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.

Assignment 23A – Your Venture’s Unfair Advantage

• Personal experience with running a business
• Valuable- Yes
• Rare- No
• Inimitable- Yes, but takes time
• Non-substitutable- Can be substituted by hiring someone with business experience.

• Educated in business
• Valuable- Yes
• Rare- No
• Inimitable- Yes, but takes years to copy
• Non-substitutable-  Can be substituted by hiring someone with a business degree.

• Experience working with entrepreneurs
• Valuable- Yes
• Rare- Possibly
• Inimitable- Yes, but takes time
• Non-substitutable- Can be substituted by hiring someone with entrepreneurial experience.

• Great credit score
• Valuable- Yes
• Rare- No
• Inimitable- Yes, but it can take years to improve bad credit.
• Non-substitutable- This is hard to substitute unless you have business partners with good credit.

• Very low debt
• Valuable- Yes
• Rare- Yes
• Inimitable- Possible, but takes time
• Non-substitutable- Cannot be easily substituted, but banks may not care about low debt if your credit score is high.

• Good amount of savings
• Valuable- Yes
• Rare- No
• Inimitable- Yes
• Non-substitutable- Can be substituted with good financing.

• Personal connections at local bank
• Valuable- Yes
• Rare- Somewhat
• Inimitable- Yes, but takes time
• Non-substitutable- Not easily substituted

• Personal connections with city officials
• Valuable- Yes
• Rare- No
• Inimitable- Yes
• Non-substitutable- Not easily substituted

• Good reputation in the community
• Valuable- Yes
• Rare- No
• Inimitable- Yes, but takes time
• Non-substitutable- Not easily substituted

• Knowledge of local market for living here more than a decade
• Valuable- Yes
• Rare- No
• Inimitable- Yes, but takes time
• Non-substitutable- Can be substituted by talking to people in the community, taking polls, etc

It's hard to pick just one resource from the list as my most valuable. My most valuable category is probably my social capital, including my connections at my local bank and connections with city officials. These resources are not easily copied. They both take time to develop and are great resources for starting a business. I think I would easily be able to secure funding for my business based on my relationships, as well as, my good financial status.

Assignment 21A – Reading Reflection No. 2

Reading Reflection No. 2

Mindset: The New Psychology of Success by Carol Dweck

Q: What was the general theme or argument of the book? 

A: This book was written by Carol Dweck, PhD, who is a psychologist at Stanford University. It was all about the two mindsets that people have, fixed or growth, and how that mindset can determine one's success in life. A fixed mindset is one that thinks that you are the way you are and there is no point in trying to do better. A person with a fixed mindset get frustrated when things do not come easily and gives up rather than putting in the work to succeed. They would rather do a few things that they are good at rather than trying to push themselves to do something hard. A growth mindset is one that believes abilities can be developed if one puts in the work. Someone with a growth mindset is not afraid of failure. They are willing to push themselves to get better and continue to grow. Mindset plays a big part in personal achievement, as well as, the success of relationships. Dweck discovered that organizations can also have a fixed or growth mindset and that can dictate their level of success. If someone, or an organization, currently has a fixed mindset, there are ways to change into having a growth mindset. Dweck included suggestions in the book to help change one's mindset. 

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

A: I think an entrepreneur needs a growth mindset to succeed. If they had a fixed mindset, they wouldn't want to put themselves out there with the possibility of failure. They would stick to what is easy and safe. Entrepreneur's frequently face failure and rejection, and a growth mindset can help them to learn lessons and move on, rather than giving up. 

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

A: I would design an exercise that would help someone with a fixed mindset to develop into someone with a growth mindset. This would start with talking to your inner fixed mindset voice and changing your inner dialogue. When something seems hard and your inner voice wants to give up you have to tell that voice that success requires hard work. Keep challenging that fixed mindset inner dialogue with dialogue of someone with a growth mindset. Fake it until that growth mindset inner voice becomes your natural inner voice. The exercise would also involve someone setting goals and developing a plan to achieve them. Once a goal is achieved, they would start to correlate success with hard work and see that growth is possible.

Q: 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?

A: Honestly, I was surprised to learn that for much of my life I had a fixed mindset. From the examples Dweck described of someone with a fixed mindset, I could see myself. I used to hate to fail and would stick to doing things that I knew I was good at. I didn't like to get outside of that comfort zone and, therefore, didn't grow very much. Over the years, I have developed more of a growth mindset. I think that is largely due to successes I have achieved through putting in the work. I am now more willing to push myself to learn new things, even if it's hard. I now set big goals for myself and I know I can achieve my goals through hard work. I think whatever mindset you have starts early in life and is largely determined by the mindset of your parents or guardians. Just remember, even if you are someone with a fixed mindset, you can always decide to change and develop into someone with a growth mindset.

Assignment 19A – Idea Napkin No. 2

Idea Napkin No. 2 for a Coffee Shop in Lake Butler

1) About Me. I'm a 37-year-old wife and mother of 4 living in the small town of Lake Butler. It is kind of ironic that I want to open up a coffee shop, because I'm not a big coffee drinker, but I see the need for a coffee shop in my town. I am talented at cooking, especially baking. I am organized, a bit of a perfectionist, and have always been a high achiever. I love to travel and have been all over the US and to many other countries. I have been to many coffee shops here in the states and abroad, so I have a good idea of what I want in a coffee shop. I have a lot of work experience in business administration and will soon be finished with my bachelors degree in Business Administration from the University of Florida. I would ideally like to open the coffee shop and hire a manager to run it, as I am currently too busy to deal with the day-to-day operations of a business and also do not want to be tied down by a business. I think this would be a successful investment and it would add value to my community, and that is the main reason I would like to pursue this business opportunity.

2) What are you offering to customers? My company will offer customers a place they can get a good, quality cup of coffee and other hot drinks such as: mochas, lattes, cocoa, tea, etc. There are currently no other coffee shops in town, or within a 20 mile radius. It will offer a drive-up window for those who want to grab a quick cup of coffee in the morning or afternoon. It will also offer a small seating area inside for those who want to relax or socialize with friends or colleagues. I would also like to showcase local artists through displaying artwork, and perhaps even have local musicians perform at scheduled times. My coffee shop will also offer baked goods for patrons to enjoy with their beverages.

3) Who are you offering it to? My customers will consist mainly of people who reside or work in the Lake Butler area. This will include both males and females from 16-99 years old. We will include drinks from a low to high price range, depending on ingredients, so all income levels can afford to enjoy our products. My customers will consist working professionals, stay-at-home moms, high school students, retirees, and others.

4) Why do they care? You can look at the success of Starbucks, and other coffee shops across the country, to see the value of coffee shops. Many people love to get quality coffee and other hot beverages that coffee shops provide, but the people of Lake Butler currently have no place that serves this need. The only alternatives are making hot beverages at home or getting coffee at the local gas stations. My target customer will be someone who enjoys the high quality drinks they will have access to at a coffee shop. They will also be able to relax in a comfortable atmosphere while enjoying their drinks. There are also limited places to buy fresh baked goods in Lake Butler, so that will be another need that my coffee shop will address. It will also provide a comfortable place to gather with friends to socialize, which is also something that is lacking in Lake Butler. 

5) What are your core competencies? The main thing that sets my business apart is the fact that there are currently no other coffee shops in town. That alone makes it stand out. I would also like to customize my menu based on requests of my customers, so I know I will be providing what they want. I will also set high customer service practices and standards that will keep people coming back.

I believe these five elements flow together nicely and will be a good foundation for a successful business. I know that this opportunity exists and that it could be successful if I'm willing to put in the work.

The feedback that I received from the first idea napkin assignment didn't really offer any advice on improvements or changes I could make. They all found it hard to believe that no coffee shops exists in my town and agreed that this a good opportunity.

Assignment 20A – Growing Your Social Capital

It's Who You Know, Not What You Know

The following are the experts I selected for the coffee shop industry.

1. Expert on my Industry

I selected Starbucks as my industry expert. They are the most successful coffee chain in the world and would have valuable information to give on the industry. I'm still waiting for a response, but was hoping to find out a little more about what the most popular beverages are in my region. Knowing which products they sell the most and least of would help me to better select what to offer in my future coffee shop. I emailed them using the form found on their website (https://customerservice.starbucks.com/app/contact/ask_retail_stores/). Having Starbucks in my network would greatly expand my knowledge of the coffee industry. They would be a very valuable asset in helping me learn more about product preferences, retail locations, coffee suppliers, and more.

2. Expert on my Market

I chose Ellianos Coffee Company as my market expert. They have coffee shops in many smaller, southern cities (including two neighboring cities) so their market would be very similar to my market. They also have expertise on my industry. Ellianos was started by a husband and wife team of entrepreneurs in Lake City, Florida, and they currently have 14 coffee shops in the Southeast United States. Their coffee shops have double drive-up windows to offer quicker service (I thought that was a great idea). I contacted them through the contact form on their website, https://ellianos.com/contact/. I haven't heard back from them yet, but I asked about what types of criteria they look for when opening up a shop in a new location. I'm hoping to learn from their expertise on the area to see if a similar shop would be successful in my small town. With about 18 years of experience in the industry, I feel like they would be a very valuable source of information, but could also be potential competition since they are still opening new coffee shops in the area.

3. Supplier to my Industry

I decided to go with Grassroots Coffee as the supplier to my industry. I selected them for many reasons. One, they are located in Thomasville, Georgia, which is only about 2 hours away. Another reason is that they offer Fair Trade certified and organic certified coffee. They also offer many varieties of coffee and wholesale prices. They are experienced suppliers who currently sell to many Whole Foods Markets and Publix retail locations, as well as, to coffee shops, bakeries, and restaurants. They also roast and ship the same day so their coffee is always fresh. I contacted them through their website (https://www.grassrootscoffee.com/georgia-wholesale-coffee-roaster). I am still awaiting a reply, but hope to learn more about prices and other information pertaining to purchasing wholesale coffee.

This assignment helped me to better realize the importance of having experts in my industry as a part of my network. Their advice can be priceless when you are new to an industry. It also made me dig deeper to figure out what type of experts and information would help me the most. I think it's critical to network if you want to be successful in any business.

Assignment 18A – Create a Customer Avatar

"

"30-Something Mother of 3 Who Drives an SUV"

 

As you can see from the photos, the image I've developed of my prototypical customer is a mom with young kids. She typically wears yoga pants, sunglasses on the top of her head, she drives an SUV, and is completely exhausted most of the time. She has a college degree, but is currently staying home taking care of her little ones. She has 2 to 4 children. She needs coffee to give her the energy to get through her day. She puts on workout clothes in the morning because she plans to workout, but usually doesn't have time. She loves shows like Friends and Gilmore Girls. She strives to be a "supermom" doing everything she can to make sure her kids have a happy childhood. She is involved in all of her kids school and extracurricular activities. She has piles of laundry to do everyday and spends the majority of her time at home in the kitchen cooking nutritious meals for her family. Coffee is life for her and is the fuel that gets her through this exhausting phase of her life.

I have a lot in common with this avatar, which is probably why I selected this demographic. I'm an exhausted stay-at-home mom with 4 kids, and many of my friends are stay-at-home moms with multiple kids. Because I can identify with this demographic, I understand the things they like and the things they find essential, like coffee. Having conversations with my mom friends about their need for coffee and desire to have a local coffee shop is what lead me to my business idea of opening a coffee shop in our town.

Assignment 16A –What’s Your Secret Sauce?

Know Thyself

Describe five ways in which you think you have human capital that is truly unique.

• I have a high level of empathy that can help me relate to others.
• I am good with numbers and accounting.
• I am determined once I set a goal.
• I have years of experience in business and entrepreneurship.
• I am a mother of four so I am good at multitasking.

Interviews of the five people who know me best.

#1. My husband, Karl 
Karl's Interview
He says that empathy is one of my main strengths. He talks about how empathy can be useful in understanding others feelings and how that can be helpful in business.

#2. My mom
Mom's Interview
She talks about my integrity, my knowledge of numbers, and open-mindedness. She also says that I'm fair but firm, and likable.

#3 My dad (he is an entrepreneur himself and I help him with his business)
Dad's Interview (Please excuse the crunching sounds. My son was eating chips nearby 😜)
He says I'm goal oriented and determined to make my goals a reality. He also says I'm even-tempered, intelligent, and good with numbers.

#4 My sister, Megan
Megan's Interview
She says I'm a perfectionist and detail oriented. I'm empathetic and I'm good with people. She also says I'm good at running things, like my household and having my kids and family places on time. 

#5 My sister, Jenna
Jenna's Interview
She says I'm very organized and a high achiever. She also says I have high expectations and a no-nonsense attitude.

(Just for fun) My son, Ezra, age 4
Ezra's Interview
He agrees that I'm a good person, honest, smart, and he loves me. 💓

Conclusion.

I see myself very similar to how my family sees me. That probably has a lot to do with the fact that they let me know frequently what they think of me! My husband and I talk about my empathy a lot so that was not surprising that it was the first quality he thought about. It wasn't surprising that my parents both talked about me being good with numbers, because I currently help them with the accounting part of their business and my best subject in school was always math. I'm not surprised that my sisters focused in on my high achiever personality as I have always been that way. That goes along with the quality I mentioned in being determined once I set a goal. I wouldn't change anything on my list, but could add a few things based on what my family said about me. 

Assignment 15A – Figuring Out Buyer Behavior No. 2

Evaluating How Your Customers Evaluate Stuff

Alternative Evaluation (How they do their picking?)

• Interview #1 - The first person I interviewed said that they pick what coffee to buy based on the quality of the coffee and the name brand. They prefer Starbucks brand so they usually seek out that specific brand if shopping in the grocery store, or find a Starbucks location if they are in a place that has a physical location. This person seeks out the specific name brand (Starbucks) and high quality coffee.

• Interview #2 - The second person I interviewed said that they like to buy organic or "more natural" brands of coffee. They like to buy coffee from Trader Joe's or Whole Foods where they offer high quality, more natural choices. If they go out for coffee (which they rarely do because of inconvenience), they tend to look for local coffee shops. This person looks for high quality, natural/organic brands of coffee.

• Interview #3 - The third person I interviewed said that they prefer Dunkin' Donuts coffee if it is available. They sometimes buy this specific brand from the store, but sometimes they will try another brand of coffee if it's a good deal. This person has a preference for a specific brand but also decides based on price.

How/Where Do They Buy?

• Interview #1 - This person buys mostly from grocery stores, but also orders from Amazon. They sometimes go to Starbucks to get coffee. They use a debit card for most purchases.

• Interview #2 - This person buys mostly from natural grocery stores, sometimes local coffee shops. They pay with a debit card or cash. 

• Interview #3 - This person also mostly buys from grocery stores. They occasionally go out for coffee if there is a shop nearby, specifically Dunkin' Donuts. They also typically use a debit card.

Post-Purchase Evaluation

• Interview #1 - This person evaluates if their coffee purchase was a good one by the taste of the product. They mostly stick with Starbucks because they like the taste and sometimes regret trying a new brand. It is worth it to them to pay more for a better tasting and higher quality product.

• Interview #2 - This person also said they evaluate their coffee purchase by the taste of the product. They only regret the purchase if they don't like the taste. They like to try different brands and taste is the main factor in deciding if they will purchase that brand again. They also feel good about spending money on a healthier product even if it costs a bit more.

• Interview #3 - Additionally, this person evaluates their coffee based mostly on taste. They also like to get a good deal and feel good when they save money. They usually stick with the Dunkin' brand because they like the taste, and sometimes regret going with a cheaper brand if it doesn't taste as good.

Conclusion

Based on these interviews, it is clear that coffee is evaluated by the majority on taste. Only one of the three said they evaluated price. The other two are willing to pay more for a high quality cup of coffee. They all mostly purchase their coffee at a grocery store, with a debit card. One has a preference for a more natural/organic coffee, while the other two prefer to stick with well-known name brands. 

Assignment 14A – Halfway Reflection

Tenacity & Paying It Forward

At first, I thought ENT3003 (Principles of Entrepreneurship) 

would be a pretty easy course. I thought taking a course with no 

exams and a few weekly assignments didn't sound too difficult.

While it's definitely not one of the most challenging courses I've 

taken, it has still proven to be a challenge. The assignments 

themselves are not difficult, but they can be time consuming. I 

have a bad tendency to put things off until the last minute, but 

that does not work well for this course. I have learned to give 

myself at least a couple of days to work on an assignment. That 

way, I'm not scrambling to get them done at the last minute. I 

learned this lesson the hard way, by not having adequate time to 

complete a couple of the assignments. I did have a moment 

where I almost felt like giving up when this happened, but 

decided it wasn't the end of the world and I just needed to give

myself more time to complete each assignment. So, from my 

experience of the first two months of ENT3003, I offer a few tips.

1. Start on assignments at least three days before due dates. The 

due date is always on Friday, so get started by Tuesday each 

week. That way you will have plenty of time to complete and 

perfect your posts, and it will be a lot less stressful! 2. Even if 

something happens and you do miss an assignment, don't stress! 

There are 100 points in this class and missing an assignment

or two will not be the end of the world. 3. Keep going! It's only 

4 months until you're finished. You can do it! Nothing in life 

worth while comes easy. So, even when things seem hard, you 

just have to do your best to push through. In the end, you will be 

happy that you didn't give up. Even if you do not succeed at 

making an "A", you'll still come out ahead with more 

experience and knowledge, and be even closer to finishing your 

degree!

Assignment 13A - Reading Reflection No. 1

https://commons.wikimedia.org/wiki/File:Steve_Jobs_Headshot_2010.JPG

Steve Jobs

1) You read about an entrepreneur:

• What surprised you the most?

I was very surprised that Steve Jobs was not a very nice person. He clashed with many people throughout his career. He was not often kind or empathetic and didn't seem to care about hurting other people's feelings. He either thought other people's ideas were amazing or "shit", there was no middle ground. 

• What about the entrepreneur did you most admire?

I most admired Steve Job's vision and work ethic. The thing that helped him overcome his character flaws and succeed was his incredible vision. He never took no for an answer and pushed the limits of what others thought was possible. He demanded perfection in his products. He worked incredibly hard to make a difference in the world. He didn't care about making tons of money. Jobs biggest desire was to change the world through his products and build a company that would stand the test of time. He succeeded in doing this with Apple and Pixar. How many entrepreneurs can say the started two world changing companies?

• What about the entrepreneur did you least admire?

I least admired the way Steve treated other people. He was insensitive, and didn't often take other people's advice. He abandoned his first child for the first few years of her life, but would later make amends. He seemed to live in an alternate reality most of the time that people referred to as his "reality distortion field". This caused him to not see what was best for the business at times, but it also helped him to create technology no one else thought was possible.

• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

Steve Jobs encountered quite a bit of failure. After the huge success Apple experienced with their personal computer, the Apple II, they hit hard times. Jobs even ended up getting ousted from Apple. He decided to create a new company called Next. Next was not a success. They were eventually acquired by Apple, and that is how Steve Jobs once again came to work for Apple, the company that he cofounded. Jobs learned a lot from these failures, and when he came back to Apple he helped to revive the company and came up with ideas for revolutionary products like the iPod, iPhone, iMac, and iPad.

2) What competencies did you notice that the entrepreneur exhibited?

Steve Jobs was definitely a visionary. He had a talent for knowing what the next big thing would be. He dreamed big and worked hard to achieve those dreams. He made sure he was surrounded by "A" level talent. He was very intuitive about knowing what the next big technological innovation would be, and he made sure Apple was the first to produce it. 

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

The only thing that confused me was the fact that Steve Jobs wasn't a very nice person much of the time, which I didn't know before. I don't know many people who can treat people badly and still be extremely successful. He knew how to build people up and well as he knew how to tear them down. He did respect very talented people and treat them better. He only wanted to be surrounded by the best of the best. Maybe in a weird way, his hard-to-handle personality helped him succeed because he didn't put up with mediocre people or ideas.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

I would ask him if he had any regrets. He dedicated his life to his work and left little time for anything else, including family. I wonder if he regretted that.

I would also ask him what he thought the next big innovation would be. I'm sure if he were still alive, he would be working on the next big thing. I wonder if technological innovation will slow down now that he is gone, or if someone will be able to take his place.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

Without a doubt, he believed in working hard at things that you are passionate about. He loved what he did and dedicated almost all of his free time to working at Apple and Pixar. He had a dream of changing the world, and because of his vision, hard work, and dedication, he made that dream a reality.

Assignment 12A - Figuring Out Buyer Behavior No. 1

Figuring Out Buyer Behavior (No. 1)

Segment Information: The segment of customers I selected to interview was "working mothers".

Interview #1

• Need Awareness: The need for a coffee shop arises for this working mother whenever she drops her kids off at school and would like to go get a cup of coffee, or another coffee type drink to help give her energy to get through her day. She usually meets this need by going home and making her own coffee before getting ready for work. This doesn't completely satisfy her need because she would like to have options for "fancier" drinks that she cannot make at home. She would only use a coffee shop in the morning for the extra energy boost. She works a later shift so around 8 a.m., after dropping her kids off at school, is ideal. She would probably go to the coffee shop at least 2-3 times per week, whenever she feels like getting something better than the plain coffee she can make at home.
• Information Search: She is aware that a coffee shop doesn't exist in her town, so she will usually make coffee herself, or occasionally leave for work a little early to grab a coffee drink in the city where she works. These alternatives are not as convenient. Whenever she is in another place and wants to go to a coffee shop, she will do a search using Google Maps for "coffee". There is usually a Starbucks nearby, so that is where she will usually go, although if there is a local place with a high rating she will give it a try.

Interview #2

• Need Awareness: This working mother says the need for a coffee shop arises for her when she wants to meet up with a friend to enjoy a cup of coffee (or other hot beverages) and socialize. She says there is currently nowhere locally they can meet for “good coffee”. She works part-time so she would like the option of meeting up in the morning on the days she works late, and sometimes in the afternoon. Her current substitute is to meetup for lunch but sometimes she just wants to have something light and would love to have a coffee shop to go to when she doesn't want a full meal. Also, she likes the variety of drinks that a coffee shop offers and there is currently nowhere in town to get anything other than plain coffee. She says she would also go to get herself a coffee type drink to-go occasionally, but mostly feels the need for a coffee shop for social situations.
• Information Search: She doesn't have to do a search for coffee shops in Lake Butler because it is a small town and she knows that her only option is to get coffee at the gas station, order at a restaurant, or make it herself. Whenever she is in another city and wants coffee, she will usually go wherever is closest, as she is not picky about brands. She will sometimes use Google Maps to search for "coffee" and sometimes just look around as she is driving through to see what is available.

Interview #3

• Need Awareness: This busy working mother has a need for coffee to get through her day, everyday. She feels the need for coffee in the morning upon rising from bed. She always makes herself a cup of coffee to start her day. She feels the need for a coffee shop whenever she is craving a coffee drink other than plain coffee, like a Frappuccino from Starbucks or an iced coffee or latte. She would frequent a coffee shop if one existed in Lake Butler. She would mostly go in the morning before work to grab a drink to-go, she would also often grab a drink on the weekend. She says she would occasionally use a coffee shop as a place to meet up with friends or family. As of now, she mostly just drinks coffee from her own coffee maker, and the coffee maker at her workplace.
• Information Search: She lives and works in Lake Butler, so she knows that the option for a coffee shop is not currently available so there is no need to search. Although, she uses Maps on her iPhone, or Google Maps, to search for a coffee shop whenever she is in an unfamiliar city. She enjoys Starbucks so sometimes she will just search for "Starbucks" specifically. She also knows where most of the Starbucks locations are in the surrounding cities (at least a 30 minute drive) so she usually doesn't need to search when traveling locally. 

Based on these interviews, I would say that the segment of "working mothers" mostly wants access to a coffee shop in the morning to get a good tasting hot beverage that will help give them a boost of energy throughout the day. They would also occasionally use a coffee shop as a place to socialize while enjoying their drink. All of these mothers mentioned that they use Google Maps to search for a place to get coffee while they are in an unfamiliar area. This tells me that I would want my coffee shop to appear on Google Maps, and to have a high rating to attract customers who are traveling through or visiting Lake Butler and are unaware of my coffee shops existence.