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.

15A - Figuring Out Buyer Behavior No. 2

Alternative Evaluation: Since my idea is a B2B transaction, it is logical that both business’ top priority is price, and that is what I found in my interviews. Companies have a bottom line that is ultimately the most important part of conducting business. On the restaurants’ end, they will be more likely to sell their food to a nonprofit or directly to a food bank if the price is higher and they make more profit off of it. In the case of the nonprofit or food bank, the opposite is true. The lower the price of the food, the more likely they are to take advantage of that opportunity. However, quality is also important but is definitely a secondary factor. Another important factor is simply the restaurant’s willingness to add this component to their business operations. Some restaurants simply do not have the resources or time to dedicate to coordinating with another business even though they know it would provide an overall societal benefit.

How/where they buy: This transaction would be a lot simpler to do in person rather than online. There is an inevitable physical aspect to it since someone must actually put together the food, pick it up, and then drop it off at its final destination. However, there could be an online version to set up the payments and pickup times, but most of the interviewees agreed that handling this in person would be easier. They also said they would likely pay with a check or company credit card but would not set up a financing plan.

Post-purchase evaluation: The factors that help them determine whether the purchase was a good idea is whether they got their “money’s worth” and whether the quality of the food was up to par. The restaurants emphasized that if they made more of a profit from selling the food rather than throwing it away, it would be a good decision.

Report the findings: The information above summarizes most of what I learned in the interviews. The main takeaway was that price is the bottom line. If it is too expensive or simply not profitable, it will be completely out of the question.

Draw conclusions: They behave as I would have expected them to. Price is the most important factor, followed by quality. One interviewee did express that making a positive impact on the local community is also a valuable factor, but this does not hold true for every single restaurant.

14A - Halfway Reflection

1.    Some behaviors I have developed to keep up with the requirements of this course are planning ahead to decide when I am going to complete assignments. I have always been a planner, but this class requires extra effort since there are often interviews to conduct, books to read, or other activities that are important to set time aside for before the due date.

2.    I think most college students can relate to having those moments where all you want to do is give up. However, I always remind myself of the value of the education that we are getting. UF is an incredible university, and our experiences here are shaping us into the competent adults that we all hope to be. I don’t think that tenacity is something that can be learned in two months. It is a skill that must be developed and practiced until it becomes a habit. The experience that has most shown me this at UF is the calculus class I had to take for my economics major. Math has never been my strong suit, so I struggled in this class, and I hated it in the moment. But looking back, I can now see how this class taught me to just keep working at it until I feel confident.

3.    The first tip I would offer is to plan ahead. Use a planner, keep to-do lists, and make sure you look at your assignments ahead of time. I personally like to write daily to-do lists every morning so that I have a clear idea of what I want to accomplish that day. The second tip is to hold yourself accountable. This is easier to do if you know other people in the class. If you tell yourself that you are going to do an assignment or a part of it on a certain day then you end up not completing it, make a point to wake up early the next morning and do it. Accountability develops tenacity. The last tip is to have confidence in your abilities and not let yourself make excuses for yourself. This one is more specific to developing a tenacious mindset. If you hold yourself to a higher standard, you will be less likely to waste time procrastinating on assignments.