25A - What's Next?

Existing Market:

In the last assignment, I predicted that my next move would be expanding to serve larger geographical areas. After talking to three people, they all came to the same conclusion. They also all said that this type of growth would likely come very naturally to a business venture like mine. Obviously, it will take additional effort each time I want to expand to a new area, but it will be the logical next step in expanding my business within its existing market. One of the interviewees had an interesting suggestion to try to expand in an area where food insecurity is less prominent than other areas of the country. He said that if it is a less prominent problem, people and businesses in the community might be more proactive about trying to solve or help it. I thought this was interesting because I had just assumed that my venture would expand to surrounding areas, not ones in a completely different region. 

New Market:

It was pretty difficult for me to think of a different market for my idea. I decided on targeting wealthy philanthropists rather than other businesses to partner with nonprofit organizations providing food to underserved communities. They could donate money, time, and/or food. One of the people I talked to brought up a good point that there is often a lot of leftover food at luncheons and other catered events that philanthropists host. I could seek donations from these kinds of events as well as seek monetary donations.

24A - Venture Concept No. 1

Opportunity: Underprivileged communities suffering from food insecurity often turn to charitable resources in their areas, such as soup kitchens and other nonprofit organizations dedicated to providing consistent and nutritious meals. These nonprofit organizations usually need help finding more food sources so that they can serve the greatest number of people in need. Seasonal food drives put on by local high schools and/or companies are undoubtedly helpful, but they do not provide enough for these nonprofits to feed people all year long. The final consumer market is defined demographically as a low-income population. However, my market is actually targeted at the businesses providing food to these populations and the restaurants and grocers willing to donate or sell goods at a lower price. The charitable organizations providing food currently utilize food drives and existing business partnerships to meet their needs. I am sure that there is some loyalty there as they are grateful for the outside support. This opportunity is relatively large in the sense that there are underserved communities all over the country but it is probably not so large in terms of profitability. Even though my business idea is not a charity, it is difficult and morally questionable to get into the business of helping others with profit being the number one priority. The “window of opportunity” is open indefinitely in the foreseeable future as I don’t anticipate there being an overnight solution to such a complex problem.

Innovation: My innovation offers a middleman service that connects restaurants, grocers, etc. to soup kitchens and nonprofit organizations that serve underprivileged communities. My business venture links two businesses who can both contribute immensely to easing the burden of food insecurity if they cooperate with each other. It would work by essentially streamlining the process of finding a working match or pair (of restaurant and nonprofit organization). Once I develop a large enough network, it will be easy to match food donors with organizations in need. Although I am not sure about exact pricing, I would essentially be charging a fee to find the organizations a willing business partner. If a donor is the one reaching out for my business’ assistance, I would set up a way to take a cut of whatever they are being paid for the food. 

Venture: As described above, my innovation would solve nonprofit organizations’ continuing need to find new sources of food so that they are able to serve as many people as possible. These organizations already have existing business partnerships, so it would be difficult to get them to make the initial switch to using my business model instead. However, I am confident that the convenience of the streamlined process would lure more and more people in as my network of partners grows. At this point, my main competitors would be in-house employees whose jobs are finding new business partners, but they do not have the same network that I want to build. I anticipate that packing, distribution, and customer service will most likely have the greatest financial impact on the success of my venture. Since its purpose is to help charities, I could have a handful of employees assisting with the business operations side of things and then rely on volunteers to distribute the food in the area.

Minor Elements: 

1.    Most important resource: I think my most important resource is the social responsibility that would be demonstrated by working with a company like mine. In recent years, there has been greater emphasis placed on corporations to show customers that they are socially responsible and give back to the community. Being partnered with an organization that works directly with charities would certainly reflect well on the companies that choose to participate. 

2.    What’s next for the venture?: I see the most logical next move as expanding the geographic area that my business serves. If it were to start in Gainesville, it could slowly expand to serve Alachua County, then the greater North Central Florida region, then the whole state and so on. I anticipate that this growth would occur naturally.

3.    What’s next for you?: In five years, I plan on having completed law school and being a practicing attorney. With a JD, I would be able to contribute so much more to nonprofit organizations and provide them services that go beyond connecting them with other businesses. I have always wanted a purposeful career, and this venture would certainly put me on the right path.

23A - Your Venture's Unfair Advantage

1.    Social responsibility

a.    Valuable: There is a notable trend toward businesses wanting to be socially responsible and consumers wanting to spend money at companies with that reputation.

b.    Rare: Not really, there are other businesses that are socially responsible

c.    Imitable: yes

d.    Non-substitutable: not substitutable

2.    Experience in operations management 

a.    Valuable: Having the knowledge and background to run a business efficiently is an essential part of any business venture.

b.    Rare: Not necessarily, if someone wanted to gain experience in operations management, it would not be that difficult to do so.

c.    Imitable: yes, it is a skill most people can develop

d.    Non-substitutable: not substitutable

3.    Bilingual

a.    Valuable: This skill allows me to communicate with a larger sector of the population which is certainly valuable.

b.    Rare: somewhat

c.    Imitable: yes, but it takes years to become fluent in another language

d.    Non-substitutable: not substitutable 

4.    Friendly demeanor

a.    Valuable: You are more likely to connect with someone in a meaningful way if your exchange with them is pleasant and lighthearted.

b.    Rare: no

c.    Imitable: kind of, it’s something you can work on but it’s also dependent on personality type

d.    Non-substitutable: not substitutable

5.    Ability to learn new skills quickly  

a.    Valuable: This allows me to be adaptable and waste less time learning new skills rather than implementing them.

b.    Rare: unsure

c.    Imitable: no

d.    Non-substitutable: not substitutable

6.    Worthy cause 

a.    Valuable: People tend to be more generous and feel good about giving money to organizations with genuinely good intentions.

b.    Rare: no, there are lots of nonprofits

c.    Imitable: not for certain business plans

d.    Non-substitutable: not substitutable

7.     Connections with local food drives in South Florida

a.    Valuable: Having a close family friend who runs one of the largest annual food drives in South Florida will certainly be useful, at the very least to get advice from her and at most having her hands-on help.

b.    Rare: yes

c.    Imitable: no

d.    Non-substitutable: not substitutable

8.    Time management skills 

a.    Valuable: Time cannot be wasted if you are trying to run an efficient and successful business

b.    Rare: no

c.    Imitable: possibly, it’s always been a skill that came naturally to me though

d.    Non-substitutable: not substitutable

9.    Experience in customer service 

a.    Valuable: Knowing how to treat people who are giving you business is so important to retain customers

b.    Rare: no

c.    Imitable: yes

d.    Non-substitutable: not substitutable

10.  Solid understanding of micro and macroeconomics 

a.    Valuable: While microeconomics is more applicable to starting and running a business, having a firm grasp on both micro and macro offers a fuller picture

b.    Rare: somewhat

c.    Imitable: yes

d.    Non-substitutable: not substitutable

After making this list, I see my top resources as the social responsibility and worthy cause that are inherent to my business venture. These have intrinsic value that can never be lost. Additionally, there has been a trend in recent years to put pressure on companies and corporations to be morally, ethically, and socially responsible. This pressure comes mainly from consumers’ perception of a business. If your business can at least be perceived as a responsible company, it will likely do better than a company that does not prioritize this.

21A - Reading Reflection No. 2

1.    What was the general theme or argument of the book?
In his book, How to Fail at Almost Everything and Still Win Big, Scott Adams tells the story of his life and career, sharing the valuable insight he has gained into staying motivated and happy while still working toward your ultimate goals. Rather than calling them goals, Adams prefers to use “systems” to motivate himself. He says that systems allow room for adjustment and prevent unnecessary disappointment. For example, if you set a goal to exercise seven days a week but only end up exercising on six of them, you will be disappointed at not having met your goal even though working out six days a week is an accomplishment regardless. Using Adams’ concept of a system, you would just focus on working out as many days as you can. Then, every day that you actually do work out feels great, and every day that you don’t is just a rest day. Systems take the pressure and disappointment out of unmet goals. Adams also emphasizes a selfish approach to keeping your energy up; he says to look after yourself first (i.e. exercising regularly, sleeping enough, eating right, and avoiding unnecessary stress), pursue your career as well as other hobbies that are fun for you and fulfill you, and spend quality time with the people closest to you. This is his recipe for success.

2.    How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?
Adams’ book enhanced what we are learning in ENT3003 because he demystifies what seems so daunting about a career in business. Most people, especially young professionals, worry that they have not “gotten far enough” in their careers and/or in life. Adams reassures his readers that you really don’t need to be particularly exceptional to be successful – you just need to develop a variety of skills (which should not be hard if they interest you) and maintain your “energy.” He also discusses how being good at a few things is usually better than being amazing at one thing. Just do whatever interests and fulfills you and let the rest fall into place.

3.    If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
If I had to design an exercise based on this book, it would involve making two different lists. The first one would be a list of 3 to 5 goals for the future. Then, adjust these goals to resemble Adams’ concept of systems. For example, one of my short-term goals is to get above a certain score on the LSAT. Rather than saying I’m going to practice for at least two hours every single day from now until test day (because I know I won’t),  I can adjust that to say that I am going to practice whenever I find myself with a few hours of free time. The second list would be a list of activities that enhance your “energy.” For me, that includes exercising, eating well, getting enough sleep, and being productive throughout the day. I feel myself improving as a person whenever I manage to find a balance between all of those and relaxing.

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?
One thing that really stood out to me while reading was when Adams encouraged his readers to ask themselves, “Which areas in life are you comfortable taking risks in?” He said that these are usually the jobs and/or hobbies that we will enjoy and succeed in the most. This surprised me because I would not think to associate risk with interest or talent in a specific field, but Adams argument is that if you keep this guideline in mind, you can try a bunch of different things until you find something that truly brings you joy and contributes to your energy.

20A - Growing Your Social Capital

·     Domain expert: Robert Thomas, Second Harvest Food Bank of Central Florida

o   I found Mr. Thomas while doing research on food banks in the area. He is the branch manager for a Daytona Beach food bank that operates under the Second Harvest Food Bank of Central Florida. My business idea is slightly different than Mr. Thomas’ since it is for a B2B company that connects food banks like the ones he operates to restaurant/grocers. However, he was still able to provide helpful and insightful advice. I asked Mr. Thomas to review my idea napkin and give me any advice he thought would be relevant. This connection will enhance my ability to exploit an opportunity because Mr. Thomas has over a decade of experience in this field. He has made many connections of his own and learned valuable lessons which could be useful to me.

·     Market expert: Marcia Conwell, Bread of the Mighty

o  Ms. Conwell is the President and CEO of the Bread of the Mighty Food Bank in Gainesville. I found her through a charity-search website. Ms. Conwell’s company serves Alachua county and four other surrounding counties. It is very similar to my business concept – the Bread of the Mighty collects and distributes food donations and basic essentials to various partners, including food pantries, churches, and homeless shelters. I also asked Ms. Conwell to review my idea napkin. She is beneficial to my network because she works locally. While Bread of the Mighty relies on food drives and other individual donations instead of restaurant and grocer donations how my business idea would, she is familiar with the processes involved with serving as a middleman between donors and recipients.

·     Supplier: Publix Charities

o  The spokesperson I reached out to did not respond. While exploring a specific charity’s website, I found that Publix charities actively donates food and supplies to hundreds of nonprofits throughout the Southeast. 

·     Reflection: I definitely think that “targeted networking” is more beneficial than randomly approaching someone who looks like he or she could be useful. By doing just that little bit of research before, I was able to gain a lot from each interaction. In the future, I will make an effort to research more before networking events. 

19A - Idea Napkin No. 2

1.    Me: My name is Beatriz Galdona and I am a junior at UF studying economics and political science with a minor in Spanish. I am hoping to attend law school after graduating from UF. I have experience working in business operations, specifically in the health care field. As a lawyer, I am interested in working with contractual law in the realm of nonprofit organizations, health care, or public policy. I see this business concept playing a role in my life because it would combine my work ethic and drive to improve others’ lives while also allowing me to utilize my analytical skills through the law.

2.    What I’m offering: I am proposing a middle-man business operation to connect restaurants with food kitchens, homeless shelters, and other places that provide services to underserved communities. The concept is to set up a business that would take leftover, uneaten food from restaurants and deliver it to nonprofit organizations that feed our homeless or underprivileged populations. The final customers are the people who would eat the food, but my direct customers would be the restaurants and nonprofits that I would be connecting. My idea helps restaurants meet their social responsibility goals and obviously benefits the nonprofits by providing them food to ease their burden. Additionally, this idea limits waste because restaurants will be producing less garbage overall.

3.    Who I’m offering it to: My business idea is directed toward restaurants looking to better serve their communities as well as nonprofits in need of extra assistance with locating food supplies. The restaurants share a social responsibility to help underprivileged communities as well as produce as little waste as possible. The nonprofits share a constant need for greater resources. 

4.    Why they care: Nonprofit organizations inherently care about the communities they serve. They will utilize any resource available to them to make it easier to get quality food to their customers. The restaurant aspect is a bit more difficult to achieve, but social responsibility has become an increasingly salient topic in today’s sociopolitical climate. 

5.    Core competencies: I have a knack for thinking of various solutions to the same problem and deciding which would be most effective and why. I am also a planner; I love to plan ahead and get tasks done ahead of time so that if (and when) something goes wrong, there is still a chance to fix it.

I believe that these elements fit together well and that this business has the potential to be successful and make true positive change in the communities it serves. However, there are obvious challenges such as finding restaurants willing to donate food and nonprofits willing to pay a decent price for the service. Even so, I think this would benefit everyone involved. It has been difficult to create a clear picture of who my customers would be since they vary among different groups and companies.

Feedback memo: The feedback I received on my first idea napkin was positive. I did not change much from my first idea napkin to this one since the concept is still the same and I did not get particularly specific feedback.

16A – What’s Your Secret Sauce?

1.    Five ways in which I have human capital that is unique

a.    I am very detail-oriented. I would not go as far as to call myself a perfectionist, but I definitely have an eye for detail in everything I do. It is in my nature to do my very best every time.

b.    I am a problem-solver. This is the reason I want to be a lawyer; faced with any problem, my brain immediately starts thinking of solutions and alternatives that are more efficient and/or beneficial.

c.    I am diligent. I don’t like giving up on something before I have finished it or exhausted all of my options.

d.    I am a mediator in group situations. I always find myself being the one trying to bring both sides together and find a compromise that everyone is happy with. 

e.    I am compassionate. This is a characteristic that has allowed me to connect with all different types of people. In any situation, I try to put myself in the other person’s shoes and understand where they are coming from before reacting emotionally.

2.    Interview #1: The first person I chose to interview was my mom. She expressed almost all of the same qualities that I stated in part 1, just using different words for it. I thought that was an interesting aspect to note. The primary characteristics that she thinks contribute to my unique human capital are being disciplined, being analytical, and being inclusive to others.
Interview #2: The next person I interviewed was my dad. He emphasized my logical reasoning skills as my strongest asset. He said that I am very practical when faced with complex tasks, and that I am able to easily identify problems and break them into simpler tasks.
Interview #3: I also interviewed my best friend/roommate. She said that the main skill that makes my human capital unique is my ability to be in the middle of conflict without picking sides. She said that this quality allows me to help both sides find common ground so that the conflict doesn’t escalate further.
Interview #4: I interviewed another one of my roommates as well. She thought the most unique part of my human capital is my relaxed demeanor. She said that I am almost always calm which eases tense or stressful situations.
Interview #5: The last person I interviewed was my older sister. She had the most to say out of everyone I interviewed. She said that I am level-headed, analytical, sociable, and easygoing. She said that these attributes, especially in combination with each other, were my most valuable assets.

3.    Reflect on the differences: I was somewhat surprised by how well my family and friends’ responses lined up with my own. I thought it was interesting how my family members all noted my logical/analytical side while my friends focused more on social aspects of my personality. It makes sense given the situations in which I interact with those groups, but it is still interesting how consistently that pattern existed. I do think that my interviewees are right about me. I don’t think I would change anything about my list in part 1 since most of the people I interviewed seemed to agree with the ideas I expressed.