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.
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
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