Assignment 30A – Final Reflection

Assignment 30A – Final Reflection

1) Read through your posts from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.

Throughout the semester i have struggled with getting myself to do the assignments toward the beginnings of weeks so that the ends of my weeks would not be as hectic. toward the end of the semester, i got better at this and it did help me get through the class and all the lectures and assignments for each week. 

2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

I was most proud of myself for coming up with a business that would help the environment and others. I think it is important to try and create businesses that will help the greater good and be sustainable in the future. I was also proud of myself for practicing and learning my elevator pitch. 

3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

I see myself as more of an entrepreneur now. Before the start of the semester i did not address problems as an opportunity for something to be made or created, I just saw them as problems. Now I try and think of ways that something could resolve a problem. I have moved closer to an entrepreneurial mindset. 

4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

For students in the future, I would highly recommend doing all of the assignments in your free time and not putting them off until Friday night. The more points you get at the beginning of the semester the less you have to do at the end of the semester when finals come around. I have finals in 1.5 weeks and this is the last assignment I am doing because I have done all the previous assignments. It is very convenient to no longer have to worry or think about this class as something to do. 

Assignment 27A – Reading Reflection #3

Assignment 27A – Reading Reflection #3

1) You read about an entrepreneur: Phil Knight
I read the book Shoe Dog by Phil Knight. Shoe Dog is the autobiography of Nike’s founder Phil Knight. He writes about how he came to start the Nike company in 1964.

• What surprised you the most?
• What surprised me the most most was that Knight was part of a major company in Japan called Tigers before starting Nike. 

• What about the entrepreneur did you most admire?
• Phil Knight is a risk taker. When you are young and have nothing to lose you take bigger risks and he embodied this. He had nothing to lose when contacting the CEO of a major Japanese shoe company Tiger Shoes. This action started his success and eventually gave him the financial backing to start Nike. 

• What about the entrepreneur did you least admire?
• There was nothing that I specifically looked down upon by Phil Knight. 

• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?
• Phil's biggest struggles related to the initial start of the Nike company and when he was developing his ideas and creating a partnership with Tiger's CEO. 
• After selling shoes for Tiger for years and developing a team of his own in the United States, Phil Knight was tired of working in the background of a business that he did most of the work for. He worried that one day Tiger would take control of his efforts int he United States. 

2) What competencies did you notice that the entrepreneur exhibited? 

1. Perseverance: Like many entrepreneurs and successful company founders including Steve Jobs for Apple and Bill Gates for Microsoft, Phil Knight was told that Nike “will not make it” or “fail.” And sure enough, he did. He was successful because he believed in his vision and loved what he did. His optimism helped him persevere and be successful while having fun. He says that “We knew we could fail, we just didn’t think we would."
2. Savvy: Knight's marketing was simple. He did not want to buy advertisement to try and get people to buy his products. Instead, he would get top athletes to endorse Nike and his products that would motivate people in society to buy is products also. When people would see his shoes on TV worn by someone they admire, they would the go out and buy a pair of Nike's. 

3) Identify at least one part of the reading that was confusing to you.
There was nothing in the reading that confused me. 


4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

1. What do you do for fun? I would ask him this question because I believe that even as a very successful and hardworking person, it is important to balance and remain mentally stable and enjoy life. 
2. If you could go back and fix one choice or change one decision you have made in your life what would it be and why? I would ask him this because i would want o know if he regrets and decision he has made or wishes he said "yes" to something instead of "no". 

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?
I think that Knight values hard work very much, as do I. Hard work is something that being successful directly depends upon and its important to enjoy the fruits of your labor when all is said and done. Getting to see the successes of your hard work is the best feeling in the world. 

Assignment 28A – Your Exit Strategy

Assignment 28A – Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

If I were able to get a large return for my business I would consider selling it. If I were to sell my business I would want to sell it to an economically secure company that would ensure the vision that I have for my business. If i found my company to be doing well, I would consider not selling it simply because it would be something I would enjoy doing for the rest of my life. I would want my kids and family to work with me but would not force any of them to join my venture as I would want all of them to find their own passions and do what they love. My exit strategy would likely be to stay with my company and maybe sell a percentage of the company to a larger company that would be willing to help fund my business. 


2) Why have you selected this particular exit strategy?
I have selected this particular exit strategy because I would not want to up and leave my company that I have worked hard in growing and developing. 


3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I think that my exit strategy has influenced other decisions that I have made in my concept because I have created a business around something that I am passionate about. It is something that I would be willing to work on for the rest of my life. I think this is important when looking at opportunities and creating a business that you can retire with/do for a large portion of your life. 

Assignment 25A – What’s Next?

Assignment 25A – What’s Next?

Existing Market
Step 1: What's Next? 
I think that my non-profit could expand in the number of restaurants in an area and do different areas. Additionally, I think that my company could also do well in hotels, catering companies and in vacation home destinations. 

Step 2: Interviews A summary of the Interviews is that most of them believe that I should try to get the business from restaurants into hotels as they tend do have a lot of guests and numerous restaurants insides, especially in the Miami Beach area. They also mentioned having restaurants collect donations of money or having a special deal - if they buy one meal they donate another one to Food Waste and You to give to someone who needs it. 

Step 3: Market Growth
I think that it makes most sense for my business to establish itself strongly in restaurants in Miami. From there, we will hopefully receive enough media attention and financial support to expand to different areas in Miami. Hopefully, we could expand to Miami Hotels and the restaurants they have inside of them. This would allow for more food to be donated and less waste produced by restaurants. 


New Market 
Step 1: New Market - Food Production Companies
I think that a new market could be the food production companies that the restaurants buy from. We could work directly with them and try to ensure that they are doing all that they can to reduce the amount of food that is wasted. 

Step 2: New Market Value
I think that this market would have value because it would radically reduce food waste on a larger scale. If we not only donate the food they do not want but help then not have food waste to begin with, this would ensure a more sustainable food industry. 

Step 3: Interviews
I was not able to find new people in the market. I will work on it. 

Step 4: Reflection 
I was not able to find people to interview in time. Despite this, I do think that there is potential in this market and that it would be beneficial to society as a whole.

Assignment 24A – Venture Concept #1

Assignment 24A – Venture Concept #1

Opportunity:  I believe that there is an opportunity when it comes to the amount of food wasted in the United States. This opportunity is present in restaurants, hotels, and vacation destinations where houses are rented out for weeks at a time.

Innovation/Venture Concept: I am offering customers the opportunity to reduce the amount of food waste they produce. For restaurants, my service would allow their excess food to be used for good. The excess food made in the kitchen could be donated and food that is deemed unusable could also be donated. This service would allow this excess food that would be simply thrown away to be given to people that need the food that is to be thrown away. A volunteer or a staff that is trained in the kitchen could take the food that would be thrown away and take it to a central location to be given to others. To the restaurant or business, I would offer them the opportunity to give back to their community in a way that also helps reduce their waste. To those receiving the food, I would offer them the opportunity to receive a good meal without having to search in dumpsters that these same restaurants throw away their food. Instead, I would allow this food to go straight to those in need, instead of being dumped in the garbage after it is prepared.

Price Points: My customers would more likely "purchase" the service in person. My business would probably speak to the owners and see how much food they waste and the quality of the food that they throw away. I believe that the restaurants would not want to pay for a service like this because it is free to throw away food so paying for a service to not throw it away would be bad for making a profit. When it comes to restaurants and food waste, I don't think that it is something that first crosses their mind during a nights work so my service would need to be something that helps support the business and not affect it negatively. 

Distribution: Service would be distributed over a 10 mile square radius to from the main location where food is brought and then given to the hungry people in the local community

Customer Service: Customer service would work directly with restaurants and the local homeless shelters. 

Location: In the downtown Miami area. 

Packaging: none 

Employees: could be volunteers from the restaurant or people who work for Food Waste and You. 

Unfair Advantage: I think that my unfair advantage would be my connections with companies that would support my venture. Because my company would be a non-profit, support from established organizations would help me put my name out there and ensure that we get the funding we need. Additionally, I have connections and contacts to numerous restaurants in Miami and shelters that would allow me to connect with them and try to get them to have my service and supply food

What’s Next? I want to tackle something related to health care and biomedical applications. Once I gain more experience in the engineering field and have more knowledge, I wish to address an opportunity in this field. 

For Me: In five years, I hope that the venture has established itself at the minimum of 10 restaurants in the Miami downtown area and is looking to expand to other areas in Miami and get other restaurants to join. 

Assignment 23A – Your Venture’s Unfair Advantage

Assignment 23A – Your Venture’s Unfair Advantage

1. Fundraising Experience: In high-school I helped raise thousands of dollars for different organizations and mission trips. 
• Valuable: the ability to raise money is valuable as companies need money to work
• Rare: not very rare as most people have this capability
• Inimitable: this capability is somewhat imitable but there are differences to the style of fundraising
• Non-Substitutable: I could hire someone to raise money for non-profit but this would cost me more money that I don't have
2. Uniqueness of the Venture/Lack of Competitors: there aren't companies in my knowledge that work directly with restaurants to help reduce their food waste and feed others. 
• Valuable: I think that this is very valuable as my company would stand out
• Rare: I think a company like this is rare as many may not be willing to start and own a non-profit because unlike a business, your successes are not marked by monetary value
• Inimitable: Service is currently unique but someone else could come up with the idea in the future
• Non-Substitutable: I could come up with other services that are similar and would function the same 
3. Human Capital: I am able to relate and connect with people easily
• Valuable: I think the ability to understand people is valuable
• Rare: it is not necessarily rare as people can learn and develop this ability although it can be difficult 
• Inimitable: I think that my own ability is unique but people can learn to do this
• Non-Substitutable: You could hire someone to help with relations but this costs money and it is less personal for your customers
4. Social Capital: I am a student at UF and have connects and friends in different industries and majors that would be willing to support my venture
• Valuable: This is a valuable source as those people with different information and knowledge will offer different perspectives and advice
• Rare: This is not rare as most UF students have this
• Inimitable: it is inimitable as most UF students have this
• Non-Substitutable: Everyones social capital is unique 
5. Social Capital: I have connections and contacts to numerous restaurants in Miami and shelters that would allow me to connect with them and try to get them to have my service and supply food
• Valuable: I think that this is a very valuable source
• Rare: It can be rare unless other companies also reach out to the restaurants
• Inimitable: I think it is unless it is used by other companies
• Non-Substitutable: this resource can only be substituted by different restaurants
6. Capabilities: I have the ability to communicate well and express my ideas. I also speak both Spanish and English so this will allow me to reach a broader audience
• Valuable: I think that being able to communicate with more people is valuable
• Rare: many people can speak more than one language
• Inimitable: anyone that speaks more than one language
• Non-Substitutable: you cannot copy or substitute this unless you hire someone to communicate with other people in society for you
7. Engineering Background in Solving Problems: My engineering background helps me analyze and understand problems and find solutions with a different perspective
• Valuable: I think that this is valuable because I can approach problems differently
• Rare: As an entrepreneur I think it is rare but there are other people out there interested in entrepreneurship that have majors in engineering
• Inimitable: anyone majoring in engineering could have this skill
• Non-Substitutable:This cannot be replaced by any other major
8. Support of Current Organizations: There are many organizations that are fighting hunger and trying to reduce food was and I feel as through these organizations with connections would support my efforts. 
• Valuable: This is valuable because I can get the support of many organizations who are already fighting for this cause
• Rare: It is not rare because there are many organizations 
• Inimitable: This cannot be copied unless another organization is fighting for the same changes 
• Non-Substitutable: I could not get the same amount of support and connections from other organizations
9. Publicity: sustainability and world hunger are topics that media and the younger generation are trying to address. I think that most new ways to be sustainable and end world hunger would gains support form the public and media outlets. 
• Valuable: Media is a valuable source as it reaches the most people
• Rare: Media coverage can be rare
• Inimitable: Media coverage and publicity can be had by anyone with a product or service
• Non-Substitutable: I could try and emulate this coverage but it is difficult 
10. Public Relation Experience: I have experience making connections and talking to people in my community and understanding their needs and wants
• Valuable: i think that this is a very valuable resource as it is what helps entrepreneurs come up with solutions to problems
• Rare: People with public relation experience can also have this as a resource
• Inimitable: my experience is my own so it is unique
• Non-Substitutable: Communication and relations experience cannot be substituted for anything else

I think that my top resource is my connections with companies that would support my venture. Because my company would be a non-profit, support from established organizations would help me put my name out there and ensure that we get the funding we need. 

Assignment 21A – Reading Reflection #2

Assignment 21A – Reading Reflection  #2

Title: Mindset - The New Psychology of Success

Author: Carol S. Dweck

1) What was the general theme or argument of the book?

In a fixed mindset, people believe their basic qualities, like their intelligence or talent are simply fixed traits. In a growth mindset, people believe that their most basic abilities can be developed.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?How important it is to set your mind to a goals and achieve it. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
Setting Goals and being specific on what you are going to change about your life to achieve them and how you will achieve them. 

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

When you focus on a growth mindset, you embrace all the things that have felt threatening: challenge, struggle, criticism, and setbacks. When you embrace the tough stuff, you open yourself up to fully realize your potential and all that you can be.  Instead of depending on luck or “natural” talent, you focus on developing your skills and abilities, and learning from your efforts.

Assignment 22A – Elevator Pitch #3

Assignment 22A – Elevator Pitch #3

Principles of Entrepreneurship  

Elevator Pitch 2

Company: Food Waste and You 

Today you will waste about one pound of food. In a week 7 pounds. A year 365 pounds. In a lifetime over 29 thousand pounds. With this amount of food wasted by every person in the United States, does it make you wonder why 40 million people struggle with hunger, including 12 million children every day here in the United States alone? What if we could reduce our waste by even a pound and give it to someone else that is hungry and that needs this food? That is what I intend to do with Food Waste and You.  

Food Waste and You is a non-profit organization that works directly with local restaurants to try and reduces the amount of food that is wasted every day in their kitchens. Food Waste and You will start in local restaurants with hopes of expanding to catering companies, hotels, and even vacation destinations that house families for weeks at a time. Our services would provide a volunteer to work directly with the restaurant and pick up leftovers from the day's work or food that is deemed unusable by the kitchen and then bring the food to a central location where the food will be given to people in the community that need a meal. Funding for Food Waste and You would come directly from donations. Next time you eat out at a restaurant consider giving you leftovers to someone you see on the street instead of letting the kitchen simply throw it away. Thank you.  

https://youtu.be/9iV-FyhAXZc

Reflection

I did not change my elevator pitch. 

Assignment 20A – Growing Your Social Capital

Assignment 20A – Growing Your Social Capital

Domain Expert 
1) Who they are and what their background is.
Non-profit owner in Miami whose company provides meals for the homeless and needy.  buy raising money and having direct donations. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
This person provides food to the needy like my with his non-profit. I hope to do this same thing in a different way with my non-profit. 

3) A description of how you found the person and contacted the person.
I found the person through a friend who volunteers in Miami at a homeless shelter. 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
From this person, I will gain information and learn from their experiences. I will let them know if the restaurant aspect of food donations will work. 

5) How will including this person in your network enhance your ability to exploit an opportunity?
I will gain valuable information from someone who has experience having their own non-profit and feeding those in need. 

Market Expert
1) Who they are and what their background is.
This person helps run Ronald McDonald house in Miami that helps those that need housing and food. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
This person knows the people that need the food. He knows how to find those that need food and knows what they need as these people would be living at the shelter. 

3) A description of how you found the person and contacted the person.
I found this person by calling the shelter. 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
He gave me information and he said that if anything were to come of the company I should help in food donations. 

5) How will including this person in your network enhance your ability to exploit an opportunity?
This person would give me the place and people to serve food to those that need it. 


3) Industry Supply Expert 
1) Who they are and what their background is.
Manager at a local supermarket that helps coordinate food donations. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
This person fills the industry spot as they sell products and give donations to the needy and those that feed the homeless at shelters. 

3) A description of how you found the person and contacted the person.
When I spoke to Ronald McDonald house I asked them where they get a lot of their food supplied from. 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
They gave me information in what they did and did not expect anything in return or a favor. I told them that if anything were to come from my non-profit I would talk to them. 

5) How will including this person in your network enhance your ability to exploit an opportunity?
Helps me understand how the industry works. 


Reflection:
This experience will help me participate in future networking events because it introduced me into how to talk to company owners and industry suppliers. Additionally, it allowed me to gain experience talking to professionals. 

Assignment 19A – Idea Napkin #2

Assignment 19A – Idea Napkin #2

1) You. 
My name is Catalina Morrison. I am a first-year Biomedical Engineering major who intends on minoring in entrepreneurship. I am also on a pre-med track. I am fluent in both English and Spanish. I am taking this class to give myself to the opportunity to understand how businesses work by pursuing what I love to do in medicine and science. If I were to open this business one day, I could see myself working on it after I working as an engineer or doctor for a good part of my life. This would be a way for me to continue giving back while not being controlled by the hospital or company I work for. In high school, i was able to experience different volunteering opportunities and I loved the work and how good it made me feel about how I spent my time. I also learned a lot from all the people I met on my journey and wish to continue this in my life. I enjoy learning from experiences and opportunities that come my way. I am also from a very diverse and multicultural city so this allows me to understand and relate to different perspectives. 


2) What are you offering to customers?
I am offering customers the opportunity to reduce the amount of food waste they produce. For restaurants, my service would allow their excess food to be used for good. The excess food made in the kitchen could be donated and food that is deemed unusable could also be donated. This service would allow this excess food that would be simply thrown away to be given to people that need the food that is to be thrown away. A volunteer or a staff that is trained in the kitchen could take the food that would be thrown away and take it to a central location to be given to others. To the restaurant or business, I would offer them the opportunity to give back to their community in a way that also helps reduce their waste. To those receiving the food, I would offer them the opportunity to receive a good meal without having to search in dumpsters that these same restaurants throw away their food. Instead, I would allow this food to go straight to those in need, instead of being dumped in the garbage after it is prepared.

3) Who are you offering it to? 
I would be offering it to local restaurants (at least in the beginnings of the company). The service offered at restaurants would include someone in the kitchen assisting with the preparation with meals and the food wasted in this process. The service would also be used when the restaurant closes and any food that would normally be thrown away as excess, to be given to the representative of the organization or someone appointed by the organization that works in the restaurant. In the restaurant, there would also be an option for the customers to donate any leftovers that they have of their meal to the organization if the food is still salvageable and not contaminated. These restaurants would be ones that produce a lot of waste or sufficient amounts of food waste that could be used for a meal for someone else. 

Eventually, the company would expand to hotels, catering companies, and vacation homes. 

4) Why do they care? 

I think that customers would be willing to participate in my service and work with us because it is easy to recognize that a lot of food is wasted every day by restaurants, hotels, etc, and that there is a food security problem throughout the United States. Additionally, restaurants want to stay "trending" and modern society is beginning to favor companies and services that overall benefit society and do not go against what people value. If a restaurant is able to promote the fact that they have very little waste and that they supply a certain amount of meals to the local community, people may be more likely to favor that restaurant over one that has a lot of food waste. 

5) What are your core competencies? 

I think that my perspective is different that most people taking this class. I am not a business major or anything of the sorts. I have found that there are a lot of connections between coming up with a business and solving a problem. I can use these skills in my business ventures in the future. 

Reflection:

While going over these elements of myself and the business, I believe that these elements do fit well together. Although my experience in business will be limited compared to others that might be majoring in business, my ability to solve complex problems with creative solutions could eventually surpass theirs. My experience as an engineering major will allow me to work hard toward my goals and gain support from those around me. 

Feedback Memo:

From the feed the feedback I received I believe that my character attributes will help me in the future and allow me to be successful. Additionally, these characteristics will allow me to connect with the people around me and understand them on a personal level. In this way, I incorporated the feedback into this idea napkin.