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.

Assignment 11A - Idea Napkin No. 1

Idea Napkin No. 1 for a Coffee Shop in Lake Butler

1) About Me. I'm a 37-year-old woman living in the small town of Lake Butler with my husband and four children. It's 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, cider, 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 mostly consist of working professionals and high school students, and those who don't mind spending a little extra to get a good quality coffee or other hot beverage. 

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 I still have a lot to learn about the industry and about running a business, but I believe I am on the right track.

Assignment 8A – Solving The Problem

Opening a coffee shop in the town of Lake Butler

I have 2 options to meet the need for a place to get good coffee in Lake Butler. The requirements for either option would include a drive-up window, a small inside area with tables and chairs, a variety of coffee and coffee type drinks, and offering desserts and some other types of snacks.

The first option would be to start a franchise of Dunkin Doughnuts. I feel like this place checks all of the boxes for what the coffee consumers of Lake Butler want, and it would be much easier to start than building a new business from scratch. I feel that this is still an entrepreneurial venture due to the fact that Dunkin Doughnuts, and no other coffee shop, has existed in Lake Butler previously.

The second option would be to build my own coffee shop from the ground up. It wouldn't need to be large, but big enough to offer areas to sit and hang out with friends, as well as, a small area for some local artists to perform. It would still have a drive-up window for convenience. The main difference from the franchise option would be that it would be a local place where I could make up my own menu, rules, etc. I could personalize it to meet the specific needs of people in Lake Butler. 

Honestly, the second option sounds great but would require much more work and would be riskier as it has never been tested before. This could equal greater reward, but could also be unsuccessful. The first option would involve less risk, because most people already know and like Dunkin Doughnuts. If fact, during my interviews, one person mentioned that Dunkin Doughnuts was their favorite brand of coffee and that he knew other people who felt the same way. It would come with a business model and training so it would require much less work on my part. Dunkin is also already thriving in many smaller towns so it could be more of a sure thing. The downside is less personalization and less say in how the business is run. 

Assignment 7A – Testing the Hypothesis, Part 1

Opening a Coffee Shop in Lake Butler

• Opportunity: The majority of adults in the world drink coffee, and the small town of Lake Butler is no different. The town of Lake Butler currently does not have a coffee shop or a place to get a quality cup of coffee. The only current solutions are to make it yourself or get coffee at the gas station.
• Who: teens and adults in Lake Butler who drink coffee
• What: there are currently no coffee shops in Lake Butler or anywhere to get a quick cup of quality coffee 
• Why: providing a place to get good quality coffee and to get it quickly

• Testing the Who: Teen and adult coffee drinkers in other small towns may have this need, but most cities have this need covered.

• Testing the What: It is pretty straight forward. Most adults in the country feel that they "need" coffee to get through their day and the many of them would frequent a coffee shop to get a quality cup of coffee if one existed. Currently, there are no coffee shops in Lake Butler and this "need" is not being met.

• Testing the Why: Some just want to get a quick, good cup of coffee. Others may want a place to socialize and sip coffee at a leisurely pace or even a place to socialize. Others want to have access to more complicated coffee type drinks, such as lattes and cappuccino.

• Interviews:


• #1 - Adult female in her 50's, works part-time
• She says she would like to have a place to meet up with friends or colleagues and chat while having a good cup of coffee. She also thinks it would be a nice place for local artists to perform and they could offer non-coffee drinks for people who do not drink coffee. She says this would be beneficial for the community by offering good quality coffee and offering a nice place for people to hang out.
• #2 - Adult male in his 30's, works full-time
• He says with his busy schedule, he is mostly just interested in a place to get a good quality cup of coffee as quickly as possible in the morning before work. He thinks a drive-thru window would be very convenient and something that he would us often. He says he can make the coffee himself, but sometimes just wants to have someone else make it and it usually tastes better too.
• #3 - Adult female in her 30's, working mother of 2
• She would love to have a place to grab coffee quickly in the morning after dropping her kids off at school and before she has to go to work. She enjoys the variety of drinks that a coffee shop provides. She used to live in a city with plenty of coffee shops and frequented them. She misses having a place to get good coffee drinks and would love to see one open in Lake Butler.
• #4 - Adult female in her 20's, stay-at-home mom
• Although she doesn't work, she is super busy and often does not get enough sleep. She would like to have a place to go get coffee when she's out running errands for a pick-me-up. She would mostly use a drive through or quick counter service, but might occasionally be interested in a place to meet up with friends.
• #5 - Teenage female, high school student
• She says she would love to have a place to get a good cup of coffee. She does not like buying coffee at the gas station and the coffee she makes at home just isn't as good as what she can get at a good coffee shop. She would love to have a place like Starbucks or Dunkin Doughnuts that offers a wide variety of coffee drinks and also some desserts. She doesn't feel like she needs coffee, but enjoys drinking it and would be a frequent customer if she had a good local coffee shop.








• Summary: I have found through this process that an opportunity definitely exists for a coffee shop in Lake Butler. I discovered that there is a need for a coffee shop with a drive-thru window, but also a place that offers some seating. Also, a place that offers a wide variety of coffee drinks. Due to interview #5, I have also discovered that there is a need for a place to get desserts, along with coffee. I think a franchise like Dunkin Doughnuts would meet all of these needs and would be very successful in Lake Butler. 

Assignment 6A – Identifying Opportunities in Economic & Regulatory Trends

Economic Trends

• Lower interest rates

1. https://www.bankrate.com/banking/federal-reserve/interest-rate-decrease-winners-losers/
2. I believe that an opportunity exists because lower interest rates lead to increased real estate sales. It is not only an opportunity for banks, but also for related jobs, such as: home stagers, landscape architects, contractors, consultants who help people sell their homes, consultants who help buyers find the best mortgage rates, consultants to help homeowners lower their current interest rates, etc.
3. Prototypical Customer: adults in the US, all ages, with stable employment, who are looking to purchase a new home, or lower their current interest rates.
4. I feel like this opportunity could be easy to exploit if someone found the right niche. It is a fact that there are increased real estate purchases when interest rates are lower.
5. I may have seen this opportunity because of past experience buying a home. I watched interest rate trends and searched for the best rates when my family decided to buy a home.

• Health care occupations will account for 18 of the 30 fastest growing occupations

1. https://www.thebalance.com/us-economic-outlook-3305669
2. I believe an opportunity exists here because the US has an aging population. With “baby boomers” getting older, they will require more medical care. Opportunities could exist for healthcare services, in-home healthcare, caretakers, medical device sales, etc. Florida is also a prime state for access to “baby boomers”.
3. Prototypical customer would be an elderly person (65+), someone who requires a lot of medical attention or care taking, and also their family members.
4. I feel like this could also be easily exploited by a person with the right knowledge and training. 
5. I may have seen this opportunity because I have had experience with care taking and know that America has an aging population that is requiring more healthcare.

Regulatory Trends

• Legalization of Hemp in 2019 in Florida

1. https://www.healthmj.com/cbd/states/florida/
2. I believe an opportunity exists because products with hemp and CBD are exploding in popularity ever since it was legalized here in Florida and most other states. Although there is a lot of competition to sell CBD products in the marketplace, I believe an opportunity could exist in regulatory consulting because the requirements are very strict as to what is allowed with CBD products.
3. Prototypical customers would be adults in Florida who need help managing pain, sleep, anxiety, and some chronic illnesses. For the regulatory aspect, customers would be CBD product manufacturers and distributors. 
4. I feel like this could be easily exploited, again by someone with the right set of skills and knowledge. It is still a very new market with lots of opportunity.
5. I may have seen this opportunity because my husband works in a medical field with regulatory matters. Also, I am a fan and consumer of CBD oil. 

• Texting-and-driving law

1. https://floridapolitics.com/archives/314585-new-florida-laws-go-into-effect-new-years-day
2. I believe an opportunity exists because there is now more incentive to not use a phone while driving, due to it being illegal and the associated fines and penalties. I feel like parents would be interested in something that would keep their kids from using their phones while driving, not just because of the legality of it, but also for safety reasons.
3. Prototypical customers would be those 16 and older with a driver's license, but probably more likely parents of teenagers.
4. I feel like this could be harder to exploit. There is a smaller customer base for something like this and, even though it’s illegal, most people will probably still want to use their phones occasionally while driving.
5. I may have seen this opportunity because I have been more aware of how I shouldn’t be using my phone while driving since the law went into effect earlier this year.