Final Reflection

The most formative experience this semester for me personally was realizing how business ventures typically begin- identifying an unmet need of consumers. This is such a simple way to think about entrepreneurship but it also contains many deep layers that I have been able to navigate through during this semester. Analyzing my market and really honing in on exactly who would be the ideal consumer for my product was an eye opening experience because your market is typically a lot smaller than you may have originally believed. Looking back, my most joyous experience has been seeing all the progress my original idea has made and how much I've been able to develop my product further- this has also been my proudest accomplishment.

I do think that as this semester has continued I have developed a more entrepreneurial mindset. Before this semester, I would have never thought I would have been capable of developing a business idea this far and in this much detail. Also, I have been able to look at new ideas and situations with a different perspective than before- a more creative but realistic perspective.

I would recommend to students that they keep an open mind throughout the process of developing your idea. It can be easy to become discouraged or close-minded when it comes to taking criticism but instead of viewing comments as negative you should learn to take these comments to better your venture. By giving yourself plenty of time to complete each assignment and really think about your ideas before composing them, you will be able to better prepare yourself for success in this class.

Venture Concept No. 2

Opportunity

My venture is based on the unmet need of consumers not knowing restaurant wait times before arriving at an establishment. I found this unmet need after thinking about my own unmet needs during the "bug list" and other assignments and developing an idea that would be able to capitalize on that concept. The potential customers for this business venture include consumers who want to enjoy a meal at a sit-down restaurant but also place an emphasis on valuing time and having an expected wait time before arriving. The main forces in the environment that are driving this unmet need are a growing culture that stresses the importance of time and the growing technology industry that has transformed the way we do business. Demographically and geographically, consumers can be found on a wide range of both spectrums. This unmet need is not limited by geography or fits only a certain demographic- it places higher prominence on the consumers themselves and their personal values and ideals. These ideals include how they view time, restaurant experiences, and technology- all of which are exhibited in my business proposal. Currently, this unmet need is not being satisfied fully. While some restaurants offer call ahead seating and will almost always tell you the estimated wait time if you call over the phone and asked, these options are not very convenient and have the chance to change in a short amount of time. The window of opportunity for my venture has the possibility to stay open as long as there is not an idea launched that would be able to solve the unmet need in a similar way to the one I am proposing.

Innovation

My innovation to solve this unmet need is an app called "Dining on the Go" that would show consumers real time updates on restaurant wait times. Users would be able to log onto the app and view restaurants in close proximity or look up specific establishments and see the current wait time for dining in. These times posted on the app would not only be updated by consumers who are experiencing the wait, but also by the restaurants who want to provide the best experience possible for their customers while also managing expectations. The app would have a monthly subscription, but in order to entice consumers to update their own wait times to the app to help others, we would have a tier system that lowered the price of the product based on how many times you helped update restaurant wait times in the app.  This monetary reward would serve as a motivation for consumers to engage with the app more often. 

Venture Concept

The unmet need of not knowing restaurant wait times before arriving to a sit-down restaurant will be solved with the development of my app. By allowing consumers to easily log on to an app that will not only show restaurants in your proximity but allow you to search any desirable venue, customers will have access to information they currently do not that creates an unmet need. I do not think it will be hard to get consumers to use my product as there are currently no other methods of solving this unmet need besides calling each individual restaurant and inquiring on their wait times- this process is tedious and often slow. Any possible weaknesses include any competitors who would be able to come out with a similar style application that would show restaurant wait times. Also, this app relies on the fact that people who dine in care enough about their experience to download and actively use this product in order to avoid waiting. A unique aspect of my business model is the pricing model. By rewarding customers who give back to the app by offering a lower subscription cost, this encourages consumers to not only use the app for their benefit but also return that favor to others who use it as well. If I were to develop this business, I would have to hire someone to actually develop the software as I do not have any experience in that field as well as a small team at first to help with administrative tasks such as financials and advertising.

The Three Minor Elements

I believe that my company’s secret sauce includes multiple things. First, there is currently no other product on the market like this one that would offer a similar idea and resource. Secondly, the pricing model would encourage more use of the app and maintain the continuity of it throughout time. My next venture for my business proposal includes taking the development of the app one step further by including restaurant reviews and information right in the app in order to provide all valuable information in one easy location for consumers to quickly look at and evaluate. In five years, I would hope that my business proposal would be an app that a large portion of consumers are familiar with and have used before. A possible partnership with a company such as Yelp would be an interesting take on my business as it would allow a unique opportunity to build a relationship with a well-known name while also providing my customers with more.  This is simple an additional innovation that would fit in with my overall venture, however, baby steps.

Feedback

Although I did not receive any comments on my assignment, I reviewed my original venture concept and made changes and corrections in order to more accurately describe my business proposal. Adding more detail in order to allow readers to get a better picture of all of the aspects of my venture. 

Your Exit Strategy

In the next five years once my business venture has been established, I plan to sell it to a large company for a profit. I don't see myself owning this company longer than 7-10 years because after a certain point it would be better to sell it off to a large company that has more resources and time to commit to the expansion of the product. At a certain point, I don't think I will want to work on this business anymore and would rather start something new as I like change and innovation rather than working on just one project for a long period of time. While I am passionate about this project right now, I am not sure that passion could take this project further after 5-10 years. I think this exit strategy has influenced my decisions thus far because I have really only focused on short term goals rather than any long term goals and developments for this product. Although, I am open to any path that this business venture would take me on, I don't foresee myself staying solely committed to just this one project in the long term. Having other interests and career plans has lead me to develop this business proposal in a more relative manner and have more realistic short term goals throughout this course. 

Reading Reflection No. 3

Thinking, Fast and Slow, Daniel Kahneman

1) What was the general theme or argument of the book?

The general theme or argument of the book is that there are two systems of thought that we as humans use. The first system involves thinking fast, instinctive, and emotional while the second system involves thinking slow, deliberate, and logically. These two different systems of thought are analyzed throughout this novel and explained in detail in order to better understand why and how we think the way we do. 

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book connected and enhanced what I am learning in this course because it discusses how people make decisions and analyze situations. These two things are huge characteristics of entrepreneurship in general because when you are proposing and developing a business idea, you are constantly have to make decisions and criticize your position in the business. By understanding the two modes of thought, I was able to connect how I use these two modes and more specifically how I used them while developing my business venture for this class. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

If I had to design an exercise for this class based on Thinking, Fast and Slow, Daniel Kahneman, I would create an exercise that first explained the two systems of thought. After the class had an understanding of the differences between the two, I would have them think about situations in which they used one or the other and write them down. By comparing their experiences with others, they would better understand how these two modes of thought come into play in their daily lives.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

What I thought was most surprising while reading this book was learning about "system one". System one is considered to be the mode of thought that is very fast, instinctive, and emotional. What surprised me most about learning about system one is that it more commonly used than system two which is more logical and deliberate thought.  It made me think about how many decisions I make very quickly and without much logical analysis even though at first I thought that most decisions we make would involve a slower more thought out approach. 

Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

This past semester I had an interview for an investment banking internship for Summer 2020 in which I had to spend an extensive amount of time preparing for. Although I had to start my preparation later than I had hoped, due to schoolwork that I needed to prioritize, I felt I knew a decent amount of information that I would be asked about. However, during the interview there were several questions I was not prepared for and although I have not heard back yet on the status of my application, I consider this to be a failure of mine. Knowing that I could have better prepared and set myself up to be a more qualified candidate is a mistake that I have been able to absorb and learn from. 

2) Tell us what you learned from it.  

What I learned the most from this experience is that you can never be over prepared for an interview and any questions are fair game. Also, I learned to take this experience and instead of look at it as a failure, look at the positive aspects of it. I was given the opportunity to have more interview practice and if I do not receive an offer, I will only be more prepared for the next interview. 

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

Typically, I think I have learned to handle failure fairly well. Overtime, failure is something you learn is inevitable and can be positive if you are able to look at the silver lining. I like to take my failures and turn them into valuable lessons in which I can use to grow from and better myself in my next endeavors. This class has changed my perspective on failure because I have realized that an initial idea can change in so many ways and failure is included in those changes. Although something may be considered a failure, it doesn't mean you shouldn't have pursued that avenue or your idea was dumb, rather it is just a constructive lesson for you. 

Venture Concept No. 1

Opportunity

My venture is based on the unmet need of consumers not knowing restaurant wait times before arriving at an establishment. I found this unmet need after thinking about my own unmet needs and developing an idea that would be able to capitalize on that concept. The potential customers for this business venture include consumers who want to enjoy a meal at a sit-down restaurant but also place an emphasize on valuing their own time and having knowledge of how they are going to spend their time while at a restaurant. The main forces in the environment that are driving this unmet need are a growing culture that stresses the importance of time and the growing technology industry that has transformed the way we do business. Demographically and geographically, consumers can be found on a wide range of both spectrums. This unmet need is not limited by geography or fits only a certain demographic- it places higher prominence on the consumers themselves and their personal values and ideals. These ideals include how they view time, restaurant experiences, and technology- all of which are exhibited in my business proposal. Currently, this unmet need is not being satisfied fully. While some restaurants offer call ahead seating and will almost always tell you the estimated wait time if you call over the phone and asked, these options are not very convenient and have the chance to change in a short amount of time. The window of opportunity for my venture has the possibility to stay open as long as there is not a similar idea launched that would be able to solve the unmet need in a similar way to the one I am proposing.

Innovation

My innovation to solve this unmet need is an app called "Dining on the Go" that would show consumers real time updates on restaurant wait times. Users would be able to log onto the app and view restaurants in close proximity or look up specific establishments and see the current wait time for dining in. These times posted on the app would not only be updated by consumers who are experiencing the wait, but also by the restaurants who want to provide the best experience possible for their customers while also managing expectations. The app would have a monthly subscription, but in order to entice consumers to update their own wait times to the app to help others, we would have a tier system that lowered the price of the product based on how many times you helped update restaurant wait times in the app.  

Venture Concept

The unmet need of not knowing restaurant wait times before arriving to a sit-down restaurant will be solved with the development of my app. By allowing consumers to easily log on to an app that will not only show restaurants in your proximity but allow you to search any desirable venue, customers will have access to information they currently do not have access to that creates an unmet need. I do not think it will be fairly hard to get consumers to use my product as there are currently no other methods of solving this unmet need besides calling each individual restaurant and inquiring on their wait times- this process is tedious and often slow. Any possible weaknesses include any competitors who would be able to come out with a similar style application that would show restaurant wait times. Also, this app relies on the fact that people who dine in care enough about their experience to download and actively use this product in order to avoid waiting. A unique aspect of my business model is the pricing model. By rewarding customers who give back to the app by offering a lower subscription cost, this encourages consumers to not only use the app for their benefit but also return that favor to others who use it as well. If I were to develop this business, I would have to hire someone to actually develop the software for me as I do not have any experience in that field as well as a small team at first to help with administrative tasks such as financials and advertising.

The Three Minor Elements

I believe that my company’s secret sauce includes multiple things. First, there is currently no other product on the market like this one that would offer a similar idea and resource. Secondly, the pricing model would encourage more use of the app and maintain the continuity of it throughout time. My next venture for my business proposal includes taking the development of the app one step further by including restaurant reviews and information right in the app in order to provide all valuable information in one easy location for consumers to quickly look at and evaluate. In five years, I would hope that my business proposal would be an app that a large portion of consumers are familiar with and have used before. A possible partnership with a company such as Yelp would be an interesting take on my business as it would allow a unique opportunity to build a relationship with a well-known name while also providing my customers with more.  This is simple an additional innovation that would fit in with my overall venture, however, baby steps.

Your Venture's Unfair Advantage

1. Personal experience: 

Valuable: I have been on both ends of the consumer experience before specifically within restaurants so I understand the demands that consumers present but also the logistics behind restaurants providing and meeting customer needs. 

Rare: While my own experience is unique because of my history working within restaurants, it is rare because no one else has the exact experience that I have had although they may have a similar experience. 

Inimitable: My personal experience with this unmet need it not easy for others to copy because they would have to had the same work experience and life experience as me to have the same perspective on the unmet need. 

Non-Substitutable: Most likely it could not be substitutable. 

2. Social capital at UF: 

Valuable: Having connections and knowing many college students who would be possible customers for this product allows me to have an insightful opinion on how to develop my product

Rare: My personal social capital is rare because the people I have networked with are a unique group of individuals who all can help me in different ways. 

Inimitable: Any UF student has their own unique set of social capital

Non-Substitutable: Depending on where I was enrolled for at college, I would have a different social capital due to the diverse group of people in different places. 

3. University of Florida education

Valuable: Having an education from a top ten public university and graduating with a bachelor and masters degree in finance prepares me to handle the business side of my venture. 

Rare: Having an education is not very rare, however, being in the Master of Science in Finance combined degree program at UF is a more rare experience. 

Inimitable: The education I will be receiving is possible for others to copy but difficult as the MSF program is fairly competitive. 

Non-Substitutable: An education is substitutable as there are many schools you can acquire a degree from. 

4. Location

Valuable: I am originally from Orlando, Florida which is home to a large amount of tourism and restaurants, specifically chain restaurants. This is valuable because when launching my product it will be beneficial to be in a location that has many restaurants and restaurants that often experience long wait times. 

Rare: It is not significantly rare that I live in Orlando, however, it is rare that I live in a city where restaurants are plentiful while I am developing a product that caters to the restaurant industry. 

Inimitable: This is not easily imitated but if someone really wanted to move to Orlando they could. 

Non-Substitutable: While Orlando is a unique city that has an abundance of restaurants, there are other comparable cities who might also have this situation but without some key factors such as high tourism. 

5. Human Capital: Goal Oriented

Valuable: Being a goal oriented achiever has helped me to accomplish many things including getting into UF and being accepted to the Master of Science in Finance combined degree program. 

Rare: I would say this quality is fairly unique as not many people are as driven and goal oriented as me. 

Inimitable: My unique personality and characteristics is difficult to imitate as someone else has different experiences and qualities. 

Non-Substitutable: This quality is not substitutable. 

6. Social Capital: Outside connections

Valuable: Having connections outside of UF that would be beneficial when developing my product in the future is something that is very valuable to my business proposal. 

Rare: I consider the diverse group of individuals that I have made connections with throughout my life and during this course to be rare. 

Inimitable: Since my connections are specific to me, it would be difficult to recreate it with someone else.

Non-Substitutable: I think that the network I have built could not be substituted however there are most likely similar individuals that could replace my specific connections. 

7. Human Capital: Communication skills

Valuable: Being able to communicate openly with others is very important especially when it comes to starting a business

Rare: As technology advances, good communication skills have become more rare

Inimitable: While others may possess communication skills, everyone communicates differently

Non-Substitutable: I could hire someone to communicate on my behalf but that would be odd in my opinion. 

8. Niche Market

Valuable: This is valuable because with a niche market typically comes limited competition with other products

Rare: The market I am pursuing is very rare and specific

Inimitable: There are not many other similar markets to this one, although apps are very common it is not an idea that has been tapped into deeply yet

Non-Substitutable: This would not be considered substitutable. 

9. Accessibility

Valuable: It is a very valuable point that my product would be very easily accessible if developed. 

Rare: Not many products can be accessed through a few clicks on your phone besides apps and other forms of technology

Inimitable: Not all products can be imitated in the same way that an app would be 

Non-Substitutable: There are other apps on the market that can provide services however it would not be anything similar to the app I would develop 

10. Open-minded culture that encourages innovation and creativity 

Valuable: If I were to pursue this venture full time, I would create a culture around my business that focused on open-mindedness and innovation

Rare: This is rare because a lot of times employers and businesses are concerned with only profit or sticking to routines

Inimitable: 

Top Resource: 

I would consider my communications skills to be my top resource in regards to this business venture. A majority of my other forms of capital are a direct result of good communication and innovation that resulted from a clear idea and portraying my proposal to others.