Venture Concept No. 1

"Remember, don't let your stomach roar, just Growl." 

Growl is the interactive community that can provide the type of food support our college student needs, especially at a time when they cannot grab a quick bite. Imagine it. You’re in Marston, dying from studying for that test, when suddenly *rumbleeee* (your stomach roars). What do you do? You face two options. One, you could leave to grab food but possibly destroy any further progress you may have (study-wise), or two, you stay and you endure the hunger. If only there were a way for someone to help you out—well, there is. Growl is the interactive geo-locating app that lets you find willing deliverers who can grab the food you want so you can study comfortably. In addition to providing a good deed, the deliverer is rewarded in monetary value or points, which they can redeem for prizes or save up for points. The environment is changing now. More than ever, more restaurants are popping up in Gainesville, and more students are coming in as well. Our focus is the student population, and we need to target the demographic with this opportunity and to let them know that their needs are our first priority. Customers are currently seeking out convenient options via delivery services, but when night approaches, it is rare to find establishments that are still open. This window of opportunity is definitely open to the specific market of students that need it. It isn’t for everyone, but for anyone that does use it, we can guarantee that they’ll love it, and feedback is valued and recommended.

Growl is a student-friendly, student-targeted-but-not-exclusive-to-just-students interactive food delivering app community. It allows the user to set up an account to engage in ordering food at a convenient time and having another community member deliver said food. The app also allows individuals to set up friends list so that they can challenge their friends to “food runs,” where they can set up a timed challenge and request a friend to grab their meal in the allotted time. Once the friend accepts or declines the challenge and successfully completes the food request, he/she is rewarded by one of two options: via monetary payment or points that could be redeemed for prizes. In addition, friends can also update their location. For instance, let’s say: “Joe is…enjoying a spicy cream chicken dish at Bento.” Friends can see each other’s check-in, and restaurants can team up with the app to let the “punch-card” process be a little bit easier. So whether Joe eats at Bento or eats at Bento and accepts a food delivery for a friend, he can be checked off for two punches for the Bento punch card, making it easier to possibly attain free food in the future. Also, after every delivery, the person ordering the food can provide ratings for their deliverer based on the following points: how was the delivery, was the food in proper shape, was the order correct, etc. Revenue could possibly come in through advertisements from local businesses. For instance, while on the app, users can see specials and food deals posted by local businesses.  Plus, with the development of the app, its services will be refined so that friends can deliver alcohol to one another, for parties and such and keep each other accountable—but users with such accounts would have to go through a process to provide proof of being 21.

There are no certainties that students would switch to this product. There will be difficulty trying to make them switch, but if the reliability of the app is seen and customer feedback is acquired, the app is willing to make modifications to provide a user friendly and fun experience. The competitors are other delivery apps that provide services focused on just one location’s business. Their weaknesses are that they just focus on their own services and not the general area’s, which is where we will dominate. We want to provide a route for students/like-minded individuals to attain food but not be limited in their options. The app would need a team of programmers and developers to maintain the app’s network, it would need an account executive to seek out more businesses to include into the app’s database, it would need a marketing director to refine the brand image and attitude of the app to make it aesthetically appealing to its consumers.

OVERALL (in a nutshell):

Opportunity:

·      Growl is the interactive community that can provide the type of food support our college student needs, especially at a time when they cannot grab a quick bite.

·      Growl is the interactive geo-locating app that lets you find willing deliverers who can grab the food you want so you can study comfortably.

·      In addition to providing a good deed, the deliverer is rewarded in monetary value or points, which they can redeem for prizes or save up for points.

·      Our focus is the student population, and we need to target the demographic with this opportunity and to let them know that their needs are our first priority.

·      Customers are currently seeking out convenient options via delivery services, but when night approaches, it is rare to find establishments that are still open.

·      This window of opportunity is definitely open to the specific market of students that need it. It isn’t for everyone, but for anyone that does use it, we can guarantee that they’ll love it, and feedback is valued and recommended.

Innovation:

·      Growl is a student-friendly, student-targeted-but-not-exclusive-to-just-students interactive food delivering app community.

·      It allows the user to set up an account to engage in ordering food at a convenient time and having another community member deliver said food.

·      The app also allows individuals to set up friends list so that they can challenge their friends to “food runs,” where they can set up a timed challenge and request a friend to grab their meal in the allotted time.

·      Once the friend accepts or declines the challenge and successfully completes the food request, he/she is rewarded by one of two options: via monetary payment or points that could be redeemed for prizes. In addition, friends can also update their location.

·      Friends can see each other’s check-in, and restaurants can team up with the app to let the “punch-card” process be a little bit easier.

·      Also, after every delivery, the person ordering the food can provide ratings for their deliverer based on the following points: how was the delivery, was the food in proper shape, was the order correct, etc.

·      . Revenue could possibly come in through advertisements from local businesses. For instance, while on the app, users can see specials and food deals posted by local businesses. 

·      Plus, with the development of the app, its services will be refined so that friends can deliver alcohol to one another, for parties and such and keep each other accountable—but users with such accounts would have to go through a process to provide proof of being 21.

Venture Concept:

·      There are no certainties that students would switch to this product.

·      Their weaknesses are that they just focus on their own services and not the general area’s, which is where we will dominate.

·      We want to provide a route for students/like-minded individuals to attain food but not be limited in their options.

·      The app would need a team of programmers and developers to maintain the app’s network, it would need an account executive to seek out more businesses to include into the app’s database, it would need a marketing director to refine the brand image and attitude of the app to make it aesthetically appealing to its consumers.

 

The Amazon Whisper

Here's what you need to do: 

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money.  

You can make money by advertising through the app. You can make money by simply using the app and being one of the deliverers. You can gain points and redeem them to monetary prizes. 

• Describe what kind of product offering you believe should be next. What's the next thing your customers want? 

The next thing is a step up. Delivering other people's groceries for them. I know I would want maybe "eggs, milk, toast," when I don't have the time. 

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

It will definitely create a new outlook on the product for consumers. It will revive brand image and refresh brand attitude. 

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

The product is the app called "Eat," where you can deliver yourself some food.  

 

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

They actually said it was the worst thing ever. They complained about an "incomplete menu" and how their online chat services are horrible. 

• Describe what design/usability changes you'd make to the product. 

I would enhance customer support and make sure every problem is fixed in a timely manner to show the consumers we care about them. 

• Describe why you think this product would make a good addition to your current product/service offering.

I think it would be good to incorporate the same business model and realize that whatever they did just wasn't working and somehow develop a model working around the failed model and how to basically avoid failing like that model. 

Week 11 Reading Reflection

1. I was surprised to read that innovation was a big problem in companies, even though it should not surprise me.  I always thought there was a great deal of innovation but lack of financing for new ideas.  I also did not realize it was difficult to maintain innovative ideas, but it makes sense. 

2. I was confused with the phrase “aping someone else’s system”.  I assumed the author was referring to copying someone else’s system, like copyrighting or plagiarism.  I would definitely ask the author to explain this better and to also give examples of companies that failed at innovation. 

3. I don’t believe companies run the same way, and so I do not believe the strategy in this article is right for every company. I believe that with anything in life, there needs to be an urge and drive for adaptation to our surroundings.

My Unfair Advantage

1.     Human Capital

2.     Social Capital

3.     Financial Capital

4.     Community Support

5.     IT Support

6.     Advertising Knowledge

7.     Marketing Support

8.     Location Appeal

9.     Market Appeal

10. Student Support

V.R.I.N. (Valuable.Rare.Inimitable.Non-Substitutable)

1. Human Capital: My own human capital is important because with my tenacity, focus and positivity, I can move this idea into a community that will help students in their hungry times of need. I believe this opportunity is a rare one that can be utilized for students especially in a college campus. It is inimitable and non-substitutable because it allows for the sharing of ideas and gives helpful food support for students on campus that cannot access food while studying for their arduous classes.

2. Social Capital: My social capital has allowed me to meet up with IT specialists, marketing directors and overall influential people that can help propel the business forward. My own social capital is rare because, as told by many of my peers, I am very genuine, and my intentions reside within helping the community, rather than profiting off from others—although having a great return on investment would be remarkable. My social capital is inimitable and non-substitutable because I will be able to provide a genuine trust to my clients and partners; I will assure them that they are in good hands and vice versa.

3. Financial Capital: I am blessed with not only working in a lucrative side job as a student, but I am also supported by my parents. I believe in taking risks in life, and I know that with any business venture, if the reward is great enough, the risk is worth it.

4. Community Support: I am blessed to be a part of the Greek community, which is why I believe that they would play a supportive role in making the app a success. This is a rare opportunity because the Greek community is a huge portion of the student body on campus. Plus, word spreads if something is interesting, and I believe this app will be interesting enough for consumers to try because it is the first of its kind, and it incorporates more than just one restaurant where an individual can order from.

5. IT Support: With the help of my connection, I will be able to possibly utilize SEO (or Search Engine Optimization), create a website, etc. for my app idea. This is rare in the sense that I will be able to hit all the marks (website, app, etc.), and this would be able to create that “food community” feeling/vibe I was reaching for.

6. Advertising Knowledge: As advertising majors, we are trained to understand that researching our consumers/target audience is key to product success. I think this is rare because this skill combined with my entrepreneurial spirit makes me, if anything, an interesting candidate for a business partner.

7. Marketing Support: With the help of my connections, I will be able to partake in a marketing plan with my marketer. I believe this is rare because I will be able to provide valuable insight from an advertising perspective.

8. Location Appeal: Being in a college atmosphere, we are surrounded by students from all different backgrounds, but we all have one thing in common: we get hungry. If you drive down Archer, there’s a plethora of different restaurants attempting to appeal to the “college town.” I believe that this app would represent a unique opportunity for businesses in the area to increase their revenue and possibly even save revenue.

9. Market Appeal: The market appeal is there because students get hungry all the time.

10. Student Support: As a community based app, this would allow students to feel closer to their peers and interact with them through this way. Plus, it would greatly help studious individuals, especially if they’re studying their hearts out but no car to help their stomachs.

REFLECTION:

I believe all the components fit together, but I definitely think the social capital, IT support, Marketing support and overall logistical key items are the crucial components of this whole thing. In order for the app to be a success, one needs a good team of people.

Growing my Social Capital

Domain Expert:

1. (The last name of this individual has been censored to protect his identity, for personal reasons.)

Michael—Founder of Thrasker Solutions, coder, manages a team of programmers with App development, Web development and SEO (or Search Engine Optimization) skills.

Michael will be able to help me develop this app idea into a reality.

I met Michael at the Entrepreneurship awards banquet called the Gator 100 at UF.  He approached me with an offer of being his marketing director and leading a team of people. Since he and I will possibly be doing business together, I plan to help him and also gain insight and professional skills as well.

Market Expert:

2. (The last name of this individual has been censored to protect his identity, for personal reasons.)

Arielle has a business background with a concentration in marketing. Her marketing expertise along with my advertising will produce a strong product.

Arielle has been in e-board positions in various marketing clubs. I had the chance to travel with Arielle to a conference once. I believe with her business insight, she can lead my idea into a grand vision.

Supplier:

3. (The store’s names and owners are censored to protect their identity)

Since the app involves food, it would make the most sense to go ask restaurant businesses if they would personally want to join in on the app community, offer discounts or prizes for most deliveries from the store and to have the store be available on a geo-locator map for people to see what’s open and available for food.

Reflect:

I believe that this experience goes to show that wherever you go, you should take the opportunity to meet people, because you never know if your paths will cross again.

I can personally say this experience differed a lot. After coming back from my New York internship, I immediately realized that I love meeting new people.

This experience allowed me to understand the value behind quality vs. quantity.

Week 10 Reading Reflection

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

Most of the content in the book were familiar. I've been interesting in the field of entrepreneurship for a while. There was really no surprise for me in the reading.  

2) Identify at least one part of the reading that was confusing to you.

  The difference between the terms “note payable” and “loan payable” were the things that confused me. The textbook defines a "note payable" as a promissory note given in connection with an acquisition of funds, such as for a bank loan. So, does this mean a bank loan also be included in the loan payable?

3) If you were able to ask two questions to the author, what would you ask? Why?

            Question 1: What should an entrepreneur do if the cash flows are lower than expected? What actions are needed to improve it?

            Question 2:  What can be a solution for a small company to survive when the country’s currency begins to lose value?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There was nothing that I believe the author was wrong about in the textbook.

Elevator Pitch No. 3

1) The pitch. 

(Transcript)

"Hello, my name is Lauren;  I am a 4th year at the University of Florida, and I am an avid scavenger of food. I don't know about y'all, but I search far and wide and sometimes, I wish I had food at the most inconvenient times. Have you ever wished your friends or even a stranger could deliver you food late at night when you're studying and immobile at Club West or Marston? Well, let me introduce you to an interactive app that connects you to a community of food deliverers to you. This app called "Growl" will allow you to connect to your friends in an interactive app community where you all are able to accept each other's personal food requests and retrieve these food items in a "food-run-mission" under a limited amount of time, like 20 minutes, which the hungry person can set. Let's put this into a scenario.
You’re a college student, stuck alone at Marston. You hear your stomach growling. And all you can think about is burgers, nuggets, COFFEE! And then you suddenly remember “Growl,” the app that lets you find people to challenge on food quests. There’s even an additional feature where instead of challenging them, you can post an amount you’re willing to pay to have it delivered to you. It’s simple as 1. 2. 3. 1. You log onto the app on your smart phone, post on your status something along the following lines: "I am hungry for some McDonalds, and I need it in 15 minutes." If someone on your friendslist is available and accepts your food challenge, he/she will accept the chance to buy your food item. With every successful food run, your friends can rack up points for prizes, and after every food delivery, you can rate if the deliverer was a 4/5 star deliverer, if the food was correctly ordered, etc. You can even change your settings and allow other community members that aren't your friends to deliver you food. You should never go hungry late at night. Join the Growl app community. Remember. Don't let your hunger roar, just "Growl."

2) Reflection. 

I was surprised that most people felt like there was no incentive for others to want to join them in this community, so I changed the fact that there was now an option. Now, users have the option of, instead of sending food challenges, they can post a monetary value on each assignment, and anyone who wants to get paid by doing this errand for them, can do it. 

3) What did you change? 

I wanted to refine the idea. I also, like previously stated, added an option where people can post monetary amounts for anyone to have in exchange for running their food errand. Money makes the world go round, they say. I still believe in this idea that there are people out there willing to use this app. As I’m typing right now, I sincerely wish someone would deliver me a starbucks coffee, because I need it for the law exam I’m studying over tonight.
 

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 

1. I am an overly optimistic
2. a giver of smiles
3. a lover of random acts of kindness 
4. an advocate for positivity. 
5. I try to seek progress—it’s like a thirst I can’t quench.
6. I do not really have insecurities about myself. I am very blessed to say that I am thankful for what I have.
7.  I am a supporter; I give more than I usually receive, which hurts me in the end. There have been times when I would choose to put others before myself, even though I knew I should have been #1 priority.
8.  I am not afraid of failure, but when I do receive it, I take a few moments to make sure I understand that failure is the best sign of direction towards improvement. 

2) Interview the five people who know you the best. Ask them what they think makes you different -- remember, focus on your knowledge, skills, abilities, emotions -- in other words, your human capital. Try to stay away from discussing your other types of capital (such as who you know). Record each interview. In your blog post, please post each interview, as well as a two-three sentence summary of each interview, explaining what your key takeaways are.

 Two-three sentence Summary: "Everyone thinks I'm basically a cool person. LOL I love them." 

•  Carolina (Roommate): "Lauren always has a smile on her face. Her drive makes her different; I can tell she really enjoys advertising." 

• Demetri (Boyfriend): "Well rounded, ambitious person. Like meeting people. Like doing things that involve talking to people. Really good with technical skills, like photoshop and video editing."

• Anna (Second Roommate): "Very nice person, speaks your mind, honest."

• Shahayra (Best friend): "Very approachable, not intimidating, easy to talk to. You don't intimidate people with how smart you are."

• Eleyn (Sorority Sister): "You have a different mindset. Very positive. It is really encouraging to see you so happy. The way you connect with people because it's not easy to make friends with random strangers you meet."

3) Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How? 

I definitely feel like with anything in life, there is going to be a drift in perspective. I see myself as confident, and while some people may think the same, there are some who believe that my insecurities are things that I try to hide. For instance, the search for constant improvement and progress is unnecessary. The fact that I’m looking for constant improvement, to some, means that I am not satisfied with myself at the moment, and that is something that I definitely need to ponder/reflect/and work on. I think they are correct in that they are outside perspectives and opinions other than my own. It is true what they say, you view yourself differently than from what others view you. I definitely would keep the things on my list but understand that with each positive thing, there is a negative alternative linked to it. For instance, yes, it might be good to be a good supporter for others, but when you put so much time and effort into something/someone, you might not get the same, especially when you should have focused on yourself.

Week 9 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

After reading the chapter, I was more clarified about how marketing research is conducted, and I was really impressed about the development and the process behind it. As an advertising major, marketing research is one of the core fundamental things you should do, because you have to understand your target market first before diving into something.

2) Identify at least one part of the reading that was confusing to you.

This chapter was really neat, and nothing was confusing.

3) If you were able to ask two questions to the author, what would you ask? Why?

I would ask the author the following questions: What would be the most important part of the marketing process?

How would you say Internet Marketing differs from Physical Marketing? Which is the most effective and why?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

This chapter was really interesting, so I have no disagreements.

Idea Napkin No. 2

1) You. 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?
I am an aspiring entrepreneur, a lover of random-acts-of-kindness and a giver of smiles. My talents range in providing optimism and insight for others, a never-ending-urge to succeed and a dash of premiere pro video editing skills. I have managed a small video-making business ever since I was a college freshman. I have my own website, but I am currently renovating it for a more modern spin. I am an advertising major pursuing optometry, with an entrepreneurial spirit. I aspire to be the best “me” I can be. I am not afraid of taking risks—which explains why I was voted “Most Risk-Taking” in high school. The ideal game plan is to open my own eye clinic and then advertise the “crap” out of it, but I understand that in life, opportunities come and go, and I am always down for a good opportunity.
I see this business as being a stepping stone/gateway to more aspirations and entrepreneurial endeavors. I have come to realize that it is through our mistakes that we learn the most, so I am prepared to delve deep within it until I rise above it all. Overall, apart from giving back to my family and living comfortably, I just want to help people by making their lives easier, which is why I feel like the food-delivery-competition-app-idea would help many starving college students especially during those hard times when they can’t do anything except study. 

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 
I am offering a chance to give something to participants, be it fun but most of all food! I am offering an interactive community of food deliverers derived from your own personal friends list, with an option of allowing randoms to deliver you food as well. With each successful delivery, each deliverer will be ranked in a 1-5 star system—“did he/she deliver on time, did he/she give the right order, etc.” This community will allow students, especially ones who are tired and immobile at Club West or Library Marston to be able to satisfy their hunger and continue studying on without the trouble of trekking back to their own car and wasting time and effort to obtain food. There will even be a geo-locator map, allowing users to find other users near the food locations they would want. It will be a point based system that will be redeemed for products and monetary prizes.  We may even go far as to having a “top deliverer of the month” where they will be given money or giftcards from their most successful restaurant deliveries. 

3) 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?
The idea is to provide the interactive community to a set of minds that are willing to engage in a fun environment. The young college student demographic, ranging from 18-25+ years old would be ideal because even at an early age, freshmen are already ordering out (because of lack of prior cooking knowledge or whichever reason). This is to allow students to engage in a community solely based on them, to serve them and their hangry needs. 

4) 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. 
It is exactly what I mean. It is a community. Have you ever wondered which of your friends was free to go out to eat with you, but you weren’t able to reach them? This app would help not only deliver your food to you but deliver your friends to you as well. I am a firm believer of random acts of kindness, and there have been times when I personally have needed food but couldn’t really grab any—be it time or inconvenience factors. This app is essentially a way to motivate others to help other people, through their stomachs, while also attaining cool prizes and monetary benefits. It’s a win win. 

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 
From the feedback that I have attained, I have learned that “Querk” is something similar to my idea, and I see that clearly. What sets my idea and “Querk” apart is the “consistency” level. My app idea is entirely based on food and only food, while as Querk is based on small, random tasks. With that idea in mind, it sets a challenge for me, a challenge to always improve the app idea based on that one idea. So, users of my app will always be guaranteed better app modifications, improvements and perks with each app cycle update. Which means, more prizes, incentives and deliveries in store for the future. 

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 with any business, there has to be doubt because doubt allows visibility of flaws that can be corrected and fixed. I think that there are some logistics that need to be worked out. 
 
For the "feedback memo" -- please summarize five main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin. 

1.     Be more clear with your business intention.

2.     Why should we feel motivated as the target audience?

3.     What is the idea about?

4.     Explain everything, even the small things that don’t seem like they need explaining.

5.     Will this really work?

Obviously, the five main points are really a springboard from which I was able to focus my app idea on. I needed to refine the idea, because sometimes you put so much effort into something, and unless you can explain it correctly, no one will really “get it.”