30A – Final Reflection

 1) I thoroughly enjoyed this course. There were a lot of ups and downs and a lot of learning experiences.  The investigative work, the organizational and imaginative work, the reading, and the reflections were tedious but necessary. The peer reviews for every post seemed to be a bit much but it was not too bad. I enjoyed the experience as a whole, however it was a pain at times. I learned a lot and will be able to apply a lot of it to my life going forward. 

2) The investigative and organizational assignments that required us to make calls and find information really motivated me. If I do not know something, I know I can go out there tenaciously and find it out someway and somehow.  thoroughly enjoyed the reading assignments that were a part of the curriculum of this course. I will remember many of the lessons in those books for years to come. I think I am most proud of the full and whole business venture idea. I like how it is fully planned out and every detail was even written out. I also was proud that the course made us present things because I think one of the things that I have wanted to work on the most has been public speaking and presentation and it made me proud. 

3) I do believe that this course has changed my mind set. It has taught me to quite literally "trust the process". It has taught me how to become more organized with my approach to solutions and starting up some of my ideas. It has also taught me to embrace risk and failure with excitement and fearlessness as we can can either learn something or eventually succeed from it all. I do see myself as an entrepreneur now, I know how to approach an issue now and do it in a meticulous way with direction and guidance.  

4) I would tell them not to cut corners with assignments and do every part of each assignment and take in the lessons that you might learn from the experiences this course brings. I think they must think of the course as an entire experience instead of a set of assignments. It is unlike other classes, as it is not so much what is tested on but what you take away from it to use it in the future. To perform best, you would have to be timely with your assignments and have good time management. The work itself is not difficult, it is simple work so you just have to be disciplined to be able to do it in a timely manner. However, to really take away what you should you have to immerse yourself completely. 

29A – Venture Concept No. 2

1) Opportunity- Our opportunity arises in the time of Corona Virus in the United States. Many small business are at risk of going bankrupt as customers fear going to physical locations. They fear contracting the virus and spreading it to their loved ones. Even if the locations are technically safe, they do not feel it. Many small business either do not have online services or are more reliant on person to person transactions. The opportunity arises in the Broward county area of Florida and is specific to small businesses who are reliant on person to person interactions and are typically owned by families. This includes middle aged, small boutique and restaurant owners. Some have put up no precautions of their own, have put minimal, or have transferred online completely. However, they would prefer to have face to face interactions. This is a relatively big opportunity for a college student and can be lucrative. The window of opportunity is for however long COVID 19 remains a problem in South Florida.

Innovation- Spotless Services is a team of people who provide a service and product. We supply store locations of our customers with gloves and KN95 masks and hand sanitizers, offer the instillation of air purifiers and filters, formatting and configure foot traffic in a safe manner, and provide training to employees on how to use safe practices and deal with customers during the corona virus. For the standard of just buying PPE, it is $150 per bundle. For PPE and Instillation of filters or air purifiers it ranges between $400 and $600, depending on the size. For the full package including training and store configuration it is probably close to $1,200. 

Venture Concept- People will hire us due to the fact that this is our specialty. We are an all in one service during the pandemic. They could do it themselves, but it would be more costly, take more time, and take away from efforts of running the business and keeping it afloat during these trying times. It would not be very hard to switch at all, as most would jump to the idea of something like this. The only competitors would be the small stores themselves, to fend for themselves. However, as I stated, it would be more costly for them all around. The customer experience is everything in our business, we provide our customers, and their customers, peace of mind knowing and feeling that they are safe in physical store locations. We are always on call for maintenance or to replenish supplies. We are also about the community experience and showing customers that we care about them as people as well. We will have excellent and responsive services to tend to our customers. 

Minor Elements

Our Secret Sauce- Our most powerful advantage is the psychological tactics we use to get customers to spend money and make transaction in store locations like before. We allow them to feel assured that they are  safe and can conduct business. We also have a very high response rate and 

Next Venture- We could potentially expand to selling some PPE to private customers in bulk or even providing our services to state sponsored businesses or public areas. Some companies may prefer us to employ new policies quickly in certain locations instead of them opening slowly, waiting for the bureaucratic/corporate processes of large franchises. 

What's next for me?- I hope the need for this businesses would not last very long. I hope to make the money that can be made while COVID is still an issue and then be done with it after it is not anymore. However, I expect that business will continue for at least another 9 months. I believe that this will be the norm for a while. I hope to later either invest the money I make in this or use it to finance another business plan down the road, while still giving me the experience to help me later in life.  

2) Some feedback I received from the first venture concept is that my concept has to rival those of the restaurants supply vendors which they typically already have relationships for. I would counter by saying that the those vendors do not specialize in this specific scenario and they have other responsibilities to fulfill. They also can not give customers the level of attention we are able to give them. We will build brand recognition locally with superior performance and customer service.  As far as what is next for our customers, some have suggested that the demand for this sort of business may be greater than I originally suggested. Some believe that continuing my services would still be quite profitable, while some others have suggested home static disinfecting services, which essentially just cleaning private residences with a special device. 

3) In order to adjust to the feedback we have received from others, I have put more emphasis on superior customer service and local brand recognition in order to separate us from established restaurant supply vendors. We should be able to undercut their prices since we should be able to cut travel costs due to our local location and we will provide more attention to our customers than traditional vendors. Also, long term we will provide both PPE delivery and home disinfecting services. 

4) 

28A – Your Exit Strategy

1) Due to the nature of the business, our spotless services business plan has a limited window of opportunity. The business will only be profitable as long as there is a communal and societal  fear and anxiety surrounding COVID-19. The business is only profitable as long as customers are afraid to visit small businesses at their physical locations and make business transactions as they did during the pre-pandemic era. I think that the best course of action for the business, considering these factors is to play it by ear and to gauge how both the government and the public face issues regarding the pandemic. I estimate that the business would be profitable for no more than a year. After that, if things are scaled back, it could just be a PPE delivery service to individuals and private homes. It could either be subsidized by the city or county, if not then business would stop after fixed costs and contracts are completed.  Profit would have been made, and the rest is left behind. I find it unlikely the a buyer for the business would be found. I would say it should stay as the delivery subscription service until it is no longer worth doing. 

2) I selected this exit strategy as it is one that fits the nature of the business itself. There is an opportunity for the time being, and money to be made from it. However, it is not exactly long term and won't be lucrative for long. It is a quick buck to be made, though it could make a lot of money in a short period of time. It is all because of the nature of it. However, the lasting psycho-societal damage the pandemic has caused could still make a PPE delivery subscription profitable. 

3) I don't think my exit strategy has influenced much of the actual business itself. Though I assume I should have taken this into account, since the business is going to be relatively short term and the resources should not keep me in business under contract more than a year. The opportunity is fleeting, the business should make its money and then end it or at least severely scale it back. I do think it has limited by intention to grow since I thought there wasn't much opportunity after the pandemic slows down. However, I think I made a mistake limited myself. I think that a subscription PPE delivery service could work. Some contracts can be maintained and it could still make money. 

26A – Celebrating Failure

1) Financial Accounting.... a class feared by many and known as one of the most difficult within the University of Florida curriculum. Naturally, I decided to take it in the shortest time possible, in one of the most tumultuous times of our lifetime. I had heard many things about the class, even the smartest of my friends cringed at the mention of the class. After taking it, I share that same deep disdain for the class. I had gone my entire life in school getting great grades by doing my homework and paying attention in lecture. It worked for me every time until this class. I had never failed so badly, by my standards, in my educational history. I did the bare minimum on the first test, watching the lectures and doing the homework alone, and it destroyed me. Then, I did the same for the 2nd test and tried to slow it down and really understand the concepts. It frustrated me to no end and it let to some anxiety attacks. I did better, but not very well. By the time the 3rd test came around, I did everything available to me. I watched and took notes on lectures, I did the homework and extra practice problems, and even did the practice tests. I only ever ended up doing just as well as the last. However, I learned a lot. In the end, i did mediocre at best. 

2) I learned a lot during this class. I used to rely on the idea that I would try my absolute best and take solace in the idea that I could not do better. For the longest time, I would not check my grades, since I felt I was already trying my best and being disappointed by bad grades was counter intuitive and would upset me for no reason, as the it was in the past and could not be changed. However, looking at my failures motivates me to try even harder in the future. Sometimes, you have to face your failures to motivate you in the future. Sometimes, you can try your best and still fail too though. The class also taught me that sometimes in order to achieve, we have to evolve. In this case, a strict regiment was needed and a lot of practice.

3) I used to have extreme anxiety over the thought of potentially failing or having already failed. I would never look at bad results, as I figured it was better know I tried hard than to just be upset about it. Though it sounds dramatic, I do have very bad anxiety and it greatly affects people in many  different ways. I knew a friendly acquaintance, who suffered sever anxiety and depression from not being able to pass the class and sadly it ended very badly. This class has dramatically changed my view of behavior. Though it sounds like a cliche, I have learned that failure is part of the process and that it should be embraced. I have learned that, through success or failure, I will, now on, embrace the experience of every risk and opportunity. It is something I look forward to now. It excites me, as I can either accomplish something great at the moment or learn something to help me succeed later. I am definitely more likely to take risks now. 

25A – What’s Next?

Existing Market- Due to the nature of the business and the limited window of opportunity that exists for it to be lucrative, the company does not have much use after the COVID issue is done for. However, it is expected to remain for maybe another year or so, the company would have to evolve to changing needs and there is not much overlap after this is all over. Due to connections and expertise, companies may still higher us to do routine deep cleanings once or twice a month, however they may decide to implement it themselves. We could also be a weekly provider and delivery service for PPE and cleaning equipment due to the discounted rates we can negotiate with our partners and the relationships we have with customers. 

The new ventures that can grow of the existing markets are limited due to the context specific nature of the business to begin with. As I stated there won't be much overlap into a new context after the pandemic is over. However, due to the last impact that this pandemic will have to our culture, we may become the face of pandemic prevention in our local area. The new norm will be more socially distant and will be cleaner public areas. We can then provide certain maintenance services to these businesses after it is all over. 

New Market- We will become a non for profit PPE provider for the homeless and also expand to the B2C part of businesses by offering a subscription to cleaning services and PPE.  We are targeting a more private sector, with more lower cost transactions. The business would have to evolve slightly and our workforce would have to increase. We can create a bundle with necessary cleaning equipment, masks, gloves, and newsletters with updates about diseases regionally and globally. 

My assumption that certain aspects of this pandemic will be lasting in our society and has changed the way people think is true. People will be more cautious when it comes to infectious diseases and that within itself has its own opportunities. People will want to be cleaner and protect themselves, their loved ones, and other from getting a disease. They will want to clean their belongings more often and probably would not trust themselves to do it as thoroughly as professionals can. This new market would be a lot of work but can be just as lucrative, if not more, as the original one. However, after this pandemic is over, the old market will be obsolete and this is the only other logical path to take as a business. 

24A – Venture Concept No. 1

Opportunity- Our opportunity arises in the time of Corona Virus in the United States. Many small business are at risk of going bankrupt as customers fear going to physical locations. They fear contracting the virus and spreading it to their loved ones. Even if the locations are technically safe, they do not feel it. Many small business either do not have online services or are more reliant on person to person transactions. The opportunity arises in the Broward county area of Florida and is specific to small businesses who are reliant on person to person interactions and are typically owned by families. This includes middle aged, small boutique and restaurant owners. Some have put up no precautions of their own, have put minimal, or have transferred online completely. However, they would prefer to have face to face interactions. This is a relatively big opportunity for a college student and can be lucrative. The window of opportunity is for however long COVID 19 remains a problem in South Florida.

Innovation- Spotless Services is a team of people who provide a service and product. We supply store locations of our customers with gloves and KN95 masks and hand sanitizers, offer the instillation of air purifiers and filters, formatting and configure foot traffic in a safe manner, and provide training to employees on how to use safe practices and deal with customers during the corona virus. For the standard of just buying PPE, it is $150 per bundel. For PPE and Instillation of filters or air purifiers it ranges between $400 and $600, depending on the size. For the full package including training and store configuration it is probably close to $1,200. 

Venture Concept- People will hire us due to the fact that this is our specialty. We are an all in one service during the pandemic. They could do it themselves, but it would be more costly, take more time, and take away from efforts of running the business and keeping it afloat during these trying times. It would not be very hard to switch at all, as most would jump to the idea of something like this. The only competitors would be the small stores themselves, to fend for themselves. However, as I stated, it would be more costly for them all around. The customer experience is everything in our business, we provide our customers, and their customers, peace of mind knowing and feeling that they are safe in physical store locations. We are always on call for maintenance or to replenish supplies. We are also about the community experience and showing customers that we care about them as people as well. 

Minor Elements

Our Secret Sauce- Our most powerful advantage is the psychological tactics we use to get customers to spend money and make transaction in store locations like before. We allow them to feel assured that they are  safe and can conduct business. 

Next Venture- We could potentially expand to selling some PPE to private customers in bulk or even providing our services to state sponsored businesses or public areas. Some companies may prefer us to employ new policies quickly in certain locations instead of them opening slowly, waiting for the bureaucratic/corporate processes of large franchises. 

What's next for me?- I hope the need for this businesses would not last very long. I hope to make the money that can be made while COVID is still an issue and then be done with it after it is not anymore. However, I expect that business will continue for at least another 9 months. I believe that this will be the norm for a while. I hope to later either invest the money I make in this or use it to finance another business plan down the road, while still giving me the experience to help me later in life.  

23A – Your Venture’s Unfair Advantage

1. Superior Customer Service- Due to the fact that our business is locally based and is set to be kept that way, our employee customer relations will be superior due to the individuals relations to the community itself and its culture. Also, we are bilingual. 

Valuable- This is quite valuable as many deeply appreciate doing business with someone they see as being relatable or even kin. 

Rare-  This is uncommon, but not rare. Most companies that see great success, expand and no longer maintain the sense of family. 

Inimitable- I assume this can be copied by others but I do not know of any people who have the idea to do this nor do they have the resources we have

Non-substituable-  Many of the small businesses can probably do all the things we do, however it would probably be tedious, inefficient, done at a higher price, and would require time to be spent out of their business.

 

2. High Maintenance Response- Due to its local nature, if there are repairs that need to be made. We can respond quickly. 

 

Valuable- This is a very valued characteristics in companies involving customer relation

Rare- Most companies are not as responsive as we are capable of being, we communicate and execute effectively. 

Inimitable- I do not think it is feasible for others to do this so I do not think they can provide the same as we can. 

Non-Substitutable- It is substituable, however they would have to call people who specialize in certain things. We are the easier more complete option. 

 

3. Group of Specialized Employees

 

Valuable- Having a group of people who specialize in a job you are trying to do 

Rare- Not very rare, as most companies have people who specialize in the job they do 

Inimitable- Many people could essentially hire others that do the jobs I need such as carpenters, plumbers, and hard working people

Non-Substitutable- This can not be substituted, as this is vital to a successful business. 

 

4. Charismatic Group of People

 

Valuable- Customers appreciate likable people. They are more inclined to refer them to others and doing continued business with someone charismatic

Rare- It is uncommon for people to like the people they do business with. 

Inimitable- Charisma is not very replicable.  You can not be fake being likable and you can not fake the social skills necessary for it. 

Non-Substiutable- There is nothing to substitute certain human capital/characteristics. 

 

5. Free Marketing Due to Concentrated Hispanic Community

 

Valuable- Marketing is very valuable to get the popularity of your company out there and get more business. The fact that it was free is even better. Plus, hispanic people are very talkative and quick to refer others. 

Rare- This sort of free marketing is rare to come by and is best in urban areas with people from warm cultures. 

Inimitable- This sort of marketing is not replicable. It is very difficult to get that sort of publicity

Non-Substitutable- Marketing can be substituded, however it is typically pricey and complicated. 

 

6. Cheaper utilities due to ties with major companies

 

Valuable- Customers appreciate lower costs and will return for that reason. In turn, the business could make more of profit 

Rare- Not very rare, as most businesses form close B2B relationships to secure lower costs by buying in bulk 

Inimitable- Other businesses can form relationship with other suppliers to secure discounts and overall cheaper costs

Non-Substitutable- Cheaper prices are not very substitutable

 

7. Supply of superior masks, as KN95

Valuable- Very valuable, as these masks are not in high supply and are also not given out so freely at stores. Employees and customers alike would greatly appreciate it.

Rare- As I said before, KN95 masks aren’t very common and are uncommon

Intimitable- The effectiveness of the mask is not replicable as the others provide less protection and are thinner in nature

Non-Substitutable- The product is substitutable, however the substitutes are not the same quality and do not provide the same protection

 

8. The expertise in training employees in safety protocols and customer handling

Valuable- Having the knowledge and ability to train employees is very valuable in this business. It helps keep everyone safe and allows business to resume as usual.

Rare- No one is training employees to handle the situations that covid has brought forth, at least not outside of franchises. So this is rare.

Intimitable- People can come up with policies and replicate our training process

Non-Substitutable- There is no real substitute for the training process. Unless the business can go fully online or automated, there will always be customer/ employee interactions and physical locations.

 

9. Financial Capital via family and friends- A perk to being an only child while also having a massive, close family is that people are always willing to help. This is either by offering financial aid or professional expertise.

Valuable- This type of investment is valuable as it will not leave you liable to pay people back, at least not in a fixed period, and you do not incur debt.

Rare- It is rare to have people who love you and are willing to invest so heavily in one of your projects. It is also rare to have such a large amount of people. As I said, I am an only child in a very large, close, supportive family.

Intimitable- This can be replicated with others’ ideas, however I believe I may have a greater supply and support.

Non-Substitutable- There are substitutes for this financial capital but they involve a lot of risk, effort, interest, or debt.

 

10. The added psychological effect of the brand- One of the major obstacles other than making it safe for people to do business, is to make people FEEL they are safe doing business. This is done by enriching the brand and publicizing a strong, reassuring brand image along with a sticker, to drive it home in all of our customers’ locations.

Valuable- The psychological aspect of our service is key, as it is one of the driving reasons why people are not going to physical store locations, out of fear and anxiety.  

Rare- The consideration of peoples psychological concerns and needs is something that nearly all businesses are neglecting. No one is really worried about how customers are feeling and only care about technicalities and abiding by the law in these times.

Intimitable- It can be imitated, however creating a brand image is difficult. Also, once a brand image is solidified prior to yours, it is hard to compete with them.

Non-Substitutable- The only other thing other than a strong brand image and stickers to help keep people’s minds at bay is the use of commercials specific to the times. This however is extremely expensive and sometimes not effective.

 

I believe the top resource we have is the psychological effect of our brand image and sticker. It is the thing that sets us apart from most companies, all others are capable of the technical work that our business does. However, they are not capable of putting the customers’ minds at ease and returning customers to physical locations using psychological tactics. We leave a lasting impression in the minds of businesses and consumers alike.