30- Final Reflection

1) Read through your posts from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.
Done

2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?
My most formative experience was all off the times I had to make a video of me giving an elevator pitch. I think having to re-do it so many times really made me better at presenting from memory and more naturally rather than reading off something, which is very helpful for my future with whatever I do. This is a memory I know I will remember for years. My most joyous experience is honestly writing this post because it is the final one, I got through this class and finished everything on time and learned from it all. It is a big accomplishment finishing something and receiving good feedback on it all throughout the process. I’m most proud of my improvement from my first elevator pitch to my last.

3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?
I don’t see myself as an entrepreneur right now at least, because I know that I want to work in already established advertising agencies in the near future, but this class has definitely made me think about opening up my own business in the future maybe. I never thought I would want to have my own business, but this class has made me consider it. I have definitely moved closer to developing that entrepreneurial mindset.

4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?
One recommendation I have is to make sure that the business concept you choose in the beginning is really going to be one that you will want to expand upon and spend a lot of time on for the rest of the semester. I am thankful that I really do believe in my straw business concept and think it really could work! I would have been upset working on something that I didn’t really like or believe in for a whole semester. I think you must look at the assignments early in the week to estimate how much time you need for them in order to do well in this class. It isn’t one that you can always leave everything to the last minute. I think to foster the entrepreneurial mindset they should really believe in their product and treat it like it is something they will really create and start up in the future.

29A- Venture Concept No. 2

1. Venture Concept Edits
Opportunity: 1.) Who has the need?

Every restaurant business and individual who uses disposable straws and cares about their impact on the environment has a need for my product concept. Many coastal cities are banning plastic straws, so a lot of these restaurants will need an alternative like mine. As well as any restaurant or individual who wants to stop using plastic straws for their own moral reasons, not just because they are banned.

2.) The nature of the need:

Plastic straws are one of the top ten trash items found on beaches, sea life can injure themselves from ingesting them and they are harmful to the ecosystem because of this. Making a simple switch in the material used to make disposable straws can make a huge impact on the reduction of waste in our environment. There is a huge movement going on now where people want to ban the use of plastic straws in restaurants and anywhere that they are used, this relates to and supports the creation of my product in order to be the solution to this need.

Changes in the environment that created this opportunity are all the publicity of how bad climate change is and how much of an impact humans have on the negative environmental problems we are seeing in the world. Adding trash and plastic to our oceans only worsens these issues, so people have started to really care and create a movement to stop using disposable plastic straws. The market is all the U.S. and internationally, though it is mainly focused along the coast where people pay more attention to the effect on beaches and ocean life. I want to stick within the U.S. in the beginning to build awareness in the states before I try and spread my product worldwide though. People currently use plastic straws to satisfy their need for a disposable straw, a lot of restaurants and individuals are very set in their ways of using plastic straws because they have for so long. People are going to have to start caring more about our impact on the environment, and this is a great start. I think this window of opportunity will be open indefinitely. This will still be needed for years to come because changes need to be made for our world’s well-being. The wave of the movement to ban plastic straws may be a shorter trend, but the need will always be there.

Innovation: My innovation is a product that will replace plastic straws, it will be biodegradable and recyclable. Plastic straws are neither of these and can end up in our oceans forever. My product will be made of corn and hemp materials. These materials are so much better than plastic because they work in the same way and are plastic-like but can be recycled or will simply biodegrade if they are thrown out into the environment. My straws can still be made into fun shapes, colors, etc. which will make them even more of a likable product for individuals at home, for parties, events, etc. Paper straws are the current alternative to plastic straws, but they are not as durable and begin to fall apart when in liquid too long. My straws sold to individuals through grocery stores and other retail locations will sell in packs of 100 for $4.99, 200 for $6.99, or 500 for $11.99. For restaurants, bars, etc. who are buying in bulk, my straws will cost $22 per case of 1000 straws and the price will lower per case the more a business buys in bulk at once.

Venture Concept: My product solves the problem I stated and addresses the opportunity I found because it is an environmentally-friendly alternative to the plastic straw. It will reduce the amount of trash dumped into our oceans daily. Customers will buy and switch to my product because of its benefits to the environment, and because it is priced competitively to normal plastic straws. Why would an individual or company buy straws that harm our environment over ones that don’t for almost the exact same price and work the same way? It shouldn’t be hard to convince people to buy my straws over normal plastic straws or paper ones because of how well they work and how inexpensive they are. The hardest part will be building awareness of my new product, letting people know that it exists. My competitors are plastic straw companies, paper straw companies, reusable straw companies and anyone else making disposable straws that are less harmful to the environment than plastic straws. Their weaknesses are that they are harmful to ocean life, fall apart once left in a drink too long, are a hassle to clean or aren’t recyclable or biodegradable.

Packaging will be important for the retail sales to individual consumers, I will need to make sure it pops out on the shelf and clearly explains the benefits of my straws to the environment over my competitors. Packaging doesn’t matter as much for bulk sales to restaurants, as long as the product arrives safe and unharmed. Price needs to stay in the same range as most plastic straw options. I will also make sure I have great customer support and distribution. I would start out small until I got into those big retail stores and build relationships with big companies in the food and beverage industry, then grow when necessary and hire only the number of employees I need in order to keep up with demands and still keep costs low. I want to keep my facilities and work inside the U.S in order to create more jobs for U.S. citizens and help the job market here rather than exporting it out to cheap labor in Asia.

Three Minor Elements 1.) My most important resource is how there is a movement happening now where people want to stop the use of plastic straws, this proves that there is a market for my product. All I need to do is be the first brand out there with this straw product made from hemp and corn.

2.) The next venture would be to expand the product line and begin making disposable cups, plates, silverware, etc. out of this material too because of its benefits from being biodegradable.

3.) In five years if I pursued this venture, I would want to see restaurants all along the east coast using my product instead of plastic straws. In ten years, I would want them to be in every restaurant in America. Also, I would want to see that expanded product line created and selling as well.

2. Summary of Feedback
All together I only received positive feedback on my last Venture Concept and on What’s Next posts. Commenters agreed that people are beginning to care more about their impact on the environment than everyone used to years ago, so my product is a great step towards helping people become greener. Someone also said how I had a great business plan for looking into the future. Someone else mentioned how it was a great idea to get my product into schools. Having teachers teach their young students about the importance of reducing waste in our environment, he thinks this is a great way to shape our youth into caring more about our planet and their effect on it. Others also agreed that hospitals and schools were a great place to sell too other than just restaurants and bars, etc. Also, someone liked how I thought about expanding my business into disposable plates, cups, etc. because it would be great for individual’s parties, barbeques, etc.

3. How I Changed my Venture Concept
I didn’t really receive any negative feedback or constructive criticism on my posts, so I critiqued myself and made changes that I thought were necessary. Overall, I changed the wording in a lot of places to make my ideas and concepts come across more clearly. I made sure to change who has the opportunity to only people who have a need for disposable straws, because this is not everyone. I added more detail to what my innovation is section. I added how I want to make my straw product in many different, shapes, colors and sizes so I can reach a broad audience. I added how reusable straws are also a competitor of mine, and clarified some of the details of my prices and sizes that I want to sell. Finally, I added how I want to keep my business within the U.S. so I can do my part to help create more jobs in our country rather than outsourcing cheap labor.

4. Illustration

28A- Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
I think it is very hard to decide an exit strategy without knowing how the business turns out and how America and beyond responds to my business. Assuming it is a big success and does great things for reducing the amount of yearly plastic thrown into our oceans, I would love to keep my business in the family and grow it until everyone in the world is using straws made of hemp and corn and plastic straws are obsolete. I would love for my children to continue the venture I grew and started from the ground up.

2) Why have you selected this particular exit strategy?
I selected this exit strategy because I think my product could do great things for the environment. We really need to start caring more about the harm we are doing to our planet and reduce the negative effects we have on earth if we want to keep it a safe and healthy place to live. I think my product is just one great step towards that happening and I’d hope that if it is successful, my children would want to continue that and maybe use this business to find other ways to help reduce waste on our planet.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
I think my exit strategy has influenced my other decisions because it has always been my end goal to have my product completely replace plastic straws and help reduce plastic in our environment. This end goal is the number one thing that gave me the idea for this product in the first place and made me realize our need for such a product. It has also influenced my intentions for growth because I started with the idea for just America, and now I could see the whole world using my product and needing it.

27A- Reading Reflection No. 3

Book: How to fail at almost everything and still win big — Scott Adams
1) What was the general theme or argument of the book?
The general theme of this book is how to become successful by going about life in a different way. Adams talks about tips on how to stay motivated, keep your energy up and go about building your life around systems instead of goals. He thinks goals are just a series of failures until the day you reach the goal, but systems focus you on a plan of what you’re going to try to do every day, so that every day is a win instead of a fail. He thinks you need to have a reason to get out of bed every morning, if its not your job you have to find side gigs that you’re excited about. The whole book focuses on ways to simply better yourself and change your perspective in order to stay happy and motivated.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
The book connects to ENT3003 because if you follow the tips and tricks Adams talks about in his book, it will make an entrepreneurial adventure that much better. Instead of focusing on an end goal for the business idea, just using a system like a game plan will make the process that much more fulfilling.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would create an exercise for students to come up with a system of their own. I would have them change a goal they have for their entrepreneurial idea into a system. Like if they want to have sold $100,000 in sales in the first year, just come up with a system of day to day what to do to better their business instead of focusing all their energy on that one end goal.

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?
I think the biggest surprise from this book was when he talked about the order of priorities he believes in for your life. He says it is important to put your health, exercise, and overall self first, then your economics, then your friends and family, etc. I was surprised because a lot of people may say this sounds like a selfish idea, but I totally understand where Adams is coming from and agree with it. You must be happy with yourself and your economics first, or else you will become a burden on your friends and family. If you are happy with yourself you will be a better friend/family member/ member of society to others.

26A- Celebrating Failure

1.) I failed at getting into the Agency at UF. I applied hoping to get more advertising experience during my senior year before I entered the workforce post-graduation. I did my best on my application, made my resume the best it could be, got pointers from people I knew in the Agency and still didn’t even get an interview. After receiving my rejection email I asked why they did not take me so I could get some constructive criticism, and they never gave any real advice or information that I could learn from. This was a hard hit because I really thought I was going to get in. I also was mad that they didn’t give me any constructive criticism on my application or resume.

2.) Even though I didn’t get in or receive any constructive criticism from the Agency, I still learned from this experience. Them choosing to not give me a chance or help me learn from why I wasn’t chosen, I learned that you aren’t always going to be given other’s time to learn from. That’s a learning experience all in its own. I learned that doing free work isn’t always the best for your future either, I ended up being happy that I wasn’t in the Agency for my senior year because of this. I also learned that you won’t get the positions you always want, learning to accept rejection from this was very important for me.

3.) I was very angry after learning I wasn’t given a chance for the position I applied for in the Agency, but I learned from my failure and it has made me better at accepting rejection. I wasn't angry anymore after I accepted that rejections will happen. My perspective on failure is that it is hard, but its inevitable. I think it is even more important to apply for everything I want, because even if I fail at getting in, at least I tried and I can learn from it and make myself better for the next one.

25A- What's Next?

Existing Market
1.) Whats next in terms of product: I want to expand my product line and also make disposable cups, plates, and silverware out of the same hemp and corn material that I will make my straws out of.

2.) Interviews:

Female, age 21

She said how I should be making other disposable products out of this same material like party cups and plates. She loved the idea of using this material because it is not only recyclable, but also biodegradable. A lot of plastic cups and plates aren’t. I told her how I was planning on doing this and silverware as well and she loved the idea.

Male, age 22

He suggested making to-go boxes out of the material as well as disposable cups and plates. I told him how I was thinking about the same things plus silverware and thought the to-go boxes were a great idea. He loved all of my ideas and my whole business concept.

Female, age 20

She suggested to also think outside of the food and beverage industry, she is a pre-med student and thought that disposable gloves could also be made of this material maybe. I thought this was a great idea and told her that I had only thought of disposable cups, plates and silverware. She also thought these were good options too.

3.) After my interviews, I think I definitely want to stick with the food and beverage industry supplies first in order to get my business going. After straws, I will broaden my product line into to-go boxes, cups, plates, and silverware as well. Then maybe in the future look into other industries, such as medical, for gloves and other potential items.

New Market
1.) A different market that I could target my product to would be schools and hospitals. I was only thinking about individuals in the retail space and business in the food and beverage industry like restaurants, fast food, bars and coffee shops. Hospitals have to give beverages to all of their patients, plus at their cafeteria. Schools and colleges do the same at their dining halls.

2.) Interviews

Female, age 51

I interviewed my friend’s mom who is a nurse and works in a hospital. She loved my product and business idea and thought that it would be a great product for all hospitals because they go through so many straws every day. She thinks it would be an easy switch from plastic straws to my product and the patients wouldn’t even notice. She doesn’t think I need to change the product at all.

Female, age 25

I spoke to my boyfriend’s sister who is a kindergarten teacher. She loved the idea of using straws in her school, and every other school and college in America, that don’t put more waste into the environment. She thinks her students would love the idea and love knowing that they’re helping keep plastic out of ocean life. She also didn’t think I needed to change the product at all.

3.) I think these are two great markets for my product that I could reach outside of the food and beverage industry, but still stay B2B mainly. I am surprised that I didn’t think of these industries sooner. I think this assignment forced myself to think about options that I haven’t considered before, and it paid off.

Nothing really surprised me about my interviews, I can’t see anyone being against the idea of a product that reduces plastic waste in our oceans. My expectations were correct, both people I interviewed loved the idea. These markets seem just as attractive as the ones I have already considered. I think they could be a great additional target audience.

24A- Venture Concept No. 1

Opportunity:
1.) Who has the need?

Every restaurant business and individual who cares about their impact on the environment has a need for my product concept. Anyone who uses disposable straws needs my product. Many coastal cities are banning plastic straws, so a lot of these restaurants will need an alternative like mine. As well as any restaurant or individual who wants to stop using plastic straws for their own moral reasons, not just because they are banned.

2.) The nature of the need:

Plastic straws are one of the top ten trash items found on beaches, sea life can injure themselves because of them and they are harmful to the ecosystem. Making a simple switch in the material used to make disposable straws can make a huge impact on the reduction of waste in our environment. There is a huge movement going on now where people want to ban the use of plastic straws in restaurants, this relates to and supports the creation of my product in order to be the solution to this need.

Changes in the environment that created this opportunity are all the publicity of how bad climate change is and how much of an impact humans have on the negative environmental problems we are seeing in the world. Adding trash and plastic to our oceans only worsens these issues, so people have started to really care and create a movement to stop using disposable straws because of how bad they are. The market is all the U.S., internationally they may need this product as well, and it is mainly focused along the coast where people pay more attention to the effect on beaches and ocean life. People currently use plastic straws to satisfy their need for a disposable straw, a lot of restaurants and individuals are very set in their ways of using plastic straws because they have for so long probably. This is a huge opportunity because it is needed all across America, and beyond. People are going to have to start caring more about our impact on the environment, and this is a great start. I think this window of opportunity will be open indefinitely. This will still be needed for years to come because changes need to be made for our world’s well-being. The wave of the movement to ban plastic straws may be a shorter trend, but the need will always be there.

Innovation:
My innovation is a product that will replace plastic straws, it will be biodegradable and recyclable. Plastic straws do neither of these things and end up in our oceans forever. My product will be made of corn and hemp materials. These materials are so much better than plastic because they work in the same way and are plastic-like but can be recycled or will biodegrade if they are thrown out into the environment. Paper straws are the current alternative to plastic straws, but they are not as durable and begin to fall apart when in liquid too long. My straws sold to individuals through grocery stores and other retail locations will sell in packs of 100 for $4.99, 200 for $6.99, or 500 for $11.99. For restaurants, bars, etc. who are buying in bulk, my straws will cost $22 a case and the price will lower per case the more cases bought at once.

Venture Concept:
My product solves the opportunity I found because it is a environmentally-friendly alternative to the plastic straw. It will reduce the amount of trash dumped into our oceans daily. Customers will buy and switch to my product because of its benefits to the environment, and because it is priced competitively to normal plastic straws. Why would an individual or company buy straws that harm our environment over ones that don’t for almost the exact same price and work the same way? It shouldn’t be hard to convince people to buy my straws over normal plastic straws or paper ones because of how well they work and how inexpensive they are. The hardest part will be building awareness of my new product, letting people know that it exists. My competitors are plastic straw companies, paper straw companies, and anyone else making straws that are less harmful to the environment than plastic straws. Their weaknesses are that they are harmful to ocean life, fall apart once left in a drink too long, or aren’t recyclable or biodegradable.

Packaging will be important for the retail sales to individual consumers, I will need to make sure it pops out on the shelf and clearly explains how much better my straws are to the environment than my competitors. Packaging doesn’t matter as much for bulk sales to restaurants, as long as the product arrives safe. Price needs to stay in the same range as most plastic straw options. I will also make sure I have great customer support and distribution. I would start out small until I got into those big retail stores and got big customers in the restaurant industry, then grow when necessary and hire only the amount of employees I need in order to keep up with demands.

Three Minor Elements
1.) My most important resource is how there is a movement happening now where people want to stop the use of plastic straws, this proves that there is a market for my product. All I need to do is be the first brand out there with this straw idea made out of hemp and corn.

2.) The next venture would be to expand the product line and begin making disposable cups, plates, silverware, etc. out of this material too because of its benefits from being biodegradable.

3.) In five years if I pursued this venture, I would want to see restaurants all along the east coast using my product instead of plastic straws. In ten years, I would want them to be in every restaurant in America. Also, I would want to see that expanded product line created and selling as well.