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.

Week 10 Reading Reflection

1.   I was surprised about how the textbook laid out this chapter of financial statements. I myself am an accounting major about to apply to the master’s program here at UF, and I think the author did a very good job explaining the basics of accounting. He/she laid out in fluid language why the balance sheet balances. I think it is important for entrepreneurs to know some basic accounting to know where their finances are going, and I think this chapter laid it out in a basic, introductory language that could benefit every reader.

2.  I was confused about the “pro forma” statements that the author spends a paragraph talking about. I understand they just predict what the financial position of a firm should be in the future, but isn’t that an analysts job? I think its important to know where your firm is going in the future, but I don’t really understand why its necessary to create a new statement about that. I just wish the author went into more detail about the why’s of this statement instead of the whats.

3. I would ask the author if he/she thinks an entrepreneur should spend time learning accounting instead of just hiring an accountant right off the bat? I think accounting starts at the basics of a company, and it is important to know how to arrange your money and earnings into different statements and budgets for investors in the future

I would also ask the author in order of importance, what would you require the basic entrepreneur to understand with regards to financial ratios? Every new entrepreneur isn’t going to know all of the financial ratios and how they are operating and are useful. So what would he/she recommend as a baseline of the “must know” financial ratios?

     4. I disagree with the author on the statement “start up ventures have little recourse when their country’s currency begins to lose its value”. I understand the author’s point that when currency value begins to fall, tourism in that country increases, however, I don’t think entrepreneurs have little recourse. I just don’t think they see the long term implications of a deflating currency because they are trying to survive in a short term atmosphere. This downturn in currency can be very troublesome to new entrepreneurs.

Elevator Pitch No. 3

1) The pitch. 

2) A reflection on the feedback you received from your last pitch. 

Clear and direct speech stood out to me as important

What feedback surprised you the most : I have the potential to expand the business from originally only students into people living in Florida because it is an online platform

 What feedback you think was outright wrong or silly : Not enough passion

3) What did you change, based on the feedback?

I have changed the target customers from "students" into  "people living in Florida"

I have also added a brief description of what bubble tea is so as to give the listeners a better idea and understanding of the new product. 

Week 9 Reading Reflection

1) I was interested to read the chart comparing the major survey research techniques. I knew all of these techniques existed, but found it interesting what each of the pros and cons were when they were compared side by side. I was surprised at how fast all of these research techniques spit out data. I was surprised to see that the only one that lagged behind in speed of collection was mail survey- but that is also relative because though it isn't immediate, the average mail time is only a couple of days. I just was interested to compare and understand the different techniques of collecting data for marketing research.

2) I was confused about the difference between mobile marketing and social media marketing. I think these two are now being fused into the same category since most social media is being done and looked at through handheld, portable devices. The book only dedicates a page on each of these topics, but doesn't really describe how they relate and why they are not in the same category. I just found this a tad misleading and wished the author explained what he meant a little bit more by each of these categories. 

3) I would ask the author if he/she thinks in this new, modern age that what they think about social media becoming one of the primary forms for marketing? Does this push out other more successful outlets such as television ads? Secondly, I would ask the author if he or she has had any experiences with entrepreneurs developing a marketing plan? I am curious to see what goes through an entrepreneurs mind when he/she wants to develop a strategy, so I would question the author about his/her experience with an entrepreneur developing a marketing plan and the steps he/she took to develop such a plan. 

4) I didn't really disagree with anything the author said in this chapter. This chapter was very informational, and I agreed with the points in this chapter. I also like the layout of the chapter how the author moved from components of marketing, to how to develop a marketing plan, to how to price the marketing plan. Overall, I thought it was a very informative chapter.

Idea Napkin No. 2

1) Me.  

I am Wendy, a junior exchange student from Hong Kong. 

I major in management and I am good at dealing with people and enterprising.  

 I have analytical skills, strategic management skills, computer skills in setting up a website and webpage design. I have experience in working abroad and organizing activities for children.  

My aspiration is to become a successful human resource specialist and provide professional services to help the community. 

Specifically regarding my business concept, I see this business being a stepping stone to learn and improve my capability in owning my business and starting a company for my future career. 

2) What are you offering to customers? 

Bubble tea --- a tea base mixed/shaken milk where chewy tapioca balls or fruit jellies are often added.

Create an online platform selling bubble milk tea. The platform allows customers to select the types of ingredients they want including pearls, fruits etc. And they can also adjust the level of sweetness, amount of ice, etc.

Then customers can make an order directly online with just one click. The bubble tea ordered will be made and delivered to various locations within Florida including Gainesville, Tampa, Orlando, Miami and other parts of Florida such that both on campus or off campus students in Florida can enjoy it. 

3) Who are you offering it to? 

I am offering it to mainly students living in Florida. I found that many students are actually interested in foreign food or drinks that are new to them. So a foreign drink may have a good opportunity in this market. They are mostly from middle class families that can afford a drink like this. They spend most of their time on campus during Monday to Friday. 

Free samples will be giving out to students at the beginning as a promotion so that more people know about the product and hopefully start liking it. 

4) Why do they care? 

customers will actually pay me money to use my product and service because of several reasons. 

First, it can highly customize the customer's tastes and preferences on the ingredients and level of sweetness and amount of ice that they want. Also, we will change and provide new choices for students every once a week. 

Second, it is very convenient to order and get the drink

Third, it has fast delivery service and the locations are convenient for customers 

Forth, it is relatively cheaper than other competitors around that area

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

Geographic advantage. I offer on campus delivery service that competitors cannot. 

Differentiation on product. I offer a customized product that suits customers needs.

Best price product. I offer higher quality drink at a relatively lower price.

Ensured food safety standard. Adopt total quality management so as to eliminate defect products.

I believe these elements fit together. 

Feedback memo

1. Further explanation is needed on " Bubble Tea" 

2. Limited accessibility where off campus students may not be able to order

3.Giving out free samples to students 

4. It is true that students always want to try new things

5. If I expand my business, I have to be able to send the tea out without it going bad

How I incorporated the feedback into this idea napkin:

1. Included a picture of Bubble tea with explanation below it

2. Expanded the geographic operation zone from Gainesville to Florida

3. Set up few locations around campus and distribute free sample as this will help get word out and customers will become familiar with the product. 

4. Change and provide new choices for students every once a week 

5. Ensured food safety standard. Adopt total quality management so as to eliminate defect products