Assignment 30A – Final Reflection

I can't believe this will be my final post for this course. I have to admit that this hasn't been my favorite course but, having said that, I feel like I have learned so much this semester. I have had good times and bad with the assignments. Sometimes, they were a lot more work than I expected and I got very overloaded. Other times, I enjoyed working on the assignments. Overall, it has been a good experience.

The most formative experience I had during this course was probably learning more about failure, and more importantly, changing my attitude about failure. Before, I dreaded failure and tried to avoid it, but now I see failure as an opportunity to learn and grow. This change in mindset will stick with me for the rest of my life and help me achieve more in the future. The experience that brought me the most joy was developing my business idea. I am very proud of how my idea grew from the beginning of the class to the end. It is by no means a revolutionary business idea, but it is a valid business concept that I believe would be successful. I learned so much from doing all of the assignments that contributed to my final venture concept. I also really enjoyed all of the reading assignments. I ended up reading the biographies of Steve Jobs and Elon Musk, and also a book about mindsets called, "Mindset: The New Psychology of Success". I learned a lot from reading all of these books, especially the one about mindsets. I now know more about cultivating a growth mindset. That will help me to continue to learn and grow in all areas of my life. 

I have definitely developed more of an entrepreneurial mindset by doing the assignments in this course. I will now think about problems differently and try to think of solutions for problems I encounter. I still am not sure if I am cut out to be an entrepreneur, but I do feel like I understand more about what it takes to be one after taking this course.

One recommendation I would give for students taking this course in the future would be to read over the assignments a week before they are due to see what they require. Interviews have to be completed for some of the assignments and that can take quite a bit of time. Many assignments are more time consuming than they seem, so give yourself plenty of time to complete the assignments to avoid extra stress. Also, try your best to do all of the assignments, even if they are uncomfortable. I avoided the "Elevator Pitch" assignments and really regret not taking that opportunity to learn and grow. Completing all of the assignments will also help you to develop more of an entrepreneurial mindset by the end of the course. So, do your best and have an open mind. If you do these things you will learn a lot and be successful in the course. 

Assignment 29A – Venture Concept No. 2

Hometown Coffee

Part 1 - Description of Venture Concept

Opportunity - More than 60% of Americans are coffee drinkers and consume coffee daily. This is a major need that is currently not being met in my town. Adults and teenagers in my town have the need. They have expressed a need for a coffee shop to provide them with good tasting, quality coffee and other coffee drinks. There are currently no coffee shops or places that specialize in coffee in my town. They would also like this coffee shop to be a place to socialize and relax. My market would include people ages 16+, male and female, from all income levels, both local and people passing through town. People are currently satisfying the need for coffee by making it themselves or getting coffee at the gas station. Neither of these options is desirable and doesn't completely satisfy the need for a coffee shop. I feel that this is a very big opportunity and would be successful. This opportunity will exist until someone opens a coffee shop in my town.

Innovation - My idea is not very innovative in the sense of being a new concept. Coffee shops have been around for a very long time. It is innovative in the sense of being the first coffee shop in my town. We would be selling typical coffee shop fare, including coffee, specialty coffee drinks, teas, hot cocoa, cider, and baked goods. These items would all be priced differently based on ingredients, time required to prepare, and local market prices.

Venture Concept - My coffee shop would address the need for a coffee shop in my town. We would provide high quality coffee and other coffee drinks, such as: espresso, cappuccino, lattes, and iced coffee. For non-coffee drinkers, we would offer other beverages, such as: tea, hot cocoa, and cider. We would also serve a small selection of baked goods. In addition to providing for the need of coffee, my shop will provide a place for people to gather and socialize. I want the shop to have a hometown feel, and I will customize the menu and decor to reflect local tastes and styles. I will also provide a place for local artists to display and sell their artwork. This will enhance the appearance and appeal of my shop, while also supporting local artists. I don't think it will be difficult to get people to come to the coffee shop because it is fulfilling a need and there is no local competition. Price points will be important to the success of the business. I want to offer good tasting and good quality beverages, being mindful to keep costs down and very competitive. Customer experience will also be important. I will hire a friendly staff that will make each customer experience a pleasant one so they will give good reviews and recommendations of the business. Location will be important in that the business will be most successful if it is located in a high traffic area. I would want to keep the physical building small at first, with potential to add space later. Enough seating for around 20-25 people at a time would probably be adequate in the beginning. A drive-up window will also be important to satisfy customer needs. I would need to have two to three employees working during each shift. There would be two shifts, morning and evening.

My "secret sauce" is my knowledge of the local market and relationships with the people in my town. I want my shop to be unique to my hometown and feel like a part of the community. I will achieve this by customizing my menu to local customer preferences and by creating a comfortable atmosphere with local decor and art. It will be a hometown coffee shop that will be personalized for the specific needs of the local people who will be the main customer base. 

What's next for my venture? In the future, I plan to expand the size of the shop to provide a space for local artists to perform, and to provide more seating if necessary. I intend to keep this as a small, hometown coffee shop and would not be interested in franchising or opening other locations. My town is small, and one location will be adequate.

What's next for me? I would not be in this business to make a lot of money. My main purpose would be to satisfy the need for a coffee shop in my community. I would be hands on at first, until everything is established, possibly for a year. Then, I would like to hire a manager to run the business so I would not be so consumed with the business and would have more time to spend with my family.

Part 2 - Summary of Feedback

I received a lot of positive feedback about my coffee shop concept, especially on the idea of creating a local menu and displaying local artwork. I was initially thinking that I would purchase local artwork and signs to hang in my shop, but Grace Ubben recommended that it could be a way for local artists to sell their artwork and I loved that idea! I could provide a space for them to advertise and display their artwork, which would add to the visual appeal of my shop, and they would benefit from more sales and recognition. This would also help create community ties for my coffee shop and add to the local economy. Shivani Dave commented that the local feel and menu would create a “unique experience” for customers of my coffee shop. I do want my shop to be unique and feel very local and homey. Madylin McConnell commented about the importance of the “interior decoration and the vibe” in differentiating my shop from others and attracting customers. My goal will be to create a local, hometown vibe through the menu, artwork, employees, and overall decor and feel of the shop. 

I also received positive feedback about the idea of starting with a smaller shop with the ability to grow and expand. Once I expand, I really want to offer a space for local artists to perform. Grace commented that there is a coffee shop in her hometown that has expanded to offer a place for local artists to perform and it’s added to the shop's popularity. I can see this happening with my shop as well and I’d love to add this to my business in the future. Orlantha commented that a local coffee shop in her town transforms into an indie bar at night and hosts local artists. This attracts new customers who come for the entertainment at night and come back for the coffee in the morning. While I wouldn’t want to fully transition into a bar at night, I like the idea of hosting artists and drawing in new customers in that way.

Overall, everyone agreed that this is a really good business idea. There is a definite need for this type of business in my community and a lack of competition, which makes for a great business opportunity. As long as it is executed properly and managed well, I think this could be a successful business that would benefit my family and my community. 

Part 3 - Changes to My Venture Concept

Since I didn’t receive negative feedback, there weren’t many changes to make. I did add the idea of local artists using my shop as a way to advertise and sell their artwork to my plan. I really like that idea as it will benefit my shop and the artist. I’m also determined to add a place for local artists to perform in the future. I think both of these ideas will add to the local feel and uniqueness of my business and benefit my community.

Assignment 28A – Your Exit Strategy

1) Identify the exit strategy you plan to make. 

I have a long-term exit strategy for my business. I would like to own my business for several decades. I intend to hire someone to manage it after I get everything established so that I'm not tied down with the day-to-day operations. Whenever I reach retirement age, or whenever owning the coffee shop is no longer a benefit to me, I would like to sell to another party. The main motivation for this venture is to establish a coffee shop that can provide for the needs of the people in my town. I'm not in it to make a lot of money.

2) Why have you selected this particular exit strategy?

I would like to own the business for a long time to make sure it's established and run in the way that I envision. I want to make sure it's successful and lasts for many years, even after I am no longer the owner. I would love to see it remain a vital business in the community.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? 

I think that my long-term exit strategy has influenced my business decisions. The fact that I am invested in the improvement of my town is what led me to choose this business opportunity. I really want to take a lot of time to establish the business and make it feel like a part of the community. I want to customize every part of the business, from the appearance to the menu, to reflect my hometown. I would not be as invested in these business decisions if I didn't plan to stay with the business for a long time.

Assignment 27A – Reading Reflection No. 3

Elon Musk 

• What surprised you the most? I had this idea that Elon Musk was kind of a billionaire playboy but I definitely had the wrong impression of him. Although he is a billionaire, he has worked very hard for his money and that was never his main motivation. He is actually kind of a nerd who loves sci-fi and dreams of changing the world and helping mankind. He is also a dad and seems to be pretty involved with his sons when he is not working.

• What about the entrepreneur did you most admire? I most admire Elon's ability to turn a vision into reality. He is unique in the way that he can dream up a concept that would seem impossible to many people, but he can actually pull it off. 

• What about the entrepreneur did you least admire? I least admire they way he treats people. He is lacking in the empathy department and doesn't have much concern for people's feelings. There are many examples of this in the book. He is also a workaholic who doesn't leave much time for relationships. I thinks he just gets so much satisfaction and fulfillment from his work that he doesn't need human relationships the way that most people do.

• Did the entrepreneur encounter adversity and failure? If so, what did they do about it? Elon has experienced a lot of adversity and failure in his life, but he has never let it hold him back. He was severely bullied as a kid and had a bad relationship with his father. From this adversity he grew stronger and more independent. He was on the brink of financial failure many times in his career due to taking big risks. He failed many times when trying to launch his first SpaceX rocket into orbit. He failed at PayPal and almost sunk Tesla but he didn't give up. Musk has said, "Failure is an option here...if things are not failing, you are not innovating".

• What competencies did you notice that the entrepreneur exhibited? Tenacity. He really doesn't give up. He has endured many things that would break the average person. He can handle stressful, high pressure situations and stay calm and collected. He is great at focusing on the task at hand and figuring out solutions. He is obviously a visionary and he is highly intelligent. He wants to understand all the parts of his organizations from the business side to the physics of how things work.

• Identify at least one part of the reading that was confusing to you. The only part of the book that was a little confusing was the time lines and the order of events. The book didn't always explain well about how long things took to accomplish or in what order events took place.

• If you were able to ask two questions to the entrepreneur, what would you ask? Why? I would ask him what his next big innovation will be. I just know it would be something that seems impossible, but somehow he will make it work. I would also ask him what he thinks the future looks like for mankind. I know he sees people living on Mars someday. He actually wants to die on Mars. I would want to know what his vision for that looks like and how far he thinks we are from that becoming a reality. 

• For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion? Without a doubt, Elon believes in hard work. He spends the majority of his life working and expects his employees to have the same intense work ethic. He is really driven by his vision to change the world and he works as hard and fast as he can to do just that.

Assignment 26A – Celebrating Failure

Failure...it's hard for me to even type that word out. I really dislike when I fail. I am a perfectionist by nature so it's upsetting when I do not succeed. Although, as I've gotten older (and failed many times over the years), I've come to terms with the fact that failure is a part of life. I still don't like it, but I accept that it's bound to happen. Still, that doesn't make it easy.

As I reflect over this past semester, one specific failure comes to mind. It's the fact that I failed to put myself out there with the "Elevator Pitch" assignment. I have always had a fear of public speaking and really dislike putting myself out there to potentially be criticized. I actually attempted the assignment, but I disliked my pitch so much that I chose not to post it. I really regret that decision, not because it will lower my grade, but because I gave in to my fears instead of pushing myself to overcome them. I can't change that decision now, but going forward, I will push myself harder to overcome my fears and step outside my comfort zone.

This semester I've learned that we can change the way we view failure. Instead of seeing failure as a bad thing, we should view our failures at learning experiences. From now on when I fail, I am going to try to see what lessons I can take from those experiences and learn and grow from them. I think this attitude about failure will definitely help me to take more risks in the future. The key takeaway I learned from my failure this semester is that failing while trying to do something is so much better that failing to try.

Assignment 25A – What’s Next?

Existing Market

I think the next step for my coffee shop would be to expand the size of the shop, offering more seating for groups to gather, and a place for local musicians and artists to perform.

I would like to start small on the physical size of the shop, with room to expand. This way, I can save money in the beginning and not go overboard and have unused space. I would leave the option to easily expand and add more seating if necessary.

I would also like to eventually add a place for local artists to perform occasionally. There is no other alcohol-free, indoor venue in my town. I would like to offer a family-friendly atmosphere for performers and guests. This would give younger artists a good place to perform and showcase their talent.

New Market

I also think that a juice bar would be a popular addition to my business that would appeal to some of the same market, but also people who might not enjoy coffee. This would be a healthy option and would provide something cool and refreshing on hot summer days. We could offer a limited menu of 5-10 juice options. We could change the flavors seasonally, or perhaps just offer juices in the warmer months.

I think this move makes sense to attract new customers but isn’t too different than the original business. I believe this would also be successful because of the lack of competition in the local market and the popularity of juice bars.

Assignment 24A – Venture Concept No. 1

Hometown Coffee

Opportunity - My opportunity is the need for a coffee shop in my town. Adults and teenagers in my town have the need. They have expressed a need for a coffee shop to provide them with good tasting, quality coffee. There is a need for a coffee shop, because there are currently no coffee shops or places that specialize in coffee in my town. The people of my town would also like to have other coffee drinks available, such as: lattes, cappuccino, mochas, and iced coffee. They would also like this coffee shop to be a place to socialize and relax. My market would include people ages 16+, male and female, from all income levels, both local and people passing through town. People are currently satisfying the need for coffee by making it themselves or getting coffee at the gas station. Neither of these options is desirable and doesn't completely satisfy the need for a coffee shop. I feel that this is a very big opportunity and would be successful. This opportunity will exist until someone opens a coffee shop in my town.

Innovation - My idea is not very innovative in the sense of being a new concept. Coffee shops have been around for a very long time. It is innovative in the sense of being the first coffee shop in my town. We would be selling typical coffee shop fare, including coffee, specialty coffee drinks, teas, hot cocoa, cider, and baked goods. These items would all be priced differently based on ingredients, time required to prepare, and local market prices.

Venture Concept - My coffee shop would address the need for a coffee shop in my town. I know many people who have expressed a desire to have a local coffee shop. More than 60% of Americans are coffee drinkers and consume coffee daily. This is a major need that is currently not being meet in my town. For non-coffee drinkers, I would offer other beverages, such as: tea, hot chocolate, and cider. The coffee shop also provides for the need of a place to gather and socialize in my town. I don't think it would be difficult to get people to come to the coffee shop because it is fulfilling a need that they have. There is also no local competition. Price points will be important to the success of the business. I want to offer good tasting and good quality beverages, being mindful to keep costs down and very competitive. Customer experience will also be important. I will need to hire a friendly staff that will make each customer experience a pleasant one so they will give good reviews and recommendations of the business. Location will be important in that the business will be most successful if it is located in a high traffic area. I would want to keep the physical building small at first, with potential to add space later. Enough seating for around 20-25 people at a time would probably be adequate. A drive-up window will also be important to satisfy customer needs. I would need to have a least two, maybe three, employees working during each shift, one for the drive-up window and one for in-store service. There would be two shifts, morning and evening.

My "secret sauce" is my knowledge of the local market and connections with the people in my town. I would like to provide a comfortable, local feel in my shop by making it casual and displaying art from local artists. I would also personalize our menu based on local tastes and preferences. This would create a more personal coffee shop for the specific needs of the local people who will be the main customer base. 

What's next for my venture? I would like to keep this as a small, hometown coffee shop and would not be interested in franchising or opening other locations. My town is small, and one location will be adequate. I would like to have an option to expand the physical size of the shop if necessary, to accommodate more customers, and possibly have a space for local bands to perform.

What's next for me? I would not be in this business to make a lot of money. My main purpose would be to satisfy the need for a coffee shop in my community. I would be hands on at first, until everything is established, possibly for a year. Then, I would like to hire a manger to run the business so I would not be so consumed with the business and would have more time to spend with my family.