Final Reflection

After reading through my past blog posts, my most formative experience was the “Need Awareness and Information Search” assignment. It was the assignment where I was finally able to conduct interviews properly without sounding awkward. I know that sounds kind of weird, but the previous interview-based assignments were ones that I didn’t look forward to, but they were definitely a learning experience. So with this one, I was able to successfully find people to interview and conduct meaningful discussion in order to improve my venture. Completing the assignment was something I was proud of accomplishing. The most joyous experience of the course would probably have to be the “Venture Concept No. 1” assignment because I finally got to put the elements of the venture together. One of the experiences I will remember years later would be the “Celebrating Failure” assignment because I don’t think any other class required me to self-reflect on my college experience thus far.

At the end, I don’t know if I would call myself an entrepreneur only because I haven’t actually established a real business venture. However, I have moved closer to developing an entrepreneurial mindset thanks to the way this course was structured. I learned to be structured in completing the assignments but also flexible when my schedule demanded it. Since taking this course, I have become more aware in identifying problems in different settings. I have also learned how to deal with failure when it occurs and make it an opportunity to learn something rather than wallow in sadness. Those are probably the most important aspects of an entrepreneurial mindset – flexibility, problem identification, and accepting some failures as an opportunity to learn.

One recommendation I would make to those who are thinking about taking this class is to figure out why they want to take it. The course does not involve any exams, so it’s understandable that some would notice this. However, in order to get the most out of the class, one actually has to do as many assignments as they can. If one takes the class with the intention of learning what the entrepreneurial mindset is and what it’s like to do some of the things an entrepreneur has to do in order to start his or her venture, then the assignments will make sense and be a different learning experience. Ask your TA questions about the course since they are your first resource for guidance. As for completing the assignments on time, the course is based on points obtained through assignments, so working ahead of schedule if possible is one way to perform best in this course. That does not mean rush the assignment, though. Also, utilizing the entrepreneurial mindset also helps one to perform their best. That means finding opportunity in a creative way and learning from failures. In order to foster that mindset, maybe try to do something new every weekday. It obviously doesn’t have to be something dramatic, just new. For example, some light reading on a topic you are not that familiar with. Doing something new each day, no matter how small, allows you to view things from a new perspective.

Venture Concept No. 2

The potential customers of my venture are college students living in apartments without yard space for a garden and would like to cook their own food using fresh organic ingredients. The nature of the need is characterized by university students’ interest in organic foods, but there is also the aspect of higher prices compared to processed alternatives. College students are on a budget, so lower prices of substitutes offer a greater incentive to buy processed foods over organic. This venture aims to provide a service through a mobile app that allows students who live off-campus to get the benefits of garden-grown produce without the need to dedicate their own time and energy towards gardening. It also provides students the ability to customize their orders and have them delivered to wherever they are residing off-campus via a mobile phone app.

According to the United States Department of Agriculture’s Economic Research Service, consumer demand for organically produced goods continues to display double-digit growth, providing market incentives for U.S. farmers across a broad range of products. Fresh fruits and vegetables have been the top selling category of organically grown food since the organic food industry introduced their products in the retail market over three decades ago. Also, from what I have observed on a micro level, it seems that quite a few university students are interested in organic food products.

The market is defined geographically by the Gainesville region near the University of Florida campus and demographically by college students in that area. As for growth, the market would be defined geographically by university campuses with suitable agricultural climate.

Customers as defined by the demographic described in the above paragraph are currently satisfying this need by going to organic markets occasionally. From customer interviews, university students usually buy their ingredients and snacks at the same type of grocery stores that they went to before college. Examples in Florida would be Publix and Winn-Dixie. They are quite loyal to what they use now, but customers also seem interested in shopping for organic food more often if given a platform that allows them to save both money and time.

As of now, the opportunity is relatively small compared to ventures that introduce some completely new product. Since my venture is more of a “recombination” innovation, as discussed in a past lecture, and is limited to a specific region, the ‘size’ of the opportunity is not that great. However, if the venture successfully capitalizes on the organic food trend among college students, then there could be potential for growth in opportunities at other campuses. The “window of opportunity” will probably be open for as long as college students continue to be interested in consuming organic food products.

The venture would make use of local garden spaces near UF. The local farm is maintained by a professional gardener. Consumers pay at the onset of the growing season for a “share” of the anticipated harvest. Once harvesting begins, they periodically receive shares of produce. They can then choose which kinds of organic, locally grown produce they want delivered to their doorstep based on quick, yet tasty curated recipes they like on an app. If something like a bad harvest were to occur, the venture would probably have to source produce from other places. The mobile app allows users to track their produce delivery, choose which shares of produce they want based on the curated recipes they like, and share ideas with other users in a 'social network type' of design. The venture integrates mobile technology with the model of community supported agriculture. It also provides customers the ability to visit the garden / farm and actually see where their food is coming from.

It makes money as users pay a fee to subscribe to the local community supported agriculture initiative. Another revenue driver is the limited advertising space that other businesses could make use of on the mobile app.

The competitors are retail grocery stores and farmers markets. Their possible weaknesses or vulnerabilities would be the lack of a food delivery platform and regional consumer focus of something like a university campus.

The distribution and business location play important roles in defining the business concept. Product distribution would use of smaller fuel-efficient vehicles. An efficient, small scale supply chain could save costs, which would be valuable to the venture. Location is important because it would be located near UF campus.

The roles in the venture would be mostly agricultural-based. It would have 4 divisions – farm, administrative, technology, and management. I am not sure about the specific number of employees, but maybe 20.

The top resource is the venture’s supply chain. It makes use of sustainable practices in the form of fuel efficient, smaller transportation vehicles, a niche market, and the benefits of being near a university in order to benefit students.

If this venture were to be a real thing, in five years I would like to incorporate the business in other university campuses. As an entrepreneur, I want to work for a large company that allows for employees to approach work with an entrepreneurial mindset, sometimes referred to as an “intrapreneur”. This first venture helps me achieve this goal by allowing me to learn about and experience the entrepreneurship process. While I am not interested in agricultural economics as a career, it was cool to research aspects of the subject and explore new topics.

Summary of Feedback

I received four comments on my blog post, and all of them noted how they liked the amount of detail I included in the venture concept. I was told that one way to improve it was to explain how the share of the crop system works and how one would benefit from the venture other than just ‘low costs of organic food’. I was also asked how the venture would respond to situations like a bad harvest or severe weather. Feedback was also provided on consumer demographics, noting that most students who live on campus have meal plans so the venture should be marketed towards students who live off-campus. Lastly, feedback was provided about the structure of the venture concept. In the first venture concept post, the breaks in the paragraphs in the middle disrupted the flow of ideas.

Some Changes Made Based on Feedback

I kept most of the details from the Venture Concept No. 1 post, but I also modified it in various areas based on what I learned from the comments. I added a part that explained another qualitative benefit of the venture – that customers who are interested in visiting where their food is grown. I also added detail on how the app can help others who share the same interests in organic products build some kind of ‘community’ by sharing ideas. For organization, I deleted some paragraphs that did not seem to ‘go with the flow’ of things. I added a part on sourcing from other back-up places in case of something like a bad harvest. I revised the primary consumer demographic to be mostly off-campus students.

Reading Reflection No. 3

Innovation and Entrepreneurship by Peter Drucker explains and analyzes the topics of innovation and entrepreneurship as a systematic discipline that can be learned, rather than something that happens by chance or magic. After reading the book, it seems like entrepreneurship can be integrated into the subject of management science. Drucker’s thesis was, “Systematic innovation consists in the purposeful and organized search for changes, and in the systematic analysis of the opportunities such changes might offer for economic or social innovation.” What I found interesting was that this book was originally published in 1985, but quite a few of its principles are still applicable to the economy of today. As for other aspects of the book’s theme, it is divided into three parts. Part one defines innovation as a way in which entrepreneurs exploit change in order to create a new product or service. By their nature, entrepreneurial enterprises create some type of market niche and satisfy customer need. This part requires opportunity analysis, starting things small, looking to the simple aspects, and achieving leadership. Part 2 discusses managerial strategies for an organization. It basically stated that all organizations must acquire some level of entrepreneurial competence in order to be relevant along with the changes in the economy and society. Part 3 discusses practices that entrepreneurs should follow. For example, some of these include aiming for leadership of a new market or existing market, finding a specialized niche, and changing the economic characteristics of a market, product, or industry.

After reading the book, I noticed that there were a lot of similarities between part one of the book and what I learned in ENT 3003. For example, the parts on opportunity analysis in the book reminded me of some of the assignments that had to do with finding opportunity. Also, the definition of innovation from the book connected with how the entrepreneur is defined in this course.

If I had to design an exercise for this course based on this book, it would be a simple assignment that asks students to discuss how their venture can be organized towards one of the four entrepreneurial strategies. Those four strategies are ‘getting there first’, ‘hitting them where they aren’t’, ‘finding a specialized niche’, and ‘changing the economic characteristics of a product, market, or industry’.

The surprise from this book was the idea that innovation does not have to be a technical “thing” altogether. Innovation is an economic or social rather than a technical term. It can be defined as changing the yield of resources.

My Exit Strategy

The exit strategy I plan to make is to sell my business in the next 5 years from a management / employee buyout. In a management / employee buyout, the company’s existing managers and employees acquire the company. Eventually, I want to move on from Gainesville and do other things, but I would also like for the venture to still exist at UF in order to “pay it forward” to future University of Florida students and to the university itself for providing this kind of opportunity.

I chose this particular exit strategy because it assures that the future of the company will have a dedicated management team. This would provide a substantial downside risk against failure. The due diligence process is likely to be limited since the buyers already have full knowledge of the company.

My exit strategy has influenced some other decisions I made in the venture concept in regards to continuing to provide this kind of service to college students without me having to still be located in Gainesville. It influenced the growth intentions of the company, as I intend for it to be a regional company. However, if it’s successful in the UF area, I might establish the venture in other university campuses that have agricultural resources near them.

Making It Real

As the summer semester comes to an end, I took the time to reflect on some of the things I learned from my experiences in ENT 3003. This assignment asked students to make a resume that included being the founder of their own venture on it.

Here's the link to my resume as a PDF file.

https://drive.google.com/file/d/0B7-tVnJrG0GRRTEyYWpic19DOE0/view?usp=sharing

Venture Concept No. 1

The potential customers of my venture are college students living in dorms or apartments without yard space for a garden and would like to cook their own food using fresh organic ingredients. The nature of the need is characterized by university students’ interest in organic foods, but there is also the aspect of higher prices compared to processed alternatives. College students are on a budget, so lower prices of substitutes offer a greater incentive to buy processed foods over organic.

According to the United States Department of Agriculture’s Economic Research Service, consumer demand for organically produced goods continues to display double-digit growth, providing market incentives for U.S. farmers across a broad range of products. Fresh fruits and vegetables have been the top selling category of organically grown food since the organic food industry introduced their products in the retail market over three decades ago. Also, from what I have observed on a micro level, it seems that quite a few university students are interested in organic food products.

The market is defined geographically by the Gainesville region near the University of Florida campus and demographically by college students in that area. As for growth, the market would be defined geographically by university campuses with suitable agricultural climate.

Customers as defined by the demographic described in the above paragraph are currently satisfying this need by going to organic markets occasionally. From customer interviews, university students usually buy their ingredients and snacks at the same type of grocery stores that they went to before college. Examples in Florida would be Publix and Winn-Dixie. They are quite loyal to what they use now, but customers also seem interested in shopping for organic food more often if given a platform that allows them to save both money and time.

As of now, the opportunity is relatively small compared to ventures that introduce some completely new product. Since my venture is more of a “recombination” innovation, as discussed in a past lecture, and is limited to a specific region, the ‘size’ of the opportunity is not that great. However, if the venture successfully capitalizes on the organic food trend among college students, then there could be potential for growth in opportunities.

The “window of opportunity” will probably be open for as long as college students continue to be interested in consuming organic food products.

My venture allows for university students to consume fresh organic ingredients at a lower cost in the long term.

The venture would make use of local garden spaces near UF. The local farm is maintained by a professional. Consumers pay at the onset of the growing season for a “share” of the anticipated harvest. Once harvesting begins, they periodically receive shares of produce. They can then choose which kinds of organic, locally grown produce they want delivered to their doorstep based on quick, yet tasty curated recipes they like on the mobile app. The mobile app allows users to track their produce delivery, choose which shares of produce they want based on the curated recipes they like, and share ideas with other users. The venture integrates mobile technology with the model of community supported agriculture.

It makes money as users pay a fee to subscribe to the local community supported agriculture initiative. Another revenue driver is the limited advertising space that other businesses could make use of on the mobile app.

The competitors are retail grocery stores and farmers markets. Their possible weaknesses or vulnerabilities would be the lack of a food delivery app and regional focus.

The distribution and business location play important roles in defining the business concept. Product distribution would use of smaller fuel-efficient vehicles. An efficient, small scale supply chain could save costs, which would be valuable to the venture. Location is important because it would be located near UF campus.

The roles in the venture would be mostly agricultural-based. It would have 4 divisions – farm, administrative, technology, and management. I am not sure about the specific number of employees, but maybe 20.

The top resource is the venture’s supply chain. It makes use of sustainable practices in the form of fuel efficient, smaller transportation vehicles, a niche market, and the benefits of being near a university in order to benefit students.

The next product would be simple food prep storage containers. This product would make for a good complement to Fresh Campus because it would hopefully increase customer satisfaction with organic foods by making them easy to store. Also, it helps busy college students plan their recipes over the course of a week so that recipe preparation is convenient and quick in order to work with a student’s schedule. Leftovers will not be characterized as messy and gross as they used to be.

If this venture were to be a real thing, in five years I would like to incorporate the business in other university campuses. As an entrepreneur, I want to work for a large company that allows for employees to approach work with an entrepreneurial mindset. The word for that is “intrapreneur”. This first venture helps me achieve this goal by allowing me to learn about and experience the entrepreneurship process. It was interesting to work on this venture, as it relates to agricultural economics. While I am not interested in agricultural economics as a career, it was cool to research aspects of the subject and explore new topics that I was previously unfamiliar with.

Celebrating Failure

As the first day of freshman year was approaching, I made a few goals for myself. One of them was to making connections with business school faculty, top employers, and top business school students. I was told that it’s not what you know, but rather who you know. That made sense, as it was a way to ‘stand out’ from the crowd. I must have forgotten reality when I made that goal because I am what most people would call an ‘introvert’. At various social events and career events, I was still the same awkward kid I was back in high school. I tried establishing connections with colleagues and faculty, but my social awkwardness got in the way. I didn't know much about small talk with acquaintances.

My first semester was pretty bad. I found myself trying to get involved in so many organizations that my involvement became rather shallow. Also because of that, my grades were not too great. Every Astronomy exam was a nightmare and I was losing focus on school. The combination of social awkwardness and feeling inadequate due to mediocre academic performance really affected my goal of establishing meaningful professional connections. In the end, I failed in even starting that goal. I spent most of my spring semester focusing only on school. It paid off, since my grades made improvements. However, since I spent a lot of time on academics, I still failed in regards to networking.

I learned that I can’t just change who I am in a short amount of time. As a result of that failure, I definitely learned what my capabilities are and are not. Also, I realized that planning every little single detail of your future just sets you up for disappointment. It’s good to have broad goals, but being too specific about them made me forget how life can sometimes be unpredictable. I was also trying to become something I wasn’t, and as a result, I lost what it meant to be me. It sounds kind of cliché, but the failures that I experienced in my first couple of semester taught me what I need to work on. From the failures of my first couple of semesters, I learned that forcing myself to be involved in things just so that my resume could look “good” was a waste of my time and energy. Instead, I want to work on getting involved in things that I am truly motivated towards for reasons other than “it’ll make me look good.” I found that if I am genuinely interested in doing something, then the whole “awkward introvert” characteristic is not a hindrance.

Failure is difficult. It’s embarrassing. Obviously, no one likes to deal with it. We all want to seem perfect. However, it’s how we learn. One can either view failure as an end, or one can view failure as part of a process. I guess in order to relate failure to the mindset of entrepreneurship, one should view it as part of the opportunity-seeking process. This class has changed my perspective on failure by forcing me to put myself out there and start conversation with total strangers on campus. It also taught me not to sweat the small failures all the time, but rather be proud of my accomplishments.

My Unfair Advantage

The following are ten resources that provide a competitive advantage for my venture.

Relatable market demographic – My business venture is primarily marketed towards college students. The fact that I am also a college student makes me relatable to that demographic because I either understand their consumer demands from my own perspective or from the perspectives of my colleagues. This would be valuable because it would save on market research costs in terms of time and financial resources. However, it is not rare since university students can easily relate to at least some other university students. I am obviously not the only one. I would deem this resource as not that imitable, at least by certain parties. Of course, relating to a market demographic of college students is easy to do when you yourself are a college student. However, it might not be as imitable to someone who is older. Relating to this market demographic could be substitutable, once again, by other college students but not by those who are not in the same age group, as their relatability might not come off as genuine.

Organizational culture – The organizational culture I intend to create from this venture would be one that is willing to partner with local producers and maybe even other college start-ups. The culture would be one similar to that of Chipotle or Blue Apron. One of the characteristics of the organizational culture would be local partnerships with companies based in Gainesville or ones started by UF students. For example, it would be cool to partner with GNVCompost, a company that was mentioned in a past lecture, in order to incorporate sustainable aspects. This resource is valuable in the sense that it provides a way to market the venture. I think that it is not that rare when one factors in how many other companies these days include sustainability in their business philosophy. However, it is inimitable because it is specific to areas near UF campus. I believe that it is non-substitutable because an organizational culture is unique to an organization. It sounds obvious, but that’s why an organization would strive to establish their own culture in the first place.

Location – The venture would be located near UF campus. Because of that, it has easier access to UF’s resources, which makes location a valuable resource. This location is rare in the sense that there is only one University of Florida. It might not be that difficult to imitate, as there are other universities in the south east region with similar climates and somewhat similar resources. The resources offered by a location near a university campus are non-substitutable, as there are a variety of unique academic references and capital resources.

Planning capability – As for human capital, my colleagues would describe me as fairly organized. I have the capability to plan tasks and assignments accordingly and efficiently. A capability to plan is valuable to any organization as it allows for a better process of completing objectives. I would not say that it is rare because I have met a few people in my academic career so far who are very organized and logical. If one is not that organized to begin with, I think that with consistent practice, they can become more organized and improve their planning capabilities. Because of that, the resource is somewhat imitable. There really is not a substitute for organization. I guess the opposite would be a lack of organization, which probably would not be a benefit to most companies.

Work ethic – Based on group and individual assignments, I would say that I have a pretty strong work ethic. A human capital resource like that is valuable to any organization. With a strong work ethic, an entrepreneur is able to accomplish more tasks. It is moderately rare, because I have met others who demonstrate dedication in a consistent manner in their work. A strong work ethic is only imitable by those who share a sense of motivation and energy. It is also somewhat non-substitutable.

Supply chain – My venture’s supply chain incorporates the advantages of location and market demographic. By being located in a region with plenty of agricultural space and near a university, transporting goods within the region should be fairly easy compared to a larger supply chain system. Also, because it is marketed towards those living in dorms and apartments near campus, transportation time should also be low. The venture could also make use of smaller fuel-efficient vehicles. An efficient, small scale supply chain could save costs, which would be valuable to the venture. It is rare because it makes use of a combination of resources such as its unique location and its niche market. It would only be imitable if a different company were to operate in a similar market. It is mostly non-substitutable because, once again, the location and niche market of the venture are what define the supply chain.

Knowledge of CSAs – Last week I discussed the pros / cons of the Community Supported Agriculture model for producers with Dr. McFadden, a professor from UF’s Food & Resource Economics department. For producers, the pros include monthly income, the ability to sell to other vendors if there is a great yield, and risk-sharing. A con included the long window of upfront variable costs. A knowledge of CSAs is valuable because it is the primary model on which the venture is based on, so that knowledge would be helpful from an operations perspective. I would say that it is fairly rare since not many people are familiar with CSAs. It could be imitable, as anyone can seek out information about CSAs. It is non-substitutable because it is what the venture is based on.

Social media utilization – The venture incorporates some aspects of social media in its mobile app. My experience using social media is a valuable resource because I would be able to effectively help figure out the potential ways to design how the app functions with platforms like Facebook or Twitter. This resource is not rare, since pretty much everyone in my age group is familiar with social media. It could be imitable by someone else with similar levels of experience as me. Also, it could be substitutable, as there are others out there with much more experience than me when it comes to things like marketing through social media platforms.

Network of computer science students – Because the venture makes use of a mobile app, there will be a demand for those with programming abilities. As of now, I do not have a lot of programming experience myself. However, I have quite a few friends who are currently studying computer science and have more experience programming than I do. The ability to network with them and possibly access their networks with other computer science students is a valuable resource, as it would allow me to utilize the technical abilities of colleagues that will improve the app’s functionality. It is a little bit rare, since building a network takes some time. It is rather imitable, since others could network with other technical experts over time. It is substitutable, as there are others who could utilize larger networks of computer science students.

Collaborative qualities – From past group assignments for school, I found that I liked to work with motivated teammates to complete a task. I enjoyed a collaborative dynamic. This human capital could be valuable in improving an organizational culture. I would say that this quality is a little bit rare, since it just depends from person to person on whether or not they enjoy working on a team. It is fairly imitable by those who also possess teamwork skills. It is also substitutable, but once again, only by those who also possess good teamwork skills.

The top resource is the venture’s supply chain. It is more important to the venture than all of the others because it utilizes a combination of unique resources. What I am structuring is something that is unique to Gainesville and the University of Florida. The supply chain makes use of sustainable practices in the form of fuel efficient, smaller transportation vehicles, a niche market, and the benefits of being near a university in order to benefit students.

Elevator Pitch No. 3

So I didn’t receive any feedback comments from ‘Elevator Pitch No. 2’. Because of that, I took it upon myself to review some areas of the pitch that could be improved. I also utilized the feedback comments I received from ‘Elevator Pitch No. 1’. Feedback from that recording included advice such as

Emote some more

Provide a better explanation of the logistics

Introduce the market demographic early in the pitch

After watching the pitch, the first thing I noticed was that the camera angle was crooked – a simple mistake that I fixed in this recording. I also found that my explanation of a ‘Community Supported Agriculture’ model (CSA) was kind of convoluted in the previous recording. I made sure to provide a more direct explanation in this one.

While there were some "awkward" points in the elevator pitch, I think that it was an improvement over the the previous two. I was able to introduce a different logistics model, get my ideas across fairly well, and did not rely on random statistics I found online.

Amazon Whisperer

Current Revenue Drivers

       Monthly subscription fee that customers pay for chosen “shares” of the local garden’s harvest.

       Advertising revenue generated by companies paying for ad space on the mobile app.

I believe that the next product to accentuate the initial business venture would be simple prep food storage containers. They would be compact, lightweight, and utilize separate components to help keep food items fresher and tastier for a longer time. It would also be made with a durable plastic, BPA free, dishwasher safe, and microwave safe.

This next product will enhance my existing product offering by improving the user experience. The storage containers will function by improving the initial product’s quality. For example, the storage containers will allow users to practically guarantee that their organic foods last until the next monthly harvest.

A product on Amazon that is similar to the one I want to offer next would be (get ready for the long product name) the Meal Prep Zone 3 Compartment Food Storage Containers with Lids for Portion Control, Microwave, Dishwasher Safe, Bento Lunch Box, Rectangular Style, Set of 7. According to the product description, the product is made for meal prep and smart meal planning. It also keeps food fresh and is fully reusable.

Product page on Amazon: Meal Prep Zone Compartment

Out of 207 customer reviews, the product averaged 3.7 out of 5 stars. So customers are mostly satisfied with it, but there are still some flaws. The top positive review discussed how the lids fit nice, airtight, and leak-proof. One can make sure of this function by hearing the product click in place. It also noted that the containers are nice and durable. They also easily fit on top of each other for convenient storage. The top critical review noted that the containers have 3 convenient compartments per container, and they stack up pretty neat in the fridge. However, the writer of the review stated that the quality of the plastic is brittle and not durable with little flex. It was more similar to the quality of the to-go containers from restaurants than they are to home Tupperware. Also, the product was not “dishwasher safe” as stated on the packaging. The writer stated that the container and lid warped. As the writer was trying to put a warped lid onto a warped container, the container cracked along the middle. Basically, the product’s quality was bad according to the critical review. Other critical reviews discussed the lack of durability in the plastic.

Some design / usability changes I would make to the product, based on reading some of the negative reviews, include using a more durable plastic and maybe a design improvement to the lid so that it does not crack the storage container when opening and closing.

In conclusion, this product would make for a good complement to Fresh Campus because it would hopefully increase customer satisfaction with organic foods by making them easy to store. Also, it helps busy college students plan their recipes over the course of a week so that recipe preparation is convenient and quick in order to work with a student’s schedule. Leftovers will not be characterized as  messy and gross as they used to be.

Idea Napkin No. 2

Note: the first paragraph is mostly the same from "Idea Napkin No. 1" since it was just an introduction paragraph.

My name is Roy Dela Cruz and I am a rising sophomore, studying Finance and Information Systems at UF. As for talents in a “business” sense, my top 5 strengths according to Gallup’s StrengthsQuest are Focus, Ideation, Restorative, Futuristic, and Maximizer. While the majority of my interests are with finance, managerial economics, and analytics, I am also a little bit interested in things like international relations. As for non-academic interests, I’m into music and geeky things like comic books, sci-fi movies, and video games. My venture idea is derived from my experience with gardening back home. Some of my experiences include the usual volunteering for my local community back in high school as well as an interesting class project I did in senior year. It involved finding a local client, finding out how their business operations could be improved with information technology, implementing a solution, and performing a follow-up on how the solution affected their business. My aspiration is to work in financial management for a large technology or consumer goods company in a metropolitan city. Regarding my business concept, if I were to start it, the role it would play in my life would probably be a side project.

Fresh Campus offers college students a piece of their own land in which they can grow their own organic food. This will allow students who don’t have yards in Gainesville to consume fresh food at a lower cost in the long term. The venture makes money as users pay a fee to subscribe to the local community supported agriculture initiative. Basically, the venture would make use of local garden spaces near UF. The local farm is maintained by a professional. Consumers pay at the onset of the growing season for a “share” of the anticipated harvest. Once harvesting begins, they periodically receive shares of produce. They can then choose which kinds of organic, locally grown produce they want delivered to their doorstep based on quick, yet tasty curated recipes they like on the mobile app. The mobile app allows users to track their produce delivery, choose which shares of produce they want based on the curated recipes they like, and share ideas with other users. The venture integrates mobile technology with the model of community supported agriculture.

The venture is marketed towards college students who live in dorms or apartments. The 2 main elements of the venture are affordability and the ability to own a garden without owning an individual yard. Based on my interviews, the age group to market towards would be between 18 to 28 year olds. Other characteristics of my customers include the desire to consume more organic foods as opposed to conventionally processed foods as part of their diet as well as care for the environment to some extent.

Customers will actually pay money to use this service because over the long run, it could be a better alternative to buying more expensive fresh foods. Also, it could offer a sense of community between users, as they can share ideas about what recipes they tried, and the recipes would be curated towards students with busy schedules.

I do not believe there is any other similar venture like mine in Gainesville or any other college campus for that matter. By bringing the concept of community gardens to a university town, I am able to set myself apart from everyone else and hopefully help those who are starting the process of independently living away from their home town.

For the most part, I think that these elements fit together well. It brings a new perspective to a community garden, with the aim of making organic food more accessible to a new generation of household buyers on a small scale and possibly allowing for an appreciation for gardening. While the idea of pairing a Community Supported Agriculture model with a mobile app that’s just for college students or people who lack gardening space might not be a completely new idea, I think that it is a practical one.

Feedback Memo

Summary of 5 things I took away from the feedback I received from Idea Napkin No. 1

1. It would be a good idea marketing-wise to convey the venture as a low-cost DIY alternative to buying organic food elsewhere.

2. The social media aspect of the mobile app was another idea that was met with approval.

3. The best idea would be to keep the venture on a small market scale before possibly branching out to different areas. For example, trying the venture on a few college campuses before other types of markets.

4. I should take into consideration the busy schedule of college students and solve that problem.

5. Narrow the initial customer base to universities with a high number of students who like organic food.

The main feedback idea that I incorporated into this idea napkin was the consideration of the busy college student. I am not sure why I didn’t think of that in “Idea Napkin No. 1”, but now it seems obvious. It’s a fact. College students are busy people. There isn’t much incentive to cook one’s own recipes if they can easily get something quick to eat like the dining halls, restaurant, or takeout. Therefore, I decided to add a function to the mobile app. I added the “curated recipes” function (reference paragraph 2) in order to customize the product towards those with busy schedules. From that, consumers can choose which shares of organic produce they want based on simple, fast recipes.

Reading Reflection No. 2

How to Fail at Almost Everything and Still Win Big by Scott Adams

1. The general theme of the book is to have a system, not a goal. Adams states that a system provides a method and requires activity on a regular basis. Success creates passion more than passion creates success, as many people are passionate about things but don’t follow through with them. Systems are a great way to approach something so that you get lasting results. The book focuses on utilizing a repeated process to solve problems that can deal with failure. He reasons that the simple “follow your passion” advice could sometimes be detrimentally misleading. So passion is great and all, but it is not the only factor to succeeding. Adams also says that before you embark on anything important in life, the first thing you should do is to ask someone who traveled a similar path and how that turned out. While you won’t follow that same plan, it gives you a good starting place to compare your skills and aspirations. It provides a framework from which you can customize based on your characteristics. He also discusses his philosophy for choosing an opportunity. One should choose an opportunity for which one has some inherent advantage rather than the “you can do whatever you want” advice. Adams talks about his mental model of not wanting to sell his time due to limited upside and finding a product that is infinitely scalable.

2. In my opinion, the book connected with the curriculum of ENT 3003 by making use of experience and observed patterns. This course is "hands-on" and focused on gaining experience from assignments rather than memorizing how information can be applied to an exam question. It also discussed a more realistic perspective on entrepreneurship. For example, one of the ideas from the book is to “simplify your systems, thus simplifying your life.” It also emphasizes practical aspects of life – which is something that is probably found in most business philosophy books. One of the topics was dialing in one’s personal energy. The number one tip is to exercise daily. Not a surprising answer, but a proven one.

3. If I had to design an exercise based on the book, it would involve designing some kind of simple system that could be applied towards one’s definition personal success.
One quote from the book that could be applied to an assignment was one that noted the difference between goal-oriented people and systems people according to Adams:

"Goal-oriented people exist in a state of continuous presuccess failure at worst if things never work out. Systems people succeed every time they apply their systems, in the sense that they did what they intended to do."

4. After reading the book, the biggest surprise was probably the idea that you should “always be looking for your next better job options as soon as you get your current job.” The phrase, “as soon as” is what interested me because seems like weird advice on the surface. While it does make a lot of sense from a college student’s point of view, it seems like weird advice to give someone who is an established professional in their field. After some thought, perhaps the phrase conveys the idea of consistently finding and thinking of ways to improve oneself.