I personally do not think that with my business, I would have an exit strategy. Starting my business would come as a "retirement" for me after my few years in investment banking. I plan to start this business to provide myself with sustainable cash flow, while also enjoying myself by being around dogs and serving clients. I would plan to start with one location, and probably expand it to about 5-10. After I hit that mark, I would most likely keep the business at a mature level. When I retire, I would plan to give my business to my children, or sell to an outside buyer.
I selected this particular strategy because this business would be my passion. I could not think of a better way to spend my days than owning a dog cafe, serving animals and people. I want to be able to provide pets and people with a great, hybrid location where both parties can enjoy themselves in a safe, comfortable environment. Exiting early to gain a profit does not seem like a decision that would be in my best interest.
I think that the idea of an exit strategy was something that helped me come to this idea. When considering a good business idea, I thought of this. And, I thought that I wanted to something a bit slower than my investment banking job that I will have out of college. With the amount of capital I will have after working for a few years, I thought that this would be a safe investment that would provide to be successful in areas that I am interested in living in.
Friday, November 30, 2018
27A Reading Reflection No. 3
I read Cognitive Surplus by Clay Shirky. He is a NYU professor that focuses on internet research and the effects on the population.
1) What was the general theme or argument of the book?
The author discusses cognitive surplus. This concept exhibits how the extra time that people have leads to the increased sharing online and productivity. As people increase the quality of their work-life balance, they go to the internet with their extra time, leading to an increase in content creation. Shirky explains the four types of sharing (communal, personal, public, civil) with a multitude of examples. Below are the following examples of communal and personal:
Communal - buying and selling furniture on an online marketplace that is local to the specific area.
Personal - displaying personal content, ex pictures of oneself, on social media.
Shirky describes that public and civil are two very important themes. Examples of these are:
Public - when people go on Reddit and create content for other people to read and interact with
Civil - crowdfunding resources to provide supplies for a Christmas toy drive.
Shirky spends a lot of time focusing on benefits that civil sharing provides to society as a whole. The main theme of this book is that cognitive surplus is powerful, in that it continues to impact a number of different things as cognitive surplus increases. However, people should spend more time outside or exercising cognitive surplus and less time on the couch to contribute to a continuously improving society
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
Cognitive surplus relates to this course because of the new issues companies should be aware of when starting. They should have awareness to environmental, societal, and governmental impacts. In order to survive in today's business environment, profit alone will not keep the company afloat - one needs to understand the public and civic impacts.
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 to make a new exercise for the class, I would have them write a blog post about what their societal impacts would be of their business. It is essential for entrepreneurs to think about this before they start their business.
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?
Everyone always talks about how bad social media and the internet is for society. I thought that it was very surprising how Shirky thought the opposite. Who knew that someone would prove that it could actually improve life? I like that I can put screen time towards improving my career.
26A - Celebrating Failure
Every semester has its ups and downs. Typically, I see myself conduct one huge failure per semester, whether it be a forgotten assignment, missed deadline, or problems with my students as a TA. This semester, I have had a few failures in my courses. For some reason, I keep forgetting to submit my CAPSIM assignments for International Business, and I have been failing to submit some of my assignments for this course. I usually do not forget assignments, but I keep failing to take the time to do the cupcakes and end up taking the grade hit on them. I have learned a great amount about myself this semester, and how effected I am by my incapability to complete assignments on time. I learned that I am not the type of person to do things late, and that I need to get myself back together and start being more productive. Going forward, I am making an effort to be proactive about my studies, and to make sure my work is turned in on time.
Failure is a lack of success. However, even though failure is embarrassing, and awful, it is a great way to learn. When you fail, you can learn what you did wrong and how to do it better next time. I think it is better to completely fail on something, and do it better next time, then to do it kind of right and then just be average. In any business, things will go wrong, and the owners will fail at least once. The only thing you can do is just move forward and learn from these failures.
Friday, November 16, 2018
24A. Your venture concept number 1
"Millie and Willie Cafe"
My venture concept solves a problem that people always think about, but never act upon. If you have a dog, you will know what I mean. Often times, I struggle to bring my dog places because she is not a "service dog" or anything like that. However, I honestly want to bring my dog places in order to socialize her, and to let her enjoy life just as much as I do. I can not do that in our current coffee shops/food providers. With my idea, I would like to provide dog owners with the ability to provide their pets with an enjoyable time while they do as well. This would cause a problem though: the FDA does not allow pets to be indoors where companies serve hot food. This would be avoided with my idea, as I would separate the food/beverage side from the pet friendly side. People would be able to grab their coffee/snack in room 1 while they hang out in room 2 with their puppies/other animals. Millie and Willie cafe would allow people to both, to do things they have never imagined possible. People would be able to bring their pets in, and hang out, study, converse, or socialize with others while having their dogs run and do the same things in the same building. This is a great way to socialize a nervous pet, or to bring a puppy around others so they grow up friendly. It is also great for those that are unsure of owning a pet - they are able to enter the pet section, see their behaviors, and evaluate whether or not they are ready for a dog. Essentially, this idea only provides positives, not negatives. This business will soar in urban areas where dogs are fairly common, with a culture that people want to bring their pets everywhere. We would also host events like adoption events, private birthday parties, and other such things. This is a great business idea with even better opportunity in the changing, more pet-friendly, United States. The forces in this environment are that people want to bring their pets around more.
My venture concept solves a problem that people always think about, but never act upon. If you have a dog, you will know what I mean. Often times, I struggle to bring my dog places because she is not a "service dog" or anything like that. However, I honestly want to bring my dog places in order to socialize her, and to let her enjoy life just as much as I do. I can not do that in our current coffee shops/food providers. With my idea, I would like to provide dog owners with the ability to provide their pets with an enjoyable time while they do as well. This would cause a problem though: the FDA does not allow pets to be indoors where companies serve hot food. This would be avoided with my idea, as I would separate the food/beverage side from the pet friendly side. People would be able to grab their coffee/snack in room 1 while they hang out in room 2 with their puppies/other animals. Millie and Willie cafe would allow people to both, to do things they have never imagined possible. People would be able to bring their pets in, and hang out, study, converse, or socialize with others while having their dogs run and do the same things in the same building. This is a great way to socialize a nervous pet, or to bring a puppy around others so they grow up friendly. It is also great for those that are unsure of owning a pet - they are able to enter the pet section, see their behaviors, and evaluate whether or not they are ready for a dog. Essentially, this idea only provides positives, not negatives. This business will soar in urban areas where dogs are fairly common, with a culture that people want to bring their pets everywhere. We would also host events like adoption events, private birthday parties, and other such things. This is a great business idea with even better opportunity in the changing, more pet-friendly, United States. The forces in this environment are that people want to bring their pets around more.
23A - Your Venture's Unfair Advantage
I think that my business will provide a great amount of "staying power". My business model is one that few have thought of previously, and that almost no one has actually executed. There are quite a few resources that it provides that many companies do not, and they include:
- The ability to bring dogs indoors without question
- The ability to connect with friends while pets are around/available
- The ability to purchase pet retail products while enjoying food and beverages
- The ability to provide pets with a welcoming environment without a leash
- The ability to ensure my dog will enjoy an afternoon coffee session as much as I do
- The ability to make friends with new dog owners
- The ability to study while my pet socializes with others in a safe environment
- The ability to remain indoors, with my pet unleashed, in harsh weather conditions
- The ability to enjoy coffee and a snack whether or not I am a dog owner
- The ability to do homework in a calm setting while pets are enjoying themselves
VRIN
Valuable: People will be able to value time with their pets while also enjoying time spent studying, socializing, or doing other things
Rare: Not many places allow people to bring pets indoors while also enjoying hot foods and beverages
Imitable: Many people will not be able to recreate this because of the legalities included
Non-Substitutable - Places like Starbucks are not allowed to bring pets indoors because they serve hot food, and require all pets to be service animals. I think that this business model will allow everyone to bring their pet in.
My top resource is how rare it is. Not many people can create this business, but those who do will see it to be successful. It is important because you need to engage the customer in whatever they do, and allowing pets to come offers a special satisfaction that is rarely heard of.
- The ability to bring dogs indoors without question
- The ability to connect with friends while pets are around/available
- The ability to purchase pet retail products while enjoying food and beverages
- The ability to provide pets with a welcoming environment without a leash
- The ability to ensure my dog will enjoy an afternoon coffee session as much as I do
- The ability to make friends with new dog owners
- The ability to study while my pet socializes with others in a safe environment
- The ability to remain indoors, with my pet unleashed, in harsh weather conditions
- The ability to enjoy coffee and a snack whether or not I am a dog owner
- The ability to do homework in a calm setting while pets are enjoying themselves
VRIN
Valuable: People will be able to value time with their pets while also enjoying time spent studying, socializing, or doing other things
Rare: Not many places allow people to bring pets indoors while also enjoying hot foods and beverages
Imitable: Many people will not be able to recreate this because of the legalities included
Non-Substitutable - Places like Starbucks are not allowed to bring pets indoors because they serve hot food, and require all pets to be service animals. I think that this business model will allow everyone to bring their pet in.
My top resource is how rare it is. Not many people can create this business, but those who do will see it to be successful. It is important because you need to engage the customer in whatever they do, and allowing pets to come offers a special satisfaction that is rarely heard of.
Friday, November 9, 2018
21A Reading Reflection 2
1) What was the general theme or argument of the book?
For this assignment, I chose to read The Long Tail: Why the Future of Business is Selling Less of More by Chris Anderson. The overall theme was about how technology has completely changed the way people sell products to the public market. The trend towards directly niche markets markets makes sense, instead of appealing to the general consumer. Chris Anderson discusses the benefits of technology, and how it it able to better identify these niche markets to sell products to. An interesting example had to do with music software and website and the feasibility of sharing it to the public. This is caused by supply and demand, and the fact that a specific product can target enough people to make a sustainable amount of income.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would suggest for students to research how things were sold/marketing techniques in the 70s and 80s and compare it to those commonly used today. Then, I would have students compare the business models and discover the impact of technology on businesses in the sales area.
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?
For this assignment, I chose to read The Long Tail: Why the Future of Business is Selling Less of More by Chris Anderson. The overall theme was about how technology has completely changed the way people sell products to the public market. The trend towards directly niche markets markets makes sense, instead of appealing to the general consumer. Chris Anderson discusses the benefits of technology, and how it it able to better identify these niche markets to sell products to. An interesting example had to do with music software and website and the feasibility of sharing it to the public. This is caused by supply and demand, and the fact that a specific product can target enough people to make a sustainable amount of income.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
This book connects with the idea of innovation and entrepreneurship. It helps on the sale side, which targets many markets nowadays. This makes you think how much entrepreneurship and sales has altered in the past few years. Previously, it was one product that appeased a large market. Now, we can economically see that there are a lot more smaller business that please the specialty, or picky, buyer. Technology has positively benefitted our ability to be entrepreneurial. This is what our class is about.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would suggest for students to research how things were sold/marketing techniques in the 70s and 80s and compare it to those commonly used today. Then, I would have students compare the business models and discover the impact of technology on businesses in the sales area.
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?
The most important concept that differed was that it is beneficial to have a ton of products for consumers, and that having this business strategy can still be profitable. "Putting all of your eggs in one basket" if awfully risky, and can often lead to business failure or bankruptcy. As you gain more niche products, you will gain a larger range of consumers.
Friday, November 2, 2018
20A Growing Your Special Capital
Person A: Domain Expert in Industry
Owner/Founder of Boris and Horton
1. The CEO and Founder of Boris and Horton has a background in entrepreneurship, charity, and dogs. He started an online charity business that raised hundreds of millions of dollars for other organizations, and also has had other entrepreneurial stints.
2. This person is a domain expert in the industry because he has created the only other company that has a similar idea to mine, and has great experience in the field.
3. I actually found him this summer when I was at Boris and Horton, and I had a chance to get his contact there because how interested I was in learning more about how he made this place happen.
4. I simply asked him a few questions on the phone - he was very helpful and wanted to let me know a lot about the business. I will repay him by returning as a customer next time I am in NYC.
5. I know that I will be able to rely on him if I have any questions when starting my own cafe similar to this, and that he would be a great contact to have when setting up charity events. He is a great entrepreneur.
Person B: Expert on market
Manager of local PetSmart
1. The local manager of PetSmart has always had a past with pets, specifically dogs. She also volunteers at the local Humane Society and actually plans on becoming a vet one day. In addition, I learned that she loves small cafes.
2. She is an expert on the market because she works at a pet store, and has an interest in the business plan I have. She knows what customers are looking for (in regards to retail products) from personal experience in the pet industry, and then also shares an interest in finding small cafes. She also has a dog, so she would be able to understand the business very well.
3. I walked into PetSmart recently to purchase something for my dog, and happened to strike a conversation with her. She was very kind and willing to provide opinions about different ideas I had.
4. I had a long conversation with her in PetSmart, and promised to keep her updated on when I start my business! She said she would love to help in any way she can.
5. I think that she will be a great contact to have because of where she works: she will be able to reach several different pet owners and would help spread the word of my business.
Person C: Important Supplier to Industry
Founder of LoveThyBeast
1. The founder of LoveThyBeast began in 2012 and was making items for her elderly dog. She has since created tons of bags and other products that would retail well in my dog cafe. She has a history of working in prop-design, and the first dog tote she made was black!
2. She is an important supplier to my industry because I can see myself retailing different goods from LoveThyBeast as an additional revenue stream.
3. I purchased a bag a while back for my pup, and then thought I would reach out and send a thank-you email. She responded, and after that I asked her to speak on the phone for a few minutes! She was very helpful and kind and gave me a great insight on what the business was like.
4. I asked her a few questions on the phone, and I hope to repay her as a returning customer for my personal use, while also including her products in my store one day.
5. I think that she will be a very reliable person to connect with when starting to supply retail products to my store one day - the products are high quality, utilitarian, and are made in the US! The products have a lot of different styles and will appeal to the market I am trying to target.
Reflection:
This experience helped me realize the importance of targeted networking, and how critical it is to hear good information. I will continue to keep this in mind through future recruiting events.
Owner/Founder of Boris and Horton
1. The CEO and Founder of Boris and Horton has a background in entrepreneurship, charity, and dogs. He started an online charity business that raised hundreds of millions of dollars for other organizations, and also has had other entrepreneurial stints.
2. This person is a domain expert in the industry because he has created the only other company that has a similar idea to mine, and has great experience in the field.
3. I actually found him this summer when I was at Boris and Horton, and I had a chance to get his contact there because how interested I was in learning more about how he made this place happen.
4. I simply asked him a few questions on the phone - he was very helpful and wanted to let me know a lot about the business. I will repay him by returning as a customer next time I am in NYC.
5. I know that I will be able to rely on him if I have any questions when starting my own cafe similar to this, and that he would be a great contact to have when setting up charity events. He is a great entrepreneur.
Person B: Expert on market
Manager of local PetSmart
1. The local manager of PetSmart has always had a past with pets, specifically dogs. She also volunteers at the local Humane Society and actually plans on becoming a vet one day. In addition, I learned that she loves small cafes.
2. She is an expert on the market because she works at a pet store, and has an interest in the business plan I have. She knows what customers are looking for (in regards to retail products) from personal experience in the pet industry, and then also shares an interest in finding small cafes. She also has a dog, so she would be able to understand the business very well.
3. I walked into PetSmart recently to purchase something for my dog, and happened to strike a conversation with her. She was very kind and willing to provide opinions about different ideas I had.
4. I had a long conversation with her in PetSmart, and promised to keep her updated on when I start my business! She said she would love to help in any way she can.
5. I think that she will be a great contact to have because of where she works: she will be able to reach several different pet owners and would help spread the word of my business.
Person C: Important Supplier to Industry
Founder of LoveThyBeast
1. The founder of LoveThyBeast began in 2012 and was making items for her elderly dog. She has since created tons of bags and other products that would retail well in my dog cafe. She has a history of working in prop-design, and the first dog tote she made was black!
2. She is an important supplier to my industry because I can see myself retailing different goods from LoveThyBeast as an additional revenue stream.
3. I purchased a bag a while back for my pup, and then thought I would reach out and send a thank-you email. She responded, and after that I asked her to speak on the phone for a few minutes! She was very helpful and kind and gave me a great insight on what the business was like.
4. I asked her a few questions on the phone, and I hope to repay her as a returning customer for my personal use, while also including her products in my store one day.
5. I think that she will be a very reliable person to connect with when starting to supply retail products to my store one day - the products are high quality, utilitarian, and are made in the US! The products have a lot of different styles and will appeal to the market I am trying to target.
Reflection:
This experience helped me realize the importance of targeted networking, and how critical it is to hear good information. I will continue to keep this in mind through future recruiting events.
19A - Idea Napkin No. 2
1) You.
My name is Melissa Eliseo, and I am currently a combined degree student here at UF. I find myself most talented in helping others and in strategy. I have been starting to utilize this talent as a teaching assistant for the course Effective Career Management. I have experience in a few different areas - my first internship was in high school, at a company called Oxbow Carbon. Simultaneously, I started volunteering at my local hospital ER. From these experiences, I realized that I liked helping people in the hospital, but did not like the hospital itself. I worked at Kate Spade as well, where I learned more about the importance of servicing your clients. These experiences made me think more about people, and the importance of thinking of others in a professional setting. This related to my idea because I want to help people by adding convenience and joy to their lives - by creating a cafe where you can bring a canine companion. I think that this business would play a huge role in my life - I would personally spend a lot of time there and would enjoy getting to know my clients.
Another thing that I would like to add is my desire to succeed. When I was younger, I played basketball, and had a coach named Michael Larkin. He always made us wear shirts that said "Winners train, and losers complain". After going through years of four hour practices and having a motivational coach like him, I learned to have a work ethic like no other. Without him and that experience, I would not be here today.
Another thing that I would like to add is my desire to succeed. When I was younger, I played basketball, and had a coach named Michael Larkin. He always made us wear shirts that said "Winners train, and losers complain". After going through years of four hour practices and having a motivational coach like him, I learned to have a work ethic like no other. Without him and that experience, I would not be here today.
2) What are you offering to customers? I would be offering a space where people could get coffee, and allow their dogs to spend time with them in an indoor, welcoming setting.
3) Who are you offering it to? I am offering it to the general public - anyone that does have a dog, or even if they do not. Coffee, beverages, and other goods are available to the general public in a setting where one can either interact with dogs, or not.
4) Why do they care? People will care about this idea because they will definitely want to spend more time with their animals once they hear about this, and will want to bring them here.
5) What are your core competencies? I am very motivated, and determined to succeed. I will work nonstop until this idea becomes a reality. In addition, there is no direct competition, so my creativity skills will be able to ensure that I can maintain a competitive advantage even when the market begins to saturate (if it does).
After self reflecting, I do believe that this business could work, and that it will be successful. In addition, I also think that I would be able to successfully manage and start this business. There may be difficulties in the beginning, but that is the case with every business. I will only be able to see certain logistical issues when the business actually gets rolling.
After receiving feedback, I still believe this is a great idea and that, with hard work, I can succeed. I received feedback that said that there are no other competitors, which is true - I have only seen one other store like this, and it is in a completely different state. Also, I got feedback that if I worked hard that it would succeed.
After receiving feedback, I still believe this is a great idea and that, with hard work, I can succeed. I received feedback that said that there are no other competitors, which is true - I have only seen one other store like this, and it is in a completely different state. Also, I got feedback that if I worked hard that it would succeed.
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