28A- Your Exit Strategy

1.)   My exit strategy would be starting my company up and then passing it to someone in the family then retire.

2.)   I selected my particular exit strategy because this business idea is something I’ve had for a long time and believe it can keep me a good stable life. Eventually, I would want to retire and hand off the company to someone in my family who I believe it can take it to another level.

3.)   I don’t think thinking about my exit strategy has really changed anything that I plan to do for my business. I want it to grow to it’s main few stores then come up with multiple product lines. For instance, fresh jams at the supermarket and then compete with the Uncrustable by making ready to go frozen peanut butter and jelly with many different flavors, unlike Uncrustables. So, I believe handing down at some point to a family member that can help it grow.

27A- Reading Reflection No. 3

The book I read was: Mindset: The New Psychology of Success by Carol Dweck.

1.)  The general theme of this book was about embracing challenges and growing as an individual. Carol Dweck goes further and explains how to develop and achieve a growth mindset rather than a fixed mindset. Then shows all the benefits from it, proving that it is critical for a growth mindset.

2.)  Mindset: The New Psychology of Success by Carol Dweck has enhanced my learning for ENT 3003 by explaining and going in further of the thinking out of the box with a growth mindset. I feel this class is very close to since we have to always think outside the box for an idea and still come to dead ends to figure out the solution. By this, we are continually using our growth mindset in this course.

3.) After reading this book, I would design something straight from the final chapter of the book, where Carol Dweck does a workshop that teaches people to shift from a fixed mindset to a growth mindset.

4.) In this book, I didn’t have an ‘aha’ moment. I found a few facts surprising it but nothing too crazy or exciting.

26A- Celebrating Failure

1.)   I haven’t had many failures this semester or this year in school. I would say a few times where I dropped the ball at work when I was supposed to complete a task and completely forgot.

2.)   What I learned was that I need to manage my time more properly and get things in a timely manner so that this doesn’t repeat. Sometimes with the stress of 4 classes while working at Publix a few hours a week and taking on this internship has taken a toll on me and try to be on top of everything.

3.)   I think I handle failure very well when it happens. Yes, I get bum when it happens, but I look at ways I can better myself so that 1. It doesn’t happen again but also 2. It’s the best way to learn in life. So, it’s best to be a failure now than when you’re in your 40’s when it’s a lot more serious. Overall, I just take it as a good learning experience.

25A- What’s Next?

Existing Market

1.)   I think the next step would be selling Jars of the Jam and Jellies. The first start in the storefront then tries to get it into stores.

2.)   - In this interview, I learned that this is a great idea and it is believed and thought if I can make great tasting jellies to sell in the store than it could be very successful and can be what brings in most of my profit for the store.

-       In this interview, I learned that it can take away from my original business and could hurt it as a whole. But I believe if that’s the case I still have a great profit and will still be in green if this did take away from the original concept of my shop. All businesses need to evolve in some way to continue being relevant and I believe this can be it.

-       In this interview, I learned that my price for my jellies might hurt since it won’t be the cheapest on the market due to the nature of being fresh and organic. This might turn people away but also would bring in a good number of customers due to the nature of it.

3.)   Based on these interviews I have multiple mixed opinions on adding this new market. I know it won’t be the easiest thing to implement even though it sounds like an easy and simple concept to add. But learning that it’s a possible money-grabber from my original concept and possibly hurting that business. While still having people say that it will complement my original business and make a new product line.

New Market

1.)   Since I’m a B2C that delivers sandwiches straight to our customers. I decided to do B2B by selling jellies businesses through distribution centers.

2.)   It would be creating our jellies to be solid in stores like Target, Walmart, Publix, ETC. through a distribution center that would deliver to stores that would sell our product.

3.)   In this interview, I learned that it might be hard to enter the market due to so many options already and that they already dominate the market.

-       In this interview, I learned that I would need to find a way for myself to stand out against all the other brands. They liked the idea of having a brand like mine on the shelf but will need to see how it is marketed to make any advances.

4.)   In my interviews, I learned that it would be hard and take a lot of capital to take on the already well-established brands for people to choose me. especially since I have a higher price point. So, I know how I market it is the most important for me to stand against other brands.

24A- Venture Concept No. 1

The concept that I have come up with is a Peanut Butter and Jelly sandwich shop. It is set up like a Moe’s and other places where you create your very own meal. You come in with a staff that has exceptional service. You begin to choose your bread whether it be wheat, white, even bagels the options are endless. The next step is to choose your nut butter spread whether it be peanut butter, cashew butter, and almond butter. I recently came in contact with a good friend who makes special flavored cashew butter and we’re looking at partnering for this shop. Next, you’ll choose between secret spread 1 and spread 2 which makes the PB&J to the next level. Next, the best part to choose from our special organic fresh farm jellies and jams and they are endless and they’ll of course seasonal flavors. Then lastly you can add banana, chocolate chips, and many more flavorful toppings. I believe this concept can generate money and a powerful connection between our customers.

23A- Your Venture’s Unfair Advantage

1.)   Fresh organic jellies 

a.     Valuable: Yes, it makes the sandwiches taste fresher.

b.     Rare: Yes, to an extent.

c.     Imitable: Yes, it is easily Imitable

d.     Non-substitutable: Not Substitutable

2.)   A place with a homey feels

a.     Valuable: Yes, makes people feel safe and at home while away.

b.     Rare: Yes

c.     Imitable: Yes, it can be.

d.     Non-substitutable: Not Substitutable

3.)   UF business degree

a.     Valuable: Yes, UF is a great school and a degree from here goes far.

b.     Rare: No

c.     Imitable: Yes, very easily.

d.     Non-substitutable: Not Substitutable

4.)   Experience with Freelance

a.     Valuable: Yes, it gives me an upper advantage over other people.

b.     Rare: To an extent

c.     Imitable: Yes, very easily.

d.     Non-substitutable: Not Substitutable

5.)   Worked in a sandwich shop

a.     Valuable: Yes, for my business it is very valuable.

b.     Rare: No, it is not rare.

c.     Imitable: Yes, it is easily imitable.

d.     Non-substitutable: Not Substitutable

6.)   Tech-Savvy

a.     Valuable: Yes, especially in today’s age.

b.     Rare: No 

c.     Imitable: Yes, very easily.

d.     Non-substitutable: Not Substitutable

7.)   Ambitious 

a.     Valuable: Yes this how big projects get done and being able to tackle the biggest tasks.

b.     Rare: In my opinion, I believe it is. I believe only a few people have it.

c.     Imitable: It’s a skill that you are kind of born with and it’s not easily Imitable.

d.     Non-substitutable: Not Substitutable

8.)   Handle Failure

a.     Valuable: Yes, this way you can always move on easily.

b.     Rare: Yes, because a lot of people break under pressure and quit.

c.     Imitable: Yes, easily they just need the drive.

d.     Non-substitutable: Not Substitutable

9.)   No Debt

a.     Valuable: Yes it’ll be easier to get started without debt.

b.     Rare: In today’s age it is pretty rare.

c.     Imitable: Yes it can be easily imitable

d.     Non-substitutable: Not Substitutable

10.)                  Customer Service Experience 

a.     Valuable: This is very valuable in any business.

b.     Rare: No every business has some sort of customer service.

c.     Imitable: Yes but will hard since I have unmatched service.

d.     Non-substitutable: Not Substitutable

22A- Elevator Pitch No. 3

I didn't receive any feedback from my second pitch. In this one what I did different was introduce my name and mentioned our recently new partnership with a good friend who makes nut butters.

21A- Reading Reflection No. 2

The book I read was: The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

1.     The general theme of this book focused on how to use social media to promote your business and do good for it. It also mentions how social media can be bad for your product or business and that needing to be careful, so you don’t destroy your product or business.

2.     In my opinion, how this book enhanced what I’m learning in this class was that it’s really showing me how exactly to capitalize on social media for your business. I find it very important to know and learn since we live in a high-tech age and everything is connected in some way. That is why I’m learning that making this blog for this class is actually beneficial for me. 

3.     If I would design an exercise for this class based on this book would be similar to what we did with the blog. But to create a Facebook page or an Instagram page for the business or product you’re looking to sell. This way we could make a logo and start getting the name out there and generate awareness for our business or product.

4.     I didn’t really have an ‘aha’ moment when reading this book a lot of this information is stuff I kind of already knew since I basically grew up on social media and tech. I did learn more about the insider tips to help me use it more professionally for my product/business.

20A- Growing Your Social Capital

Part 1: 

1.)   They are a manager at Subway and have been with Subway for over 20 years. 

2.)   This guy is important to the industry of sandwich shops.

3.)   I found this guy by walking into a Subway in Tennessee near where I live and asking if I can speak to him and ask a few questions for an assignment at school.

4.)   They have given me an insight into how to run a sandwich shop and how my customers will interact with the shop.

5.)   I think I could exploit him as a form of information on how to run a sandwich shop.

Part 2:

1.)   I spoke to one of my Fraternity brothers who is developing an app for college students.

2.)   They are filling my market expert as in knowing my segment really well and how to cater to them.

3.)   They are a good friend from the Fraternity that I’m part of.

4.)   They are giving me great insight into my market segment.

5.)   Yes, I’ll be able to learn a lot about my market segment through him.

Part 3:

1.)   They are my uncle and he makes fresh jams on his farm to sell at farmer's markets.

2.)   He would be the supplier since he would provide the jams.

3.)   He is my uncle and has regular contact to have a jam from him.

4.)   I would be able to get fresh jams and jellies from fresh farms that are organic like I promised to customers.

5.)   I will be able to exploit Jellies and Jams for my company.

Reflection:

In this assignment, I was able to realize that I can make connections easily and be able to learn how to advance my idea even further with knowing I have help to help boost my idea.