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.