Halfway Reflection

ENT3003 is a class that will lead you through the process of developing an idea into a viable product that could provide a solution for others.  This class explores the concept of entrepreneurship and provides the opportunity to hone the skills needed to engage an idea and bring it towards fruition.  Rather than memorization or intimidating exams, this class ingeniously uses experience as its prime educational format to reach students in an impactful and compelling way.  I have suffered through grueling exams and massive term papers and although the results were positive, the details of the information retained are fleeting at best.  This new approach to teaching encourages a student to think critically and creatively, which causes the learning experience to be lasting and significant.

Moving through the class, I have received a steady stream of concise yet very comprehensive assignments that are manageable.  Each assignment takes me on a new path.  In other classes I have found myself dreading to know what’s coming next.  In this class, I am curious to see what’s around the corner, and even more curious to see where it leads.  In one assignment, we were asked to compile a Bug List, which is a list of things that bugs us.  It never occurred to me that by allowing myself to complain, I would actually be participating in a preliminary step of developing a concept.  Wherever there is a problem, irritation, or issue there always is an opportunity for a solution to improve the lives of anyone involved. 

As a UF student who lives off-campus, it’s easy to feel disconnected from other students.  Through the blogging and commenting exercises, this class encourages me to look at what other students are thinking and what motivates them.   I have come to realize that their ideas and remarks are thought provoking and even inspiring.  Dr. Pryor has structured a class that is not overwhelming or dreadful.  Instead it is task oriented and allows an open exchange of ideas and opinions.  By allowing creativity, asking relevant questions, and using critical analysis, we are all able to develop an idea that is significant, impactful, and beneficial in some way.     

Tenaciousness is a competency. 

This class is comprised of a steady stream of assignments that are concise and engaging.  In order to not become intimidated by the class, I recommend checking the website on a daily basis to keep up with updating your blog, posting comments, and assignment modifications.  Another behavior that I would recommend is allowance.  This would mean to allow you to come up with ideas without judgement, doubt, or constraint.  It is also important to get out of your own way by taking on a task without hesitation.  Although the assignments are challenging, each one on its own is doable.  

Tenaciousness is also about attitude.

A moment that I wanted to give up was when I was trying to select a venture concept.  I actually had come up with a really good idea.  I thought it was practical, innovative and above all, would help numerous people around the world.  I had already considered its design when after doing some research, I realized this idea had just been created, patent pending, and recently placed on the market.  When I discovered this, I was devastated because it was an idea I had been considering seriously for some time.  I took some comfort in knowing that the idea itself was actually good enough for someone else to think of it as well and to run with it.  This caused me to become more open to alternative concepts and to consider their potential.  I also realized that although similar ideas may coexist simultaneously, the idea is to make your concept stand out in a unique or improved way.  

Three tips.

1. In the wise words of Nike, “Just do it.”  Regardless of whether you feel silly, awkward, nervous, or confused, just take the first step in getting the task completed.  Before you know it, it will be.
2. Slow and steady wins the race.  Only think about the task at hand, but above all, don’t overthink it.  By doing one step at a time, you will be surprised by what you accomplish.
3. Pay no mind to rejection.  In this class you will experience rejection whether it comes from others, or even from yourself.  There will be times where you will reject your own ideas.  This just means that there is a better idea waiting for you around the corner.

Lodium

1. My portmanteau is Lodium

2. Lodium is a word that describes a food item as being low in sodium.

3. I did use this word at home, with friends and family, and in restaurants.

4. When I first used the word I was met with curious faces and even grimaces as if I had misspoken.  I was always asked to repeat myself.  When I was directly asked what it meant, I would say, “You know, as in low sodium.”  All of a sudden a big grin would come over their faces and they would reply in agreement, “oh yeah, I get it!”  Then they couldn’t help themselves but to repeat the word after me.   A family member told me that she loved it and said that since we should all seek to eat low sodium food, she thought it was a good thing I was using it, not knowing I had created it.  Another family member said, “Excuse me?” and, “Can you repeat that?” followed by “How do you spell that?”  When I went to Panda Express and asked for lodium soy sauce, the girl at the counter handed it to me as if I had said a real word.  I was surprisingly nervous to ask a complete stranger this word, perhaps because I felt silly, but it was well received.  One friend of mine has noticeably used the word repeatedly.  I think that for him, it’s actually caught on.  Most interesting of all is that I accidentally said it out loud myself.  I suppose the next call will be to Webster’s dictionary.  

Idea Napkin No.1

1.       You.

My family is originally from Colombia.  Although I was born in Bogota, Colombia, I was raised in the United States.  My background has provided me a unique perspective of two diverse yet remarkable cultures.  I am fluent in English and Spanish.  My exposure to each culture’s beliefs, values, and customs has shown me their various ways to communicate ideas and to create ventures.  I have a propensity to immerse myself in any culture that I experience while traveling.  I deeply respect the environment.  I believe that our natural resources are rare and wondrous and should be protected. 

2.     What are you offering to customers?

I would like to develop a business venture that improves people’s lives and protects the environment. I am interested in developing a tank that would be about 2 feet in diameter and 8 feet tall.  I would like to install this tank on the side of a home and attach it to the downspout drain of the gutter system.  During a rainstorm, as the water is channeled through the gutter system, it would be filtered, then collected into a tank and stored for later use at no additional cost to the consumer.  With the addition of a pressure valve, the homeowner could then use this pressurized water for a multitude of projects.

3.       Who are you offering it to?

Any individual, home, or business could benefit from having an external reservoir of free pressurized water at their disposal.  Anyone with a lawn, a pool, or a garden would find this product indispensable.  There are numerous applications for this product.  For example, a farmer could use a larger version of this tank to help with irrigation and livestock needs.  Business such as car washes and auto rental agencies use large amounts of water for maintenance and business operations. 

4.       Why do they care?

I believe that people would care about this idea because water usage impacts people in many significant ways.  People would benefit from finding an effective way to minimize water consumption and reduce costs.  We face many challenges regarding water usage including drought, climate change, regions that enforce water use restrictions, and the rising cost of water utilities. 

5.       What are your core competencies?

My cultural diversity, background in theatre, and interest in writing have shown me the importance of good communication skills.  It is not just a matter of communicating an idea, but it is about ensuring that the message is received clearly and is understood.  Marketing is after all, communication.  Rather than simply placing my product on the shelf of a retail store, I would find unique and various ways of relaying my product to potential customers.  For example, I plan marketing to home improvement stores and consumers directly.  I would promote to homeowners associations that already manage resources for their community.  I will offer educational seminars at home improvement stores.  I could find a way to provide financial incentives, for example, government rebates.  I would also like to explore the development of a product line, for example, organic, natural peppermint oil based insecticide as an additive that could be used in combination with the pressurized water tank.

The aspect of this business concept that seems to be weak is that there are existing water tanks on the market.  Although my idea includes a water pressurizing design and customizable accessories, there needs to be a plan to have this product stand out among the competition, and to be recognized for its benefits not just to the customer but for the environment as well.  I would need to find a way for potential customers to consider the various practical uses for this product that they may not have thought of before.

Reading Reflection No. 1

The book Grinding It Out: The Making of McDonald’s is about how the author, Ray Kroc, became business partners with the McDonald brothers who ran a small hamburger restaurant in California, and created the McDonald’s fast food empire.  Clearly I was most certainly surprised that in over twenty years he did not take a paycheck or use an expense account from the McDonald’s corporation.  He decided that the royalties from his previous successful venture in developing a milkshake blender were enough and that the company would gain more success without his expenses.  Unlike so many greedy corporate leaders he put the company’s best interests before his own. 

The most admirable element is that Kroc did not take advantage of the franchisees.  Even though contracts were signed to return franchised stores to the company after twenty years, he refused to enforce that and allowed them to prosper indefinitely.  The least admirable activity was that Kroc authorized huge campaign donations to win favors from politicians and government agencies.  Although he was successful at implementing honest business growth ideas, bribing the government became an essential strategy.  Kroc did have to deal with adversity and failure along the route to success.  The fries tasted differently because of the way the dry desert air cured the potatoes at the original store, but he was able to develop a process to make the taste consistent.  There was a meat distribution cartel in California that wanted kick-backs to handle the McDonald’s business, but he was able to contract with a small business owner to successfully deliver over 300 million hamburger patties a year. 

Ray Kroc had amazing intuition that enabled him to find success.  He had a clear vision of his goals and how to accomplish them.  He decided during high school that education was unnecessary since he did not need training to become wealthy.  He was very adept at analyzing the market and creating a system to benefit the customer.  He believed that working hard and taking advantage of free enterprise would lead to an improved society as a whole.

There was one part of the book that was confusing.  A number of franchisees formed the McDonald’s Operators Association.  This was a clandestine group that met to discuss conspiracy theories about the company.  They feared that their franchises would be stolen back when their leases expired, and they publicized rumors about McDonald’s in an attempt to damage the corporation.  Although Kroc was considered trustworthy and he did deliver on his promises to not let this happen, a surprising amount of effort was put into this negative campaign.

The questions that I would ask the entrepreneur are as follows:

Question 1: What was the biggest failure you dealt with in building the McDonald’s empire?  Entrepreneurs learn a great deal from their own failures and how to utilize their resources to turn a negative situation around.

Question 2: Why did you not believe in offering food with nutritional value and instead focused your efforts on “junk” offerings?   It seems as though it would have been beneficial to all parties concerned, to take advantage of the reputation and strong customer following by offering a healthier menu.  This could increase customer loyalty and impede competition.

Ray Kroc truly believed in a combination of hard work and strategic planning to accomplish success.  He was always thinking of ways to improve the current situation and continuously planned to take his endeavors to the next level.  He proved himself to be a problem solver for both his employees and the franchisees.  Although he delivered a product that may not have been very nutritious, it did have worldwide appeal.  He was integral in the massive success that McDonald’s is today.

Tweaking the Innovation

Any individual, home, or business could benefit from using a resourceful and efficient system to conserve water, minimize utility expenses, and efficiently utilize runoff water.  I believe that a potential solution to this issue is to develop a resourceful and cost-effective external reservoir of free water.

Product/ Service Mix: 6 Revenue Drivers

Tanks:
Standard size tank for homes
Large size for businesses and farms
Industrial size for large scale applications

Installation:

On site assistance

Telephone support

Service:

On-site service call

Telephone support

Ship, repair and return 

Replacement parts

Filtration:

Filters

Purifiers

Attachments:

Motorized pump

Customized valves and fittings

Tank Additives:

Lawn fertilizer

Organic, natural peppermint oil based insecticide

Biodegradable soap 

Tank cleanser

Mapping

Benefits:

Minimize water utilities

Regions that have water restrictions

Regions experiencing drought

Environmentally conscious individuals

Tangibles:

Tank

Support platform

Mounting brackets

Hardware

Pressure valve

Augmented:

Offer variety of tank sizes

Offer variety of colors

Customizable valves and fittings

Installation

Repair and maintenance

Warranty

Communication:

Market to home improvement stores and consumers directly

Promote to Homeowners Associations that manage resources for the community

Offer educational seminars at home improvement stores

Provide financial incentives-government rebates

Elevator Pitch No.1

One thing that we can all agree on is that each of us would benefit from finding an effective and reasonable way to minimize water consumption and reduce costs. People face many challenges managing their water usage including drought, climate change, water use restrictions, and the rising cost of water utilities. I believe that people could benefit from having a reservoir of free standing water that they could have at their disposal to use whenever they wish.

I would like to develop a tank that is approximately 2 feet in diameter and 8 feet tall.  I would like to install this tank on the side of a home and attach it to the downspout drain of the gutter system.  During a rainstorm, as the water is channeled through the gutter system, it would be filtered, then collected into a tank and stored for later use at no additional cost to the consumer.  With the addition of a pressure valve, the homeowner could then use pressurized water for projects such as watering the lawn, filling a pool, or washing a car.  

Elevator Pitch Link:  
https://youtu.be/4DHwWbv7k6U