23A- Your Venture's Unfair Advantage

 Resources

1.     Effective communication skills

·      V- will allow me to communicate our company goals to my employees

·      R- not very rare

·      I- fairly high among the business community

·      N-  non-substitutable

2.     Leadership skills

·      V- important to allow me to drive my business forward

·      R- not very rare

·      I- very inimitable among many executives

·      N- a little substitutable as you can always hire other people to carry the business in the future

3.     Relationship with insurance companies to offer lower rates

·      V- this is valuable as lower rates are an incentive to use my service

·      R- pretty rare

·      I- not easily inimitable but can be done

·      N- cannot be substituted

4.     Unmatched convenience

·      V- very valuable, convenience is a luxury that many people want

·      R- moderately rare, not many services make this a priority

·      I- can be inimitable if you choose to focus on it

·      N- cannot be substituted

5.     Efficient, in-depth, employee training program

·      V- important to ensure my service runs smoothly and all employees know how to operate it efficiently and effectively

·      R- decently rare, some companies focus on training their employees in-depth

·      I- high, is inimitable

·      N- cannot be substituted

6.     Customer service experience

·      V- high value, important to know what your customers want and how to serve them

·      R- not very rare as many people have prior experience in this area

·      I- low, requires proper experience

·      N- substitutable, can hire a customer service department that can then teach me how to correctly deal with the customers

7.     App where customer can request service and access information about their cars’ repairs

·      V- provides a convenience to customers

·      R- pretty rare in this service industry

·      I- not difficult to replicate as apps are popular

·      N- we could use other ways to communicate to customers like websites, email, or calling

8.     Cars being essential to people’s daily lives

·      V- high value, makes my service important to people

·      R- not rare, cars are a necessity which could make my service a necessity as well

·      I- not inimitable

·      N- no substitutions besides public transportation

9.     My uncle’s extensive knowledge of running his own service business

·      V- high value, he can help me and the knowledge I’ve already learned from him will help as well

·      R- very rare, not everyone has someone close who knows how to run a high-profit business on their own

·      I- low, cannot be learned by everyone, not everyone has access

·      N- non-substitutable

10.  Customer loyalty

·      V- extremely valuable, our customers will be satisfied with my service on the first use and continue to come back

·      R- this is rare, customer loyalty can carry a business

·      I- inimitable

·      N- impossible to substitute for anything else

Top Resource

I think out of all my resources, the one that has the most value to my service, ARCS, would be the efficient, in-depth, employee training program I am going to implement. This will be essential to ensure my service is run like a well-oiled machine and all my employees in their different departments will operate as one, giving us a competitive edge.

22A – Elevator Pitch No. 3

1)https://youtu.be/xc603AoWEns

2) A reflection on the feedback you received from your last pitch.

The feedback I received on my second pitch was basically just a reiteration of the feedback I had received on the initial pitch. Again, it was all positive and it was mentioned again that my usage of statistics was liked. At this point, I feel I can improve by memorizing my pitch better and giving it a more enthusiastic delivery

3) What did you change, based on the feedback?

Due to the fact that the feedback I received on the second pitch was positive and that I had no negative feedback, I didn’t really change anything on this third pitch. I tried my best to deliver it with full confidence and assertiveness to really sell the pitch. I also made some minor edits like shorting some lengthier sentences to make sure the pitch was around the 90-second mark.

21A – Reading Reflection No. 2

Book- How to Fail at Almost Everything and Still Win Big by Scott Adams

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

In my opinion, a general theme I found in this book is self-reflection and looking in one’s self to find success. The book is all about exactly what the title says, all of our failures over time are what lead us to success. Adams' describes how he looked at success from a different point of view which is what helped him grow as a person.

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

            In the book, Adams’ describes how his success didn’t come overnight, and how he had to fail many times and try over and over again until he finally found success. I think this relates to what we have learned in ENT 3003 because like Adams’ we have learned the importance of never giving up and knowing success will not come to use on our first try. In this class, we have had to tweak and edit our products and services several times because we know what we created is never going to be perfect from the get-go. Entrepreneurs must be flexible with whatever is thrown at them and sometimes find unconventional ways of doing things.

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

            An exercise I would design for the class based on this book would be to ask the class to think of one of their favorite times they succeeded in something and then ask them to write down all the times they had to fail in order to achieve their ultimate success. Again, like the title of the book states, this will remind the students that their success came with many failures but ultimately with time they got what they were hoping to achieve.

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?

            Two big ‘aha’ moments I had when reading this book was first when Adams’ discusses how being selfish is not always bad like people perceive it to be. Being selfish usually has a negative connotation, but Adams’ says if we don’t focus on ourselves and our own needs, how can we tend to the needs of others. The second ‘aha’ moment I had was when Adams’ discussed how he prefers systems over goals. I had never thought about how systems allow you to alter your future plans, whereas goals can be perceived as being a little more concrete.

Assignment 20A - Growing Your Social Capital

Domain Expert: I emailed a service agent from the local Triple A (AAA) office here in Gainesville, Jenea Clarke. I believe she qualifies as a domain expert because AAA offers a service that is quite similar, though not identical, to the one I would like to offer. I emailed her and introduced myself, then I outlined my service idea and asked her opinion on it. I also asked her questions about the type of training their employees receive as I know this will be a crucial aspect for my business to run effectively. I don’t think she has any return expectations except my gratitude and appreciation.

Market Expert: I called a local auto repair shop, City Auto Repair, and spoke with one of their workers on the administrative end, Melanie. My service revolves around the fact that people’s cars break down from time to time and need repairs so I thought it would be beneficial to contact an auto repair shop as they are knowledgeable about this market. I asked questions on the time frame of certain car repairs and how their customers usually deal with being left without a car for the time being. This will help me better understand the opportunity I am trying to exploit by getting information from a business that sees people struggle with having to leave their car at the shop firsthand.

Industry Supplier: I emailed a manager from one of the local Enterprise Rent-A-Car offices here in Gainesville. I thought it would be appropriate to contact someone that works for a car rental service because an aspect of my service involves loaning out cars to customers while repairs are taking place on their cars. I asked questions in the email involving the logistics behind operating a car rental service and all the organization that needs to take place. I also asked about the capital that is required to purchase the cars to rent out. I found this person by looking at their website and calling the office and asking for a mangers email address to ask some questions for a school project.

Reflection: I was a little unsure about who to contact initially because my service is pretty complex and there is no one who offers something exactly like it. I believe by contacting all these different companies that are involved in a specific component of my service, will provide me with some critical tips and information that will help me when piecing all these parts of my ARCS service together. The experience of having to reach out and network with different individuals gave me some insight into the different perspectives people have in their respective businesses.

19A – Idea Napkin No. 2

1) My name is Marioly and I am a senior who is about to graduate this May. I am artistic, creative, athletic, and competitive. I am majoring in political science, but I also took many business electives here at the University of Florida. I was actually one class away from getting a minor in business. My parents both came to the United States from Cuba when they were very young and I am extremely proud to be Hispanic. If this business were to start I would dedicate myself and my time to make sure it can be the best I can possibly make it. It would give me a sense of accomplishment to know that something I started is helping people’s lives be just a little bit easier.

2) The service I am offering is Auto Repair Concierge Service, also known as ARCS. This service is designed to make things easier for individuals who are burdened when their car needs to be left at the shop for repairs. With ARCS, when your car breaks down you contact us by phone or app, we then send you a car to use for the duration of your car's repairs. ARCS transports your car to a contracted auto repair shop that will give you a discounted repair bill because you’re one of our customers. Soon thereafter you will see the cost of the repairs on your app. Once your car is repaired, ARCS will transport your car back to you, and we pick up and return the rental you were using. I am solving the unmet need of individuals who only have one vehicle and don’t have time to leave their car in the shop because they need transportation for work or to pick up their children.

3) This service is directed towards employed individuals living alone, couples that both work outside the home, or any individual that only owns one vehicle that is essential to their day to day lives. They can be both male and female and range from mid-twenties to about late fifties. I think something that all my customers will have in common is how disruptive they feel it is to have to deal with car issues because a car is a necessity for their livelihood. This service can also be targeted towards parents who have children in college and would be provided a sense of ease knowing their child will be taken care of when they have a car issue and they are not around to help them.

4) Customers will find this service valuable and actually pay for it because of the convenience the service provides and how it caters to one's every need when dealing with car repairs. Our cars are a fundamental aspect of our lives and are something that we use on an everyday basis. Break downs, accidents, small car problems, etc. can happen anytime. Customers will feel at ease knowing that whatever car trouble they are thrown, it will not be a set-back in their day to day lives because they have ARCS to help.

5) What sets ARCS apart is the many different aspects of services it will provide. From giving our customers a rental car to transporting their car to and from the shop, to returning your rental car for you, ARCS does all the things that you would have to do on your own. With my drive and competitive edge, I will ensure that this service runs smoothly and that all our customer’s needs are satisfied.

Evaluation: In all, I do believe these elements fit together. This idea came to me because I have experienced this issue first hand on several occasions and had to deal with flat tires, chipped windshields, and dead car batteries by myself here at school without the help of my parents. One aspect of the service that might be weak is organizing all the different components and training employees on how to run this service seamlessly and provide the best customer service. A solid training program would have to be put into place in addition to a decent amount of initial starting capital to afford vehicles to loan out to customers while repairs are being done on their cars.

Feedback Memo: The feedback I received on the first napkin assignment was pretty positive. It did help me understand a little bit better how complex my idea was and how it would be critical that a good employee training program is put into place so all the components of the service run as smoothly as possible. Also, it was pointed out to me that I would need a large amount of startup capital for this service in order to purchase the loaner cars. One thing I expounded on was portion #3, I further specified my target customers.

18A – Create a Customer Avatar

My prototypical customer would be anyone who is extremely dependent on their car. They live in a one-car household and everyone uses the car on a tightly set schedule. Whether it’s to get them to and from work in the morning and afternoon, to then take the kids to and from soccer practice after school, the car is an absolute key factor in order for their daily life to run smoothly. They drive not a super old car, but one that is known to have its occasional issue from time to time. They are constantly on the go, working, shopping, running errands, taking the kids to their tutoring sessions and extracurricular activities. They are about 45 years old and are always extremely anxious about being on time so their spouse can use the car when they need it. They don’t have time in their day to be burdened by any sort of issues or inconveniences, especially car problems. They get frustrated easily and love when things can be handled in an easy, swift manner and are accommodating to their daily life.

What I have in common with my customer-

Similar to my prototypical customer, I also am always on a very tight schedule with classes, law school applications, and driving to and from Gainesville to South Florida, I am very dependent on my car. I also get frustrated easily and try to avoid any stressful situations whenever possible as they overwhelm me.

17A – Elevator Pitch No. 2

Pitch: https://youtu.be/JiiPsks6lyI

Reflection of Feedback:

I received positive comments related to the statistics I included in my pitch, and how that added relevance and prominence to the issue I was addressing with my opportunity. I was somewhat surprised by the positive feedback regarding my confidence and enthusiasm because I was a bit nervous prior to delivering my pitch. I didn’t receive any feedback that was wrong or silly. The most useful feedback was the value of the statistics included in my pitch, the fact that I displayed a command of the subject matter, and a question around pricing, which I plan to address on my next pitch.

What I changed, based on feedback:

Based on the positive feedback I received, I tried to deliver my pitch similarly to as I did on my first attempt, and I added a portion pertaining to a pricing structure.