Venture Concept No. 1

Opportunity:

My business will provide a service in which targets college students who have tobacco addictions. This is a major need, especially with students who decide to go to college outside of their hometown, because they no longer have easy access to their friends and family for support.

We have had significant impacts to our society with the COVID-19 and personally, I have dealt with issues with even being seen by a doctor. Many college students are turning to tobacco products to help reduce their anxiety and stress – and with COVID-19, they have to social distance, creating a gap between their current support system. We want to act as a bridge in which provides them the assistance they need to get well while quitting their tobacco addiction.

I believe this window of opportunity will always be available, because although the use of cigarettes have decreased, the use of e-cigarettes or vapes have increased. Since they are new to the market, many students still are not understanding the long term effects they will have on their body. Many believe they are not as harmful, because they are vaporized, but health complications such as “popcorn lungs” has become prominent.

Our goal is to not only provide services and products to help kick the tobacco addiction, but to also raise awareness of the burden these products will create in your life.

Innovation:

In order to provide service that is personalized to each individuals needs, we will begin with a questionnaire along the lines of-

-          What tobacco products do you use?

-          When did you start using these products?

-          How often do you use these products?

-          Have you tried to stop before? What was the result?

-          Did someone in your family use tobacco products when you were growing up?

-          Do you or an immediate family member have any mental illnesses?

Based on the information provided, we will set up a plan in which addresses the best way to end their habit, while also ensuring they don’t need any additional help that’s beyond the tobacco use. You will get paired with an advisor whose sole focus is to ensure the plan is effective, and if not they will act accordingly. The advisors will be the customers main point of contact for the services which are listed below-

-          Provide nicotine patches/gum

-          Therapists

-          Group support

-          24/7 access to phone calls, emails, text messages etc. if you need to talk

-          List of affordable health programs

We are a non-profit organization which heavily relies on the support from our community. We will provide different rallies in order to raise money and we are also very dependent upon volunteers. We are looking for volunteers within the same demographic to our target customers, that way they are able to relate to one another easier. This business plan is a slow walk in the beginning until we are able to get more established.

In the future, we hope to have financial backing from companies such as CVS since they have also made the decision to become tobacco-less. We believe they will support us for having similar views and the same goal.  

Venture Concept:

My innovation will solve the opportunity, because it allows a customized plan in which will be most beneficial to our customer. For example, someone who smokes cigarettes out of stress will need a different plan of action for someone who says they just smoke when they are drunk. While one understands that they have an addiction, the other is not as aware. We must cater to each individuals persons needs in order to best suit them.

If we provide enough relevant information to our target customers, they will understand the harm they are causing to their body and will at least be interested in the next steps to quit. We understand that with our business, a key element is the customer actually wanting the service. “You can lead a horse to water, but you cannot force it to drink.” Although we will provide all of the services they need, they will also have to be a willing participant and understand why quitting will improve their life.

Our biggest competition would be Tobacco Free Florida. They are an anti-smoking organization based in Florida and also administered by the Florida Department of Health. They are a well-known company, but I think they lack the personal relationships. Although I see their commercials and their smoke free zones, I do not see them targeting this demographic. The commercials commonly reflect older individuals and the smoke free zones I have seen are at places like my job, which is a law firm and a bank – mainly individuals who are older.

Three Minor Elements:

1.       I think my most important resource will  be the support for the community.

2.       The next venture will include all drug addictions, not just tobacco.

3.       In the next five years I want to continue to help individuals in the community who do not have the same support and privilege as other people do.

Your Venture’s Unfair Advantage

1.       Business Training:

-          V. This is valuable, because I have knowledge on how to run a business.

-          R. Anyone can seek courses, but not everyone believes in college.

-          I. Anyone can receive the training I have by going to school.

-          N. I don’t think it’s substitutable. I believe I can continue to gain knowledge with different courses, though.

2.       Relationships with Potential Customers

-          V. This is valuable so you can develop a personal relationship with each customer.

-          R. It’s not too rare, but I believe many businesses forget the importance of rapport.

-          I. Anyone can imitate this, but I don’t think every personality is suited for it.

-          N. This cannot be substituted, because it’s what’s sets our business apart.

3.       Accessibility

-          V. This is valuable, because it allows my customer access to their service whenever they need it the most.

-          R. This isn’t necessarily rare with companies like Tobacco Free Florida, but it is more of a localized service.

-          I. There are multiple ways to imitate these services. What will set us apart is the customer service itself.

-          N. This can’t be substituted, because are availability is important when it comes to being able to help the customers with our service.

4.       Variation of Services

-          V. This is valuable, because we are able to personalize service based on a customers needs.

-          R. Many services provide just a base service which might not necessarily be the best fit for that individual.

-          I. This could be imitated throughout the industry, but execution is important when it comes to meeting a customers needs.

-          N. The different services can’t be substituted, because they are designed to meet a persons exact needs.

5.       Personal Values/Passion

-          V. I have the ambitions to help individuals with my services while also running a business.

-          R. Most businesses do not care about the individuals they are providing service for. They just are interested in the numbers and profits.

-          I. You cannot imitate a person, I believe everyone is different and your moral and ethical choices are what sets you apart.

-          N. You cannot substitute the service my business will provide. This will be apart of the mission statement.

6.       Knowledge of Potential Customers

-          V. I obtained information from this class in order to gain information on my target customers.

-          R. This information applies directly to the people that need my service.

-          I. This can be imitated because the same data can be collected by anyone interested.

-          N. This information can’t be substituted. Although it can be reproduced, it’s targeting a specific person.

7.       Ability to connect with the local community

-          V. This is valuable, because it allows the community to see what we are doing for them. We would benefit from their support.

-          R. This is rare, because the industry is only focusing on marketing on tv ads and such which doesn’t give them the easiest accessibility. You won’t feel as connected to the individual.

-          I. This can be imitated, but it’s highly unlikely that it will be since such a big industry hasn’t tried to yet.

-          N. This can be substituted if we didn’t want the physical contact, but that’s what will set us apart.

8.       Innovative Thinking

-          V. This is valuable so we can overcome any obstacles we may face and are able to move forward accordingly.

-          R. This isn’t rare, it’s more of a characteristic trait.

-          I. This can be imitated and learned through skills and mindsets.

-          N. This cannot be substituted, because you will not be able to grow as a company without fixing your faults.

9.       Social Capital: Connections with radio stations

-          V. This is valuable, because I currently have relationships with radio stations from my current position. This will allow me with resources to market my service.

-          R. I’m sure this is only moderately rare. Many people might not have this readily available, but they could after they spend some time networking.

-          I. This can be imitated from anyone in the industry, not just the people I have met.

-          N. I could meet new people in the industry, substituting the people I have already made connections with.

10.   Willingness to accept feedback

-          V. I think this is important, because nothing is perfect, and you have to leave room for improvement and constructive criticism.

-          R. This is not rare, I just think it reflects the type of character one has.

-          I. I don’t think you can imitate this skill from person to person. Although everyone can accept feedback, how they react will vary. No person is the same.

-          N. This can’t be substituted, you just have to be able to listen and understand, whether you decide to take the feedback or not.

My top resource is the connections I make within my local community. I believe they are key when it comes to expanding and marketing my service. Once I receive their support, my rapport and my reputation will be impacted positively. At that point, individuals will be able to contact me for their own personal service. Without their support, I do not think I will be able to grow at a profitable rate.

Reading Reflection No. 2

1.       In Innovation and Entrepreneurship by Peter Drucker, Drucker explained the importance of both – innovation and entrepreneurship. In order to become a successful entrepreneur, you must be able to adapt to different situations while also learning along the way. Knowledge is power. This success isn’t learned overnight, it takes experience and determination. Drucker explains how this also positively impacts the economy, not just people.

2.       I believe this book did support everything I was taught in ENT 3003, because both have provided me with substantial information in order to be a successful entrepreneur. Both were also similar in the fact that they mentioned success takes work. Many of the entrepreneurs I interviewed because of this class also stressed the importance of failure and how you use it to grow.

3.       If I had to create an exercise based on Innovation and Entrepreneurship, I would create something similar to a worksheet and/or simulation which emphasizes failures. Where you’re given a scenario, and then a roadblock where you must decide how to move forward with the business. This will have students think of different plans and ways to overcome obstacles they could possibly face. You will never be prepared for each obstacle, but you can control how you react to different situations by holding your composure and remaining calm.

4.       My biggest surprise moment from this book was how well the book was written. You can feel the inspiration and passion Drucker had for entrepreneurship. He actually provided information that I feel I can utilize in my everyday and future life.

Growing Your Social Capital

1.       Domain Expert in your Industry

1)      Who they are and what their background is.

Michael – General Manager at the local Gate Gas Station. He has worked in Management at Gas Stations for over 10 years.

2)      Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Domain Expert – this individual does inventory regularly at the gas station. He is aware of the amount of tobacco products that are being sold and he is also aware of the demographics that come in to purchase these items.

3)      A description of how you found the person and contacted the person.

I went to the local gas station and asked the General Manager’s schedule in order to talk to him for a few minutes about his store.

4)      The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

Michael provided information on the tobacco products he sells at his store. Although they do not record each individual demographic, his store has a lot of regulars that shop there and purchase the same item. He is very knowledgeable on the products itself and the clientele they are attracting.

5)      How will including this person in your network enhance your ability to exploit an opportunity?

Michael is able to provide me with insider information. Although my goal is to stop the use of tobacco, while he’s selling it, the information will allow me to target the market as well as understand any trends that may come from it.

2.       Expert on your Market

1)      Who they are and what their background is.

Patricia – Advocate at Tobacco Free Florida. She went to school to be a Social Worker

2)      Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Market Expert – This individual works directly within my market and offers similar services. She talks to individuals about quitting tobacco. Her company offers phone quit, group quit, web quit, 2 week starter kits, text2quit, email tips and a quit guide.

  

3)      A description of how you found the person and contacted the person.

My mom works at Duval County Public School boards and she met Patricia through a school meeting they had to discuss the effects of tobacco with the students.

4)      The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

I talked to Patricia over the phone. She provided insight on how her company functions and what value they provide to the individuals who are reaching out. She did explain their other services such as their “Tobacco Free Zones” and how they were able to branch out/expand.

5)      How will including this person in your network enhance your ability to exploit an opportunity?

Including Patricia in my network would allow me to understand exactly how the market works and what I should look out for. I believe her knowledge will be essential in a sense of me setting my boundaries and expectations based on the current realities.

3.       Supplier to your Industry

1)      Who they are and what their background is.

Ado works at CVS which is a tobacco free company who also sells nicotine patches. He is a college graduate in Business.

2)      Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Supplier – This individual also sells nicotine patches, which is one of the products we would offer with our service.

3)      A description of how you found the person and contacted the person.

I knew this individual from high-school so I sent him a text message to set up a meeting.

4)      The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

I spoke with Ado about how the tobacco free change has affected the business and also about the sales of his nicotine patches.

5)      How will including this person in your network enhance your ability to exploit an opportunity?

This individual has helped me understand the process of switching to tobacco free. I will have to look into all avenues to ensure my business thrives, and that includes seeing the business in the eyes of someone who is also wants to end the use of tobacco.

Overall, this experience has opened my eyes to different perspectives. Even though everyone may have the same opinion, they all see it through different scenarios. I will have to always maintain an open mind and be understanding to differences. With businesses, I have to also keep in mind that a lot of their opinions are based on profits. I think you’re supposed to take in all of the information, and base your own conclusions once all has been taken into consideration. This did differ from my other networking experiences, because it was a more targeted interview. It wasn’t as easy to find candidates.

Idea Napkin No. 2

1.      My name is Jessica Bui and I am pursuing my BSBA. I’m very good at using my analytical skills in order to work “behind the scenes” and identify different patterns and trends that will become beneficial for future growth. I am currently an Accounting Manager at a Tax Law Firm and I am very familiar with Profit & Loss statements as well as staying up to date with the new tax codes that are constantly changing.

I aspire to continue my education and with my current experience, work my way up to become a Chief Financial Officer.

Growing up, my father smoked cigarettes heavily and I watched his health slowly deteriorate. Today, I am surrounded by all of my friends who have also fallen victim to these “e-cigarettes” where they believe they are not harming their body. Their lack of knowledge concerns me, and I hope to bring more awareness to this new product.

I want to use this business as a platform in order for people to create healthier lifestyles.

2.       I am offering a service to young adults in which provides local support for their nicotine addiction. These services include but are not limited to linking them to affordable health care, provide nicotine patches and gum and being included in the support groups to gain more knowledge about addiction and tobacco.

We would take on the grunt of the work to connect them with what that specific person needs that way they are not dealing with the stress of planning.

3.       I am targeting young adults who are either struggling financially or lacking emotional support. The bulk of the demographic would be college students who are not bringing in a lot of income or are thousands of miles away from their friends and family back at home. These young adults are typically subject to the “party lifestyle” and believe they are not / will not actually get addicted to the nicotine use.

4.       The service to these young adults will be of no charge, because we plan to partner with tobacco free businesses such as CVS and school campuses in which would provide some of the financial backing. We will work as a non-profit because the goal is to help the individuals with these addictions and to raise awareness. The customers will see how active we are in the community, always fundraising for additional funds and creating more opportunities to reach out. Products such as the patches and gum will be offered for the individuals who are actively working with ending their addiction. We believe how we interact locally will impact how this demographic will see us.

5.       What sets me apart from other groups is that we are more than a support group where you sit in a circle and share your stories. We provide connections that will directly improve their health. We also want to be active in the community to raise awareness, like hosting events at elementary, middle and high schools in order to teach kids that the decisions they make are important. Our brand will distinguish us from the rest of our competitors.

I believe these aspects are able to work out, because we always need to look for different ways to improve our communities.

From my feedback, I learned changing this plan to a nonprofit as well as shooting for the stars is the best way. I shouldn’t hold back just because companies like CVS seem intimidating. This company is offering a service for a good cause and the audience will be able to see that.  

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College Students

The target group I'm focusing on is college students with nicotine addictions. I believe these individuals enjoy going to house parties or bars when they aren't in class. They probably have an easy part time job such as a barista in order to get by. These college students are most likely living with other roommates and driving a used car since it's either paid off or close to being paid off. They probably watch binge-worthy Netflix series such as Ozark, Dexter or Breaking Bad.

I believe the females are trendy and popular. Products such as Juul's provide fruity flavored nicotine options which make it more appealing.
I believe the males dress more casually. Jeans, vans and either a t-shirt or hoodie. Products such as cigarettes or chewing tobacco lead me to believe they are the outdoorsy type.

I have a lot in common with these characters. Although I am not a tobacco user, a lot of my friends are so it's common for me to be around it. Also, as a college student, I understand how easy it is to experiment with different things and enjoy a few nights out. I don't think it's too much of a coincidence, I just believe its a way that we figure out who we are and how we want to be before fully entering adulthood. 

Elevator Pitch No. 2