27A – Reading Reflection No. 3

Book: Steve Jobs, Walter Isaacson

1) You read about an entrepreneur:

• What surprised you the most? His childhood. Having heard a lot about Steve Jobs throughout my life, this was something I never heard about, and it was just somewhat surprising to me. 
• What about the entrepreneur did you most admire? His tenacious determination. He never gave up until he achieved what he was striving for. 
• What about the entrepreneur did you least admire? He seemed pretty full of himself.
• Did the entrepreneur encounter adversity and failure? If so, what did they do about it? He encountered many failures along the way. He continued pushing forward and developing new and improved systems. 

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

Obviously he was very tech savvy and had a lot of know how in that area. He was very competent in this area, and was great with technology. 

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

Nothing was overly confusing to me, but there were parts of his childhood that were surprising and somewhat "confusing" to me. 

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

How did you find the motivation to keep going after failure? Do you have any regrets?

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

I believe that Jobs knew how to work hard and believed in hard work in order to achieve success. I agree, I believe that hard work is how to achieve success. 

28A – Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

I plan to own my business for 5-10 years, and grow it to a point that I can sell out for a nice profit. I would like to build the business and move on to something new-a new adventure.

2) Why have you selected this particular exit strategy?

I would like to move on to another venture, probably either real estate or my ultimate dream of opening a unique downtown coffee shop/study space. I hope to be able to use the profit from selling this business to start my next venture.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I believe it has effected some of my decisions as I am not trying to build a business to keep and pass along to my family. I am trying to make a difference in this area of business, make a profit, and move on. This has made me see things differently and identify my opportunities in a different, less personal manner. I believe it has also mad me more reluctant to take as many risks, as this is not my dream business. 

26A – Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

This semester I continually failed with my time management strategies. I decided at the beginning I would just wing it, make a mental list of what needs to be done, and I will just get through it. This provided failure within the first 3 weeks of classes. I missed an assignment and had to take a major grade deduction on it because of the fact that it was late. So then I decided to keep up by just watching canvas closer. This too failed me, as I continually looked over things. I ended up realizing that for me I have to put the extra effort into making a list of my assignments due in order to keep up most effectively.

2) Tell us what you learned from it.  

I learned that for each person there is a different method of time management that works better. For me, I have to make a list of my assignments and keep a calendar. This way I know what is coming and when to start working on the tasks.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

Failure sucks. Failing at something and feeling like a failure is absolutely awful. I have a tendency to take things personally and emotionally, especially failure. This tends to make me depressed whenever I fail at something. But it does not have to. If you look at it differently it does not have to hurt so bad. If you look at it as a learning experience, then you can just get stronger from the failure. This class helped me to realize that more. Whenever we start at something there is a good chance that we will fail. And that's okay. If we fail, we can't just get in a funk and give up, we have to get up and try again. Learn from mistakes and move forward. I believe that I am more likely to take risks now, than I was before this class, as I realize these points more so. 

24A – Venture Concept No. 1

Opportunity

My opportunity lies in the customer service industry, with retail and restaurant establishments. The opportunity is in the customer service and hospitality training of employees for businesses, as businesses struggle with training and keeping friendly employees. This opportunity has become more prevalent in the past several years as the pace of the world seems to have become faster and faster, and people have become more concerned with being fast than with being friendly. People just are not as friendly as they used to be, but people visiting retail stores and restaurants still expect great service. The typical customer of my business is other businesses. There is no specific demographic, just any business with the need of friendly employees. Currently most of the businesses that would be my customers are simply trying to train their employees themselves in house. This is something that I believe many of them are struggling with and would like to stop doing. I believe that the opportunity for this business is very large. There are many businesses that are struggling with customer service training, and I believe that they would be very interested in the business that I have proposed as a solution to their problems. I believe the window of opportunity will be open for quite a while as this issue is not subsiding much at all lately. I believe the time restraint I would be up against would be how long after I start my business would I start having a positive cash flow.

Innovation

My service is an outside team of professionals that comes into businesses and trains employees in customer service and hospitality. My business’ reason for being is to train up the next group of customer service and hospitality professionals. We will go into businesses and train their employees exclusively in customer service. We will work one on one with employees and actively coach them in how to treat customers not just as customers, but as guests. We will also offer classes for businesses to send groups of employees to learn more about customer service. We will charge our one on one services at about $30 per hour per trainer. For classes, we will charge $75 per person, with a discounted rate of $60 per person for groups of 15 or more people. The classes will be about 4 hours 

in length and will have a maximum capacity of 50 people.

Venture Concept

My business would solve the needs of other businesses by assisting them in improving their customer service. Businesses would choose to come and use our service as an alternative to wasting their own labor and time trying to train on customer service. Since we are professionals in this area, we would be the ideal choice, in comparison to wasting their own employees time in training. There are few other companies that offer this type of service, so competitors would likely be few. We would capitalize on our experience in the industry to try and outweigh any competition. We would likely employ about 15 trainers and have a home office where they can organize their materials. We would also have space in our office for classes to take place. The one on one training would take place on site in the businesses who hire us.

I believe the most important resource is the experience that we have in this industry. This is something that I would capitalize on.

Next I would like to offer training services based on food safety for our restaurant customers. 

In 5 years I would like to see my business thriving, with up to 50 employed trainers, and with a strong reputation in this field in my geographic area. In ten years I want to be pursuing new businesses, possibly a coffee shop, and flipping real estate on the side. With the experience I gain through this venture, I can have better knowledge to start future businesses and make future investments. I believe that I can pursue my passion through this passion and make my vision a reality.

23A – Your Venture’s Unfair Advantage

Resources:

1. Valuable experience in the customer service/training industry. This is extremely valuable for my business, it is not overly rare but also not super common, it is somewhat inimitable as many people can have this experience, and it is non-substitutable as it is necessary for the business.

2. I have many personal connections within the industry. This is very valuable, it is not very rare, it is very inimitable and it is definitely non-substitutable.

3. I have a strong passion driving me. This is highly valuable, the level of passion I have is rare in my opinion, it is no inimitable and it is definitely not substitutable.

4. I  have training methods already developed from my previous job. This is very valuable, rare to already have, non inimitable, and not substituable.

5. I will have an education from the #7 public university (Go Gators) which I am currently working on. This is extremely valuable, rare, not inimitable, and definitely not substitutable.

6. I have a very good record of success in customer service training and references to back that up. This is very valuable, pretty rare, not very inimitable, and not substituable by anything.

7. I have connections that are prospects as employees in this business. This is pretty valuable when I start, somewhat rare, not inimitable, and not substitutable. You gotta have employees!

8. I have good credit to be able to get a startup loan. This is very valuable, moderately rare, not inimitable, and not substitutable unless I have the cash to start up on my own.

9. I have the support system of family and friends to help with starting the business and supporting me through the startup process. This is extremely valuable, rare, not inimitable, and definitely not substitutable.

10. I have a desire to own my own business and succeed that is beyond description. This is extremely valuable, very rare, not inimitable, and definitely not substitutable.

I believe my experience and passion are the most important two resources. I have extremely valuable experience that sets me apart and will be a major boost to my business. I also have a very strong passion for this area of business, which drives me and pushes me as I embark in this business.

22A – Elevator Pitch No. 3

https://youtu.be/wffJshckEAw


After my last pitch, the feedback I received was that I needed to draw in potential customers more. I also heard that I should try to limit filler words such as "um" and "like." I also received positive feedback, saying that I sounded confident and comfortable with the topic. All of this feedback was very helpful and I believe it was accurate.

I tried to incorporate these aspects into this new pitch. I tried to limit filler words. I tried to continue to sound confident. I also tried to relate to the potential customer more and draw them in. I think I incorporated these aspects fairly well and improved my pitch.

21A – Reading Reflection No. 2

The book I chose was "The Art of Social Media: Power Tips for Power Users" by Guy Kawasaki. 

1) What was the general theme or argument of the book?

The books main theme was using social media in promoting a business. It talked about using social media effectively in promoting your business. 

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

This book really helped enhance the ideas of effectively growing and marketing your business. It tied in with what we have talked about with networking and making connections to benefit your business. It took these ideas and gave tips on networking specifically through social media. 

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

I would design an exercise that requires students to create a mock social media account for their proposed business. This way they can learn to effectively create profile pictures, cover photos and bio sections, and also learn about making connections on social media. 

4) 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?

I think the only thing that differed from what I expected was the general "no nonsense" tone of the book. It was not all feel good material. It was straight forward and to the point. This was an aspect that I enjoyed, but it did surprise me somewhat.

20A – Growing Your Social Capital

1) My domain contact is Emillie, who is a Training Director for Chick-fil-A
My market contact is Jeff, who also runs a customer service training business.
My supplier contact is Kenzie, who is a representative for a training software company.

2) Emillie fills the domain slot as she is actively working in the customer service training industry with Chick-fil-A.
Jeff fills the market slot as he is running a similar business, and is an expert on the industry.
Kenzie fills the supplier slot as she provides training software to companies such as mine and Jeff's and Emillie's.

3) I found Emillie through my job at Chick-fil-A. I contacted her through our personnel system. I found Jeff and Kenzie through LinkedIn, and reached out through LinkedIn messages and emails.

4) Emillie told me about her training processes and we had great conversations about training in each of our Chick-fil-A's as well as my business. She gave me her opinion and said she'd be willing to recommend me if needed.
Jeff gave me information about the industry and told me what to expect. He would like to keep in contact if I do start the business, so that we can use each other as needed, to build our client bases.
Kenzie told me about the industry from her view, and gave me great information. She wants to keep in contact, and sell me software if and when I start this business.

5) Including these people can really help, if I can use them to create even more contacts. Through recommendations and general word of mouth marketing, these contacts can greatly help me if they pass the word to potential clients that they know. Also having a good relationship with a competitor like Jeff can help, as we can help each other instead of strictly competing. Kenzie can help me get setup with the software that I need and help me get started. These contacts can greatly help me as I get started.

This experience helped me get a taste of how to network and make connections. This was very different than networking events I have been to where you just walk around and shake hands and exchange business cards. This was more personal and up front. This can help me, as I get used to different networking methods as I start and grow my business.

19A – Idea Napkin No. 2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

Hey y'all! I'm Robert Martin, and I'm a Junior General Business Administration major. I have over 5 years of customer service experience with Chick-fil-A and Publix Supermarkets. I am currently the Director of Training for Chick-fil-A at Lake City, FL. I have a passion for customer service and human resources, and with my training experience in these areas, I find myself to be very proficient in these areas. I hope to continue in the customer service and HR management industry after college, and continue to make a difference in this area of business. If I was to start this business, this would be a huge part of my life. I would be able to do the exact thing that I am passionate about for a living, and that would be amazing. 

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

I am offering an outside service that comes in to train employees of businesses in customer service and hospitality. This would include group classes as well as one on one training with each employee. We would come in and put special focus on hospitality and customer service, training employees to understand and use these concepts more effectively on the job. We would focus on helping businesses increase their customer satisfaction statistics, as customer service has a huge effect on overall satisfaction for customers. Our biggest point with those we are training would be to see customers as guests, not as customers.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

My customers would mainly consist of businesses that need their employees trained in customer service. This would be restaurants, grocery stores, big box stores, and any other retail establishment that deals with customers. It would tend to be newer businesses that would have a higher need for this service, as their managers are not as experienced in training. Businesses with higher turnover percentages would also be a higher need customer, as they have more employees to train in shorter periods of time. I also believe that larger companies that have their managers stretched too thin, would be an ideal customer for this business. 

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Many businesses struggle with training and keeping friendly employees. By using this service they would be relying on us, the customer service professionals, to train their employees in this highly important area of retail business. We would be the professionals that they can rely on, and depend on to train their employees correctly. They would care about this service because it can greatly benefit them in their business. They would use us because we know what we are doing, as we are customer service professionals, and we put special emphasis on this area, making our training more effective. 

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

Because of my experience that is specifically in customer service training, as well as my business degree, I have specific qualifications to be able to balance the importance of customer service with the fundamentals of running a business. My service is exclusively customer service training, setting us apart from anyone else, as we will put special focus solely on this area of the business. This is my niche in the business world, as customer service is what I am trained in and truly passionate about. 

All of these elements fit together very well in my opinion. My experience and qualifications, as well as my passion for this industry is what drives this business, and ties all of these elements together. I believe that starting this business could pose some challenges, as I would have to prove myself before this business really takes off. But I believe that I can build a successful business here.

Feedback: My feedback on the first post was very positive. The only thing I heard that needed change was that I needed to add more in the "why do they care" section and keep talking about my passion. I did both in this post, as I added onto the "why do they care" section and added more about my passion overall.