24A – Venture Concept No. 1

Opportunity: The market stems from restaurants and other food delivery services not accommodating dietary restrictions of groups including vegans and muslims. Geographically this means mostly in the United States but for the purposes of a small startup I'd have to say Florida. Currently customers have to go to multiple grocery stores to acquire special ingredients and are very limited in options when eating out. I'd say that the only limits of this ideas reach is the number of people in the demographic. However these are fairly big groups and so the market is far reaching as it is wide. The window won't be open for to much longer as similar services and cultural shifts will inevitably lead to someone starting this very same business.

Innovation: The concept is pretty basic. In essence it's a website or app you can go on, fill out a survey based on dietary needs, and have ingredients plus recipes delivered right to your door. Most likely it would be a subscription based service and for one person I'd say it be around $80 a week for 2 meals a day. We'd like to eventually expand out and supply ingredients to local restaurants as well.

Venture Concept: The reason this service works so well is because we live in an age filled with diverse ideologies and people are becoming super picky about what they consume. The food industry is failing to adapt to this because the initial cost to make that shift would be to hard. The service also brings the convenience of online shopping to food. Because of this they leave an unfilled gap in the market. That is why people will use the product. It's convenient, personal, and gives them access to something they never had before. The competitions would be other food delivery services as they are the closest thing to what I'm offering. However, they are often expensive and offer everyone the same options. The business would be organized in the following way. Customer orders on website. Suppliers ship ingredients to centralized warehouse. Parcels are made based on customer needs and shipped out to customer. We'd need a at least 6 employees working minimum wage in the early stages.

23A – Your Venture’s Unfair Advantage

Ten Resources I Already Have:

1. I'm nineteen which makes me younger then most established entrepreneurs. This means I have more time and less to lose if I fail.

This resource is not super rare but I'd say it's one of the most valuable ones in my tool belt. Think of how many people wish they did something at my age. Even people that have would trade millions of dollars to be 19 again.

2. I've worked in the market before and have established connections lowering my barrier to entry.

I'd say there are people that have worked in the market before. A good resource but again not super rare for people entering this type of industry.

3. The idea stemmed from my own observations and needs allowing me to connect with my customers more.

This one is less valuable and rare because most business ideas are rooted in this type of process.

4. I have a wide variety of skills including web design which will be crucial in building the business.

Web design is a more valuable skill because it will cut down on potential cost and increase the quality of the end result. 

5. The business model itself is unique which lowers potential competition

This is both a valuable and rare resource since it makes the product more exclusive .

6. I've been through google styled design challenges so I'm pretty adaptable in the face of things not working

I'd say this is both valuable and rare because IA students are among the few that do this sort of thing as undergraduates. Also it's geared towards product and service development.

7. I have a good friends that would be interested in partnering and investing

While this isn't all that rare I'd say it's pretty valuable business partners and startup capital is essential.

8. I have a shoddy base of operations but a base nonetheless

It's good to have a place to work out of but not super essential. Doesn't really compete with the other resources.

9. I'm alright at social media marketing

Reduces the cost of marketing and is somewhat valuable but not rare.

10. I'm a UF student and this opens up more opportunities

This is both valuable and rare because of things like gator tank

My top resource came out to having done a Google Styled challenge because it's given me an understanding of what goes into making a service.

 

25A – What’s Next?

Existing Market: I got a lot of great feedback from this round of interviews. It seems that after the initial business has been established I should expand out to states with a greater population of muslims and people with dietary restrictions. I was also told to expand out the recipe library and acquire rare and lesser known dishes. This would make the product more appealing different people and differentiate the business from the competition. Another possible course of action would be to open up a digital grocery store but I find this idea kind of far fetched and very much for the future.

New Market: My service targets the customer directly with no middle man at all. For the new market I decided to see if restaurants would be interested in receiving a modified version of the service. We would supply high quality dietary substitutes and meats. Some restaurant owners were more on board with this idea then others. They would by just enough to meet the needs of the customers in that demographic. However, I still prefer the original market. Supplying ingredients to restaurants adds a layer of complexity and isn't as profitable as dealing directly with consumers. 

20A – Growing Your Social Capital

1a) Who they are and what their background is.

I interviewed the owner of a local meat market and farm back in Orlando. They are a pretty big supplier of Halal meat and operate a few local restaurants as well.   

2a) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

This person would undoubtedly be a supplier since meat is a one of the key resources in the business. 

3a) A description of how you found the person and contacted the person.

My family buys meat from them and since Eid is coming up we went to get a goat. That's when I asked my questions. 

4a) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

I'd like this person to give me good bulk prices on certain cuts of meat and in return I would exclusively buy from him. 

5a) How will including this person in your network enhance your ability to exploit an opportunity?

Since having this person in my network will reduce costs on one of the more expensive parts of the service I can start focusing on recipes and other parts of the supply.

1b) Who they are and what their background is.

The next person I talked to was the manager of of a cafe that serves Halal meats in Lake Mary.  

2b) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

This person would be my market expert 

3b) A description of how you found the person and contacted the person.

I frequent the restaurant often and knew her from prior visits.  

4b) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

I mostly asked for information in running a food related business complete with all of it's intricacies. She was happy to teach me but suggested I put some time aside and consider interning. 

5b) How will including this person in your network enhance your ability to exploit an opportunity?

Actual restaurant knowledge and customer input will be invaluable towards building the business since these are the people my service is targeted at. 

1c) Who they are and what their background is.

The last person I asked actually worked for PepsiCo and is close friend of mine from high school 

2c) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

This person would be my domain expert

3c) A description of how you found the person and contacted the person.

As they are a close friend I just called them earlier in the day

4c) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

I asked him to explain the shipping and distribution process that big companies take when getting products to retailers. I think this will help since my service is a subscription based thing. 

5c) How will including this person in your network enhance your ability to exploit an opportunity?

Knowing this person will help me with the distribution part of my business and could help reduce inefficiency. 

Finally: Reflect. This experience requires you to do a little 'targeted networking.' How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

I found this more difficult then the regular interviews since it was difficult to think of people for specific roles. Next time I will make sure to go with specific questions in mind.  

22A – Elevator Pitch No. 3

 

A reflection on the feedback you received from your last pitch: On the last Pitch I received feedback from two different people. It seems that while the presentation was good the fluidity and confidence behind it needed work. People liked how it sounded like a commercial rather than just a simple pitch. This is actually something I picked up by watching other people in my group! For the most part I one hundred percent agreed with the feedback and tried to revise my pitch accordingly. 

 What did you change, based on the feedback: For this pitch I actually wrote an outline as well as dress more professionally. I think these factors helped it come off as more streamlined and I felt more confident. At this point I'm pretty certain I know what I'm selling and the message that I'm trying to convey. 

21A Reading Reflection No.2

The book I settled on was The Art of Social Media: Power tips for Power Users. Written by Guy Kawasaki it's basically a guide to social media marketing but seems like it could be helpful for anyone with a social media presence. I picked this book because I'm currently trying to convert my personal social media profile into one that will redirect people to my photography website. For that I need to keep both a personal touch while staying in the boundaries of professionalism. 

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

The book argues that social media presence is becoming increasingly important in todays professional word with employers using it to screen potential hires and content creators making income off it. It educates readers making a business off things like Facebook and Instagram.   

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

All of our assignments are posted on a blog which anyone can access and read which is an obvious point of connection. Since my business idea starts with an eShop and website online marketing will be key. As someone mentioned in idea napkin 2 partnering with influencers to promote the product will help reach the desired demographic. Ultimately ENT3000 teaches us the theory and practice of business. A concept tightly interwoven with 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'd ask the class to submit a social media handle as is before asking them to make changes to it based on what they learned from the reading. This would show that they can translate what they learned into reality. 

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?

It turns out that some of the biggest accounts on Instagram curate content made by other people and repost it. While this seems kind of unfair it makes sense since they can target niche demographics and have to spend very little time actually making anything.

Elevator Pitch Practice! (Part 2!)

A reflection on the feedback I received from the last pitch: On the last pitch I only received 1 comment and it was mostly positive, speaking on the service itself. Overall it seemed like my explanation and delivery were solid. 

What I changed: On this go I tried to make the pitch more like a commercial as well as kept it more concise and understandable. I didn't give as much background information, used my hands more, and was standing up. 

Second Shot at Idea Napkin No. 2

1) You. 

With this business I'd like to start locally and eventually expand it out to encompass all fifty states. Starting locally will really allow me to curate recipes and ingredients offered to the customers taste and adds a type of personal touch. I think this business is an extension of my own love for cooking and will allow me to express my creativity. At the same time it fills a need in the market and could even become a good source of income. My name is Mohamed as you probably all ready know and I think my prior experience working in restaurants as well as helping my dad with his business should come in handy here.    

2) What are you offering to customers? . 

In a few words it's a website and or app which makes ordering recipes and accompanying ingredients as easy as pressing a few buttons on your keyboard. On top of this it offers options for many different groups such as Muslims, Jews, and Vegetarians. The long term goal is to pair with restaurant owners in the are thus expanding current dining options.  

3) Who are you offering it to? 

Like previously mentioned groups of people who have dietary restrictions due to either lifestyle or religion. The age range is defined as college students.

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. 

Since these people live super on the go lifestyles and have dietary restrictions their only option is to cook at home. This makes that process more convenient and eliminates  

5) What are your core competencies? 

While their are definitely things like grub hub they deliver already prepared foods and are thus don't really compare with my service which delivers ingredients and recipes. Blue Apron would be our biggest competitor but it doesn't specifically cater to customers with dietary restrictions.   

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

I think the general premise of the business is concise enough for it to work. Partnering with local restaurants would be the most challenging aspect since they have to identify a benefit besides a larger customer base. Another big hurdle involves getting suppliers to give the ingredients at a good price.    

For the "feedback memo" -- please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin. 

The feedback I got on the last idea napkin was really positive and didn't specify much room to improve. That being said I've noticed that my pitch needs to be clearer as in some posts people found the idea a bit unclear. The overall idea evolved since conception with a narrower demographic and individual ingredients selection.  

18A – Create a Customer Avatar

If I had to narrow down my target audience to an ultra specific person it would be a Muslim American College Student. He'd live in an apartment with a few roommates and go to the gym at least three days a week. He'd like to cook but would hate go to stores and shopping. Lets say his name is Adam and he goes to Friday Prayer on a regular bases. To Adam academics and family are really important. Adam goes to University in a more rural state like Florida are North Carolina. Coming from a pretty well off family he's comfortable money wise and has his own car. Let's say Adam is 22 and is majoring in the medicine. His favorite color is black blue which he attributes to the pointlessness of reality. Adam likes building stuff and is pretty artsy. Adam has two other siblings and is actually the middle chid.

I'd say Adam and I have a few things in common and this makes sense as my idea was initially based on my own needs as well as the needs of those around my community. We're both Muslim American College Students which is a niche in itself. We also like to cook but hate shopping. This is why a online fresh ingredient and meat delivery website would benefit us. I think this demographic could be expanded out to bulk orders for restaurants.