Final Reflection

1) Read through your posts from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.

2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

• To me the most formative experience would have to be the elevator pitches. I chose this because for me recording myself or public speaking is very hard for me. I do not enjoy hearing myself speak and so it was a little uncomfortable. However after a few takes and some patience I was able to not only complete them but do them in a manner that I could be proud of. This exercise really helped me to get out of my shell and open up about my idea. This is why I found it to be my most formative experience of the course.

3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

• I don't know if i would call myself a full blown entrepreneur just yet. However, I would definitely say that this class has opened my mind and showed me what it means to be an entrepreneur. This class showed me how to take a raw untapped idea and mold it through different exercises into an opportunity that can be put to use in the real world. I am truly grateful for everything this class has taught me and I will continue to use the lessons I learned from it in my life going forward.

4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

• One thing I would tell someone who is taking this class would have to do with managing your time. The assignments for this class are due on Fridays but for the most part are not hard and are mostly based on your own ideas and opinions. If you try to get ahead in this class it helps with not only passing the class but also passing your other classes. For those lookin to take this class going forward I would recommend them to be open to the ideas and techniques this class has to offer because they can truly help down the road. 

Venture Concept No. 2

Opportunity:

• Online ordering and the process of picking up and taking out food is growing by the second. People are constantly ordering online in an effort to avoid talking to workers or siting down in restaurants. My product allows for customers to walk in get their order with no further contact with workers and walk out.  This product also works to combat theft of take out orders. I know that I have had many experiences with my arriving at a restaurant or store and my order being missing or messed up. People walk into restaurants all the time and act as someone they are not and take orders that were already paid fro online or over the phone.
• The need for this product is directed towards college students but can be used by universally everyone. This product works to assure the safety and security of your order. It works like a vault and only opens to a custom created code that is made by the person who ordered the food. This way people can order and pay for food online and not worry about it being gone when they arrive. The product can also act as both a heater or refrigerator to help keep food at the desired temperature. 
• The forces at work that have brought about this opportunity are a growing rise in internet ordering and rising issue of theft of orders. In today's world especially in college towns people don't seem to care about others peoples thoughts or concerns. There are many places such as Publix or Chipotle where they just put your order on a shelf once its ready for anyone to take. 
• Geographically speaking this product would most likely be centralized in the US but more specifically in cities or college towns in restaurants and stores that specialize in takeout and online ordering. Demographically speaking we would initially target college students and towns in an effort to test out the product then we would spread out to suburbs and cities for everyone to use our product.
• Customers are currently satisfying this need by ordering delivery which costs more money or by siting down in restaurants and wasting time. They are also just ordering online and running the risk of their items being taken. I don't believe they are very loyal to this type of business or there would not be this opportunity. I do believe that this opportunity is big and can be implemented in a number of ways to a number of different types of people. If done correctly this could be a huge opportunity to be successful.
• I do not think this window will be open very long especially in times like this it is only a matter of time before someone else thinks of this idea and acts on it.

Innovation:

• My product allows for customers to walk in get their order with no further contact with workers and walk out.  This product also works to combat theft of take out orders. It works on a app system such as Uber or Door Dash. You open the app and and search the restaurant you want to order from to see if food safes is offered there. After you find your restaurant you proceed with your order and payment after you have paid you will be asked to create a custom four digit code. After this the restaurant will receive your order and make it and place it into the food safe with your code so it can only be accessed by you and your code. 
• We would sell these machines to restaurants for a flat rate and also charge a small percentage for using our app and network. After the testing period our machines will be in stores an restaurants all over the place. Bringing in revenue in multiple different ways. We will also seek deals with chains and stores in order to save them money and further spread our own product.

Venture Concept:

• This product works to assure the safety and security of your order. It works like a vault and only opens to a custom created code that is made by the person who ordered the food. This way people can order and pay for food online and not worry about it being gone when they arrive. The product can also act as both a heater or refrigerator to help keep food at the desired temperature. Customers will buy this to make their businesses more efficient as well as raise customer satisfaction. These things will raise revenues in their stores which also raises our revenue as well.
• I believe customers would switch to this product because it will make their business better and more efficient as well as make customers lives easier. I don't think it will be very hard to get them to switch because most likely they won't be switching from anything and we would be pitching them something to improve their business.
• There aren't really any competitors, the only company with a similar product is Little Caesars and they have not expanded to other companies. Customer satisfaction and experience plays the largest roll in our minds. We designed this product specifically to help and ease the lives of our customers. 
• As far as packaging and distribution is concerned we would most likely ship our machines via truck across our distribution area. Are business would be mostly internet based but we would also have a factory/ warehouse which would be our distribution hub where would operate both our app and ship out our machines from. This would include our warehouse employees drivers and all or tech support as well as managers to oversee everything. These are all things we would have to deal with in the inner workings of our organization. 

Feedback Summary

• A lot of the feedback I received had to do with the application of the product and how it would be used. Most of the feedback was positive and encouraging. However some of it posed some very interesting questions. For example, some feedback asked how I would sell the products as well as how it would be payed for and applied in stores. Some people recommended I charge a flat rate while others suggested I charge a rate  per use of the machine. 
• I chose to keep my original idea of charging a flat rate with a small percentage per order after reading the  feedback my peers had. I didn't change too much about my original venture concept because i didn't receive a whole lot of feedback. I did decide to change the idea I had about the product to run on a code system. I decided that instead of making your own code each order would be given a QR code to scan and when you arrive at the store you scan it at the machine. I did this to further push the contactless pickup idea of the product.
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Reading Reflection No. 3

1) You read about an entrepreneur: Andrew Carnegie 

• What surprised you the most?

The thing that surprised me the most was to learn that Carnegie was a popular user of insider trading. Though it was legal at the time it was still seen as immoral. He was also quoted to saying that the key to being rich was being the right person at the right place at the right time. This made him sound lucky rather than smart for his immense wealth. I guess he was a little bit of both. 

• What about the entrepreneur did you most admire?

I admired that he went back home after his success in the US. He went back home with his mother to show that he had finally become something. Another thing I admired was his immense charitable donations and foundations. After he sold his company he was immensely generous in making public libraries and his donations to the arts. 

• What about the entrepreneur did you least admire?

The thing I least admired about him was how he dealt with the union uprising and strikes. While I know that unions were a new thing that no one had seen before his dealing with it was violent and out of control. He also went on to deny hiring Pinkerton soldiers to solve the issue which was clearly just to maintain his image.

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

Carnegie did encounter failure when he bought some British railroad patents for a large sum of money that ended up being worthless. However after that he began looking for another venture to try his hand at. That is when he began studying the steel industry. Without that initial failure he may have never began work in the steel industry and may not have become as rich as he did.

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

One competency that I noticed was that he had a plan to be rich and ti be someone and he stuck to that goal. He changed his ideas a few times but never stopped moving forward towards his goal. He had a great entrepreneurial mind and was committed to putting it to use in any way he could. 

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

One part of the reading that confused me was why he sold his company. He was the majority owner and operator of the largest steel plant in the country yet he just sold it. It confused me because he had spent so much time and effort building it literally from the ground up and then just turned around and sold it. That is why it would be one of the questions I would ask him because I never fully understood his decision.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?
The first question I would ask him would be why did he sell his steel company to Morgan? I would ask this because I would want to know the true meaning behind it whether it was to get rich or he was just ready to retire. The second question I would ask would be if he regretted his handling of the union s and strikes at his factories? I would ask this because it is still something we talk about today and it obviously could have been handled in a completely different way.

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

I think Carnegie valued hard work but it was not the most important thing. He told young men that success doesn’t come from endless work. Instead, it came from being the right man at the right time and place. I don't know if I share his opinion or not because I don't think its all about being lucky sometimes working hard just pays off itself.

Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

For, my business venture I intend to make it large enough to attract a large company such as coke or pespi and sell off the rights. I never though of this as a long term plan. I would most likely build it up to a standard that I feel is both physically and financially successful. I would look to sell the company but still keep some stock in it and move on to other possible business ventures.  

2) Why have you selected this particular exit strategy?

I chose this because I created this opportunity as a way to make money and possibly provide the world with something I felt they were truly lacking. Like I said before I never though of this idea as a long term solution for the rest of my life but rather as a stepping stone for myself to go on to bigger an better things. 

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I don't think my exit strategy has really changed my decisions for the future of my product. I made this product up specifically with this exit strategy in mind therefore I was already considering my exit strategy towards the beginning. It could affect how I acquire resources because I could look for possible partners earlier on and then sell it off to them fully. It however didn't affect how I came up with this opportunity because like I said I had previously had this exit strategy in mind. 

Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

This semester i would say that I have probably failed at more things than I have succeeded at. However, one thing in particular comes tom my mind when I think about failure. This semester I took Managerial Accounting and from the beginning it was a rocky ride. I studied and prepared all I could but when the first test came around it was a bomb. I failed only getting a 35 probably the lowest score I have ever received on a test. I decided to change my approach to the class and even sought the help of a tutor. After tremendous preparation and studying I received a 75 of the second test better but still not good. Unfortunately, even though I showed improvement it still wasn't enough to improve my grade so I decided to drop the class. 

2) Tell us what you learned from it.  

What I learned from this experience is that even though you can try your best you're still gonna fail and that's ok. The key is to adapt and to change your approach. If something isn't working try something new. My dad once told me the definition if insanity is doing the same thing and expecting a different result. I took those words to heart and I really try to change things up every now and then. 

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

Failure is hard but it's how we deal with failure that I think really defines us. Emotionally, I try not to think about it and move on. It's harder than it sounds but I have gotten really good at looking forward rather than looking back. Behaviorally I try to surround myself with my best friends, the people I know don't care if I fail or not because they are my best friends. This class has really changed my view of failure. It made me realize that everyone even the rich, famous and powerful fail and fail a lot. So, it showed me that its ok if you fail as long as you try again. I don't know if I am more likely to take a risk right now but I am definitely more likely to think about an calculate taking one. 

What’s Next?

What I think is Next?

• I think that the next step for my product is to get together a team of software and mechanical engineers in order to start working on both the machines and the app sides of our products.  In doing this we can get a prototype ready to show customers as well as getting different businesses to use and sign up for our app. The next step for food safes is the first real step in seeing if this opportunity can really work. 

Existing market interviews:

• Interview #1: Cousin and third year student at the University of Florida 
• When asked what he thinks is next for my product he suggested that we come up with an alternative for a possible delivery option because some people don't like to drive to the stores to pick up their food. 
• Interview #2: Sister who currently lives in Washington D.C. 
• When asked what she thinks is next for my product she said that she thinks we should try and possibly partner with DoorDash or Uber in an effort to get them to endorse our product with other restaurants and stores. She said that this way it helps them with efficiency and customer satisfaction as well. 
• Interview # 3: Cousin and Senior at Florida State University
• When asked what he thinks is next for my product he said that I should interview and poll potential business clients to see if they are willing or able to purchase and us one of our products. He says this will give us an idea on whether or not this product will work. 

Reflection:

     After receiving feedback from my interviews and thinking about my product some more there a couple things I have decided to do next. These interviews have also made me think that I need to be open to more feedback and advice from others. There a bunch of ways I could move forward with this venture. 

     I think the next step is to talk to restaurants and get their opinions on my product. This seems like the right course to take because it will let us know whether to continue on with this opportunity or continue tweeking the idea. After we talk to the businesses we plan on pitching to we will have a better idea on what we need to fix as well as what they are looking for.

New Market

• I think a new market to look at would be parents and older people who live in the suburbs or neighborhood areas. I think this is a good market to test because our initial demographic is cities and college students. So this is a perfect way to look at a new point of view. 

New Market Interviews

• Interview # 1: Dad who is a business owner and manager
• When asked what he thinks is next for my product he thinks I need a broader spectrum and need to offer deald or codes to entice people to join on the app. 
• Interview # 2: Mom who is a manger at an insurance company
• When asked what she thinks is next for my product she said that I should look to market to people in situations where it is hard to get food delivered that way they know that their food is in the best quality when they go to pick it up. 

Reflection 

Venture Concept No. 1

Opportunity:

• Online ordering and the process of picking up and taking out food is growing by the second. People are constantly ordering online in an effort to avoid talking to workers or siting down in restaurants. My product allows for customers to walk in get their order with no further contact with workers and walk out.  This product also works to combat theft of take out orders. I know that I have had many experiences with my arriving at a restaurant or store and my order being missing or messed up. People walk into restaurants all the time and act as someone they are not and take orders that were already paid fro online or over the phone.
• The need for this product is directed towards college students but can be used by universally everyone. This product works to assure the safety and security of your order. It works like a vault and only opens to a custom created code that is made by the person who ordered the food. This way people can order and pay for food online and not worry about it being gone when they arrive. The product can also act as both a heater or refrigerator to help keep food at the desired temperature. 
• The forces at work that have brought about this opportunity are a growing rise in internet ordering and rising issue of theft of orders. In today's world especially in college towns people don't seem to care about others peoples thoughts or concerns. There are many places such as Publix or Chipotle where they just put your order on a shelf once its ready for anyone to take. 
• Geographically speaking this product would most likely be centralized in the US but more specifically in cities or college towns in restaurants and stores that specialize in takeout and online ordering. Demographically speaking we would initially target college students and towns in an effort to test out the product then we would spread out to suburbs and cities for everyone to use our product.
• Customers are currently satisfying this need by ordering delivery which costs more money or by siting down in restaurants and wasting time. They are also just ordering online and running the risk of their items being taken. I don't believe they are very loyal to this type of business or there would not be this opportunity. I do believe that this opportunity is big and can be implemented in a number of ways to a number of different types of people. If done correctly this could be a huge opportunity to be successful.
• I do not think this window will be open very long especially in times like this it is only a matter of time before someone else thinks of this idea and acts on it.

Innovation:

• My product allows for customers to walk in get their order with no further contact with workers and walk out.  This product also works to combat theft of take out orders. It works on a app system such as Uber or Door Dash. You open the app and and search the restaurant you want to order from to see if food safes is offered there. After you find your restaurant you proceed with your order and payment after you have paid you will be asked to create a custom four digit code. After this the restaurant will receive your order and make it and place it into the food safe with your code so it can only be accessed by you and your code. 
• We would sell these machines to restaurants for a flat rate and also charge a small percentage for using our app and network. After the testing period our machines will be in stores an restaurants all over the place. Bringing in revenue in multiple different ways. We will also seek deals with chains and stores in order to save them money and further spread our own product.

Venture Concept:

• This product works to assure the safety and security of your order. It works like a vault and only opens to a custom created code that is made by the person who ordered the food. This way people can order and pay for food online and not worry about it being gone when they arrive. The product can also act as both a heater or refrigerator to help keep food at the desired temperature. Customers will buy this to make their businesses more efficient as well as raise customer satisfaction. These things will raise revenues in their stores which also raises our revenue as well.
• I believe customers would switch to this product because it will make their business better and more efficient as well as make customers lives easier. I don't think it will be very hard to get them to switch because most likely they won't be switching from anything and we would be pitching them something to improve their business.
• There aren't really any competitors, the only company with a similar product is Little Caesars and they have not expanded to other companies. Customer satisfaction and experience plays the largest roll in our minds. We designed this product specifically to help and ease the lives of our customers. 
• As far as packaging and distribution is concerned we would most likely ship our machines via truck across our distribution area. Are business would be mostly internet based but we would also have a factory/ warehouse which would be our distribution hub where would operate both our app and ship out our machines from. This would include our warehouse employees drivers and all or tech support as well as managers to oversee everything. These are all things we would have to deal with in the inner workings of our organization.