23A - Your Venture’s Unfair Advantage

Your Venture's Unfair Advantage:

1. Fundraising Experience: I have fundraised for multiple organizations throughout my four years at college. Specifically, I have raised over $8,000 for Dance Marathon at the University of Florida. 

Valuable: This is a valuable skill because I will definitely need funds to pursue my opportunity. 

Rare: This is not rare, many people have the ability to do this

Inimitable: This is somewhat inimitable, however, it is also somewhat individualistic

Non-substitutable: I could pay another person to do this for me, but that would defeat the purpose. 

2. Uniqueness of idea in this area: There is no other service in the Gainesville area that delivers groceries to customers. 

Valuable: I think it's a valuable idea because of the convenience it provides to its users. 

Rare: It's not rare since the idea exists in other markets.

Inimitable: This is definitely inimitable. It exists in other markets and has competition where it does exist. 

Non-substitutable: The substitute for this idea would be going to buy your own groceries, which if the customer is using this service, they do not have the time to be doing. 

3. Social Capital: I am currently a college student and have a large network of friends and acquaintances that I could connect and market this service to.

Valuable: This network is extremely valuable because I would need an initial client base to get this service started. 

Rare: This is not rare, many people have a large network of friends they can utilize. 

Inimitable: Again, many people have large networks they can connect with, however I think I have a special group of individuals that would propel my service further initially. 

Non-substitutable: This type of advantage is truly non-substitutable because you need an initial group of people to get your venture started. 

4. Public Speaking Experience: 
Valuable: This skill and experience is valuable when communicating my service to potential investors and users. 
Rare: This is not rare, but it is also not common. It is a skill you must develop, but many people are able to gain this skill. 
Inimitable: Everyone's level of public speaking experience is different, but you can tell when someone is more comfortable speaking in front of people than others. 
Non-substitutable: Public speaking skills can make or break a presentation. It is imperative that whoever is presenting on behalf of a company is able to convey that message clearly and confidently. 

5. Listening/Taking Criticism Well:
Valuable: this is valuable because when you are the creator of something you want people to use, at the end of the day your opinion is not the most important one you must listen to. It is important to be flexible and adaptable.
Rare: Not very rare.
Inimitable: Everyone has the ability to listen, but it takes a lot of experience to be able to digest criticism well.
Non-substitutable: Can be substituted by others who have this skill. 

6. Familiarity/Ease of Use:
Valuable: It is very valuable to have an easy to use app service, otherwise customers will not want to use your service.
Rare: Not very rare. In my mind, it would follow a similar model and function to Uber.
Inimitable: This can be imitated easily
Non-substitutable: The substitute would only be that users don't end up enjoying the ease this service provides because the app would not be easy enough to understand. 

7. Target Audience:
Valuable: Extremely valuable if I want this opportunity to be successful.
Rare: Not very rare.
Inimitable: Most entrepreneurs can determine their own target market when coming up with their idea.
Non-substitutable: This is absolutely not an option to substitute, it's important to know and market to your target audience in order to be successful. 

8. Social Media Presence:
Valuable: Social Media has completely revolutionized marketing and I have had professional experience dealing with digital marketing, which would help me utilize this skill.
Rare: Not rare. Many people my age understand how social media presence and marketing works. 
Inimitable: Others can learn how this type of marketing can help them, so it is inimitable. 
Non-substitutable: See above. 

9. Drivers Available:
Valuable: This is extremely valuable because this is what the whole service is about - drivers who can provide a service to users. 
Rare: Not rare.
Inimitable: Yes, because there are drivers available almost everywhere
Non-substitutable: Absolutely not. Refer to the point about valuable. 

10. Leadership Experience:
Valuable: As the founder of this venture, it's important that I am able to lead a team well if I want this service to become successful.
Rare: Not rare. Lots of people can gain leadership experience.
Inimitable: See above.
Non-substitutable: I could have someone replace me as the "leader" aka CEO or President or whatever, but I would not want to hand over that position.

Assignment 19A - Idea Napkin No. 2

Second Shot at Idea Napkin No. 2

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?

My name is Meredith and I am a senior marketing student at UF. I plan on moving to New York City after graduation to start a career in marketing. I have a talent for leading groups and public speaking, and I like to work with other people to solve problems. I have a passion for traveling and exploring new countries, and would love to find a career that allows me to do so.  It would be easy for me to be passionate about starting this business concept because it is something that directly impacts me, and I feel that having a connection to your work allows you to invest yourself more fully.

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

This part has not changed. My service is a grocery delivery service. When I lived in NYC this summer, I saw tons of advertisements for this type of service, but I have not seen that service offered anywhere else. I know for myself as a student, grocery shopping can be a pain and hard to do if you don’t have a reliable mode of transportation. My service would be in the form of an app, similar to Uber, where you would request specific grocery items and pay a fee to have them delivered to you. The feedback I received from my peers was positive and confirmed that this is an unmet need in certain market areas, and even helped me think of possible ideas to build off of and create a better plan for this solution. 

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?

This part has also not changed much. My “clients” are college aged individuals, both male and female, who attend UF or live in the Gainesville area. Geographically, all of my customers live very close to one another, so that is something they all have in common. They also either don’t have a reliable mode of transportation or do not have the time in their day to go grocery shopping. In addition, I think the families that live in the city of Gainesville would appreciate this service as well. Afternoon traffic in Gainesville is a struggle, and many families are forced to drive onto Archer after work and spend hours in traffic in order to get their weekly groceries. I'm certain that it would be valuable to that market as well. 

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. 

Mainly because of convenience. Convenience plays a large role in why customers would find this valuable to them. Food delivery services and driving services have become popular because they have created a way to make their customers lives more convenient.

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

This service does not exist in the Gainesville market, so that is something that sets my idea apart from others. Just like Uber and other apps that have taken off, it will allow individuals to make money on the side or during their free time, as well as provide a service for a market.

I believe that these qualities seem to fit together nicely. The only question that was difficult to answer was number five. I don’t think this is a unique or new idea, because it is playing off a service I saw in New York City. However, since this is a completely different market, it would be new to these customers. I think to make this idea work, I would have to do a lot more research to ensure that a city like Gainesville could sustain this opportunity. I enjoyed the feedback about the similarity between this idea and Uber being a solution for not having guaranteed transportation.  

A lot of the feedback I received was positive and encouraging, and even got me thinking about the different markets that I wasn't initially including in my first Idea Napkin. A lot of people noted that Gainesville would be a good place to start this idea due to the amount of families that live here, not just the amount of students.  

Assignment 21A - Reading Reflection No. 2

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

Carol Dweck and her colleagues' research have discovered a simple belief that can guide and direct nearly every part of our lives. It has to do with your mindset aka the view you have of your qualities and characteristics - where they come from and whether or not they can change. Dweck defined two types of mindsets that represent extreme sides from each end of the spectrum. A fixed mindset is developed through believing your qualities are what they are, and you have no ability to change that. Intelligence, personality, and creativity are some examples of these types of characteristics. A growth mindset develops through believing that your qualities can be shaped through different amounts of effort and time put in to enhancing them. Aptitude, talents, and interests are all examples of the types of qualities you can change through experience. Dweck talked about being somewhere in the middle of the spectrum, and different experiences or times in your life when you may veer towards one extreme or the other. Your mindset will vary with each different experience.

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

Being an entrepreneur, it's extremely important to be flexible and adaptable in your attempts to solve problems. You may come in thinking you have an incredible solution, but when put into practice, being firm in your goals but flexible in your execution will result in finding the most optimal way to achieve your goal. Allowing your views to change with each experience will allow that type of mindset to guide you in that area. 

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

If I were going to design an exercise for this class, I would create a list of scenarios that an entrepreneur may experience in the first year and ask the class to use different mindsets to adapt to those challenges. 

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?

There wasn't anything that surprised me, but I enjoyed reading the chapters that dove into different aspects of life, such as an athletic approach, a business approach, and a relationship approach with these different mindsets. It was nice that Dweck included these chapters in her book because it allowed me to relate back to my own life and see how I could adopt her practices into my own life. 

18A – Create a Customer Avatar

My product can be "sold" to anyone who goes grocery shopping, but for the purposes of this exercise, I will focus on the college student segment of the market. 

Who is she? She is a University of Florida student who was born and raised in Boca Raton, Florida. She's 18 years old. She has a lot of friends from home who go to school here, so she feels comfortable and adjusted to college life so far. Her family is very close knit, and she is used to being the youngest of four kids so she has always been "babied" in her life. Her parents were open-minded and honest with her about the reality of college, so she felt prepared coming to a big SEC school. She doesn't have a car at school, but has been able to get by so far without one. She's in a sorority and also involved in various other organizations on campus, and it takes up a lot of her time. She's an engineering major, so she is frequently studying and stressing over her grades. She lives in an off-campus apartment with three other girls, but isn't home very much because of her studies and involvement. She wants to make the most of her four years at UF, so being busy is not an issue to her. She enjoys working out and tries to make it a priority even though she has a pretty busy schedule. 

What do we have in common? I came to UF without a car, so I understand the struggle. I also joined a sorority and tried to get involved in as many organizations as I could because I enjoy meeting new people and having a busy schedule. 

15A – Figuring Out Buyer Behavior No. 2

Price, quality, and style are all important characteristics in marketing your product, but through my interviews, I found that quality reigns as the most important of the three. Brand recognition grows with quality assurance. I interviewed three mothers who shared similar opinions on brand loyalty and quality. One woman I interviewed mentioned her bittersweet relationship with workout clothing brands, like Athleta and LuLuLemon. She buys yoga pants and workout tops from these brands for her "on the go days", even though they come at a steep price. She mentioned that although they are expensive, they are worth the price to her, because she knows they will fit her correctly and they also make her feel better about herself and encourage her to workout more often. She also mentioned they have a great return/exchange/replacement policy, which helped develop her brand loyalty to these companies. From there, I concluded that this segment of the market is generally brand loyal and less price sensitive when it comes to quality.

Method of payment was a very interesting topic to cover. In today's market, most people aren't carrying cash on them on a daily basis because it has become much easier to carry around a credit card. In addition, online shopping has become much more popular and convenient for shoppers. One woman I interviewed mentioned the price discrepancy she has noticed between shopping in store and online, mainly referring to Amazon. She said she is able to cut costs from things like groceries, toiletries, and beauty supplies by ordering them online on Amazon. 

 

One interviewee made a very interesting point that stuck out to me. This woman stated that she would rather pay for something with a higher price but made with higher quality, than purchase something cheaper that would need to be replaced. The quality assurance makes up for the price, especially if this purchase is something one would use multiple times.        

I found this segment surprising because I realized the relationship between brand loyalty and price sensitivity. However, I'm not sure if I learned enough from these interviews regarding my opportunity. What I did take from these interviews is the importance of brand loyalty, and it has made me think about how I can adapt that trait to work with my idea.