28 A

1) My exit strategy would be to maintain this business for as long possible and hopefully retire. That being said I am not so attached as to not sell early.

2) I have selected this strategy because I feel as though with time the venture would grow and the return on investment would grow with it. If I were to sell it would be because other larger dogs (Starbucks) wish to join in my market in which case I would make a bid to sell the machines as infrastructure because I do not believe that I could directly compete against other companies if they choose to so on a level playing field. I currently hold the advantage of convenience through the machines but would most likely lose should other copy or follow my designs.

3) I believe that my initial reaction of maintaining it as long as possible influenced my designs because I sought for a unique trick to gain the upper hand. This also influences my desire to sell should other copy me as I again don’t know if I could compete directly without the edge of atomization, 24 hour service, and lower overhead (no rent on building/salaries).

27 A

For the third and final reading assignment I chose to read and reflect upon "How to Fail at Everything and Still Win Big" by Scott Adams.

The major theme of this book is akin to that of a self-help novel. This book lists ways that one can better themselves by using what Adams calls a “selfish approach." This boils down to a list of ideas what types of and what projects you should prioritize and what ones you should just ignore. This is done so that one may maximize their personal energy.  

I believe one of the main points and themes were that in order to be successful you must have the drive to do so, no matter what stands in your way. This means that no matter what you are willing to get back up and keep moving. Just like when faced with failure this can also teach us to improve adapt and overcome obstacles in our path.  

After reading this book and relating to the theme of not giving up the exercise I would recommend would be what we did in 26A. List a major failure, how you overcame it, and what you plan to do with the growth.  

One point of the book that jumped out me was a quote, this quote relates to one that I use, that being that lucky people make their own luck. This parallels the part where Adams mentions successful people are successful because they work at it and don’t wish to be so. This made me think and reflect on my drive to complete tasks and follow that plan of life.

26 A

Over the last semester I have failed many times, however the one situation that I will be talking about is how I failed to follow through on a promise. This promise wasn’t very large or earth shattering but it did allow me to reflect and grow while dealing with the guilt. I promised my roommate that I would make cookies for him and his girlfriend as we were having a small get together to watch sports. It was a very long day for me and because I failed to plan in advance for such outcomes I was forced to get store bought cookies instead. Now this fixed the problem of no cookies but still made me a liar. To make it up to them I ended up baking 2 dozen cookies for each of them with my grandma’s secret recipe.

What I learned was that I should plan around my word and what I have said or promised to do and not float around until the deadline has come and gone. This situation taught me about the value of my word and how I should do everything I can to protect it.

Failure is hard, embarrassing and serves as a reminder to ourselves that we aren’t perfect. It isn’t inherently bad but what you do when you meet failure can show you what type of person you are. Do you solve the problem and keep moving forward, dwell on it for much too long where it becomes a hindrance, or do you choose to ignore it all together and keep moving on without learning from it?

This class has shown me that failure is simply a part of life where we can move forward and better ourselves and or our products with risks.

25A

Existing Market

What makes the most sense in terms of growing in my existing market is that I need to find a foothold and then strike in terms where the others are weakest. From my interviews and research I have found that many people are tired of waiting in long lines at coffee stores in order to buy their drinks. So in order to grow in my current market I need to be direct and fast, luckily this is exactly what I had in mind with the vending machines, selling great caffeine and confidence.

Another area that I should strike became apparent when talking with all 3 of my interviewees, was price. This allows me to see an opportunity to grow in the current market of I “undercut” so to speak. If I offer lower priced goods than my competitors it seems feasible that I could grow in the current market. This is where the vending machine once again shines, by not having to pay employees for the creation or distribution of the drinks to customers I can save on overhead and then forward those savings onto the customer.

New Market (affluent and time capable users)

I believe that my product could offer something to these new users with the advent of a “green” campaign. By saying and proving that my product has a lower carbon footprint and or helps a green cause it could allow for such users to appear as a social influencer. This would allow them to have a sense of accomplishment that many seek while still doing very little.

This market was hard to reach as many college students are at a loss for both time and money. However I was able to reach out to some grandparents and the mother of a family friend who I believe to be within some aspects of these parameters.

What surprised me the most was that they did not care how they got their coffee or even the price, but they did care about the motives behind it. One of my interviewees even asked me if my product was “green” before asking how to access or purchase it. My assumptions of this new market not caring about wait time were correct however the other person I asked told me price did matter to her.

This new market after being given some thought does not appear to be as attractive as my existing market. This new market does not have the same passion for time and price that my current target does. It is for this reason and others (such as implementation into college campuses is easier and more feasible than other places) that I have chosen to stay in my current market. My idea of a vending machine is simply meant for wider use in my current target market and as such will more likely see success in it.

24A

Opportunity:

1.     Who has the need?

            College Students and On the Go Users.

      2. What is the nature of the need?

                        They require caffeine quickly and aren’t willing to wait for the long lines of most coffee stores.

     3. What are the forces or changes in the environment creating this opportunity?

            As a society in recent years we have been more and more pressing on convenience and time saving activities.

     4. How is this market defined geographically and demographically?

                        This market is less defined as there are few competitors in it, however it could be defined by the tastes of each location.

     5.   How are customers currently satisfying this need?  And how loyal are they to whatever they use now?

            They are using home brewers, coffee shops, and off the shelf drinks. I believe that they are loyal only to the price and flavor with few having undying loyalty to a brand.   

    6.  How big is this opportunity?

            This is a huge opportunity as striking any large unserved market could be, most people in some shape or form are willing to spend money on caffeine.  

    7.  How long will the “window of opportunity” be open?

            Until their caffeine needs are satiated.

   Innovation:

   My innovation is designed for those who require caffeine and are on the go and in a hurry, with a focus on college students and other odd hour users. I want to create a network of machines that sell and distribute customized caffeine beverages to the users quickly and consistently. I feel that there is opportunity here as many students and users are walking with purpose and don’t have time to wait in line or drive/walk to the nearest shop (which may or may not even be open). So in short I am selling the convenience of a 24/7 very fast personalized coffee shop for users with little overhead.

  

  

Venture Concept:

1.      What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?

            I think college students would want to switch to my machines as they offer better service time and prices than the largest competitor (that being coffee shops). This is because the product is designed to be used quickly and effectively sells itself to the users on cost alone (which my research showed to be a big factor in switching), which will get them to switch.

2.     Who are the competitors?  What are their possible weaknesses or vulnerabilities?

            Starbucks is the largest competitor and other coffee shops. The weakness is that they cost a lot and take a lot of time to get their product to the customer after they have paid.

3.      What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?

            My largest defining features are the time to customer, price, and distribution. I defined my product on selling quick, cheap, good cups of beverages to customers. This means that I have to ensure that my quality and repetition of service is up to my standards.  

4.      How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture? 

            My idea aims to serve the customers of caffeinated drinks. It will consist of a fleet of vending machines that will be maintained through use of mechanics and distributors. For this reason I would hire a small group of employees that could maintain the machines while I and a board maintained the logistics of the company.

1. My most important resource is the family recipe for spiced coffee.

2. My next move for this company is to start prototyping machines and drinks to sell.

3. In 5 years I hope to have some semblance of reach when it comes to college campuses. I want to be successful and at least a recognizable service on any scale. The success or failure of my machines will dictate where I will be, that and the voice of the consumer.

23A

Valuable: Does it have innate value for the completion of my idea?

Rare: Is it a rare trait?

Inimitable: Can it be copied?

Substitutable: Can it be replaced with a substitute?

1)Cash

Valuable: Yes

Rare: No  

Inimitable: Yes

Substitutable: No

It’s money so I believe it speaks for itself.

2) Access to a Computer

Valuable: Yes

Rare: No

Inimitable: Yes

Substitutable: No

This may be something not everyone has, but all companies have access to computers, which are key parts of a business logistically.

3) Ability to Prototype 3D models (machines)

Valuable: Yes

Rare: Yes

Inimitable: Yes

Substitutable: No

This is a resource good for prototyping but with cash flow any competitor would have access to it.

4) Connection to Starbucks Management

Valuable: Yes

Rare: Yes

Inimitable: Yes

Substitutable: No

While my connection may be unique it can also be copied by most if not all people in some form.

5) Knowledge of Robotics (vending machines)

Valuable: Yes

Rare: Yes

Inimitable: Yes

Substitutable: No

It is possible to pay someone to build and explain how robotics work so for that reason it is rare and inimitable.

6) Access to 3D modeling Software

Valuable: Yes

Rare: No

Inimitable: Yes

Substitutable: Yes

With so many programs out there this resource is easy to come by for those with the will and or cash to look.

7) Understanding of the Market

Valuable: Yes

Rare: No

Inimitable: Yes

Substitutable: No

This is a basic requirement for launching an operation such as this and would be insane if anyone failed to have this.

8) Clear Plan (Logistics)

Valuable: Yes

Rare: No

Inimitable: Yes

Substitutable: No

This is a basic requirement for launching an operation such as this and would be insane if anyone failed to have this. However my plan is different as my target audience and delivery means are relatively unique.

9) Knowledge of the users

Valuable: Yes

Rare: No

Inimitable: Yes

Substitutable: No

For the same reasons as 8 it receives the same score.

10) Family Recipe for Coffee

Valuable: Yes

Rare: Yes

Inimitable: No

Substitutable: No

This is a unique family resource and as such it is valuable, rare, unique, and non substitutable.

While writing this post I came to understand that perhaps the most important aspect that gives me an advantage in this market would be my family’s recipe for coffee. This is a key component of my idea and is unique to me. I could use this in all aspects from marketing (family recipe) to the product itself (where it’s sold). In closing this is my most important resource as it is the rarest, most versatile, and completely my own with no other source having access to it.

Elevator Pitch 3 22-A

https://youtu.be/bZygBmKqOWE 

So with the third iteration of my pitch I was told to focus more a better flow of information and to practice my pitch more. So in order to change this I walked through it multiple times and tried to remain constant and well versed with concise information. 

Over all it’s by far better than my first but as the prompt says practice makes perfect. 

Reading Reflection 2 21A

The book I have chosen to review and reflect upon is Cognitive Surplus, by: Clay Shirky.

1. The over all theme of the book is how we can spend our free time more productively and as such can work in such a way that can advance ourselves and society as a whole.

2. This book connected with the them of productivity and resonated with me as I struggled initially to allocate my time effectively. This helps me connect this to one of the major themes of being an entrepreneur which is to be efficient in all aspects possible. This also reminds me that in my free time I can be bettering my product such as through sales pitch practice, new ideas, or problem solving.

3. The exercise I would ask the class to do would be similar to the bug list where for a set period of time (a week or so) I would ask students to record what they are doing in their free time, then attempt to be more productive with it. One other option would be to take the list and add time to each activity so that students would realize just how much time they could be spending bettering them selves or their project .

4. In the third chapter Motive I realized how important motive was and at the time my biggest drive to complete my product was simply to finish it. I had little motivation to improve it, be the best it could be, or simply to even make money. This chapter made me sit back and reflect on myself and re evaluate my motives, which ultimately straightened them. I was not expecting this as I only sought the book because I was curious as to what exactly the author meant by cognitive surplus.

Growing your Social Capital 20A

Domain Expert (Zac Trampel) 

Mr. Trampel has spent over 20 years in the field of vending machines and understands which type to place where and how to achieve maximum results. He fills in this spot through his expert with selling and maintaining the type of machine that I wish to produce. I was able to find him when I reached out to family as my uncle once worked for him. The exchange was simple he would answer my questions and the favor that I would return was to continue my schooling. By bringing him into the fold I am able to have insight into the field and have access to the experience that I am lacking when it comes to choosing select locations. 

Market Expert (Brandon Yang) 

Mr. Yang has been a multi store manager for all of the UF campus's Starbucks, which allows him to fill this spot as I am to target similar markets with my caffeinated beverages. I was able to contact this person by simply walking into a Starbucks and asking for who was in charge until I was told "this is it kid". Once I asked him for insight into the market he was able to answer my questions and in exchange for this favor I was requested to fill out a survey and buy a coffee, which I did with ease. By bringing Mr. Yang into the fold I was able to gain a potential ally for coffee statistics which can help my marketing plans a great deal, due to his experience. 

Supply Expert (Chase Holcum) 

Mr. Holcum has contact within the Pepsi organization more specifically the vending machine supply aspect; which allows him to fill in the supply expert role. I was able to meet and talk with Mr. Holcum when I simply saw him filling out the vending machines on campus and asked for a moment of his time. He answered all my questions and gave me the contact info for his supplier/boss which I may use in the future, as for the favor he asked from me he simply asked me to "stay in school and if it takes off don't forget about the guy who helped you out." With Mr. Holcum in the fold he may be able to increase my understanding and social capital with bigger name suppliers. 

Reflect

This experience has allowed me to see the potential in networking and forced me to be more aware of who exactly is in the room. This differed from my past experiences as it forced me to look for ways into a monolith with very little time, days and weeks as apposed to months. 

Idea Napkin 2 19A

YOU: I am Connor Colson I am a student at the University of Florida. My skills and experiences allow me to see thing differently. This is due to my experience working and studying around the clock, with this I hope to strike the market by serving the on the go and odd hour (early or late hours) customers. My goal is to fulfill this markets need and profit. 

WHAT: I am offering customization caffeinated drinks (coffee and tea) made fresh that taste good to those who don't have the normal time or means to enjoy them regularly. The will be customization through the machine with a series of screens and menus. 

WHO: I am offering my service to those who cannot afford to sacrifice time or convince for a cup of caffeinated beverage. This could mean college students who are late to class, those who are up super early or late and need caffeine, or just anyone who wants a good cheap beverage fast.

WHY: It allows the users to have access to coffee and other drinks that they may not have access to normally, I am selling convince and caffeine to those who need it.

WHAT:  I am different because with the use of vending machine I will have 24/7 service to customers while keeping costs low due to that lack of an overhead and employees. My doing so I may have on average 12 or so more hours of potential sales over my opponents.

I believe that these elements go together well. On paper I have a nearly trapped audience who cares for convenience, price, and taste, However in practice I still have much to learn.  The machine may not always create the same type of coffee and I may not be able to achieve the same level of customer service as a machine does not have a talking face. I do believe my product will be successful because everything else (the audience, service, and product) all fit well together. 

The feedback I received was mostly kind but they told me I was clear but sometimes the sentence structure was off. So in order to combat this I tried to ensure the sentences were easier to read and still told the message clearly. 

Creating a Customer Avatar 18A

My Customer Avatar is a 23 year old woman named Michelle who is focused on her work and as such feels much older than she is. She has recently enrolled in a masters or higher learning degree at any campus across the nation. She enjoys reading, watching the newest drama, and has an addiction to caffeine as most people do. She has no children but is in a committed relationship where she attempts to balance her home and school life. She spends most of her day at the library attempting to get ahead and tackle the events before her. She enjoys dogs, and is always looking for more hours in the day, in an attempt to stay safe during her commutes and have an edge on the competitions she drinks her caffeine at all hours in the day so to always stay alert and awake.  

The only things I have in common with my avatar is that I enjoy dogs, books, and want to succeed in school. The reason for this is that they are very common traits that many of my friends share and since they have been my group for questioning they have become part of my ideal customers. 

Elevator Pitch V2 17A

Elevator Pitch V2

So with this pitch I wanted to focus on some of the feedback I received from both the comments and from friends who asked to see the video. The most common feedback that I received was that I talked to fast and it didn't sound rehearsed. So while all feedback is welcome and thus useful (to some degree) I attempted to change my pitch accordingly. How I changed it was I walked through it a few times, and that I mentioned the customization, the target market, and that I had plans for the future.