30A – Final Reflection

Its been fun reading through my posts and I actually laughed at some of the earlier concepts, not because they were necessarily bad but because I could see the growth in the business idea. Its evident that in the early stages my product really didn't have a base or any starting point, I honestly had no direction and I remember being really concerned with how this plan would turn out. I dreaded the posts where I had to interview a lot of people because it was difficult to find people who fit what I needed and were ok with being interviewed. A lot of the individuals I interviewed either were members of my gym or fellow classmates so in the end it worked out. For me, I'll remember the experience where I had to reach out to companies that were already a part of my market. This was not only the hardest assignment for me, it was also a complete failure on my part. I only had one business respond and give me really good advice. Another company responded but didn't really provide a lot of helpful insight, I was just happy to hear back I suppose. 

The "what's next" assignment was one of my favorites because it forced me to evaluate my goals and future plans for the business. It might sound silly but I really had no idea where I was going to take my business until I had to do this assignment and the napkin idea pt. 2. I'm really proud of myself for accomplishing all of the assignments but most of all I think I am proud of my second elevator pitch because it showed a lot of growth and development. I didn't need to record the pitch over and over and I felt really confident about the pitch. Aside from that assignment I'd have to say I really enjoyed creating the customer avatar, it was a really creative way to look at the customer base. I defiantly struggled to see myself as an entrepreneur in the beginning and sometimes I still do but for the most part I feel like It's possible for me to be an entrepreneur and I feel more connected with the idea now then I had before. Sometimes I doubt my abilities but that just forces me to focus more on the plan and determine what the source of my doubts. 

for this course Id have to say my biggest advice is to take the assignments seriously so that you can get the most out of each one. This course is exactly what you put into it and there is a lot of opportunities to network and really explore your different venture options. The best advice for performance would be to keep a calendar and get every done on a set schedule. If you know you have an assignment due Friday that requires 5 interviews, set up a calendar where you have each interview completed three days before the assignment is due. This provides some room for error and issues and it also gives you an opportunity to reflect on the interviews. These interviews were one of the most important parts of this class so take it seriously. 

29A – Venture Concept No. 2

           An opportunity currently exists for nutrition and exercise. A healthy diet Is something that has fallen away from our values as Americans. We have allowed fast food and high preservatives to control our diets out of need for convenience. With the shifts in diet there has been an increase in weight related health issues, ultimately making healthcare more expensive. Not to mention the rate of obesity has risen and children are now being exposed to diabetes and obesity earlier than in the past 20 years. As you can imagine, the health concerns are the most important aspect for opportunity because it’s the one aspect of peoples life that they want control over. 

Customers satisfy their need for a healthy lifestyle by making healthier food options like salads. Although this is a common trend, associating salads with healthy diets, it’s often times a false start. Salads are very fattening because of the content that if often times put on it, especially if ordered from a fast food place. I’ve also noticed customers have started making conscious decisions about what they consume as product information has become more available. There have been major shifts in what chemicals a company can use to preserve their products. As consumers move away from preservatives and start to search for healthy alternatives they face a need for education so that they understand what changes need to be made. 

         The market exists in every demographic and is very broad. I've interviewed mothers, students, business owners, and even disabled individuals who struggle to remain active because of their disabilities. I’ve had the opportunity to interview many individuals from all walks of life and the underlying need is always the same. Busier lifestyles as cost of living increases without an increase in wage. Consumers also face the challenge of convenance in their lives. Statements like “I hardly have time to eat breakfast let alone actually make it” really solidified my suspicion of the need. The need then became more of a mater of how do I introduce my products and appeal to the idea of convenience at an affordable price. Also, it is important to understand that health is two fold. With a healthy diet the body still needs exercise and with the growing amount of office jobs this creates an issue. With convenance being the underlying issue this makes it difficult for people to get the exercise that their heart and other organs need. So, both diet and exercise is a focus for the business. I truly believe that customers fo not have an effective means for satisfying their need which is why there is no loyalty to their routine.  Consumers are the ones making the distribution so they are obviously willing to change their habits. 

The opportunity is massive! There are so many opportunities and different markets for the product to survive in. My last set of interviews showed that market expansions are definitely an option for growth.

             Innovation is knowledge and knowledge is power. 

For my product, everything is informational and provides factual information about diets and exercises. What makes my company innovative is that it conforms to each individuals needs and is completely customizable.  So for each obstacle a consumer faces our company will work to implement these customizable plans. 

I have yet to find a company that sets consumers up for success rather than just providing band-aids for the issue. Customers have access to diet pills and fit teas that do not provide results and can be costly. Thats what the market consists of right now. 

           Customers will purchase our products because its empowering. Customers will learn how to make lifestyle changes that will stick with them for years to come opposed to paying for a product that promotes weight loss in 7 days. My company does not believe in band-aid fixes because they leave all of these underlying issues.  Once customers recognize the possibility they will be more inclined to jump on board. 

         Competitors right now are very very slim, not a lot of people have entered the market. I do know that there are fitness guru’s like Emily Syke and MariFitness. These companies offer diet and exercise plans and work with people to achieve their fitness goals. I love these companies and I can relate to their values. Thats another thing that id like to work to create; friendly competition. If fitness and health guru’s could work together to make the world healthier it would be amazing. 

My product stands out because it again offers a level of convenience not offered yet. 

The concept is based completely online with social media being a driving point. The distribution will start off being ebooks and online media files downloadable through purchases. As the business grows we can start to pursue hard copies and books as an option. The issue is that each persons guid will be different so no print copy will have multiples. With everything being hosted online it brings convenience right to the customer. Since it starts online I wouldn’t need a lot of employees, maybe five employees to start that a responsible for 20-30 customers. As the business grows we can hire on more “lifestyle consultants”. 

       

        My most important resource is the online environment. I don’t have to worry about a centralized location or retail maps. This helps us respond to competition because it creates convenance for the customer. Its also very important because I don’t have to worry about costs associated with an office or retail space, or at least not upfront. What will create the unfair advantage is the personable experience offered to each customer. No one offers the option to create a meal plan that is customizable and listens to the customers concerns. We take cost into consideration, along with time and efficiency. 

        Whats next? I had some very insightful conversations that lead me to believe retail is next. Or a service that brings complete convenance to the customer by allowing them to pick up pre packaged meals or meals in a  higher quantity. Showing customers that a lot of foods can be versitile and can serve for different meals. Offering classes for meal prep would also be an option under the retail location. I am hesitant on this next step because it requires a lot of variables that are not ready yet. I do recognize that it will be a nice community center and could cause a disruption but wether or not we have the capital to make that decision will ultimately determine wether or not the company maintains a 100% online presence. I really liked what one of my interviewers said for what they believe is missing from the market. They wanted a “demon love child between Lululemon( high end workout gear), a sporting goods store, and a organics food market; all in a centralized location that is easy to access. How I’d create this to match my business is beyond me but I am sure that it will be something worth exploring in 5-10 years. 

I actually had no feedback on my previous Venture Concept so I did my best to just reconstruct some aspects of the concept with other feedback that I've received. I didn't make a lot of changes because I feel my first go at the assignment was pretty successful.
I did see some small issues in the opportunity and innovation part that really needed to be refocused. I have come to learn that business idea is really broad and doesn't fit into a specific demographic because almost everyone shares the need, that is really one of the only changes made the this assignment.

27A – Reading Reflection No. 3

27A – Reading Reflection No. 3

Coco Chanel, Lisa Chaney

Coco Chanel has always been an Icon of mine and I’ve always had a deep admiration for Chanel. I actually created a vision board for myself many years ago and on that board was a Chanel purse that I wanted to buy when I become successful. I always felt connected to this book because of the journey outlined and when I actually sat down to read the book I realized that I admired her for very valid reasons and I actually found more reasons. This book was undoubtedly one of the most fascinating books I’ve ever read and I would recommend it to everyone. 

For instance, in the book she is portrayed as an icon, which she undoubtably is. The book talks about Chanels unconventional rise to success. She didn’t come from a rich family and she didn’t have a lot of resources her entire life yet her list of accomplishments is very admirable. Chanel was born into a very small family of merchants in Cevennes and anded up being taken in by nuns at the age of 11 after the passing of her mother. She found work in Moulins where she lived under the care of the nuns, Moulines economically had one of the strongest military presence which enabled her to get started on her career early. Chanel was a seamstress for the military, altering uniforms and spending a lot of time with military lieutenants. 

This book took a lot of time to analyze the different constrictions women faced and how women had to often times use their bodies as a means of survival. The book even goes to suggest that Chanel worked in some form of prostitution to supplement her income while working as an entertainer and seamstress. This lifestyle obviously wears a person down quite a bit which is why Chanel eventually sought business ventures outside of what she had been doing. In 1911 Chanel opened her first boutique in Paris. I want to visit this boutique and buy my first purse from the boutique in Paris, #goals. 

Chanel was able to stand out and gain recognition cause of her “casual sophistication” style portrayed by her knits. For women it was a new beginning to see these styles in a business casual sheak look, especially nearing WW1. Chanel even contributed her successes to WW1 saying that she “woke up famous in 1919”. 

Chanel had inexpensive options never before offered in luxurious clothing. Chanel used “humble” material in her jackets and sweaters which fostered a social change mentioned above. These loose fitting clothes brought a whole new meaning to casual style and forced the social change working towards a new reality for women. 

28A – Your Exit Strategy

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?

If the business takes off like projected than I will decide to stay with it and allow it to be the face of my life. I would hire people to manage the day to day operations but I think it would be optimal that I stay on with the company. I have no interest in passing the company down to children because I don’t want to limit the skill set offered by outside talent around the world. I think having a diverse talent group will really help the business reach new levels and be competitive in the market. The business will stay in my name and if in the event that something happens to me, my husband and or business parted will gain control. If after my husband then yes, my children will gain control with specific restrictions and requirements. 

2) Why have you selected this particular exit strategy?

I want to make sure that my business can grow properly and be the voice of anyone who still needs it. I fear that if I leave my business to strictly family that will cause a lot of restrictions. I also want to stay a part of the business because I feel that I’d always be able to ensure the goals of the company don’t get misguided. That has always been my biggest frustration when dealing with companies. When companies are really great and offer amazing products and services but then they lose their way and forget their values that the company was built on.Companies become focused on the money snd less on the customer experience and that is what I want to avoid. 

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?

Honestly, I think I’ve always had this one piece of the puzzle figured out. I knew that what ever I did decided to do, id stick with it and make sure it shares my values as a customer. Never forgetting the customers point of view is very important. I also love teaching and educating so I feel very connected with this business plan and that’s why I’d want to stay on for the longevity. It would be my dream job and there is so much opportunity to grow with the company and thats all I want. I want to grow myself and afford the opportunity for others to grow as well. If I could offer the service free I would but unfortunately in the business world that doesn’t work very well, haha. 

26A-Celebrating Failures

26A-Celebrating Failures

Failure is all too failure in my life, so much so that I even messed up this very sentence! Haha. I was trying to say failure is all too familiar in my life. When asked to describe my failures I smirked and said “oh dear, which one?” My biggest failure this past semester has actually been for my Law school personal statement. I write it and finish it but once I read it through and move it out of the draft phase I realize that it reads awfully. I have created so many copies both similar and vastly different and I just can’t seem to create one that works. This past version I handed to my husband and he glanced at it and handed it back almost immediately with a bunch of notes. I don’t know why but this paper might be the hardest paper I’ve ever had to write and I just can’t seem to get the right story.  So far I’ve learned a lot from this experience as I work towards a final product. Specifically, I’ve learned the importance of telling a story that is impactful and descriptive. With each revision I’ve worked really hard to incorporate items that really display my passion for politics and law. I’ve started working on specific instances in my life that show this passion and how I’ve come to develop myself. The most frustrating part about this journey is that I know how to write and I usually do really well at writing. I used my writing skills to get me into the University of California so I recognize my skill is there. However, I feel so unaccomplished when writing this paper because it just hasn’t gone well yet. 

I am really thankful for this class because it has taught me the importances of planning and evaluating. I started out with a very broad idea (my health and fitness business) and through out the semester I have scraped the idea and rebuilt it about 6 times, kind of like my paper for Law school. This class has taught me not to be afraid of failure because there is an opportunity that exists in every failure. With every failed plan I’ve kept some aspect of it and just worked to re develop the plan. As far as risk goes, I do not feel comfortable jumping into things with out a plan and a well constructed set of goals. As a business major I also do a lot of ROI weighing to ensure that my “risks” are on the safe side. 

24A – Venture Concept No. 1

24A – Venture Concept No. 1

           An opportunity currently exists for nutrition and exercise. A healthy diet Is something that has fallen away from our values as Americans. We have allowed fast food and high preservatives to control our diets out of need for convenience. With the shifts in diet there has been an  increase in weight related health issues which has made healthcare more expensive. Not to mention the rate of obesity has risen and children are now being exposed to diabetes and obesity earlier than in the past 20 years. As you can imagine, the health concerns are the most important aspect for opportunity because it’s the one aspect of peoples life that they want control over. 

Customers satisfy their need for a healthy lifestyle by making healthier food options like salads. Although this is a common trend, associating salads with healthy diets, it’s often times a false start. Salads are very fattening because of the content that if often times put on it, especially if ordered from a fast food place. I’ve also noticed customers have started making conscious decisions about what they consume as product information has become more available. There have been major shifts in what chemicals a company can use to preserve their products. As consumers move away from preservatives and start to search for healthy alternatives they face a need for education so that they understand what changes need to be made. 

         The market seems to cover almost all demographics but is most predominate in students, athletes, and busy family providers. I’ve had the opportunity to interview many individuals from all walks of life and the underlying need is always the same. Busier lifestyles as cost of living increases without an increase in wage. Consumers also face the challenge of convenance in their lives. Statements like “I hardly have time to eat breakfast let alone actually make it” really solidified my suspicion of the need. The need then became more of a mater of how do I introduce my products and appeal to the idea of convenience at an affordable price. Also, it is important to understand that health is a two fold. With a healthy diet the body still needs exercise and with the growing amount of office jobs this creates an issue. With convenance being the underlying issue this makes it difficult for people to get the exercise that their heart and other organs need. So, both diet and exercise is a focus for the business. I truly believe that customers fo not have an effective means for satisfying their need which is why there is no loyalty to their routine.  Consumers are the ones making the distribution so they are obviously willing to change their habits. 

The opportunity is massive! There are so many opportunities and different markets for the product to survive in. My last set of interviews showed that market expansions are definitely an option for growth.

             Innovation is knowledge and knowledge is power. 

For my product, everything is informational and provides factual information about diets and exercises. What makes my company innovative is that it conforms to each individuals needs and is completely customizable.  So for each obstacle a consumer faces our company will work to implement these customizable plans. 

I have yet to find a company that sets consumers up for success rather than just providing band-aids for the issue. Customers have access to diet pills and fit teas that do not provide results and can be costly. Thats what the market consists of right now. 

           Customers will purchase our products because its empowering. Customers will learn how to make lifestyle changes that will stick with them for years to come opposed to paying for a product that promotes weight loss in 7 days. My company does not believe in band-aid fixes because they leave all of these underlying issues.  Once customers recognize the possibility they will be more inclined to jump on board. 

         Competitors right now are very very slim, not a lot of people have entered the market. I do know that there are fitness guru’s like Emily Syke and MariFitness. These companies offer diet and exercise plans and work with people to achieve their fitness goals. I love these companies and I can relate to their values. Thats another thing that id like to work to create; friendly competition. If fitness and health guru’s could work together to make the world healthier it would be amazing. 

My product stands out because it again offers a level of convenience not offered yet. 

The concept is based completely online with social media being a driving point. The distribution will start off being ebooks and online media files downloadable through purchases. As the business grows we can start to pursue hard copies and books as an option. The issue is that each persons guid will be different so no print copy will have multiples. With everything being hosted online it brings convenience right to the customer. Since it starts online I wouldn’t need a lot of employees, maybe five employees to start that a responsible for 20-30 customers. As the business grows we can hire on more “lifestyle consultants”. 

       

        My most important resource is the online environment. I don’t have to worry about a centralized location or retail maps. This helps us respond to competition because it creates convenance for the customer. Its also very important because I don’t have to worry about costs associated with an office or retail space, or at least not upfront. What will create the unfair advantage is the personable experience offered to each customer. No one offers the option to create a meal plan that is customizable and listens to the customers concerns. We take cost into consideration, along with time and efficiency. 

        Whats next? I had some very insightful conversations that lead me to believe retail is next. Or a service that brings complete convenance to the customer by allowing them to pick up pre packaged meals or meals in a  higher quantity. Showing customers that a lot of foods can be versitile and can serve for different meals. Offering classes for meal prep would also be an option under the retail location. I am hesitant on this next step because it requires a lot of variables that are not ready yet. I do recognize that it will be a nice community center and could cause a disruption but wether or not we have the capital to make that decision will ultimately determine wether or not the company maintains a 100% online presence. I really liked what one of my interviewers said for what they believe is missing from the market. They wanted a “demon love child between Lululemon( high end workout gear), a sporting goods store, and a organics food market; all in a centralized location that is easy to access. How I’d create this to match my business is beyond me but I am sure that it will be something worth exploring in 5-10 years. 

25A – What’s Next?

25A – What’s Next?

Existing Market. 

Before interviewing the three people I didn’t actually have an idea as to what would be next for my product in terms of a new market. I think I was burnt out and needed a fresh set of eyes to look at the services. I feel like the interactions really paid off and I am happy with the ideas. 

The first individual I interviewed was a mother of four with no time. She currently exists in the market for meal plans and diet education. She Would love the opportunity to learn what she needs to be eating but faces an issue that can not be fixed just by reading meal plans. She thought that it might be beneficial to incorporate a way for consumers to have the food prepared for them and delivered. This reminds me of Blue Apron which offers meals delivered for individuals and families. I asked her if she has heard of the company and she said yes. However, she feels that the company is too expensive and only offers 3 meals per person meaning she will have to prepare meals for 4 days out of the week or just eat out. 

The second interviewee thought it would be a good idea to start a chain of healthy food prep kitchens where people could stop by at their convenance and pick up farm grown organic products that are already packaged for individual meals. I think this could bed a neat trend to start and it could even disrupt the market but I think it will be very hard to get recognized and compete against local grocery chains and meal services that already exist. You could make this product interring to consumers by offering meals that are customizable. For instance, one customer can opt to have three meals a week for a family of 2 or 8, while another customer might need 7 meals a week for a family of 3.  The meals would have to be respectfully proportional to the quantity with discount incentives. 

Third person wanted the demon love child on Lulu Lemon, dicks sporting goods, and a fresh food market. The fast one stop place where you can purchase everything health related, even foods.  Although this idea is neat, I don’t believe it will service in a market that has established online convenience. I suppose if the company started online and them moved to a heavy populated city, it would become trendy and popular. The more I think about the shops the more enjoyable of an idea it becomes. Imagine like a community center that promotes nothing but community engagement and health.  

Based on the feed back I received I have a feeling that my company can really grow and expand into many different markets. I see a lot of different strategies that can be implemented here and a lot of workable business plans. For me, I think expanding the market in the nature discussed by the interviewees will be very demanding and difficult. My biggest concerns are the disruption in the market. Will the company require a major adjustment to move from a social media platform to a physical market. Obviously there are a lot of variables to be weighed here and further research must be conducted before I can actually say “yes, these are viable options for the business.”

New Market.

Meals that are prepped and ready, sent to consumers or available for pick up. 

This might be difficult to enter the market, especially Because it’s a lot of upfront costs. I think it would be worth while to create partnerships with companies that already exist in the market and work with that company to offer discounts to consumers. I’m not interested in completely entering the market but I’d be interested in working with a company that already has some consumer presence.

Additionally, meal preparation is often times geared to a specific lifestyle type of person. Assuming that the average American spends $15 on a meal is great but what about consumers that face financial hardship and eat unhealthy foods because its cheaper. At Mcdonalds you can purchase an entire meal for less than $8 so why would you buy meals for $15? Different purchase levels would need to be established to allow customers to purchase meals that cost anywhere from $3-$25, meaning that the product would need to be prepared in bulk so that the company doesn’t lose money. This obviously yeilds a high waste rate because It’s never guaranteed that a consumer will purchase all of the food being sold. For instance, If you are selling meal kits to consumers and if you’re advertising $5 a meal, you’d have to purchase product in bulk so that it only cost you $3 a meal to make. Purchasing things in bulk can be a huge risk because it means that there is a specific shelf life. 

I’ve began to realize that this market can be unpredictable and can yield high productivity costs. The induction into this new market can be very costly and destructive for a company if they’re not ready. 

I had a hard time identifying three people in this market because I couldn’t connect with anyone who uses meal delivery services. So unfortunately I must do additional research before I can locate the people on this market. The person I interviewed in the first round for existing market said that she was interested in the market but she had not explored it.