Final Reflection

1. I actually think the most formative experience I have had in the class was writing down my "celebrating failure" exercise. Though it didn't have much entrepreneurial vibe to it, I learned ALOT by sitting in my room, writing my blog post, and reflecting on the negative experiences that I have stumbled on in the past. I never really celebrated my failures, I just cried, and tried to move on. This class forced me to reopen wounds as I wrote down my failure, but also forced me to write what I learned. That was really powerful. I will take that lesson on my entrepreneurial journey throughout life. Failure is looked at in such a negative light, but when you take the time to really think about it, it becomes the biggest opportunity to learn and celebrate. Thank you for providing me with this time of reflection- I truly thought it helped me grow as a person.

2.) I am most proud of my accomplishment of getting my name on Google. I had no idea that through constant posting and commenting, my work would actually appear on the top page results as #3 when someone searched my name and entrepreneurship. That is really freaking cool. By reflecting on that exercise, I learned pointers on how to refine my search and expand my network on Google as I take these experiences with me. I learned that you should use key words and phrases constantly when trying to get your brand out there. Some might think that is a "duh" statement, but I didn't subconsciously do it when I was writing my posts. So in the future, I am going to implement that tool to enhance my brand name when people look for me on Google.

3.) I hands down think I moved toward an entrepreneurial mindset. I set goals, I met them. I was afraid of failure, I conquered it and stepped out of my comfort zone. To be an entrepreneur is way more than creating a business idea. It is about tenacity. These assignments have built stepping stones to unveil my potential as a future entrepreneur and business leader in the world I am about to step foot in after the next couple of years.

4.) For the students down the road, take this class seriously. At the beginning of this class, I felt like it was a lot of busy work (sweet no exams, no reason to put effort in this class). However, I found that mindset really changed, subconsciously, as I went through the exercises. I started putting more thought into my idea. More people started reading my concept and liked it. More comments started appearing on my work. And before you know it, I am here, with many contacts in the real world, and students who helped me tweak my idea to something that could potentially be feasible. I would encourage future students to REALLY keep an open mind. This class really changed my perspective on entrepreneurship, and it was also an outlet from my other more math class to express myself and my ideas- not to be confined from exam to exam, lecture to lecture. You really will learn a lot, so go for it! Don't be nervous to step out and just go for it. I am grateful I did.

Week 15 Reading Reflection

1. While reading the article, I found the biggest surprise to be the sheer focus on the customers with a large disregard for near-term monetary profits. It looks at things on the highest level, which makes sense- especially after reading the article. However, at first, I definitely thought that undermining a firm’s short-term interest would not be ideal. A lot of these companies need growth and without proper financing in place, short-term shortfalls can be damaging. However, scale over time can exponentially erase any harm done at the start. It also emphasizes a profit-oriented approach, which can help mitigate these issues.

2. I am not overly familiar with microfinance, as we live in a world here that largely does not apply to the world of microfinance. I started to get a clearer picture after reading the article, but the field of microfinance is obviously much more complicated than what a short article can simplify.

3. How do you handle the drastic cultural differences between you and your customers? Is it necessary to study the individual cultures specifically and in-depth as much as it is to understand the finance and money side of things? Clearly the article lauds scale as an important aspect to the company’s success in next generation microfinance, so I would see cultural understanding as very important to the success of such a firm. Also, would your firm ever consider lending to men or is it just too embedded in your business model to risk running astray from something that works? Passing up a good opportunity could have tremendous opportunity costs if men can meet the general criteria you like in men in certain cultures.

4. While I understand the author’s argument for standardization, lending money is not standardized. Each loan recipient is unique and brings with her idiosyncratic risk. People also have different indifference curves (to take a term from economics) as far as risk/reward goes. Additionally, with scale comes new markets. And with the developing world, new markets are drastically different from already-penetrated markets. Technology cannot, in my opinion, account for all of these differences to reduce the inherent risk in lending.

Elevator Pitch No. 4

Venture Concept No. 2

Opportunity- 

My opportunity for my entrepreneurial idea, Bubble Best, lies within a customer base from college aged students mostly, but can also span across those with busy family schedules and even empty nesters who need a quick and easy premade nutritious meal delivered to their door. I found unmet needs in the delivery service industry, especially for those who feel as if they don’t have time to prepare a healthy meal, cook it, and clean it up all within a busy schedule. I found myself in this situation, so I surveyed others and received similar feedback, especially needing a market for quick, premade self portion meals. 

I am offering this online delivery service specifically to those who feel stressed and don’t have the time to think of meal options. I myself fell into this category as a college student, worried about studying for exams and completing assignments on time, while also sticking to my New Years resolution of eating healthier. When I pitched this idea to my mom, she helped me realize it wasn’t only my demographic that is having this issue. As a young professional years ago, my mom struggled with the same issue- working late hours and not having the time or energy to cook something when she got home. I am confident that there is a market and a demand for this type of service, I just have to research on how to best penetrate and deliver to this market effectively. This solution could cater to those customers in remote areas as well with innovative delivery option. You can pick your premade, self portion, out of a menu online, and it will be delivered to you in seconds. You can order up to a week’s worth of food, freeze it, and have a variety of options to pop in the microwave or oven at your convenience. I am also thinking of asking online retailers like Amazon to invest in my service. This way, if Amazon were to become a provider, these premade, healthy options wouldn’t be confined to just the local areas. There wouldn’t be too much variety in the meals since they would come from Publix or Fresh Market, but allowing an online retailer to ship these meals around the country would supplement the local delivery service as well. This will cut down the time it takes people to think about food options, cook them, and clean them up.

For my pricing strategy, I would offer individual meals for $7 each on a per need basis. If the customer bought a lunch and dinner combo on a per need basis, I would offer the package for $6 dollars, and ultimately if the customer wants lunch and dinner for the week (Monday-Friday), the price drops to $4 dollars each due to the bulk quantity.  

Venture Concept-

 Bubble Best will solve the unmet need of lost time to prepare and eat meals by delivering a healthy, premade, self-portion meal to the customer’s door to cut down on stress of eating for those with busy schedules. I believe my customer base will switch to this product because through my interviews, I learned that people want another delivery option that is healthy, inexpensive, and ready to serve instantly. My competitors are places like FitLife Foods in Tampa, who already serve the healthy meals in premade ready to serve options. However, I think I can beat out the competition because they aren’t a mobile food option. I also will differentiate myself by advertising "local" grown foods that are healthier and more organic to be delivered to your door. You could have lasagna made from local cheese.. etc. This is how my company would not get pushed out my competition. College students especially don’t have always have a mode of transportation to go pick up these meal options, nor the time to cut out of their busy schedules. The delivery service I am offering is vital to making Bubble Best a competitive company over the alternatives. 

I added a feature to my company similar to Amazon Prime to boost customer loyalty and satisfaction, which also relate to increased sales. This feature will be on a subscription basis, instead of the one time ordering, and will ensure your food is delivered in under 10 minutes, hot or cold, and ready to serve right on the spot with utensils and plates provided. I would eliminate the delivery fee/charge, just like Amazon eliminates the shipping charges for Prime members. This way, it will compete with pizza delivery and Jimmy Johns times with a healthy, ready to serve, personal portion meal quickly.

Feedback from Venture Concept No.1

The feedback I got was critical but definitely necessary to help refine my business idea. Students discussed how they think my pricing is a bit too high for the college demographic, which I will go back and reconsider. One student also questioned how I was going to stand out from my competitors, how would I differentiate myself. With that, I think I could emphasize the "local" foods to make it more location specific delivery instead of just mass-produced delivery. The last comment I received was that services like these are already in place. Though that may be true, I did not discover this when thinking of my idea. I came up with my idea because services like this have not been offered to be in the Gainesville area, and I saw a need for it here, especially in the college demographic where students don't have the time to prepare, cook, and clean up their own meals.

Based upon this feedback, I decided to change the pricing strategy to make this service more affordable for my demographic. My original prices were $10, $9, and $7, so I took into account the budget of my demographic and changed those prices. I also am going to advertise "local" foods as my venture takes off, as I changed this aspect and added it to my venture concept. I don't want to be shoved out of the market by competition, so adding a local flare will hopefully put my business in a niche market for health conscious college students who lack the time to prepare their meals.

Minor Elements:

My most important resource would be my compassion towards others. I always believe in going to the extra mile to make a difference in the lives of others, and I think that will to help others will set me apart from my competitors and boost customer satisfaction in the long run. I think this resource can be cultivated in my competition, however, I don’t think compassion can be imitated to the fullest, and I am excited to use this resource as my unfair advantage. 

I believe this venture has a chance to be such a success. I see small pockets for growth from the get go, such as expanding to campuses big and small across the nation, allowing big retailers like Amazon get involved in delivery, and encompassing a larger demographic of individuals- not just focusing the majority of our efforts on college students but to those who identify with the mission of the company. As an entrepreneur, I see myself using the venture and the connections I make during this venture to boost my confidence in starting other ideas I have down the road. I believe confidence is the key to success as an entrepreneur, so when this venture succeeds even for a little bit, I think I will have found confidence to follow my dreams and thoughts with other ideas.

Google Gold

1) A discussion of your general approach and strategy to search engine optimiation (SEO). What were some of the activities you did for each blog post to pursue SEO?  

To obtain search engine optimization, I made sure to copy my link to my blog in every blog post, even if I didn't complete an assignment. I think the way to maximize SEO is to ensure your link is posted in little crevices of the web, so google and pick up on how many times it was searched, clicked on, and opened. I tried to comment in the class directory when I didn't complete an assignment on blog posts, and though I didn't have a specific link to comment, I just commented my blog to get the most views as possible.  

2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?

I honestly didn't think about key words throughout the semester as I wrote my blog posts. If I knew at the beginning of the semester what this assignment entails and how to get my blog on Google, I think that could have influenced my tenacity to input key words in each of my blog posts. I see the impact key words have on search results in Google, but I didn't post in my blog with this in mind. I just spoke with whatever came to me to complete the assignment honestly. 

3) How did you use social media to enhance your SEO efforts? What your your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?

I also didn't post my blog on social media for the users of Facebook to see. I kept this blog to myself while I complete this class, occasionally showing my family or immediate roommates what I was working on. My parents thumbed through my blog when I was home as I showed them my assignments, or my roommates have asked what I was working on, and I would send them the link so they could check it out, but I never thought about broadcasting my blog for social media purposes. I think this answer would be very different if I were not just posting for class assignments, but actually trying to get the word out of a real life business. 

4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?

I think the posts that obtained the most traffic were my Idea Napkin No.1 and my Elevator Pitch No.1. These were both posts that required 3 comments each which also helped me obtain feedback, as well as forced my fellow students to look at my blog. Unfortunately, I don't know how to check the views on this platform, but if I were to guess, I think our earlier assignments in this class got the most action because people were trying to figure out how to post, what to post, and the format for posting.

5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to?

My blog did make it to the first page of Google, as the fifth result from the top. I searched "Wendy Leung's Blog" and there it popped up. I actually smiled a little bit when it did because I have never created anything like this on the internet before and to see it on the first page of Google results was a sense of accomplishment :) 

Week 14 Reading Reflection

1) I was surprised to read about the differences between corporate entrepreneurship and innovation. I knew coming into this class that there were similarities and differences between the two but to have them both really defined in front of me opened my eyes. I thought entrepreneurship is type of innovation- with more of an "umph" to it, but after reading the definitions for each, this misconception was expelled in my mind. They are actually two different ideas, and most people can't separate that in their heads (like me). The differences between the two concepts really made me think and separate these ideas into two categories, not just an extension of one into the other.

2) I was confused about what really is an I-team and what their purpose is. I understand that the company needs innovators that stay away from daily activities, but the definition the book gives throws me off of what they do on a day-to-day basis. The definition of I-team states "two or more people who formally create and share ownership of a new organization". Based on that definition alone, I wouldn't understand these people are innovators seeking to assist the firm in new directions. I just think the book could have been a little more clearer in describing the role of an I-team and what the work of an I-team looks like. This clarification could have really helped me understand this chunk of the chapter. 

3) I would ask the author what are some ways to cultivate organizational behaviors and rituals uplifting those who fail? The book discusses learning from failure, so I was wondering how a firm can strengthen this area of their work force to not put down failure but actually embrace it and learn from it?

I would also ask the author if he/she has personally seen movements toward ecopreneurship? I understand the world is moving toward a more green and eco-friendly society, but with my experiences, I haven't seen that many ventures really make an impact in the entrepreneurial world with this new way of thinking.

4) I think the author is wrong about his/her description of benefit corporations and B corporations. He/she states that "the terms are often used interchangeably" leading me to believe they are the same thing. However, then the author goes on to say that they "have a few important differences". I just don't think the author should spend as much time as he/she did on explaining what the differences between these two corporations are if he/she is going to contradict each other in the verbiage. 

Very Short Interview, Part 2

After looking at the initial interview with Ms. Lee, I thought it went well, but the interview was not very deep. Now having interviewed customers and stepped out of my comfort zone, I wish I had asked more thought-probing questions. I read the questions and while they gave me great insight at what it is like to be an entrepreneur, the answers didn’t really go beyond surface level. This time, I really want the “real deal” on the harder part of being an entrepreneur. I want to know what difficulties I will face and who will be there to help me along the rough patches. That is my goal in the following interview.

Here were my three questions:

1. Describe a time in your entrepreneurial career where you ran into failure and how you dealt with that.

2. Was getting your venture off the ground difficult at first and did you have any mentors help you?

3.  If you could leave me with one piece of advice to start my own venture what would it be?

After interviewing Ms. Lee, I felt like I accomplished the goal I set out to reach. Before the interview, she asked me how the class was going and what I learned. I didn’t record this because it didn’t answer my specific questions, but having stepped out of my comfort zone before, I was able to give her honest and confident answers about my experiences in this class. She said I came in much more vigorous and confident in my questioning, so I think this class does a great job of assisting students like me to not fear the unknown. She gave me lots of great advice for the future so definitely take a look at my question #3 for some real business insight. True entrepreneurs embrace the unknown and that is a major key takeaway of this interview and this class as a whole.

Celebrating Failure

Failure is something I have had to overcome during my college career, and let me tell you, it was not easy. I faced my first really big failure when I took the GMAT going into my sophomore year. I was told that it wasn't hard, and I would be fine. I needed this GMAT score to apply to graduate school which I am currently in the process of. Everyone told me that the minimum score I needed to reach was absolutely attainable with little prep and I would achieve it with flying colors. (also let me tell you, I am NOT a good standardized test taker and don't see how they measure my intelligence level in the slightest, but that is another subject). So with months of prep from a prep book, I sat down and took the GMAT, and I was 30 points off of the score everyone told me was so easily attainable. The score comes out automatically, and I was absolutely devastated. I ran out of the room crying, feeling so stupid that I prepared for months to attain a score everyone thought was so easy. Accepting defeat was a tough pill to swallow and for days I had a pity party for myself, how I was never going to get into grad school, how I wasn't good enough.. etc. However, I didn't have an option but to pick myself up and try again. I had to get this minimum score, it wasn't going away. So after wiping the tears, I got  back out the prep book and hired a tutor for round two. This time, I registered for the test in a different area around Tampa, to ensure the bad vibes from the last testing center didn't come back to haunt me. Months, hours, and money passed, here I was confident and ready for round 2 with the GMAT. I submitted my test, crossing my fingers that the magical number would show up on my screen. Well... It did... minus 10 points. I had failed AGAIN by 10 points on a score that everyone else could get with their eyes shut. Wow, that stung. I didn't have words for now the year I had prepared for this test. Tears welled up in my eyes as I met my mom back in the car. I had no idea how I was going to do this, yes I improved, but now couldn't get over the fact that I failed. I had long pep talks with mom and dad about how success doesn't teach you anything and how failure builds character. I took some of it to heart,  but deep down I just didn't have the stamina to get through it. I also knew I couldn't give up yet. This test COULD NOT beat me. Am I really going to let a standardized test get in the way of my future?! This time, I got mad. I stopped feeling sorry for myself, hired the tutor, bought another prep book, and devoted more time to it than school. 3rd times a charm they say? I took this test in Gainesville, having my best friend pick me up and my boyfriend drop me off. I had the support system there at all times, and I walked out of that testing room with a score 30 points higher than I needed. That feeling will be with me for the rest of my life. A year and a half of frustration, tears, embarrassment, and time later- I did it. I conquered the GMAT, and I cannot tell you how amazing it felt to grin from ear to ear about something that made me feel so terrible.

I learned incredible life lessons that I will have engrained on my heart throughout my life. I learned that

1. a support system is HUGE in tackling failure. If it weren't for the people around me, not letting me give up and believing in me, I couldn't have done it. I needed these people to pick me up when I'm down. They stood there and told me "Lauren we know you can, you need to start telling yourself that". Without them, I wouldn't be here telling you my story.

2. As my dad said "No one learns anything from success. You learn when you fail." I just thought this was something to make me feel better, but now having gone through all of that, that quote makes all the sense in the world. You don't gain experience by succeeding, for if you succeed, you don't have anything to learn. Failure GROWS you, it takes you at your weakest, most vulnerable point, and it builds your character. That is something everyone needs to experience. The power of failure and how incredibly life changing it can be.

3. You never can let failure win. ever. If you give in to the hard times, you don't grow. You are just in a hole of depression and will never get that sense of accomplishment. I was knocked down again and again. But something inside of me stayed lit. I had to do it, I had to finish. Failure doesn't want you to finish. But overcoming that failure is one of the greatest most proud feelings you will ever have. I challenge you to never give up. No matter how many times life knocks you down, get up. Looking back on it, no one ever said it was better to stay down and get trampled than getting up and trying. I learned, will you?

Week 13 Reading Reflection

1.) I was surprised about the certain aspects that go into the total amount needed to buy a business. Some of the components I felt like were a "duh" moment such as the purchase price, but others surprised me. I didn't realize how in-depth the analysis of these components were such as estimating "three months operating expense" that go into the amount needed to buy the business. I found it interesting to read about and understand for myself as an entrepreneur down the road what factors I should be thinking of when valuing my price- not just the purchase price.

2.) I was confused about the pricing formula steps. For a non financial textbook, I think the author could have explained these steps in a little more detail. I think he/she was concerned on getting straight to the point, but in the concise nature of it, I got confused because I needed more detail on how to apply the formula to my specific business.

3.) I would like to ask the author if he/she has ever distributed the "checklist for analyzing a business" to any small business owners locally. I think this checklist would greatly benefit those owners, and though they can find something similar online, I think the author is on to something. I am curious if he/she has ever found a real life application for this list.

I would also ask the author how much of an understanding of financial analysis do you have to have to become an entrepreneur. How many of the entrepreneurs he/she have met that outsource this type of work? It seems that valuing the company hinges on the ability for financial analysis, so I was curious to know who has this ability and who outsources it.

4.) I didn't find any opinions in this chapter that I really disagreed with the author on. This chapter was very informative on how to value your company. Though I didn't really understand the intricacies of the pricing formula, I saw the need for the formula. Overall, I think the author did a great job including all areas of valuing a business and the important factors an entrepreneur should consider.

My Exit Strategy

I plan to exit Bubble Tea Paradise by selling the business in the next 5 years for a large return. I see this as the most beneficial strategy for my venture because of the up and coming demand for bubble tea quickly.

 I chose this exit strategy because I believe selling the business will grow it the most and leave room to penetrate the market deeply. A larger food retailer could benefit from this service and will pay a premium for Bubble Tea paradise to realize synergies between my business concept and the existing scale of their company. The customer demand is rising quickly and trending to steadily increase for quick, tasty options, so with the power of a huge supplier and retailer behind Bubble Tea Paradise, I see the room for success, improvement, and growth.

My exit strategy didn’t really influence the decisions I made to identify opportunities. I found these opportunities and network connections with the business’s prosperous future in mind. I didn’t want to think about how the business will fail and I will have to exit before it even got off of the ground. I believe it is important to understand where your business is going to make sound decisions on calculated risks, however, I don’t believe the entrepreneur should focus on how to exit before he/she really took a stab at the business idea and the opportunities that could abound from it. However, realizing that I will eventually sell the company assisted me in being deliberate in who I contact and make connections with. It helped me form relationships with potential buyers in the future of the large scale that I envisioned taking over the company.

Week 12 Reading Reflection

1.  I was surprised about the venture's life cycle chart illustrated on page 481. I had no idea that failure happened in the venture growth stage. After reading more about that stage, I understood, but upon first glance, I actually thought it would fall under start-up activities since that is where you need the firm momentum the most. Realizing where failure could happen and how to prepare accordingly for that failure is a key to success for entrepreneurs.

2. I honestly wasn't confused about anything in this chapter. Some of this information has been presented to me in other classes, and I thought the read was pretty straightforward.

3. I would ask the author if he/she has ever came across an entrepreneur or a story of an entrepreneur confronting and then overcoming a growth wall? When I read this section, I envisioned a story about the underdog, so I am curious to know if the author had someone or some story in mind when he/she wrote this paragraph.

I would also ask the author what are some key ways to develop an entrepreneurial mindset for an approach to problems? The chart in the book says for an entrepreneur "problems represent an opportunity to detect change". However, how would he/she suggest cultivating this change instead of letting the change frustrate you? I would love to hear if the author has some tips on that.

4. I disagree with the author under the assumption that ALL entrepreneurs have time management issues. I think that depends on the person. Yes, everyone could get better at time management, but I don't see it as a problem that plagues entrepreneurs across the world. Entrepreneurs are usually organized go getters that have succeeded in time management before.

Venture Concept No. 1

My Venture Concept:

Opportunity- My opportunity for my entrepreneurial idea, Bubble Tea Paradise, especially for those who feel as if they want to enjoy a delicious bubble tea after a busy say. I found myself in this situation, so I surveyed others and received similar feedback, especially needing a market for quick, tasty drinks.

I am offering this online delivery service specifically to those who enjoy tea and want to design their own kind of tea.  I myself fell into this category as a college student, wanted to try out different options.  When I pitched this idea to my classmates, they helped me realize it wasn’t only my demographic that is having this issue. As a young professional years ago, people struggled with the same issue- not able to customize their drinking preferences. I am confident that there is a market and a demand for this type of service, I just have to research on how to best penetrate and deliver to this market effectively. This solution could cater to those customers in remote areas as well with innovative delivery options. This opportunity can be available for the immediate years in the future since the demand seems to be trending upward especially with a more health conscious society.

Innovation- I am offering customers an online ordering delivery service which will offer different kinds of tea from markets and grocery stores in the surrounding area named Bubble tea Paradise. You can pick your own ingredients on the list out of a menu online, and it will be delivered to you in seconds. You can order up to a week’s drinks, freeze it, and have a variety of options to pop in the microwave or oven at your convenience. I am also thinking of asking online retailers like Amazon to invest in my service. This way, if Amazon were to become a provider, these drinks options wouldn’t be confined to just the local areas. There wouldn’t be too much variety in the drinks since they would come from Publix or Fresh Market, but allowing an online retailer to ship these drinks around the country would supplement the local delivery service as well. This will cut down the time it takes people to think about drinks options.

For my pricing strategy, I would offer individual drink for $5 each on a per need basis. If the customer bought a combo of two different set of tea on a per need basis, I would offer the package for $9 dollars, and ultimately if the customer wants the drinks for the week (Monday-Friday), the price drops to $4 dollars each due to the bulk quantity.  

Venture Concept- Bubble tea Paradise will solve the unmet need of lost time to prepare and enjoy high quality tea by delivering a healthy, tasty and affordable drinking option to the customer’s door to cut down on stress of drinking for those with busy schedules. I believe my customer base will switch to this product because through my interviews, I learned that people want another delivery option that is healthy, inexpensive, and ready to serve instantly. My competitors are places like Bubble Tea Supply, who already serve the bubble tea ready to serve options. However, I think I can beat out the competition because they aren’t a mobile food option. College students especially don’t have always have a mode of transportation to go pick up these drinks options, nor the time to cut out of their busy schedules. The delivery service I am offering is vital to making Bubble Tea Paradise a competitive company over the alternatives.

I added a feature to my company similar to Amazon Prime to boost customer loyalty and satisfaction, which also relate to increased sales. This feature will be on a subscription basis, instead of the one time ordering, and will ensure your drink is delivered in under 10 minutes, hot or cold, and ready to serve right on the spot with utensils provided. I would eliminate the delivery fee/charge, just like Amazon eliminates the shipping charges for Prime members. This way, it will compete with pizza delivery and Jimmy Johns times with a healthy, ready to serve, personal portion meal quickly.

Amazon Whisperer

Amazon Whisperer

1. My revenue drivers are the premade, packaged, ready to serve drinks people choose and order online. The convenience is something I think will generate the most revenue. The drinks themselves are customized through our online website, generating revenue through the quantity delivered and frequency of deliveries to our customers.

2. I believe the next thing my customer base would want is something like the Amazon Prime membership mixed with the promise of "freaky fast delivery" like Jimmy Johns. 

3. I project adding this additional service to the online customers will boost customer loyalty just like it has at Amazon and Jimmy Johns. This feature will be on a subscription basis, instead of the one time ordering, and will ensure your food is delivered in under 10 minutes, hot or cold, and ready to serve right on the spot with utensils and plates provided. I would eliminate the delivery fee/charge, just like Amazon eliminates the shipping charges for Prime members. This way, it will compete with pizza delivery and Jimmy Johns times with a healthy, ready to serve, personal portion meal quickly. Once customers try it, like Amazon Prime, they hopefully will keep coming back and use the service.

4. I actually am a subscriber to Amazon Prime, so I see first hand the perks that it offers. Since I am an avid user, I find myself checking Amazon first before going to the store for items like nail polish, salsa, highlighters, and even coffee pods because I know how quickly it can be here from the mail. The speed of delivery is incredible, and I am looking to implement something similar in my company to boost loyalty to Bubble Tea Paradise. Customers won't have to pay a delivery charge, which is what I saw on customer feedback forums for prime. Many subscribers use Amazon Prime because the delivery costs are free and the speed of delivery is incredible- it takes no more than a click of a button to have something delivered right to you without wasting your time to go get it. Some people call this laziness, though I believe it is the way of the future since Americans love to cram so much into such little time. 

5. I wouldn't change the idea behind the service, I would just change the free shipping into free delivery charge. All the customers would be paying for is the cost of the drink plus tax, enticing customers to join the program and use Bubble Tea Paradise delivery service for their quick and easy drink when they have time to drink. 

6. I think adding an Amazon Prime feature would be beneficial to my company because it would boost loyalty in my customers and also spread the word about my company. My roommates ask what new things I got on Amazon when they are delivered, and then inquire how they got here so fast. I then tell them about Amazon Prime and now 2/3 of them are members. I think this could boost subscription sales and customer satisfaction with our program if we ensure quality, premade, and healthy drinks delivered to the doors of our customers with quick delivery time and no delivery fee. 

Week 11 Reading Reflection

1) In this Harvard Business Review article, I was surprised that there was a tradeoff between technological innovation and business model innovation. The article mentions companies like Netflix and Uber mastering the business model innovation, but I had no idea that came with a trade off due to technological innovation. I was surprised to see that companies must spend a lot of time strategically thinking about where to invest their time and effort: in the business model or in the technology. Before reading this article, I thought both of them could be focused on simultaneously. 

2) I was confused about why the author continued to add (whom i consulted) numerous times within paragraphs regarding different companies. Did he need to inform us of that so we understand there may be bias? I just didn't really get why that assertion was necessary repetitively.

3) I would ask the author if he has seen crowdsourcing work to a companies advantage more times than not? I see crowdsourcing as a valuable tool, but does some genius solutions actually come about or does the company have to sift through a lot of useless fluff to get answers from the crowd? I would also ask the author at what threshold does the cost of crowdsourcing outweigh the benefit of potential innovative ideas from those not within your company?

4) I didn't think the author was wrong about anything. I found this article really interesting. It shed light on the fact that there are many different types of innovation and while some types may work for some business, it may fail in others. I enjoyed learning about the different trade offs for each type of innovation strategy as well. 

My Unfair Advantage

My Unfair Advantage

My Resources:

1.  Hardworking attitude- This resource I posses is valuable because I will not stop at any task with less than 110% effort going forward. If I want something done, I will do it right to the best of my ability. Hardworking tenacity is rare in this generation because it seems that all my peers want to take the easy way out and get things done the quickest, not necessarily the best. I think the quality is inimitable and non substitutable because it’s a quality that has been cultivated in me since I started attacking my school work hard. I continued to build upon this work ethic through many years and translated it in everything I do.

2.  Compassion- This resource I posses is valuable because it is necessary to feel compassion towards those with an unmet need. I can place myself in other people’s shoes and situations, and I think further down the road this can help my customer satisfaction level. I think this is inimitable and non-substitutable because I believe it takes a certain type of person to really understand and sympathize of where the other party is coming from. You can connect with customers this way and really gain a competitive advantage because you care about their well-being, not just your service doing well.

3.  Contacts- Even though I am a junior in college, I feel that I have met many people through college searching, academic and social clubs, my sorority, and accounting recruiting to have a wide contact base for people to get me off of my feet. I believe this is rare because not many college students can say they have built a network of individuals ready to help out. I don’t know if this trait is inimitable and non-substitutable because I think other people can mimic this quality, but currently, I think it gives me a competitive advantage.

4. Adept to failure- This resource I posses is valuable because I have faced failure in my lifetime and college career, and I think I know how to turn this into a positive instead of getting downtrodden by it. While I don’t see failure whether academically or in clubs etc is rare, I think learning how to deal with it is. Most students get upset when they face adversity, so I think that in my soul searching of dealing with it, I have created a skill that is inimitable and non-substitutable. Overcoming failure is a skill every entrepreneur needs to master, so the fact that I know how to turn it from a set back to an advantage is a key to success.

5. Deliberate in actions- This resource I posses is valuable because I make a point to accomplish the little things in life. I think it is important to stop and do nice things for the ones you care about. This factor could also bolster by customer service down the road. I also don’t know how inimitable and non-substitutable this is because if anyone takes the time to be deliberate about random acts of kindness, they can accomplish it. However, I think I could hedge that risk with some of my other traits for my company.

6. Knowledgeable about accounting and financial statements- I acquired this resource through my time here at UF, and I think it is valuable given the reading reflection I just completed about financial statement knowledge. I am an accounting major and have taken many classes on the subject, so although it is not rare for me to be adept at the subject, I think I have a competitive advantage at least in the short run of starting my business in this area. I think many people can copy this by hiring CPAs for their companies, but I can save costs by initially doing the work myself.

7. Time management and organizational skills- This resource I posses is valuable because I write down to do lists and items in my calendar to make sure I am always on top of my tasks. I think this is rare because especially in college, its custom that you are either organized or you aren’t. I pride myself in color coding, outlines, and check marks off my to do list to make sure I don’t miss any details. This can also be copied out in the real world, but to get a business off the ground, you have to know the little details that could end up making your business fall apart. I think organization will keep my workplace tidy and help me eradicate mistakes that could lead to a fatal downfall.

8. Approachable demeanor and personality – I think my short stature but huge smile and heart add value to who I am as a person and my approachability. I don’t seem big and scary to other people, which will then possibly make more customers try my product. I think it is rare to find a genuinely positive happy person all of the time. However, along with my last couple of traits, I don’t see this as inimitable. I do think it is non-substitutable because you cannot replace a happy face with a sad once. I am hoping my approachable personality will lure customers in to try my service.

9. Proactive in nature- This resource I posses is valuable because I am not a procrastinator and like to get things done on time (even beforehand). This is rare because in college, most students wait until the last minute something is due and then turns it in without their best effort forward. I do see how the competitors can copy this demeanor, but to get off the ground, I will research things ahead of time and make sure work is done before, and definitely on, schedule.

10.         Fiscally responsible- This trait is valuable because it is important to understand how to manage money, especially if you are about to run your own business. I think it is rare that students know how to be fiscally responsible and not in debt. I am given a monthly budget and work very hard to stay under that budget. I understand the power of the dollar and don’t abuse my privilege of such. Yes, the competitors can copy this, however, I don’t believe this trait is substitutable. I believe it is of the utmost importance and quite frankly necessary to understand how to be fiscally responsible as an entrepreneur.

Top Resource

I think the resource that will make my company, Bubble Tea Now, special would be my compassion towards others. I always believe in going to the extra mile to make a difference in the lives of others, and I think that will to help others will set me apart from my competitors and boost customer satisfaction in the long run. I really hope I can make a difference in this world, and I also hope that can translate into business success.

Growing Your Social Capital

Evan Leong -- Expert in my industry

Background of Evan Leong:

Evan Leong, owner with wife Kari of Bubble Tea Supply, discovered the drink while living and working in California, sometimes drinking two or three a day. "At $3 a crack it got more expensive than eating meals," Leong says.

But attempts to make their own proved difficult, he says. "Everyone was so secretive about it."So the couple researched the market and found a manufacturer in Taiwan to make the tapioca and flavorings for them. They moved back home to Hawaii to open their business.

Leong says they were the first to venture onto the Internet with a Web site, www.bubbleteasupply.com, that offered products and recipes.

The site receives 10,000 hits a month, he says, and receives orders from across the mainland. The company sells tapioca pearls and flavorings in bulk, largely to tea shops, but also to true enthusiasts.

Bubble tea party kits, for example, include 2 pounds of pearls, assorted flavorings, teas and straws for $35 to $56.40. Just the pearls start at $6.95 for 2.2 pounds, enough for 20 to 30 drinks, depending on how pearly you like them.

With the new kits, Bubble Tea Supply goes retail, and Leong says they should be showing up in stores soon. They'll sell for about $6, with enough in each kit to make six drinks. At this week's fair they'll sell at a discount for $5.

The kits make bubble drinking more convenient, but they aren't an instant fix. The pearls arrive as hard little black balls. To make them chewy, you boil them in water for 25 minutes, then let them steep for another 25 minutes. Rinse, drain and sweeten, then add to your drink of choice.Tea shops typically serve the pearls with creamy tea-based drinks flavored with fruit -- honeydew and strawberry being popular. They're also served with creamy iced coffees. 

Overall, the conversation was very helpful, and this person in my network will serve as a compliant resource (since our products really wouldn’t be competing) and, although a longshot, could stand a consolidation partner down the road if my business is successful.

Tung Bui, Matson Distinguished Professor of Global Business at the College of Business Administration at the University of Hawaii at Manoa, Expert in my market

Marketing

Today, the company now advertises and sells locally, nationally and internationally through its Web site, www.bubbleteasupply.com, as well as through traditional advertising, marketing and partnerships with the television program, Local Kine Grinds.

The company has established a customer base of more than 3,000. There are about 100 vendors in Hawaii that order the flavored powders, tapioca balls and business kits every month.

In the beginning, the owner spent $300 per month on marketing. Now $3,000 a month is spent advertising on television, radio, print and the Internet.

The company’s main market is the U.S. Evan says he and his wife don’t focus on the international market because international laws make exporting difficult. The Leongs attribute their success to being the first bubble tea supply company to go online with resources. The Web site accounts for about 50 percent of its sales.
Dr. Tung Bui: The Matson Distinguished Professor of Global Business at the College of Business Administration at the University of Hawaii at Manoa says customer service is important, especially if a small business uses the Internet to reach customers. Photo: University of Hawaii. He says the Web site is an ideal way for a small business to establish itself in the market, even though industry-wise, e-commerce only generates between 4 percent and 10 percent of sales.


“I think for a small business, the Internet, especially nowadays, is a very cost-effective way of reaching out to your customers,” Bui says. Customer service is still very important, however. “The most important thing is customer relationships,” Bui says. “Technology is one thing, but you don’t want people to be disappointed when customers go to the Web site and it’s not working. But I think the bottom line is how you truly satisfy your customers.

“The new trend nowadays is what they call real-time e-marketing. Everything has got to be done at that instant. If somebody wants to buy a recipe for tea, they want it right now and to pay for it right now. They don’t want to wait five minutes after or they might go to somebody else – real-time economy.”

Alex Barnett- manager of Bubble Tea Supplier: supplier

Background of Alex Barnett

Alex has been a store manager at the Bubble tea Supplier store for 15 years. I caught him around 12:30pm though, and he was on his way out for a lunch break and was happy to answer my questions, but seemed in a rush. I pitched him my idea and we had the conversation below, but after our conversation, he had to run. I didn’t get a chance to delve into his background and understand why he has worked for this business in particular for many years, but I gleaned useful information for Bubble Tea Supplier that will make him a valuable contact for me down the road in my entrepreneurial endeavor.

Bubble Tea Supply provides businesses and homes with supplies to add Bubble Tea to their menu, start a Bubble Tea Café or just enjoy Bubble Tea at home. 

Alex told me that the company carry flavor powders to make taro bubble tea, honeydew bubble tea, milk tea bubble tea, mango bubble tea, and the like. They also have bubble tea syrups to make passion fruit bubble tea, lychee bubble tea and much more. Bubble Tea equipment and recipes are also available.
It is their mission to help Bubble Tea lovers succeed by sharing with people in their community an alternative to Espresso and Latte's. Whether people are making bubble tea at home, adding to a menu or starting a business, Bubble Tea Supply gives people access to all the right tools one need to get started.

I realized Mr. Barnett would be a great contact to keep in touch with because he was receptive to my idea and repeated that he saw a need for great taste bubble tea which is why Bubble tea Supplier in general has tried to achieve as well.



Reflection:


In the past, my networking experiences have been mainly forced interactions though academic interactions. This experience differed because as I was not networking to land a job or internship, I was just speaking to high ranking individuals about how feasible an entrepreneurial feat was. I felt more relaxed in this situation because there was nothing at stake for me to lose here. I will remember that as I network in the future when the subject matter has a direct effect on me. I learned to be more confident and relaxed when there was no disadvantage to ask for feedback and not really know what I was doing, so I think I learned many valuable lessons in this exercise.