Venture Concept No. 1

Consumers love to eat out. It's just part of life these days. The convenience factor is there. We live in a society where often times people would rather go somewhere and have a sit down meal. On the other hand, they may choose a delivery option or a drive-thru option. The convenience factor of having food served is something that many consumers love. A great example is the current Chipotle craze. It's simple yet consumers do not want to take time out of there day to prepare their own meals. I thoroughly believe there will always be a decent market for restaurants, especially one of my caliber.

In my mind, I can break down restaurants into several categories. There are the restaurants where you have a sit down meal. There are the restaurants where you can order through the a drive-thru and then take it to go. There are also the restaurants that offer delivery service. It's common to see restaurants try to incorporate one or two of these elements to make consumers happy. However, how many incorporate all three? McDonald's doesn't deliver. Chipotle doesn't have a drive-thru. These are just a couple of examples. However, the pattern holds true. Consumers need more options. It's only right that a restaurant offers all three.

As stated in recent assignments, my target is primarily college students. For this reason, I believe that the business would be most successful in college-towns, such as Gainesville or Tallahassee, where the primary demographic is students of the university. I personally believe that this opportunity is enormous, due to the sheer size of college campuses. This is especially so, if we can work directly with the universities to incorporate our restaurants to be on campus, and even better included in meal plans that the students buy.


I also have an interesting idea to incorporate customizable pancakes to the menu. Meaning, if someone likes something specific of another company, I'd like to incorporate that into my pancakes for a slight upcharge. If it can be dreamed it can be made. Even something as crazy as a McChicken pancake is possible. It's ideas like this that take a restaurant to the next level. If something like this could become possible, it could potentially negate competition as the demand for our customizable products would make various foods of competitive restaurants complementary goods, strengthening business relationships and opportunities. For example, though it is a wild one, if McChicken pancakes became highly demanded, McDonald's business would increase due to the need for McChickens.

From a business perspective, I've got a pretty decent understanding on how the financial aspect of this business will work out. We would have the benefit of many of our workers working on a tipped-basis. This meaning, we wouldn't have the burden of paying many of our workers more than minimum-wage for tipped workers, because they will be making much of their money in the form of tips from customers. On the receipts we will put suggested gratuity to encourage that our workers make a fair wage. Likewise, costs may stay down if we stay located in college towns as the radius of delivery wouldn't necessarily be that large. For this reason, our delivery boys can use bikes for many of the deliveries, keeping costs down. The only costs that would be high would be initial start-up investment. However, this is not a single person venture. I've decided that I would like to do this with three close friends, all of which have significant savings and are ready to take on the challenge of starting a business.

I think that customers will love the convenience factor of our restaurant. Whether or not they want to dine in, pick up via a drive-thru, or have food delivered, any of their needs can be met. The convenience factor with my restaurant is far greater than what others can offer. Also, living in a college town right now is very helpful, as the first restaurant can be something of a test subject to see what needs to be changed or improved. Also, I think that customer's can have something of a personal experience with the restaurant, due to it being specifically geared for college students. With college classes constantly graduating and entering, it will be a revolving door for the business. As stated before, the first restaurant will be the test subject and we can see where to go from there. I am aware not everything will be perfect. And that's okay. We will constantly improve.

Week 11 Reading Reflection

1. I think innovation comes as somewhat as a surprise to me. I think we as consumers don't think things change too much from year to year because we see things on a slight scale. For example if you look at Madden 2010 to Madden 2016, it's drastic. However, the same cannot be said for the difference between Madden 2015 and Madden 2016.

2. I was slightly confused about how general some things are made. For example, research and development is important. But how important is it really to companies who have stayed with the same exact product for a long period of time?

3. I would ask the author about his stance on social media for marketing purposes? Does he think it's worth the hype? I would also ask the author about his stance on artificial intelligence.

4. I have nothing that I disagree with.

Amazon Whisperer

With this assignment, I ran into a slight issue, being that my idea is a service rather than a product. I think many others in this course will run into a similar issue.

My revenue driver is my restaurant. The idea being that if people buy our food then we will turn a profit. We also have the added benefit that many of the jobs will be rather low-paying due to them being tipped jobs. I think the next thing we could do is make a sister restaurant, or make the franchise a chain. Or, we could make the food accessible to people at grocery stores, in either a heat it up yourself or possibly sell the ingredients in a do it yourself manner. While this is the second option, expanding to grocery stores could further the market and add a convenience factor. Something I looked up on amazon that is relatively similar are white castle frozen burgers. Several of the reviews are positive, talking about how they are very similar to the real thing. If we were able to encompass something similar, our restaurant could be taken to a whole new level. I'm not exactly sure what I would change but I do know slight changes to the recipe would probably be necessary.

My Unfair Advantage

Resources:

Delivery drivers - This is not necessarily unique, as several companies have it. But for a market who prefers late-night food this is a huge plus.
Location - We plan to come up big in the collegetown areas. Our location is key for our success.
Surrounding restaurants - We plan to set up business plans with surrounding restaurants to allow people to customize their food options. This is a very unique idea.
Wholesale ingredients - We will save money by pairing up with companies that can provide us quality, wholesale ingredients.
Research and Survey skills - We are not afraid to admit if we've made a mistake. As the business grows, some of our ideas probably will have too as well. We will always push to move forward.
Capital - This is not unique, as every company has it. However, everyone who wants to be involved in this idea has a substantial amount of money in their savings accounts.
Social skills - All four of us like to think that we're personable guys. This goes a long way in the business indusry.
Unique restaurant layout - We plan to have a sit down section, as well as a drive thru and a delivery service. Not many companies have all three things going.
Steady market - As long as we are located in collegetowns, college kids will come. As long as kids are in college they will get drunk and want good food. The market is steady.
Honesty - We have no interest in trying to be deceptive. We say it like it is.

I think that our unique layout will be the biggest game-changer for us. If you want to dine in you have that option. If you want to get quick drive-thru food that is as well. If you would like to get delivery, that is an option as well. This is very unique as many restaurants only offer one or two of those options.

Week 10 Reading Reflection

I was surprised just how much goes into budgeting a business. The financial world is far more complicated than it seems. While many may not think as I do, it's hard for me to comprehend a lot of this because my parents have basically been my source of stability my whole life. Thus, a lot of this is new to me.

I was pretty confused about the various methods of obtaining the break-even point. If breaking even isn't a good thing, should there be a best option. I just feel like it's a pick your poison situation.


I would ask the author what his stance on corporate taxes is. Should it be lowered like several candidates believe? Also, I would ask the author if he think economics is truly applicable to the world. I just say this, because I feel like in a perfect world, everything we learn in economics classes would fix the economy.

I do not disagree with the author on anything.

Growing My Social Capital

John Kaplan

John Kaplan is a friend of my mother's. He owns and operates a small restaurant called Kappy's in Maitland, FL. It's similar to my business idea as it is a very unique set up that is different than most. It has a pick up window as well as a seated area, something I also want to do. I without a doubt consider him the domain expert of the bunch. Because my mother is close friends with him, I was able to give him a ring and exchange ideas. His best advice to me was to keep my initial costs low, as the food industry is extremely competitive and there are no guarantees for success.

Meg Pietkiewitcz

Meg, or Mrs. P as I call her, is an expert on marketing and research. In fact, she was my high school marketing teacher. She conducts a business called Live Life Healthy, which inspires people to engage in a healthier lifestyle, showing alternatives too many food options. This is invaluable to my restaurant idea, as healthier options will be necessary for customers who are more health savvy. Her greatest advice to me was to get as involved as possible on social media. The world is changing, and we have to change with it. This is the single greatest way to reach a large group of people. I also gave her a phone call and shared my blog with her so she could browse my various ideas.

Jeffrey Pagliolonga

The final person I spoke with was Jeffrey Paglialonga. This was very convenient for me as he is one of my good friend's fathers. He works as a wholesale distributor at Costco and specializes in moving large quantities of items. While I plan to make my own food at restaurants, I'm sure we will need some ingredients shipped in bulk. I was lucky enough to personally get to sit down and talk to him, with my computer by my side. I also gave him my elevator pitch in person. His best advice was to stay confident and to understand that the road to success may have many ups and downs.


This was definitely a different experience as I've never done too much networking in my time. However, it did make me realize that networking is so important. Had my mom not known John, I would've had trouble finding someone for that area of this assignment. Likewise, had one of my friends not had a father who worked for Costco, I would've had trouble there as well.

Elevator Pitch No. 3

In my last elevator pitch, I was told to be a little more dynamic. I also think my voice sounded a bit worried and nervous in the first video. In this one, I tried to seem slightly more casual and almost make it seem like more of a discussion. I also hope my enthusiasm seemed a bit better, as videos before I seemed a bit monotone.

Week 9 Reading Reflection

I was surprised by how many aspects of marketing research there are. I was also surprised by the fact that you have to specific marketing philosophy.

I was a bit confused by the idea of people being subordinates. I understand that in every business there is somewhat of a hierarchical scale. However, the author uses the term "subordinate" in almost a demeaning manner. I just feel like if I was on top of a company I would want to treat those lower in a way that they feel connected to me.

I would specifically ask the author what marketing philosophy he thinks is best, especially with the rise of social media in recent years. I would also ask him specifically what his view on sponsored tweets and facebook post on people's timelines are. Specifically if he finds this to be a successful strategy.

There was nothing I disagreed with. I found this chapter to be very informative.

My Secret Sauce

1.      What makes me a unique person? My drive is unique in the sense that I like to establish both short term and long term goals. I keep my eyes on the prize and try to constantly get better at whatever I set my mind to. I also find myself to be very outgoing. I have no issues striking up conversations with random strangers and developing lasting relationships. I also recognize my flaws well. I know that I am not perfect. And that's okay. Greatness should not be measured on perfection, but rather the ability to deal with imperfections. I also consider myself very experienced in several ways. I have done a lot of daring things and I have dealt with tough times. I consider these both integral to my development as a human being. Lastly, I've always found my mind to be rather complex. My mind is always in need of stimulation. I live the type of life that requires me to always be doing something. This is valuable in the entrepreneurship world, as my time could truly be the difference between success and failure.

Interview #1: Claire

Claire stated that I was very outgoing. She also seemed set on the idea that I'm good at adapting. If something isn't working, I make the changes necessary to keep moving forward.

Interview #2: Anthony

A close family friend from back at home, Anthony perhaps knows me better than anyone. He likes to think that I have a lot of energy, and passionately use that energy where it needs to be used. He said I was outgoing and always keep a good vision for the future.

















Interview #3: Hilton

Hilton stated that I am personable and believes that I am well-rounded. Hilton's father is a very successful entrepreneur and his feedback is greatly appreciated.

Interview #4: Jay

Jay, as well, considered me to be very outgoing. He liked that I'm not afraid to backdown and am very social, both good qualities in the business world.

Interview #5: Carter

Carter praised my ability to set goals and stick to them. He thinks that I'm realistic and smart with my decisions.



3. The common thing I realized with all of my interviews is that my friends all thought I was very outgoing and didn't like the idea of settling for mediocrity. They all stated that I seem driven and energetic, with realistic goals. I definitely think they were correct and realistic, as these five were truly some of my closest friends.

Idea Napkin No. 2

      I'm Alex Knight. I like to think I'm good at thinking rationally and identifying the needs of other people. Most importantly, I like to get straight to the point without beating around the bush. I have worked several retail jobs, as well as been a customer at many different franchises. I've identified what is flawed, what can be improved, as well as new ideas that could be potential game changers. My business is a very interesting concept, and I'm willing to see it as something that I will spend all of my time and money on (as are three other people). I understand that one has to start from the ground and work his way up. I've decided to create a breakfast restaurant, that is specifically catered to college kids in college towns. It will be the ideal late night eats spot after a long night of being out. It'll offer far more food options, with customizable food options. If you can dream it, we can make it! Customers, specifically college students will care because I know from personal experiences, when you go out you always get hungry at the end of the night. Most intoxicated people want something that tastes great after a long night of going out. Several students have expressed their concern for the lack of food options after a late night in mid-town. This is where we come into play.
      We are different. We are not the average food restaurant. We understand that the the demographic of college kids behave and act much differently than most restaurants are prepared for. Our waiters will be able to deal with the drunkest of kids, and probably make their night even more entertaining. We will deliver late at night, have a drive-thru, and an eat-in option. Ideally, we would like to partner with other companies to allow all sorts of custom pancakes! I thoroughly feel like there is no company like this, and we will set ourselves apart. Many might think it's crazy that I am openly writing about the fact that I would like to cater to the needs of drunk college kids. However, people have the most fun when they're drunk, and it would be a disservice to not try to make their nights a little bit better. I see no flaw to this idea, as college kids will always party, and a market will always be available. Start up costs may be high. However, this is something we've planned for.

Feedback Memo:
   
      From my feedback, I've realized a few things. Students are always hungry. Students love to get drunk. Students are always hungry after a night of partying. Gainesville lacks late-night dining options. Most importantly, feedback indicated that my direct approach was desirable. I don't want to beat around the bush. I want to make it clear that my biggest market is drunk, college kids. And that's totally okay. I tried to incorporate this into my new idea napkin.