Assignment 30A - Final Reflection

Q: What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

A: My most formative experience was actually taking the necessary steps to gain real insight to a business idea. Choosing one legitimate preexisting problem that could be beneficial and resolve actual individual issues was the easy part because I had already thought of it prior to ever taking this course. The comments I received from my peers solidified my decision in choosing the business venture I did.

Between my professional and personal life, I was so busy at the start of this semester. I actually, for the first time in my life, considered withdrawing from my courses until the following semester. However, I knew that was not the answer. I am most proud to have persevered and endured the struggle of the balance of everything while still ensuring success.

Q: At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

A: I have always had an entrepreneurial mindset. However, I will say that the approach to entrepreneurship that Mr. Pryor taught us was enlightening. As he stated in the beginning of the class, “we will approach entrepreneurship as a way of thinking and acting, as an attitude and a behavior.”  He taught us that entrepreneurship is a process and that it can be learned, repeated, and applied to any human endeavor.

Q: What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

A: The best recommendations I can give to a future student in order for them to perform well in this course would be to effectively manage their time, prioritize/communicate, and persevere through to the end.

            * Time management - Don’t procrastinate! Some of the assignments in this course, if done right, are time consuming; work ahead if you can. If you can’t, access an assignment beforehand to access its level of difficulty and/or time requirement and make necessary adjustments.

            * Prioritize and communicate – Prioritize what is important and time sensitive in your personal, professional, and academic life. Communicate with your professor, TA, or one of your peers if needing assistance or clarification.

            * Perseverance – Don’t give up! One task at a time; you can do it!

Assignment 29A- Venture Concept No. 2

Section 1

• Opportunity:

• Many individuals, whether living in apartment complexes, rural residential areas, or businesses, do not have easy, accessible and convenient ways to recycle.
• According to the Florida Department of Environmental Protection, a statewide weight-based recycling goal of 75% was set by 2020. Previously established goals established for Florida in 2016 of 60% were not met. In fact, the recycling rate has continued to decline. As of 2018, the recycling rate for Florida was 49%. According to the National Apartment Association survey, 89% of respondents stated that they would prefer to live at a “green” apartment community.
• The forces that allow this to occur are a lack of easy, accessible, and convenient ways to recycle. Especially, for apartment complexes. Not to mention, the opportunity to be able to recycle more than just cardboard (includes businesses). Thus, the window of opportunity is open until a resolution is found.
• There is currently somewhat of a satisfactory resolution to this need. Some apartment complexes do have onsite receptacles for recycling. However, many do not. In one of my interviews, a manager of an apartment complex stated that they simply don’t have room for them. A lot of complexes offer valet trash pickup services, but not valet recycling services. There are some companies that offer a valet recycling service to apartment complexes, but most of them do so if there is an onsite receptacle. Therefore, this is still an issue. From what I have gathered from my interviews, which are representative of my target market, no one is satisfied/loyal with/to the current “solution”.
• Potential customers: Individuals and businesses. My target market consists of individuals who live in apartment complexes, rural residential areas, and businesses owners. All of which, are either male or female and in their late 20’s and older.
• Innovation:
• For individuals (apartment complexes), I would offer a low monthly fee of $15/month for a scheduled (1) weekly pickup. For rural residential customers, I would offer a once a week pickup for $30/month.
• For businesses, $40/month for a scheduled (1) weekly pickup and $55/month for a pickup twice a week. For individuals or businesses, who don’t want a recurring cost of or who have a large specialty item(s), I would offer a one-time bulk pickup for a single charge of $65.
• Profit would come from the monthly service charges of valet recycling as defined above. I would provide a custom container for apartment complexes that would have separate compartments for aluminum, paper and plastic/cardboard and glass. Larger containers would be available for businesses and rural residents. After collection of, some of the recycled items would go to a nonprofit/charity for recycling and others would be sold to recycling facilities.
• Venture Concept:
• Individuals will invest in my service because we are all either considering, want to, or are encouraged by others to recycle. As discovered in my interviews, most individuals were already recycling in one way or another already. Most were currently recycling but didn’t have a convenient way to so or flat out just didn’t recycle at all because they didn’t have a means to. With the simplicity of just placing these items in the appropriate spot within the container and then placing the container outside the door, recycling has never been easier! Also, I discovered from my interviews that more were opt to, not only recycle but, pay for a valet recycling service when an incentive was involved. This was acceptable either in the form of an occasional prize or just the notion of doing it for a better cause.
• Businesses will invest in my service in order to demonstrate corporate social responsibility. Also, as confirmed in my interviews, most businesses are recycling cardboard now. However, would like the option to recycle more than just cardboard. Others, as in their employees, have taken steps to do their own recycling within their workplace.
• Most individuals want to do their part to protect our environment. Plus, a lot of theses individuals (consumers) look to businesses to be responsible and do their part also. Many businesses are already switching to greener alternatives. Therefore, recycling should be on their list also.
• Switching from a competitor is not particularly applicable to my service. From what I have seen/researched in my area, there really isn’t a comparable service.
• There are other companies that offer similar services, however, not many in my area. Also, as previously mentioned, a lot of these companies offer a valet recycling service to apartment complexes if there is an onsite receptacle. My service would not require that as we would remove all items from the premises.  Therefore, I really don’t have any major competitors. 
• Price points: I believe the price for this service is very reasonable. In fact, in a lot of cases, cheaper than valet trash pickup.
• Customer Service: Customer service and the customer experience is everything. Word of mouth is one of the largest, free, and best forms of advertising. The purpose of the company would be simply to provide a valet recycling service that is professional and reliable while operating with integrity; #BetterTogether.
• Location: Area where typically a lot of apartment complexes are centrally located. Generally, in Central Florida, apartment complexes are located near a decent amount of businesses.
• Employees:  To start, roughly 20 employees. This would consist of a marketer, sales representative/customer service representative, truck driver, collectors and brand ambassadors who work with our partners.

·       Minor Elements:

• Secret sauce: I believe I have a good business idea that is different from others out there. I am the difference. I can’t be replicated. I possess strong interpersonal skills, I am driven, motivated, responsible, patient, and open-minded. I adapt well to change and have the ability to calmly and rationally assess and navigate the toughest of situations ensuring a successful outcome.
• What’s next: To be able to bring this concept to life would be amazing! Making the right connections (i.e. partnership, capital, etc.) is a very important first step in making this a reality.
• Next for me: If this were to launch, in five years, I would like to have grown this business; making my way to number one!

Section 2

• Summary of Feedback/Changes:
• The feedback I received on the Venture Concept No. 1 and the What's Next assignments were both limited, but positive and right in line with my thoughts and plan of action. What really stood out was the backing of my plan to exist in the B2C market. Also, I received support of my thought that other businesses would invest in me to demonstrate their own corporate social responsibility. 
• Based on the feedback I received, I would not make changes to my venture concept. 

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?

            * Within the next 5 years I would like to grow this business as much as possible and then sell it to someone who wants to continue my journey or to a competitor. I would put the profits into another business venture.

2) Why have you selected this particular exit strategy?

            * I have selected this exit strategy because I would like to put the profits towards another business. I would like to either open my own gym or use my current Realtor license and begin investing in rental properties and/or flip homes.

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?

            * This exit strategy has not influenced other decisions I’ve made in my concept nor has it influenced how I identified an opportunity. My exit strategy also has not influenced my growth intentions because growing the business as much as possible was already a goal.

Assignment 27A - Reading Reflection No. 3

·                What was the general theme or argument of the book?

·                I read “Thinking, Fast and Slow” by Daniel Kahneman. In this book, the author takes us through a tour of the mind. In which, he explains the two systems that drive the way we think. The first system (System1) is intuitive, fast, and emotional. The second system (System 2) is more deliberative, slower, and more logical. He also shares where we can and cannot trust our intuitions. Thus, teaching us the benefit of slow thinking. He offers insight into how we make choices in our personal and professional lives and techniques to help us avoid pitfalls.

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

·                I connect ENT 3003 and this book in the way in which we are taught to think about and look at things differently from the norm. Not to mention, the class and this book teach you to dive in and understand elements beyond the surface.

·                If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

·                If creating an exercise for this class from this book, it would be as follows:

• First, I would post a single picture for all of the class to view.
• Second, I would give the class 3 minutes to write down their initial thoughts/assessment of the photo.
• Lastly, each person would share their thoughts. This way we could compare the similarities/differences in responses from our what are minds are like in automatic mode (System 1).
  
  

·                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?

·                I learned that people spend most of their time engaged in System 1. Interestingly enough, Kahneman stated, “System 1 is highly adept in one form of thinking— it automatically and effortlessly identifies causal connections between events, sometimes, even when the connection is spurious.” For this reason, people tend to jump to conclusions, give in to prejudices, or even assume bad intentions. Therefore, our minds focus on limited available evidence and create causal relationships and underlying intentions. This is surprising because I believe most people identify with System 2 in thinking that they are rational and analytical. When in reality, we engage System 2 only when we face something unexpected or make a conscious effort to.

Assignment 26A - Celebrating Failure

1. There have been a few times in my life that I have failed. When reflecting back on this past semester there is not one in particular that comes to mind. I manage my time very well and ensure that I do not procrastinate when it comes to school. Therefore, I don’t have any failures from this class that I can share. However, I do have a funny moment that happened a few weeks ago. I am a very active individual, whether it be working out, running, biking, skating – you name it, I’m game. I bought new skates for my daughter and me so we could stay active outside while our gyms are closed. Well (lol), I underestimated just how fast I would go down a hill and my ability to be able to stop at the end. That being said, I had two choices; I could either slide across the pavement or brace myself and hit the wall at the end of the hill. I decided the safer option would be to try and brake and use my arms to stop myself by hitting the wall – haha (ouch). Needless to say, I was bound to hurt myself one way or the other. However, I didn’t hit the ground and scrap my body to pieces, I just had a little bruise on the side of my knee.

2. Plain and simple, don’t skate down a steep hill, LOL!

3. Failure is hard. However, it is inevitable and necessary part of life. Hopefully, one takes the time to learn from their failure because through it we can learn great lessons. Failure teaches us to be resilient and persistent. It helps us grow and succeed.

I am not afraid to fail. In failure, I focus on the positive and reflect back on what I learned and how I could have handled what led to me failing differently.

This class has not changed my perspective on failure. If anything, it has been in align with my thoughts and feelings towards it. I have always been willing to take risks and step outside of my comfort zone. In fact, I am perfectly comfortable, being uncomfortable.

Assignment 25A - What's Next?

What I Think Is Next:

           

·        Although small businesses and rural residential areas are smaller part of my target market, my main target market would consist of individuals in apartment complexes. Therefore, an additional service I could offer to all would be multi-stream recycling in addition to single-stream. Multi-stream recycling would include shredded paper, batteries, florescent light bulbs, and electronics. This additional service would be targeted mainly towards businesses, however, could be of benefit to rural residential areas and apartment complexes.

Existing Market Interviews:
           

·      This part of the assignment was not required (suspended) by Mr. Pryor.

Reflection:

·        In terms of growing my business within my existing market, I believe it is wise to start first with single-stream recycling through apartment complexes, rural residential areas and then businesses (in that order). Next, I would largely pursue businesses, both large and small, with multi-stream recycling services. For this service, I would charge $55/month for a once a week pickup.

New Market: 

·        A new target market for this service would be B2C; business to consumer. In this, I could contract deals with the apartment complex property managers. In which, as part of their monthly fees to the residents, could include the low monthly cost for valet recycling along with their valet trash pickup most already pay. This is different than going through the individual themselves.

New Market Interviews:

·      This part of the assignment was not required (suspended) by Mr. Pryor.

Reflection:

·      Unable to provide a reflection to the interviews as they were suspended for this assignment.  

Assignment 23A - Your Venture's Unfair Advantage

1. Capability: I have over 18 years of sales experience.

• Valuable: This is very valuable as I will need to be able to sell/market this service.
• Rare: This is not rare, as many people have this capability
• Inimitable: To a degree this capability can be imitated. However, my selling style is my own. I am what makes it unique.
• Non-substitutable: I could always hire a sales representative. This would cost me money, however, free me up to be more productive at other tasks.
1. Uniqueness of the Venture/Lack of Competitors: There is other competition. The difference is that these businesses require an onsite receptacle to place the picked up recycled items in.
• Valuable: This is valuable because one of the main reasons why apartment complexes didn’t offer valet recycling was because they claimed they did not have enough room for trash and recycle receptacles.
• Rare: Most other businesses require the receptacle to pick up the recycling. My company would not.
• Inimitable: No.
• Non-substitutable: Possibly.
2. Social Capital: Existing contacts with potential clients. Living in an apartment complex I have met many people who would love this type of service.
• Valuable: These individuals would serve as a great way to start and build a client base.
• Rare: This is somewhat rare. Even though this is sometimes the case, it isn’t always that one already has a large potential client base before starting a business.
• Inimitable: No. 
• Non-substitutable: Possibly.
3. Capability: Public Speaking Experience. I speak publicly to different individuals on a regular basis through my current position and being a Realtor.
• Valuable: This is valuable because it’s important to be able to properly communicate to clients and those whom you partner with.
• Rare: No.
• Inimitable: No.
• Non-substitutable: Nothing substitutes the power of communication.
4. Social Capital: My stepfather is an entrepreneur. He owns three restaurants.
• Valuable: This is valuable because I have a personal connection with someone whom is very experienced and can provide very useful knowledge.  
• Rare: No, because I could converse with other entrepreneurs.
• Inimitable: Yes, because the relationship is personal/family.
• Non-substitutable: This could be substituted by another entrepreneurial mentor, but they would not have the same personal relationship with me.
5. Social Capital: Support from similar organizations for cause. There are many organizations that are working to boost recycling rates for a more sustainable, cleaner environment.
• Valuable: This is valuable because I would have the support of many organizations who already believe in and fight for this cause.
• Rare: No.
• Inimitable: No.
• Non-substitutable: No. 
6. Human Capital: Aside from current business experience, I possess strong interpersonal skills, I am driven, motivated, responsible, open-minded, and patient. I adapt well to change and have the ability to calmly and rationally assess and navigate the toughest of situations.
• Valuable: Yes.
• Rare: Yes, there is no other person on the earth that is the same as me.
• Inimitable: Yes.
• Non-substitutable: No. People are disposable.
7. Social Capital: Business connections made through the University of Florida.
• Valuable: This is valuable because the relationships amongst fellow students, staff and their connections could be of great assistance.
• Rare: No.
• Inimitable: No.
• Non-substitutable: Yes.
8. Financial Capital: I am very close with other entrepreneurs whom are fairly wealthy, that I believe would invest in this business.
• Valuable: Yes, because I would need the capital to start this business.
• Rare: Yes. It is hard to acquire necessary funds to start a business. Not to mention, already knowing where one could go to access these funds. 
• Inimitable: Yes.
• Non-substitutable: No.
9. Human Capital: Realtor.  
• Valuable: This is valuable because it would assist in finding and then negotiating the deal for the perfect location of the business.
• Rare: No.
• Inimitable: No.
• Non-substitutable: No.
  
  

I believe it is difficult to choose just one resource that works well in all areas. My capabilities are just that, my capabilities. These are already apart of my “secret sauce” that will not change. After my VRIN analysis, I would have to say that my most important resource is my stepfather. A lot can be learned from his success in his three restaurants. He is very smart, and I value his input and direction. Plus, his current connections could help tie together some of the other resources already listed above.