ENT3003 BLOG!

Opportunity.  An opportunity may be defined as a group of customers with unmet or under-met needs. When you describe the opportunity you have identified, you need to be sure to describe  both  (1) who has the need (i.e., who are the potential customers?) and (2) the nature of the need. Other questions you should address in this section:  The customers that have this potential need are those in areas where plastic straws have been banned due to environmental concerns. This need is physical, as a substitute for a plastic straw is required. The immediate alternative is a paper straw, which is incompatible with the plastic lid. Because of this, there is a need present for a lid that is compatible with both plastic straws and paper straws while also being able to function as a sip-style lid.  This is a geographically defined market as it is determined by location. Counties that have banned plastic straws have a greater need. This is a medium sized oppurtunity th...

For both ideas that I've had for this class, I intend to sell to a larger company and exit as quickly as possible. Time is of the essence. It is only a matter of time before another company can do what you do cheaper, and at a lower cost. Because of this, it is essential to build a large following of loyal customers quickly, then sell to the highest bidder once this is established. I have selected this exit strategy because I believe it will result in the largest return with the lowest amount of time. This exit strategy has had a large impact on the formulation of my business concept and idea. Both ideas are inventions, not processes or services, so I believe they are more easily copied. Because of that, it is necessary to sell and exit as quickly as possible.

For this assignment, I read Phil Knights' memoir, Shoe Dog. I thought this would be an interesting read because I am not the biggest fan of Nike, as they are an extremely unethical organization, and hoped maybe the backstory could shed some light on the situation. After all, is said and done, I respect 's drive but do not think a shoe brand justifies the underpay of thousands of workers and immense pollution from fast fashion. What I most admired about Knight was that he took a chance on a crazy idea, and flew halfway across the world to pitch his idea. He didn't expect success but was given a shot anyway. He turned a small idea into a global empire, with its own unique spirit and identity. Against all odds and large players that tried to wrangle in their companies' success, they maintained the original mission of the company while selling shoes on a massive scale. 

This past semester I failed several times at meeting deadlines. Usually, I am prompt with my assignments and responses, even turning some things early. However, with the COVID crisis and several other external factors, I have been distracted and sometimes missed deadlines for classes and extracurriculars, this class included. I've learned that I need to be more organized. In order to keep these odd deadlines in check (why are the assignments due at noon), I have to create a system through which I keep aware of upcoming dates. This includes a reminder system on my phone and sticky notes all through my room. In the future, I hope to be more on top of things and giving  100% in all that I do.

For any venture, it is key to know when to exit the market. With the current market, potential customers include business owners who operate restaurants or specialty beverage shops. With that in mind, their need will continure for as long as they serve beverages, espceially in straw restircted areas. Next in terms of product is introducing a paper straw companion to the lid so that they may be sold together. Upon interviewing three customers who are already apart of this market, they believe what is next is moving more rapidly into the reusable and eco friendly market for these products. Two of these customers insisted that they have seen a rise in customers bringing in their own straws and cups in response to the backlash against single-use plastic. However, with the prevalence of the coronavirus, these services have been restricted. I expect to enter this market and then exit when a larger conglomerate wants to purchase the device/company. The payoff for the idea is worth the loss ...

There is a certain set of resources that set this venture apart from other efforts in the past. In this list are the: Financial Resources: Money is scarce. Having this revenue and reducing start-up costs is valuable to the business and the future success of this venture. Organizational Culture: Having low costs with a small team will provide useful when justifying expenditures. This can be copied and is on a daily basis, but is helpful to our company. Social Capital: As a college student, working with other students and faculty, there is a wide audience through which we can cast our net. Especially considering the product targets towns similar to Gainesville and will start in Gainesville. Lots of other college students have this resource, but maybe not the willingness to utilize it. Idea ingenuity: As far as I can tell, no one has come up with a biodegradable lid alternative that features both a sip lid option as well as a paper-straw friendly docking point. Because this is a uniqu...