Your Exit Strategy

1) After an unspecified time frame I would hope to sell my business to a larger company for a decent return. I feel like if i've put all my time and effort into a business for multiple years that I will have achieved what I planned on and will be ready to move on to the next venture. This way I will have put in the time in all aspects of the business so that I will have the experience behind me for any future endeavors.

2) I chose this exit strategy because it still allows me to reap the benefits from my business while I move on to the next venture. I will have left in good graces with all coworkers and business partners so that my social network will still be intact. All networking connections are so important to have because you never know when you might need assistance in other areas.

3) I feel like my exit strategy has influenced the decisions i've made in my concept because I wanted to create a business that can be the best it can be. By selling the business I will have done everything in my power with the resources I have to create the best possible opportunity. The opportunity that I set out to enhance will have been done and there are several other opportunities waiting to be explored. Selling a business after years of running it will show the growth that I have made over the years and the intentions for the future. The ability to acquire resources is a huge part of being a successful entrepreneur and leaving in good graces guarantees that the resources I had previously used will still be intact for future use.

Reading Reflection No. 3

1) The general theme the book The Art of Social Media: Power tips for Power users by Guy Kawaski focused on the importance of social media while pursuing a career. Nowadays social media plays such a massive role in society that future employers will now take a look at applicants social media. This way they are able to see how they are perceived by others before they hire them into their company.

2) This book connects and enhances what i've learned so far in ENT3003 in a positive way that will allow me to grow as an entrepreneur. With social media having such a high prevalence in our society it is important to make sure all social media accounts are professional in the case that employers may take a look at  them. You want to put your best self out there for those to see.

3) I would have participants create a fake social media account with all negative aspects that jobs would look at so that they can see the feedback. This way they would get a first hand look at the feedback and criticism that employers would be looking at when selecting an applicant.

4) I was shocked to discover that more employers aren't using the references listed as a way to screen candidates but rather checking social media.  Employers feel like they can gain valuable information on a job applicant through their social media accounts. This also terrified me because even though I don't post anything bad it just got me thinking about what future employers might be seeing.

Celebrating Failure

Over the past semester I have failed numerous times in all aspects of my life but that doesn't stop me from continuing to work hard. This summer I have really focused on attempting to lose weight and change my life for the better through proper nutrition and exercise. With that came a lot of trial and error to figure out what works best for my body and lifestyle. I would find myself getting in ruts where I just wouldn't feel like working out or eating healthy and could feel my motivation going down hill. During those times I really had to focus on making a step in the right direction at least once a day. I would substitute a bowl of grapes over a bag of chips and other small changes like that. I began to see that even the smallest of changes were begging to have a positive impact on my  attitude and well being. I learned that it is best to take the days one at a time and focus on making small changes. With all of these small changes they will begin to have a greater impact in the days to come. Failure is just something that everyone must experience to grow as human and learn from mistakes. With that you are able to grow and see the things that you must change in order to succeed in life. I usually handle failure rather well because I realize that it will only help me in the long run. This class certainly has changed my opinion on failure in a positive way so that I will take more risks to better myself and my future. The worst thing someone can tell you is no, and with that no you build upon those missteps and come back even better.

What's Next?

Existing Market:  It took me awhile to figure out what might be next for my venture but I finally figured it out. Since my venture was all about creating a meal prepping service for the main meals you eat my next venture would be to create a line of snacks with the same ideals in mind. In the interviews I conducted I explained my prior venture and all three of the interviewees were very interested. They gave me ideas as to what could be next for my business and these were a few answers; meal replacement smoothies, acai bowls, and healthy desserts. These were all great ideas worth considering but I still plan on taking the snack idea to the next level. This allows me to corner the market for all three meals a day with available snacks as well. By doing so we will be able to create tons of different options that people will enjoy and keep them full throughout the day. I know I tend to snack throughout the day on unhealthy options ut if I had access to filling snacks I would more inclined to eat those.

New Market: The market I am targeting has a wide range of individuals and not necessarily a single group. If I were to target a certain group of individuals I would chose those who are obese and want to lose weight. That would change the concept slightly so that we are still offering nutritious food but it is more specifically designed for weight loss.  This would encourage people in highly obese areas to seek out other options rather than just fast food. We would still make sure that this business venture is efficient and willing to adapt to the weight loss goals. By doing so we are expanding our demographic to include everyone who wants to change the way they are eating for the positive. In the interviews conducted I spoke with my aunt and her husband who are both on the heavier side to get their opinions on this new venture. They informed me that this would be something worth reading into and that would continue to use if it became apparent to them that it is working.   By making the change to specifically target weight loss we are encouraging those who are struggling with it to have a healthy meal option.

What surprised me the most about the new market is that it has the ability to target the largest group of individuals who are struggling the most with weight loss. It is not as attractive as the existing market because the existing market is open to all who wish to eat healthy and stay on track. A blend of the two markets would be very beneficial to the business because we would be able to reach a very large number of individuals.

Venture Concept No. 1

Opportunity: The opportunity I have identified was created to meet the unmet need of many Americans. In the recent years many people have tried to take the next step towards a healthier lifestyle and the best place to start is with what you are eating. If you are like me you struggle with eating healthy and staying on track with a diet. Those who are interested in this opportunity want to make a change in the way we view food and move in a positive direction towards a healthier life. Today’s society is very focused on clean eating and making sure that what we are putting in our bodies is both safe and beneficial. There are many people out there who are looking to start eating healthy but just don’t have the desire or want to make meals ever single day. It is not just one group or the other it is everyone who wants to make a change, so the demographic is huge. As for geographically it is not just people located in one part of the country or the other it is everyone. As for how customers are currently satisfying their need for eating healthy it is typically done at the grocery store. In interviews I conducted many said that they feel overwhelmed when going to a grocery store because of all the options and the different ingredients listed on the back that they’ve never even heard of. If given the opportunity to know what is in the food they are consuming but still know it is delicious people are more inclined to buy. This is a rather large opportunity to exploit because many people are looking to start eating right and working on staying on track long term. I feel as if this window will never close because people will always need to eat to stay alive and by eating healthy you have the opportunity to live a longer healthier life.

Innovation: The service I am offering is a meal prepping business that is devoted to clean eating and encouraging our customers to take the next step towards a healthy lifestyle. We are offering customers a wide range of options so that they feel full after a nutritious meal and won’t be tempted to snack on unhealthy products. Customers have the ability to purchase a meal plan for up to a weeks’ worth of food so they can stay on track. We have specific meal plans for those who are trying to lose weight, those who are gluten free, vegan, and vegetarian. By offering a multitude of different options we are opening the business to a larger demographic of people. We will have a trained nutritionist on staff that works closely with our chef to ensure the food we are serving stays within the proper nutritional guidelines. Since we support local business we will be working with some of our local farmers to get the fruits and vegetables we need to create our meals. By doing so we are ensuring that the produce we are using does not haven any harmful chemicals or preservatives that our customers are not expecting. We want to make sure that all of our products are non-GMO friendly and are up to the highest standards when it comes to farming.

Venture Concept: The service I have identified will address my opportunity through offering a meal prepping service to customers that can either buy anywhere up to a weeks’ worth of food or just a single day. This will help to encourage people to eat healthy and stick with a plan, so they can achieve the results they are looking for. Customers will buy our product/food because they are looking to make the next step towards a healthier lifestyle. It was designed for those who don’t necessarily like cooking and want to have the ease and convenience of having it prepared for you. This isn’t a service that people would necessarily switch to it would be one that they are looking for to help them start the meal prepping journey. There aren’t many competitors out there who are specifically designed for meal prepping and that it what makes this business unique. There are places that offer healthy options where you can select what you want, such as Grill Fresh. Since we offer meals for up to a week we will make sure that that the packaging is recyclable, the pricing is fair, and we offer stellar customer support. Our main goal is to make sure the food we are serving is nutritious yet delicious and will keep you full. Location is not a main factor but It is important. If we were to start out business in Gainesville it would be beneficial to have our store located near a college campus. Many students want the option to have a healthy meal for a good price and having a store near campus would make that possible.  To make sure this business runs efficiently we would need cooks, a nutritionist, workers to staff the front, and those who are dedicated to marketing our business to the community. One of the most beneficial employees to our staff would be the nutritionist, because they are able to ensure the food we are serving is healthy and stays within the proper nutritional guidelines.   

Your Venture's Unfair Advantage

1) My idea

• V- Specifically designed for meal prepping and eating healthy regularly 
• R- Have the option to buy a weeks worth of meals to stay on track
• I- Not that hard to copy but I am still perfecting the business
• N- Yes, business such as hellofresh has the same idea but they send you food to cook whereas we prepare it for you 

2) Connections in the local community 

• V-  Having support from the local community will increase business 
• R- Being connected to local leaders will help to grow to connections even more 
• I- Other people can also reach out to local partners but its all about the connection you make with these business leaders 
• N- Going out and meeting people in the community has the same effect but getting to know other business leaders personally will help to separate myself from others

3) Nutritionist on the team 

• V- Are able to help design meals that stay within the proper nutritional guidelines 
• R- Have a unique perspective to offer consumers that are looking for specific results 
• I- It is not hard to copy getting a nutritionist on your team 
• N- Having someone that specializes in meal planning would be the same idea 

4) Getting fruits and vegetables from local farmers

• V- By utilizing the local farmers in the area I am able to get fresh reliable produce 
• R- Working closely with farmers guarantees that I get the the best quality produce for the customers 
• I- Other business can reach out to local farmers as well 
• N- I could use a food distributor but the products wouldn't be as fresh 

5) Management Experience

• V-  Being able to lead a team and make sure all employees are understanding of the goals 
• R- Being able to connect with employees to make sure they are doing the best they can be 
• I- It is easy to replicate good management but being compassionate and empathetic helps to connect with others  
• N-  Being a good manager is about working with others and leading a team which anyone can do 

6) Meal Prepping basis 

• V- For those who are looking specifically for a meal prepping service 
• R- Have a nutritionist on the team that helps to make sure meals are up to proper nutrition guideline 
• I- It is easy to replicate but I hope to make my business distinctive from the rest 
• N- Other business offer advice on meal prepping but not the actual act of meal prepping

7) College town customers 

• V- Able to reach a whole demographic of people who want to eat healthy on a budget 
• R- Can offer student discounts to those with a student idea 
• I- Other people can target college students but we are doing it for the purpose of eating healthy 
• N- A regular grocery store offers the same products and more just not pre made and within the proper nutritional guideline 

8) Feedback

• V- Able to hear what the customers think about the products and anything they would want improved 
• R- An inside look into what the customer thinks and feels about the business
• I- Feedback is something everyone should be focused on 
• N- Yes asking the customer if they liked the food and what they would do to improve it 

9) Offering options for vegans or vegetarians 

• V- By catering to people with different dietary restrictions we are opening our business to a whole market of people  
• R- Not many places offer options for both vegans and vegetarians looking to eat healthier 
• I- Having meals specifically designed for those with certain dietary restrictions allows us to offer a multitude of options  
• N- Other business amy offer a few options but we plan to offer an extensive range of products that cater to all dietary restrictions

10)  Offering an easy takeout  system

• V- Allow customers to get in and out easily without having to deal with a long line
• R- Incentivize people to use takeout by offering a free drink so we can stay on top of everything 
• I- Yes many places offer take out options but we will have a seperate station for take outs so we can stay efficient 
• N- A delivery service offers the same type of idea but getting the take out and delivering it right to the customer 

After conducting the VRIN analysis I have determined that the top resource that I have would be that having a nutritionist on our team overseeing all of the food is very beneficial. For a meal prepping business you want to make sure that what you are offering customers is nutritious yet delicious. By having someone specifically trained in nutrition we can guarantee the products we are offering are within the proper nutritional guidelines that promote healthy eating and weight loss.  

Elevator Pitch No.3

I only received feedback from one person on my last elevator pitch so I did not have much to go off of. The feedback said that I was entertaining the entire time but that I just needed to project more confidence into my pitch. She also recommended that I adjust the camera angles so that I can show the use of my hands more when presenting. The feedback helped me make adjustments for this pitch in way that I projected myself more towards the screen and used my hands when I was talking to give sort of a visual representation. After completing the elevator pitch for a third time I feel way more confident and comfortable in front of the camera. I feel like I have shortened my pitch to really focus on what I am offering customers so that they get the main gist in  the matter of a minute. I hope you all enjoy.

Reading Reflection No. 2

1) For this Reading Reflection I decided to read Mindset: The New Psychology of Success, Carol Dweck. It was a very interesting read because I am in a personality psychology course this summer as well so it was very cool to see her thoughts on personality and how that will influence success. One of the general themes of her book is the view you adopt of yourself profoundly affects the way you lead your life. She goes into more detail about the difference between a fixed mindset and a growth mindset. A fixed mindset is one that believe that you qualities are carved into stone and you are who you are. A growth mindset believes that your basic qualities are ones that you can cultivate and grow through effort overtime.

2) This book by Carol Dweck expanded my insight about our own minds in a way that positively affected and will enhance what I have learned in ENT3003. The whole message behind Carol Dweck's book is that a growing mindset is a beneficial one because you are constantly willing to learn new things and try to better yourself. It made me realize that I have a growth mindset because I am always looking to increase my knowledge about the world around me and that includes everyone in it. She focuses on the desire to confront challenges and keep working with a growth mindset and that is exactly what an entrepreneur has to do all of the time. If you aren't getting the results you want a growth mindset person will persevere and continue until they have found the right solution to the problem. A fixed mindset person would typically give up and become frustrated to the point where they are over it and don't want to continue.

3) If I were to create an exercise for the class based off this book I would create a questionnaire that everyone would take to determine which mindset they may have. It would be similar to the Myers Briggs Type Indicator in the way that you identify as one or the other but that doesn't mean you can't fall towards the middle. This questionnaire will be able to give results to the class about their personality and who they view themselves as.

4)  I was shocked to find out that your mindset is the view you adopt of yourself and these can be seen as early as four years old. It was crazy to me to think that your personality can begin to start forming as early as the age of four. In a later study Carol Dweck researched students at the University of Hong Kong where everything is spoken in english. Some students are more proficient than others but when given the chance at a free class to improve their english skills the fixed mindset set students passed up the opportunity. Where as the fixed mindset students jumped at the chance to increase their proficiency in the language. If an opportunity was presented to me for a free class to increase my knowledge I would not hesitate to take the opportunity.

Growing Your Social Capital

At first I wasn't sure who to meet with for my domain expert but then I realized that a restaurant right in the heart of midtown just might be the right business to talk to. I went in to speak with the owner of Grill Fresh and learned a lot about the business through the eyes of the owner. Mark has lived in South Florida all his life and went to school at the University of Miami to receive a degree in business. His background in business and the fact that he has created a successful restaurant with similar ideas as the one I am creating made him the perfect option for my domain expert. Mark has made it a goal of his to offer people nutritious yet delicious food that is sourced locally from farmers. Grill Fresh prides themselves on obtaining locally sourced food from the community which is something I hope do with my business. I explained my business proposal to him and he was intrigued that it was more designed for meal prepping and eating healthy continually. Marks idea for Grill Fresh started when he was sick and tired of eating fast food and wanted to have something that was more filling and healthy. The exchange went well and I was able to get a lot of helpful feedback that he has learned throughout the years of owning this business. He was able to give me the name and phone number of one the distributors that they use to get the locally sourced vegetables that they use in their meals. Having a domain expert like Mark will be beneficial to my business because he is able to offer insight into the ins and outs of a business such as the one he has created and the one I hope to create. 

Since the market I am targeting is so vast it was a bit difficult to find a expert on the market. After much research I was able to find a business that offers meal plan recipes and helpful tools that help those get started meal prepping. They offer customers a place to start with their meal prepping journey but in a different way than I intend to. The owners have multiple degrees ranging from business, exercise science, and a nutritional specialist. They combine to offer their customers the best possible advice and helpful tools to get them on track with meal prepping. By targeting a specific group of meal preppers they have a unique insight into the market and just how to get people to use their service. I told them about my business when we talked over the phone and they loved the idea of actually meal prepping for people and selling to food to them directly for up to 5 days. They were able to give me more information into certain foods and ingredients that are beneficial to someone who meal prepping. The nutritionist on their team gave me a phone number to a local group in gainesville that is dedicated to providing help to those looking to make lifestyle changes starting with food. Everything I learned will help me further my business and expand my network for the better. They were able to connect me with other people around the community that might be interested in helping my business grow and become the best it can be. 

Finding a supplier was one of the easier tasks to find for this assignment. When I was speaking with Mark from Grill Fresh, he so kindly gave me the name and number of one of his multiple suppliers for the locally sourced fruits and vegetables they buy. He put me in contact with Red White and Blues Farm here in gainesville which supply a lot of fruit to many businesses around the area. I wasn't able to speak with the owner but the man I spoke with was very helpful. Justin went to school here at UF and got a degree in horticulture. Before going to school he lived on a farm with his family and helped his dad raise the livestock that they would distribute. His unique experiences gave him the perfect insight into being a supplier and getting his locally grown food to the community. After telling Justin about the business I was creating he was very interested in the opportunity to become one of the suppliers if it got to that point. I started asking about pricing for wholesale orders such as the one I would have to purchase for the business. They do a lot of large scale selling in and around the community so he was very informative on what I would need to do. The Red White and Blues farm even though they mostly sell fruits they are still able to enhance my networking abilities. By putting me in contact with other suppliers in the area for vegetables and other local ingredients that will enhance the food. 

This assignment was very enlightening into the world of a business owner and what really goes on in the day to day operations. This assignment enhanced my abilities for future networking events because it taught me that anyone might be able to help you further your dreams. If you find the right people that will listen to your proposal and seem intrigued they might be more than willing to offer their support. All 3 of the people I talked to gave me the number of someone who might be able to help me expand my business. It was slightly different from networking events in the past in the way that this was more of a targeted networking experience for a specific purpose. Going in and talking with these different business owners made me realize that they went through the same things starting out and know what it is like to create something from the ground up.  

 

Idea Napkin No. 2

1) Hi, my name is Madeline Worthington and I am a dedicated entrepreneur that is striving to change the way that people view meal prepping. I have always been a hard working individual that will get the job done efficiently. I have always tried to maintain a positive view in life and make the best out of each day. This business would be a huge part of my life because I would dedicate all of my time and resources into this company to make sure it is successful and my customers expectations are exceeded. 

2) I plan to offer customers a business that will encourage them to take the next step towards a healthy lifestyle by introducing a meal plan service. This will enable me to meet customers unmet needs through a service that provides them healthy, nutritious, filling meals for a low cost. There will be options that cater to a wide range of individuals such as vegetarians, gluten free, weight loss, or even just regular healthy meal.

3) I am offering this service to a wide range of individuals that are looking to start eating healthy and making a change to their everyday diet. In my first idea napkin I had thought that this service would be specifically designed for college students but after many interviews and research it is applicable to all ages and lifestyles. All of my customers have in common the desire to eat healthier but just don't have the necessary time, patience, or desire to meal prep weekly.

4) Consumers will care about this business if they are truly invested in making a positive change in their daily eating habits. The idea being that if they find a healthy, nutritious, low cost option they will be more inclined to come back. By creating delicious meals that stay within the proper nutritional guidelines customers will love the options that we will be offering.

5) What sets my business apart from others similar is the fact they we are specifically designed for meal prepping. By focusing on a single aspect it allows us to really take our idea and make it the best it can possibly be for our customers. With meal plan designed for weight loss, vegetarian options, and even just a nutritious meal we are open to a wide range of individuals.

I believe that all of these aspects work together nicely to achieve the goal of offering people nutritious yet delicious meal plans for a low cost. To make sure that the food we are offering is within the proper nutritional guidelines we will have a nutritionist on our team ready to work with our chefs to give our customers the best possible food. With all of the different options that we are providing we are giving customers the chance to customize their meals to what they really want. The feedback I received in the firsts idea napkin wasn't very useful in giving critics for my business to move forwards. After much research and interviews I have been able to really focus my idea to exceed customers expectations. I am always looking for new ideas to improve my business so if you have any ideas or critics please don't hesitate to share.

Customer Avatar

A prototypical customer for my business would be a single woman who is trying to start eating healthy and get back in shape. Lisa who is 28 works very long hours as a nurse so she doesn't have much time to get the proper nutrition that she needs. She has been trying to stay on budget and find a meal plan service that offers options for weight loss. In the past few years Lisa has gained a few pounds that she would now like to lose and our program was the first stepping stone for her. Lisa loves to take long walks outside with her dog after a long day at work or just hit the beach for a nice relaxing day off. Since Lisa has started a new health journey she has been trying to exercise more and find fun ways to stay active. Her main struggle is with food and not eating the proper nutrients that support weight loss for the goals that she has in mind. In her free time Lisa binge watches episodes of Game of Thrones, Westworld, and her all time favorite Sex and the City. She has always enjoyed reading books that stimulate her mind in ways that make her think outside the box and try to grasp a deeper meaning. Lisa is a prototypical customer for my business because she is looking for a way to eat healthy nutritious meals that will keep her full while working. I believe that Lisa and I do share some things in common. We are both interested in a service that will offer delicious choices for a meal plan but still stay within the proper nutritional guidelines that promote a healthy weight loss. I don't think it is a coincidence because customers that will be enjoying our food and meal plans have some sort of goal in mind. Whether that be to start eating healthier, attempting to lose weight, or even just trying to avoid cooking my business is right for you.

Elevator Pitch No. 2

I only received feedback from one person from my last elevator pitch. They were very kind but did not offer any criticism or things to work on which is what I think is the most important. Since I did not receive and helpful tips I came up with a few of my own. When I tend to speak I will talk very fast so I had to work on slowing down my presentation so people are able to understand. I also tried to connect with the viewers more on what they are looking for in a service such as the one I am offering. Any helpful tips are greatly appreciated.