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!
Monday, November 18, 2019
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.
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- 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.
Monday, November 11, 2019
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.
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.
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).
23 A Unfair Advantage
MY TEN RESOURCES (FOR BULK FOOD STORES)
Knowledge about sustainable shopping
I run my own brand of sustainable goods, so I contain valuable and rare insight into what shoppers want in an eco friendly brand. Because this is an up-and-coming idea, it's hard to imitate and it's the only substitute I know of at the moment.
Less inventory to setup
There is less inventory involved with setting up a bulk food store, which is rare among other stores.
Adaptability to the culture
I have an ability to understand where the eco-friendly niche is heading, therefore I can adapt when necessary to fit the changes. This skill is both valuable and rare, and although its not inimitable, it's still a good skill to have.
More eco-friendly
This business is extremely environmentally friendly, with less waste and plastic involved than other businesses. This is a valuable and rare trait we can use to attract more customers. You can imitate it, but the substitutes are currently non-existent.
Work Ethic
I have extremely good work ethic, after working in my parents restaurant for so long. This skill is definitely valuable and rare in this workforce, so I should be able to beat others out in the same area.
Community
Through a bulk food store, you can create a community that is rare among other stores. Through a passion for the Earth, there is an actual community at these stores, that can not be replicated at Walmart or other stores.
Money
I got money. Rare and valuable resource.
Less employees
Bulk food stores require less employees, as stocking and other jobs are less frequent than at other bigger stores. This makes us keep money, a rare and valuable resource, while differentiating us from competition.
More traffic by college kids
By building the business in a college town, we can dig into the emotional gravity that college students feel about our environment. Their more invigorated to save the Earth, a rare and valuable asset that can be used to increase our bulk food store's profits.
Persistence
I am extremely persistent. I will be told no 1000 times, and yet I just keep trying. This is my most valuable and rare skill, that cannot be substituted or imitated. Sure, others are persistent too, but I will never give up.
MY TOP RESOURCE: Persistence
This would be my top resource because all of these other resources may come and go, but I will never stop trying. It's something that can't be taken away, and when starting a business, it's the most important skill to have. That's why it's at the top of my VRIN scale and my most important resource.
Knowledge about sustainable shopping
I run my own brand of sustainable goods, so I contain valuable and rare insight into what shoppers want in an eco friendly brand. Because this is an up-and-coming idea, it's hard to imitate and it's the only substitute I know of at the moment.
Less inventory to setup
There is less inventory involved with setting up a bulk food store, which is rare among other stores.
Adaptability to the culture
I have an ability to understand where the eco-friendly niche is heading, therefore I can adapt when necessary to fit the changes. This skill is both valuable and rare, and although its not inimitable, it's still a good skill to have.
More eco-friendly
This business is extremely environmentally friendly, with less waste and plastic involved than other businesses. This is a valuable and rare trait we can use to attract more customers. You can imitate it, but the substitutes are currently non-existent.
Work Ethic
I have extremely good work ethic, after working in my parents restaurant for so long. This skill is definitely valuable and rare in this workforce, so I should be able to beat others out in the same area.
Community
Through a bulk food store, you can create a community that is rare among other stores. Through a passion for the Earth, there is an actual community at these stores, that can not be replicated at Walmart or other stores.
Money
I got money. Rare and valuable resource.
Less employees
Bulk food stores require less employees, as stocking and other jobs are less frequent than at other bigger stores. This makes us keep money, a rare and valuable resource, while differentiating us from competition.
More traffic by college kids
By building the business in a college town, we can dig into the emotional gravity that college students feel about our environment. Their more invigorated to save the Earth, a rare and valuable asset that can be used to increase our bulk food store's profits.
Persistence
I am extremely persistent. I will be told no 1000 times, and yet I just keep trying. This is my most valuable and rare skill, that cannot be substituted or imitated. Sure, others are persistent too, but I will never give up.
MY TOP RESOURCE: Persistence
This would be my top resource because all of these other resources may come and go, but I will never stop trying. It's something that can't be taken away, and when starting a business, it's the most important skill to have. That's why it's at the top of my VRIN scale and my most important resource.
Tuesday, November 5, 2019
22 A Elevator Pitch 3
https://youtu.be/Dwe-8JXYoy4
1) My feedback was mostly positive, although I had some feedback as to make it better. One was that I didn't seem as personable as I should be. As I'm talking about a touchy and emotional subject, environmental issues, I should seem a bit more sensitive and not as bland. Secondly, I seemed not as professional as I could be. My posture was slouched and timid, and I could have been more loud and excitable.
2) Based on the feedback I tried to really work on my posture and business presence. I wanted to communicate that I had a full and interesting business proposition, not stating some idea that I might have in store. I think this helped me look more professional and persuasive. Secondly, I used my hands a lot more. I wanted to convey more emotion than my last pitch, so by using my hands meaningfully, I think I did that.
1) My feedback was mostly positive, although I had some feedback as to make it better. One was that I didn't seem as personable as I should be. As I'm talking about a touchy and emotional subject, environmental issues, I should seem a bit more sensitive and not as bland. Secondly, I seemed not as professional as I could be. My posture was slouched and timid, and I could have been more loud and excitable.
2) Based on the feedback I tried to really work on my posture and business presence. I wanted to communicate that I had a full and interesting business proposition, not stating some idea that I might have in store. I think this helped me look more professional and persuasive. Secondly, I used my hands a lot more. I wanted to convey more emotion than my last pitch, so by using my hands meaningfully, I think I did that.
21 A Reading Reflection 2
1) I read Guy Kiwasaki's "The Art of Social Media: Power Tips for Power Users", mostly because I run a dropshipping business, and use my social media as my main source of traffic. The general theme of the book is telling us how to look more professional and competent online, and in turn create content that will inhibit more likes, comments and followers.
2) This book enhanced a lot of my views about business and entrepreneurship in general. Guy states in the book that social media is the most important marketing tool out there right now, as it's instant, free and easy. So, in order to raise a profitable business, you must have a general idea how to harvest the power of social media. Entrepreneurship is all about solving problems, and by using the best marketing tool out there, you can target a much larger audience and solve problems on a bigger scale.
3) I would actually think it's be fun to run a social media account for the semester, and see which student gets the most followers. It'd be an interesting activity that actually constitutes real merit in the business world. By harvesting the best social skills, like content creation, competency and engagement online, you can set yourself apart on social media. Have everyone start an instagram or twitter, and have it be about anything. Then, as the semester goes, you can log how many followers were gained, how their engagement rate is and who is doing the best job at creating viral content. It would be fun and interesting, plus if you get a lot of followers you can sell your account at the end.
4) The "aha" moment for me was realizing that every type of social media has a timeline. For example, Instagram's post are typically engaged for 2-3 hours before they die out. For Pinterest, they have no timeline. And for Twitter, it's about only 20-30 minutes! Knowing these timelines is important, meaning that you should post more frequently on some forms of media, and not so often on others!
2) This book enhanced a lot of my views about business and entrepreneurship in general. Guy states in the book that social media is the most important marketing tool out there right now, as it's instant, free and easy. So, in order to raise a profitable business, you must have a general idea how to harvest the power of social media. Entrepreneurship is all about solving problems, and by using the best marketing tool out there, you can target a much larger audience and solve problems on a bigger scale.
3) I would actually think it's be fun to run a social media account for the semester, and see which student gets the most followers. It'd be an interesting activity that actually constitutes real merit in the business world. By harvesting the best social skills, like content creation, competency and engagement online, you can set yourself apart on social media. Have everyone start an instagram or twitter, and have it be about anything. Then, as the semester goes, you can log how many followers were gained, how their engagement rate is and who is doing the best job at creating viral content. It would be fun and interesting, plus if you get a lot of followers you can sell your account at the end.
4) The "aha" moment for me was realizing that every type of social media has a timeline. For example, Instagram's post are typically engaged for 2-3 hours before they die out. For Pinterest, they have no timeline. And for Twitter, it's about only 20-30 minutes! Knowing these timelines is important, meaning that you should post more frequently on some forms of media, and not so often on others!
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