30A - Final Reflection

1) Through the course of this semester, I have had a rollercoaster of feelings about ENT3003. I really enjoyed the course, but there were definitely some moments of drudgery and stress (especially when I forgot to submit assignments on time, oops).  Overall, I thought the course was exactly what it was supposed to be. It was creatively challenging and it made you think, but it also gave back the effort that you put in. I really liked the way the course was run because it allowed me to work on my own time, when I am most productive.

2) The most formative experience that I have had throughout this course was the creative idea development. It was really cool to come up with a business idea based on things that irritate me. I never really thought of my pet peeves as a business opportunity before and this course changed that. I also really liked that I was forced to fully develop my ideas. I usually have many fleeting ideas and I never really focus fully on how I would execute them.

3) After taking this course, I do feel like I have developed an entrepreneurial mindset. When I look at the world around me, I see many more opportunities than I did before, and I know how to turn those opportunities into real ideas.

4) To ENT3003's  incoming students, I highly recommend getting started early on the assignments and making sure not to forget the peer reviews! I also recommend asking those around you about everything and getting their opinions on your ideas and how they feel. I had ideas that I loved, and once I talked to my most trusted confidants, they did not share the same excitement about them. It is essential to see how different people think and feel about your potential businesses or ideas.

29A - Venture Concept No. 2

Together - The UF Campus Cooperative

Opportunity

I will be analyzing my idea for my on-campus co-op through this venture concept plan. When creating this opportunity, I first had to identify my target market. This target market consists of University of Florida students. This market is defined geographically in the Gainesville, FL area because that is where the University of Florida is located.

The future customers for this business concept are currently satisfying their needs by trying to prepare health conscious food for themselves, or just paying more money than they would like to for healthy, fresh foods on or near campus. Customers that are currently satisfying this need may have loyalty to certain restaurants, but they do not hold full loyalty anywhere.

I believe that this opportunity has lots of potential to be big. UF has a very large student body and even if a small percentage of the students held interest in this idea, it would be enough to begin and expand this idea even further. I think that this window of opportunity will stay open for quite a long time. This need has been around for a long time because students are always hoping to strike a balance between health and time. I think this would be an excellent strategy that takes both of these factors into consideration.

Innovation

This idea stemmed from my belief that the UF campus should have more health and price moderate food options open for students. Through this, I developed an idea that the student body should take this into their own hands by creating something that would satisfy all of their different needs.

Through this, I developed a concept for an on-campus co-op. This co-op will be a store/restaurant that works with various different departments and organizations at the University of Florida. Essentially, this co-op will be student run and student planned and it will be a place where students can purchase high-quality food for low prices. By partnering with the University of Florida agricultural departments and the local Gainesville community, students will have access to fresh, local, and seasonal produce.

This produce alongside other local ingredients will be used to create fresh meals and snacks for students that participate with the co-op organization. The students that choose to take part in the co-op will volunteer for a certain number of hours per week. This volunteering shift will give these students access to low-priced food options provided at the co-op. Students who do not want to be a part of the volunteering program will also be able to participate, they will simply purchase meals at a higher price point than those that volunteer.

When I envisioned this co-op I actually pictured a non-profit organization run through the University of Florida. I think that the system of belief behind this cooperative is togetherness and a central focus on health and ease. While I do have other ideas that will generate a profit, I think that for this topic particularly, my entrepreneurial spirit is not capital driven.

Venture Concept

What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 

Customers would switch to this product because of the simplicity and because the “green” students at the University of Florida would appreciate the motivation behind the project. I think that in order to make students switch, we would need to advertise on multiple different platforms and we would need to recruit a trial group for the campus co-op to make sure that the process flows smoothly.

Who are the competitors?  What are their possible weaknesses or vulnerabilities? 

The main competition for this business will be the Krishna lunch that is on UF campus everyday. This would be the principle competition because it is inexpensive, healthy, and vegan. However, the timing of the lunch makes it inconvenient for some with different class schedules.

What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?

Each of these factors will play a small role. Packaging’s role will be important because packaging must be eco-friendly and as minimal as possible. Location is also extremely important because UF is an extremely spread out campus, so a prime location will mean a lot in terms of the business’ success.

How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?  

I would start this co-op off as a student organization and I would go via existing organizations and garner interest before beginning the venture. Then, I would start the venture off with approximately 40 employees and then increase the number with time if necessary. The idea behind this co-op is that everybody does their part, so keeping it small in the beginning is essential. There will be many different roles, there will be administrative roles, culinary roles, and customer service roles mostly.

What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 

I don’t think that it will be difficult to get customers to switch to this organization because I think that they will support the cause. I think the best way to get them to switch, will be to educate them on the offerings and benefits of this type of organization.

 

Feedback and Adjustments:

 

Although I did not receive any feedback on my Venture Concept No. 1, I went back through the assignment and reviewed the things that I think I could have specified more. I want to further specify the fact that this business would operate more as an on-campus organization rather than a profitable business. I also want to stress the idea that with time and actual experience, my ideas about how to run this organization will change and develop as I gain real experience.

 

 

 

28A - Your Exit Strategy

1) I intend to work in this business for the remainder of my time at UF. Then I plan to find a fitting replacement that will be on-campus upon my graduation. My business is non-profit, so the step down from the founder/CEO role will be simple once the correct replacement is found.

2) I like this exit strategy because I believe that through this strategy, the legacy of the campus co-op will live on through generations at the University of Florida.

3) I believe that my exit strategy has slightly influenced my creative process. My business will be more of an organization/community effort so I never felt that I would hold full responsibility for the company rather that I would be a moving part in the collaborative effort. This would make me feel more secure stepping down, because I would know that more like-minded people will be there to happily replace me.

27A - Reading Reflection No. 3

What was the general theme or argument of the book?

 In Mindset – The new psychology of success, Carol Dweck speaks mainly about the two different mindsets and how your approach to these mindsets, affects how you live your daily life. The fixed mindset is the mindset that everything is static, while the growth mindset is dedicated to using failure as a learning experience.

How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?

I think this book was extremely relevant to this week’s lesson on failure. The book put a very positive spin on failure and those who are in the “growth mindset” choose to use failure as a learning experience, rather than a setback.

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

 In this exercise, students would be given a list of difficult situations. Then they will be told to consider each situation in either the fixed mindset, or the growth mindset. I think that this would help students understand why maintaining positive thinking is so important. I also think that it will help them improve tricky situations in their daily life.

 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?

My biggest aha moment in the book was realizing that failure is essential. Failure always has a negative connotation both in school and in the work place, however, if one is using the growth mindset, failure is just another step in the improvement process.

26A - Celebrating Failure

1)      This past semester, I underperformed in an online course. I should have been more attentive to the assignments and quiz times/dates, but I focused my energy elsewhere and I will be getting a lackluster grade as a result.

2)      I took this experience as an opportunity to learn and grow beyond my mistake. I decided that in my upcoming courses/jobs, I will do the best I can to put my full effort into everything that I do.

3)      I think failure, while painful at the time, is essential to personal growth and development. Without failure, it is impossible to gain the self-knowledge necessary for a successful life. Failure allows us to analyze, self-improve, and grow with time.

25A- What's next?

Existing Market

      For my venture concept, my main target demographic is students at the University of Florida. After interviewing three potential members of my target audience, I asked them what resources that they thought we should be taking advantage of and what other directions they could see this opportunity going in.

      There were several excellent ideas that came with these conversations. One student suggested the idea of maintaining a community garden or participating with pre-existing community gardens on campus to increase the “green” factor of this business. I liked this idea because I think the concept of togetherness and connectedness is what I would like to emphasize at the start of this business, I also think that these concepts will be some of our greatest selling tools.

     Another idea that came from this discussion was to use a style similar to the style in Buzzfeed’s “Tasty” videos to advertise for this cooperative. I thought that all of the ideas that I got were really great, but these two definitely stood out to me because they would help with promotions and they would make the business more desirable for the students of UF.

New Market

      For this new market, I spoke with a couple of agricultural/food organizations on campus. When speaking with these organizations I also got a couple of great ideas. The agricultural organizations suggested a partnership with local farm businesses. This is an idea that I thought about previously, but it was great to get possible suggestions.

      The culinary organization that I spoke with suggested that we host food preparation tutorials for students on campus. I thought this was a really cool idea because it would help us engage in person with potential customers. And we could even consider doing these types of courses over video or livestream as well. All in all, I had excellent and productive conversations with both markets.

24A – Venture Concept No. 1

Together - The UF Campus Cooperative

Opportunity

I will be analyzing my idea for my on-campus co-op through this venture concept plan. When creating this opportunity, I first had to identify my target market. This target market consists of University of Florida students. This market is defined geographically in the Gainesville, FL area because that is where the University of Florida is located.

The future customers for this business concept are currently satisfying their needs by trying to prepare health conscious food for themselves, or just paying more money than they would like to for healthy, fresh foods on or near campus. Customers that are currently satisfying this need may have loyalty to certain restaurants, but they do not hold full loyalty anywhere.

I believe that this opportunity has lots of potential to be big. UF has a very large student body and even if a small percentage of the students held interest in this idea, it would be enough to begin and expand this idea even further. I think that this window of opportunity will stay open for quite a long time. This need has been around for a long time because students are always hoping to strike a balance between health and time. I think this would be an excellent strategy that takes both of these factors into consideration.

Innovation

This idea stemmed from my belief that the UF campus should have more health and price moderate food options open for students. Through this, I developed an idea that the student body should take this into their own hands by creating something that would satisfy all of their different needs.

Through this, I developed a concept for an on-campus co-op. This co-op will be a store/restaurant that works with various different departments and organizations at the University of Florida. Essentially, this co-op will be student run and student planned and it will be a place where students can purchase high-quality food for low prices. By partnering with the University of Florida agricultural departments and the local Gainesville community, students will have access to fresh, local, and seasonal produce.

This produce alongside other local ingredients will be used to create fresh meals and snacks for students that participate with the co-op organization. The students that choose to take part in the co-op will volunteer for a certain number of hours per week. This volunteering shift will give these students access to low-priced food options provided at the co-op. Students who do not want to be a part of the volunteering program will also be able to participate, they will simply purchase meals at a higher price point than those that volunteer.

When I envisioned this co-op I actually pictured a non-profit organization run through the University of Florida. I think that the system of belief behind this cooperative is togetherness and a central focus on health and ease. While I do have other ideas that will generate a profit, I think that for this topic particularly, my entrepreneurial spirit is not capital driven.

Venture Concept

What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 

Customers would switch to this product because of the simplicity and because the “green” students at the University of Florida would appreciate the motivation behind the project. I think that in order to make students switch, we would need to advertise on multiple different platforms and we would need to recruit a trial group for the campus co-op to make sure that the process flows smoothly.

Who are the competitors?  What are their possible weaknesses or vulnerabilities? 

The main competition for this business will be the Krishna lunch that is on UF campus everyday. This would be the principle competition because it is inexpensive, healthy, and vegan. However, the timing of the lunch makes it inconvenient for some with different class schedules.

What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?

Each of these factors will play a small role. Packaging’s role will be important because packaging must be eco-friendly and as minimal as possible. Location is also extremely important because UF is an extremely spread out campus, so a prime location will mean a lot in terms of the business’ success.

How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?  

I would start this co-op off as a student organization and I would go via existing organizations and garner interest before beginning the venture. Then, I would start the venture off with approximately 40 employees and then increase the number with time if necessary. The idea behind this co-op is that everybody does their part, so keeping it small in the beginning is essential. There will be many different roles, there will be administrative roles, culinary roles, and customer service roles mostly.

What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 

I don’t think that it will be difficult to get customers to switch to this organization because I think that they will support the cause. I think the best way to get them to switch, will be to educate them on the offerings and benefits of this type of organization.

23A- Your Venture's Unfair Advantage

Industry Experience

V- I will better understand how the hotel business works

R- The hospitality industry is fairly large, so this experience isn’t exactly rare

I-This is difficult to imitate

N- This resource is non-substitutable

Adaptability

V- Very valuable

R- Not so rare

I-Can not be imitated

N-Non-substitutable

A willing team

V- Extremely valuable

R- Slightly rare

I-Can not be imitated

N-Non-substitutable

Expert assistance

V-Extremely valuable

R- Fairly rare

I-Can not be imitated

N-Non-substitutable

Hotel Opening Experience

V- Extremely valuable

R- Not too rare

I-Can not be imitated

N-Non-substitutable

Advertising Experience

V-Extremely valuable

R-Slightly rare

I-Can be imitated with dedication to learning

N-Non-substitutable

Marketing Experience

V-Extremely valuable

R-Slightly rare

I-Can be imitated with dedication to learning

N-Non-substitutable

Innovative

V-Extremely valuable

R-Slightly rare

I-Not easily imitated

N-Non-substitutable

Positive

V-Extremely valuable

R-Slightly rare

I-Not easily imitated

N-Slightly substitutable

Tenacious

V-Extremely valuable

R-Pretty Rare

I-Can be imitated with dedication

N-Not very substitutable

I think my top resources are my industry experience and my positivity. I believe these traits and resources will take me very far in the hospitality industry.

22A – Elevator Pitch No. 3

Based on Feedback, I changed my gestures and I tried to smile a bit more. I think my last pitch was fine, but could have definitely been more dynamic,

20A - Growing Your Social Capital

Person A

Who they are and what their background is.

Person A is a domain expert in the hospitality industry

Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Domain expert

A description of how you found the person and contacted the person.

Person A is a close friend’s mom. I asked my friend for her mom’s email and sent a professional email asking for her assistance with a project.

The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

The nature of exchange with this person was a mentor/mentee nature. Person A is a friend’s mom and was more than happy to help when I asked for assistance.

How will including this person in your network enhance your ability to exploit an opportunity?

This person is an expert in the field and she has already given me tips and tricks for success in the industry. I also know that if I were to have any questions along the way, she would be a great person to consult.

 Person B

Who they are and what their background is.

Person B is a market expert in the hospitality industry

Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Market expert

A description of how you found the person and contacted the person.

Person B is a boss from a past internship position. I contacted Person B via email.

The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

The nature of exchange with this person was of a boss/employee nature. Person B was a great boss and mentor to me and this was further demonstrated throughout our communication. They did me the favor of giving me input on my ideas and advice for my potential target market.

How will including this person in your network enhance your ability to exploit an opportunity?

This person is an expert in the field and he was able to better inform of my potential target audience and ways to influence them.

Person C 

Who they are and what their background is.

Person C is a supplier in the hospitality industry

Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Supplier                              

A description of how you found the person and contacted the person.

I found Person C on LinkedIn and communicated with them via LinkedIn Messenger.

The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

The nature of exchange with this person was extremely professional. They did me the favor of giving me advice for my future in this industry.

How will including this person in your network enhance your ability to exploit an opportunity?

This person is an expert in the field and she was able to tell me how the supply chain management typically works in the hotel industry. This was very interesting for me to learn and it may also be advantageous for me to have this contact for my future business ventures.

21A - Reading Reflection

What was the general theme or argument of the book?

The author of The Long Tail, Chris Anderson argues that niche markets can sometimes build up the highest market share. The basis for Anderson’s argument is that he does not believe that it is beneficial from a marketing perspective to lump all buyers together in a “one size fits all” selling strategy.

How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?

I have done analyses on this book for both ENT3003 and for other advertising courses that I am currently enrolled in. This book has impacted the way that I view things because it directly expresses the importance of selling to the people, not just selling the product. The book also looks at modern marketing from a different perspective. Rather than assuming that a large consumer body means success, Anderson points out that the new definition of success is longevity and the presence of a niche market.

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

This exercise would involve researching different markets and researching which organizations are successful based on long-tail theory. I think this practice would bring the text to life because people would no longer see the long-tail theory as a concept, rather they would see it is a real-life economical and marketing trend.

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?

The long-tail concept as a whole made me examine everything that I had previously learned about marketing/economic success. During my advertising courses, my classmates and myself are often shown the most popular and highly successful campaigns because they are positive examples. However, the focus on longevity is something that we do not consider as often.

18A - Create a Custom Avatar

Amy is a 27 year old graphic designer. She works in a large marketing firm in Boston. She drives a  red Toyota Prius. Amy is not married but she does have a long term boyfriend, Jack, and a husky puppy named Eleven. She is environmentally conscious and sometimes gets tired of living in a larger city, so she likes the idea that she can get away from it all when she goes on vacation. As far as politics are concerned, Amy is a democrat and her favorite politician is Hilary Clinton. Amy and Jack are in a serious relationship and are considering marriage and kids in the next couple of years. Amy's favorite type of vacation is one that takes her out of her element. She like to be adventurous, get out in nature, and try new foods. In her free time, Amy likes to read, draw, binge watch TV, and spend time with her friends, family, and Jack.

Overall, I think Amy and I have a lot in common. We are both adventurous, enjoy travel, and love to spend time with our friends and family. We also both love dogs and have similar career paths.

19A - Idea Napkin No. 2

You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am a very outgoing and welcoming person. In regards to my B&B business concept, I believe that these traits would help me make my guests feel comfortable and at home. I see my concept playing a huge roll in my life because I would want to make it a second home to myself and others.

What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

I am offering a comfortable, unique, and modern vacation to my customers. I will provide the elegance and services of a luxury hotel, with the personalization and comfort of staying with a friend.

Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

The target demographic for this property will be young-middle aged couples who are looking for a relaxing trip where they can truly get involved with the local scenery. These guests do not want to feel like they are being suffocated with attention, but they do want recommendations and interesting conversation when possible. They are also social people who enjoy the idea of spending time with others when on a trip.

Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.

Guests will choose to stay at our facility because not only are we a resting place, but we will have food options, comfortable lounge areas, and we will be deeply connected to our local surroundings. We will have the best advice and tips on how to conquer the surrounding area and we will provide transit to our guests.

What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?

My core competencies are my advertising experience and my ability to communicate with others. I feel like this combination makes me a unique individual and someone with strong potential in the hospitality field.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.

I believe that these concepts fit together very well. I think that my background in both marketing and hospitality would help me to make this business concept a success. I think that my plan is fairly cohesive, however, I would need to fully establish my brand personality before I begin the full development of my idea. Overall, I am excited for the idea and for what is to come.

For the "feedback memo" -- please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin.

I did not receive any feedback on my previous assignments, but I believe that I identified items that I could work on in this idea napkin.

16A - What is your secret sauce?

1) Five traits that raise my human capital are my: positivity, love of people, sense of humor, strong work ethic, and my ability to work in a team. 

2) The people that know me best are not local, so I had three of them submit videos stating what they thought my human capital was and what they think makes me unique as an individual.


Video 1: This video was filmed by my older brother, Danny. He stated that my outgoing personality, my ability to relate with people, and my tenacity are main parts of my human capital.

Video 2: This video was filmed by my best friend, Kennedy. She stated that my creativity, adventurousness, and willingness to help were her some of the best traits that I have to offer

Video 3: This video was filmed by my sister, Samantha. In the video she speaks about my intelligence and my non-judgmental attitude towards people.

 

3) When reflecting on these videos, I realized that most of my sense of self was correct. However, certain traits such as my tenacity and adventurousness did not come to mind. It was really interesting to learn about the way I perceive my own positive traits, vs. the positive traits that others see in me. I think that everyone should complete this exercise at least once in their lives to gain a better sense of self.

17A - Elevator Pitch No.2

As you can see, I have uploaded this video from my elevator pitch. I did not complete the previous elevator pitch assignment so I am not able to reflect on my last experience vs. this one. However, after watching myself on camera I can definitely critique this pitch. First of all, I did not realize how much I said the word "um" until I started recording myself speaking. Also, I believe that my pitch could have been more energetic. However, I'm feeling a bit under the weather this week so I did the best that I could. 

PS: how cute is this thumbnail? I'm not tech savvy enough to change it. 

15A - Figuring Out Buyer Behavior No. 2

Begin with alternative evaluation. In the last case exercise, you determined how customers sought information related to solving their need. The outcome of this step is to produce a set of alternatives. Customers pick from among this set of alternatives. In this step, your job is to figure out how they do their picking. Does price matter the most? Does quality? Does style? Is there more than one factor that is important to your customer segment?

During my last evaluation, my segment was men and women in their late 20s to mid-30s. These people are adventurous, environmentally conscious, and they are active within their communities. Those that I interviewed placed value in the location, amenities and price of the place. However, to most, the location and amenities we extremely important. However, price was undervalued. In my recent interviews, there was a heavy emphasis placed on price of the vacation. Comfort and style were also important to this customer segment.

How/where do they buy? Elements of the actual transaction can help characterize your segment. Is your segment more likely to buy online or in a store? Are they more likely to use cash or will they finance the purchase? Etc. If this is a B2B purchase, who's involved in the purchase decision?

These customers will look everything up online beforehand. They will use review sites like trip advisor to help them make their decisions. Then they will price shop different vendors in order to find the lowest, most reputable rate. Finally, they will make all deposits and purchases necessary online.

Post-purchase evaluation. What matters most to your customers when they think back on the 'rightness' of the purchase? What helps them determine the purchase was a good idea? What sorts of things make them think a purchase was a bad idea?

They will evaluate how comfortable their vacation was. They will consider the amenities that they used, the comfort of their room, the friendliness of staff, and the travel accessibility. Then they will compare that to the price that they paid for the property and this comparison will decide the property’s worth.

Report the findings. Simply summarize your interviews.

Those that I interviewed had similar answers to those that I interviewed previously. However, price and comfort were a much larger factor for these buyers when they make decisions. One buyer stated that the two main things that she considers before making a purchase are price and reviews.

Draw conclusions. Based on what you know about this segment and what you learned in your interviews, how would you succinctly describe this segment in terms of alternative evaluation, purchase decision, and post-purchase evaluation?

I would maintain my description of the segment that I initially proposed. However, I would make a few changes. This segment may be travel-oriented and adventurous, but they still value factors such as price, comfort, and convenience.

14A - Halfway Reflection

1) Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course?

I have learned that procrastination is not a way to succeed in this course. This semester I have multiple online classes and I have finally figured out that you should be working on each class every day. This way, when submission or exam time comes, you are not overly stressed.

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

During this class I definitely had to think outside of the box. Especially when completing assignments that asked me to come up with entrepreneurial ideas. You cannot force those types of ideas, instead you must develop them organically and that can be a bit stressful. I do feel like this course has changed my attitude of tenacity because I am much more forward thinking, especially in my idea generation.

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

1- Confront issues directly

2- Search for opportunities

3- Do not be afraid of sounding stupid, just go for it

13A - Reading Reflection

Coco Chanel: An Intimate Life by Lisa Chaney

What surprised you the most?

My whole life I have regarded Coco Chanel as upper class, pretentious, and slightly stuffy. However, when I read this book I realized that she was actually a rebel in her time. In the early 1900s, it was stylistically appropriate for a woman to wear large skirts, corsets, and uncomfortable clothing. Chanel was rebellious in that she designed simple, chic, and comfortable clothes for women.

What about the entrepreneur did you most admire?

I admire Chanel’s rebellious nature and her dedication to her design. One of Chanel’s most famous quotes is an excellent portrayal of this trait:

“I don’t care what you think about me. I don’t think about you at all.”

What about the entrepreneur did you least admire?

In the book, it was alleged that Chanel had a relationship with a German soldier during WWII. It is also alleged that she demonstrated certain Anti-Semitic views.

Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

Chanel did encounter adversity when she first presented her ideas. Her ideas about women’s clothing were revolutionary and many at the time did not agree. However, she met this adversity with courage and she persisted.

2) What competencies did you notice that the entrepreneur exhibited?

This entrepreneur was uninhibited which was a huge part of her success. At the beginning of her career she made the choice to be different and the choice to be in defense of women, which was not a commonly made choice.

3) Identify at least one part of the reading that was confusing to you.

Coco Chanel was and still is an incredibly famous designer. When I read about her potential Anti-Semitic views during WWII I was surprised and shocked that I hadn’t heard about them before.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

What was your inspiration?

What is one thing that you wish you had known as a young female entrepreneur?

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I believe that Chanel would think that hard work comes naturally with passion. I don’t believe that she would have put effort into a career that wasn’t her complete obsession. I agree mostly with this position; however, I feel like sometimes you have to put in the work even if the project is not something you are absolutely passionate about because it could lead to something even better.

12A - Figuring Out Buyer Behavior

The market segment that I will be working with are men and women in their late 20s to mid-30s. These couples are adventurous, environmentally conscious, and they are active within their communities.

Interviews:

1-      Interviewee 1 is a big fan of traveling and really appreciates the ability to get away from it all and discover new places on a more personal level. Interviewee 1 stated that the need to travel arises mostly during stressful times in life and at work. When this interviewee feels the need to travel arise, she starts to browse different travel sites to see what kind of destination she is interested in. Then she checks for hotels or rental properties in the area and she makes her decision. She makes her decision mainly on amenities, location, and price.

2-      Interviewee 2 is always excited to be spontaneous and have interesting adventures. For him, planning a trip isn’t typically a drawn-out process. Him and his friends typically plan trips just before they take them and they are not very methodical in their approach. He travels for the adventure and to get to know a new place. He typically just looks for what is available at the time and location is the most important feature that he looks for.

3-      Interviewee 3 has similar views to interviewee 2 on spontaneity, however, she does tend to do more research on the destinations. She travels to discover new places, try new foods, and take a break from daily life. When she makes travel decisions, she focuses extensively on the positive or negative reviews of the property. She also asks family and friends about fun opportunities in the areas that she is traveling to.

Overall, this segment will definitely work for my service because the B&B will hit all of the key points that these travelers look for when booking. These interviews gave me better insight on how to market my business and communicate better with my target demographic.

11A - Idea Napkin

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am an outgoing and creative individual with a background in advertising and hospitality. My future aspirations are

a hotel. The to combine my passion for travel and food with my background. I want to create a venture that will capitalize on both. My business concept is to create a modern bed and breakfast. Bed and breakfasts are often regarded as old and outdated. My core idea for my B&B will be to maintain focus on current trends. This B&B would be both a job and a lifestyle for me. I would love getting to know my guests and making them as comfortable as possible.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

My idea for this B&B is to revamp the reputation for bed and breakfasts and replace it with a more modern idea. Sites like AirBnB have proven that consumers do enjoy the concept of staying in a home rather than differentiating factor for my business will be its unique design, focus on sustainability and local products, and its ability to keep up with current trends. We would welcome our guests with open arms and we would provide an adequate balance between the service of a hotel, and the comfort of a rental property.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

The target demographic for this property will be young-middle aged couples who are looking for a relaxing trip where they can truly get involved with the local scenery. These guests do not want to feel like they are being suffocated with attention, but they do want recommendations and interesting conversation when possible. They are also social people who enjoy the idea of spending time with others when on a trip.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.

Guests will choose to stay at our facility because not only are we a resting place, but we will have food options, comfortable lounge areas, and we will be deeply connected to our local surroundings. We will have the best advice and tips on how to conquer the surrounding area and we will provide transit to our guests.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?

My core competencies are my marketing and advertising experience and my knowledge of the hospitality and tourism field. I am also a very optimistic person who will welcome any challenge that presents itself in my path.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.

I think that these elements do come together very well, however, I do think that I need to focus more on what the unique aspects of my business will be. A focus and knowledge of the local scenes is a great selling point, but I do not know that it is enough to be the sole focus of my project. I want to do more research into the idea and focus on what I can innovate that will help me differentiate this business.

9A - Testing the Hypothesis, Part 2

Who

Three out of my five interviewees stated that they would utilize this co-op if the opportunity was presented to them. However, the other two had reservations. One of them did not like that students would need to work designated hours just to have the privilege of purchasing the meals inexpensively. The other one stated that the reason that they want to purchase meals on campus is because they are already too busy. This student felt like the time commitment would be too much to add onto their current schedule. This interview made me consider adjusting the business model and figure out how to change these students’ opinions.

What

The need for healthy, inexpensive, on-campus food options differs from the typical food needs because it is much less basic. Typical food needs can be fulfilled easily. However, the problem that I am solving is unique to students, specifically those that are on-campus frequently and trying to live a healthy lifestyle.

Why

The outsiders’ needs are not different, they all appreciated the idea. However, the two that would not utilize the co-op valued their time over their nutrition and budget. The outsiders have the same needs, but their priorities are in a different order.