Assignment 29A-Venture Concept No. 2

Opportunity:

• The opportunity that I see is related to large colleges across the country. It is specific to college campuses because they are a place filled with thousands of students in a somewhat confined area. I would have to look at certain colleges to see which is the best for the opportunity based on school size and location of students in respect to campus. The reason that I chose to conduct my opportunity here at UF because it has a large amount of students in a very refined area, being one of the largest public schools in the country. 
• The specific opportunity that I conducted is a Hybrid Laundry Service on the campus at UF. College students struggle to do their laundry for many reasons depending on the way they live their life. For example, underclassmen students at their dorms find it hard to get to the laundry room in the basement. Also, upperclassmen with packed schedules might not be able to find time to complete such a tedious task. 
• Targeting college students allows me to identify a specific market within a certain area, for this example, Gainesville. Students have a lot to do within their days whether it is studying or doing extracurriculars so their time is limited, not to mention many of them had never done their own laundry before college, it is a recipe for profit for a small business like mine. 
• There is currently no other competition like mine that provides full laundry services for their customers, meaning that I would be able to target the certain market unopposed. 
• This opportunity does not have any time constraint since new students come to campus every year, creating a new market for my company to target and profit off of. 

Innovation:

• I used alot of innovation to make this company the way that it is. I will be adapting to the market and the new technology that has come out to run my company similar to Uber, where drivers that pick up and drop off the laundry can work based on their free time, making the company not only targeting college students but also giving them a change to get involved in the company and make some money on their free time. Doing this will bring a great image around campus, hiring students will give my company a great word of mouth because they will be willing to market our company for them because they want to make money themselves. 
• I will also be using my resources around campus to make bulk deals in order to expand my companies potential. For example, making an agreement with a fraternity or sorority where they either pay a price upfront or get a discount for only using my service can expand my company tremendously. 
• The way that people pay is also different from a normal company. I will be giving customers the option to choose which services they would like, these services would all be of different value therefore making them different prices. For example, customers can choose how and when they want their laundry to be done, their options are as follows
• Customer drops off laundry and picks it up
• Customer drops off laundry and picks it up plus folded 
• Customer drops off laundry and gets it dropped off 
• Customer drops off and gets it dropped off plus folded 
• Customer gets laundry picked up and picks it up 
• Customer gets laundry picked up and picks it up plus folded 
• Customer gets laundry picked up and dropped off 
• Customer gets laundry picked up and dropped off plus folded 
• All of these options have different prices due to the different values that they hold based on the amount of time and money it will take to get their services done for them.

Venture Concept:

• I dont think it will be that difficult to get customers to start using my service. On top of having no competition, i will be utilizing a rewards system for people who agree to use my service often. The only other service that could be considered competition for my company would be a laundromat located outside of campus. It is a very small place that only has one option for service and does not pick up or deliver, my company is better and more appealing in every aspect of business. My price points play a key role to my company, having prices that appeal to my customers will be very important because college students have low disposable income. 
• The company experience is crucial to the success of my company. The way my business is run creates a large amount of interaction between employees and customers, so giving customers a great experience to remember make customers come back for our business. 
• The amount of employees that i hire will start small and expand as the company grows. At first I would only need 2 to 3 people to work on washing, drying and folding the clothes with one delivery driver. However, as the company grows and gains a bigger customer base I will need more people to keep the business running, therefore hiring both more in-store employees as well as drivers. 

• My companies biggest advantage is how connected it will be to the campus itself. For example, hiring students to work as well as volunteer to drive for the company will market the company itself and create a connection with the college and its students instead of just being a business located on campus. 
• Whats next for the venture is finding other campuses to expand my company to. I would have to visit many large campuses across the country to see which fits best, but I believe this concept can be successful in many different settings.
• Whats next for me is using everything that ive learned from this experience to better me as a person and help me eventually move on to bigger and better ventures. Whether it is hiring a manager to run my company or selling it to make a profit, there are many exit strategies that I can use to help me move on and develop even greater ventures. 

Feedback

I got a lot of great feedback that helped me both develop my company and better complete this assignment the second time around. I got good feedback that confirmed my belief in using college students as employees, so im glad other people agreed with me as well. I tried to go more in depth this time around in the options and services that are available, I felt that last time i just briefly touched on it instead of explaining it.

30A- Final Reflection

After looking through all of my posts its really interesting to see myself and my ideas develop over time. I noticed that a lot of my early posts are very dry and don't have much detail, but over time i was able to go more in depth when explaining all of my ideas. Also, it was cool to see my idea itself develop over time as well. My early posts explain my ideas with little too it, but as the class went along I was able to think of more ideas to expand the company. I liked how the class tested my ability to time manage, this is something that I will definitely take with me past this class. That being said, it was the times i forgot about assignments and had to rush to get them done that taught me the most. Thats what i thought was cool about this class, you develop the ability to learn from your mistakes and failures and make yourself better because of them.

I definitely see myself as having an entrepreneur mindset after taking this class. I thought of myself as possessing the potential before the class, but after taking it I can for sure see myself as evolving. If i could recommend something to a future student I would defiantly tell them to perfect their time management. I would recommend getting a planner and writing out all of the assignments due on certain days. Its really easy to forget about certain assignments when you have to log onto Canvas to see them, having them written down in something you will check regularly can help tremendously. I would also tell them to pay attention to the times they find themselves struggling. Learning from the tough times can help you develop a better mindset over time.

Assignment 21A- Reading Reflection No. 3

The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

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

• The theme of the book is sort of explained in the title, "The Art of Social Media: Power Tips for Power Users". I say that because the book is all about valuable tools and tricks that help people find success within their social media. The book provides value for anyone looking to learn about Social Media, whether you are a normal individual or someone that owns a business. That is something i really liked about the book, that people and businesses on every scale can benefit from it not just "Power Users". The book goes into great detail about everything from starting a profile that will stand out to creating content to attract viewers. He also speaks about individual platforms to use which I found really helpful. Being able to know which type of posts are the best for certain Social Media platforms is very important, and something that this book taught me alot about. 

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

• I think the book did a great job in enhancing what I learned in ENT 3003. Starting a venture has so many aspects that need to be in place before it is ready to open, and one of the most important is marketing. There are multiple different types of marketing, but with the increase in technology over the years Social Media has become one of the best ways to market your company, as I learned through ENT. That being said, this book broadened my knowledge on how to market using Social Media tremendously, helping me excel in both this class and other ventures I am currently working on. 

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 design an exercise for this class it would be a little different than what the usual assignments are. I would have students take their venture they created and create a couple social media accounts, multiple so they can learn different platforms. They would have to create an account, first making an appealing profile that also explains their message. After that, I would ask them to make 2-3 posts on the account, figuring out which posts are the best for their company on certain platforms. Having people create an account and make posts forces them to get accustomed to how certain Social Media platforms work. 

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 biggest surprise for me when reading the book is how much the author talked about using humor in social media. He explains the importance of using humor to grab a readers attention and cause them to gain interest in your company. It surprised me, especially when talking about businesses, that humor would be an important aspect of your account. I always thought that being semi serious when talking about your company, but he showed ways that using humor could go even farther. 

Assignment 28A-Your Exit Strategy

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

• I believe there are a couple different ways to exit this venture.  When leaving college after creating a client base, I might hold on to the company while trying to create bigger ventures. I would have to hire a manager to watch over the store since I would not be there, but visit from time to time to make sure everything is running smoothly. I don't think it is something I will have for much longer than 5 years, that is enough time for me to make profit off of the venture while further learning how to manage a business, both equally as beneficial to me in my future ventures.  I definitely would not make this venture something to protect for decades or become a family business, I see myself as doing something much bigger than that. 

2) Why have you selected this particular exit strategy?

•  Since new students enter UF every year creating a new market for my company I can see this venture as something with potential for many years. That being said, while in college I imagine my company becoming almost a monopoly for laundry since there are no other services nearby. That being said, the flexibility and potential for profit as a small business is too valuable to give up right away. Also, the business itself is relatively simple so I do not think it would be a problem trusting a manager to oversee the business when im not there. 

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

• I dont think my exit strategy has influenced much about how i have went about my venture so far. The most important aspects of creating a client base for my venture are marketing and word of mouth since it is on a college campus, and both of those things can be set up and continued whether I am in the area or not. Having great service is vital, and making sure it stays the way i created it after I leave will ensure the companies success for years after. This is why I chose this exit strategy, because I see my company as one that can find a sense of flow that can still be achieved being run by a manager. 

Assignment 26A- Celebrating Failure

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

• At the beginning of the semester I decided to change my majors. Doing so, I was unsure which classes would be the best fit for me within the courses, taking one that I really had no idea/interest in. I took this class to try and fulfill a requirement early and get ahead on the track but later found myself having to drop the class. An accumulation of other work, extracurriculars and my lack of interest/comprehension in the class forced me to drop so the sub-par grade that I had did factor into my GPA. Dropping a class means losing money and having to take another class, but I was willing to sacrifice that to make sure my GPA stays high. 

2) Tell us what you learned from it. 

• I learned that I really need to take my time when picking classes and thinking about my educational future, it is not something that can be figured out overnight. I should have taken a look at all of the possible classes and what they entail before choosing one thats fulfills a certain requirement. That being said, I was able to do this when making my schedule for the Spring semester. I started researching the requirements and the classes early so I could fully understand all of them and chose the ones that were the best fit for me. 

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

• I believe that failure, although hard to overcome, is one of the most important aspects of life. It is difficult, but I like to think of failure as a good thing, one to motivate me to be better the next time around. I say "the next time around" because I will always try again. I have always been taught that it matters more what you do after failure than after success and thats something I definitely live by. This class has taught me how to analyze my failures, how to determine what went wrong and what I can do to fix it. Theres a saying that my father has always said to me to help me put failure into perspective with my emotions, "Failure is Inevitable, Suffering is Optional." 

Assignment 25A- Whats Next?

Existing Market
Step 1: Talk about what you think is what's next in terms of products and services for your venture.

Whats next for me in my venture is eventually expanding to other schools, but i think there are things that could be implemented to expand the venture here at UF as well. That is making an agreement with different offices and businesses around the school to wash any uniforms they have at a bulk price. For example, if Shands Hospital is in need of people to clean their scrubs and such, I can make a deal with them. 

Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next. 

Interviewee 1: This interviewee stated that he agreed with my plan to look for businesses around uf. He stated that although Uf has a large population, there is always room for growth. I asked him about possibly expanding to businesses and he liked the idea a lot, he stated that business are good for my venture because they are a large group of people in the small area. 

Interviewee 2: This interviewee didn't agree with my idea to expand my venture. He stated that any businesses that have required uniforms probably have someone handle their laundry, but gave me good ideas how to market the venture. 

Interviewee 3: This interviewee gave me a different perspective on the situation. When I told her about my idea, she stated that I should market at these companies instead of looking to use them for their service. 

Based on my feedback from the people I interviewed, I decided I would not try to use businesses for their services directly, but I would use them to market my product and try to expand my customers. 

New Market 

Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.

A new market that I would be looking to target is other schools across the us with large a large population of students. Targeting college students means that I am targeting a group of people with limited disposable income, so no matter what school it will be targeting low income people. 

Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!

I think that my venture can create value for people all over using the same concept. If students at schools live in a type of confined area, i think it will be easy to transfer our ideas between places. 

Step 3: Interview two people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market? 

The interviews that I conducted gave me great insight to how my venture would do at different schools. I talked to people at other students with connections but also struggle with this problem. They agreed that as long as alot of students are confined in a small area the concept would be effective. They brought up that I should really seek out everything in the areas that I am looking to invade to make sure my venture is worth it.

After identifying both the present market and the new market, i realized that my venture would be a good idea to expand. In terms of the present market, my idea was changed a little because I would not be directly invading businesses. 

24A- Venture Concept No. 1

My name is Brian Maloney, I am a sophomore here at UF majoring in Marketing with a minor in Entrepreneurship.
Opportunity 
College students across the country struggle to manage their time correctly, leaving what they believe to be the "least important", but also the most tedious to do last, laundry. This is a problem that can stem from a number of things, mostly being the inconvenience of their current laundry system or the lack of time in ones schedule. The potential customers within this business are college students that live on or near a large college campus, for this concept I am using The University of Florida. Using a large college campus gives a large market for customers. Also, being on a college campus, most of my potential customers fall within very similar demographics.
Nowadays college students are flat out lazy. Whether they have never done their own laundry before or they simply hate the task, it is a problem that most, if not all college students face including myself. Students at UF struggle to get their laundry done, being that there is no other service currently running on campus. That being said, the window of opportunity for this business could be infinite if everything runs the way it should. I say that because new students are entering the university every year giving a whole new individual market for my business to infiltrate.

Innovation 
I like to call the business that I am creating a hybrid laundry service. I use that term because there are multiple different options you can choose on how to get your laundry done. The different options have different prices based on the amount of work necessary, so I believe that I will make money on the more time consuming orders. Customers are allowed to drop their laundry off and pick it up, drop it off and have it delivered, have it picked up and come in to pick it up, or have it both picked up and delivered...all different options with different prices based on the service, a small fee of $2 per load if they want it to be folded for them. The cost of the business would be expensive at the beginning with all of the initial costs, but they are majority one time investments so I would be making money over time. This is innovative because there are no other services near by with these kind of options and conveniency, meaning the power is in the customers hand.

Venture Concept
I will have to make large initial investments such as the space and laundry machines, but after that costs will be low with nothing really to buy but detergent and fabric softer, things of that type. I will have 2 people working in the store taking in the clothes putting them in washing machines and changing them to the dryer when it is time, also folding when it is done. To deliver i will have 1-2 drivers on any given day based on how busy we are. I will be employing fellow college students to keep costs low. Also, giving students jobs helps market the company because employees will be able to refer their friends and provide a good word of mouth. Customers will be switching to my company because of the conveniency and efficiency, all clothes will be done and delivered within 24 hours guaranteed. It will not be very hard to get them to switch over because there is no large competition in the area. Customer service is one of the most important aspects of the company, if not the most important. That is because word of mouth will be the best way this company is marketed, so a good experience is crucial to make sure customers have a good word about our company.

My most important resource I believe is being affiliated with Greek Life. Although this does nothing to essentiality help the company run, it provides a huge market of people that I can target for the company. Putting customers first while also being connected with them is going to make it extremely hard for competitors to copy. Also, invading a market that does not have this type of business already in it gives my company an extreme advantage in targeting customers.
Whats next for my venture is expanding to other larger schools across the company. Any school that has a very large population that has a center of living for students like UF will have the potential for this business.
Whats next for me is moving on to bigger concepts, while using while I learned in this venture to help in the process.