Venture Concept No. 1

Imagine this: You’re a stressed-out college student at UF chasing the dreams of going to medical school. The only thing standing in your way is that 9 a.m. organic chemistry exam. You’ve been studying for days straight. You’re prepared, you’re well-versed on the material, you’re ready.

You’re so ready, you get to campus 30 minutes early. You know UF parking; you know it’ll take you 15 minutes to walk, 5 if you get a good parking spot. So you go, and you drive. And you spot a parking spot! Until you realize, you don’t have the decal for it. Is it worth getting a ticket? That $35 could be better spent getting Ben & Jerry’s… you skip the spot, because you have some time to spare.

Until you don’t. You end up circling the parking lot, waiting for someone to leave, but no one does. You miss your exam, you fail the class, and you miss your chance at med school.

It’s an unlikely possibility, but a possibility nonetheless.

Opportunity.

This is where the opportunity for Your Next Destination comes in.  When we come upon a large population that congregates at a central location, we help them meet their needs. Whether it be creating a sustainable parking lot or a sustainable metro system, we find opportunity when the needs of transportation for the population is unmet.

This opportunity is fueled by UF’s own parking rules. UF restricts parking lots through color-coded decals, which are given out depending on the status of the driver, or owner of the car. UF also sells more decals than they have parking spaces; because of this, a lot of the times the need is greater than the

The forces and the changes in environment that would apply to creating a low-impact parking lot would include having a large enough space and having the space to begin construction. UF is already under heavy construction. The environment, in terms of the atmosphere, is most likely suffering due to the heavy pollution from construction and the number of cars on the road. But the parking lot will be aims at decreasing the number of cars on the road by using a metro system to connect to campus.  

The market depends heavily on the geography and demographic of the area. The demographic, specifically, would have to be young and able to drive. Specifically, when aiming at a population like UF, I would need driven, busy people to fuel the market of the parking lot. The purpose of the lot is to decrease the amount of travel time, but not sacrificing safety.

Currently, at the University of Florida, people are meeting their parking and transportation needs by seeking alternative resources, or planning their schedule around the timing of parking. Is this satisfying? According to feedback from UF students across campus, not really. The price of UF decals continues to go up, but the number of parking spaces stays the same. One has to wonder about the ratio of decals to parking spaces that UF has. They’re in the process of building a parking lot on campus, but it will be limited to orange-decal parking.

This opportunity is big, according to the feedback that I’ve received from students. There has been overwhelming positive feedback for the idea.

The window of opportunity will exist as long as UF continues to raise the prices of decals, sell a high number of decals and not increase the number of parking spaces accordingly.

Innovation.

So how does it work? The parking lot will be built skyward versus out. Gainesville is an expanding community, so we need to find creative ways in figuring out how to tackle the issue. The idea? Build a sustainable parking lot that’ll have a metro system to bring students on campus. The plan is to make it close enough so that walking is an option, but also providing a safe place for your car during the day, and having a way to get to and fro without having to walk in the heat, cold or rain. Because in the heart of the Gator Nation, we know that we’re not immune to the changing seasons of Florida. Our plan is to only sell as many decals as we have spots, or figure out a way only sell as many as we can provide during a busy time. I know what it’s like to circle the parking lot for several minutes. I don’t want other students to have to go through that again.

The way the lot will make money is through selling allotted spaces. But the plan is to make it so that we’re not selling more than we can provide, but selling the maximum amount of decals using an algorithm.

Venture Concept.

I don’t think it will be too difficult to make the customers switch. From the students I’ve talked to, they would pick another parking space if it’s cheap and easier. But the RTS bus system is already busy, and they’re looking to increase the number of bus stops, but if they don’t increase the number of buses, it will only make the commute longer.

The competitors are other parking lots and UF itself. But as explained earlier, I’ve already exposed their weakness; their prices and their lack of space, coupled with their poor planning, will be the downfall of the decals of UF. Other competitors are other parking lots. But the plan will be to create something different, new and useful by implementing a metro system.

Pricing points will have to be set and discussed because sustainability will be key to not only attracting students but providing an environmentally-safe product. The price will have to be negotiated once I speak to a sustainability expert, who will be able to give me price ranges of sustainable material, like recycled cement. The price of cement falls between $3-5. The plan would be to use dumped cement, find a way to either melt it down and reuse it, or fit it back together.

The customer experience will have to be unique. It will have to be more than a parking lot; more than just a metro system. More than just transportation.

The number of employees will include security guards and a 24-hour parking lot keeper, to avoid someone who isn’t allowed to park in the lot from getting in, and to avoid having to give people tickets. It will also help provide an economic boost through the construction and implementation of the lot. 

Week 11 Reading reflection

What surprised me the most was probably the idea of an innovative strategy and how you can’t really do a one-fit-all method to every type of innovation. At the same, it’s not surprising to think that the method Apple uses won’t work for everyone.

What kind of confused me were the different types of innovation. Again, the world of entrepreneurship gets complicated and detailed. The author writes that the best way to think of all the innovation methods as “The Innovation Landscape Map.”

If I could ask the author two questions, they would be: Why is routine innovation the most used method? And how should an entrepreneur go about picking a type of innovation? Should they try each one?

I don’t think the author was wrong about anything. I think the different methods of innovation are interesting, and it's going to be interesting to watch the companies continue to grow and expand and how the internet is going to change those methods. 

Amazon Whisperer

·        Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

Revenue drivers for Your Next Destination, which will offer a sustainable parking lot to a large population, i.e. students, and big cities, will include VIP parking and different types of decals for parking. People can purchase either six-month decals or year-long decals. They’ll get a discount if they even buy the four-year decal, because we’re students, and it isn’t as big as a commitment as college. Plus, it doesn’t have to be paid all at once.

·        Describe what kind of product offering you believe should be next. What's the next thing your customers want?

I’m not sure if I can add on to this. I guess what students will want is a way to get to campus directly. Initially, I had planned to include a metro system that connected from the lot to campus, or the main destination. That, however, can be an upgrade. In that sense, they’ll have to buy a decal to park their car in a safe environment (the lot), and then a ticket for the metro. Ideally, we’d want to give it to them for “free,” with the price of the metro ticket already in the decal.

·        Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

It’ll enhance the customer experience because then they won’t have to worry about getting to campus directly, or being late, or being dependent on buses. All in the north, you see metro systems. Here in Florida, not so much. I think there’s a need for it, especially in bigger cities. It’ll help create trust between customers and Your Next Destination, because the plan is to offer them a one-package deal for all their parking needs.

·        Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

I don’t believe that my product can be found on Amazon. When I searched, I only found books with the words “parking lot” in the title and a giant stencil for a handicap parking spot.

·        What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

Again, I was not able to find my product on Amazon. 

Mu Unfair Advantage

My resources:

1. A large body of people

For this project, I will need a targeted demographic. I will need a large body of people, or else the sustainable parking lot will be pointless. It’s valuable, because it what drives the product. You cannot replicate any large body of people; everywhere you go, the needs will be different. That’s why I believe the UF population is unique because the population has a need for parking.

2. Sustainability experts

Sustainability experts will be necessary to help me figure put to what extent I can make the parking lot sustainable. They’ll also be necessary because I don’t understand the pros and cons of sustainable products. I’ll need their help in figuring out how to get sustainable products for low prices.

3. Architects

Architects will play an extremely important role in the presentation of the product and building of it. The architects will be in charge of creating a parking lot that will be efficient in space, but also something that people will want to be a part of and be in. a part of it will be to try and make it art. We don’t want to create something that will cause sore eyes; we want to create something that people won’t be embarrassed or obligated to be a part of.

4. Social media expert

The social media expert will be the person heading the marketing of the product. We want to create an online presence before the parking lot launches. In order to begin revenue, we’ll want to make it so that students are buying decals before the lot opens.

5. Lawyer

A lawyer is important to protect my company from any liability, as well as any partners of the project. Although I do want to be efficient with time and money, I want to make sure I’m safe from liability, in terms of land use, permits and the law.

6. A student representative

A student will be important because they’ll represent the population we want to serve. They will act as a liaison between the students and our company. What do the students need most? Do they have problems with current parking lots? How many problems? They’ll be the person to ask.

7. A contractor

A contractor will be important to go through the building process. They’ll be an important part as well, because they’ll be representing the business. For instance, the same way Skanska USA has become associated with doing most of UF’s on-campus construction, I will want a contractor that will responsibly represent my product.

8. Recycled cement

This is a tangible resource I’ll be looking to get from the sustainability experts. 

9. Transportation expert

The transportation expert will be vital in helping creating a metro system between the parking lot and the campus. They’ll also be responsible for understanding traffic and any transportation-related issues regarding the lot.

10. A business partner

Until students buy decals for the parking lot, I will be in some serious debt. I'll need a business partner, someone who believes in the success of the plan, to financially back the plan. 

Out of all the resources, I do think the architect will be the most important resource. They'll be the most important part of creating a unique product, because they'll be responsible for the final product. 

Week 10 Reading reflection

Week 10 reading reflection

The biggest surprise to me was the break-even analysis, but it wasn’t overwhelmingly surprising. It makes sense that there’s a decision-making tool that tells how many units need to be sold in order to figure out when a company is in the clear.

What kind of confused me was how the ratio analysis could be measured with a vertical or horizontal analysis. How does one analysis tell you the strength and weaknesses, while the horizontal analysis only shows you whether it’s decreasing or increasing? 

I guess if I had two questions, it would be like the ones I would ask about the ratio analysis. How does one analysis tell you the strength and weaknesses, while the horizontal analysis only shows you whether it’s decreasing or increasing? 

I don’t think there was anything the author was wrong about. The budgeting process makes a lot of sense. The balance, income and cash-flow statements make sense to me. 

Elevator Pitch No. 3

Hey there!
Below, you'll find my Elevator pitch.

So? What I found was, a lot of students care about this issue. I mean, as Gainesville's population continues to grow, as a direct result of UF's population growing, urban sprawl is going to be an issue. We need to find ways to implement UF's mission of sustainability in everything we do. That is why my company, Your Next Destination, is the way to go. Maybe I'm bias, but I think my idea is a good way to follow through with UF's mission of sustainability and accommodating the needs of students.

I changed my concept of building outwards. The plan was to create a lot horizontally, to have a metro system running through it, but I found that it isn't possible. Gainesville is facing an issue of growth. In order to avoid creating more problems, we'll need to build skyward.

Thanks for reading!

Week 9 Reading Reflection

Week 9's reading reflection:

What surprised me was realizing that the market has evolved and changed throughout the years. I always thought the customers had more control, and while that does ring in accordance to the reading, I find that if the entrepreneur knows the right moves and how to grow a business, the entrepreneur will have more power.

What confused me were the five revenue models, freemium, affiliate, subscription, virtual goods and advertising, and how a company or business can benefit from one and not the other.

If I could ask the author two questions, I would ask: how has social media’s rise and presence affect advertising? How it increased the amount as well as the business?

I don’t think the author was wrong about anything. All the information seemed like it was thoroughly researched and supported. 

My Secret Sauce

1. Five ways that I think I stand out are: being aware, being interested in news, being a minority, being open-minded and being raised by a single mother. By being aware, I'm always alert and reading the news. As a journalist, knowing what's on the news is important to me. Being interested in news makes me a valuable asset, because it doesn't bore me to read a newspaper. I do that already every morning! Being a minority has given me a unique perspective in life. Being open-minded has allowed me to see other possibilities, and to consider opinions different than my own. And being raised by a single mother has allowed me to grow up independent, but also led by strong women. It's allowed me to become my own person. 

 

After listening to Andres, my friend, I realized that being a minority is definitely an advantage. I realized that it allows me to bring a diverse presence in the newsroom. 

 

There was more to Caitlin's interview, but I had to cut it. The take away was, she said I worked very hard at what I do, which I didn't realize. 

 

After talking to Ethan, I realized that my strengths also lie in writing. Being a journalist has allowed me to develop my skills. 

After talking to Luis, I remembered that I played soccer! Being athletic means I'm healthy. Being healthy gives me an advantage and keeps me in shape. 

 

After talking to Aron, who did not wish to be video recorded, I realized that I do work hard at what I do. 

A lot of the things my friends said, I wouldn't have used to say about myself. There are some differences. For instance, I would consider myself diligent at what I do, but not hard working. I think my interviewees are correct, because they are honest people. If I had to make a correction to my list, I would say to add hardworking.