28A - Exit Strategy 1) I plan to sell my app after about 5 years of perfecting the layout and gaining success in the industry, so that I can move on to my next business venture. This is not something I see as a long term position for me, rather a way to work on my entrepreneurship and business skills, so that I can move on to something that I am truly passionate about. 2) I plan to sell my business in a relatively short period of time, because I believe that the app will either reach success or prove to be a failure rather quickly. While, this app is something that interests me, it is not a true passion of mine to run an app and that is why I would like to sell it in the early stages.
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26A - Celebrating Failure 1.) Over the past two semesters I failed to acquire a summer internship. Starting in the early winter of this past year, I began my search for an internship with extremely limited work experience. I began searching and applying for internship positions that I was highly interested in all across the country, from San Diego to New York City. I was applying for positions that had hundreds of applicants and that offered the best benefits and experience for a college student. After weeks without hearing back I began applying to less competitive internship positions that were local to my hometown. I began hearing back from recruiters and gaining more and more hope for an interview. After a couple months never making it to the final interview, I began applying to almost any internship within a 100 mile radius that I was even somewhat qualified for. With the start of the pandemic underway, there weren't many companies looking to spend money hiring young, inexp...
25A - What's Next? Existing Market: The customers that I interviewed are all users of food delivery apps, discount apps and other similar apps. I explained to them that I believe the fast food industry and thus the need for faster service will grow substantially over the next 10 years. Everything seems to revolve around convenience these days and that is why my app will be aimed at providing the most convenient experience for restaurant goers. While apps for food delivery services already exist, there is nothing that exists to save time for those who choose to eat out, either out of convenience or because that is just what they prefer. Reducing the wait times for these customers will bring an added benefit that other apps in the market currently do not offer. The customers I interviewed had some suggestions for me as well, which could help my app stay relevant within this market. One of their main suggestions was to eventually add a food delivery service on to my app and us...
24A - Venture Concept No. 1 I noticed an opportunity to improve the wait times at food establishments everywhere and to save time in the everyday live's of people who frequent these establishments. The combination of the need for more time in the day and a need for fast, convenient food options led me to believe that this opportunity existed. I believe that busy college students, families and the typical workaholic are all great examples of people who possess this need more than others. This opportunity stretches globally and, but is restricted to those who are looking for a way to save time and that eat out. The long wait times in drive-thrus and restaurant waiting areas are made longer by the fact that people are constantly looking for convenience and are mostly on the same schedule when it comes to meal time. This makes the wait time issue even more relevant and it will only become a more widespread issue as populations grow. The innovation I came up with to satisfy this unme...
23A - Your Venture's Unfair Advantage 1) Attention to detail - Having and valuing close attention to detail, as the owner of this app, will allow me to direct the company in a way that leads us to success. I believe that paying attention to the little things is important in running a company and launching a successful app. I believe most companies choose to only focus on the obvious, large issues and forget to address the "little things" that could make your company sink or swim. This can be hard for other companies to imitate if they don't have the time or resources. 2) Experience in/importance placed on customer service - After working in customer service for 5 years, I understand the importance of taking care of and listening to your customer's needs. It can take a lot of time and resources to invest in a high quality customer service department that works cohesively with other departments in the company. This makes it both rare and inimitable. 3) Valuing q...
20A - Growing Your Social Capital 1.) The first person I contacted as a domain expert for my industry is a restaurant owner/family friend. As Restaurant owner of 20+ years, Christina knows a lot about the value of time and how important it is in creating value for your customers. Adding convenience to people's everyday lives is a crucial part of running a restaurant, especially a fast food restaurant. I reached out to Christina after reading over the assignment to gather her thoughts on my idea for an app that would inform people of wait times at restaurants in their area. We exchanged emails for a few days and she offered some ideas on how to improve my app and add value to my product. Including her in my network will help me to exploit this business opportunity by adding an experienced opinion to my idea. 2.) The second person I contacted as an expert on my market is a friend of mine that works for Uber Eats, another app-based service that creates value for people by saving t...
21A - Reading Reflection #2 1) The book I chose for this assignment is The Art of Social Media: Power Tips for Power Users. The general theme of the book is that you can use social media to enhance and grow your business or even your personal brand. Kawasaki encourages using the many social media platforms, which we have already integrated into our everyday lives, and posting with a purpose in order to add value to that business or brand. When posting and using social media you are encouraged to consider your audience and how they will receive your message. The book also conveys the importance of treating your social media as a business and come up with ways to make yourself stand out from the billions of others. 2) I think this book significantly enhanced my learning of entrepreneurship in ENT3003! In this course we are asked to market not only our products but ourselves. A huge part of that is intertwined with the way we connect with others through technology and social med...
19A - Idea Napkin No. 2 Who I am - I am a soon-to-be graduate from the University of Florida with a major in Business Administration as well as a minor in Event Management. Most of my experience in business comes from my four years of college and six years of customer service experience in different businesses. I aspire to be a business owner one day. If this were a real product that was launching and did succeed I imagine it would become a full-time job of mine to ensure that it was staying up to date and running smoothly in order to generate revenue. What I am offering to customers - What I have to offer to customers is a simple solution to long lines at the drive-thrus and long waits at restaurants. I will create an app that offers real time updates of local drive-thru lines and restaurant wait times, quicker alternatives to your desired restaurant and much more. Who I am offering it to - This app will be catered to the fast-paced, always busy individual ...
18A - Customer Avatar My prototypical customer for this app is in their mid 20's. This customer is either male or female and has a very busy schedule. Most likely this customer is working a part-time job and taking classes at the same time making them busy enough to need an app like the drive-thru buddy. They are more interested in convenience when it comes to eating meals than they are with the quality of the meal or how healthy it is. This customer enjoys their social time and hanging out with friends, but is always running late to events with them. They drive a very modest car due to their age and also the fact that their not too worried about what other people think of it. Overall, this customer works really hard and doesn't save much time for themselves in their busy schedule. They are working hard now to set up a solid future for themselves and want to be able to enjoy time with friends in their free time. I have a lot in common with the customer avatar including my...