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?

I plan to sell my business within 7 years in hopes of a large return. If 7 years have passed and a large offer doesn’t appear, I’ll likely hold on to the business till get an offer I like. If that big offer never comes around, I’ll leave the business to my children for them to take over.

2)     Why have you selected this particular exit strategy?

I selected this strategy as I’m an adventure seeker. I have no desire to have a business for like 50 years because that’s boring to me. I like to switch things up and try new experiences (within good reason). If my business is booming for a long time and I sell it for a good price, ill take my family on a nice vacation where I’ll then plan my next course of action.

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?

My exit strategy hasn’t influenced much. I’ve always known my plan so with every decision I’ve made, I’ve had the long term goal in mind each step along the way.

27A – Reading Reflection No. 3

Mindset: The New Psychology of Success, Carol Dweck

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

               The main theme in here is defining the 2 different types of mindsets and explaining why they’re good and bad. With a fixed mindset, one thinks talent is everything. With a growth mindset, one thinks they can do anything they set their mind too, no matter the circumstances.

2.      How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

               This book only enhanced what I learned from this class. Having that entrepreneurial mindset to take risks and be the best version of yourself ties in with this book neatly.

    3.  If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I would create a multiple-choice questionnaire involving many different scenarios and based off everyone’s answers, they would be either identified as an individual with a fixed mindset or as an individual with a growth mindset. With these results, the people will be able to reflect on themselves and make changes to their life if they want.

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?

I didn’t know there were multiple types of mindsets. I also came to the realization that a fixed mindset really isn’t ideal and that individuals should strive to develop a growth mindset.

26A – Celebrating Failure

This past semester I dropped the ball when I didn’t study well enough for my midterm in my other class. I started studying too late and ended up getting a 72 on the midterm. Although I later recovered by getting an 85 on the final and scores of 97 and 95 on the 2 main papers in the class. However, I only ended up with an 87 B+. Even though that’s not a bad grade at all, I think of it as a failure as I thought I’d get an A in the class and I came up short because I didn’t study well enough. Through this I learned sometimes things don’t go as planned and that’s okay. I changed up my study habits after the midterm and did much better in the class. Lastly, although no one likes failure, I also think it plays a key role in being successful. Failure humbles individuals and challenges them to rise to the occasion to overcome a challenge or obstacle. The individuals who fail only gain experience and new skills and eventually it’ll all pay off and it’ll be the reason they end up being successful one day. This class has only enhanced my outlook on failure and I will definitely take risks when I feel it's the right choice.

25A – What’s Next?

Existing Market. 

My next step regarding my venture would be to see if Chick-fil-wanted any additional food products/meals to be tested on the open market. If Chick-fil-a isn’t interested in doing business anymore, I’d have to come up with different food options to pitch to other potential fast-food restaurants.

I interviewed all 3 of my roommates. They all eat Chick-fil-a regularly and when I told them about my idea, they were fully supportive. When I asked them what should be my next move, my first roommate said that I should my relationship with Chick-fil-a by officially joining the company in some fashion as a worker. Whether that’s working for an individual franchise somewhere or by working behind the scenes in some corporate level position, my roommate urged me to stay with the company in some fashion. My second roommate thinks that I should start advertising new food products to other fast food restaurants like Wendy’s, McDonalds, BK etc (rather than staying with Chick-fil-a). My last roommate offered the biggest plan in that he thinks I should just open up my own restaurant and then I can sell whatever I want. Although that idea is tempting, it’s also expensive to do that so maybe when I’m a little older I can look into that.

In terms of growing my existing market, I’d like to continue working with Chick-fil-a by continuously always pitching new foods to sell to the public. If they aren’t interested, ill need to bring my talents elsewhere.

New Market

Rather than focusing on the fast food restaurant business, I’m interested in learning more about the bakery industry. I love all kinds of desserts and bakery style food items. If I could create some new dishes and pitch some of my ideas to already established bakeries for them to possibly sell to the public, I’d be happy.

I interviewed 2 of my classmates.  Both of them have experience in working for Ice Cream shops so they know what I’m talking about. My first classmate said that I need to be outside-the-box in pitching new desserts to the already established bakeries because they are always looking for new creative dishes to sell to the public. My other roommate fully supported my idea and was even willing to get me a meeting with one of her old bosses (who owns an ice cream shop) to discuss some potential ideas.

Overall, I learned that the bakery industry isn’t that easy to be successful in. However, I’m willing to try and see what happens. I still think my existing market is more attractive as I have so much more foods to work with in pitching new meals. Whereas in the baking industry, there’s a very limited selection of foods that they make and sell so its way more restrictive in that sense I’d say.

23A – Your Venture’s Unfair Advantage

1)     Having access to individuals who know how to make these quality meals

Value: Very valuable.

Rarity: This is not rare because a lot of people have a variety of worldwide connections.

Imitability: imitability is high as anyone can make a chicken alfredo meal. However, the key distinction is the QUALITY in the individuals who know how to make it.

Non-Substitutability: The only other way to provide this is to get another chef of less-quality.

2)   Having access to individuals who know how to market new meals to the fast-food restaurant consumer

Value: Very valuable.

Rarity: I think this is sort of rare as most people don’t know people like that on a first-name basis.

Imitability: Imitability isn’t high.

Non-Substitutability: Yes, other people can do the job but how well will they do it?

3)     Willingness to accept failure

Value: Very valuable. Some can’t accept this, and it ends up costing them their whole business

Rarity: While not extremely rare, I do think most will keep their doubts in the dark rather than being open about it.

Imitability: This mindset can be copied.

Non-Substitutability: No.

4)     Start-Up Business Experience

Value: Very valuable.

Rarity: Not very rare as many people have experience in starting up businesses whether they end up good or bad.

Imitability: I highly doubt someone is pitching the same idea as me

Non-Substitutability: Sure, other people have experience but I doubt there are other alternatives.

5)     Unique Idea

Value: I think my idea can be very valuable, only time will tell.

Rarity: Unique= rare.

Imitability: A competitor could replicate my idea; however I don’t see the success rates being high.

Non-Substitutability: Don’t think so

6)     Being Able to Learn on the Fly

Value: Very valuable. Helped me a lot in school growing up.

Rarity: I think it is rare as many people have many different great skills. However, a lot of people can’t just learn things and then do them

Imitability: This is a very hard skill to imitate because for a lot of people, it takes time to learn and process things

Non-Substitutability: Being good at other things can take the pressure off being a fast learner. (i.e being a fast reader, or a good listener)

7)     Having People Who Support my Idea

Value: Very valuable.

Rarity: Not very rare as a lot of people have support from their friends and family

Imitability:

Non-Substitutability: Support can come from anyone and can come in a variety of ways.

8)     Simple Idea Being Pitched

Value: Very valuable to me because I think the benefits could be great.

Rarity: I think my idea is rare as I’ve never heard about it in the real world.

Imitability: Many ideas can be replicated

Non-Substitutability Nope.

9)     Everyone Loves Chick-Fil-a

Value: This is very valuable because almost any new product that Chick-fil-a tests on the open market, it usually always gets much attention from consumers. This trend will only help me in my idea to pith new chicken related meals at Chick-fil-a.

Rarity: It is rare for an establishment to get so much recognition for its food and service.

Imitability: Very hard to copy the love Chick-fil-a gets in comparison to other fast food restaurants.

Non-Substitutability: Perpetual industries could be substituted with just a long-lasting one or a very short-lived industry, both can be profitable like a perpetual one.

10)  Being a Risk-Taker

Value: This is valuable because if one doesn’t take risks, success may never be found.

Rarity: 50/50. Some play it safe and others take risks all the time within the business world.

Imitability: You either take risks or don’t.

Non-Substitutability: You either take risks or don’t.

I think my top resource is my willingness to accept failure if I gave it my all. If my idea pops off and is a great success, then great for me. If my idea doesn’t do as well as I thought it would, I’m okay with that because I gave it my all and wasn’t afraid to take a chance.

22A – Elevator Pitch No. 3

 This is my 3rd elevator pitch. In this one, I cut out a lot of the fluff from the last one and got great straight to the point. I was also much more confident this time around as I knew what I wanted to say due to much practice and rehearsal. Hope you enjoy.

21A – Reading Reflection No. 2

***The Art of Social Media: Power Tips for Power Users, Guy Kawasaki***

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

I’d say the main argument of the book is that if you want your social media account to be a pivotal part of your career, you have to treat it as a business. No more posting drunken party pictures or posting rants about celebrities or political figures. Figure out what your audience wants to see while also creating content that you enjoy yourself.  Try things out to see what sticks. To use social media to be successful is very much possible. However, you’ve got to stick with it and treat it as a business.

2.      How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

One of the main tips within the book is to always try to think of alternate solutions to problems. Thinking outside the box also plays a pivotal role in the book. These 2 lessons tie in with our class as most of our assignments require us to think creatively.

    3.  If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

If I were to create an exercise, it’d be for each member of the class to post a collage of all their pictures on Instagram and to explain why they post the way they do. Whether ones Instagram is filled with dog pictures or pictures filled with friends, I’d like to know why their Instagram is crafted the way it is. Is it simply to meet people? Is it to share pictures with friends and family? Or do they post pictures trying to promote their families business or something like that. I think everyone would have varying answers which would make for a lively discussion.

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?

After reading this book, I realized how important cross promotion can be in promoting one’s company. Whether its Instagram and Snapchat, Twitter and Facebook, or YouTube and LinkedIn, a company should have a combination of some these sites. By posting different but similar content on both platforms, it keep the audience interested while also nudging them to keep up to date with both platforms. Cross-promoting can lead to a wider audience and it can also speed up the process in gaining new followers quickly. This overall statement seems quite obvious, but I never really thought about how true it is. For example, former Miami Heat basketball player Hassan Whiteside uses his Instagram to post about his endorsement and other celebrity type posts. However, his snapchat account is very personal and he often posts everyday of him hanging out in his house or out and about with friends. This cross-promotion style keeps his fans engaged as they know they’ll get entertaining content on multiple platforms.

20A – Growing Your Social Capital

Domain Expert-

My stepfathers friend Jasper owns an Italian restaurant in Miami. I also worked there during high school as a part time job. Jasper is an expert in restaurant ownership and knows all the ins and outs on how to successfully run an Italian restaurant efficiently. When I asked him about my idea about pitching new chicken products at Chick-fil-a to spice up the menu (chicken alfredo, chicken parm etc.), he definitely liked the idea but he also wasn’t so sure that Chick-fil-a would be willing to sell these products as some of the dishes I pitched “take a while to cook…doesn’t fit the fast food restaurant mold, but you never know”. Jasper is my domain expert because if Chick-fil-a would be open to testing some of these products, Jasper would be the guy to talk to in explaining how to efficiently make a quality meal to customers.

Market Expert

My aunt owns part of a Panera Bread establishment in Orlando, Fl for the past 5 years. The company has been nothing but a success. My aunt is a market expert as even though Chick-fil-a and Panera Bread aren’t exactly the same, they both serve similar products and have a common group of customers. My aunt knows exactly how to advertise products and really knows the fast food-café market really well based off her experience of being an owner. If Chick-fil-a was willing to try out my ideas, my aunt would be an incredible help to me in plans regarding advertising and targeting the right group of customers.

Industry supplier

As previously mentioned, my family-friend Jasper owns an Italian restaurant. However, he gets most of his foods from one of his friends who owns a company that makes chicken, pasta, lasagna etc. His friend is responsible for supplying many different foods to a variety of restaurants in the south Florida area. Although I don’t know the man directly, Jasper said he would definitely refer me to him to ask more questions. I haven’t had a chance to speak with him yet, but if the idea ever came into the picture, Jaspers friend could potentially be a supplier as he sells most of his products to various Italian establishments within the US. Chick-fil-a obviously isn’t an Italian restaurant establishment, however if Chick-fil-a were to venture into Italian style meals (chicken alfredo, chicken parm), this could be the way to go about it.

Reflection

Overall, talking to people that are family or family friends isn’t that hard. I can freely express my ideas to them and I know I wont be shut down or ignored because they’ll actually listen to me. However, in example, I haven’t talked to the potential guy as my industry supplier mentioned above. Talking to him may be a little more intimidating as he doesn’t know me so he might not be willing to hear my ideas out like I would hope.

19A – Idea Napkin No. 2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

My name is Connor Brennan. My talents are pretty simple, but I think of myself as a hard worker with great learning and listening skills. Basically, I feel I can do anything I can set my mind too. My previous aspirations for this business idea were to make the life of Chick-fil-a customer’s easier by adding a third driveway. However, this idea was cut short as there was too much uncertainty regarding whether it’d be successful. My new idea still involves Chick-Fil-A, but this time it has to deal with the food options. It’s already known that everyone universally likes Chick-fil-a. However, I’d like to spice up the menu and add further products to the menu. Some of these new food items include a chicken alfredo meal, a chicken parmesan sandwich, and other chicken related food meals. I’m not sure how this proposition would affect my life, however I do think it would satisfy customers which in turn would satisfy me.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

I am offering an idea to add new chicken products to the Chick-fil-a menu. Although this need isn’t a high one as most people are satisfied already with the menu, by adding these additional food items, I believe it can draw in new customers and it’ll only make Chick-fil-a even more revered among society.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I’m offering it to everyone and anyone. Who doesn’t enjoy chicken parm? Or chicken alfredo?  Most people like these delicious foods and by having a more diversified menu, Chick-fil-a will only gain further recognition for being a great food establishment.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Customers will pay for my food ideas because Chick-fil-a produces quality food. Most people enjoy trying new foods and by adding these unique items, customers will definitely be willing to try them since Chick-fil-a has such a good reputation for its food and service among society.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

What sets me apart is my willingness to make a change. If the idea fails and it’s not as effective as I thought it’d be, it’s just another lesson to be learned. I try not to fear failure, and in this case, I’d be happy I went forward with my idea. If the new food items aren’t popular with customers, no big deal. However, if they are, then that would be great.

I believe all these elements will fit together. By potentially adding these new food items to customers, it could possibly attract a new variety of customers. By adding new customers, it would also improve sales for Chick-fil-a as well (even though I doubt their lacking in that department).

In my previous idea napkin, I got some good feedback in that my idea wasn’t as clearly explained like how I though it was. I feel my new idea is pretty simple and one can understand why it would be successful. It’s clear the benefits it can possibly offer to society and to the Chick-fil-a as a company.

18A – Create a Customer Avatar

The population segment I’ve chosen is a typical college student who eats at Chick-fil-a often. The avatar I created is a prototypical freshman student at UF who eats Chick-fil-a often since there are so many of them in the city of Gainesville. My avatar usually grabs it for lunch as he lives at Cypress Hall which is near a variety of Chick-fil-a establishments. The one at Broward Hall, the one near the Hub, and lastly the Chick-fil-a at the Standard (on west university ave) are all his go-to options. In deciding which one he’ll eat at; it simply comes down to where he’s at on campus. He uses a bike to get around and since his classes are all over campus, having the many locations is beneficial as he can always get a quick bite to eat no matter where he is.

Me and the avatar are similar. Although I’m not a freshman and I don’t use a bike, I do eat at Chick-fil-a quite often. Last year I lived at the Standard apartments and having a Chick-fil-a on the first floor was so convenient to get a quick meal before or after class. After bringing up my car for sophomore year, it made my life way easier as I could drive anywhere and eat whatever I wanted. However, when I was a freshman and didn’t have a form of transportation, it definitely made my food options limited

17A – Elevator Pitch No. 2

This is my elevator pitch on how I think Chick-fil-a should spice up their menu by adding further chicken related food products. Hope you enjoy.

Based on my feedback from my last pitch, I tried to look into the camera more and tried to be a little smoother in my talking points.