Reading Reflection No. 3

I read the book How to Fail at Everything and Still Win Big: Kind of the Story of My Life by Scott Adams. Scott Adams details his life story and how a series of failures and mistakes somehow led him to his successful career as a cartoonist and writer. The book was written in a comical manner to help better relate to someone whose career revolves around comedy and making people laugh through text and illustrations. It is evident from his many unfortunate circumstances like having to start off as boring bank teller job then finally breaking into your desired career to find that you have lost your voice and soon the loss of his drawing hand to spasmodic dysphonia. He was able to recover, but these setbacks helped build him to the person he is today.


Think this book connects with this Entrepreneurship class because it shows us that failure is inevitable, but the way to overcome failure is how you respond to it. Everyone will face some sort of failure like Scott Adams, but if we pick ourselves back up and keep persevering we can reach our goals. If I had to create and exercise for this class from this book I would have the students write about a time they felt failure and how they felt right after the event. Then I would ask them to describe how this failure could have a positive spin and how they have grown from the experience. My biggest “aha” moment is when Scott Adams said that “goals are for losers”. This puzzled me because I have been taught my entire life to set goals and reach for them. To build plans around my goals, and Adams is directly telling me and other readers that you should not make goals. After reading this book I had some time to reflect and think on what he wrote. I started for form where he got this idea. He didn’t really have a plan for anything and he ended up as a successful cartoonist and he is extremely happy. Goal setting was not for him and it may not be for other people as well, just not me. I really enjoyed reading Scott Adams book and reading about his rise to success. This book was funny and full of surprises and I will probably read it again soon.

Venture Concept No. 2

Opportunity:

                My venture of a low cost kegerator will appeal to college students who enjoy parties and who host them occasionally. People who see a need for this product are those who host parties and are tired of the hand pump taps which are outdated and inefficient. The nature of the need is that it is great for a party setting because it works well and is easy to useThe environment that makes this venture a possibility I that hand pump taps have not been changed in years and this obsolete technology needs a re-vamp. My idea for a kegerator will be ideal in college towns like Gainesville, Florida and Athens, Georgia. My target market living in areas like these will see the merit in having a more advantageous way to dispense beer. This venture will be great for parties and other events where keeping the beer cold is the first priority. My market for the kegerator will be primarily in the south with warmer temperatures and in college towns with high population densities around the ages of 21 to 30 years old. Potential customers of my kegerator are tired of the keg tossed in a trash can surrounded by ice. They want a new way to dispense beer from kegs in a more dignified manner that is easy to use and cost efficient.

Innovation:

The innovation of my product is the new take on dispensing beer from a keg cheaply and efficiently. There are already kegerators that exist in the market place, but those are bulky and expensive. The kegerators out now are more for personal use, while my idea is more for pleasing the masses at parties and other events. The hand pump tap is outdated and requires a lot of effort for the user to get their beer from the keg. My idea for a kegerator will have a insulated interior that will keep the keg cold, a CO₂ tank and pump the get the beer out and a durable exterior so it can last many parties. I would be selling my kegerator for $65 and would also sell the extra tubes and CO₂ for maintenance if need be and to refill the tanks.

Venture Concept:

                People will want to buy my product because party goers are tired of trash can kegs and want something new that can be easily operated. I don’t believe that it will be hard to switch to this product because it will be an easy decision to dispense beer in a more dignified manner and also reducing messes caused by trash can kegs. My main competitors are companies that sell full kegerators, but thankfully we market to different target audiences. They are more focused on personal and small croup markets, while I am focusing on college students who enjoy large parties. My distribution will be run out of Gainesville, Florida in a small store so that customers will be able to come in see the products first hand and will have assistance nearby if necessary. It would be a small operation with 7 people working with me for sales, delivery and maintenance.

Minor Elements:

                My most important resource is my beer knowledge from home brewing and from working in a bar. This will give me insight into the business as well as insight into my potential customers. This knowledge will make it hard for people to compete with my product because few people have extensive knowledge of beer and brewing. My next venture will be to create more custom tap handles and other ways to customize my product so that the kegerator can be personalized to customers. And hopefully in 5 years I hope to have good home base in Gainesville with many customers and eventually reach out to Athens, Georgia for a second store.

Feedback from Venture Concept 1:

The comments I have received from other students confirm my original venture concept. The comments agree that the CO₂ dispenser is the best way to get beer to the party goers and will cut down on time and effort. Comments also show that my price of $65 would be manageable for the average college student. The ability that it can be reused multiple times makes the price even more affordable. I cut down on some of the extra information, but overall I did not have to change anything except I was given a couple extra places that might be better locations to start my business.

Final Reflection

My most formative experience was reaching out to other company owners to see how my venture of the kegerator would look in the real world. It was interesting to hear back from all these men and women with experience in the field saying that I have an interesting idea and giving me personal guidance. I think that will stick with me for a long time. I also now have their contact info and am able to reach out to them in the future if I choose to do so. The experience I am most proud of was overcoming my fear of walking up and talking to strangers to get their ideas for my venture. I had never done that before and I was able to slowly grow my confidence and I feel that I can pitch my idea cold at any time thanks to the experience that I have gotten from this class. Looking back at the mantra from the beginning of this class I feel as though I can say that I am a true entrepreneur. I feel this class has brought me closer to what an entrepreneur is and I feel confident that I can start any venture I choose. One recommendation I have for future students would to be to take the course seriously and see what each exercise is supposed to help you with and try your best to grow that skill. This class will teach you many things and being open to what your professor wants to show you will help you learn new skills and will get you invested in your personal venture. The mindset you need to have is to look to what opportunity each exercise will open you up to.

Making it Real

	William wwwwww Rand
123 street street Gainesville, FL  32603	wbrand@ufl.edu	Cell: (770) 555-0973

Qualifications Summary

I am organized and ambitious student at the University of Florida. I am committed to delivering high quality results through my persistent nature and my ability to pick up new information quickly. I am energetic, professional and eager to learn about the brewing industry.

Education

Student, University of Florida - Gainesville, FL                                                   2013 - present

Academic junior year majoring in Advertising and minoring in Innovation and Geography.

Work Experience

Founder, Chill Kegerator                                                                                          2016 - present

• reach out to potential buyers and to other companies to help with my venture
• knowledge of kegerators and beer
• to to give proper criticize to others and help them grow

Kitchen Services, Alpha Chi Omega - Gainesville, FL                                          2015 - present

·         Busboy and assistant preparation chef

Internship, Prometheon Pharma                                                                        Aug. – Dec. 2014

·         Organized and orchestrated community events to raise awareness and donations

·         Use of social media and Linked-in to reach out to possible donors

Delivery & Installation Technician, Atlanta Spa & Leisure -Atlanta, GA              2012 - 2013

·         Delivery and installation of hot tubs and pool tables

Volunteer Experience

Treasurer, Phi Gamma Delta - Gainesville, FL                                                     2015 - present

·         Develop budget for upcoming semesters, Vice-president,

·         Chaired Dance marathon - was the liaison for my chapter for University of Florida's largest student run philanthropic event, Dance Marathon.

·         Internal Philanthropy committee - reached out to local business to help support our annual philanthropy supporting the USO

·         Chaired External Philanthropy - was in contact with sororities on campus and organized my chapter members to participate in their events

·         Chaired Blood Drive - was in contact with LifeSouth of Gainesville, FL to help my chapter donate every 9 weeks

·         Recruitment committee - coordinated events to bring potential new recruits to Phi Gamma Delta

Assistant Swim Couch, Huntcliff Hammerheads -Atlanta, GA                                2012 - 2013

·         Assistant in head coach of neighborhood swim team

·         Organize practice schedules and routines

Volunteer, Children's Health Care of Atlanta - Atlanta, GA                           Aug. - Dec. 2013

·         Organization of inventory of necessary medical items

·         Disposal of expired medical equipment

PROFESSIONAL AFFILIATIONS AND AWARDS

·         Member of the international fraternity Phi Gamma Delta – member of an organization the supports the growth and development of college men into responsible adults through leadership and responsibility

·         Kurt Bunger Award 2013 – award given to most determined swimmer that also showed charisma as well as sportsmanship

My Exit Strategy

My exit strategy is that I don’t plan on getting out of the business. I would love to have my own business and have it stay with me as I grow older and grow in knowledge about my market. I hope that I never have to sell my business and that I can hopefully pass on the company to my children. I don’t want to see my hard work going into a company and then have to sell it to someone who doesn’t share my aspirations about my first venture.

I think that not having an early exit strategy has forced me to think of solutions that are better for the long run and not just a quick resolution. I am also always looking for new opportunities that could help grow the business and possibly let it break into new markets. My exit strategy has also kept me from reaching too high to fast because I don’t want to jeopardize the company. I want to keep my company for decades and hopefully never have to sell to anyone and keep the business in the family.

Venture Concept No. 1

Opportunity:

                My venture of a low cost kegerator will appeal to college students who enjoy parties and who host them occasionally. People who see a need for this product are those who host parties and are tired of the hand pump taps which are outdated and inefficient. The nature of the need is that it is great for a party setting because it works well and is easy to use. The appeal of a relatively low costing kegerator that keeps beer cold and is easy to use for the average consumer would attract a lot of attention.

                The environment that makes this venture a possibility I that hand pump taps have not been changed in years and this obsolete technology needs a re-vamp. My idea for a kegerator will be ideal in college towns like Gainesville, Florida and Athens, Georgia. My target market living in areas like these will see the merit in having a more advantageous way to dispense beer. This venture will be great for parties and other events where keeping the beer cold is the first priority. My market for the kegerator will be primarily in the south with warmer temperatures and in college towns with high population densities around the ages of 21 to 30 years old.

                Potential customers of my kegerator are tired of the keg tossed in a trash can surrounded by ice. They want a new way to dispense beer from kegs in a more dignified manner that is easy to use and cost efficient. Once my customers try out my product they will see the convenience of the product and will use it permanently. This is not a huge opportunity and it will take time to build the groundwork, but sales will soon rise as more people see the benefit of having kegged beer that is easily dispensed.

Innovation:

The innovation of my product is the new take on dispensing beer from a keg cheaply and efficiently. There are already kegerators that exist in the market place, but those are bulky and expensive. The kegerators out now are more for personal use, while my idea is more for pleasing the masses at parties and other events. The hand pump tap is outdated and requires a lot of effort for the user to get their beer from the keg. My idea for a kegerator will have a insulated interior that will keep the keg cold, a CO₂ tank and pump the get the beer out and a durable exterior so it can last many parties. I would be selling my kegerator for $65 and would also sell the extra tubes and CO₂ for maintenance if need be and to refill the tanks.

Venture Concept:

                My idea of a kegerator will eliminate the need for outdated hand pump taps and eliminate the strenuous task of kegging the beer dispensed. People will want to buy my product because party goers are tired of trash can kegs and want something new that can be easily operated. I don’t believe that it will be hard to switch to this product because it will be an easy decision to dispense beer in a more dignified manner and also reducing messes caused by trash can kegs. My main competitors are companies that sell full kegerators, but thankfully we market to different target audiences. They are more focused on personal and small croup markets, while I am focusing on college students who enjoy large parties. My distribution will be run out of Gainesville, Florida in a small store so that customers will be able to come in see the products first hand and will have assistance nearby if necessary. It would be a small operation with 7 people working with me for sales, delivery and maintenance.

Minor Elements:

                My most important resource is my beer knowledge from home brewing and from working in a bar. This will give me insight into the business as well as insight into my potential customers. This knowledge will make it hard for people to compete with my product because few people have extensive knowledge of beer and brewing. My next venture will be to create more custom tap handles and other ways to customize my product so that the kegerator can be personalized to customers. And hopefully in 5 years I hope to have good home base in Gainesville with many customers and eventually reach out to Athens, Georgia for a second store.

Celebrating Failure

I have been through a lot of failure and had to learn from my mistakes. One of my earlier failures was not getting my interviews on time for assignments in this class. I was frightened of talking to strangers and because of that I wasn’t able to get assignments finished and this brought my grade down in the class. My failure of talk to strangers about my venture concept was preventing me from doing my job. I had to make a conscious effort to start talking to random people and was eventually able to build my confidence. I was slowly becoming more comfortable in my own shoes and my ability to talk to people grew exponentially. This class has directly influenced my ideas on failure and I am more willing to take risks. This class has allowed me to break out of my shell and overcome my fears to become a better person and a better student.