28A Exit Strategy

EXIT STRATEGY

My business is something that I enjoy and find entertaining. Being on the water, on my own boat, meeting new people every day, doesn’t sound like a terrible way to spend your life. If my business were to be successful, a business I could live comfortably on, I would maintain it as long as I could. If later on down the road, I founded a business more profitable but equally likeable, I wouldn’t mind having to give the delivery service up. I think it would be a great family business to have; giving you the opportunity to hire your children, and their friends. It isn’t something that would matter much to me, but would be a great benefit to my family and I later on down the road. I don’t think it has influenced me a lot in future decisions or identifying opportunities. This service is not something I am entirely passionate about, so I am not bias when finding opportunities. However, seeing the benefits this business would have in the future, I am now aware and acknowledge the future of business decisions, rather than the present effects.

Reading Reflection 3

Reading Reflection: Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future

I did not know Elon Musk owned Paypal, the company that made him his money, once selling it to Ebay. I admired his determination when trying to date his potential wife. He thought about everything scientifically, even relationships. He describes his childhood and explains the rough household he grew up in and how he was bullied in school. It is interesting to see people who weren’t so liked or appreciated become so successful later on in life. 

Elon Musk, like stated earlier, had a thorough process when trying to solve a problem, regardless of what it was. He made it clear that the hard part was figuring out the right questions to ask, in order to learn more. His determination allowed him to stick with ideas regardless of what he is going through. He also advertised one common goal. For him, it was humanity. He hinted that when passionate about something, projects will be more successful when they all include a centralized idea. 

I was confused when he discussed the importance of a centralized idea regarding all of your future projects and ideas, however I do not see the correlation between PayPal and Telsa. 

If you could go back in time and change any of your life-altering decisions, would you? Did you ever think you would have been this successful? 

I think the author was faced with several struggles, all motivating him to persevere. His hard work is definitely the meaning of determination. Regardless of what is thrown at you, you will overcome if you want your goal bad enough.  

26A Celebrating Failure

This assignment is perfectly timed considering I tried to surf for the first time today. I am on vacation with my boyfriend’s family, in Costa Rica. Him, his parents, his sister, and the other family we vacationed with, are all quite comfortable with a surfboard. I took my first lesson yesterday, spending most of the time laying flat on the board and having someone push me into the wave. I stood up a few times, giving me a little confidence when swimming out today. I went out early this morning and failed, epically. I was so embarrassed and uncomfortable that I didn’t even want to try again. I was nervous about looking stupid or doing something wrong. I realized that this mindset would only be a disadvantage and I looked more stupid for giving up. Although I failed once, I am never going to get better if I don’t practice. It is good to remember that everyone starts somewhere. I was making myself even more upset because I know being the person who doesn’t try is worse than the person who is failing. Taking a step back made me realize it isn’t that big of a deal and I will get more comfortable with the more time I spend with it. I am going back out tomorrow, so hopefully I can continue to try, despite my failing attempts. I am only considering this class now and everything it has taught me, making it even easier to try again.

24A Venture Concept

24A- Venture Concept 

Not much beats a beautifully relaxing day out on the boat. Being in Florida, boat owners can spend hours upon hours away from the hectic life of a city, and out on the open waters. With the free spirit can come forgetfulness of practical objects such as bug spray, sun block, rash guards, or a shortage of food. One could even drop their sunglasses in the water, never to be seen again.

With ORDER2SHORE, now anybody can acquire the basic necessities one might find at a CVS. Lost sunglasses? We can sail it to you! Ran out of hot dogs? O2S will deliver it right you your boat. Using GPS, our experienced team of boaters can locate and deliver the package to anyone within 25 nautical miles offshore.  Currently, no other company offers an on demand service for those in the open water; therefore, this opportunity is a once in a lifetime to be the first ones to do so. Like all trail blazers know, there comes an inherent risk of business when balancing out costs because there is no precedent for what the income will be like. However, because this service is so unique and the season for boating is year round in the south, that can more than make up for the difference. 

Signing up is completely free, and each delivery cost will cover the item(s) needed as well as a delivery fee: $2 per nautical mile (roughly $40 per hour). For our more adventurous sailers, $20 a month will gain entry into our platinum membership program to enjoy a flat rate delivery fee of $20. 

Don’t let forgetfulness or mishaps ruin your relaxing boat trip! Sit back, relax, and let O2S takes care of that. This venture is so enticing because there is no other company in the world doing this. The shortcomings include geography and cost. Clearly, our business will be best on coasts because boaters on rivers are not far from shops. Also, the platinum membership cost breaks even if 

In our top-of-the-line classy cargo ships, products that help you live a life of luxury are there at the touch of a button. With the O2S app, you can easily locate one of our captains and order the items you need for your cookout, fancy evening, or even a summer sunburn. Consider the business plan of Uber and UberEats, providing a variety of meals right to your doorstep. Why not have your meals and necessities delivered to the bow of your yacht? This business does require a great investment up front, but the main pool of consumers will be upper middle class and upper class families and retirees who would take advantage of this service for a more premium price than Uber. After all, the services we provide do require the skills of a knowledgeable crew and captain, not to mention beautiful spacious ships worth millions. We plan on starting in Florida, centering around the Gulf of Mexico and the Keys, targeting those tourist areas that people love to sail in. Want to become a ship captain? With training, there’s money in this for you too. With a base rate and pay per delivery, this business truly does benefit everyone. 

25A What's Next?

Existing Market

I offer most products available at your local CVS or Walgreens, allowing customers to have everything they need at the touch of a button. As time progresses, I will focus on adding more delivery boats, larger delivery boats that are able to bring more, and a larger variety of products offered. 

After talking to customers, I have realized that they are more concerned with the pricing of the products and delivery rates. I have come to the conclusion that I will need to create relationships with lesser known brands to establish deals/discounts to use as my products. I have also considered buying in bulk at a warehouse like Sam’s Club or Costco, where I am able to sell individually for a much higher price than what I purchased. I have also considered offering a deal to the local marina, where we would advertise their business and service in exchange for free gas; making my only cost to be my product and employees. 

The most important thing to my market and business is advertising. While I know most marketing will be done through word of mouth, it is important I am making myself known, especially to tourists. I will dock my boat and/or drive slowly around the major islands. I might even stop on a few islands and walk around handing out business cards with some sort of sample product. My customers have made it clear that they would pay reasonable prices and would tell as many people as possible. 

New Market

The new market I decided to try were people without boats. Now, my business is a boat delivery service, so targeting people without boats is quite difficult. I decided to lean towards the people that spend their time on bridges, docks, or small beaches off of the intercoastal. With a smaller type of boat, I could easily come up to shore and have my products available. 

After speaking to people who belong to this market, they were quick to say no to paying for a delivery fee, as they are already on land in close vicinity to other convenience stores. I decided that this market might be an option if a delivery fee was not charged. As for other customers who would be ordering through the app, this specific market could have the boat come to them. I could create a schedule, where at certain times of the day I would make stops at popular beach approaches, bridges, or other fishing spots. This way, customers who may not have as much money or own a boat, would be hit with the convenience of products offered at a cheaper price. 

This market is definitely not as attractive as my existing market. Although it is possible to cater to the new market, it wouldn’t be worth the time and labor for the profits earned. I think my business is to specific in order to change the market. The only other idea that would be somewhat successful would be to change the entirety of products offered, as in turning the store into a fish/bait/tackle store, targeting fisherman. 

23A My Specialties

23A - Your Venture’s Unfair Advantage

1. Spanish and Sign Language - although this might not be a large advantage for my business, my ability to communicate with others who may not speak English will help me broaden my market (rare) 
2. Marketing Practice - I work at a boutique and have been to America’sMart several times, giving me a lot of experience in marketing and advertising (common)
3. Customer Service - I mesh well with all different types of personalities, providing me with the skills in dealing with people and their problems when it comes to my business. (common)
4. Age - My age allows me to understand adult needs while also catering to kids’ as well. (common)
5. Social Media Skills - I love social media and find myself quite good at promoting, allowing me to advertise my business in an efficient and beneficial way. (common)
6. Financial Advising Family - With my connection with financial advisors, I know I will always be making a well educated decision with my money. (rare)
7. Captain of Softball Team - My leadership experience and skills will allow me to run a successful business and understand how to handle a team (rare)
8. Involvement - I am very involved with various clubs, jobs, sports and Greek life. This provides me with many connections that can help me later on in my business-related life. (common)
9. Punctuality - I worry a LOT about being on time with anything job related. (common)
10. Creativity - My ability to come up with original ideas and innovative ways to improve my business. (somewhat rare)

After looking at my resources, I am left with 4-5 somewhat/rare qualities that will set me apart from other businesses. I think it depends on how you use these resources; although people may share some common qualities with me, the way I capitalize on each of these resources is what will set me apart. 

21A Reading Reflection

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

This book describes the many different ways entrepreneurs can treat their social media platforms in order to draw attention to their product, business, and purpose. 

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

I think as we get older, social media is playing a larger role in business as a whole. It is important to understand the most beneficial ways to present your business and product in order to reach your audience effectively. ENT3003 does a great job explaining the background plans entrepreneurs should have when creating a business, but I think this book took it a step further to explain what to do once you have that business. 

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

After reading this book, I would create some sort of assignment regarding an instagram post with an important message. The message would be the same for all students, but the student with the most effective post (decided by the class) would win. This would allow students to get creative and see how different ways of promoting can affect your customer base and market. 

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?

Nothing I learned differed from my expectations. I really enjoy social media and learning the ins and outs of promoting so this book was really interesting to read.

20A Growing Your Social Capital

Domain Expert:

Meet Harry. Harry was a part-time developer for Lyft, the well-known ride sharing/delivery service app, commonly compared to Uber. He is familiar with the basic background of creating an app to do such services and is comfortable recreating one for my business, using similar technology. I selected him as Domain Expert because of his technical expertise and his knowledge in a similar field. I found this person through a mutual friend. I reached out on social media looking for qualified people to fill this position and Harry came about. Harry developed to app, tweaking the technology and glitches until it was perfect; in exchange for a small portion of the profits once made. Because of Harry’s background, I am certain my app will work to the best of its ability and it will be broadcasted to a wide variety of people considering the business contacts Harry has in his corner. 

Market Expert: 

I chose Julie, the local marina owner as my Market Expert. Julie is a local in the town I will start my business in, giving her a great opportunity to advertise the service to as many people as she knows, (which is a lot). She works most days, allowing her to relay all advertisements to every boater that comes in and out. Because of her long work span at the marina, she knows most customers and understands their wants and needs, helping me decide on what products to offer. I have known Julie for awhile, working at the marina since I was a little kid, allowing me to develop a somewhat strong friendship with her and trusting her to bring her onto the business. In exchange for her help and marketing, I will advertise the marina on each delivery boat and my app, creating a business bond between the two of us. 

Supplier:

Katherine will be my supplier. She is my step-aunt, owning a small grocery store about 25 minutes outside of town. Anything I would offer on the delivery boat would be something that she sells in her store, allowing me to get each product at wholesale price because of family. Because of our relationship, she won’t need nor want anything in return, providing me with an even better opportunity than before. 

This assignment was easier than expected because two of the people I considered are friends or family. I think connections and knowing people plays a huge role in becoming an entrepreneur and that quality is hard to teach/takes time.

17A - Elevator Pitch

https://www.youtube.com/watch?v=3HRM3YwhGdw

From my last elevator pitch, I chose to go more in depth of my actual product and service. The feedback I received from my last elevator pitch stated that I should limit the examples I tell the audience, as it might make them forget what my purpose is. I tried to take away those examples and add a better description of the app itself. I also tried to stop having my hands in front of my body, without seeming like I wasn't engaging. 

19A Idea Napkin

1. My name is Kinsley Moore, a student at the University of Florida. I am strongly passionate about fashion blogging and social media marketing. I am a people person, meshing well to most personalities. This business I would create would only be a small project to what I would eventually want to do. 

2. I am offering a service through an app that will allow customers to order products who are currently on water. My app will deliver common household items to anyone who is in 3 miles of shore.

3. The families that go on the boat often, amateur fisherman, or anyone who uses a boat. 

4. The customers care about my app because the convenience it brings to them and allowing them to have the ability to receive an item even after they have left land. After leaving the boat ramp and starting your trip on the water, it is extremely time consuming, out of the way, and not worth it to go back to land to retrieve an item that is wanted or forgotten. My app will allow customers to purchase the items without the hassle of docking the boat again. 

5. I am very familiar with a boat, having spent most of my weekends on one. I know what common items are used on an average boat day, and what are easily forgotten. I can provide my company with knowledge on what products to offer and how to advertise. I have strong social media marketing skills, allowing me to get the word out to the public in an efficient way. 

I think all points correlate and call for a strong, needed business. However, the only issue I can see is the price, with the price of the product and the delivery cost, I am still unsure if people will be willing to pay for these items. Although, on my last Idea Napkin, I received feedback that a small self-made business, similar to the one I am creating, is already available in one's hometown. It is not through an app, nor an actual registered business, however, it is great to know he has customers so I will too. 

18A Customer Avatar

Customer Avatar



Meet Tracy, a 40 year old married woman with three young children. Her children are ages 6, 9, and 13. Each child is apart of multiple sport organizations including baseball, softball, dance, and soccer. Tracy lives on the water in a small town called Ormond Beach, Florida, the town in which she grew up in. Tracy does not work, spending most of her time running her children around, taking care of the house, and being heavily involved in each of the children's schools. During her free time, Tracy enjoys taking yoga classes, getting lunch with friends and shopping. Tracy's family owns a boat and us hit quite often. Her family spends almost every weekend in the spring and summer on the boat, meeting other families at the local sandbar. Tracy's entire family has smartphones, all capable of using apps such as Uber, Ubereats, and BiteSquad. Tracy is very forgetful and likes the convenience apps provide. She is not a planner, but rather go with the flow and be spontaneous. Tracy would be very inclined to use the app I created on one of her many days spent on the sandbar.

I have many things in common with this avatar. We are from the same town, do roughly the same activities in our free time, and are very familiar with spending time on the boat. I think it would be odd not to have anything in common with your avatar because the reason I acknowledged this opportunity is because it was a need to myself.