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 People who see a need for this product are those who host parties and are tired of the hand pump taps which are outdated and inefficient.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.

Elevator Pitch No. 3

My third elevator pitch:
https://www.youtube.com/watch?v=SVOpsuNW8Rc

Reflection: Previous feedback said that I had good eye contact, was standing up straight, but I was a little rigid. I try to keep good eye contact with everyone and it was strange staring into a camera for over a minute.

What did I change: I tried to dress nicer for my elevator pitch. I wanted to look more presentable and to emulate who my target audience would be. I also tried to come off less rigid and more free flowing.

Amazon Whisperer

Amazon whisperer

Revenue Drivers: My revenue drivers are my main product, the kegerator, as well as the individual components that can be sold separately in case something on the kegerator broke. The majority of me revenue will come from the purchase of my kegerator. I will also have different tap handles to choose from so customers can customize their kegerator.

Next product: My next product will possibly be a table that can be used for every type of drinking game. It will have multi-purpose capabilities, but it can be used in most parties for any drinking game.

Next thing to enhance existing product: I could add more ways to customize the kegerator like more tap handles and more outer designs that allow for the customer to allow their personality to flow as well as the beer

Competing product: My competition is the EdgeStar Kegerator that costs around $425 and can break the bank for a college student. This product is a luxury product that keeps a keg cold and dispense beer from any sized keg.

Consumer Views: There were multiple complaints that the kegerator did not hold a temperature well which led to the beer being dispensed foamy and warmer. The majority of the positive reviews are just on the looks. I wouldn’t want to spend money on something that only looks nice and doesn’t work properly

Changes to the product: If I could make changes, I would spend more time on the kegerator keeping its temperature and not just on how it looks. You are spending a lot of money on a fridge, I would personally like the fridge to work properly.

I don’t think the product would fit with my product line because it goes after a completely different audience that I am chasing. It wouldn’t fit with the products around it.

My unfair advantage

10 resources in my venture: Valuable, rare, inimitable, non-substitutable

Home brewing: Value: gives me knowledge of beer

Rare: not many people brew their own beer

Inimitable: Few people care enough to brew their own beer

Non-substitutable: not many other things give you the personal skills in brewing beer

Connections to Samuel Adams: Value: allows me ask questions of knowledgeable people

Rare: not many people have access to people in the brewing community

Inimitable: There are only a few people in the beer industry

Non-substitutable: other breweries can off the similar benefits

Organization: Value: allows me to keep everything flowing smoothly

Rare: many people are organized so it isn’t very rare

Inimitable: it can be easy to imitate organization for certain people

Non-substitutable: this benefits everything branching from organization

Optimistic personality: Value: it allows me to get personal with customers and suppliers

Rare: it is hard to find someone so optimistic, especially about beer

Inimitable: there are people who fake and who are not sincere about their passion for beer

Non-substitutable: optimism can lead to its own success and that is very important

Experience as bartender: Value: I got first-hand experience with kegs and how to properly dispense beer

Rare: there are only a few people with actual bartending experience

Inimitable: it is easy to copy, but many people are not formally trained

Non-substitutable: you can only get experience by buying your own keg and supplies

Connections to Sweetwater Brewery: Value: it gives me access to people with a lot of knowledge of beer

Rare: few people have connections to people like that

Inimitable: it can be hard to copy these invaluable connections

Non-substitutable: connections to other breweries can offer the same benefits

Cool-headed: Value: it allows me to make rational decisions even under stressful situations

Rare: It is hard to find someone who is calm under pressure and doesn’t make rash decisions

Inimitable: it can be copied, but pressure hit people at different times

Non-substitutable: there are no other resources that can copy this

Passionate: Value: It allows me to focus on my idea and gives me drive to make it the best product

Rare: it is few and far between to find someone truly passionate

Inimitable: it can be hard to copy passion especially when it is not your own product

Non-substitutable: there are no other products to measure up to what passion can do

Caring nature: Value: it allows me to sympathize with my customers and they will be more likely to stay customers

Rare: It can be find someone who is so caring and willing to help at the drop of a hat

Inimitable: it can be difficult to be truly caring all the time

Non-substitutable: there are no other resources that can copy the effect of being truly caring to someone

Considerate: Value: The value of being considerate is being aware of how your customer is reacting to a situation and responding accordingly

Rare: It is rare to find someone extremely considerate of people and their emotions

Inimitable: people can be considerate, but it can be difficult to be constantly aware and responding to customers’ needs

Non-substitutable: this is similar to being caring, but being considerate is more focused on appropriate actions to take to people’s emotions

My important resource:

My important resource is my home brewing skills. I chose this as my important skill because it stems into a lot of the knowledge that I have developed over the years. My years of brewing beer have built my knowledge of beer and beer culture. Though my experience, I have learned who my target audience is for my kegerator product. My experience of kegging my own beer has given me first-hand experience in how kegs work and the best way to dispense them. I believe that this skill will lead to my success. 

Growing My Social Capital

Domain Expert: My domain expert is Chris Hart of Hoggetowne Ale Works. He is the manager of a homebrew store here in Gainesville. I found Mr. Hart last week when I was buying supplies for a brew I was preparing. He gave me his card and I emailed him my idea for a kegerator. I asked him about the possible ways to actually build the product and he gave me a few pointers about what would be a good insulator. He knows the business and he has local connections to help me.

Market Expert: My marketing expert is Brad Spence the marketing manager for Samuel Adams Boston Beer Company. I found Mr. Spence at a beer festival a few months ago and he gave me his card. We have been in contact for a while and I thought he would be good to ask about my product. I asked him where the best place to advertise for an affordable kegerator product and he agreed that a college town like Gainesville would be very appropriate. He is an important connection because of his work experience and his many connections to Samuel Adams.

Supplier: My supplier contact is Robbie Toombs of kegerator.com. I used the contact option on their website and Mr. Toombs respond back. He is obviously well versed in kegerators because that is what the company he works for sells. The exchange was strange at first, but he was eventually more open and willing to help. I guess I would be nervous to if someone wanted to make a product that might be competition. I asked him about his most popular products and where most of their products go to. I discovered that we are going after very different audiences.

Reflection: It was interesting to reach out to multiple people in the industry and hear their perspective from their point of view. I am also learning what questions to ask to learn the info that is crucial to me. This was different from previous networking experiences because I discussed with people who have experience in the field and I saw their opinions as more valid that opinions from various friends and strangers.

Idea Napkin No. 2

Me: I am a University of Florida student perusing a degree in advertising. I am also a homebrewer and I have work experience in bars which gives me background knowledge about the kegerator. My aspirations are to work in the field of brewing, and creating a kegerator design will help me on my journey.

What am I offering? I am offering a cost efficient kegerator that is great for parties and other events. My product will keep any sized keg cold for hours without making a mess. It will also be easy to use for the average consumer.

Who am I offering it to? I am offering this product to college students above the age 21. College towns will be my primary target market. College towns have the age demographic and many of the people living there will see the need for a kegerator.

Why do they care? They should care because the kegerator will make the party experience more enjoyable by keeping the beer cold and the spirits high. My customers will also see the benefit in having an affordable item that will last a long time.

What are my core competencies? My competencies are my experience with beer and the beer industry which is unique to me. Not many people have experience in the beer industry. I also am very determined to find a better way to pour cold beer for the average party goer.

I think that all five points fit well together. My experience with beer and my pursuit a better beer dispensing product go hand-in-hand. My colleagues who looked at my previous napkin also agreed that selling in a college town would be a prime place to sell. They would be my primary market and word would spread quickly.

My Secret Sauce

5 ways in which my human capital is unique

Cool-headed – I keep a cool head under stress and pressure that lets me make good decisions

Passionate – I am passionate about the work I do and will strive to do the best I can

Beer knowledge – Especially pertaining to my product I have a vast knowledge of beer and breweries

Caring – I care for others well-being and that helps me build relationships

Considerate – I am willing to discuss opposing opinions to find a better solution

Interviews:

1. Max – Max and I have been friends for a long time and have done a lot of collaborative projects together. He knows me very well and it was interesting to hear that we both think my level headed nature is beneficial.

https://soundcloud.com/user-26021784/interview-001

2.  Mike – Mike and I have been friends for a long time as well so it was interesting hearing from his view. He mentioned that I am “quietly strong” which I feel is a good description of how I act diplomatically.

https://soundcloud.com/user-26021784/interview-002-1

3. David – Davis and I have taken a few classes together and we have worked on projects together a few times as well.

https://soundcloud.com/user-26021784/interview-003-1

4. Anthony – Anthony and I have worked on a few projects together where we have both taken the leadership role. He mentioned that I can keep a calm head and that I am organized which helps me keep track of what I need to do daily.

https://soundcloud.com/user-26021784/interview-004-1

5. Stuart – Stuart and I brew beer together so he knows my beer brewing skills and my fixation on organization. I think he made some good points about hearing other people views

https://soundcloud.com/user-26021784/interview-005

Reflection

The majority of what my friends say about me reflects how I see myself. It was interesting hearing their opinions about what my skills and abilities bring to the table. One thing that I would add is my organization skills that help me keep track of all the things that I need to do. Going back to my original list I wouldn’t change anything. I think my original fits me very well and describes my personality.

My Customer's Avatar

My custom avatar is man between the ages of 21 and 30. He enjoys the beer culture and frequently go out to bars and friend’s houses to throw parties. His hobbies include brewing their own beer and playing football with friends. He drives a Ford Explorer to fit all their friends in the car to various events. He enjoys watching ESPN, the golf network and the SEC network to get their info on sports news. He is single and does not have any kids. His favorite book is Catch-22 because of the subtle comedy within the story that plays on a serious subject. He may be starting to get older, but he doesn’t feel that way and wants to keep partying with friends.

If this avatar was my ideal customer, we would have a lot in common. We are both in the same age group and we both like to party with friends and having a grand old time. I do not think that this is a coincidence that we share a lot in common because I was the one who designed this product. I would personally love to have this product and I would imagine people like me would also like this idea.

portmanteau: Stu-sic

Stu-sic: noun. The music you listen to while studying or other work.

My portmanteau is Stu-sic. I combined “study” and “music” for the idea of what people listen to while studying or doing other work. It was fun thinking up a new word and I got the idea when I was listening to Art Blakey and was thinking to myself what other people like to listen to while studying.  I used this work for about two weeks and received many curious faces. I would ask friends, “What kind of stu-sic you like?” and “I can hear your stu-sic from across the room!” Most poeple responded with "ok, Will" and a chuckle. Many people would ask what stu-sic and I would inform them that I am trying out a new word to see how it feels. I used the word about 5 to 10 times a day to see how different people reacted to it. Unfortunately, I never heard anyone else using my word. I don’t think that stu-sic will take off like I had hoped. It was still fun coming up with a new word.

Halfway Reflection

Hello future students of ENT 3003! You have an amazing road ahead of you and I am sure many of you are excited to get started! There are a few things I want to inform you all before you all start this fun and exciting class. This class is not structured like your normal college class. The majority of this class will be centered on assignments to help you develop your own personal venture, weather product or service. There are a lot of assignments throughout this class to help develop different skills and it takes effort on your part to keep up with these assignments. There are going to be times where you want to not do an assignment and just quit, but if you keep at it you will see the true glory of what you can do.

By taking this class I have developed to be more organized and have consciously becoming a more outgoing person. I learned organization by keeping in date with assignments and by building a schedule to help me complete them. A lot of the assignments require you to reach out to strangers and ask about their opinions and I have felt myself becoming more comfortable around strangers and friends. There have been a couple times where I wanted to not do an assignment because I was exhausted and didn’t want to do any work, but I thought about what this class was teaching me and I heard my professor’s inspirational voice in my head telling me that I should finish the assignment. I thought about not wanting to do the elevator pitch and just taking a nap, but the voice in my head got to me. So I got up, finished the layout of my pitch, rehearsed a few times and gave it a shot. It turned out better than I thought and didn’t take as much time as I thought. I feel as though I have developed a tenacious attitude and a desire to do well in this class.

I have a few tips for those of you that want to take this course. One tip is find a friend or reach out to someone who is also taking the course so that you can brainstorm ideas together. Another tip would be to start your assignments early so that you are not pushed for time to finish them the day the assignment is due. Another tip would be to pick a product or service that you really care about so that you will be fully invested in the potential success that you can bring.  

Need Awareness and Information Search

https://soundcloud.com/user-26021784/interview-002

https://soundcloud.com/user-26021784/interview-003

https://soundcloud.com/user-26021784/interview-004

Draw conclusions.

I learned about some pretty important things from my interviews. I learned that a lot of people go to friends and occasionally yelp to find out information about products. So being there for the 20% of my main customers and keeping a good online appearance will be crucial. By getting customers and then building relations with those customers, they will tell their friends and family and word will spread of my product. This segment in the market is focused more on word of mouth for picking out a product. The people interviewed seemed interested in the product and if good word of mouth were to spread about the kegerator I am sure it would sell very well in a college town.

Reading Reflection No. 1

I read the book The Wright Brothers by David McCullough and was thoughouly entertained throughout the book.  The book tells the story of Orville and Wilbur Wright and their tireless efforts to create a “flying machine.” They were inspired by the countless people who tried to conquer the skies including their friend and mentor Otto Lilianthal. These two bright men with no college education were able to create a printing press, a newspaper company and a successful “safety bike” company which lead to their involvement in aeronautics. The book discusses their constant trial and errors to eventually making a flying machine that they were proud of.

            What surprised me most was at how sacksful these brothers were without any college education. They were able to build their own bike design that lead to an early success and learned about the dynamics of flight on their own time. I most admired the tenacity of their efforts of constantly pushing through many failures to make slight accomplishments. There tenacity to make this flying machine shows just how much hard work can pay off. There wasn’t anything about the brothers that was striking that I didn’t admire. They faced constant failure and their ability to rethink the problems and to try out multiple solutions allowed for them to overcome obstacles.

            I really enjoy McCullough’s writing because he is very is able to extrapolate complex ideas into easy to understand terminology and has clear writing style. The only thing that was slightly difficult was to grasp was their father. He was a pastor and yet let his sons and daughter have free reign over their beliefs. I would imagine a pastor father would be upset if his children didn’t want to study religion and instead wanted to conquer the skies. If I could ask the Wright brothers two things, they would be: would you have been happy if you stayed with the bike business? And what was the hardest obstacle to overcome when building your flying machine? I think the Wright brothers had a strong opinion for hard work. They were able to get everywhere the wanted through hard work. They overcame and persevered through many tough obstacles that lesser men would have left alone. I also believe in hard work and its ability to open doors for those who tough through the hardships of life. I think that the Wright brothers are two of the greatest entrepreneurs that have shown how hard work can pay off.

Idea Napkin No. 1

1) Me: I am a student at the University of Florida currently on track to graduate with a degree in advertising with a minor in geography and innovation. I brew my own beer so I know the majority of the technical aspect of brewing. I have also worked with many different companies, from a hot tub company to a medical research team, so I know many aspects of the business world. If I were to start my business, I would put my heart and soul into finding the best way to distribute my kegerator system.

2. What am I offering to my customers? I am offering a cheap way to keep kegs cold without the use of a trash can and ice. My cheaper alternative will work just as well as expensive and bulky kegerators. It will cut down on weight and size to maintain space for the room.

3. Who am I offering it to? I want to offer to the young adult crowd, above 21, that enjoys throwing parties. Kegs are generally a party item and I want to appeal to those people. They will be mostly people on tight budgets, so I want to appeal to their price range and keep prices reasonably low. I will be mostly targeting males because males consume beer more than women.

4. Why do they care? Customers would pay money for my product because individuals who like to throw parties don’t want to be inconvenienced by having to constant tend to a keg. They will see that this product will be step up from trash can filled with ice. It will be a classy item while also appealing to their wallets. They will see the product as a good item to have during parties and their friends will certainly appreciate it.

5. What are my core competencies? What set me apart is that no one has entered this market and I will be able to make my mark. I also have knowledge of the beer industry and of how kegs operate. I also have experience from being at these parties with a keg in a trash can and know how obsolete they are.

I believe that all previous elements fit well together and that my knowledge will help my business venture succeed. My experience with business and beer will give me experience needed to start my business. I know who my target market is and I will develop ways to advertise to their needs. I need to settle on what my final product will be designed to look like, but I believe the logistics are covered.

Elevator Pitch No. 1

My opportunity is the need for a better way to keep kegs cold. People tend to just surround it in ice or or use an expensive kegerator. My solution is a cost effect keg cooler that I call Chilly Brew that keeps kegs cool at an affordable cost for the average young adult.

Tweaking the Innovation

Complete kegorator
6th barrel kegerator
Slim Quarter kegerator
Half Barrel kegerator

Map Each Item:

6th barrel kegerator

Benefit: The 6th barrel kegerator appeals to home brewers because this is the keg size they tend to use for their batches.

Tangible: The best equipment to the beer clean, cold and flowing properly.

Augmented: Free delivery with installation with purchase as well as 24 hour help desk number. 

Slim Quarter kegerator

Benefit: the slim quarter keg holds two extra gallons compared to the 6th keg which means a longer party

Tangible: this kegerator can also store the 6th barrel keg with ease.

Augmented: Free delivery with installation with purchase as well as 24 hour help desk number. 

Half barrel kegerator

Benefit:This is a great kegerator that is great for any occasion and is ideal for college party scenes 

Tangible: This kegerator can store any half barrel keg or smaller and with its ability to pump cold beer effectively will allow for the party to continue throughout the night.

Augmented: Free delivery with installation with purchase as well as 24 hour help desk number.

Describe the Innovations:

6th barrel kegerator

-I would use the most efficient insulators to keep the small keg cold for the home brewer.

-The home brewer would also want to display the elegance of his creation so having a dignified exterior would be crucial.

Slim Quarter kegerator

-The slim quarter keg could have a more flexible inside to allow for 6th barrel kegs to reach more people.

-having interchangeable handles to allow for individualism.

Half barrel kegerator

-Having the kegerator be able to hold one half keg, or two smaller kegs to allow for different flavors.

-Half kegs are large, so keeping down on with would help at crowded parties

Looking for Opportunity

Economic Trends:

http://marketrealist.com/2013/12/boston-beer-company-introduction-better-beer-business/

I found this article while researching the Samuel Adams Brewery. I was curious how a company like Samuel Adams was able to stay in the craft brewing industry since 1984 and still be in control of the craft beer market. Craft brewing has been on the rise since the 2010 and with new breweries opening across the United States at staggering numbers it is clear that there is an interest. The consumer is most likely college to middle aged men who want a beer with more flavor than the watered down mass produced products. Unfortunately, the market is difficult to get into with massive overhead and the necessity of constant creativity of new beers. I was able to find this opportunity because of my love for the craft beer industry. I have also done a lot of prior investigating in my own time to find how feasible it is to start a craft brewery.

http://www.constructiondive.com/news/profits-the-emerging-motive-for-builders-and-developers-to-embrace-green-b/409564/

I found this opportunity while stumbling upon green walkways being implemented in major cities. With the environmental changes and people trying to combat them with new technology, there is a need for building eco-friendly cities. Eco-friendly building help cut down on factors influencing global warming while also cutting down on costs for businesses. There is a demand for construction of these buildings and equipment and there is opportunity to jump into this field. The customer would likely be local government wanting to implement green-tech or a family wanting to go green. The field is difficult to get into with licenses, knowledge of the job and money for starting up. I was able to find this opportunity because I care about the environment and I think increasing green-tech will help the community as well as the environment.

Regulatory Changes:

http://smallbusiness.chron.com/five-areas-government-regulation-business-701.html

With the rise of internet there has been a rise of additional security. There is a lot of information about you on the internet and new law are being enacted to protect your rights. I found this article while looking up about security on the internet. An opportunity to give proper internet security at an affordable cost would help many people from the internet. A lot of people use the internet without protection, but many people would be interested in an affordable security. If you or an employee is well versed in computers, this will make this venture more viable. I have had multiple family member had their identities stolen on the internet and this helped spark the idea to help everyone from this problem.

http://www.businessnewsdaily.com/7671-regulatory-issues-changes.html

Additional laws making retirement plans is becoming more prevalent in the workplace. I stumbled up this article while looking up new regulations coming into effect for businesses. I believe that there is an opportunity for helping companies set up a retirement plan for their workers. This will directly help employers, but also help the employees. I believe that once you understand the basics of the business, the job will not be extremely difficult. This reached out to me because I will soon be entering the work force and having security for the future is very important for success. 

Identifying Local Opportunities

1. Newell Brands to move headquarters from Atlanta area to New Jersey

http://www.ajc.com/news/business/newell-brands-to-move-headquarters-from-atlanta-ar/nrMT9/

Newell Brands is a company that many has many products that are used on a daily basis. The company has around 60,000 employees and many executive will be moving to New Jersey. There will still be a small office in the Sandy Springs area, but this move will take jobs away from those living in Atlanta and will take business out of the state of Georgia. Those living in Sandy Spring will be directly affected by this move and will need to find new work.

2. Braves’ Aybar back in lineup after chicken-bone scare

http://www.ajc.com/news/sports/baseball/braves-aybar-back-in-lineup-after-chicken-bone-sca/nrQ58/

Shortstop player for the Atlanta Braves, Erick Aybar, is back on the field after a medical scare involving a chicken bone lodged within his throat. Luckily nothing to serious came of the event, but Aybar was able to tough through and play against the Pittsburgh Pirates.

3. Riverdale psychiatrist charged with murder, over-prescribing pain meds

http://www.ajc.com/news/news/local/jonesboro-psychiatrist-charged-with-murder-over-pr/nrPqy/

Narendra Nagareddy, a local psychiatrist, was indicted Wednesday for multiple counts of murder and unauthorized distribution of pain prescriptions. His charged with the deaths of three of his clients who all died of overdoses under his supervision. Those affected are the three who died of overdoses and their respective families along with the other clients who were influenced by his prescriptions.

4. State funding for colleges still lags pre-recession levels

http://www.ajc.com/news/news/local-education/state-funding-for-colleges-still-lagging-pre-reces/nrQHH/

Many states have been enacting higher budgets for higher education after the devastating recession of 2007. However, the state of Georgia is still $8.7 billion below what the budget originally was before the recession. That state has been on the rise economically, but there are still massive budget cuts. Those facing the brute of this are students and their parents who are paying a lot of money on tuition and other school expenses.

5. Rain, mosquito season and Zika

http://www.ajc.com/news/weather/rain-mosquito-season-and-zika/nrQMG/

The increase in rain and increasing temperature in Atlanta is bringing out more mosquitoes. The humid climate and lingering water is a perfect environment for mosquito to thrive. Along with an annoying bite mosquitoes could also be carrying the Zika virus which while not usually fatal can leave you sick for multiple weeks. Those living in Atlanta need to be wary of lingering water and to use bug spray if necessary to avoid bites.

Forming An Opportunity Belief

I believe that these is an opportunity over the problem of keeping kegs reliably cold. From what I have seen, people tend to just place kegs in trash cans with ice to keep them cold, or just leave them bear with no ice to keep them cold. Using a trash can with ice is ok, but ice eventually melts and you are left with a mess and having no ice doesn’t allow the beer in the keg to last very long before going flat. There are kegorators out now that keep kegs cold in high tech fridges, however these are very expensive and college students can’t usually afford these.

My idea of a cost-effective keg cooler that can properly insulate a keg and keep it cold for hours is aimed towards of-age college students and adults who still enjoy partying, but don’t want an expensive kegorator. This need arise when I saw people having to constantly refill ice for a keg and those that didn’t protect the keg at all. I am sure people will want a cheap keg protector that is easily renewable. It will keg the keg cooler, longer and will keep the party going.

After talking to some potential customers I realized that there that people would be interesting in having a cheap way to keep a keg cool. I also learned that if the kegorator had wheels and was portable it could add to its value. Being able to easily move a keg, while also keeping it cold would be very advantageous. After talking with my interviewees I maintained the majority of my original idea, but I did get some ideas to improve the original idea. I think that adapting to customer feedback is necessary to proper development of your product. If multiple customers bring up the same improvement, it should be considered and be added onto your idea to reach a wide client base.

My Entrepreneurship Story

My entrepreneurship story starts with my dad. He started his own construction business when he was fresh out of college at the age of twenty-two. He overcame many odds and faced the recession of 2007 head on. He inspired me to work towards my own goals. Freshman year of high school is when I started my neighborhood lawn business. I started with one house in 2009 and by 2013 I had 10 houses that I worked the week to clean and maintained. I had one friend whom I worked with and we took care of our customers lawns.

I took this class to learn more about how entrepreneurs think and act. I want to think more like an entrepreneur and to be able to build more connects with co-workers and with customers. I feel this class with be the stepping stone and give me the boost of confidence to help me pursue my dream of creating my own business.

Test Post

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