Venture Concept No.1

Opportunity

The opportunity that I utilized is primarily directed toward college students. In recent years, there has been a health kick in our country to encourage everyone to make better, smarter decisions regarding our health. That being said, even though it includes everyone, I am directly targeting students or young adults ranging from years 17 to around 24. Around this period in our lives, there is a lot of transitioning. A large majority of students go to college after high school and during this time it becomes very difficult to keep up a healthy lifestyle. Many customers, or students in my case, need a quick fix when it comes to eating meals or snacks. They end up resorting to convenient fatty foods that lack nutrition. Although they are aware that it might not be the best for them, they resort to it anyways because a lot of students are under the idea that healthy alternatives are quite difficult to incorporate in their diet due to preparation and they think it lacks taste. They choose to eat unhealthy food because its easy and simple, however I believe their loyalty to those products aren’t strong. They can be easily swayed or replaced once a better, and just as convenient product is produced. This opportunity can be very beneficial because it’s still pretty new. Not many people or organizations have targeted college students in particular. This opportunity is a growing industry and a rising lifestyle that can be implemented in campuses around the country.

Innovation/Venture Concept

My product consists of a delivery box system, with options of choosing a continuous delivery system consisting of various boxes delivered every 2 to 4 weeks based on the customer’s discretion. The other option is for the customer to purchase a single box, a part of our signature collection so they can opt out of subscribing to the service. These boxes that will be conveniently delivered to the customers’ doorstep will model an ideal healthy life style for a college student. Inside these delivered boxes, I plan to include “Health Help!” newsletters that would include fast tricks and convenient tips making the transition to a healthier lifestyle easy and enjoyable. In addition to the newsletters, I intend on including various snacks or other products that college students can afford. All of my boxes will include a little “sneak peek” into all the health world has to offer. Each box or delivery, for that matter, will have snacks that can range from granola bars to samples of different butters like almond butter or cashew butter. Customers can subscribe to the delivery system, and based on whether they choose the 2-week delivery or 4-week, the price will be adjusted accordingly. Around $11.50 for 2-week delivery and 12.00 for 4-week interval delivery. If they choose to buy boxes separately that may incur an additional price. My mission is to currently appeal to UF students and my vision is to hopefully end up implementing this business to state schools and universities on a national scale. That being said, I would like to incorporate the opportunity for local delivery systems. It may cut costs on product transportation in the beginning which would be very helpful as we start out. We can utilize students as bikers, who would deliver the pre-made box to their location on campus and those who are farther away can hire drivers for those runs instead. In the beginning works of this business, I would most likely be delivering products myself locally in order to keep costs minimal.

In order for customers to switch to this product there has to be a good amount of exposure. The largest obstacle we will have in getting customers to switch is the cost difference in their substitutes. Easy and fast meals that are commonly used amongst college students are products like Easy Mac or Lean Pockets. It will be hard to get them to switch if they haven’t heard about it before or are unfamiliar with delivery box systems. Competitors will consist of places around Gainesville that are offering healthier alternatives like 3 Natives or Tropical Smoothie. We can be potentially vulnerable since we wouldn’t have a designated store location for customers to see the product on hand or try it in person first. Packaging is vital. It’s the only physical element the customers will see of our company so it must be of well quality and very professional-looking. The capital to my company wont be too large employee-wise, especially in the beginning. Once the packaging is delivered, it will only need to be filled and delivered. So I will only need 2 to 5 employees at most in beginning.

Amazon Whisperer

• Revenue Drivers for my company include the purchase of Subscription boxes. The cost to produce (fill them) is minimal, and shipping locally wont be as expensive as shipping out of state so I have that luxury.
• The next thing customers would want from my business is an interface where they can look further into whats inside each box, or the facts behind the health awareness newsletter. This can be resolved by a blogging site.
• It improves the user experience and customer loyalty. If the customer enjoys a bar included their box that day, they can find it link online on my blog to order separately from the entire box.
• Larabars are sold on Amazon. My particular product includes these larabars, but this is the opportunity for them to be sold separately. 
  
• The customer reviews seem to be very positive. All besides one, where they had a complaint due to an abnormal defect in the delivery.
• The design changed to a tangible-technical interface
• This product satisfies the movement, beyond their subscrisption box they received, now that they picked out the ones they enjoy. They can try new boxes!

Week 11 Reading Reflection

The Innovation Strategy

You need an Innovation Strategy. What is surprising to me, is that if you don't make an effort to implement that, no one is going do it. I always thought that businesses harbor an environment for new ideas and innovation, but not if a strategy isn't put in place.
I didn't find too much of the reading confusing to grasp, it was more so a shock at first.
Questions would include ones that came up while going through the study. How did this observation first come about? Were they investigating reasoning behind low productivity?
I feel that even with no strategy implemented, theres always some sort of innovative mindset that should be credited.

Growing My Social Capital

I contacted three people over the past couple days, hoping that I would get an answer by today. My product is a distributed product/service without a store, so I tried contacting certain organizations pertaining to my venture idea. Due to similar characteristics, I chose to email them. 

*Supplier*

The first organization I got in contact with was Larabar. This company, founded in 2000, produces healthy sweet treats made strictly from nuts and fruits. My goal is to get in touch with the founder Lara Menniken. She started making these bars to snack on during a hike and has turned into a booming business, selling millions of bars each year. I chose to contact Larabar because when I had this idea for a subscription box system, inlcuding Larabars was the first thing I thought of to put in them, because its a perfect example why eating clean can be delicious and switching to a healthy lifestyle can be very convenient and "on-the-go" if necessary. I inquired if they have had this kind of business deal with other organizations in the past. Networking with a potential supplier felt very motivating.

*Domain Expert*

I also got in contact with 3 Natives. Within the past year, 3 Natives opened up a location on University Avenue, walking distance from campus. I chose to seek communication with them because, although we have different products, I feel we have either the same or similar target markets. After reaching out to them, I realized we are both meeting the needs of health-conscious college students by providing a product which can doesn't impede on their health and is a good grab-and-go source for nutrient-rich meals or snacks.

*Market Expert*

The third company I got in contact with was called graze.com. Through more in-depth research to learn more about different subscription box systems, I discovered a very similar product, graze! I really wanted to hear more about them especially since it related to the subscription box system I wish to create. They have a similar target market, except that mine is geared toward college students. But her product is a mystery delivery box of wholesome snacks that gets delivered to your door every 2 weeks, consisting of up to 8 different snack boxes to try out. I inquired to see how their dense their market is with their business or if its a pretty versatile market.

I feel that  with all 3 of my contacts, we can each have potentially symbiotic relationships with each other and a strong social capital to continue on with had my business been in more of the production type process.

Reflect: 

I think I learned a lot about this networking experience. It's definitely a little uncomfortable reaching to companies or people about their business, but it's rewarding when there is valuable feedback that gets back to you from it. I also learned that email responses tend to take much longer than direct contact.

Week 10 Reading Reflection

CH 11: Financial Preparation for Entrepreneurial Ventures

 The biggest surprise for me was the the importance or dependence on future statements. I guess I'm not necessarily surprised because entrepreneurs really need to consider future calculations and growth especially when a venture idea is still very much just an idea. But I guess I'm more confused, its hard for me to understand using different statements like a cash-flow budget, for instance. How can they survey the current inflows and outflows of the business if isn't even an organization yet? Or how can they survey these inflows and outflows just through research? Or do they conduct a mock cash-flow budget through experimenting with production and selling of products or services themselves? I guess if it is the last question I don't see how that can be effective, because that can waste a lot of capital if it turns out to be a bust. I am familiar with almost all the financial aspects through taking various business courses, but these were all shown to me when they were being utilized in an already functioning organization. I guess I'm questioning how you can conduct all these in the cases where a business is not yet generated. I don't think the author was incorrect in any sense, I only am having a hard time grasping the concept.

Elevator Pitch No.3

The feedback I received from the past two elevator pitch assignments have generally been positive. The only feedback I've gotten in pitches and interviews to be taken away from is the practicality an affordability of the USB's.

3) I made sure to include future plans about promotions and convenient delivery systems to address those issues.

Week 9 Reading Reflection

The reading this week focused primarily on Market Research, and everything that encompasses it.

I was surprised to read there are many organizations or businesses, that refuse to conduct market research. I always thought that it's a necessary type of research that should be continuously conducted on a regular basis to keep up to date with the proposed target market.

Throughout the reading, I found some of the tables provided to be pretty confusing. I looked in the text for extra explanation about them and it helped sometimes, but not every time. 

I would ask the author if its even worth it to gather secondary data. There are times when it can help, but there are times when businesses run the risk of doing the research and it turns out to be out of date and of no use. I would also ask if people should just research primary data first. Its seems like it would be helpful regardless, and then if they want extra help they can add on the secondary data research.

I seemed to absorb a lot of information in this chapter about market research and found nothing that I thought the author was wrong about.

My Secret Sauce

After a long consideration of self-assessment, I've come to the conclusion about some qualities that make up my human capital. A lot of them relate to each other in certain ways, or in other words piggy-back off one another.

I'd like to think of myself as very loyal. I'm dedicated to anything I commit to. What separates me apart from others, is the extent of my commitment in whatever I am involved. Sometimes, I'd spend twice the amount of time than an average person normally would on a project, an event, or a paper just to make sure its beyond perfect. 

1. Nat described more of my emotional side, that I never realized was so prevalent. She explained that I was very empathetic especially when it came to things close to my heart.

Human Capital 1

2. Abby described me as a loyal individual. It's interesting to see that they both mentioned I was personable because that is not one of the first character traits I would choose.

Human Capital 2

3. Mariya mentioned more of my character as an individual and a friend. She also commented on my work ethic.
Human Capital 3

4. Lizzee and my friend Mariya had similar responses in describing my human capital. She commented on my work ethic and how personable I was.
Human Capital 4

When comparing how I see myself and how others view me, I guess I understate the extent of my character traits. I feel that at times its easier to think I'm just the average person, but when others explain your traits in front of you you start realizing how they think of how unique you are as a person

Idea Napkin Number 2

Hi, I'm Gabby! I tend to be very innovative and I am really good at solving problems. I really hope my venture will take off. There is a need for awareness of how important health and wellness is, especially during school. I hope this idea of a subscription box would be a great start to my life as entrepreneur. It can teach me a lot with what it takes to own an run a business in the best possible way.

My potential venture is a subscription box system where you can purchase boxes filled with helpful things that pertain to college and promote a healthy lifestyle especially in our current lives where it can easily be put aside due to convenience.

The initial product was called the University Survival Box, so it would be geared toward college students residing in college towns, particularly away from home. While away at school, it ultimately becomes our own responsibility to take care of ourselves. That means what we intake into our bodies instead of depending on our family or our parents to make sure we are eating at the right times and that we are eating wholesome foods. Everyone going through school, is battling snacking late at night and making instant meals due to its convenience and lack of free time. What we don't realize is that our inability to eat wholesome can actually affect how our brain is functioning and many other factors.

My product can be valuable because this service is provided as a convenience and delivered right to someone's doorstep. Not only would the convenience of this product be intriguing, but it should motivate individuals to purchase the box solely because it can only benefit them, health-wise too.

Yes, there are a variety of different subscription boxes. Some may be delivered monthly, or some delivered to order. But these are costly especially for college students with tight budgets. With very particular planning involved, I can make this product an affordable expense.

(Previous napkin idea not created so no feedback from earlier)