Venture Concept No. 1

SHOP & DROP

Opportunity:

My business concept will benefit a wide variety of individuals who lack time or transportation to accomplish every day tasks like grocery shopping. My original and still primary target is students. I have expanded my customer base to include families residing in Gainesville and also the elderly.

The amount of students residing in Gainesville makes this business have a large customer base. The additional parking restraints on campus make the number of students without cars even higher.

Currently customers are having to accomplish this task through different avenues. They may hire individuals through unsatisfactory websites know for scams like craigslist and care.com or they may take extra measures to find transportation such as the RTS bus system. Unfortunately this bus system is only free to students and faculty so others have to pay for the service. Also, while it may be free for students and faculty, it is not always convenient as many routes only run during normal business hours when customers are in class or at work.

This business idea has the opportunity to make a lot of money if it is marketed correctly and the price is fair. The window will remain open so long as other companies do not arise offering the same service.

Innovation:

This business idea is a service that will provide transportation of groceries from the store to the home of the customer. The customer will download the app and compile a list of groceries they would like purchased. They will select a date and time range for delivery. After they have completed their order, they will pay the cost of the groceries as well as an additional fee for the service. The service fee will be a flat $15 for orders under $100 and $20 for orders over $100 with an additional $5 fee for customers who live outside the predetermined area. There will be a special $5 discount for students with a UF ID.

Venture Concept:

This service eliminates the time and transportation issues that people of Gainesville face. Families without time to shop can have groceries delivered to their door. Students without a car do not have to take the bus or plan their day around the RTS bus schedule. Faculty can have their groceries delivered at later hours when the Bus is not running. The elderly can avoid using services on unrepeatable websites and trust an established business for their deliveries. Once families and students see how much time and energy they will save by using this service I am sure it will be easy to get cleints to participate.

Week 11 Reading Reflection

Week 11

The link on the reading list wont let me access it. I have tried the login and the UF site and it will not give me access.

Instead of reflecting on the reading I am going to do a reflection on the course so far.

I have enjoyed creating my own business idea but it has been harder than I originally thought it would have been. Since it is all imagination and hypothetical, I assumed coming up with ideas would be simple. However, sitting down and actually thinking about products that do not exist but would benefit a large mass of people has proved harder than it sounds.

I think this class has pushed me to do a lot of things I have never done and probably never would like interviewing strangers and trying to give away my dollars to them.

I think that my personal skills have improved because of this and I also think they have improved from the grading process and being accountable for my own success.

If I were to change anything about the course I think I would change the assignment where we were asked to interview business owners and customers.I think a lot of students had difficulty finding people who were comfortable being recorded.

Amazon Whisperer

Revenue Drivers:

Delivery Fee for groceries

Next Product:

I believe that after customers are having their groceries delivered to their door, they will begin to seek a service that provides a list of meals they can choose from for the week so the grocery list is derived from their choices.

Enhance current service:

The current service is delivering groceries. By allowing a predetermined list of meal options the process of an individual compiling their list for delivery is made easier and enhances the user experience.

Amazon:

This is a service not a product so it will not be available for comparison on Amazon. However, I have selected a product that would be useful to me as the business owner.

Product:

Deluxe Rolling Utility Cart: TO transport groceries to/from vehicle to customers. 

Reviews:

4/5 Stars

Customers enjoy that it is easy to assemble and lightweight. However, customers think the materials are not high quality and the parts are easily breakable. I would make the pieces of a thicker metal to increase the weight it can support. 

My Unfair Advantage

Resources

1. Delta Nu Zeta

V-gives me a starting network of contacts

R-is one of only a few large organizations

I-membership is not easily attained

N-one of only two chapters in the US

2. Location

V-within one mile of 6 different grocery stores (publix, target, walmart, trader joes, earthfare and winn dixie)

R-stores are usually miles apart and I can please more customers with a variety of tastes 

I-you cant control where new businesses will go so it would be very hard to replicate in another area

N-I'm sure other cities have similar designs but probably not such variety 

3. Flexibility

V-gives me the opportunity to work different hours of the day

R-most people work or have in person classes to attend 

I-would be very difficult for someone to have a full time job or classes and do the same thing

N-I'm sure other people could also be flexible 

4. Facebook

V- gives you access to much more feedback

R-the groups are not rare but their honest feedback can be considered rare in other formats

I-Other resources could imitate feedback but with fb its a large supply

N-you could use other sites like Twitter but I consider FB the best method to find groups that correspond to your ideas

5. The Alligator

V-Is direct contact with the students

R-Many papers have a broader scope but this one is designed for specific local purposes

I-Other papers exist but they are not delivered to my sepecific target of clients

N- Other newspapers circulate campus but the Alligator is the most credible source for students 

6. Nanny Job

V-Gives me access tof amilies that need help balancing jobs/kids/etc

R-Not everyone gets to speak with these families in person

I-Other ways eist to get in touch with busy parents like through school events but they ar emore likely to trust csomeone already working for them 

N- Limited number of nannys

7. Customers

V-See a different side of the business 

R-Customers enjoy a business that will incorpoarte their ideas to appeal to their needs 

I-Everyone has customers

N-Cant get rid of them, you need them to succeed. 

8. Family

V- they see your dream and they also see reality and they can help you go after things realistically so you dont bite off more than you can handle 

R-very rare! you only have one family and no one knows your skills like they do 

I-No one can provide the same support they can.

N-No

9. Company Website

V-Can tell a story that customers resignate with

R- gives you a chance to give an impression to people at a distance 

I-its your business no one else can is going to have infromation about your business on their site 

N-you could have reviews on yelp but its not the same as showing people what you offer on your own site 

10. Partnerships 

V-Give you support to weather the storm

R-have a business model and support that is different than the love of a parent

I-you could get this from any business so yes

N-a partnership could be with just a person instead 

Week 10 Reading Reflection

Reading Reflection

1. I found it interesting that all of the expenses of a business are divided up among different documents rather than compiled into one. The balance sheet, the income statement, and the cash flow statement are all separate but equally important.

2. I was confused by the process of a pro forma statements versus the original formats of the documents.

3. I would ask why business owners separate these documents instead of making them one document. I would also ask what is the best of the most common forms of capital budgeting.

4. I don't know enough about this topic to suggest the author was wrong, however I think he could have expounded on some elements of the text to make them clearer.

Growing My Social Capital

Person #1

1. For my person working in a similar domain I chose someone working in delivering cooked meals.
2. This fills the Domain Expert Slot.
3. I found this person originally through an add on instagram and then reached out tot hem by googling their company and emailing their contact link.
4. This  person was happy to offer his input on my business idea without an exchange of anything in return.
5. Including this person in my network will help me identify what quality customers expect and what they are willing to pay.

Person #2

1. This persons background is in marketing and economics.
2. This fills the market expert.
3. I found this person through a service organization that I take part in. I reached out to them first through a mutual contact and then by text and email.
4. This  person was happy to offer his input on my business idea without an exchange of anything in return.
5. This person enhances my opportunity because they can provide information on the statistics of good sales in the area.

Person #3

1. This person has a background in politics and history.
2. This fills the important supplier.
3. I received this contact through a mutual friend and contacted them through email.
4. This  person was happy to offer his input on my business idea without an exchange of anything in return.
5. This person enhances my opportunity because they can provide information on the local demographics which will help me discern what areas my product will be best marketed.

Reflection:
This experience differed from those in the past mostly because the interactions took place over email versus a face to face exchange. I personally am more comfortable that way but it can be less personable.

Elevator pitch no. 3

The feedback I have been getting has all been useful to making my elevator pitch better. I especially enjoyed the most recent feedback I got from someone who is working with the same business idea. Seeing other people with the same idea, solidifies my belief in the need for this service.

I changed this elevator pitch to be more enthusiastic than the first two and I also changed it to appear to more people than just college students. Based on feedback from other students I realized that busy Gainesville families and the elderly would also benefit from this business idea.

My Secret Sauce

Mature: I knew I took on more adult responsibilities than the average teenager growing up, but coming to college showed me that I had already learned a lot of skills about the real world and I am thankful for being put in the situation I was for this opportunity to grow. It made me who I am.

Fair: I don't believe that life is fair. However, I do believe that when given the option, we should try to make it as fair as we can. I do what I can equally for everyone and if I have to do a little more for someone to see that they get the same treatment, I will. 

Open to change: Change is not always good or fun but its a big part of growth. I have moved many many times, started new schools and explored new places. Change should be welcomed as a chance to experience more about life and we shouldn't shelter ourselves from that. I am open to change and new experiences.

Driven: Nothing is handed to you. Life is about enjoying the benefits and triumphs of a hard days work. I have always had a strong work ethic and no matter what I do, on big or small scale, I am driven to complete it at 110% effort. 

Inventive: I accept challenges and I come up with new ways to tackle them. I love to be challenged and I love getting the job that everyone else thinks is impossible to pull off because when I succeed their faces make a great picture :) 

My friends describe me often as passionate and kind hearted. They say often that I put other people before myself and I think that has a lot to do with the qualities I listed. I want life to be as fair as possible for people and I'm driven to give people equal opportunity. I wouldn't change the list that I made for myself because I think the qualities listed match my personality but I think my friends also listed things that could be added. 

Idea Napkin No. 2

I have personal experience working in Sales and experience traveling to foreign countries. I have personal skills in in time management, leadership and organization. I'm also part of a roughly 100 person community service group that gives me a good networking base. 

I am offering a delivery service of groceries who do not have the time or resources to shop all through a convenient app. 

My original demographic was primarily students and especially those without cars. After some comments from peers I have concluded that it may be advantageous to include adults and the elderly in the surrounding area who would be willing to pay more for this service than a college student and who would also be more willing to tip drivers.

People will pay for this service because they value the time with their families and time for studies. Also some students and elderly do not have transportation means and are willing to pay a fee to overcome this obstacle.

What sets me apart is that I am a college student here on campus and I know the campus well and students would not feel uncomfortable dealing with someone their age. Also I am not aware of any other business offering this service.

I believe that all of these things combine together to make a solid business model. I think I need to strengthen my focus on a demographic and determine how advantageous it is to do more vs less customers.I also need to explore what kind of up front costs I would have to cover. 

FEEDBACK MEMO

Things I realized I should consider based on peer comments were that...

• an app is enticing to customers and is convenient for people with little time 
• this is an up and coming idea and will likely very soon have competitors to consider 
• partnering with a grocery store could bring in extra clients 
• the elderly cant drive just as much as college students 
• adults tip more than college students