer and loved the idea.
2. I think I did talk to the right customers last time, because they were students who were eating in midtown, specifically at Relish and Pita Pit who would be B-fast's competitors. My customers are those who are frequently in midtown late at night after the bars or just students looking for a cheap alternative to Dunkin Donuts to get breakfast before class.
3. I added a few more questions from the first interviews. My first interviews focused only on the diner being a late-night eatery. These interviews also asked if the consumers would be B-fast customers during the day such as before morning classes.
6. I have learned that customers a more likely willing to be interviewed if they are in a a small group of friends. This was helpful because it knocked out several interviews quickly. Also, if someone does not like your idea, it will only help you. Don't let it hurt your feelings. Let the negative feedback inspire you to create a solution or addition to make your opportunity even better.
Wednesday, February 3, 2016
Elevator Pitch No.1
week 5
Sunday, January 31, 2016
week 4 reading reflection
week 4
1. I think the biggest surprise of the reading was the creative exercise that gave a term such as "office gossip" and told us to come up with all the different uses and functions that term had. It really got my creative juices flowing and helped me think outside of the box more than I expected.
2. I was confused when I read that "technology was the driving force of innovation success" was a misconception because I thought technology was. However, after reading further I learned that customer and market are the driving forces.
3. I would ask the author what the rarest type of innovation has been because the reading included only the four most original.
4. No.
1. I think the biggest surprise of the reading was the creative exercise that gave a term such as "office gossip" and told us to come up with all the different uses and functions that term had. It really got my creative juices flowing and helped me think outside of the box more than I expected.
2. I was confused when I read that "technology was the driving force of innovation success" was a misconception because I thought technology was. However, after reading further I learned that customer and market are the driving forces.
3. I would ask the author what the rarest type of innovation has been because the reading included only the four most original.
4. No.
Customer Interviews No. 1
week 4
1. While Pita Pit and Relish cure Gainesville's students of late night hunger, their lines can get pretty long for impatient customers. My solution is a late night breakfast place in midtown.
2. Getting pancakes after a night out will give students the carbs their body needs to kill a hangover before it even hits in the morning. It would also be a good treat for students pulling all nighters in Library West right across the street. Also, breakfast foods are cheap which is more favorable than Pita Pit's $10 meals.
3. The questions I asked were:
"Have you ever been to Pita Pit or Relish late at night after going out or from the library?" If yes,
"What was the wait time like?"
"Do you think a late night breakfast joint would be successful in Midtown/would you eat there?"
1. While Pita Pit and Relish cure Gainesville's students of late night hunger, their lines can get pretty long for impatient customers. My solution is a late night breakfast place in midtown.
2. Getting pancakes after a night out will give students the carbs their body needs to kill a hangover before it even hits in the morning. It would also be a good treat for students pulling all nighters in Library West right across the street. Also, breakfast foods are cheap which is more favorable than Pita Pit's $10 meals.
3. The questions I asked were:
"Have you ever been to Pita Pit or Relish late at night after going out or from the library?" If yes,
"What was the wait time like?"
"Do you think a late night breakfast joint would be successful in Midtown/would you eat there?"
After talking to five customers about it, I think a late night breakfast place in Midtown is a great idea and would be a success.
I was definitely nervous interviewing the customers because I was unsure of what their reactions would be. I also got rejected by a few people who were in a hurry or too shy to speak on camera. But after the first person loved the idea and gave me positive feedback, I gained much more confidence with my next interviews.
Wednesday, January 27, 2016
Top 5 World Problems
week 4
1. Rapid climate change is a major problem the world is experiencing right now. I recently read about a lake on top of a cliff in Canada that fell off of the cliff, flooding a small village due to high temperatures. I also had to change winter break plans from snowboarding in West Virginia to Colorado because West Virginia had no snow. This harshly affects business for ski resorts and in their cities.
Problems
2. Rapid population growth has led to high levels of poverty in countries such as India, Indonesia, Bangladesh and Nigeria. One in two children in the world live in poverty and almost half the world lives on $2.50 a day.
3. The UN states, “Globally, about 842 million people are estimated to be undernourished” and “More than 99 million children under age five are still undernourished and underweight.” Ultimately, the UN indicates that, worldwide, one in nine people remain hungry. Poor nutrition causes nearly half the deaths in children under age 5.
4. According to ILO, there were 73 million jobless people in the world in 2013. Unemployment has been escalating since people lack skills and education. Although the economy has been taking a positive turn, unemployment is still a major issue.
5. Education is a big problem world wide. Those living in poverty are obviously unable to have as much of a quality education as those who are not.
Solutions
1. Vaccinations are an affective solution to helping those with AIDS. Also helpful would be education on AID prevention.
2. End of course exams are a good way to ensure teachers are teaching the students what they should be learning and Peace Corp volunteers are helpful for providing education to those in poverty.It does not solve the problem but definitely helps.
3. We must create new jobs to solve the unemployment crises and encouraging entrepreneurship does just that. We must also work on lowering the cost of education so that people can have the skills necessary to perform jobs.
4. We can help prevent this by providing incentives for large corporations to become more green. We can also place a greater emphasis on recycling. If every person tried just a tad harder to help the environment such as not littering, we could help prevent global warming.
5. We can continue to invest in safety nets that supports and promotes economic mobility such as nutrition assistance, housing assistance and health care.
I selected rapid climate change as the biggest problem because we experiencing it worse than ever right now and I have read several pieces claiming how big of an issue it is. It also affects the entire world as opposed to some of the other problems on my list that were more prominent in certain areas of the world such as rapid population growth or poverty.
I believe the top solution I chose to help solve the problem of Aids is the most implementable because vaccinations have already been introduced and are curing millions. Also, it would be fairly easy compared to the other world problem's solutions to send educators to these highly affected areas and teach sexually transmitted disease prevention practices.
Problems
2. Rapid population growth has led to high levels of poverty in countries such as India, Indonesia, Bangladesh and Nigeria. One in two children in the world live in poverty and almost half the world lives on $2.50 a day.
3. The UN states, “Globally, about 842 million people are estimated to be undernourished” and “More than 99 million children under age five are still undernourished and underweight.” Ultimately, the UN indicates that, worldwide, one in nine people remain hungry. Poor nutrition causes nearly half the deaths in children under age 5.
4. According to ILO, there were 73 million jobless people in the world in 2013. Unemployment has been escalating since people lack skills and education. Although the economy has been taking a positive turn, unemployment is still a major issue.
5. Education is a big problem world wide. Those living in poverty are obviously unable to have as much of a quality education as those who are not.
Solutions
1. Vaccinations are an affective solution to helping those with AIDS. Also helpful would be education on AID prevention.
2. End of course exams are a good way to ensure teachers are teaching the students what they should be learning and Peace Corp volunteers are helpful for providing education to those in poverty.It does not solve the problem but definitely helps.
3. We must create new jobs to solve the unemployment crises and encouraging entrepreneurship does just that. We must also work on lowering the cost of education so that people can have the skills necessary to perform jobs.
4. We can help prevent this by providing incentives for large corporations to become more green. We can also place a greater emphasis on recycling. If every person tried just a tad harder to help the environment such as not littering, we could help prevent global warming.
5. We can continue to invest in safety nets that supports and promotes economic mobility such as nutrition assistance, housing assistance and health care.
I selected rapid climate change as the biggest problem because we experiencing it worse than ever right now and I have read several pieces claiming how big of an issue it is. It also affects the entire world as opposed to some of the other problems on my list that were more prominent in certain areas of the world such as rapid population growth or poverty.
I believe the top solution I chose to help solve the problem of Aids is the most implementable because vaccinations have already been introduced and are curing millions. Also, it would be fairly easy compared to the other world problem's solutions to send educators to these highly affected areas and teach sexually transmitted disease prevention practices.
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