My Venture Concept #1

Opportunity: 

We have an opportunity to help with the needs of many college students at the University of Florida. Our customers will be these students and almost all of them have one thing in common; they all need transportation to some extent. From the grocery store to the mall to the gym; we all have places to go. With this need for transportation in mind, we have the solution. The reason that this problem has grown larger is that each class of students coming on to our campus each year is getting larger and thus we see an increase in demand to have places to park there cars. With this increase in demand from the students, we also see a demand among professors and faculty to push for new and better facilities to operate their craft in. The problem with this is that both of those things cannot happen, we cannot produce more buildings for teaching and research and construct more parking lots and garages. Geographically, the problem is focused mainly on-campus and for about five blocks in each direction. Demographically, our target market would consist of mainly college students from the age of 18-23 that do not have a car or that are so fed up with trying to park on campus, that they have just given up. Most of these students will be busy and in need of a fix to their problem whenever it arises, immediately. Currently, most students substitute this need by using their feet to walk to campus or using a scooter. Unfortunately, students cannot all afford scooters and often, it isn't feasible to walk to some parts of campus because you are either in a hurry or it is too far and hot. Most scooter operators are loyal to how they satisfy this need because it is relatively quick and eco-efficient. Potential customers that walk are not satisfied mostly because it takes longer and is more exhausting. This opportunity is pretty big, with nearly 55,000 students attending the University of Florida. This window of opportunity will be open as long as the University of Florida doesn't decide to build more garages across campus. But even if that were to occur, our solution would still be viable for people who do not own a car either.

Innovation:

I will be providing an on-demand, pay-as-you-go biking system that has stations located conveniently around campus to help students get where they need to go on time and quickly. My innovation includes having about 15 bicycles located at each of our 16 stations around the campus and surrounding neighborhoods. This will help meet the need because they can come to any station or use our app at Ez2Bike and they can rent a bike at a charge of $1.00 an hour by using their debit/credit card to pay. They will input their card information and then it will unlock the bike for the user and they will have free-roaming usage of this bike until they are finished. When they are finished, they can return the bike at any of our 16 conveniently located stations and they will insert their card again. At this point, the machine will read how long they had used the bike and will charge their card based on the hourly rate. This bike that they will rent will come equipped with securely attached lights for night riding. The app that we will be using will show the user how many bikes are available at each station and allow them to rent a bike in advance if they believe there will be a high demand at any given time.



Venture Concept:

When a student needs to go to a class or exam and they are late, they cannot worry about finding a ride or walking, they need a quick fix to their issue that they can solve on-demand. Our innovation provides a quick, on-demand fix for the opportunity because they no longer have to worry about how they will make it to their destination on time. Customers will buy access to our bikes because their simply isn't enough parking and that will always be a need at our campus. I do not believe it will be hard to get them to switch because it is simple and cheap, which makes it much easier to get someone to use once, which is all you need to get someone invested in your company. The main competitors that we have are the local bus transportation system and the Zip Car company because they provide different opportunities that people can use to get almost exactly where they need to be. These systems are vulnerable because they require more time to use. For buses, you have to wait for the bus to arrive and it isn't always convenient for your schedule. While for Zip Car, they do not have many stations to drop off the vehicle and driving a car on campus is typically a nightmare. I would organize the business for our new innovation by hiring tech assistants that could repair any system damages within the access points and a group of bike mechanics who work on any of the bikes that are not taken care of well or are in bad shape.

Three Minor Elements:

• My companies most important resource is its immediate accessibility and the fact that college students often demand quick services. 
• The next opportunity that I believe we could capture moving forward would be the community of people living near and around downtown because those people often need to travel much farther distances and our innovation could help with this if they used our service daily. 
• In five years, I hope that the venture has taken off and I hope to be expanding into the city of Gainesville and maybe expanding to other college campuses, such as the University of Alabama, the University of Georgia, and Florida State University. 

Amazon Whisperer

Ez2Bike

Our customers gain value from our business by gaining access to instant, on-demand transportation around the University of Florida via our bike station system. We will provide 15-20 bikes at each of our multiple stations around campus. This will help any students that do not have a car or scooter to get around campus and need to be able to go somewhere near campus. My business is service-oriented so

Our primary and only true revenue driver is debit card rentals of our bikes. We plan on charging 2.00$ per hour used. They will swipe there card when they arrive to get there bike and when they check the bike back in, it will charge the card automatically based on the time usage.

As a substitute product for transportation around campus that students could buy instead of using my service would be a old-fashioned Razor Scooter. They would use this product because they would need something to fulfill their need if they didn't want to continually pay for my service.

If they choose to buy a Razor Scooter as a better form of transportation than using a scooter or car, then they will have a better experience as a student at the University of Florida because they will not have to worry about the issues of parking and wasting time without proper transportation because of campus driving rules.

Customer Reviews: People think that it is very well made, both mechanically and aesthetically. They believe that the grips and handles are very sturdy and that the break function is very well made to help with optimal safety among riders. One negative that I saw was that customers thought it wasn't made well for tricks and tail-whips. 

In order to make this product for usable for customers: I would keep it as simple as possible and market it more as a transportation unit. Optimally, we would keep them at red, blue, or black colors in order to not lose any of the market. I also would think about bringing on thicker wheels in order to gain maximum stability. 

This product would mainly serve as a replacement for my service sense there isn't really a product I could bring in with my service-style business model. 

Week 11 Reading Reflection

Biggest Surprise: I was most surprised by how the author discusses different departments of a business when it comes to innovation. He talked about how innovation is impossible unless you use cross-functional departmental teams in order to succeed. The reason he explains this is that each departments views innovation from a different perspective, which was something I didn't think of.

Confusing Part of the Reading: The most confusing part of the reading was the part where he discusses innovation landscape maps and I am slightly confused on how you determine where your business stands on this map.

Two Questions to Ask the Author:
- What is the best way for departments to be set up in order to innovate new ideas cohesively?
- How do you determine your location on the innovation landscape map?

The Author was wrong about: I didn't disagree with anything that the author said, I was just partially surprised that departments actually can limit the business if you're not using them correctly.

Week 10 Reading Reflection

1) The thing that surprised me the most was the section about accounts receivable and how it plays a role in the life of a business owner.

2) Nothing really confused me during this reading, just a few things I disagreed with.

3)
- How important is budgeting to an entrepreneur?
- Why is accumulated depreciation so important for managers and entrepreneurs to take a look at?

4) One thing that I somewhat disagree with is how the author believes that currency is so important in regards to economic growth. I believe it plays a part, but he makes it sound like it is the most important thing.

Elevator Pitch #3

The biggest feedback that I took from the second elevator pitch was that I was told my elevator pitch was too vague and that people wanted to know more about the benefits of this service. Nothing that they said was wrong, but I didn't include the feedback of allowing for a monthly or yearly service fee because I want this to be a on-demand service that people turn to when they are in need.

In my third pitch, I wanted to focus on the benefits of my service which were that we are saving energy, going green, and also are pushing to living a healthier life by choosing to use my service. Also, I tried to be less vague by explaining that there are stations around the university that they can check bikes out from, pay with a card, and take the bike.

Week 9 Reading Reflection

1. I did not think that secondary data would be as important to entrepreneurs as it is. They use this data again and again to market their company and their product after using it to test if there was a market. Even though the data is well-known, they are continually used.

2. I still do not entirely understand why customers believe price means the product is higher quality. An example of this is Banana Republic, they sell plain white T-shirts and so does Wal-Mart. They are made of the same material but Banana Republic is higher in cost. I do not understand why people fall into this trap and think they have a better quality shirt.

3. If I could ask any two questions to the author, the first would be: Why do you believe marketers have moved from the 4 P's to the 4 C's? The next question I would ask would be: Is internet or physical marketing more used and which is most useful?

4. I have no prior knowledge to marketing before this course and so I don't disagree with anything the author states.

My Secret Sauce

5 Ways That Make Me Unique:

1. In the summer of 2014, I traveled to Paris and lived there for six weeks as a missionary with a Christian organization, CRU. Also, I work with an organization called Bridges, that focuses on improving the quality of life for international students as they transition to the United States, allowing them to meet American students. The reason this makes me different from others is that I have seen the world and have been able to work with different types of people, than the typical, white student at the University of Florida. I had to overcome language barriers and meet an entire new type of person while I was in Paris.

2. I was born in a town in Florida called Lakeland and grew up in a poor area with plenty of homeless and poverty-ravished families. The majority of the population around the area were either Latino and African-American and most of those families were rather poor. We all went to the same schools and there was a large amounts of violence. This life experience has made me very unique because I grew up with different types of people and I was the minority. I had to communicate and live with diverse people and this is something, most of my colleagues in college have not had to live through.

3. I am a very emotional, passionate person because I grew up around friends and family who were very passionate. My mother is admirable because she is very passionate about the care of her patients in the mental/physical health clinic she manages and for this reason, I have wanted to replicate her passion for my desires.

4. I have been gifted with the ability to be a natural-born leader. I was the captain of two varsity teams, basketball and football. I was the vice-president of a club called Leaders Club and I was able to grow my ability to lead people, and this has changed my career choice moving forward because of the skills i learned through Leaders Club on how to be an authentic, honest leader.

5. I have been gifted with an incredible joy when it comes to working with people. I just enjoy being around new people and learning more about them.

Interviews:

The question I asked all of these people was: "What is one thing that makes me unique?"

Luke Cabrera - Luke is a sophomore, engineering student who is my roommate. The main thing he could think of was my leadership skills and how he sees me as a leader. The first thing he spoke of was how I lead our community group, which is a small group bible study. And the next thing was about how I lead a team with CRU, called the prayer team and help plan events for that.

Kate Webb - Kate is a sophomore, pre-med student who I met through mutual friends within CRU. The main thing that came to mind for her was that I am very welcoming and that I enjoy bringing people in to my community. She said that when she sees me at CRU, she notices that I am very open to meeting others and getting to know about their lives.

Rachel Mitts - Rachel is a senior, food sciences student who I am dating. When she thought about was unique about me was that I am so willing to help out with whatever needs someone has and that I always say yes to them. She said that this was a good quality and used an example that I would get a drink for someone if it was closer to them than it was to me without any grumbling.

Mark Mutz - Mark is from the same town as I am and is a senior, finance student who also runs track for the University of Florida. The one thing that he brings up is that I am humble enough to not be cocky. He believes this is unique because most people cannot walk in humility.

Savannah Benefield - Savannah is a senior, family, youth, and community sciences major at the University of Florida. She said something that is unique about me is that I always wear hats and that she thinks I "rock" them.

Reflection:

Most of the people that I interviewed seem to think the same things about me that I think about myself. I view myself as a leader, who is centered on other people. One thing they didn't mention was how diverse my personality is because of my cultural background. I think they didn't mention the diversity I grew up with because most of them are not from the hometown as me. Because they didn't include this, I may have wanted to change that part of my original self-assessment, even though I still believe that is a large part of who I am. One thing I disagree with is that I believe I am not humble and that it is hard for me to not want all the credit. Overall, I believe my interviewees were relatively correct in their assumptions about me.

Idea Napkin No. 2

You: My name is Walter Huffstutler and I am a third-year, Sports Management major at the University of Florida. I am from Lakeland, FL and now live in Gainesville, FL. I love sports and have been blessed to be pretty athletic. I played basketball, football, and baseball in high school. I am heavily involved in a Christian organization, CRU, and have served as the prayer team leader for that organization this year and even traveled to Paris to be a missionary my freshman year. I love to travel and enjoy new places around Florida and the rest of the World. I love to listen and go to concerts and hear music from different bands, especially at High Dive. As I have mentioned, I aspire to work with the YMCA in the future and have secured an internship with them for next spring. In regards to my business idea, I am excited to start a reusable bicycle company so that transportation can be more readily available, to increase sustainable living, and to promote health. If I were to start this business, I would love to move it to whatever city I move to in hopes of creating an environmentally-friendly, healthy community for all residents.

Offering to Customers: As a college student, we often are in sticky situations where we do not have transportation or the scooter or car we own is in the shop. With this being such a common need for students, we are going to be providing an on-demand, bike system that will have stations set up around the campus. This company would be privately owned and I would partner with the University of Florida. Students will be allowed to rent these bikes and return them at any station around campus for a certain price, which will help them with their immediate need of transportation. Our bike system will be set up so that students can use these bikes whenever and all they have to do is swipe their debit card and they have unlimited access to anywhere in the city. Another idea would be that we could create certain bikes with heavy-duty baskets on the back so that students can put their groceries in them if they wanted to use our bikes for that purpose. In order to make this a more usable system for college students, we plan on making an app that can allow for payments and can save a bike at the station for the student, so they are not just hoping there is a bike available. This will allow them to actually see how many bikes are available at each station for check out. 

Audience Offered to: Our local Gainesville audience would be primarily students as they are more often the people in need of quick transportation. These students would generally be between 18 and 21 years of age and be pursuing their bachelors degree at the University of Florida. Generally, our product is marketable to people that do not have an operable scooter or car. These students all have stressful lives and tend to very busy people. Most of our audience would be for people who live on campus or very close to campus. 

Why Care: The reason students will choose to use our service is that so often students are stuck walking from Heavener Hall to Hume or from their dorm to the commuter lot. These students would greatly benefit from the saved time using a bike. Another reason they would use our service is that the only transportation that can be rented is the Zip Cars and they are so expensive and are not feasible for parking in most places that students need to go. The issue with Zip Cars is that they are way more expensive and you are not always confident that they will be available when you need them. Students also will pay money for this service because it promotes a healthier life and an environmentally sustainable life. 

Core Competencies: The reason that our business could be so successful is that this is a need for our community and their is no one currently in the market for satisfying this need. For example, we would be the only bike system on campus that would provide instant traveling ability. Our business model competes with that of Zip Car, Taxis, and Uber, but the significance of our brand is that we provide instant access to bikes when students want them and they do not have to wait thirty minutes for a bus or Uber. 

Evaluation: I believe these elements all fit together. I currently exist in this need and their is nothing able to satisfy this need if you are not blessed to have a car or scooter or bike and need to get across campus in ten minutes. Because of my personal knowledge of this issue, I know this solution would be appealing to myself. I have friends that have expressed this need to be fixed by the university and I believe other students would jump at this opportunity and that they would value the saved time they would be receiving, as well as, the promotion of living a healthier, more environmentally-friendly life. One aspect that I hadn't thought of was that our bikes may be stolen, but because we are charging them on credit card for a particular price; we can charge them if they are lost or stolen. 

Feedback Memo: 

• I really enjoyed that customers would want an app so that they could check out the bikes in advance so that they are not stuck without one. Also, they could see how many are available and be able to pay on the app. 
• After reading the feedback, I analyzed Zip Car and found out that they are not able to be checked far in advance and this makes it hard to make plans using them. Also, they are difficult to find parking for on campus and there only true purpose is transportation closely around the city and our system can meet that need without the large costs. 
• One thing that I haven't used as a tag line that was brought up to me was "on-demand" and I could use this to market my service.
• One feedback comment shared the importance of making my bikes unique. I thought about this so that no one would steal them, but the issue is that if I paint them certain colors and designs, I may lose part of my market, which I do not want to do. 
• Also, one comment stressed the importance of making a decision on private vs. public ownership and I chose to be private and work with the university.