Venture Concept No. 1

Brief introduction:
Being in a sorority helped me identify potential opportunities that was brought to my attention. One of which is the lack of healthy food options available to sororities and fraternities. Although there may be a salad bar or vegetables, many of them are not fresh/ organic. Therefore, I came up with “GreekGarden” which is a catering service for Greek life on campus. It would definitely help fix unmet needs in my own sorority as well as others.

Opportunity:
Aimed at sorority/ fraternity meal plans, “GreekGarden” helps provide healthier meals throughout the week. It is a catering service, once a week on Mondays, where fresh, organic fruits and vegetables would be delivered to fraternities and sororities. In this one day, breakfast, lunch, and dinner will contain only freshly cooked meals. Since Monday is usually set off for “chapter” (meetings) in many sororities, many girls have to dress up for these meetings. I thought that if they had to dress up nicely for dinner, the food itself should be highly authentic. Therefore, it would be a great day to make the majority of Greek life on campus happy by bringing fresh fruits and vegetables to the table. I am only starting off with one day a week, because many people that I interviewed loved the food as is. Starting off with one day and gradually incorporating healthier food options everyday into Greek life on campus, is my goal.

How did this happen?
Unfortunately being in college means that some people might be off on their own for the first time. This might entail not knowing how to cook a healthy meal because many are looking for a fast and easy meal to make. The last thing a busy college student would want is an hour long waiting line to order food. As a result, colleges must plan to make fast served food for hundreds of students. This proves likewise for sororities and fraternities on campus. With hundreds of people in Greek life on campus, the chefs and kitchen staff must work twice as hard to make the sorority sisters’ and fraternity brothers’ food for breakfast, lunch, and dinner. In order to accommodate busy schedules for everyone, the food must be made in bulky and satisfy hunger. This might mean fast food, or meals that were frozen. In conclusion, the meals might not be as healthy as one would have anticipated because of the crunch for time.

Innovation:
Imagine a world where we could be able to eat healthy without having to pay for it through wasting time and effort making a meal. I am starting this business venture because I want to incorporate healthier meals into every life in sororities and fraternities. I am starting in one centralized area (Greek life) at first because I want to see how far this whole concept would prosper. If I would be able to start in a small generalized location, say in one sorority, and make my way up to the university, it would prove that people are supporting my ideas for incorporating heathier foods in our diets. It may not be easy for you, personally, to make a healthy lunch and dinner. That is why I want to implement a catering service where we come to the sororities and fraternities to help out the kitchen staff by providing healthy alternatives to dishes.

Venture Concept:
Customers would switch to this because it provides a better alternative to eating on campus. Especially if you are in a sorority or fraternity, GreekGarden would help implement a healthier way of living into college student’s lives. The chief competitors would be any business that Housing Corps. is associated with in regards to foods. My business will work but starting out small in one sorority or fraternity, and gradually integrating healthier alternatives into Greek life. Eventually, I would hope to expand to a greater network, such as the entire campus. I would hope to give everyone a chance to experience a healthier lifestyle.

My most important resource would be my connection to a sorority and know the different bylaws in my sorority. I can get my information through my sorority on campus. I think it would be beneficial to know how the contracts are written and how much extra money the sorority has to spend on luxuries like a catering service.

Next for this venture is to go out and talk to different sororities and fraternities and see how their budget will accommodate a catering service. Many sororities and fraternities have extra money that they would be willing to spend on a service like GreekGarden.

Next for me, would be to gradually increase from a small centralized location to a larger one. For example, I would like to one day incorporate this healthier meal alternative, not only for Greek life, but also for the university if business is successful in a small-scale sorority or fraternity.

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
I thought it was really interesting when the author said that “Innovation initiative frequently fail”. I never really thought about it, but the author seems to have a point.

2) Identify at least one part of the reading that was confusing to you.
I was confused by what architectural innovation exactly was, even though the author explained it. It seemed to be a very confusing topic.

3) If you were able to ask two questions to the author, what would you ask? Why?
Has the author ever came up with a successful innovation? If so how did he come up with the idea and implement it successfully?

4)Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I did not disagree with the author on any of his points.

Amazon Whisperer

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 
The revenue drivers include people who shop online for a new pair of glasses through websites such as Amazon, Ebay etc. that have the issue with buying pairs of frames that might not look best on their face. 

• Describe what kind of product offering you believe should be next. What's the next thing your customers want?
I believe the next thing my customers want is a model of themselves to put on glasses to see how it looks like on their face and that the style is suitable for their needs. Therefore, they can know what it will look like on them before they purchase.

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?
I think this "next" thing will enhance my existing service by allowing my customers to understand what products fit them and how frames will complement their facial features. I believe this will improve the user experience because it provide an easier way to try on frames without spending over $100 on frames that don’t look good on them. 

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

Amazon Product: 

Example of snapchat filter:

This was the closest thing I could find that I could find that represents my product. Since my product would be virtual, it was harder to find an actual product image. This picture represents a person looking into their webcam and virtually try on a pair of glasses. (Similar to the snapchat feature were people appear to be wearing glasses in a filter.)

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?
The customer reviews for the product are good. Customers like that there is a model in the picture so that they could see what their glasses might look like on them. One customer ( Michele Wehinger on September 16, 2015)  said that “[It is] hard to buy eyewear online (as I'd much rather try them on to see if they fit my face)”.

• Describe what design/usability changes you'd make to the product. 
I would change the way the product is displayed in the pictures. Instead of just a model, I would make it possible for people to use their webcam to virtually put on the glasses. Therefore, they can actually see how the product would look on their face. 

• Describe why you think this product would make a good addition to your current product/service offering.
I think this product would make a great addition to my current service because of my customers would be able to utilize this feature when buying products online that they can’t physically try on in stores.

My Unfair Advantage

1. Connection to health professionals- (V-Y) (R-Y) (I-Y) (N-N)

2. Workplace Knowledge- (V-Y) (R-N) (I-Y) (N-N)

3. Connections to business professionals- (V-Y) (R-N) (I-Y) (N-N)

4. Great experience in customer service- (V-Y) (R-Y) (I-Y) (N-N)

5. Experience in stock market- (V-Y) (R-N) (I-Y) (N-N)

6. Good credit due to workplace- (V-Y) (R-Y) (I-N) (N-N)

7. Have great determination- (V-Y) (R-N) (I-Y) (N-N)

8. Have leadership experience - (V-Y) (R-Y) (I-N) (N-N)

9. Connections to entrepreneurs - (V-Y) (R-N) (I-Y) (N-N)

10. Have knowledge on accounting (though little) - (V-Y) (R-N) (I-Y) (N-N)

In conclusion, I do not obtain many things that are rare that nobody else in the world has right now. However, I do have a lot of experience with customer service and I do have experience in the health field. I think the fact that I have the ability to work with customers patiently and being able to help them with their mental and physical health would be my strongest aspect.

Growing My Social Capital

1) One person must be a domain expert in your industry.

I researched people who would potentially be interested in my service of healthy food. I found someone named Bethany who makes healthy food on a daily basis and she helped describe to me what some of her favorite foods were. She could make for bulk mass (like college students) and just for herself as well. I noticed her blog and left comments on it. She can help me understand what people like in healthy foods.

2) One person must be an expert on your market.

For this person I chose our house mom in my sorority. She knows Greek life in our community best (in my opinion) and is able to educate me on my budgeting of my service. I know that she would be reliable in knowing what the Greek community would like in meals as well.

3) One person must be an important supplier to your industry.

One person that would be an important supplier would be our chef in our sorority. He used to cook meals in his own business before coming to our sorority. He knows what foods are the best. With his knowledge, it wouldn’t be too hard in finding fresh fruits and vegetables.

4) Finally: Reflect.

Know all these people really got me a lot closer to the Greek community here on campus and it would help to implement my business “GreekGarden” a lot easier.

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
I was surprised when they talked about how the financial information pulls together all the information presented in the other segments of the business and that these segments have big meaning.
2) Identify at least one part of the reading that was confusing to you.
I was a little confused when they mentioned that once the operating budget has been prepared, the entrepreneur can proceed to the next phase of the budget process, the cash flow budget. I thought there would be more steps involved.
3) If you were able to ask two questions to the author, what would you ask? Why?
Why is it that the traditional accounting equation is not: assets + liabilities = owner’s equity? It sounds correct to me. Also, how is it that capital investments or capital expenditures are expected to last beyond one year? It seems like a pretty difficult task.
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I don’t disagree, but the concept of the cash-flow budget has always been hard to understand.

Elevator Pitch No. 3

1) The pitch. Same as last time, 1-minute long. No Web cams. No sitting. Be dynamic! Upload the video to YouTube (as you do with all of your videos) and post the link.

2) A reflection on the feedback you received from your last pitch. 
Some of the feedback that I got was to try and make my pitch a little longer to the 1 minute time period. Also, I was told to try to add a little bit more detail about my service.

3) What did you change, based on the feedback?
As a result, I ended up elaborating a little bit more on my idea of “GreekGarden”. I also made the speech a little longer than my last.

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 

1. I am a really motivated person that puts all effort into what I want to do. For example: If I want to pass a class, I will do whatever it takes to do so, even if it includes all-nighters, weight loss, and loss of social life. I am not a person that settles to take the class another semester.

2. I am a perfectionist. I don’t settle for something that I think isn’t my best product. I am really detail oriented and do things to the best of my ability. I rarely let little information slip away.

3. I am concerned for others. I listen to other people’s problems and give advice when needed. Many people come to me for life advice because I give them my honest opinion to help them.

4. I would do anything to see the people in my life happy. For example, I would sacrifice everything for my family. I am not only able to, but mentally ready to, drop everything at any given moment for the thought of someone else’s possible happiness.

5. I don’t push things until the last minute. I like to plan ahead and get the job done.

2) Interview the five people who know you the best. Record each interview. In your blog post, please post each interview, as well as a two-three sentence summary of each interview, explaining what your key takeaways are.

Brian explains that I am a sociable person. I am able communicate with different types of people.  

My mom tells me that I am a really motivated person.

Chris states that I am a very hard worker. He says that I am also very motivated. He says that I don't give up easily even if I am in a difficult situation.

Jeff states that I listen to what people say. He also says that I learn from my mistakes to not repeat the same mistakes in the future.

This interview was in my native language to my dad who doesn't speak much English. He states that I am very focused in my studies.

3) Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How?

I would also add to my list that others see me as someone who is able to learn from mistakes. I would also add that I am very focused on my studies in school. I think the interviewees really knew me on a personal level. Sometimes people see other parts of me that I don't notice.

Week 9 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 
Knowing that not only does the distribution costs affect pricing decisions, but also the product’s life-cycle stage really surprised me.

2) Identify at least one part of the reading that was confusing to you.
I’m confused on why “competitive edge” factors need to be noted because many services are generally known to be competitive to each other.

3) If you were able to ask two questions to the author, what would you ask? Why?
Are there any advantages and/or disadvantages to primary data collecting? Is there a specific crowd targeted in primary data vs. secondary data collecting?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I disagree when the reading said that “A new venture will survive only if a market exists for its product or service.” I believe that there are other factors that come into play when it comes to having a venture be successful.

Idea Napkin No. 2

1) You. Who you are. What your talents are. What your skills and experiences are. What are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

My name is Cindy and I am actively involved with my sorority on campus. Being in a sorority helped me identify potential opportunities that was brought to my attention. One of which is the lack of healthy food options available to sororities and fraternities. Although there may be a salad bar or vegetables, many of them are not fresh/ organic. Therefore, I came up with “GreekGarden” which is a catering service for Greek life on campus. It would definitely help fix unmet needs in my own sorority as well as others.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

Aimed at sorority/ fraternity meal plans, “GreekGarden” helps provide healthier meals throughout the week. It is a catering service, once a week on Mondays, where fresh, organic fruits and vegetables would be delivered to fraternities and sororities. In this one day, breakfast, lunch, and dinner will contain only freshly cooked meals. Since Monday is usually set off for “chapter” (meetings) in many sororities, many girls have to dress up for these meetings. I thought that if they had to dress up nicely for dinner, the food itself should be highly authentic. Therefore, it would be a great day to make the majority of Greek life on campus happy by bringing fresh fruits and vegetables to the table. I am only starting off with one day a week, because many people that I interviewed loved the food as is. Starting off with one day and gradually incorporating healthier food options everyday into Greek life on campus, is my goal.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I am offering this service for those in sororities and fraternities on campus because my catering service is aimed specifically at Greek life.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.

They care about my service because it is a common unmet need. People constantly want to eat healthier and live a healthier lifestyle. My service helps to kick start that aspiration. What you eat affects you in the long run, and eating healthier is always a great option.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?

“GreekGarden” aims to help the sororities and fraternities on campus recognize the benefits of eating healthy. There is no meal catering service in Greek life, here on campus, which I have heard of yet. This is what sets us apart.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.

I believe that the elements written fit together. “GreekGarden” aims to provide fresh fruits and vegetables to sororities and fraternities, contributing to a healthier lifestyle in the long run. Majority of Greek life find that lack of healthier food options in sororities and fraternities is an unmet need. I do not notice any out-of-joint concepts.

Feedback memo: I didn't really alter my napkin idea too much because my feedback supported my service. The 5 main points that I took from my feedback was:

1. Most people are unaware of how healthy the food in Greek life really is.

2. Many describe food in Greek life as sub-par.

3. Many are unsure how healthy the food on campus actually is. 

4. People started to lower their standards on eating food on campus.

5. People feel refreshed after eating healthy food.