30 A Final Reflection

Some of the highs in this class include discovering more about myself and my best skills that I have while also identifying some things I need to improve such as my tone of voice and deliverability during an elevator pitch. I also had an enjoyable experience while creating my ideal customer avatar that really allowed me to think deeply about who I was going to market my service for. Lastly, the exercise that made us test our hypothesis was very helpful in that it helped identify flaws within my business plan. I most dreaded writing up the big post for my venture concept and also did not like having to do the elevator pitch 3 separate times.

The most formative or enriching experience that I had in this course was during the Growing your Social capital assignment that required students to conduct interviews with the intent of finding meaningful connections that could help the business idea. I was able to meet a restaurant manager in this process that gave me valuable information for starting my venture.

I would definitely consider myself to be more of an entrepreneur now than I was at the start of the semester. I have been through many interviews and self evaluations that have given me a better understanding of how to successfully take risks as well as own and operate a venture.

The best way to have success in this course is to really think outside of the box when developing that first venture concept to ensure that it is applicable for the assignments in the future. I know several kids who had to change their business idea completely because it was not applicable for later assignments. Also, It is essential to do the assignments before the last day because of the early 12pm deadlines in this course.

Venture Concept No.2

The main problem that I identified in previous exercises was the unmet need for delivery food within a stadium during football games and potentially other sporting events. I believe that a large opportunity exists for the huge crowds that American Football attracts. In Major league baseball stadiums, there are roaming vendors constantly offering and selling a plethora of snacks and goodies that fans can purchase from the convenience of their seat. In the NFL, roaming vendors exist to a much lesser extent.  I am trying to target the continuing trend of America prioritizing and valuing convenience. The target audience is people who think to themselves at football games, "oh, I am hungry but just can not bear to wait in line for 20-30 min at halftime for hot dog or mini pizza" To solve this issue, in addition to vendors continuing to operate normally with people queuing up for food during a timeout or halftime break, these vendors should offer an uber eats esque type option where fans can go on a stadium app and have food from the vendor delivered to their seat for a small $2 fee. Another feature of the app would be having the option to order your food in advance for a certain time to avoid the lines. If a football game starts at 4 and ends at 730, then you would have the option to place an order for delivery to your seat before the game and choose for it to be delivered at Halftime or a specific time like 530, when you expect the food lines to be long. This need has always existed but has become more of an ubiquitous issue as of late as people have never been more obese; Ergo, people are lazy and want convenience.

My customer base loves their food, television, and drinking. They do not care how they look or what people think of them and they exhibit passion for the game. The fans in my target market are older than 50 and feel as if they are even older due to the way they mistreat their bodies with excessive eating and drinking. 

I am trying to target the continuing trend of America prioritizing and valuing convenience. The target audience is people who think to themselves at football games, "oh, I am hungry but just can not bear to wait in line for 20-30 min at halftime for hot dog or mini pizza." People care because my service creatives time value and they don't have to miss some of the game to eat. As most fans are over 50, some people may not be physically able to able to keep getting up from their seat.

My value proposition focuses on creating a unique service that will satiate my target audiences needs in the most efficient and effective ways possible to provide a tasty and hasty service. I would have a contract with the NFL that gave my company exclusive rights to provide this service in NFL stadiums during games. I would also have access to all existing employees that are under employment with the stadiums so I would not have to focus on re-hiring, just training. 

Also, the stadium food app will give the chance for customers to build up reward points to earn prizes which will further incentivize fans to order. 

From a Demographic perspective, only 9% of current NFL fans are under the age 18 and NFL fans that attend games mostly come from the United States. However, the NFL has made a valiant effort to go international and let foreign fans from London, England experience games by moving 4-6 games overseas per season. For the most part, The fans in my target market are older than 50 and feel as if they are even older due to the way they mistreat their bodies with excessive eating and drinking. Customers are currently satisfying this need by getting up and standing in line at food vendors with long lines around the arena. This process limits the amount of time fans spend on actually watching the game and can be considered a hassle to keep getting up for fans who are older. Customers are very loyal to depending on standing in line for food during games because people love to eat and there are not any alternatives available. However, as soon as my concept is implemented and marketed well, customers will start to recognize the value my service provides and will eventually make the switch to having their food delivered to their seat for a small fee. I could expand on my idea by providing food delivery services for different sports in different countries depending on the circumstances. Thus, this idea could eventually be used in all arena's that have food vendors. The switching process would be efficient and simple as the app will be heavily advertised in and around arena's to gain brand recognition. A key factor with my food delivery service app is that the goal is to utilize current employees for the delivery jobs that food vendors currently have on staff. My differentiable factor will be organizational and operational efficiency. By utilizing current staff, vendors could avoid a re-hiring process and just directly train staff that are already familiar with the arena. There would be one or two "runners' per section in the stadium so each person has a designated area to deliver to in order to avoid confusion. This opportunity is huge and should be around as long as arena's are getting filled. For now, my idea is focusing on capturing NFL fans but this idea is easily applicable to other sporting events and even concerts.

I did not receive much feedback on my venture concept post but it revolved around ideas of potentially hiring a completely new sales force and the potential to add and expand on this idea in other events besides just football. 

I came up with a change in fees that it would cost to utilize my service. Also, I took the advice of starting out the business by running many promotions to get our name on the map. I also the considered the idea of creating a specialized training program to garner a higher tip rate for employees. 

Your Exit Strategy 28A

My plan from day 1 of creating this business concept was to sell my business when it is well into the maturity phase. I envision this process to take around 7-10 years to successfully implement and expand the business. I plan on taking my food delivery service in stadiums outside of just the NFL and start delivering to stadium seats during concerts and other events before I sell to maximize my company's market valuation.

I view my main target market, the NFL, as a ticking clock with all the extreme injury's and inability of the league to augment player safety. Also, the NFL has already lost significant viewership because of political reasons, mostly thanks to players kneeling during the National Anthem. Thus, I want to enter the market and leave the market as fast as possible.

Just in case the NFL falls apart while I still own and operate the food delivery service in stadiums, it is imperative that I find a way into other markets to negate this revenue loss. Thus, I am looking into the concert market and even thinking about catering extremely large events to try and keep my business afloat. My exit strategy definitely influenced my growth intentions. As I said before, I plan on milking the business concept into the maturity phase where my service is implemented in various markets and will plan to sell when I think the NFL is 2-5 years away from being eradicated.

Reading Reflection 3

How to fail at almost everything and still win big- by Scott Adams

1. Contrary to the popular belief that passion is the root cause of success, Adams believes this works the opposite way with small levels of success increasing passion, which is essentially reinforcement. It is more effective to operate with systems rather than specific goals. Adams posits that systems allow slow growth overtime while goals, once achieved can result in feeling lost or miserable because of the loss of direction and having to find some new goal to replace the one just achieved. Adams emphasizes the importance of being selfish with the right attitude and positive energy.

2. Both the book I read and several assignments in this course are based on responding to failure in a positive manner and ways in which to avoid failing in the first place. I think the professor of this course might disagree with Adams and argue that SMART goals are more effective than the systems method proposed in the book.

3. In assignment 26A, we worked with what it is like to celebrate failure, so I would design an assignment that focuses on how to differentiate between positive failure and negative failure. Thus, this would help students know when to throw in the towel and quit, or if there are some encouraging signs, it would help students understand some important indicators that progress can still be made.

4. The concept that surprised me the most in this book was the idea that Adams thought two complementary skills are more important and useful than having one excellent skill. "the more you learn, the easier it is to learn more."

Celebrating Failure 26A

I began this semester with one goal in mind besides excelling in my academia–finding a girlfriend. I went out on most weekends and utilized dating apps such as Tinder, but none of these things mattered because I was really lacking in self confidence. Even when I matched with a girl on tinder or met someone attractive, I was unable to muster up the confidence to make a real effort at achieving my one goal. There was a large disconnect between what I told myself I wanted and the actions that I actually took to "try" to manifest this goal. I just simply was not doing enough and didn't take the risks I needed to succeed. This lack of taking action brought me to a self-loathing state where all I would do is doubt myself and thus not take risks.

I have a very successful past and know what it takes to turn a plan into action. For example, I went into my freshman year of high school with a class of 500 students determined to finish #1 in the class, and I did.  However, nothing gets done when you are not 100% dedicated and committed to the task at hand. I really underestimated mental health, especially while living 5 hours away from home, and I learned how important it is to try to build and maintain a positive and confident mindset and that there are no magical handouts and things do not miraculously just happen without effort. I underestimated how much effort this endeavor would require and thus just kept avoiding it as my confidence gradually slipped. Failing is very difficult to endure for me as I consider myself a perfectionist. If 90% of everything is going accordingly, I will focus relentlessly on that last 10% to achieve my goal. In this case, I would just avoid potential opportunities if I thought that the smallest thing was off. I would look for excuses and it just got to the point where I gave up trying. Failure is no fun, especially for someone like me that is not used to the feeling. Everything I have done thus far in my life I have given all I had and tried my absolute best, yet I just could not garner the confidence to make a legit effort of finding a girl. I learned that sometimes, it is imperative to step outside my comfort zone and to try and achieve things that I would never imagine attempting in the first place.

Taking this class has definitely broadened my perspective on failure because I didn't really know how to deal with it and thus just brushed it aside and tried to forget about it instead of getting up from the mud and trying to get back on my feet.  The very specific assignments given in this course illuminate just how easy it can be to fail with so many obstacles to overcome depending on the situation. This class enriched my ability to respond to failure and for that I am forever grateful.

Your Venture's unfair advantage 23A

1. location of the stadiums are valuable because they  allows me to eliminate competition such as Uber eats and thus limits peoples choices. Also cheaper to promote/market. Rare to use stadiums as a vendor because events only happen a few times a week which limits profit.
2. employee training process, not hiring = valuable bc provides operational efficiency, rare bc no need to hire more people and still plan to increase revenue.
3. brand/patents- valuable bc people can not copy my concept, rare as nothing like my idea currently is on the market.
4. transportation of the food-Valuable because employees are assigned sections to deliver to and thus speeds up the process. Rare as no other company is delivery food to seats.
5. Vendors-valuable because they provide the food that is going to be delivered. Rare bc most vendors make customers line up instead of giving them options to deliver.
6. Financial capital-Valuable because without it there is no business. rare because most businesses do not get enough capital to properly operate a new venture.
7. Human Capital- Valuable because no other human being has the same skills, knowledge, and experiences as me when it comes to satisfying customers when it comes to food delivery. Rare because there is only one of me and this idea would not be able to come to fruition without me.
8. Computer technology- Valuable because it will help contribute to operational efficiency by reducing the time it takes to place and receive an order. As soon as an order is placed, the vendor will be notified electronically and when it is almost ready, the vendor will notify the runner to pick it up. Would not be considered rare as everyone has access to computers but the software created for this specific purpose will be patented to avoid other companies doing the same thing as efficiently.
9. Employees are valuable bc they provide the goods/services that are required of a company in a manner than keeps the customer satisfied. employees in general are not Rare, but for minimum wage employees to display character and empathy when dropping off is hard to come by.
10. Time is valuable as sporting events such as football usually only last around 3 hours so it is essential to use time in the most efficient ways to maximize profits.

The employee training process is my most valuable resource because my system of implementation does not require new hires nor any exceptional skills that would result in high employee turnover. Instead, the employees take a simple training course regarding the architecture and location of all vendors in the stadium they will be working in. The training will also include how to interact with customers in a way that will make them want to order again. the strategic training process will help with growth and customer retention.

Venture Concept #1

       My customer base loves their food, television, and drinking. They do not care how they look or what people think of them and they exhibit passion for the game. The fans in my target market are older than 50 and feel as if they are even older due to the way they mistreat their bodies with excessive eating and drinking. 

       I am trying to target the continuing trend of America prioritizing and valuing convenience. The target audience is people who think to themselves at football games, "oh, I am hungry but just can not bear to wait in line for 20-30 min at halftime for hot dog or mini pizza" To solve this issue, in addition to vendors continuing to operate normally with people queuing up for food during a timeout or halftime break, these vendors should offer an uber eats esque type option where fans can go on a stadium app and have food from the vendor delivered to their seat for a small $2 fee. Another feature of the app would be having the option to order your food in advance for a certain time to avoid the lines. If a football game starts at 4 and ends at 730, then you would have the option to place an order for delivery to your seat before the game and choose for it to be delivered at Halftime or a specific time like 530, when you expect the food lines to be long. This need has always existed but has become more of an ubiquitous issue as of late as people have never been more obese; Ergo, people are lazy and want convenience. These two key forces:laziness and the need for convenience are the driving forces behind the idea as America is trending toward increases in both of these categories. As I stated earlier, the average age of a football fan is over 50 years old and my service takes this into consideration by catering to an older population. Also, the stadium food app will give the chance for customers to build up reward points to earn prizes which will further incentivize fans to order. 

From a Demographic perspective, only 9% of current NFL fans are under the age 18 and NFL fans that attend games mostly come from the United States. However, the NFL has made a valiant effort to go international and let foreign fans from London, England experience games by moving 4-6 games overseas per season. For the most part, The fans in my target market are older than 50 and feel as if they are even older due to the way they mistreat their bodies with excessive eating and drinking. Customers are currently satisfying this need by getting up and standing in line at food vendors with long lines around the arena. This process limits the amount of time fans spend on actually watching the game and can be considered a hassle to keep getting up for fans who are older. Customers are very loyal to depending on standing in line for food during games because people love to eat and there are not any alternatives available. However, as soon as my concept is implemented and marketed well, customers will start to recognize the value my service provides and will eventually make the switch to having their food delivered to their seat for a small fee. I could expand on my idea by providing food delivery services for different sports in different countries depending on the circumstances. Thus, this idea could eventually be used in all arena's that have food vendors. The switching process would be efficient and simple as the app will be heavily advertised in and around arena's to gain brand recognition. A key factor with my food delivery service app is that the goal is to utilize current employees for the delivery jobs that food vendors currently have on staff. My differentiable factor will be organizational and operational efficiency. By utilizing current staff, vendors could avoid a re-hiring process and just directly train staff that are already familiar with the arena. There would be one or two "runners' per section in the stadium so each person has a designated area to deliver to in order to avoid confusion. This opportunity is huge and should be around as long as arena's are getting filled. For now, my idea is focusing on capturing NFL fans but this idea is easily applicable to other sporting events and even concerts.

I would consider my food delivery service idea to be a dynamically continuous innovation because people are not used to having food delivered to their seat at football games, but the concept of food delivery has been around for a long time which keeps my idea from being a discontinuous innovation. My app would work similar to that of uber eats, which features that include being able to pick from various vendors around the stadium, an option for customizable orders, and the option to add an additional tip on top of the standard $2 delivery fee. I feel that this fee is negligible in respect to the inflated prices that stadiums typically charge for food; thus, it will be adopted with open arms by NFL fans. I plan to profit on that $2 delivery fee as .50 cents for every delivery will go to me.

Customers will switch from standing in lines to ordering from their seat because of convenience and my competition will still be people getting up and ordering while having to wait in line. I am planning on meeting with the NFL to present the idea with the hope of earning an exclusive rights contract that would give only me the ability to provide this service for the NFL. I am also planning to look into patenting the concept.  The location of the business is the key factor in that Uber eats can not just have employees walking into stadiums to drop off food. The location gives me a competitive advantage so that only my service can deliver food to fans' seats. All vendors would have separate technology for orders taken through the app and the runner responsible for picking up the food will be notified to pick it up several minutes beforehand. My most valuable resources include the location of my service, an exclusive rights contract with the NFL, and trained employees that can meet and exceed expectations.