Venture Concept No. 1

The Variety Van 

Opportunity
The opportunity I see in the market is that of hungry college students who are on a budget, especially at the University of Florida. Specifically, when it comes to a night after going out to the bars, or students who need a quick snack when studying but don't want to pay for an entire meal. Students need a healthy, cheap place to get quick service during the later hours of the evening.

On one hand you have the college students who have gone drinking and are now craving late-night food in midtown. They hit up Pita Pit, Relish, Flacos, or Jimmy Johns. I would say these restaurants' customer loyalty is very high as there are people there each night. On the other hand, students studying at Library West may be craving a snack. There's a Starbucks and some vending machines, but the food is pricey and processed, respectively. This customer loyalty is not as high as those in midtown (right across the street from the library).

This is a HUGE opportunity because everyone has to eat at some point. Whether you're craving some late-night snack after going out, or desperately need a study break- food will always be there. The window of opportunity will be open as long as students are going to college because there will always be young men and women who are hungry but on a budget.

Innovation
I present to you all: The Variety Van, a food truck to be set up behind midtown that essentially sells cheap yet healthy food for late-night goers. Special features include:

• Healthy food
• With gluten-free and vegetarian/ vegan alternatives 
• Cheap prices 
• An array of options (hence variety)
• Mexican, Asian, Italian- you name it! Customer input is much appreciated
• Snacks
• Fresh fruit, smoothies, pretzels and hummus, chips, popcorn, etc.
• 2 separate ordering windows
• So the line is cut in half 

I plan on operating the hours from 10pm-4am. Eventually I would like to branch out and start a location in downtown as well because I feel it is an entire different genre- includes college kids but more Gainesville locals. I think it would still be successful because food trucks are trending and  the food would be healthy, cheap, and of good quality. I did research and it does not cost much (as compared to a venue) to start a food truck business, so in turn the prices to sell will not be much. I am aiming for under $10 for a meal and under $5 for a snack. 

Venture Concept 

I think my idea is pretty self-explanatory. When college students are hungry but on a budget, they want cheap food, especially after a night of going out. I think my snacks idea sets me apart as well because sometimes you just aren't in the mood for an entire meal. Gluten-free is trending right now, and people overall try to eat healthy for the most part (at least I think so). 

I don't think it will be hard to get customers to switch for these reasons- especially the variety. My competitors are who I listed before- Pita Pit, Relish, Flacos, and Jimmy Johns. What sets me apart aside from cheaper food and healthier options, is the variety of food that will change on a weekly basis. It keeps customers surprised and engaged. 

As far as employees go, I think no more than 5 or 6. It's a small food truck business and there would only be about 3 people working at a time (one prepping the food and two taking orders at the two windows). 

Most Important Resource

The variety definitely sets me apart but the snacks do as well. Most competitors sell chips or fries as a side, but my snacks will be more filling (as far as snacks go). 

What's Next

As I mentioned before, I would like to open a business in downtown as well. However, I would like  to go to a food truck rally first to get the word out there regarding my business. 

What's Next For Me 

I would do this venture as a side job, not sure if I would stick with it for the rest of my life because it's just a food truck. I would maybe sell it for profit to someone else, or maybe open a restaurant with the same business concept. 

Week 11 Reading Reflection

This week's reading assignment was about as an entrepreneur, needing an innovation strategy. I think everyone taking this class knows by now, that you can't just wing it- there's a lot of thought that goes into creating a business/ service/ product/ etc. Therefore, nothing in the article really shocked me, but it was interesting to hear from a professional's perspective- including the innovation landscape map. It includes disruptive, architectural, routine, and radical ideas. If I had to ask the author two questions, I would want to know why these 4 only, and how he rationalizes the ideas behind them. I wasn't confused by anything per se, however I hadn't heard of the concept of innovation being of value to customers- it makes sense but I initially think of who is coming up with the idea. I don't think the author was wrong about anything, as I said most of this seems common sense to someone like me who has been in this class for 3 months now. It was an interesting read.

The Amazon Whisperer

For those of you first time visitors, the idea I have come up with is that of the Variety Van- a food truck to be set up behind midtown that essentially sells cheap yet healthy food for late-night goers. My targeted market is mostly college students who have had themselves a night out or are possibly taking a break from studying at the library and are in need of a snack. Since this is a service and not a product, my Amazon Whisperer challenge will not reflect the Variety Van per se, but is still related to the food industry/ is something that could be helpful to the Variety Van. 

Current revenue drivers
- Selling my products from the Variety Van

Next thing customers want
Since my food truck focuses on health and cost efficiency, I have decided to go with a product that can be used in any kitchen as a kitchen utensil. To keep things small and simple (two qualities of a food truck), I have decided to go with a blender, but not just any blender- a super blender. 

How it enhances the Variety Van
A super blender can be used to craft concoctions that are hard to make with the basic power of your average blender, all while making the perfect gluten-free smoothie (or whatever else anyone is craving).

Amazon product

Customer reviews 

Although there weren't many reviews, the feedback is flawless- 5 stars. The price of the blender at first tipped me off that it would be of good quality because it was on the more expensive side for not only a blender, but Amazon prices alone. According to satisfied customers, the set comes with its own measuring/ blender cup, chopper, and whisk. All of the parts are attachable so there is much ease in setting it up. The blender creates a smooth texture and each review completely raved about the whole package. 

Changes
To be honest, I wouldn't change much. I would maybe make the blenders in different, funky colors to go along with my trendiness/ edginess of the Variety Van. Anything to give it some jazz. As far as the skill goes, this blender is near perfect. 

Why it would be a good addition 
As I mentioned above, a blender like this would maybe be a good addition because it is small (for a small environment such as a food truck kitchen), but can do so much! Blenders are helpful for meals and snacks- savories or sweets- anything really. I think it would be beneficial. 

Your Venture's Unfair Advantage

10 resources:

1. Variety

2. High quality food

3. Cheap food

4. Healthy food

5. Snacks

6. Quick service

7. Business plan to branch out 

8. Mobility

9. Trendiness

10. Lower investment costs 

Variety

Valuable: Helpful if you are a picky eater.

Rare: Not many places sell more than one type of food.

Inimitable: Pretty hard to copy by others because it's a meals on wheels type service rather than a place you go to sit down and have food where the food is based upon the name of the restaurant.

Non-substitutable: Not many other resources that can provide the same benefits elsewhere.

High quality food

Valuable: A bang for your buck.

Rare: Not as rare as there are many places to get high quality food, but if you are looking for high quality late-night dining, this is the place to be. 

Inimitable: As mentioned above, easy to be done, but not necessarily for late-night dining. 

Non-substitutable: Some other resources that can provide the same benefits elsewhere.

Cheap food

Valuable: Super valuable to college students as most are on a budget.

Rare: Below the average cost of $7 for a meal.

Inimitable: Not the easiest to be copied by others, but can be done. 

Non-substitutable: Some other resources that can provide the same benefits elsewhere.

Healthy food

Valuable: Extremely valuable for health nuts.

Rare:Rare for late-night dining.

Inimitable: I would say pretty hard for this one because there is so much greasy food or stuff that is bad for you because people are trying to cater to what drunk people want so late at night, but they don't go as far as to come up with food that has those same benefits but is also good for you. 

Non-substitutable: Not many other resources that can provide the same benefits elsewhere.

Snacks

Valuable: For those who do not want to eat/ pay for an entire meal.

Rare: There are practically no places where you can find a decent snack that fills you up. 

Inimitable: I would say hard to do- most people just have bags of chips or fruit that has been sitting out forever. 

Non-substitutable: Almost no other resources that can provide the same benefits elsewhere.

Quick service

Valuable: Solely to compete with competitors. 

Rare: Not rare- Jimmy Johns is really fast, along with fast food drive thrus. 

Inimitable: Same answer as above. 

Non-substitutable: There are several other resources that can provide the same benefits elsewhere. 

Business plan to branch out

Valuable: Valuable in the long run.

Rare: I don't know how to answer this because I don't know how other businesses make their own plans, but I like where I'm going with this. Want to open a truck in midtown and downtown. 

Inimitable: Flacos has both midtown and downtown locations so it can be done. 

Non-substitutable: Not many other resources that can provide the same benefits elsewhere, but can be done. 

Mobility

Valuable: Easy to drive around and park places (once I get a license to do so). 

Rare: None of my competitors can do this. 

Inimitable: Almost impossible unless you are another food truck company.

Non-substitutable: Almost no other resources that can provide the same benefits elsewhere.

Trendiness

Valuable: People love what's trendy, such as going to a food truck rally. Good opportunity to get my food out there before opening up shop. 

Rare: Not as rare as you would think. 

Inimitable: It's easy to be trendy nowadays, with concepts like brunch and what not, but as far as late-night dining goes, not so much.

Non-substitutable: Not many other resources that can provide the same benefits elsewhere.

Lower investment costs

Valuable: Valuable for me, but in turn helps make the food cheaper for the customers. 

Rare: For restaurants yes, for food trucks no according to http://www.legionmfg.com/advantages-of-food-trucks. 

Inimitable: Not exactly sure how other businesses get this done, to be honest. 

Non-substitutable: N/A

Top Resource 

I am torn between the variety, snacks, and mobility. Each are essential and hard to copy by other businesses. Variety in the food changing on a weekly basis though, I have to say, is probably the number one because I am catering to each individual's need for taste and quality. I would even set up a suggestion box so I can get insight and feedback from customers. I think snacks and mobility help in setting me apart though. I am very excited about this idea and think the VIRN test did well on pretty much each resource!

Week 10 Reading Reflection

This week's reading was all about financial preparation for entrepreneurial ventures. I think the author was clear in his/ her wording about individual topics, making it easier to understand. However, something that would borderline confuse me are all the nit-picky details to things such as a balance sheet- the current assets, cash, accounts receivable, inventory, prepaid expenses, etc. It's a lot to keep track of and it really isn't something I ever think much about as my idea is solely for this class. There is seriously SO much to a balance sheet. I sound like a broken record because it really stood out- I wasn't expecting so much. That probably sounds ignorant, but it's honestly just not something I think about- I'm more of a creative mind. If I could ask the author two questions, I would ask just how important the operating budget is relative to linear aggression, and would like to hear more characteristics of credible financials. This kind of stuff is not my area of expertise at all, so I'm sure the author was more than qualified in writing this piece.

Growing Your Social Capital

For those of you first time visitors, the idea I have come up with is that of the Variety Van- a food truck to be set up behind midtown that essentially sells cheap yet healthy food for late-night goers. My targeted market is mostly college students who have had themselves a night out or are possibly taking a break from studying at the library and are in need of a snack.

I talked to 3 separate people and have either omitted his/ her first/ last name for the sake of privacy. I asked each person the same questions:

1) Aaron
Background: Graduate student studying anthropology

Slot/ how he/ she fills the slot: Market expert- works with, teaches, and researches college students.

Description of how you found the person and contacted the person:
Aaron was my TA a couple years ago in a class so I went back through our thread of messages and emailed him.

Nature of the exchange you had with the person/ what favor did they do for you? What was the return expectation?
Aaron was happy to help since I was a former student of his.

How will including this person in your network enhance your ability to exploit an opportunity?
Aaron understands how the brains of college students work, which is beneficial when they are my target audience. I want to cater to their needs.

2) Mr. Brown
Background: Employee at the hotdog stand in downtown Gainesville

Slot/ how he/ she fills the slot: Industry expert- similar to a food truck, Mr. Brown sells hot dogs to late-nighters looking for food after a night of going out.

Description of how you found the person and contacted the person: I've been to the hot dog stand before, so when I decided to stay in on a Friday night, I made a trip down there around midnight to talk to him.

Nature of the exchange you had with the person/ what favor did they do for you? What was the return expectation?
All I had to do was buy a hotdog!

How will including this person in your network enhance your ability to exploit an opportunity?
Including Mr. Brown is beneficial because he's seen the drunk people, he's dealt with them, served them, etc. He knows what he's doing.

3) Mrs. Jackson
Background: Employee at Prestige Food Trucks in Orlando

Slot/ how he/ she fills the slot: Industry expert- she works at the world's leading food truck manufacturer.

Description of how you found the person and contacted the person: I googled around for a while before I came upon their website and called the toll free number and finally got put through to her .

Nature of the exchange you had with the person/ what favor did they do for you? What was the return expectation?
There was no return expectation. She was polite and friendly, but definitely had other things on her mind/ stuff to do so it wasn't a particularly long conversation.

How will including this person in your network enhance your ability to exploit an opportunity?
I think this is the biggest benefit. Mrs. Jackson knows all about the process behind how a food truck works. While I have this grand idea, I haven't put too much thought into the "behind the scenes" of it all and she is the go-to person.

In participating in future networking events, I don't necessarily feel much more confident. I already knew Aaron and Mr. Brown only works at a hotdog stand. Mrs. Jackson was an operator, so I didn't really speak to anyone super high up in their field. The food truck industry is just taking off but it is definitely a more casual sort of dining. In the past I have networked with people related to telecommunications (my major), or higher-up business players (as I am studying a concentration in business administration), so this is completely different due to its casual nature.

Elevator Pitch No. 3

The feedback I received on my Elevator Pitch No. 2 was all positive. Like the feedback after the first pitch, each person who commented thought a food truck would be very beneficial to midtown- close to campus where foot traffic is heavy. Each person who commented would eat at my food truck because of the healthy and dietary benefits. There was no outrageous or silly feedback, but one person did have a question on how I would avoid long lines, such as the long lines at my competitor shops, such as Pita Pit, Relish, Flacos, and Jimmy Johns. In this third elevator pitch, I address everything I have thus far, including how the Variety Van plans to avoid long lines. Enjoy my pitch!

Week 9 Reading Reflection

In this week's reading, I read all about the marketing challenges associated with entrepreneurial ventures. To be honest, I have taken several marketing classes as I am pursuing a minor in business administration, so I feel like I know a thing or two about marketing plans and strategies. Nothing really stuck out to me here or confused me. The social media section was all stuff I have learned as I took a digital marketing class last summer. If I had to ask the author two questions anyway, I would ask him or her to elaborate on the market philosophy and the market segmentation aspects that were brought up. I would also like to see an actual chart for the "pricing for the product life cycle" table. I don't disagree with the author on anything as it is all stuff I have heard before.

My Secret Sauce

5 ways in which I think my own human capital is unique:
1) I am consistent in my morals and beliefs, but would never judge anyone else for theirs
2) I have the ability to see humor in unfortunate situations
3) I am always down to make friends and have a good time
4) I don't really care what people think of me, unless it's in a professional manner
5) When I love something, I really love it

I asked my 5 best friends (who don't all go to school here) to send me voice memos over the phone and I recorded them. Here are the recordings:

This is Erin. I met Erin in college but she graduated last year and currently lives in Berlin as she is getting her masters there. Erin believes I have a lot of integrity, but with that being said, I am very open-minded.

This is my friend Alex. I know Alex through mutual friends and we have gotten pretty close. Alex says I am super passionate about certain subjects and that I am always willing to speak my mind.

This is my friend Amelia from home. Amelia thinks I have a great sense of humor, I can make a lot of people laugh, and I march to the beat of my own drum and don't care what people think about me. She says I don't get nervous easily. Her voice memo got cutoff but I think she said the most out of everyone.

This is my friend Nedim from home. Nedim thinks I can work well under pressure. He even uses the phrase, "if you give Shannon a piece of coal, she will return with diamonds in the rough."

This is my friend Greer from home. Greer also thinks I have a good sense of humor. She says I can joke and laugh just about anything.

I think my friends see the same things I said- stuff about humor, passion, and integrity. But they also pointed out some things I didn't think of, like working well under pressure and marching to the beat of my own drum. I like that last one and would add it to my list under the "don't care what people think" category. This was a cool assignment because it's always nice to hear great things about yourself, especially when it comes from people you love!

Idea Napkin No. 2

Welcome to my blog for those who are first visiting!

I'm Shannon and I am a telecommunications major with a minor in business here at the University of Florida. Since I am pursuing a minor in business, I decided to go that route with my idea for this class as it is more entrepreneurship-like rather than telecommunications, in my opinion anyways.

My idea is a food truck behind midtown for late-night foodies. I am a waitress and have minimal experience with food, but what I think sets me apart is that I want the food to be on the healthier side. The name of my food truck is the Variety Van, which originates from the idea of the food changing on a weekly basis- such as Mexican one week and Asian the other. I will also be providing snacks for those who don't want a full meal. 

My food truck is targeted at college students who are looking for late-night cravings. While some could use a snack from the library, others could be going out to the bars and get the drunchies (drunk munchies) and are looking for food. I think they would care about this because the food would be cheap and affordable, yet healthy all the same. 

I think the healthy factor and variety aspect really sets me apart from my late-night competitors, Relish, Pita Pit, Jimmy Johns, and Flacos. I personally think all these elements fit together and there aren't really any aspects of my business concept that are weak. However, there was some feedback from my peers that got me thinking about a few more things.

One classmate liked the idea but doubted that drunk people would be craving healthy food. My only response to that is just because the food is healthy doesn't mean it won't be delicious! Food trucks are really trending right now, and I think the cheaper costs will help drive the business. Also, I don't predict all of my customers to be drunk. 

Another classmate asked what location behind midtown I would put the food truck. That's something I've really been considering as there is a neighborhood behind midtown and traffic in the streets. If I could get the license to do so, I would put the food truck in the parking lot next to Cantina and where Shucks used to be. If you've never been to midtown, it's a smaller parking lot with 2 exits, and they normally block off one, which allows cars to still get through, and eliminates the possibility of a customer getting hit in the street. This same classmate also suggested that I extend my business to downtown as well. I welcome this idea considering a lot of Gainesville locals like to go out downtown, so I would be able to target both college students and normal Gainesville residents. This was my favorite suggestion, as I already feel like my business is growing!