1. If I were going to go and do an environmental packaging company (looking for a alternative to plastic), then I would try to focus on demographic segments in order to increase sales. I would have to tailor to a younger demographic (20-35) because more younger people are environmentally conscious. Furthermore, I would tailor, at least in the beginning, towards women, as they constitute 80% of the market. Finally, I think I would look for college students for my interviews, because they're in higher education and more likely to be up-to-date on how the Earth is doing.
2a. I interviewed a friend of mine who goes to UF- she's 21 and very aware about the environment. She told me a packaging company looking for green alternatives would be fantastic and compliment what she wants to achieve. She told me the trends for eco-concious living is increasing steadily right now, with more climate strikes and focus on our environmental crises happening everyday. She also told me that packaging is the hardest thing to control when looking towards our future, as it makes up almost half of plastic pollution, and if there was a solution, she would immediately sign up.
2b. I also interviewed an older TA at UF- she's about 24, going for her graduate degree. She told me she hasn't always looked for ecofriendly alternatives, but with more focus on the environment recently, she said she'd definitely be open to it. She said that social media has had a big impact on how she looks at the environment, and it truly has made her more worried for our future. She also stated that if I actually thought about doing a project like an environmentally friendly packaging, the social media route might be the best and most successful marketing plan I could take, due to how much focus for the environment is on there right now.
2c. Finally, I interviewed a girl from my hometown who attends USC- she's about 20. She told me that she liked my idea, but wasn't sure she'd go out of her way in order to purchase from me. More specifically, if she could buy on Amazon, and get the packaging for an extra price, she said she would easily do it. But she said she was not open to giving up such an important shopping site to use my products. Possibly pairing up with a bigger brand to offer my product might be a better way to get it done. She said when looking for environmentally conservation products, she talks to friends and family that know about what she's looking for.
Analysis:
Overall, the three interviews were very helpful. All 3 girls were in the same demographic- young, women college students who cared about our environment. And we could see that they needed an environmentally friendly packaging alternative. And even though they may have had three different perspectives on branching out, they all agreed there was a big need for this alternative.
Conclusions:
What I learned about in my interviews is that there is a need for environmentally friendly packaging. It's mostly in a young, women demographic (at the moment) that will hopefully branch out. The best way, right now, to kickstart this project would be marketing heavily on social media, and teaming up with brands to slowly incorporate our brand's packaging into their brand. Then, we could move up to bigger brands. The interviews were helpful in clearing up where to put our need-based focus.
Sunday, September 29, 2019
11A Idea Napkin
1. I'm a business student passionate about building relationships with others, surfing and the environment, and having a general curiosity for the world. My talents include gab, resilience and an ability to learn. I also have a lot of experience in working for restaurants, and ecommerce (marketing through social media and influencers). Overall, in the future I want to use my resiliency and ability to learn to create many cash flows, hopefully through ecommerce. I want a work-hard play-hard lifestyle that allows me to get the most done with my day.
2. Online, what I'd want to offer people is a way to get packages to them with the least amount of waste possible. Other corporations, like Amazon or FedEx, package their goods and create large amounts of excess plastic thats terrible for our environment. My mission is to create a type of packaging that allows for little to no plastic packaging, which would cost less and really help the environment.
3. First, I would have to team up with eco-friendly brands in order to market my idea towards eco-friendly and sustainable customers. This is necessary because, if the packaging costs more money, then I need to market it first to people who actually care for the Earth and are willing to put their money where their mouth is. But with enough capital, I'd get the packaging cheap enough so that it would be just as much money, if not less, than regular plastic packaging. Then, I could sell to Amazon and have my packaging distributed to everyone.
4. They would care for my solution for two reasons: one, it's extremely good for the environment. Over 141 million tons of plastic packaging is thrown out every year. To even slice this amount in half would help every single living being on Earth. Secondly, once enough research goes into it, I believe I can create a form of packaging, whether that be mushroom based, or a specific structure, to make a cheap alternative to plastic packaging. If I can make a product thats better for the Earth and your wallet, no doubt everyone will use it.
5. What would set us apart is the fact that we care about where the plastic goes. We're not like the other conglomerates that turn a head when talking about excess plastic production, and we are actively trying to make our Earth a better place. Simon Sinek says to define your why before the how or what, and our why is to save this Earth that we're smothering in plastic. Thats something everyone can get behind, especially nowadays.
Analysis
I truly believe that this exercise can help you craft a business. Every single one of these questions must be clearly defined, either on paper or in your head, before you truly start on the journey of creating your own business. And I feel especially for the sustainable, eco-friendly perspective, all of these elements definitely fit together. I mean, YOU don't have to be so in love with the environment to create something that helps it out. We all live here and have to make a difference. So why not try?
2. Online, what I'd want to offer people is a way to get packages to them with the least amount of waste possible. Other corporations, like Amazon or FedEx, package their goods and create large amounts of excess plastic thats terrible for our environment. My mission is to create a type of packaging that allows for little to no plastic packaging, which would cost less and really help the environment.
3. First, I would have to team up with eco-friendly brands in order to market my idea towards eco-friendly and sustainable customers. This is necessary because, if the packaging costs more money, then I need to market it first to people who actually care for the Earth and are willing to put their money where their mouth is. But with enough capital, I'd get the packaging cheap enough so that it would be just as much money, if not less, than regular plastic packaging. Then, I could sell to Amazon and have my packaging distributed to everyone.
4. They would care for my solution for two reasons: one, it's extremely good for the environment. Over 141 million tons of plastic packaging is thrown out every year. To even slice this amount in half would help every single living being on Earth. Secondly, once enough research goes into it, I believe I can create a form of packaging, whether that be mushroom based, or a specific structure, to make a cheap alternative to plastic packaging. If I can make a product thats better for the Earth and your wallet, no doubt everyone will use it.
5. What would set us apart is the fact that we care about where the plastic goes. We're not like the other conglomerates that turn a head when talking about excess plastic production, and we are actively trying to make our Earth a better place. Simon Sinek says to define your why before the how or what, and our why is to save this Earth that we're smothering in plastic. Thats something everyone can get behind, especially nowadays.
Analysis
I truly believe that this exercise can help you craft a business. Every single one of these questions must be clearly defined, either on paper or in your head, before you truly start on the journey of creating your own business. And I feel especially for the sustainable, eco-friendly perspective, all of these elements definitely fit together. I mean, YOU don't have to be so in love with the environment to create something that helps it out. We all live here and have to make a difference. So why not try?
Wednesday, September 18, 2019
8A: Solution to Opportunity
The solution to a carbon tax would simply be making a biofuel, sustainable enough to save the Earth, but durable enough to work as good as regular gasoline. This is an extremely difficult task, but if it could be made, the rest is easy. If a carbon tax was implemented, mostly everyone would make the change over to biofuel, including big factories and vehicles, too. After that, we could spend more money refining the fuel in order to help the Earth as much as possible and lowering carbon emissions.
7A Opportunity Assessment
The opportunity I'll be pursuing is creating a biofuel in order to take advantage of rising/upcoming carbon taxes.
Who: Drivers or factory owners in the US
What: Unable to easily run their businesses/vehicles with gasoline if their is an upcoming carbon tax.
Why: They'll be taxed, and it's bad for the environment.
I believe this opportunity of biofuel is appealing to anybody owning a business or vehicle, as they would be able to lower their taxes and help the Earth at the same time.
Interviews:
1. The first person I talked to was a CEO that I know (50). He told me that biofuel would be extremely great for the factories where they create computer parts. It takes a lot of energy to get that much work done, so biofuels would save them a lot of money on the carbon tax alone, and the help to the Earth would be a plus as well.
2. Second person was a truck driver (who drives trucks for a living) (50). He said that they've been pushing for biofuels for a while, and have just started to move in the direction of natural gas. He believes that biofuel would be a good change as well, although it will probably take another year or two to even get natural gas as the mainstay. Meaning getting biofuel into every vehicle and factory may take up to 15 years to do.
3. Third person I talked to was my sister, (21) a marine biologist. She told me she thinks it's possible to create a lasting biofuel out of algae, but it wouldn't be easy. They're already doing research on it, and will probably need hundreds of thousands of dollars to make the finished product. But the product would definitely be profitable, if done right, because it would allow people to dodge the carbon tax and help the Earth as well.
4. Fourth person I talked to was a friend of mine (25), an advocate for environmental policy. She told me that she would definitely get behind a biofuel conversion- she would even strike, protest and spread news about it if possible. Organic traffic is a big thing in the environmental field, of getting these products to a national level of understanding.
5. Fifth person was a friend of mine, who drives a Camaro (19). He told me he probably wouldn't use the product, even if their was a carbon tax, as he believed you would have a car that ran much better with regular gas. He thinks biofuel would cause disturbances in the car that would cost more to fix than the actual tax itself.
Summary:
I believe it's important to see how others view your product. And although there is almost an universal understanding that biofuel would be better for everyone, getting everyone on the same page is difficult. Some want it for an eco friendly reason, others for a money reason, and some for both or none at all. Now I know how my product might be viewed by the public, and will take this information into consideration if I continued on this problem.
Who: Drivers or factory owners in the US
What: Unable to easily run their businesses/vehicles with gasoline if their is an upcoming carbon tax.
Why: They'll be taxed, and it's bad for the environment.
I believe this opportunity of biofuel is appealing to anybody owning a business or vehicle, as they would be able to lower their taxes and help the Earth at the same time.
Interviews:
1. The first person I talked to was a CEO that I know (50). He told me that biofuel would be extremely great for the factories where they create computer parts. It takes a lot of energy to get that much work done, so biofuels would save them a lot of money on the carbon tax alone, and the help to the Earth would be a plus as well.
2. Second person was a truck driver (who drives trucks for a living) (50). He said that they've been pushing for biofuels for a while, and have just started to move in the direction of natural gas. He believes that biofuel would be a good change as well, although it will probably take another year or two to even get natural gas as the mainstay. Meaning getting biofuel into every vehicle and factory may take up to 15 years to do.
3. Third person I talked to was my sister, (21) a marine biologist. She told me she thinks it's possible to create a lasting biofuel out of algae, but it wouldn't be easy. They're already doing research on it, and will probably need hundreds of thousands of dollars to make the finished product. But the product would definitely be profitable, if done right, because it would allow people to dodge the carbon tax and help the Earth as well.
4. Fourth person I talked to was a friend of mine (25), an advocate for environmental policy. She told me that she would definitely get behind a biofuel conversion- she would even strike, protest and spread news about it if possible. Organic traffic is a big thing in the environmental field, of getting these products to a national level of understanding.
5. Fifth person was a friend of mine, who drives a Camaro (19). He told me he probably wouldn't use the product, even if their was a carbon tax, as he believed you would have a car that ran much better with regular gas. He thinks biofuel would cause disturbances in the car that would cost more to fix than the actual tax itself.
Summary:
I believe it's important to see how others view your product. And although there is almost an universal understanding that biofuel would be better for everyone, getting everyone on the same page is difficult. Some want it for an eco friendly reason, others for a money reason, and some for both or none at all. Now I know how my product might be viewed by the public, and will take this information into consideration if I continued on this problem.
6A More Opportunity Identification
1. More Online Schools
https://www.thebalance.com/us-economic-outlook-3305669
Coming up, more jobs will be created these upcoming years (20.5 million between 2010 and 2020), with 88% of all jobs experiencing growth. However, it's important to note that "jobs requiring a master's degree will grow the fastest, while those that only need a high school diploma will grow the slowest." So, we must think about the growth of online college. College prices are out of this world, and the accessibility to the internet will definitely see a growth in online colleges. I think I see this opportunity because this has been happening, and I was attentive with a solution to the trends.
2. Biofuel
https://www.thebalance.com/us-economic-outlook-3305669
Due to climate change, the Government is looking to put a carbon tax on dangerous greenhouse gas emissions. The green route is the way, and that means I bet biofuel will not only be popular, but subsidized by the Government. It's the best time to create this, because if you do, you own the next 50 years. I believe I see this opportunity because I have knowledge of eco friendly issues and can see the way it's heading.
3. More Crypto Currency Trading
https://ext-marketing.com/marketing-articles/u-s-regulatory-trends-2019-and-beyond/
Crypto Currency got a lot of attention in the last 5 years due to its boom and skyrocketing exchange rates. However, the SEC will not allowed it to be traded publicly on the Stock Exchange. But they could change their mind in 2019, which is something to be looking at. If they do, it's best to buy early, as they increase dramatically in price right out the gate. I see this opportunity because me and a friend in high school used to study bitcoin for fun.
4. Fiduciary with Best Interest
https://ext-marketing.com/marketing-articles/u-s-regulatory-trends-2019-and-beyond/
Fiduciaries are people that take your money and look over your assets for a fee. However, they do not always show results, making them a waste of money. The Department of Labor's Fiduciary Rule was a proposed rule that made sure fiduciaries acted in the customer's best interest, trying to make them the most money, not experiment with it. However, this proposal has been shut down. I think someone should make a trustworthy fiduciary focused on the best interest on the customer, to make both them and the fiduciary the most money. I know about this because I read a book on fiduciaries (96% of market managers do worse than index funds) and know they could do better.
Tuesday, September 10, 2019
Identifying Local Opportunities
1. "Marriott Banning Little Shampoo Bottles By 2020"
https://www.tampabay.com/news/business/2019/08/28/marriott-banning-little-shampoo-bottles-by-2020/
This story is essentially how Marriott has made a mission to phase out all small shampoo bottles by 2020. They're the worlds largest hotel chain, with 7,000 venues in more than 131 countries. They've been trying to get rid of them for years, but now the President feels as though they can appropriately get the job done now. The problem in this is that they'll need a new supplier of bio-degradable packaging quite soon, which is a business that will be booming in the oncoming years, with most corporations being urged to switch. I believe starting a business that creates bio-degradable packaging would be extremely beneficial to the environment and bigger corporations like Marriott.
2. "Walmart to Stop Selling Handgun Ammunition"
https://www.tampabay.com/news/business/2019/09/03/walmart-to-stop-selling-handgun-ammunition/
This story is about how Walmart has made the decision to stop selling short-barrel and handgun ammunition after the shootings last month, one of which happening inside a Walmart store. The problem here is that, although this may help people with mental illnesses, many hunters in rural areas depend on Walmart for their ammunition. This means that they'll either have to look for ways online to get it, or not go hunting at all. I think Walmart should look for a better way to resolve this problem. One way would be allowing Walmart to have free mental health checks, which would help make sure the buyers of their ammunition are mentally secure, and they wouldn't lose any more customers.
3. "Home Sales and Prices Jump In Parts of Tampa Bay"
https://www.tampabay.com/news/business/2019/08/21/homes-sales-and-prices-jump-in-parts-of-tampa-bay/
This story is about how many places in West Florida are finding an increase in house prices and sales. In Hernando, sales have increased 17%, and in Pasco, prices have risen 10.2%. Although there were talks of a recession, this seemed to have zero impact on the market. The problem here is how realtors were going to sell these houses, that were increasing in price, during the threat of a recession. One way to solve this would be offering larger payment plans or less money down to begin with, in order to hook customers before a possible recession hit.
4. "Climate Change is Turning Florida's Sea Turtles Female. How Long Can These Species Survive?"
https://www.tampabay.com/business/climate-change-is-turning-floridas-sea-turtles-female-how-long-can-these-species-survive-20190812/
This story is about turtles and their female transitions. Turtle gender is determined by heat, so if it gets too hot, then the gender for all turtles will be female. Climate change is causing this change. The problem that the government will end up dealing with is how to keep some of these turtles male during this heat change. One way would be setting up covers over turtle nests to lower the temperature. I'm sure starting a turtle-nest-covering business would be sponsored by the government and make a lot of money.
5. "Dorian Didn't Come To Tampa Bay... So Where Are My Amazon Orders?"
https://www.tampabay.com/news/business/2019/09/04/dorian-didnt-come-to-tampa-bay-so-where-are-my-amazon-orders/
This story is about how, because of Hurricane Dorian, people weren't getting their Amazon orders (even though the hurricane missed the majority of Florida). This was also because most Amazon Flex drivers were not online, most evacuating, meaning a mass of packages not getting delivered. Amazon could solve this problem by providing incentive to get back on the road as quickly as possible for these drivers. Or adding zones that pay more (where more people haven't received packages).
This story is about how, because of Hurricane Dorian, people weren't getting their Amazon orders (even though the hurricane missed the majority of Florida). This was also because most Amazon Flex drivers were not online, most evacuating, meaning a mass of packages not getting delivered. Amazon could solve this problem by providing incentive to get back on the road as quickly as possible for these drivers. Or adding zones that pay more (where more people haven't received packages).
Opportunity Belief
1. I truly believe that there is an opportunity in our world right now for more bulk food stores.
2. With the rising concern for our environment, more and more people want to get involved and know that their purchases are helping some bigger cause. Bulk food stores are where people can see that difference- by witnessing their waste reduction, it's not only good for their wallet (bulk food can cost up to 89% less than packaged foods), but also for the Earth around them. The need would come mostly from younger generations, 20-40 year olds who would like to make a difference. Right now, people are trying to change this issue- by speaking up on social media and protesting for better environmental policy. But bulk food stores are a tangible change that surely make people feel much better and more green than previously stated methods.
1ST CUSTOMER
3. This prototypical customer is someone younger, in their 20-40's, who cares deeply about the Earth, enough so to showcase it through their wallet. Luckily, this target audience is growing increasingly fast nowadays, with the pressure of climate change and every other environmental catastrophe on the cusp of beginning. Younger people are looking for a place to help out and see the fruits of their labor- bulk food stores are the answer.
4. I talked to my sister, who quite easily falls into this category. And I questioned her if she would shop at a bulk food store. She told me she knew there are some drawbacks to bulk food stores- bringing your own container, less convenience, but overall she gave an enthusiastic yes to the idea. Of course, I had to ask what swayed her thinking. She told me that the large scale impact that bulk food stores can have in positively changing the Earth is enough for her to switch over and lose a little convenience on her side. After this, I asked her what first drove her to change to bulk food stores. She stated it was after the news started to showcase how our consumption patterns are killing our Earth. She found it hard to keep on the sidelines and feel powerless when such big things were happening- here she said this was why people like her looked for opportunities like the one's I was showcasing.
2ND CUSTOMER
3. This prototypical customer is a mother, about 35-50, who has her own kids and may be taking the environment a little more seriously now that she's older. Plus, mothers do a lot of shopping in the family, so it makes sense to be targeting to them. As these adults come into a parenting position, they come to realize the damage their doing to the environment and how they're leaving the Earth for their kid. That's why they're good to target.
4. I talked to a mother I know who shops at bulk food stores. She states she does it for two reasons. The bulk food store provides her with easier ways to get what you need without need for serving size (ex. she can get 1 and 1/2 pounds of beans instead of just 1 or 2). Plus, she feels as though it helps her make a difference for her kid. She acknowledges that she can't change everything, but she changes what she can in her life, and what she can change is where she shops. I asked her why she feels she needs to make this change, and she told me she imagines that the world will be unlivable for her kids if they continue on the path that they're on, and she has to make a change now in order to help out. This made sense and is definitely something marketable.
3RD CUSTOMER
3. This prototypical customer is one specifically focused on savings, about 20-40 years old. They don't care too much about the environment, or perhaps it's not their first priority. Instead, they'll come to bulk food shops because they know the savings are much more apparent, and they can get the exact amount they need for a lower price.
4. I talked to a friend who's really into savings and shops bulk. First, I wanted to know why she needed these savings. She put it simply as if she can find ways to lessen her spending grocery shopping, than that money can go somewhere that she cares more deeply about. I thought that was a good point. She told me as well that she shops at places like Aldi and Costco for savings, but for her bulk necessities, like rice, beans or vegetables, these bulk food stores were a necessity. I also asked her if the downsides bothered her. She said no- for example, bringing her own packaging and jars to these places didn't bother her, as long as she was still saving money. This customer is also essential and making a bulk food store run properly.
REFLECT
All 3 customers were interesting to talk to, because of their varied situations and how they would approach the opportunity. For example, the 20-something who shops bulk for the environment is much different than the 35-year-old male who shops to save. However, they're both shopping bulk for their own reasons, and this in turn creates a business that is profitable in all aspects. I was surprised that, although some customers cared more deeply than others, how all were worried about our environment. Even the savings customer, who wasn't there primarily, still highlighted the impact her shopping had on the environment, and showcased that anyone who shops bulk has a secondary reason to do it. The evidence by these customers still makes me feel as though bulk food stores are a viable opportunity and are only growing in size and popularity.
SUMMARY
A lot of my original opportunity is still here. At the beginning, I stated that starting more bulk food stores would ultimately be a good form of cash flow in the long run. I still believe this, even after talking to a few customers. But of course, I think the opportunity has changed from the beginning. I think possibly marketing bulk food stores to specific audiences would be much more effective than trying to compete with food titans like Publix or Costco. And I do think that adaptation is a huge part of entrepreneurship- there are always curveballs when starting a business, and you can either roll with the punches or give up. I believe after talking to prototypical customers, I've seen some curveballs in the industry, but I wouldn't give up on the idea and ambition to take hold of the opportunity.
2. With the rising concern for our environment, more and more people want to get involved and know that their purchases are helping some bigger cause. Bulk food stores are where people can see that difference- by witnessing their waste reduction, it's not only good for their wallet (bulk food can cost up to 89% less than packaged foods), but also for the Earth around them. The need would come mostly from younger generations, 20-40 year olds who would like to make a difference. Right now, people are trying to change this issue- by speaking up on social media and protesting for better environmental policy. But bulk food stores are a tangible change that surely make people feel much better and more green than previously stated methods.
1ST CUSTOMER
3. This prototypical customer is someone younger, in their 20-40's, who cares deeply about the Earth, enough so to showcase it through their wallet. Luckily, this target audience is growing increasingly fast nowadays, with the pressure of climate change and every other environmental catastrophe on the cusp of beginning. Younger people are looking for a place to help out and see the fruits of their labor- bulk food stores are the answer.
4. I talked to my sister, who quite easily falls into this category. And I questioned her if she would shop at a bulk food store. She told me she knew there are some drawbacks to bulk food stores- bringing your own container, less convenience, but overall she gave an enthusiastic yes to the idea. Of course, I had to ask what swayed her thinking. She told me that the large scale impact that bulk food stores can have in positively changing the Earth is enough for her to switch over and lose a little convenience on her side. After this, I asked her what first drove her to change to bulk food stores. She stated it was after the news started to showcase how our consumption patterns are killing our Earth. She found it hard to keep on the sidelines and feel powerless when such big things were happening- here she said this was why people like her looked for opportunities like the one's I was showcasing.
2ND CUSTOMER
3. This prototypical customer is a mother, about 35-50, who has her own kids and may be taking the environment a little more seriously now that she's older. Plus, mothers do a lot of shopping in the family, so it makes sense to be targeting to them. As these adults come into a parenting position, they come to realize the damage their doing to the environment and how they're leaving the Earth for their kid. That's why they're good to target.
4. I talked to a mother I know who shops at bulk food stores. She states she does it for two reasons. The bulk food store provides her with easier ways to get what you need without need for serving size (ex. she can get 1 and 1/2 pounds of beans instead of just 1 or 2). Plus, she feels as though it helps her make a difference for her kid. She acknowledges that she can't change everything, but she changes what she can in her life, and what she can change is where she shops. I asked her why she feels she needs to make this change, and she told me she imagines that the world will be unlivable for her kids if they continue on the path that they're on, and she has to make a change now in order to help out. This made sense and is definitely something marketable.
3RD CUSTOMER
3. This prototypical customer is one specifically focused on savings, about 20-40 years old. They don't care too much about the environment, or perhaps it's not their first priority. Instead, they'll come to bulk food shops because they know the savings are much more apparent, and they can get the exact amount they need for a lower price.
4. I talked to a friend who's really into savings and shops bulk. First, I wanted to know why she needed these savings. She put it simply as if she can find ways to lessen her spending grocery shopping, than that money can go somewhere that she cares more deeply about. I thought that was a good point. She told me as well that she shops at places like Aldi and Costco for savings, but for her bulk necessities, like rice, beans or vegetables, these bulk food stores were a necessity. I also asked her if the downsides bothered her. She said no- for example, bringing her own packaging and jars to these places didn't bother her, as long as she was still saving money. This customer is also essential and making a bulk food store run properly.
REFLECT
All 3 customers were interesting to talk to, because of their varied situations and how they would approach the opportunity. For example, the 20-something who shops bulk for the environment is much different than the 35-year-old male who shops to save. However, they're both shopping bulk for their own reasons, and this in turn creates a business that is profitable in all aspects. I was surprised that, although some customers cared more deeply than others, how all were worried about our environment. Even the savings customer, who wasn't there primarily, still highlighted the impact her shopping had on the environment, and showcased that anyone who shops bulk has a secondary reason to do it. The evidence by these customers still makes me feel as though bulk food stores are a viable opportunity and are only growing in size and popularity.
SUMMARY
A lot of my original opportunity is still here. At the beginning, I stated that starting more bulk food stores would ultimately be a good form of cash flow in the long run. I still believe this, even after talking to a few customers. But of course, I think the opportunity has changed from the beginning. I think possibly marketing bulk food stores to specific audiences would be much more effective than trying to compete with food titans like Publix or Costco. And I do think that adaptation is a huge part of entrepreneurship- there are always curveballs when starting a business, and you can either roll with the punches or give up. I believe after talking to prototypical customers, I've seen some curveballs in the industry, but I wouldn't give up on the idea and ambition to take hold of the opportunity.
Wednesday, September 4, 2019
My Entrepreneurship Story
My father and mother are the reason I've become so interested in entrepreneurship. My dad started as an electrical engineer, doing sales at a company called Xilinx. He loved it, but as he moved up the corporate ladder, he realized that he didn't want to raise his kids from afar, always traveling and putting the company first. So, instead, my parents sat down and took a good look at the lifestyle they dreamed of. They decided to open a seasonal restaurant on the Jersey Shore, allowing them to work hard for 6 months of the year, and fish in Florida during the winter. My mom would do more of the day-to-day floor work, and my dad would focus on growth and other bigger issues. This pairing worked great, and 25 years later, they sold the restaurant, and still had a profitable catering company on the side. They're my inspiration when it comes to hard work and lifestyle design. Entrepreneurship is an extremely difficult path, but with the right amount of planning and dedication, it can be extremely profitable, rewarding and give you the lifestyle you choose to have.
I took ENT3003 because I personally want to increase my entrepreneurial skills. This summer was my first real introduction to entrepreneurship. I started my first business this summer, an online drop-shipping store called Erasing Waste. Since then we've cultivated hundreds in sales and over 5,000 Instagram followers. I want to learn more about starting all types of business, and would love to learn all about it through this course.
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