Assignment #24

All Around the World Fast Food

Opportunity

·     Individuals that want to choose a place to eat that people of all different backgrounds can enjoy. My potential customers mainly are people seeking something unique and different to add to their everyday lives. 

·     The nature of this need is somewhere along the lines of changing the way people live their lives and measure their standards. My business proposal seeks to catch the attention of individuals and groups by creating an entirely new way that people can enjoy ethnic foods.  

·     The changes in the environment that are creating this opportunity are the desire for inclusivity and diversity. As people are becoming more accepting and willing to try new things, eating at a restaurant that serves different culture’s foods allows a place where people can embrace their nationality and others’ as well. 

·     In the beginning, I will restrict the geographic aspect of the market to just the continental US, then gradually expand globally once funds are available. Demographically, people of all ages, races, genders, and cultures can enjoy eating at my restaurant. One thing that that may limit someone in my demographic could include people with special dietary needs. 

·      I believe this opportunity has the chance to be successful globally if we market it in a successful way and portray to our market all the good that will come from this. 

·     This window of opportunity could be open for a long time, as I think my business idea is very innovative. Once people start to increase their standards, people will desire a change in the way they eat. 

Innovation

·     My product is innovative in several different ways. For one, my restaurant will have to have a kitchen that can cook foods of that have many different preparation processes. Creating and developing new machines will probably be one of the hardest challenges we need to overcome. In order to be successful, these machines must be able to optimize production and be useful for many different dishes. 

·     Another way my product is innovative is how it is changing the way people are going to want to eat. With all the options, I will be providing them, my market will never want to eat anywhere else. Whatever they are in the mood for, they will get!

·     Depending on what my customers order, I am selling my different meals and employee’s labor for around $5-$20. 

Venture Concept

·     My innovation will address the opportunity by allowing customers to choose what type of food they want to eat that day. 

·     Customers would switch to this new product because it is something that they have never seen before. It might be hard at first to get them to switch because some people may not initially like the idea of eating different cultures’ foods in one location. However, once they see what a great opportunity this is and how society is continuously changing, they will fall in love with the idea. 

·     My competitors include current food restaurants. I know it is such competitive competition, but I believe that my restaurant will stand out. The competitors’ weaknesses are mostly that they don’t provide different types of ethnic foods in one location. Everyone has seen Mexican restaurants, Chinese, Italian, Brazilian, and more, but no one has seen a restaurant where all those cultures blend together and provide the best meals from all around the world. 

·     Price points, distribution, packaging, customer support, business location, and customer experiences are all very important factors when defining my business concept. All of these factors will play a big role when starting and developing my business. 

·      I will start my business with one location, after I have concept tested each market. I think around 50 employees would be a good start. Different roles include a kitchen staff, front of house employees, accountants, managers, team leaders, and definitely a few more. 

Three Minor Elements

1.    My most important resource is the variety of options to consumers. It may be hard to copy this because we will have an algorithm system to determine the best set of choices for consumers to choose from. We will definitely have a head start in the business which will help us develop ways to improve our variety to consumers.

2.    Next for the venture would be to actually start developing the innovative products that my business will use. Possibly creating a customer input inbox to allow customers to recommend foods that they would like us to put on the market, especially people that are from different countries so they can help us truly embrace the great foods of each culture. 

3.    In five years, I see this restaurant as the go-to restaurant all around the world. I am going to be super successful and keep improving the restaurant to help customers get what they want.

Assignment #23

Assignment 23 

1.    Financial capital: I have a savings account that I would use to start my business. I also would reach out to potential investors in the beginning to help my business grow. 

a.    Valuable: Money is always valuable to a business, it will help get the ball rolling in my business idea. 

b.    Rare: Possibly could be rare if I don’t have enough investors, or my money in my saving account doesn’t help much. 

c.    Inimitable: Other companies have to have money to start their business too, so financial capital is very inimitable. 

d.    Non-substitutable: There are not many ways to substitute money, especially when starting a business. There are other ways to get money, but money is the main factor needed for financial capital so it is not very substitutable. 

2.    Work experience: I have worked in an ice cream restaurant, Chick-fil-A, and a marina that all contributes to my work experience in the food industry.  

a.    Valuable: My experience is valuable because I am the only one that has my experiences. It will help me have an advantage because I have some insight on how the food industry runs.

b.    Rare: Not very rare because many people also have work experience in the food industry. 

c.    Inimitable: My personal experience is not very inimitable because it is unique to me, however, others may also have experiences of their own that I do not have. 

d.    Non-substitutable: I cannot change my experiences so they cannot be substituted from what has happened in the past because that is done. 

3.    Social Capital: I have made a lot of connections in the business school that will help me connect with valuable individuals to create an advantage for my business. 

a.    Valuable: These individuals that I know are all valuable to me and my company because they all bring something to the table. 

b.    Rare: Very rare to have such talented people among me, however, it does happen in the most successful companies. 

c.    Inimitable: Every person’s value is unique so it is not very inimitable. Other companies can try to gain similar experiences to the people around me, however it will never be exactly the same. 

d.    Non-substitutable: You cannot substitute human capital for many things. Social capital is one of the most important aspects when starting and running a business. 

4.    Variety of options to customers: My restaurant will have a wide variety of options to offer my customers. Allowing them to eat food from different cultures is what will make my company unique. 

a.    Valuable: This is probably the most valuable part of my business because it is so unique. Offering a place that everyone can eat at will be beneficial to my company. 

b.    Rare: I haven’t seen restaurants that offer a variety of cultures’ foods in one location. 

c.    Inimitable: It is possible that this is inimitable because anyone can copy another person’s business once it is running. However, there may be large barriers to entry such as startup costs. 

d.    Non-substitutable: This business probably has a relatively high ability to be substitutable, as does any restaurant, but being so unique will make it less substitutable. 

5.    Education: Studying Finance and Economics and getting a degree at a top 10 public university is probably my biggest personal asset. 

a.    Valuable: I would say education is one of the most beneficial things you can do for yourself to help be useful in the workforce. 

b.    Rare: Not very rare because many people have degrees from great universities, but there are also many people who do not. I think this is just rare enough. 

c.    Inimitable: Other people can definitely copy me by also getting an education. 

d.    Non-substitutable: What I learned here at UF is definitely unique to me and hard to find elsewhere. 

6.    My mom:  I wouldn’t be where I am today without the help of my mom. She is definitely the most supportive person in my life. 

a.    Valuable: Very valuable to me, however, there are a lot of supportive parents out there who go out of their way to make sure their children succeed. 

b.    Rare: Also, very rare because she is so unique, but again there are similar parents out there to my mom. 

c.    Inimitable: I would not say the is very inimitable. Nobody can take the value and experiences away that I gained from my mom. 

d.    Non-substitutable: No one else and nothing else could be able to substitute her. My mom definitely is very unique and has helped me the most. 

7.    Personality traits: I think I have a lot of strengths when it comes to my personality. I think I am fun, energetic, and eager to learn. 

a.    Valuable: My personality is very valuable to me. It is what makes me who I am. I would say my personality is priceless, but so is everybody else’s. 

b.    Rare: Also, very rare because my personality is so unique. Nobody has the same exact personality as anyone else. 

c.    Inimitable: My personality would be hard to copy, as would anyone else’s. 

d.    Non-substitutable: I would also say my personality is non-substitutable because it is unique to me and nothing else would provide the same value to me that my personality does. 

8.    Large Demographic: My business will be open to individuals of all ages and all backgrounds. 

a.    Valuable: A large demographic is valuable because it provides a wide audience that my product can appeal to.

b.    Rare: This is relatively rare because there are many companies that have large demographics, but I think my company takes it one step further. 

c.    Inimitable: This is probably easy to copy, depending on how you market your product. 

d.    Non-substitutable: There are other substitutions such as appealing to a specific group of people. I personally would rather have a large demographic than appeal to a specific group of people. 

9.    Capabilities: I think I have many capabilities that are unique to me. My work ethic is probably what makes me able to do a lot of the tasks that need to be done in order to have a successful startup. 

a.    Valuable: My capabilities are very valuable to me. Without my capabilities, I wouldn’t be capable of doing many things. 

b.    Rare: This is not really rare because everyone has strong capabilities. 

c.    Inimitable: This is also inimitable because others can learn the skills that I have learned throughout my life. 

d.    Non-substitutable: This is also kind of substitutable because if I didn’t have my capabilities I would just learn different capabilities. 

10.  Social media experience: I have grown up using social media. I believe social media is the main part of marketing in today’s world. 

a.    Valuable: Social media is very valuable to influence society and get your company’s name out there. Being able to make a good impact on society through social media is probably one of the most important aspects of advertising. 

b.    Rare: Social media is very popular and many people have a lot of experience using it, so this isn’t a very rare advantage to have. 

c.    Inimitable: Success on social media is relatively hard to get, it depends on how you market your idea and if the audience will like what you’re putting out there. If you can’t get positive social media attention it might be hard to copy. 

d.    Non-substitutable: There are definitely other ways to market and advertise, but social media is probably the most important one making it not very substitutable. 

I intend to create an inclusive and diverse culture. With that being said, I would say my variety to consumers is my most valuable resource. My uniqueness provides a benefit to consumers because they are able to choose from various options in one location when they are enjoying fast food. Bing very inviting will allow my company to succeed and unique because everyone can find something they enjoy eating here. 

Assignment 22: Elevator Pitch #3

https://youtu.be/cb4D-iRPbnI

I took my feedback ant tried to incorporate it into this elevator pitch. I thought all the feedback I received was very helpful! I tried to make it more understandable to my audiences. I worked on getting the audience's attention with voice changes and hand motions. I definitely feel a lot more comfortable making my elevator pitch in front of a camera, and I do believe my elevator pitch has improved greatly!

Assignment 21: Reading Reflection #2

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

a.     I would say that the general theme of this book, The Long Tail: Why the Future of Business is Selling Less of Moreby Chris Anderson is the impact that technology has on marketing and how creative and innovative products are the future our economic drive. Anderson focuses on the advertisement of niche products to consumers via social media with the help of advanced technology. 

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

a.     This book connects and enhances what we are learning ENT3003 by providing real world scenarios of marketing strategies that our future businesses should take. 

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

a.     One idea for an exercise that I have based on this book is to have students try different marketing and technologies to spread the word about their new product, and see how it affects its popularity, or consumers perspectives of the products. For example, create different social medias and marketing tactics for a product and see what has the biggest impact on friends and family. 

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?

a.     My biggest ‘aha’ moment when reading this book was probably when he mentioned that having a long tail makes up a good portion of a firm’s sale. In other words, I was surprised to read that a lot of companies get their revenue from niche products. I was also interested when I read about the different techniques that companies use to make the tail more beneficial to them. 

Assignment #20 Growing Your Social Capital

Growing Your Social Capital

1. Expert on your market:

• Who they are and what their background is.
• Stephanie Cohen, marketer for Sprinkles and Scoops in my hometown.
• Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
• Domain expert. She fills this spot because she is targeting the same market that I am. She knows who typically buys her product and has experience dealing with these customers. Her market, like mine, consists of families and people of all different backgrounds that are looking for a place to eat with their friends.
• A description of how you found the person and contacted the person.
• As a previous employer's sister, I sent her an email asking her a few questions about her market.
• The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
• Since I worked with her sister, she was willing to answer a few questions that I asked her. We had already established an indirect relationship/network since I knew her sister, so this was just a favor she did for me, as I help her with any favors she needs from me.
• How will including this person in your network enhance your ability to exploit an opportunity?
• She will definitely help me learn as an entrepreneur and be able to grow my company into a successful one.

2. Domain expert in your industry:

• Who they are and what their background is:
• Efraim Silva, Owner/Operator of Chick-fil-A, Pompano Beach.
• Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
• Market expert, he fills this spot because he runs a fast food restaurant. This is his main area of expertise. Although I had never met him before, he was willing to talk to me and answer some questions.
• A description of how you found the person and contacted the person.
• This is my boss's boss from when I worked at Chick-fil-A over the summer, I simply gave him a call.
• The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
• I told him about my potential business and asked him for feedback from his experiences.
• How will including this person in your network enhance your ability to exploit an opportunity?
• His background and firsthand experience is definitely beneficial to my ability to exploit this opportunity. I can learn from his mistakes, not just my own.

3. Important supplier to your industry:

• Who they are and what their background is.
• Bryan Smith, a customer Support Manager at Gordon Food Service. He used to work as a Customer Development Specialist but changed positions a few years ago.
• Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
• Supplier, he fits this spot because he works closely with many companies and restaurants to supply them food.
• A description of how you found the person and contacted the person.
• I connected with Mr. Smith via LinkedIn when I was searching for food suppliers.
• The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
• I messaged him asking her if she would be able to answer a few general questions I had about his position.
• How will including this person in your network enhance your ability to exploit an opportunity?
• This was definitely an extremely beneficial thing for me to do for my future company. I got to learn a little bit about how companies and supplier's relations function.

Reflection
I believe that this was a very rewarding networking process. I will definitely remember doing this assignment when I am networking in the future. This was definitely a more formal way of networking that I am used to. In the future I will focus on having interesting questions to ask and focus on relating their feedback into my life.

Assignment 19: Idea Napkin #2

Idea Napkin #2

1. My name is Kelly Gest and I am a Sophomore here at the University of Florida. I am currently majoring in Finance and Economics. This business would be a major part of my life because I would devote most of my time and resources to it after I graduate. If I were to start this business, this concept would just the beginning of the biggest thing that will change my life completely.

2.  I am providing a place where everyone and their friends can feel comfortable eating at. I am offering to customers a way to meet their unfulfilled need of wanting fast, cheap, and healthy food at fast food restaurants. This new fast food restaurant would incorporate speed, health, and affordable options as well as offer "unhealthy options". Since different cultures have different food, some choices would be cheaper than others, creating a large market that I can target. I will call it either All Around the World Fast Food or GlobalFood. I will provide a wide variety of healthier options in a short amount of time.

3. My target market is very broad, but can be specified down if needed to. I am simply offering my business to anyone who is hungry and wants to choose from a variety of different options. Often, people can't choose where to eat lunch they disagree on where they want to eat. This would solve this problem by offering many different types of foods that appeal to many more people. This one restaurant would allow people that want healthy, fast, and cheap meals to actually get what they have been wanting for so long. Even people that just want fast and cheap (that do not care about how healthy it is) will be happy here too because we will have so many choices to choose from. 

4. In today's America, people are caring more and more  about what they eat. These individuals care because society is becoming healthier and individuals are raising their expectations of restaurants everywhere. Customers will have the option to choose to eat as healthy as they want. Customers will pay money because they can choose from a variety of options and it will satisfy them for whatever they are in the mood for eating that day.  I think this business will work because it speaks to a wide group of customers. 

5. This concept's core competencies include being healthy, cheap and fast. One advantage that this restaurant will have is that it will have different foods from all around the world so customers can choose how healthy they want to be and what type of food they want. From each part of the world, this restaurant will have the most popular dishes from each area. I also have some experience working in fast food, which will be beneficial to running this business.

Summary:

These five different elements definitely fit together because I am able to offer a solution to customers who care while adding value to the company.  Some weak points are the high costs that is going to take to make all different types of food (inventory) and the uncertainty in the food industry. One thing that will be interesting to look at during the development of this business is whether or not customers would like that many options from a fast food restaurant. 

Feedback Memo:

I received some pretty helpful feedback. I got a lot of support for my business idea. I did take into account that people are wanting more healthy options, but not just salads and veggie burgers. Also, I am going to make sure that it is actually fast. I incorporated this feedback into my idea napkin by reevaluating what customers actually want.

Assignment #17 Elevator Pitch #2

Assignment #17

https://www.youtube.com/watch?v=4IDgW214O1o&feature=youtu.be

All of the feedback that I received was both insightful and useful, it help me improve my elevator pitch! I thought all of my feedback was incredibly nice and supportive and I didn't change much to my presentation based on the feedback that I received. I did try to talk louder and use different hand gestures.