Assignment 24A - Venture Concept No. 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!

Assignment 21A - Reading Reflection No. 2

• What was the general theme or argument of the book?
• The book I read was, “How to Fail at Almost Everything and Still Win Big,” by Scott Adams. In the book, Adams takes you through his journey of what he calls “unlikely success” through failure. He covers a number of topics that he calls “failing-toward-success” topics. These topics are:
• Goals are for losers.
• Your mind isn’t magic. It’s a moist computer you can program.
• The most important metric to track is your personal energy.
• Every skill you acquire doubles your odds of success.
• Happiness is health plus freedom.
• Luck can be managed, sort of.
• Conquer shyness by being a huge phony (in a good way).
• Fitness is the lever that moves the world.
• Simplicity transforms ordinary into amazing.

• How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
• In ENT 3003, Mr. Pryor stated, “we will approach entrepreneurship as a way of thinking and acting, as an attitude and a behavior,” We were encouraged to discard the traditional way and to view and perform things differently. Not to say that one way is better than the other, but more a combination of. Similarly, Adams explains his way of thinking and his approach about certain topics in a way that is different from the norm. To me, it is important to understand the need, at times, to rewire, rethink, and see things differently than what we are accustomed to.

• If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
• The exercise I would design for this class, based on the book, would be one focused on skills. The assignment would be as follows:
• First, create a list of 5 of your top skills.
• Second, create a list of 5 of your mediocre skills.
• Third, describe what you could do to improve upon those 5 mediocre skills.
• Lastly, if unable to think of a way to improve upon a mediocre skill, what top skill would you pair with it?
  
  
• 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?
• There were many unlikely truths offered in this book. The most surprising for me was Adam stating that goals are for losers; systems are for winners, passion is bull; maximize personal energy, and mediocre skills can make you valuable. While agree with his thinking on this, it was just surprising to hear because it is completely different from the commonly distributed advice of other authors, motivational speakers, life coaches, etc. In terms of goals being for losers, many are constantly chasing goals. So much so, that they are living in a state of “pre-success failure” until that goal has been achieved. It has been stated that passionate individuals are likely to take bigger risks, which often times results in failure. However, sometimes it results in success. Honestly, we’ll never know until we try. With that being said, it has also been stated that, “success leads to passion more than passion leads to success.” 

Assignment 20A - Growing Your Social Capital

Domain Expert:

1.        Who they are, what their background is:          
                1. I4 Waste valet & Recycling

2.              How this person is a “domain expert”: 

1. This company provides customized waste and recycling solutions to property managers, owners, and residents in multifamily communities. They service both Central and South Florida.

3.              How I found and contacted this person: 

1. Searched for companies that would provide similar services within my area.

4.              Nature of Exchange: What they did for me, what is the return expectation: 

1. Given the current situation with COVID-19, I was unable to speak to anyone directly. I did not see a direct email address. However, I did contact their headquarters at 6100 Lake Ellenor Drive, Suite 252, Orlando, FL 32809;
   I have not received a response yet.

5.              How will including them enhance my ability to exploit an opportunity: 

1. One uncertainty of my business idea was how I could gain approval and buy-in from property managers of apartment complexes versus just seeking out customers on an individual basis within the complex. It appears as though this company works directly through the complex itself. Knowing how they went about being successful in obtaining these contracts would be of benefit to me.
   
   

Market Expert:

1.        Who they are, what their background is:              
               1. Skinner Waste Solutions Doorstep Trash Valet. Michelle Karger (Market Manager).

2.              How this person is a “market expert”: 

1. This company, like the one listed above, provides valet trash and recycling services.

3.              How I found and contacted this person: 

1. Online search.

4.              Nature of Exchange: What they did for me, what is the return expectation: 

1. I reached out via email (michelle@skinnerwastesolutions.com). I have yet to receive a response.

5.              How will including them enhance my ability to exploit an opportunity: 

1. According to the National Apartment Association survey that Skinner provided, 89 percent of respondents stated that they would prefer to live at a “green” apartment community. This company has done the research and is aware of the need of their customer base. Interestingly enough, this company collects the recycling with the other trash (valet), but only handles the recycling if there is an onsite container. As learned in my previous interviews, many apartment complexes don’t have recycling containers because they “don’t have room” for them; trash containers are more important.
   
   

Industry Supplier:

1.          Who they are, what their background is: 

1.     Recycle Away Systems and Solutions. Joanne Pluff (Sales Manager)

2.           How this person is a “industry supplier”: 

1.     This company sells all sorts of recycling stations and bins.

3.              How I found and contacted this person: 

1. Performed a search for where I can find the custom recycling stations I would need for customers living in apartments.

4.              Nature of Exchange: What they did for me, what is the return expectation: 

1. I reached out to this individual via the phone number provided on the site, but was unable to speak with her. I did leave a voicemail message. However, I have not heard back yet.

5.              How will including them enhance my ability to exploit an opportunity: 

1. Knowing how these stations/bins are constructed is important. Being that I want to offer my customers custom stations (separate compartments) that would preserve space yet allow them to recycle four different items.
   
   

Finally: Reflect. This experience requires you to do a little 'targeted networking.' How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

• Due to the current pandemic, I felt as though it was difficult to know if the individuals, I was seeking out would be of benefit to me in growing my social capital for this business because I was unable to speak with anyone. However, I did gain useful insight while searching out different companies and individuals. In my current position, I network at different events face to face.

Assignment 19A - Napkin Idea No. 2

• Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

• My name is Kellye. After talking to five of the people closest to me, and taking an inward look myself, I am someone with strong interpersonal skills. I’m driven, motivated, responsible, patient, and open-minded. Also, I adapt well to change and have the ability to calmly and rationally assess and navigate the toughest of situations. One of my greatest joys that I was complimented on was being a good mother.
• If I were to start this business concept, it would directly relate to what I care about and help fulfill, what I believe is, an unmet need that needs more attention.
• What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 
• This part has not changed. I am offering a valet recycling service. Especially, for individuals in apartment complexes. Also, I would offer this service for rural residential communities and businesses. For those in apartment complexes, recycling is not common. Therefore, there is no easily accessible or convenient way to do this. For rural residential communities, recycling either isn’t offered by the city or is, but on a very restricted basis. For businesses, there is a need to recycle more than just cardboard.
• My service would also provide an incentive to recycle. The feedback I received was in agreeance that this would be a good idea. We all felt that individuals would be more opt to participate and pay for recycling services if they knew, in addition to doing good for the environment, that it was for charity.
• Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
• I am offering my services to individuals and businesses. My target market includes individuals who live in apartment complexes, rural residential areas and business owners. These groups include males and females, that are in their late 20’s and older. My feedback coincides with this.
• Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 
• This has not changed from my last Idea Napkin either. Most all individuals care about our environment and want to do their part. As I discovered in my interviews, a lot of individuals were already recycling in some form or fashion However, the issue was having easily accessible and convenient ways to recycle. For this reason, people would be willing to pay for my service.  

• What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 
• As mentioned previously and as discovered, this is not a new idea. However, in apartment complexes in Central Florida, this is not a service I have seen offered in apartment complexes. I am certain there is a need for this.
• My core competencies and what sets me apart are listed in the first questions. As well as, the feedback received.
• In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 
• I believe that all of these elements work well together. Part of my business involves partnering with a nonprofit charity and other facilities to recycle specific items to. However, the main concern would be establishing the appropriate connections to make this a reality. I know it can be done, it’s just the “getting started” part.  

Feedback Memo:
        

1.  I didn’t receive much in the form of feedback that would be a recommended change to my business idea; the comments were in agreeance. The feedback I received about what those who are closest to me thought about me was really nice. These individuals see me as someone who is very motivated and driven to succeed; someone who accomplishes any goal I set my mind to. Which is a very important trait when trying to start a business.  Also, I appreciated the feedback backing my thought on extending this service to businesses.

Assignment 16A - What's Your Secret Sauce?

A few ways in which I have human capital, that make me different, are that I am trustworthy, responsible, adaptable, positively driven and motivated, vivacious and I have very good interpersonal skills. A few of these are pretty self-explanatory, however, how I would apply some of them to myself is different. I am positively driven and motivated, meaning that I am very hard-working and ambitious. I look for the positive in everything I do in life. Even in the worst of times, I remain calm and positive. After which, I reflect back and only take what I can learn from that time. Interpersonal skills encompass a wide range of skills including communication skills such as effective speaking and listening. As well as, the ability to control and manage ones' emotions. It’s very important to me in any interaction that I listen to understand and not listen to just respond.

Along with these personality traits/skills, particularly in reference to business, I also have quite a few years of experience in running my own business and leading sales teams. Lastly, I am working towards my MBA.

Recorded interviews:

How I see myself and how those who know me best see me are not different. I am true to myself and to others in who I am and how I operate. I believe in holding myself and those who I surround myself with to a higher standard. I am very straight forward and very much a “what you see is what you get,” type of person.

Assignment 18A - Create a Customer Avatar

My product can be sold to both individuals and businesses. However, for this assignment, I will focus on the individual.

She lives in Florida. She is a single mom with a great career, and lives in an apartment complex. She is hard-working, caring, vivacious, friendly, out-spoken, health conscious, and an environmentalist. She is active in her community and enjoys meeting new people. She drives a 2016 Prius. She always puts her best foot forward and strives to be the best role model for her daughter. She enjoys spending time with family and friends, staying active, traveling, reading. She is a lover of food, always up for a new adventure, and loves discovering new places. She is truly a kid at heart and has the best relationship with her daughter. She recently moved to accept a new position with her company. Previously, she owned a beautiful home in a gated community where she had weekly trash and recycling pickup services. At her job, she recycles and encourages her employees to do so also. However, due to her recent, time-restricted move, she currently lives in an apartment. Her apartment complex is very nice and clean. They offer valet trash pickup. She wonders – why is there no recycling available; not even a receptacle outside near the trash canister…? This is strange to her because she has always recycled and knows the benefits of such. Inconveniently, she takes her recycling to her friend who lives in a residential community that provides recycling pickup. She does this because she cares about the environment. However, she needs there to be another way.  

          

What do I have in common with her?
This individual and I have a lot in common. This is no coincidence. As I am sure with most, our business ideas come from solving an issue/need of our own. Like this avatar, I live in an apartment complex, where I have an unmet need. This is being able to conveniently recycle. 

Assignment 15A - Figuring Out Buyer Behavior No. 2

1) Pre and Post Purchase Evaluation. In the last case exercise, you determined how customers sought information related to solving their need. The outcome of this step is to produce a set of alternatives. Customers pick from among this set of alternatives. In this step, your job is to figure out how they do their picking. Does price matter the most? Does quality? Does style? Is there more than one factor that is important to your customer segment?

What matters most to your customers when they think back on the 'rightness' of the purchase? What helps them determine the purchase was a good idea? What sorts of things make them think a purchase was a bad idea? 

            1a. In all three of my interviews price and quality (expected quality) were the two driving factors in the decision process. My first interviewee also stated that a reputable (tenure) company with good reviews was of importance. My second interviewee stated, in terms of a valet recycling service, that the size of the container was important to her since she lives in an apartment with limited space. My third interviewee, who always lives in an apartment, stated that frequency of pick-ups was important also.

1b. When thinking back on the “rightness” of the purchase and what helps one determine the purchase was a good idea, all three interviewees had the same response. The first was that their need and/or want was fulfilled. The second was that the value was worth the price paid. The third, specifically in reference to a valet recycling service, was that their decision is good for the environment. The two driving factors for thinking a purchase was a bad idea were paying too much (not a good deal) or not liking the product/service.

2) How/where do they buy? Elements of the actual transaction can help characterize your segment. Is your segment more likely to buy online or in a store? Are they more likely to use cash or will they finance the purchase? Etc. If this is a B2B purchase, who's involved in the purchase decision? 

            2a. For a service such as this, the most convenient option would be a quarterly statement sent directly to their home or email. From there, payment could be made via check (or eCheck), online with a debit card, or online with bill pay from a bank.

3) Draw conclusions. Based on what you know about this segment and what you learned in your interviews, how would you succinctly describe this segment in terms of alternative evaluation, purchase decision, and post-purchase evaluation? 

            3a. I thought it was interesting that my interviewees all had similar responses in the factors that drive their buying process. As with any service, the price and the expected quality of the service are important in the purchase decision. Equally important, the value of the service needs to match the price one is paying. The leading thought behind a bad purchase decision was overpaying.