Final Reflection

1) I would say that the most enjoyable parts of this class were the reading reflections for the autobiography on the Wright brothers and the novel How to Fail at Almost Everything and Still Win Big. The second novel in particular was very interesting. Around the halfway point in the class, the assignments began to feel like a lot of drudgery. Finally, the Free Money extra credit assignment was the biggest low, because the situation was very awkward.
2) My most formative experience was probably the elevator pitches, because it allowed me to develop an important skill. For years I'll remember the human capital assignment, because it took my brother about 15 takes to get through it without laughing. My most joyous experience was is finishing the course, because it gives me a sense of accomplishment. I am most proud of myself for completing the venture concept assignment.
3) I believe that I have moved closer to developing an entrepreneurial mindset. At this point, if I was to complete the class again with a new business I would find the assignments much easier. However, I believe the work I have done with Global Brigades has made me more of an entrepreneur than this class has.
4) I would recommend that students take the assignments seriously and treat their business ideas as a real business when completing this class. Additionally, I would recommend that students complete the assignments ahead of time in order to make sure the work doesn't pile up. Finally, I would recommend that students keep an open mind in order to better develop an entrepreneurial mindset.

Venture Concept 2 - Dollar Superstore

Venture Concept - Dollar Superstore

Opportunity:

• Consumers in the lower or middle classes try to save money whenever they can. Additionally, there is a market of college students and young people who are looking to save money. These are the people who prefer to shop for dollar store price products, but would prefer the variety of a larger store.
• The increasing popularity of dollar stores is creating the need for more dollar store products.  The market is defined as lower class consumers, middle class consumers, and college aged consumers looking to save money.
• Customers are currently satisfying this need by either shopping at dollar stores to save money, or shopping at larger retailers for the greater variety. This "window of opportunity" will be open for the foreseeable future.

Innovation:

• The Dollar Superstore is innovative, because their are currently no dollar stores that have a similarly large supply and variety of products. This will help to attract consumers from both the dollar store market and the larger retailer market.
• However, customers who avoid dollar stores because they believe the products are of a lower quality will not shop at a dollar superstore. This group is not a part of our target audience. 
• This business will make money by purchasing cheap goods at bulk and selling them to consumers for a profit.

Venture Concept:

• My innovation will solve this opportunity by offering a large variety of dollar superstore products to consumers for very low prices, typically $1.
• Consumers will switch to the dollar superstore from dollar stores in order to have more products to choose from. Consumers will switch to the dollar superstore from larger retailers in order to save money.
• I believe that I would be relatively easy to convince customers to switch to shopping at a dollar superstore. The top competitors are Dollar Tree, Dollar General, Walmart, and Target. Dollar Tree and Dollar General would be vulnerable, because they are a lot smaller scale than a dollar superstore. Walmart and Target would be vulnerable, because their products are more expensive than those of a dollar superstore.
• Price point is an essential factor in convincing consumers to shop at a dollar superstore. By selling most products for $1, many consumers could be convinced to shop there in order to save money.
• Business location is very important, because the dollar superstore would need to be located in a densely populated area. This location would make the dollar superstore more convenient for more people.
• In order to save money, very few cashiers would be employed and the business would feature many self-checkout systems. The business would have several employees in charge of stocking shelves and helping customers.

Minor Elements:

• My most important resource would be maintaining a dialogue with employees in order to hear their suggestions on ways to make the business more profitable. This will help the business grow over time.
• Over time, I will expand my business to sell goods online, and partner with a fast food restaurant to sell fast food inside of the store. This will increase the business's revenue.
• Five years after the store's launch, I believe that I would be looking to sell the business in order to pursue other interests.

Feedback:
I didn't receive any negative feedback in my comments, so I made the changes to my venture concept based on my own evaluation. The positive feedback I received highlighted the fact that my venture concept was specific and to the point. Also, I had all of my information under the correct sections. Additionally, people said that my dollar superstore business idea was convenient, easy for customers to transition to, and caters well to employees and customers.

Changes:
I made several changes to my venture concept based on my own evaluation of my first attempt. I decided that the blocks of text made the venture concept more difficult to read than it had to be. I switched the format from paragraphs to bullet points in order to fix this problem. Additionally, I added information to the "opportunity" section detailing the types of large retail customers that I wasn't going to be targeting for this business. This gives people a better understanding of who my customers would be. Finally, I read through the venture concept and corrected grammatical errors.

Free Money

• I plan on approaching people inside a Target.
• I will approach people who look like they are in their twenties or thirties. Also, I will only approach people in groups of one or two.
• To get the conversation started, I will tell them that I lost a bet and now I must give a dollar away to a stranger.
• My plan is to mention the bet, and then just offer the person one dollar.
• I assume that I will be able to give away four of the five dollars.

 On my first attempt, the person laughed when I told him that I lost a bet, but then said "Nah, I'm good." The second person that I approached was a Target employee. This person also did not accept the dollar. He said that he did not think he could accept money from customers, because he is an employee. The third approach that I made was a couple of college student. The girl originally took the dollar, but then she asked me if it was a scam. I told her that it was not a scam, I was just giving away money. After that, she decided to give the dollar back to me anyways. The fourth person that I spoke to was a college-aged girl who was by herself. I told her that I had lost a bet and had to give a dollar to a random person. She responded positively and took the dollar. The last approach I made was to a man who was with a woman. He took the dollar as well, and the entire interaction was very short.

This exercise was very awkward, because people typically don't try to give money away to strangers. Therefore, people don't understand the situation and don't know how to respond to it. Giving away a dollar is much harder than I thought it would be, just because it is a strange situation. My prediction was incorrect, as my success rate was half of what I predicted. My prediction was too high, because I underestimated just how awkward the situation would be. I assumed that people who didn't take the money would be more dismissive and rude than they were. While only two of the five people took the dollar, all five of them were very nice.

Exit Strategy - Dollar Superstore

1) Once I have developed a functional dollar superstore with an established customer base, I intend on selling the company to either a dollar store, such as Dollar Tree, or a larger retailer, such as Walmart. I would also be open to selling the company in an earlier stage of development. I do not intend to continue with the company long-term.
2) I have selected this particular exit strategy, because retail is not an industry that I would be interested in pursuing long-term. I would rather sell the business early and then pursue other interests.
3) This exit strategy has influenced my decisions for the business, because I have kept all of my plans for the business relatively short term. Therefore, the opportunities I have identified mainly relate towards short term gains, such as cutting expenses by using a self-checkout system. My exit strategy has influenced my growth intentions, because I don't plan on investing resources into the business that would expand it to a national or international scale. I intend on selling the business before it would reach that point.

Celebrating Failure

1) Fitness is one of my favorite hobbies. Earlier in the summer, I injured my elbow lifting weights. I had a goal of rehabilitating the injury and getting back to my previous bench press personal best, 245 lbs, in one month. Over the month, my elbow began to recover and I attempted to bench press 245 lbs. However, my elbow began hurting almost immediately when I started and I was unable to complete the exercise. Afterwards, I attempted 225 lbs, but was unable to complete that as well. Since then, I have continued trying to rehabilitate my elbow.
2) From this experience, I learned that some things just need time to improve and I can't rush them. This experience taught me to be more patient and smart about how I deal with injuries.
3) Failure is something that is very difficult. However, if you never experience failure, that may mean that you aren't setting high enough goals for yourself. When I experience failure, I try to learn from it and not stress out too much about things that are in the past. Since I began this class, I would say that I am about as likely to take risks as I was before.

Venture Concept - Dollar Superstore

Venture Concept - Dollar Superstore

Opportunity:
Consumers in the lower or middle classes are try to save money whenever they can. Additionally, there is a market of college students and young people who are looking to save money. These are the people who prefer to shop for dollar store price products, but would prefer the variety of a larger store. The increasing popularity of dollar stores is creating the need for more dollar store products.  The market is defined as lower class consumers, middle class consumers, and college aged consumers looking to save money. Customers are currently satisfying this need by either shopping at dollar stores to save money, or shopping at larger retailers for the greater variety. This "window of opportunity" will be open for the foreseeable future.
Innovation:
The Dollar Superstore is innovative, because their are currently no dollar stores that have a similarly large supply and variety of products. This will help to attract consumers from both the dollar store market and the larger retailer market. This business will make money by purchasing cheap goods at bulk and selling them to consumers for a profit.
Venture Concept:
My innovation will solve this opportunity by offering a large variety of dollar superstore products to consumers for very low prices, typically $1. Consumers will switch to the dollar superstore from dollar stores in order to have more products to choose from. Consumers will switch to the dollar superstore from larger retailers in order to save money. I believe that I would be relatively easy to convince customers to switch to shopping at a dollar superstore. The top competitors are Dollar Tree, Dollar General, Walmart, and Target. Dollar Tree and Dollar General would be vulnerable, because they are a lot smaller scale than a dollar superstore. Walmart and Target would be vulnerable, because their products are more expensive than those of a dollar superstore. Price point is an essential factor in convincing consumers to shop at a dollar superstore. By selling most products for $1, many consumers could be convinced to shop their in order to save money. Business location is very important, because the dollar superstore would need to be located in a densely populated area. This location would make the dollar superstore more convenient for more people. In order to save money, very few cashiers would be employed and the business would feature many self-checkout systems. The business would have several employees in charge of stocking shelves and helping customers.
Minor Elements:
My most important resource would be maintaining a dialogue with employees in order to hear their suggestions on ways to make the business more profitable. This will help the business grow over time.
Over time, I will expand my business to sell goods online, and partner with a fast food restaurant to sell fast food inside of the store. This will increase the business's revenue.
Five years after the store's launch, I believe that I would be looking to sell the business in order to pursue other interests. I am more interested in a career in finance and doing part time humanitarian work.

What's Next? - Dollar Superstore

Existing Market:
Step 1:
The next step in the business would be to allow customers to shop online and have the products delivered to them. This would allow the business to adapt as online shopping becomes increasingly popular.
Step 2:
The first person that I interviewed said that the business could be modernized. Because the dollar store is bigger, creating an app to locate items could add to the store's convenience. When I asked her about online shopping, she said she liked the idea. However, she believed that bulk orders would be better, because money could be saved on shipping cheap items.
The second person that I interviewed suggested expanding the business to include online shopping, just as I had thought. This could benefit the business by increasing the volume of goods sold.
The third person that I interviewed suggested that the business expand to include food service. By offering cook to order food, customers would purchase food while they were at the store. When I asked the interviewee about online shopping for the dollar superstore, she said it is a great idea. Just like the first interviewee said, interviewee #3 stated that a minimum order price would be necessary to ensure money was not lost on shipping.
Step 3:
Based on these suggestions, I have identified two ways to grow the business: online shopping and food services. To bring in more customers, I would expand the business to provide home delivery. Free shipping would be provided on orders above a certain price. Additionally, I would expand the business by partnering with a fast food restaurant, such as McDonalds, in order to sell ready to eat food to customers in the store. Both of these expansions could increase revenues for the business.

New Market:
Step 1:
My business currently sells products to consumers. However, there is a market to sell these goods in bulk to businesses instead. Goods such as office supplies and some food products would be the main ones sold.
Step 2:
By providing office supplies and food to businesses at low costs, smaller businesses could cheaply get the products they need in order to save money. This can help new or small businesses to save money in order to be successful.
Step 3:
The first person I interviewed suggested that I adapt the business to sell all products online instead of in person. The property where the products are located would be a warehouse, not a store.
The second person that I interviewed suggested that I adjust the business to produce less variety of goods, but more of the same goods. Because individual customers would not be browsing for goods in the store, it would not be necessary to have a large variety. By decreasing variety, production costs would be reduced.
Step 4:
This new market seems to be much simpler and more similar to a supplier of goods. This market seems to be more attractive than the previous market, because less customers would be needed in order to sell the same number of products.
I was surprised how much simpler this market was than the dollar superstore market. Additionally, the people that I interviewed seemed to believe that the new market could allow the business to be more successful.

My Venture's Resources - Dollar Superstore

Resources:

• First to enter this market

• V - Valuable, because it allows my business to capture a larger market share.
• R - Rare, because my business would be the only one in this market.
• I - Imitable, because more businesses could enter the market.
• N - Non-substitutable.

• Low priced goods

• V - Valuable, because it would bring in customers.
• R - Not rare, provided by dollar stores
• I - Not imitable, retailers who don't currently provide it would have trouble imitating.
• N - Non-substitutable.

• Wide variety of goods

• V - Valuable, brings in customers.
• R - Not rare, provided by large retailers
• I - Imitable by dollar stores who expand their product variety.
• N - Non-substitutable.

• Innovation encouraged, employees monetarily rewarded for saving

• V - Valuable, would help to cut costs
• R - Rare, many organizations don't encourage low level employees to innovate.
• I - Not imitable, it is difficult to change corporate culture.
• N - Non-substitutable.

• Self-checkout used to save money

• V - Valuable, would help to cut costs
• R - Not rare, many organizations use it.
• I - Imitable, other stores could install self-checkout systems.
• N - Can be substituted with a cashier.

• Located in a heavily populated area

• V - Valuable, access to more customers.
• R - Not rare, many stores are located in highly populated areas.
• I - Can not be imitated without developing a new store location.
• N - Can not be substituted.

• Human capital - I would be managing the store

• V - This would be valuable, due to my business knowledge and work ethic
• R - This is rare, because I wouldn't be working for any other business
• I - This is not imitable.
• N - This could be substituted with another manager at a different store.

According to VRIN analysis, the policy of rewarding employees for saving money or increasing profits is the top resource. Most retail and dollar stores don't value the suggestions of low level employees, so this system could help set my business apart.

Elevator Pitch 3 - Dollar Superstore

 

I received some feed on my previous pitch saying that I need to have the pitch rehearsed a little better. Based on that feedback, I practiced my pitch several more times and felt more comfortable with it by the third assignment. In terms of the information in the pitch, I did not add a lot too it. What I did do, was explicitly say that a Dollar Superstore would combine the benefits of both a dollar store and a larger retailer.

Reading Reflection - How to Fail at Almost Anything and Still Win Big

1) The general theme of How to Fail at Almost Anything and Still Win Big was that successful people learn from their failures and aren't afraid of failing. In the book, Scott Adams told the story behind his major successes and failures, described what he learned from them, and gave tips on how to be more successful in business and everyday life.
2) This book definitely connected with what I learned in this class. Adams was a serial entrepreneur, so he provided some great insight on how to be more successful in entrepreneurship.
3) If I had to create an exercise for the class based on this book, the exercise would involve analyzing one of Adams' "failures." The students would have to choose a failure, describe it, explain why it failed, and create suggestions on how to make it a success.
4) My biggest surprise was that he offered so much accurate advice for everyday life. An example of this is his advice to have a system instead of a goal. He claimed that people lose motivation to progress further when they achieve a preset goal. This resonated with me, because all summer I had been working to achieve my goal of running a six minute mile. A few weeks ago I reached that goal, but then lost a lot of progress by not running for two weeks afterwards. Just like Adams claimed, I lost a lot of my motivation to run when I reached my goal.

Growing My Social Capital - Dollar Superstore

1) For my domain expert, I reached out to the manager of a local dollar store to get feedback on my business idea. The manager told me that he had some concerns about the business idea from a cost point of view. He told me that the reason dollar stores are able to maintain the best prices is because they are so small scale. By ramping up the scale of the store, expenses will increase and it will be difficult to maintain low prices. The information that he provided was definitely helpful to my understanding of what makes a dollar store successful.
2) For my market expert, I spoke to the cashier at that same dollar store and asked her what sort of customers shopped at that dollar store. She informed me that the typical customers were middle class parents who were looking to save money. She mentioned that when parents take their children shopping for college supplies, they tend to go to the dollar store to pick up cheap supplies. The cashier at this dollar store helped me confirm that the main market I would be going after is those who currently shop at dollar stores.
3) For my supplier expert, I spoke to the manager of another local dollar store. She told me that they receive weekly shipments of most of their goods. They tend to order the same or a similar amount each week. Once they sell out of a certain good, they are unable to sell it until the next shipment. This conversation provided me with a better understanding on the supply to dollar stores and why they frequently lack a variety of products.

In my previous interviews, I wad able to find enough interviewees among my friends and family to complete the assignments. However, for this assignment I had to seek out people that had certain information, so I ended up interviewing complete strangers.

Idea Napkin 2 - Dollar Superstore

1) I have some entrepreneurial experience, in that I founded the UF chapter of Global Business Brigades. As president and founder, I created an organization and then grew it into a group of 20 students, 8 of which went on our first service trip this May. This process gave me experience with managing people, developing a new organization, and leading people. I aspire to work internationally, possibly in investment banking. Theoretically, if I began the Dollar Superstore business, I could see myself overseeing its expansion throughout the United States and other countries in the future. However, if I founded an organization it would be more likely to be associated with non-profit work.

2) A Dollar Superstore would provide customers with a wide variety of discount goods and groceries. The selection would be wide enough that an individual or a family could do all of their shopping in one Dollar Superstore. However, the prices would still be lower than traditional retailers. These items would range from everyday products, to groceries, to specialty items. The main selling point of the Dollar Superstore over a traditional dollar store is the greater variety.

3) The target audience of a Dollar Superstore would be people in the lower and middle classes. People who have a low income and need to save money might opt to shop at a Dollar Superstore instead of a large retailer, such as Walmart or Target. Also, Dollar Superstore would be targeted at middle class people who are very frugal and prefer to save money. Finally, a large market for the Dollar Superstore would be students who are living on a limited budget and need to save money. Another target audience would be college students who are operating on a limited budget.

4) Our target audiences will use the Dollar Superstore instead of alternatives for shopping, because the Dollar Superstore provides the variety of different products that a large retailer would offer, but at dollar store prices. This would allow the customer to save money and pick up all of the goods that they need.

5) Our core competency is that we would be the first in this market. With retailers declining and dollar stores growing in popularity, there is an opportunity for a large-scale dollar store to gain market share. By being the first to enter the market, we would be able to gain a sizeable share of the market. Also, I believe that my business and interpersonal skills could help benefit the business.

Summary:
I believe that this business could be successful. However, the business currently does not have any connections or infrastructure that would allow it to succeed. Therefore, I believe that proposing this plan to an existing Dollar Store would be the way to go. I could more effectively manage this business plan if I had access to the existing infrastructure, suppliers, and other connections that a dollar store already has.

Feedback Memo:
The feedback I received confirmed that the best move would be to propose this plan to an existing dollar store. Additionally, the feedback said that these components would work well for the business. I didn't receive any constructive criticism in my feedback.

Elevator Pitch 2 - Dollar Superstore

1) https://youtu.be/aXr5ADnFJ38

2) The feedback that I received from elevator pitch 1 had both positive comments and constructive criticism. I was told that I presented the idea well, and that I spoke slowly and clearly. However, I was also told that I should give more information on how the store would be stocked and that I had to add more energy to my pitch. I disagree that I need more details about how the store would be stocked, because I only had 90 seconds to present the idea. I do agree that my first elevator pitch did not have enough energy though. It is very important that you sound excited about the idea being presented.
3) The primary change I made to my pitch, was that I tried to act more energetic and dynamic. I wanted to present myself as excited about the business idea.

Customer Avatar - Dollar Superstore

Customer Avatar: 35 Year-Old Mother of Three

My customer avatar is a 35 year-old mother of three. She is married and her family is economically lower-middle class. Her oldest two children are in elementary school and her youngest child is in preschool. She works as a substitute teacher at the local high school, while balancing the responsibilities of being a mom. Her hobbies include jogging, reading, and watching television. She drives a used 2009 Honda Odyssey and her husband drives a 2006 Honda Civic. Between working, cooking, cleaning, shopping, taking her kids to soccer and basketball practices, and her hobbies, she has very little free time. In order to save time, she likes to do all of her shopping in one place, so she frequently shops at Walmart. When she has a little more available time, she will go to Dollar Tree before Walmart in order to save money on as many items as possible. Every day, she has to make decisions based on various time and financial constraints.

I try to save money and I am usually very frugal. This is the main similarity that I have with my customer avatar. I don't think this is a coincidence. I believe that my frugality is a big part of why I had the idea for a dollar superstore.

Customer Evaluation - Dollar Superstore

Evaluating Alternatives: Dollar Store/Large Retailer/Online Shopping

1. My first interviewee, a middle-aged male parent, said that the alternative he would choose is online shopping. He said that the price options and convenience of online shopping made this is ideal first choice. Also, when he shops online he can find the exact item that he needs.
2. My second interviewee, another male parent, said that the alternative that he would choose is online shopping. His work schedule keeps him very busy and he travels frequently. Therefore, convenience is why he chooses to shop online.
3. My third interviewee, a female parent, said that she normally shops at a large retailer, such as Walmart or Publix. She chooses to shop at Walmart and Publix, because they are very near her house and she can pick up all of the items that she needs in one trip. She prefers Walmart, because of their cheaper prices. The primary concerns for her are price and convenience. 

How They Buy?

1.  Interviewee #1 said that he pays with a credit card. He has a signed up for an Amazon-sponsored credit card that gives him 5% back on all Amazon purposes. Additionally, he is an Amazon Prime member, so his purchases arrive within days. For these reasons, he does all of his shopping on Amazon, except for groceries.
2. Interviewee #2 said that whether he is shopping online or in the store, he pays with his American Express credit card. He typically shops online with Amazon, so he was his credit card synced with his account to be charged automatically when he makes a purchase. 
3. Interviewee #3 said that she usually uses her credit card to shop. She uses her debit card as a back-up, in case her credit card isn't working for some reason. 

Post-Purchase Evaluation:

1. Interviewee #1 said that his post-purchase evaluation is based on the quality of the product and whether or not it is similar to what he expected. If the product is cheaply made, or was misrepresented online, then he is unhappy with his purchase. Because he shops online, it is more difficult for him to return products.
2. Interviewee #2 said that his post-purchase evaluation has to do with whether the product arrives on time and is what he expected. He has to be very careful when ordering online, because he is afraid that the product he purchased will not be how he expected it to be. Additionally, he has had some bad experiences in the past with online orders being delayed weeks. 
3. Interviewee #3 said that she judges one of her trips to Walmart based on whether or not she could find everything she was looking for, what prices she got, and the quality of service. If items go up in prices or if workers at the store are rude, she is unhappy with her trip. However, if a check out person is particularly nice, or she gets a great deal, she is very happy with her experience.

Summary:

Interviewee #1's main concerns were convenience. He pays with an Amazon-sponsored credit card, and all that was needed to make him happy was that the product be what he expected. Interviewee #2's main concerns was also convenience. He pays with a credit card. In order to be happy with the order, the product has to arrive on time, and be what he expected it to be. Interviewee #3's main concerns were variety, price, convenience, and quality of service.

Conclusion:

Convenience was the most common concern of this segment. Therefore, a dollar superstore would have to be located in a highly populated area in order to be in a convenient location for a large variety of people. Price was also very important to this segment, which should make a dollar superstore more popular with parents. However, quality of the products was raised as the basis for interviewee #1's post-purchase decision, so he may not be a repeat customer for a dollar superstore if he is unhappy with product quality.

My Human Capital

5 Ways My Human Capital is Unique:

1. I am very ambitious. I set very high goals for myself in classes and other areas.
2. I have strong interpersonal skills. This has been helpful with convincing people to become involved in my organization, Global Business Brigades.
3. I am very analytical. I try to make most of my decisions based on logic, not emotion.
4. I am a hard worker. I really push myself to achieve my goals.
5. I have an aptitude for mathematics. Math has always been my strongest subject area.

Interview #1: Dan Golan

The first interview was with my dad. He said that my main strengths were that I am open to new things, ambitious, open to challenges, smart, and hard working. He said that I set high goals and am able to achieve them.

Interview #2: Alison Golan

The second interview was with my mom. She said that my greatest strengths were my positive attitude, perseverance, calm demeanor, enthusiasm, openness to challenges, and math skills. These skills allow me to not panic when faced with problems.

Interview #3: Emily Golan

The third interview was with my sister, Emily. She said that my main strengths were intelligence and confidence. She said that this allows me to securely express my opinion and put myself out there.

Interview #4: Olivia Randall-Kosich

My fourth interview was with my friend, Olivia Randall-Kosich. She said that my main strengths were my logical perspective and business knowledge. She said this has allowed me to make a big impact on Global Brigades, an organization that we are both involved in.

Interview #5: Matt Golan

My final interview was with my brother, Matt Golan. He said that I am goal oriented, stick to my goals, have strong study skills, and have a good work ethic. He said that these strengths will help me succeed in college and in my career.

Reflection:

Many of my interviewees mentioned my intelligence and academic success as a strength. Additionally, several interviewees mentioned that I am very goal-oriented. Also, almost all of the interviewees mentioned that my logical attitude is a big strength of mine. Most of these opinions math up very accurately to my list, so I believe that I have a good idea of what my strengths are. If I could change the list, I would add that I am open to new challenges, because that came up frequently.

Halfway Reflection

1) The work in this course is relatively easy, but it is time consuming. I would suggest that students taking this course don't procrastinate. When I put assignments off until the last minute, it could be very stressful. I have developed my organizational skills in order to ensure that I didn't forget an assignment. Additionally, I had to work on my creative thinking as I completed these assignments.
2) One time I put off all of my assignments until the night that they were due. On top of that, I ended up getting a horrible headache that night. Instead of giving up, I just got to work and knocked out all of the assignments in a row. I wouldn't say that this experience greatly contribute to me having a tenacious attitude. On the contrary, I believe that my having a tenacious attitude allowed me to be successful in these experiences.
3) The tips that I would include for helping students foster tenacity and develop a tenacious mindset are as follows:

1. You get out of it what you put in, work as hard as possible.
2. When you are feeling stressed out, don't panic. Once you begin to accomplish tasks you will feel less stressed.
3. The difference between success and failure at something could just be a few hours of your time. Never put yourself in a position where you regret not doing more.

Reading Reflection - The Wright Brothers

1) The thing that surprised me the most about the Wright brothers was the lengths to which they would go to accomplish something they weren't 100% sure was possible. They spent a lot of time and money trying to do something that had never been done. I most admired the Wright brothers' work ethic. I was very impressed that they were able to balance their responsibilities at the bicycle shop they ran with their work on their flying machine. The thing I least admired about the Wright brothers was their confrontational attitudes. It seemed as if they would frequently waste time and energy arguing with each other without any progress being made. The Wright brothers faced a lot of adversity and failure. The entire process of the developing their flying machine was trial and error. Therefore, the failed early and often. Additionally, they faced adversity from people who claimed humans could not fly. When they failed, they were called foolish. When they succeeded, they were called liars. Despite these failures and adversity, the Wright brothers kept working hard and improving their flying machine every day.
2) The Wright brothers' were very hardworking, intelligent, and dedication. By combining their strong knowledge of flying, birds, and physics with their work ethic and dedication, they were able to succeed where all others failed. Most people would either not have the knowledge necessary, or be able to sustain the hard work for the amount of time that the Wright brothers' did.
3) The part of the reading that was most confusing to me was keeping track of all of the different people. This got easier as the story progressed and I became more familiar with the people, but I initially confused people in the biography frequently.
4) The first question that I would ask the Wright brothers is how close they came to giving up on flying. The second question I would ask them is what was their primary motivation for devoting themselves to accomplishing this task.
5) The Wright brothers are a perfect example of people who believe anything can be accomplished with hard work. They literally accomplished what was seen as impossible at the time. I share the view that hard work is the number one requirement of success.

Beginning of the Buyer Behavior Process - Dollar Superstore

Segment:
Middle-Class Parents

Awareness:
1) My first interviewee said that he would most need to go to a dollar superstore when he is on vacation. When he goes on vacation, he will typically realize that there are certain items that he forgot to bring. He realizes that he needs a cheap replacement for the item or items.
2) My second interviewee said that she most needs to go to the dollar store when she needs cleaning supplies, kitchenware, or other items like that. She becomes aware of her need for a dollar superstore when she realizes she needs a cheap kitchen or cleaning product.
3) My third interviewee tends to buy cheap work supplies, such as paper or pencils. He first becomes aware of his need for cheap supplies when he has a big project coming up for work.

Information Search:
1) Since the interviewee is on vacation, he doesn't try to find the product online. He told me that when he doesn't need the product immediately, he only shops online. When he is on vacation and needs a cheap product immediately, he goes to the nearest dollar store. He will then check the dollar store for a suitable product. If there is none, he will go to the next closest dollar store.
2) Once my second interviewee realizes that she needs kitchen or cleaning supplies, she will first decide how much time she has available that day. If she has enough time, she will go to a Walmart so that she will have a greater variety of products to choose from. However, if she doesn't have very much time, she will just make a quick trip to the nearby dollar store.
3) My third interviewee will first look up the necessary supplies online. If he can find the supplies cheaply on Amazon, then he will order them there. Because of Prime shipping, he will still have the supplies quickly. However, if the supplies are too expensive online, he will make a trip to the dollar store in order to save money.

Conclusions:
I learned from my interviews that the primary factors that middle-aged parents consider when looking for cheap supplies are needs for convenience, immediacy, and price. The consumer will weigh these needs against the needs for variety and higher quality goods. If the need for convenience, immediacy, and price are high, the consumer will choose the dollar store. By combining these needs with the need for variety, a dollar superstore could attract middle-class parents.

Idea Napkin #1 - Dollar Superstore

1) I have some entrepreneurial experience, in that I founded the UF chapter of Global Business Brigades. As president and founder, I created an organization and then grew it into a group of 20 students, 8 of which went on our first service trip this May. This process gave me experience with managing people, developing a new organization, and leading people. I aspire to work internationally, possibly in investment banking. If I began the Dollar Superstore business, I could see myself overseeing its expansion throughout the United States and other countries in the future.

2) A Dollar Superstore would provide customers with a wide variety of discount goods and groceries. The selection would be wide enough that an individual or a family could do all of their shopping in one Dollar Superstore. However, the prices would still be lower than traditional retailers. These items would range from everyday products, to groceries, to specialty items.

3) The target audience of a Dollar Superstore would be people in the lower and middle classes. People who have a low income and need to save money might opt to shop at a Dollar Superstore instead of a large retailer, such as Walmart or Target. Also, Dollar Superstore would be targeted at middle class people who are very frugal and prefer to save money. Finally, a large market for the Dollar Superstore would be students who are living on a limited budget and need to save money.

4) Our target audiences will use the Dollar Superstore instead of alternatives for shopping, because the Dollar Superstore provides the variety of different products that a large retailer would offer, but at dollar store prices. This would allow the customer to save money and pick up all of the goods that they need.

5) Our core competency is that we would be the first in this market. With retailers declining and dollar stores growing in popularity, there is an opportunity for a large-scale dollar store to gain market share. By being the first to enter the market, we would be able to gain a sizeable share of the market.

Items 2, 3, and 4 work well together to solve an unmet need for consumers. These three ideas would allow a dollar superstore to become successful and more widespread in society. However, items 1 and 5 are a little weaker. I don't see myself working for this business indefinitely and other than being the first of its kind, the Dollar Superstore could be more easily imitated and bypassed by existing dollar stores. Therefore, this is an idea that I would be more likely to pitch to and work to develop at an existing dollar store, such as Dollar Tree.

Elevator Pitch - Dollar Superstore

Testing the Hypothesis (Part 2) - Dollar Superstore

Interviews with people who seem like they would have an unmet need, but don't:

1) One person that I interviewed, a middle-age man, was very frugal, but very picky. However, he wasn't very interested in a dollar superstore, simply because they do all of their shopping online.
 2) Another person I interviewed, a female graduate student, frequently goes to dollar stores. She wasn't very interested in the idea of a dollar superstore, because she is very happy with the selection at regular dollar stores. Additionally, she said that a larger variety could end up being too much of a selection.
 3) I spoke to a male undergraduate student as well. He said that he would appreciate a greater selection. However, he said that he wouldn't travel farther to go to a dollar superstore, because it would lose the convenience of a dollar store.
 4) The fourth person I spoke to was a male graduate student. He is very concerned with price when he is shopping. He said that he would go to a dollar store for cheaper items, but wouldn't need a greater variety if he was just looking for something cheaper.
5) The last person that I spoke to was another female graduate student. She does a lot of shopping, but tries to get the best deals possible. She said that when she shops, she would prefer a large retailer or online shopping. She probably wouldn't go to a dollar superstore, because she doesn't trust the quality of dollar store products.

Inside the Boundary:	Outside the Boundary:
The people in the boundary are people who shop at dollar stores because of the cheaper price. The prototypical customer would prefer more options, but goes to the dollar store to get better deals. Another prototypical customer is someone who goes to larger retailers to get all every item that they need, but are unhappy with the prices. College students and other frugal people could be customers.	The biggest group of people outside of the boundary are online shoppers. It would be difficult to gain customers who don't do any current in-person shopping. Additionally, those who don't believe that dollar store products are high quality would not shop at a dollar superstore. Those who only shop at dollar stores for the convenience would not necessarily shop at a dollar superstore either. Finally, those who are happy with the selection at a regular dollar store might not shop at a dollar superstore.
The need is simply a need for a larger variety of cheap products.	The need is not a need for the convenience of a dollar store. The need is also not the need for higher quality products than those sold at a dollar store.
The need exists, because dollar stores do not keep a large stock or variety of products. Lower priced products are also becoming more popular.	Another explanation for the growing popularity of dollar stores could be the convenience. The dollar superstore wouldn't fill this alternative need, because it would probably be farther away and larger.

Solving the Problem - Dollar Superstore

Opportunity Recap:
In my previous post, I discussed an opportunity. Due to the rise in online shopping, large retailers and department stores are decreasing in popularity. Despite this fact, dollar stores are increasing in popularity, due to their cheaper prices and convenience. However, dollar stores don't typically hold the same variety of products as larger retailers. Due to the lack of variety, customers at dollar stores are sometimes unable to find and purchase the item they are looking for.

Solution:
The solution that I came up with is a dollar superstore. A dollar superstore would sell similar quality products as a dollar store, but with the variety of much larger retailers. By offering a large variety of products more cheaply, a dollar superstore would be able to pull customers from typical large retailers. Additionally, the increased variety of a dollar superstore would pull customers that would typically shop at a smaller dollar store, such as a Dollar General. Therefore, a dollar superstore could appeal to a larger audience than a traditional dollar store.

Opportunity Hypothesis Testing

Opportunity:

Retailers and department stores are declining as the middle class disappears and dollar stores are becoming more popular. Consumers who shop at dollar stores have an unmet need for a wider selection of dollar store priced products.

Who:

Consumers who shop at dollar stores. These are consumers who are attempting to save money, but now have an unmet need for a wider selection. Especially consumers who used to shop at department stores and retailers and are now opting for cheaper dollar stores.

What:

Retailers and department stores are becoming less popular with American consumers and dollar stores are becoming more popular. This creates an unmet need for a wider selection at dollar stores.

Why:

As the middle class disappears, more consumers opt for cheaper dollar stores as a way of saving money.

Hypothesis:

My hypothesis is that the idea of a dollar superstore would draw in more consumers from retailers than regular dollar stores would.

Interview:

"Who" Questions:

1. Q: How often do you shop at dollar stores?
1. A: Not very often.
2. A: Once a month.
3. A: About eight times in the last year.
4. A: Once every couple of months.
5. A:  Never.
2. Q: How often do you shop at retailers or department stores?
1. A: I shop at grocery stores, but beyond that it is very rare I go in the store. I do a lot of online shopping. I don't go to retailers much any more.
2. A: Once every two months.
3. A: About three times in the last year.
4. A: Once every couple of months.
5. A: Once every three months.
3. Q: Do you prefer shopping at dollar stores or retailers and department stores?
1. A: Dollar stores.
2. A: Retailers and department stores.
3. A: Retailers and department stores.
4. A: I prefer dollar stores.
5. A: Retailers and department stores.

"What" Questions:

1. Q: What products do you typically buy at dollar stores?
1. A: I don't really shop that much in stores. Random items. Cheap sunglasses, maybe. Things you need when you're out traveling.
2. A: Reading glasses, batteries, things like that.
3. A: School supplies, headphones, dishes, etc.
4. A: Cheap items that I will need a lot of.
5. A: N/A
2. Q: What products do you typically buy at retailers or department stores?
1. A: Auto maintenance products. Oil, oil filters, that sort of thing.
2. A: Clothing and appliances.
3. A: Clothing, flip flops, etc.
4. A: Quality items that I only need one or two of.
5. A: Impulse buys. Food, clothing, wine, makeup, and cleaning products.
3. Q: Would you shop at a dollar superstore that had a greater variety or dollar store quality products?
1. A: Sure.
2. A: Maybe.
3. A: Maybe, I'm not sure what purpose that would serve.
4. A: Maybe if there was more variety of groceries.
5. A: The low quality makes me hesitant. Maybe, I'm undecided.

"Why" Questions:

1. Q: Why do you shop at the stores that you do?
1. A: Convenience. I don't go to stores often.
2. A: Dollar stores are convenient. Retailers have quality products.
3. A: I go to a department store to get something that's quality and I go to the dollar store to get something that's cheap and will get the job done.
4. A: I can pick up items I need for very cheap prices at dollar stores. I go to retailers if I want items that are an improvement on my current items.
5. A: I shop at retailers and department stores because I am familiar with them.
2. Q: What are the strengths of dollar stores?
1. A: Price and the stuff sold there is pretty good.
2. A: Variety of cheap products. They're convenient.
3. A: Cheap and gets the job done.
4. A: Cheap and convenient. I am often pleasantly surprised at the quality of the products.
5. A: Price.
3. Q: What are the strengths of retailers and department stores?
1. A: Big retailers have everything you'd ever need. Department stores have a nicer atmosphere.
2. A: Variety of quality products.
3. A: High quality products that I can be proud of.
4. A: The products are very high quality and shopping there is a more enjoyable experience.
5. A: Variety and quality.
4. Q: Why would/wouldn't you shop at a dollar superstore?
1. A: More variety of things at a low cost. More likely that they would have what you want.
2. A: I would check it out and see what it is like.
3. A: I would shop there for something that I needed, but isn't important for me.
4. A: I would go there if there were a bunch of items I had to pick up.
5. A: The merchandise has a lower quality vibe to it a lot of the time.

What I learned:

People were more hesitant about the dollar superstore idea than I expected. Most of the people I talked to go to retail stores because of the quality, not the variety. Additionally, most of the people I spoke to did their shopping online. To get a better picture of how successful this opportunity would be, I would have to interview more lower income people and families. In general, a dollar superstore probably wouldn't pull a lot of upper-middle class consumers from retailers.