30 A Reflection

ENT 3003 was a great class that truly sharpened my skills as an entrepreneur and helped me become much more vigilant in looking for opportunity around me.

• The most formative experience in this class was learning how to analyze your own issues in the business. I run my own small online business, so I sometimes have issues that I'd love to correct, like conversion rates or abandoned carts. Through ENT 3003, I learned about the categories of features customers face, from Exciters (awesome things about your brand), to the features you just deal with, and even the features you hate. All are important in improving your business.
• I really enjoyed the elevator pitches. I liked talking about something I'm passionate about, and it gives you good experience in how to communicate business ideas to others. Plus, the feed back helped me improve on my pitch.
• I'm proud of accomplishing a venture concept. That is a big analysis of something you're doing (almost like a business plan), so to do such for just an idea was a big step for me. If I have a great idea for a business, that will be one of the first things I'll do.

 Now that I've finished the course, I truly believe I have an entrepreneurial mindset. Before the class, I truly looked for opportunity in every aspect of the world- from the Internet, to small corner stores, to groundbreaking businesses. But after finishing the class,  I think I have the skills necessary to carry out these ideas. Or, at least, enough insight to go and get help from entrepreneurs around me. I also think I can characterize good ideas with bad ideas now. I can look through the possible risks that putting that idea into action would create, and then judging whether or not it's worth pursuing. All of these skills are essential to being a great entrepreneur.

One recommendation I have for future business people and ENT 3003 students is to keep an open mind. Even if you don't think you're interested in having a business some day, still be curious. The world nowadays respects those who take risks, and no doubt about it, entrepreneurs are risk takers. However, the payoff is remarkable, and if someday you wake up hating your job, you can always come be an entrepreneur.

29A Venture Concept 2

Opportunity


There are two big issues our planet currently faces. The first is the steep incline of plastic in our society. We're producing so much (150 million tons) that the planet is dying due to it. Second, the world has too many hungry humans. We know that 30-40% of food created is wasted. However, we still have 815 million hungry people globally. The opportunity here is quite simple- two big global issues that can be solved using business as a mean of solution. Bulk food stores are a very apparent solution, as they provide less waste, and people who shop aren't accidentally buying more then they can eat. People will want to help out, especially in a college town like Gainesville, so it will most likely be a success.

• Human ignorance is the main problem causing this opportunity. We keep creating more than we can maintain, and this is killing our Earth.
• Global is possible (and will probably happen sooner than later), but right now college towns with concerned populations is most attractive.
• Younger college students want to transition, but it's still hard to make big changes. A BFS would help them and help the environment as well.
• This opportunity is big and still growing. 
• The window will be open for a little bit, but companies are doubtful to transition just yet, making it the perfect time to open.

Innovation

Bulk food stores are stores that don't have packaging, or pricetags. You get paid by the pound on how much food you consume. It's cheaper, more sustainable and even more attractive to younger audiences. We can undercut other grocery stores in the area, while also advertising our environmental impact. That way we can drive in more business.

Venture Concept

My innovation is simple: Provide low-cost bulk food that creates less plastic and food waste than other grocery stores. 

• Customers would switch over, as they feel guilty of their impact on the environment, and want to help in any way possible. This would draw customers away from other stores too.
• The competitors are Walmart and Publix (big superstores or grocery stores). These places provide the same service without any environmental benefit. So if we could help them out, then we would be much better off.
• Packaging is very limited, price points are low as possible, distribution is through storefront, customer support is small but there (limited employees), and location is vital. A low-budget attitude is taken place when making a BFS, which can help bring in young customers.

Minor Elements

1. Our secret sauce is that we are environmentally ahead of others. While they adapt, we already forecasted the market, and it will definitely work in our favor.

2. Next, if we were successful, then we would definitely work on branching out our brand while also keeping close to college campuses that we know our profitable.

3. Finally, I would try to teach someone how the business runs, who is also passionate for our world and it's issues. Then I would bounce with my royalties and watch as it becomes the #1 BFS in the world.

Feedback and Changes
A lot of people enjoyed my idea, which is good. It's important that people at UF like the idea, because they would be the potential customers. However, I got some good feedback after I did my first concept. One was that I should add more facts to my opportunity. Someone said they understood the issues at hand, but by giving some facts, it would be much more dramatic and cause them to truly think about their past decisions, and what they can do in the future (like shop at my business). I also was told to stress my secret sauce is that we're not focusing on the present- we're focusing on the future. That's why I stressed that we are ahead, and while others adapt, we work on forecasting where we need to be, not screaming about issues now. Finally, I highlighted where I wanted to be, which is leaving the business in the hands of somebody capable, who has the same values as I do. Then I know the company will be profitable once I leave.

28 A Your Exit Strategy

1) My dream would be to grow my business, until it can run completely on it's own. Then, I would let it keep making me money passively, while I would have to put little amounts of work in here and there to make sure everything is running smoothly. Finally, in around 15-20 years, if it became too much work, or if it was time to liquidate my assets, I'd sell the stores for lots of retirement money.

2) This is the same type of thing my father did, and it worked very well for my family and I. Personally, doing the same thing would give me the same quality of life as my parents, which is all I need to be happy in this life.

3) My exit strategy proves that I'm in it for the long run, so I definitely look towards making the opportunity work for me. I think that in whatever venture I choose, this would be my plan for most of them to exit. So when I look at new opportunities, I should always keep this in mind!

27 A Reading Reflection 3

For my reflection I read "Elon Musk: Tesla, Space X, and the Quest for a Fantastic Future" by Ashley Vance. It was very intriguing to see an influential entrepreneur, and how he grew up.

1)

• What surprised me the most about Elon was honestly that he was always different. He loved things that people didn't even admire back then (like computers and coding), and his mother stated he'd always go into long, deep thinks where he would sit for hours imagining things outside our comprehension. Very interesting.
• I most admire Elon Musk's persistence. Bullied terribly in South Africa, he came to America where he wandered and did odd jobs for a bit, then failed multiple companies until striking gold on Paypal.
• I least admire Elon Musk's fear of intimacy. Ashley Vance, the author, said Musk is built like a walnut, who is extremely hard to crack and dive deep into his thoughts. I'd like to be an open book to everyone and a friendly face to all.
• The adversity that Elon Musk endured is incredible. Born from divorced parents, he was bullied for being a nerd by the jocks of South Africa. He was pushed down stairs, left to bleed, and one time they made his best friend shun him or they'd beat him up. This would tear down a regular person, but Musk put his passion into his brain, thoughts and future.

2) Elon Musk had three main, awesome competencies that are essential for entrepreneurship. One was his ability to think and visualize solutions. Not many people can see things so clearly, but any solution Musk had, he had the ability to create it in his head down to the smallest details. This is extremely helpful in problem solving. Second is his persistence. Stated above, he was bullied extremely hard, and most of his companies were shot down for being "too absurd", when in reality he was designing the future he dreamt of. Third, I think Musk's ability to solve issues is impeccable. From the multiple failed launches of Space X to the almost impossible build of the Tesla, Musk has solved all types of issues with the help of others.

3) One part that I didn't expect was how rough Elon Musk's younger life was. Apartheid had it's affect on younger kids, so the jocks were worshipped and would prey on the week. Elon Musk's birthday gift to himself was to escape this nightmare and move to Canada, where he roamed and did odd jobs for a while. I thought he went right into the big things, but I guess everyone needs time to find what they really want to do.

4) First question: So many people have negative things to say about you, from 4.9 billion in government subsidies, to the choices you make with your company. What do you have to say to them? Do you think your actions will make the world a better place overall?

Second question: To young entrepreneurs, what is the best thing they can learn early on to get ahead?

5) I think hard work to Elon Musk was just something embedded in him. Instead, I think he was fueled by passion and a vision for the future that he couldn't let go of. And he has done everything he can to reach that dream. I think that's something everyone can look up to.

26 A Celebrating Failure

1) This past semester, I have applied for many positions or clubs that I've been rejected from. It's upsetting, because most of the time I feel as though my resume is built correctly, and I would fit in great with the club/position I'm applying for. 

2) I learned a lot; one is that I'm extremely persistent and not deterred easily. Secondly, I've learned the importance of networking and making those extremely good connections that help you later on. Thirdly, my interviewing skills have improved massively and I've become a much greater at knowing what to say in order to be remembered.

3) I hate failing- but I know it's extremely important to grow and become better at everything. But I've learned to keep going, always, in the face of resistance and failure. Overall, I want to be an entrepreneur in the future, and know that being positive and working in the face of adversity and failure is vital to being successful. I believe that's what this class has taught me. I have to keep going even when it all looks rough ahead. I'm much more ready to take risks now, because I know it's not the end of the world if I fail, and if I do, I'll at least learn from it.

25 A What's Next?

Existing Market
My existing market is the college students buying from my bulk food store.

1. I first interviewed a 21 year old named Maddy. She told me that if she was running the store, she would reach out to college students as "influencers" to market the store in their clubs, organizations or greek groups in order to increase customers and overall revenue.

2. Then I interviewed a girl named Jessica (20). She is very involved with environmental issues and told me the best thing to do is to advertise on campus the overall impacts that our store has. She said this could greatly increase the amount of people showing out, because they'll know we're an eco-conscious store that cares about the Earth.

3. Finally, I interviewed a guy in class, Joe (22). Joe let me know that he thought by moving to other college campuses, we could increase the amount of influence we have, and keep recreating the same model every-time to be successful in each town.

Overall, it's extremely interesting to see what students at the school are suggesting; this gives me more insight in the future as to what I can do. The plan would be this. First, open the store. Then set up openings for store influencers (people who table at Turlington or hype up our business at meetings in exchange for pay or discounts). These influencers then will stir up traffic into our store, greatly increasing sales and buzz about the new bulk food store in town. Slowly, we will grow the business, and when it's booming and requires no more work, we will move on to new towns.

These new towns will consist of other big, profitable college campuses who have an emphasis on helping the environment. Then, we can move in, do the same model (hiring college students to hype us up), and then taking over the bulk food store market there. We can spread like this for a while.

New Market
For a new market, I decided to look at the business-to-business model, by selling bulk food to other smaller stores.

1. I talked to a Publix Manager, Mark, who has looked at bulk food as a possible option. He said by creating more businesses, and then transitioning to bulk selling to other stores is dumb. He said I'm better off looking for an easier way to accumulate a bulk food path from factory/farm to Publix, and we would be payed monthly for that path.

2. I then talked to a small convenience store owner, Todd, He said that as a business owner, it would be difficult to create a bulk food path for smaller stores, but doable. He advised it'd probably be easier to create your own bulk food supplies and then sell them yourselves, instead of being a middleman.

Overall, this market does not seem as attractive as the last market. Business to business is extremely hard, when the model I've been planning on doing the whole time relies on customers. However, some of the suggestions were intriguing. It would be interesting to create a bulk food path from farmer to store, which costs less money and less inventory than any of the other suggestions. But this means that we would be working on the inside, and not publicly building a brand, which is half the project.

The brand showcases our compassion for the environment. Without the brand, we will have trouble growing, and this will be detrimental to our mission. Therefore, I believe our existing market is the way to go to create the greatest amount of growth in the long run. Plus, the storefront with our existing market will be the best for the environment, too.

24 A Venture Capital

Opportunity

Right now, we're facing two extremely prevalent issue. For one, plastic is on a steep incline. Our dumps, cities, forests and oceans are being filled with plastic, that is not bio-degradable (we produce 150 million tons a year). This plastic is choking nature, killing animals, plants and, overall, the quality of the Earth. Secondly, the world is extremely hungry. Just in the US, it's estimated about 30-40% of food created is wasted. And yet, over 815 million people globally suffer from chronic undernourishment. So with these two big issues, there is a way to make a business that not only is profitable, but also benefits these causes and creates an overall positive impact on this Earth. This opportunity is bulk food stores (grocery stores that don't have boxes, you bring your own jars and fill up with what you need as needed). These stores are for environmentally conscious consumers, but as time moves on, every individual who can buy food cheaper and help save the environment. At the beginning of its life, the customers targeted are college students, with lots of knowledge and passion for the environment, who want to save the Earth, which makes Gainesville a great place to start. The nature of the need is simple- people feel guilty for what prior generations have done to increase poverty and decrease the environmental health. Therefore, they are more likely to take action in their own hands and do what they can to help, like buy at bulk food stores.

• The forces creating this opportunity is human ignorance to the problems lying in our world. We keep creating excessive plastic, and wasting food, when in reality we need solutions like bulk food stores to battle these issues.
• This market geographically can be global, but at the start will rely on the city of Gainesville and the population of UF to fulfill its needs. Demographically, anyone can buy, but the target would be young people in their 20's to 40's, as their more likely to get involved and shop.
• Younger customers right now are trying to limit their plastic waste by reusing items, like straws and bottles, but a bulk food store can make these issues much easier to solve. If the solution, like BFS are easier, than they would easily transition over.
• This opportunity is big and still growing. 
• The window will be open for a little bit, but companies are doubtful to transition just yet, making it the perfect time to open.

Innovation

This new innovation is bulk food stores. These stores are new, as nobody is offering unpackaged, pay-by-weight grocery options like bulk food stores do. You pay for the exact amount of food you want, which is cheaper, requires less plastic and overall creates less food waste overtime. In this way, we will make money by undercutting our costs compared to bigger stores, while advertising our positive impact on the environment. That way. we'll be able to drive in more business, even though our inventory and employees cost less than bigger stores, so we'll make more profit.

Venture Concept

My innovation is simple: Provide low-cost bulk food that creates less plastic and food waste than other grocery stores. 

• Customers would switch over, as they feel guilty of their impact on the environment, and want to help in any way possible. The switch shouldn't be hard, as long as the new alternative (bulk food stores) is easily accessible and still generally cheap.
• The competitors are Walmart and Publix (big superstores or grocery stores). These places provide the same service without any environmental benefit. The only way to beat them is to stress their impact on the environment, compared to our benefit to the Earth.
• Packaging is very limited, price points are low as possible, distribution is through storefront, customer support is small but there (limited employees), and location is vital. All of these elements will stress the low-budget bulk food store we're looking for that has the greatest profits and environmental impact.

Minor Elements

1. Our secret sauce is this: one, the younger generation cares much more about the environment than other people do. They are much more likely to buy at bulk food stores than older generations have been. Second, by being the first in the business, we'll establish ourselves as the most notable and ethical bulk food store brand, keeping customers for longer when the market picks up.

2. Next, if the Gainesville venture is successful, would be spreading to other liberal/"eco-concious" locations to build up our storefront. Then, move into every town buy giving low-cost substitutes to big brands.

3. Next for me would be working on it until I wasn't passionate in it, than handing it down and working on something else (while making royalties or shares of my business).