Venture Concept No. 1

Opportunity
I saw an opportunity to provide students with healthy food options during late hours of the night. College students have food options late at night, but rarely do these businesses offer any healthy options. Many students want to maintain a healthy lifestyle for physical and emotional purposes. Furthermore, most college students have very busy schedules. As a result, they tend to be up during the night studying, socializing with friends, or watching multiple shows on Netflix. At some point during these activities, most students want food. The only places that are open during this time are unhealthy options. These students need a better option.This window of opportunity will be open indefinitely. Students need to maintain a healthy lifestyle to be their best. The people I am targeting as customers are college students located near the UF campus.

Innovation
Late Night Light is a food store that would carry healthy choices when you need them most. The store would carry affordable meals and snacks that fill you up without weighing you down. Smoothies, sandwiches, and fruit bowls are just a few of the items waiting to satisfy your appetite. Are prices would be competitive with others stores in the area that are similar to us. For example, our smoothies would be sold for $5.00 to compete with businesses like Tropical Smoothie, 3
Natives, and Daily Green.

We will be located close to midtown to reach our target audience of college students who are up late at night. We would also have the option of delivery, so you can keep on studying or binge watching Netflix all through the night. Our food would be fresh, flavorful, and locally sourced. Our advertisement will mainly take place on social media platforms to reach out to potential customers.

Yes there are healthy options out there, BUT ask yourself three questions:

1. Is the business open late?
2. Is the business offering delivery?
3. Is the business conveniently located?

This is why Late Night Lite is a triple threat. We will offer fruit bowls like the ones featured in the picture below.

 Venture Concept

I believe customers will switch to this business because nothing has ever been quite like it before. I do not think it will be difficult to get customers to switch because college students will want to try something new and beneficial to their health. My competitors are other businesses open at late hours too, but they do not offer food with the same kind of health benefits. The customer experience is very important to us. We want to make sure our food is flavorful, healthy convenient, and reasonably priced. In addition, we want to make sure our customers have a positive experience with our business. We will be customer focused by maintaining a positive, friendly atmosphere and offering loyalty rewards. Our amount of employees will be subjective to the market and demand for our products. 

The Three Minor Elements

Our unfair advantage is hands down our "triple threat." I don't think there is another business in the area that has all three of these factors like us. It sets us apart immensely. 

If all goes well, I would love to open our business in other college towns. It would be great to promote healthy choices to students everywhere. 

My vision as an entrepreneur is simple but very meaningful to me. I just hope to learn a lot from this experience. Knowledge is power, and I hope to be as knowledgable as I can be in this field. 

Week 11 Reading Reflection

The biggest surprise for me in the reading was the part about explicit innovation. To be honest, I fall into the trap of thinking what worked for someone else is what is going to work for me to help me be successful. I need to train my mind to think in a way where I learn from others but realize that I have to have a plan that is specific to my own needs. 

One part of the reading that was confusing for me was the part about Corning's innovation strategy. I believe I understand their long-term commitment to research, but I still am confused about their business as a whole. I think by doing some more research on the company I will have a better understanding of what the company is all about. 

I would love to be able to sit down with the author and ask him specific questions about the leadership challenge. I realize that he suggests that senior leaders of organization are the ones who should take on the job to set the strategy that starts the innovation process. However, my primary question is what should the other members of organizations do to help? I am a student, so I would be one of these members. I would want to know what I could do and how I could best learn from senior members and their experiences. 

After reading, there is not anything specific that I think the author was wrong about.

Amazon Whisperer

My revenue drivers are the healthy foods I offer at late hours.

I believe the next thing my customers want is a rewards/loyalty program partnered with a local fitness place.

This addition will foster customer loyalty.

I decided to include a picture of an amazon gift card since I am offering some type of "gift" to loyal customers to promote a healthy lifestyle.

This product has great reviews because many customers enjoy shopping on amazon. Who doesn't love a gift card? I would definitely make changes to this product because I am not just offering gift cards to customers. I am offering a rewards card, but that kind of item could not be found to purchase on amazon.

I think a rewards program would encourage customers to continue purchasing items from my store and use the fitness vouchers to get even better deals. I think this would also prove our service to the community because we would be supporting another local business.

My Unfair Advantage

Passion:

V- I believe that passion is what sparks growth and that is what makes it so valuable

R- Passionate people are pretty rare in this day and age

I- Passion has to come from within so it is hard to exactly copy since we are all unique

N- Yes there are but I think if you don't have passion behind your success it is not as fulfilling

Ethics:

V- Ethics are SO valuable in a professional setting because it sets the tone for the kind of customers and co-workers you will attract

R- I don't believe it has become the social norm to not act as ethically as we should as a society in a professional setting

I- I hope our business will lead by example and inspire our customers to want to be at the standards that we set

N- Ethics are non-substitutable (You either have them or you don't)

Affordable:

V- This is so valuable because we want college students to not only be able to benefit from our healthy options but also be able to afford our food products

R- I think that it is rare to find healthy food products that are not overly expensive

I- If other people begin to copy this practice I believe we will have enough customer loyalty to be able to handle it

N- I do not believe other resources can compete with low prices, a convenient location, healthy food options, and late night hours

Accessible:

V- I think accessibility is very valuable. If you can't get the products we are selling then we will not survive as a company

R- I do not believe this is rare to be accessible I think it is measured on how accessible you are

I- I think it is not too difficult to copy this plan it will just take a lot of time

N- Delivery can provide the same kind of services but we offer delivery as well

Trustworthy:

V- This is so incredibly valuable. If you can't trust a business to provide good services, you will not return to do business again.

R- This is so tricky because one minor mistake with a customer can change their outlook on your business in a second

I- This may not be hard to copy but it takes a lot of hard work from every employee

N- Being a trustworthy business is non-substitutable

Rewards Program:

V- Having a rewards program is so important because it creates loyal customers

R- Most companies provide some type of rewards program which it is why it is so important to have one as a business to be competitive

I- It is not hard to copy the idea of rewards, but it is hard to know exactly what rewards your customers are looking for.

N- I feel like you can reward customers in other ways but they don't always have the long term positive effects that a rewards program creates

Customer focused:

V- Being customer focused is so important because this is what sets you apart from other businesses

R- It can be very rare to find businesses these days that sincerely put their customers first

I- You can copy this practice, but it is not an instant reward. As a business, you must be customer focused consistently to really prove yourself to customers.

N- There is nothing that can substitute being customer focused

Healthy:

V- Actually having healthy products means everything to us since that is the platform of our concept

R- Our specific "Late Night Lite" is rare to find since it offer healthy options really late at night

I- I don't think this is hard to copy by other, but we will capture most of the market by being the first business to offer it near campus.

N- I don't believe there are other options that can provide the same benefits as healthy food options

Charitable:

V- I think once you are able to give back to charity as a business you should. This is so valuable to show customers your generosity towards others.

R- I think it is rare to find a lot of smaller businesses that are charitable

I- I think this is easy for other businesses to copy if they do it smart and strategically

N- I don't believe there are other substitutes to being charitable

Honest:

V- I think being transparent to customers and employees is so valuable

R- It is rare to find businesses that are very honest about products and services these days

I- If you have the will to be honest, it is not that hard to copy.

N- There are no substitutes for being honest

I believe that being ethical is our top resource. This is because I believe above all else a business should be held to a high standard for the good of employees and customers. I believe that if it isn't done right it shouldn't be done in the first place.

Week 10 Reading Reflection

The biggest surprise for me in the reading was the part about currency losing its global value. It surprised me because it was something I haven't really read a lot about before. I was very interested in learning about it, and I am excited to learn more about it in the future.

One part of the reading that was confusing for me was the part about characteristics of credible financials. Since I have taken financial classes before, most of the items in this chapter were review for me. However, this part of the chapter was a little tricky for me. It is definitely something I will need to look over again to get a better grasp on. 

I would love to be able to sit down with the author and ask him his best advice about budgeting personally and professionally. Budgeting is something I am still learning about and struggling with. I am trying to take all the advice I can get from older and wiser adults. 

After reading, there is not anything specific that I think the author was wrong about.

Elevator Pitch No. 3

I received some really great feedback which really helped me with my third pitch. Someone asked what made my idea better than tropical smoothie since it offers healthier options as well. I thought this question was definitely important because it was something I needed to mention in my pitch. I took this into consideration when I was making changes to my pitch, and I added a section at the end to answer this question. I didn't receive any feedback that was wrong or silly. I hope you enjoy the changes!

Week 9 Reading Reflection

The biggest surprise for me in the reading was the part about traditional vs. entrepreneurial marketing. The chart was very interesting and educational. Usually I catch myself thinking about social media strictly from a personal viewpoint. Reading this made me realize that I need to start thinking about it from a professional viewpoint as well. I enjoyed this part of the chapter very much, and I am excited about learning even more in the future. 

One part of the reading that was confusing for me was guerrilla marketing. It is a term that I have not been exposed to before, so I just need to review it again to be more comfortable with the concept. 

I would love to be able to sit down with the author and ask him what his go to steps are when developing a marketing plan. 

After reading, there is not anything specific that I think the author was wrong about.

My Secret Sauce

Describe five ways in which you think you have human capital that is truly unique.

1. I am guided by my core values. These values guide me to try very hard to think of others before myself.
2. I am responsible. I find myself emotionally bound to finish all tasks for others to completion.
3. I am hardworking. I like to give 110% at all times. 
4. I am empathetic. I can sense the feelings others by imagining myself in others' situations.
5. I am disciplined. I enjoy routine and structure. 

Interview the five people who know you best. 
I interviewed my older sister. She said that I am very aware of my surroundings and that I am selfless towards others.

I interviewed my dad. He said that I am a good listener.

 I interviewed my good friend Elizabeth. She said that I am a strong developer.

I interviewed my mom. She said that I am loyal, disciplined, and determined.

I interviewed my good friend Alexa. She said I am kind and sincere.

Reflect on the differences. 

I think that I see myself in the same way that others do for the most part. The only difference is that I believe that I am much harder on myself. I am my biggest critic. I believe that my interviewees are correct about me. After going back to my list from part 1, I don't think I would many any corrections to the list. 

Idea Napkin No. 2

1. My name is Rachel Carter. I am very hardworking and disciplined. I love interacting with others and really listening to their opinions and stories. I have experience working in retail and volunteering with people in need. My business idea is about student parking. This will play a role in my life because I am a college student with a car.

2. When I first started my interviews, my idea was to expand parking on the UF campus. Now, my idea has changed a little bit. At this point, I am more worried about changing the rules of parking. I believe that the rules are too strict. I know that I am not the only one who feels this way because many of the customers I interviewed mentioned that the rules were unfair. I think that customers in need of better parking rules all over campus. Five out of the five people that commented on my "Idea Napkin No. 1" said that parking is unfair and stressful. 

3. My customers are students that drive and park their cars on the UF campus. 

4. Many students, including myself, get tickets for parking in places they didn't know were restricted. It is frustrating when students drive at night to exams or to the library and can only park in limited places because of certain restrictions. Students are trying to stay safe by not walking at late hours of the night but have to deal with this unneeded stress. One of the people who left a comment on my last post also mentioned that certain parking lots are not available after hours anymore. He added that if you try to park in these parking lots now you will get towed if you do not have a decal. 

5. What sets me apart is that I relate directly to the customers since I am actually a customer too. I too deal with the frustrations that they are dealing with. I want to help them because I understand what they are going through. I still believe that applies now, and the people that commented on my first post appreciated the fact that I was a student trying to help other students. 

I believe that these elements fit together. The part I really would like to work on is implementing the exact rules I would want to change for customers. These details matter, and I need to dive deeper into revisions. 

I received some great feedback. Overall, the feedback was very positive. As a result, I left a lot of my original information in. Students agree with me that parking is unfair. Some people would like to see more parking lots available for students. Others would like to see fair rules implemented. One thing that all of students that gave feedback had in common was that parking is a hassle. These students have an unmet need. Providing more fair rules for students is necessary when it comes to parking. I incorporated this feedback into this idea napkin by stating that other students feel these same kind of emotions that I do. In addition, I included a specific example from a student about recent changes to certain parking lots that were really frustrating for him.