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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.