30A Final Reflection

I think the most formative experience for me was the venture concept assignment. I found it very intriguing and an opportunity to be creative and think critically. I will always remember my first venture concept. Another assignment that I really enjoyed was the napkin idea. I thought this was another great opportunity to be creative. I liked the steps used to come up with the idea. I am proud of myself for accomplishing both of those assignments. 

Yes, I do see myself as an entrepreneur. I have learned that you can be an entrepreneur from how you think, and if you can have the mindset. Further, the entrepreneur mindset is something that takes a while to achieve. You need to find the why, the need, and how you can solve somebody else's problem. 

I would tell someone taking this class to come into it with an open mind, and to be open to criticism. We learned that failure is inevitable and hearing other's criticism can help you on the road to becoming a successful entrepreneur. To perform best in this class, I would say to be prompt and punctual. Turn assignments on time and interact with your peers!

29A Venture Concept No. 2

Venture concept: Gator Repair Services

Opportunity

UF does not have a place on campus for students to get their cracked cell phone screens fixed because of the lack of funds and fear that students would not utilize this service. This is an opportunity for my business venture “Gator Repair Services”. Currently, there is an underserved market of college aged UF students who either live on or off campus, who have a high disposable income, and who do not have a car. The need is a repair service center for cracked phone screens that is convenient and easy for students to travel to and from. Additionally, there is opportunity in laptop repair services as well. 

It is a commonality for students to crack/shatter their phone screens. The problem is that there is not a place on campus to get these phones and other electronics easily fixed. Who has the need? Students at UF who have shattered phone screens or students who have a fluke accident that causes them to break their phone. Where did the need come from? It has always been around. To meet this need, people are needing to travel off campus to Archer Road to get their phones fixed at 3rd party stores such as GatorTech or Ubreakifix. I have spoken to several students and received their input and feedback on this venture. One said, while she has not experienced this specific need, she could very well see how other students could experience it. She is aware that there is no place on campus to fix a phone, so to be proactive, she has invested in a stronger phone case to prevent it from breaking.

Students are currently satisfying this need by simply suffering through a cracked screen and waiting until they go home to get it fixed, or they are traveling off campus to other repair stores. They have said that traveling off campus has been a real inconvenience because they have to wait a few hours before the phone is fixed. This means they go to the store, drop it off, and then have to return to the store hours later. This creates an inconvenience for students who do not have a car, students who have class during the day, and students with other obligations during the day. They are also loyal to certain repair centers because they take their insurance, for example Apple Care or Asurion. Gator Repair Services would be located in UF’s Reitz Union, and it has the hope of alleviating some of these inconveniences. Gator Repair Services would also work closely with other insurance companies, so that they can be accepted by us as well.  

This opportunity is big, but it is only a matter of time before the window close. I would suggest that Gator Repair Services is opened sooner rather than later.

Innovation

Gator Repair Services will be located in the heart of UF campus in the J. Wayne Reitz Union on the 3^rd floor. We will offer phone repairs specifically for cracked phone screens. Our services are for any smart phone: iPhone, Samsung Galaxy, Google, Andriod, etc. Any phone with a glass screen, we can fix. Our business model is grounded on finding a fast, efficient, and price conscious way to repaid cracked phone screens. After research and interviews, I have found that my market is highly price sensitive and not loyal to services. We have set up a system that will allow students to walk or drive to the Reitz Union, drop off their phone, and within an hour walk out with a fixed screen. This gives students flexibility to go to class, the library, or a meeting while waiting for their screen to be fixed. This service will cost $90. This is in competition with what other repair shops are charging. We are also aware that students may want to go where their insurance is accepted, which is why we are working with these companies to allow us to be a location that takes said insurance.

Venture concept

College students are price conscious, not loyal, and are busy. The main driving factor that will bring customers into Gator Repair Services is our location. The part that will make it hard for them to switch is if they have loyalty to another repair shop. This is where we will need to further emphasize what sets us apart. The current competitors are Ubreakifix and GatorTech who both have locations in the Gainesville area. The weakness of both of these repair stores is their location, which is off UF campus. After research, we have also found the conclusion that college aged students care about quality and service. We will pride ourselves on our great customer service and guaranteed quality. Our price points are competitive with Ubreakifix and GatorTech. We have tried lowering to $90 per repair.

We will hire the brightest individuals, preferably UF students because they have fresh minds. We will start off with 5-10 employees, and expand employees as needed. A manager will always be present as he or she will be able to answer the higher level questions and keep all employees on task.

Once we capitalize on the UF market, it will be very hard for a new competitor to come in and disrupt the market. I highly doubt that UF would allow 2 phone repair/tech businesses to operate on campus. Our location and convenience is what sets us apart from our competitors. As stated above, we pride ourselves on the ability to deliver fast, efficient, and high quality phone repairs for a reasonable price and at a convenient location.

We have made the decision to expand into the laptop and software repair market after a year or two of being established. Based off some feedback, it is evident that we will need to tap into differing markets to stay successful. Almost every college student owns a laptop, and they are bound to break eventually. This is where Gator Service Repair will come in and fix a new existing problem. I see this venture being a new staple to the UF community. I see it being written in preview pamphlets, and it being a service that every UF student is aware of. As long as we continue to innovate and stay relevant, I see Gator Service Repair to exceed my visions.

2. My peers agreed that the idea of expanding into the laptop repair services would be a wise idea. While I value their feedback, and will use it, I still feel that it is important to establish ourselves first as a phone repair shop, and then go into the expansion phase. My peers also agreed that the location in the Reitz Union is an optimal location. There was concern of whether we would create enough revenue with the venture that we had. I will be more creative in figuring that out. 

3. We have decided to expand our services into laptop repair and other tech services. To generate more revenue, we will get creative in how we do that. My venture concept has remained similar, but has adjustments.

27A Reading reflection #3

1) What was the general theme or argument of the book?
This book evaluates and analyzes the life of Coco Chanel. Coco Chanel was an entrepreneur to revolutionized women's fashion. It shows how determination and GRIT pays off. It is argued that Coco Chanel is the 20th century's most influential designer. Her work has paved the way for the women's fashion that we know today. Aside from highlighting the success of Coco Chanel, the book also reveals the truth and darker sides of Coco Chanel. This is what makes this autobiography so controversial.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
As an entrepreneur, it is important to be willing to take risks because the risk you take could impact someone else. In the case of Coco Chanel, she was able to revolutionize women's fashion. Entrepreneurs can come from anywhere and from all walks of life. I always enjoy reading about successful people, and I am glad that this class allowed us to read several biographies/autobiographies.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would ask the class to dream big, and write up a "dream venture". This would allow students to "reach for the stars" and dream of the impossible - similar to Coco Chanel. 

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 was most surprised by how Chaney chose to highlight some of the dark sides of Coco Chanel. Often times, we idolize people and only showcase the good. However, Chaney chose to bring light to some of Chanel's romantic life, personal struggles, drug use, and sexuality. I was not expecting this in the book. 

28A- Your exit strategy

1) The exit strategy that I have chosen would be to selling within the next decade. 

2) Why have you selected this particular exit strategy?

I think with this type of venture, it is important to think of the cyclicality of the service. While I think phone repairs is in high demand for now, I am unsure where it will be in the next 5 years. I think this is a situation to assess as the time gets closer. Our business is highly dependent on students needing our services, and for students to be on UF Campus. 

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?

This decision has influenced my growth intentions. My venture has potential to grow in the coming years, but again, it is dependent on the need and market. Will smartphones be as popular as they are now in the next decade? We may need to evaluate and adapt as things in the market continue to change. 

26A Celebrating failure

1. This semester, I was determined to get an A in one of my harder business classes, this class has been challenging for me as the material is difficult. On the first exam, I did not get an A, and I was discouraged. I studied the material over and over, but still did not get an A on the exam. Then the second exam rolls around, and I decided to change my study habits.
2. When I was studying for the second exam, I was able to reflect on my study plan and study habits for the first exam. I was able to change how I read the material, how I quizzed myself, and the time I gave myself to study before the exam. I was able to learn from my mistakes on exam 1.
3. From my failure, I learned that failing is inevitable at some point or another. However, we are able to learn from our failures/mistakes, and turn those situations into success. I take failure as an opportunity to learn something new and grow from mistakes. I believe that if we didn't fail, we wouldn't have motivation or the ability to learn from the past. Failure is not a bad thing.

24A Venture Concept

Venture concept: Gator Repair Services

Opportunity

UF does not have a place on campus for students to get their cracked cell phone screens fixed because of the lack of funds and fear that students would not utilize this service. This is an opportunity for my business venture “Gator Repair Services”. Currently, there is an underserved market of college aged UF students who either live on or off campus, who have a high disposable income, and who do not have a car. The need is a repair service center for cracked phone screens that is convenient and easy for students to travel to and from.

It is a commonality for students to crack/shatter their phone screens. The problem is that there is not a place on campus to get these phones easily fixed. Who has the need? Students at UF who have shattered phone screens or students who have a fluke accident that causes them to break their phone. Where did the need come from? It has always been around. To meet this need, people are needing to travel off campus to Archer Road to get their phones fixed at 3rd party stores such as GatorTech or Ubreakifix. I have spoken to several students and received their input and feedback on this venture. One said, while she has not experienced this specific need, she could very well see how other students could experience it. She is aware that there is no place on campus to fix a phone, so to be proactive, she has invested in a stronger phone case to prevent it from breaking.

Students are currently satisfying this need by simply suffering through a cracked screen and waiting until they go home to get it fixed, or they are traveling off campus to other repair stores. They have said that traveling off campus has been a real inconvenience because they have to wait a few hours before the phone is fixed. This means they go to the store, drop it off, and then have to return to the store hours later. This creates an inconvenience for students who do not have a car, students who have class during the day, and students with other obligations during the day. They are also loyal to certain repair centers because they take their insurance, for example Apple Care or Asurion. Gator Repair Services would be located in UF’s Reitz Union, and it has the hope of alleviating some of these inconveniences. Gator Repair Services would also work closely with other insurance companies, so that they can be accepted by us as well.  

This opportunity is big, but it is only a matter of time before the window close. I would suggest that Gator Repair Services is opened sooner rather than later.

Innovation

Gator Repair Services will be located in the heart of UF campus in the J. Wayne Reitz Union on the 3^rd floor. We will offer phone repairs specifically for cracked phone screens. Our services are for any smart phone: iPhone, Samsung Galaxy, Google, Andriod, etc. Any phone with a glass screen, we can fix. Our business model is grounded on finding a fast, efficient, and price conscious way to repaid cracked phone screens. After research and interviews, I have found that my market is highly price sensitive and not loyal to services. We have set up a system that will allow students to walk or drive to the Reitz Union, drop off their phone, and within an hour walk out with a fixed screen. This gives students flexibility to go to class, the library, or a meeting while waiting for their screen to be fixed. This service will cost $90. This is in competition with what other repair shops are charging. We are also aware that students may want to go where their insurance is accepted, which is why we are working with these companies to allow us to be a location that takes said insurance.

Venture concept

College students are price conscious, not loyal, and are busy. The main driving factor that will bring customers into Gator Repair Services is our location. The part that will make it hard for them to switch is if they have loyalty to another repair shop. This is where we will need to further emphasize what sets us apart. The current competitors are Ubreakifix and GatorTech who both have locations in the Gainesville area. The weakness of both of these repair stores is their location, which is off UF campus. After research, we have also found the conclusion that college aged students care about quality and service. We will pride ourselves on our great customer service and guaranteed quality. Our price points are competitive with Ubreakifix and GatorTech. We have tried lowering to $90 per repair.

We will hire the brightest individuals, preferably UF students because they have fresh minds. We will start off with 5 employees, and expand employees as needed. A manager will always be present as he or she will be able to answer the higher level questions and keep all employees on task.

Once we capitalize on the UF market, it will be very hard for a new competitor to come in and disrupt the market. I highly doubt that UF would allow 2 phone repair businesses to operate on campus. Our location and convenience is what sets us apart from our competitors. As stated above, we pride ourselves on the ability to deliver fast, efficient, and high quality phone repairs for a reasonable price and at a convenient location.

After Gator Service Repair has been on UF campus for a few years, I can see us expanding into laptop repairs and software repairs. Almost every college student owns a laptop, and they are bound to break eventually. This is where Gator Service Repair will come in and fix a new existing problem. I see this venture being a new staple to the UF community. I see it being written in preview pamphlets, and it being a service that every UF student is aware of. As long as we continue to innovate and stay relevant, I see Gator Service Repair to exceed my visions.

25A What's Next

Existing Market. 

Step 1: Once we develop a strong standing in our specialization of phone repairs, I believe we can expand into new specializations of laptops and software issues. I think these new specializations will allow us to further capitalize the UF market. 

Step 2: interview

Nick: Nick thinks that it would be smart of us to begin to offer services besides phone repairs. He also thinks we should develop a social media presence. 

Morgan: Morgan thinks we should also expand our services. 

Lexi: Lexi thinks we should focus more on the services we already provide and then work on expanding. 

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.

If we continue to do well in the market we have already defined, we should definitely look into expansion of our businesses and services. One person that I interviewed suggested that we focus on what we are good at first before expanding. 

I also think we should grow more of a social media presence. Social media are tools that businesses can use to bring in new business. I think it is the best way to show students who we are and the services that we provide.  

New Market.

Step 1: A new market to target could potentially be faculty or high school students in Gainesville. 

Step 2: I would lean towards targeting high school students. High school students are familiar with UF, but this could also draw them to UF because they would need to go on campus. Not only will they get their phones fixed, but they are also exposed to a little bit of college life. This adds extra value to our services. 

Step 3: 

Olivia: Olivia said she would be willing to travel to UF if it meant she could get her phone fixed. A concern for her was pricing. 

Trina: Trina said that high school students always love an opportunity to go to a college campus. She said if her phone was broken, she would rather go to the one at UF instead of the one on Archer. 

Step 4:  I was surprised at the value both Olivia and Trina got from our services being provided on a college campus. My expectations and assumptions were somewhat correct. I had a feeling that they would be interested, but I did not anticipate it as much. 

This new market is as attractive, but it is also dependent on the demand needed.