30 A- Final Reflection

After reviewing all of my blog posts from this semester, I decided that my most formative experience was the one I had with assignment 7A- Testing Hypothesis Part One. This is the most formative because it really pushed my creative boundaries, proving to myself that I am more creative than I thought. Many years from now, I will remember the Bug List. This was my favorite assignment, and one of the most challenging. The most joyous experience was not a particular assignment, but overall developing my business concept. I found joy in this because I never have worked so hard on an idea I had; I usually just have the ideas and do not act on them. Working on this throughout the semester made my idea feel like it could actually become a reality. I am most proud of completing the reading reflections, as I am not a big reader so this was a challenge for me. 

Prior to this class, I did not see myself as an entrepreneur. Now, I can honestly say I think I am an entrepreneur. I think this class has allowed me to defy my personal mental blocks and push through to see that anyone can be an entrepreneur. That being said, yes I think I have developed the entrepreneurial mindset. 

To students who are going to journey down this path in the future, I would recommend they really set the time aside for this course. Some of the assignments you need several days to do (for example, the interview assignments). In order to get the most out of this class, you need to put full effort into the assignments, and you cannot do that if you are completing them the morning they are due. To foster this mindset, I would really recommend planning out your week to do the assignments early on. Also, I would suggest they keep pushing forward mentally and do not get discouraged. 

Anyone can be an entrepreneur at any age, take lemonade stands for example!

29 A- Venture Concept No. 2

1) My potential opportunity is for a pet product called Canine Condiments. As mentioned before, my one year old dog used to be severely underweight. She had a poor appetite, which resulted in her ribs and bones being very obvious, even though she had constant access to food. When I heard professionals say she needed to put on weight as quickly as possible, I instantly tried several methods to try to excite her to eat her meals. I tried everything from cooking for her, adding gravy to her food, and switching dog foods. These methods were rather ineffective and expensive. The only method that helped her gain weight was when I cooked for her and bought her protein (chicken, beef, etc). Elderly dogs also have a similar unmet need, as they age they begin to loose their sense of taste and miss out on key nutrients in their food. The humans with the unmet need are the owners of these dogs. Also, dogs in the shelter and the shelter employees have an unmet need, as many dogs brought into dog shelters are malnourished and need to put on weight. The forces and changes in the environment that are creating this opportunity are mainly dependent upon the dog's instincts; some dogs have personal issues as to why they are underweight. Geographically, this market is defined by being in more affluent cities and suburbs, assuming these customers are willing to spend a little more on premium products for their pet, as well as shelters who would want to buy in bulk. Demographically, this market would be young adults who see the benefit of all natural supplements, rather than medicine. 

There is a variety of ways that the market is currently satisfying their need; people are adding wet food to their dogs dry food, cooking fresh meals for their dog, trying several different foods until they find one their dog likes, and using a veterinary recommended product called Nautical (in my experience, my dog did not like it at all). In terms of loyalty, the market typically has to try several of these methods until they find one to suite their dogs preferences, which can be expensive. In a study of 900 dogs, 47% were underweight; this proposes a huge opportunity! And even better, the window for this opportunity is rather open, because there is not a firm solution on the market and people are always going to have dogs as pets, just as shelters are always going to be full of dogs in need. 

My idea is to create a product called Canine Condiments that acts as a delicious and high-calorie sauce for dogs' food. My product would be radically innovative because there's not a weight-gain/appetite specific sauce for dogs on the market, so it would be the first of its kind. The product would be similar to a ketchup bottle, come in a variety of flavors for the dogs, and provide human-grade nutrition that is free of fillers/artificial content. You use the sauce by fixing your pet's dry/wet food as usual, and squeezing on 1-2 tablespoons of the condiment, then giving it a quick shake or mix. Ideally, the commercial size of the container would be offered in two sizes; an eight oz. size and a twelve oz. size. Also, shelters would have the opportunity to purchase the sauce in a bulk size, by the gallon. The dogs will smell a new and delicious addition to their meal and eat it right up. Price wise, I would make the product as affordable as possible, reaching as many dogs as possible. If I get with the right co-packer, the product would cost myself about $3.50 to produce and I would sell it for around $7-8. Compared to other dog treats and food, this is a very affordable price, leading to at least 50% profit margin, and if we sell the right volume, could be profitable long-term. 

Canine Condiments would fix the unmet need of the market by encouraging the pet to eat more, building an appetite in the animal so they get used to eating, and eventually having them eat on their own. In turn, this product would help underweight, elderly, and stray/sheltered dogs maintain health and weight. People would pick my product because it has a specific goal. Though a niche product, I have talked to many people who would purchase my product. There are other out-of-the box alternatives, but Canine Condiments would be the first to reach this specific market. Customers would switch to this new product because when people's pets have health issues, they are willing to pay premium prices to fix it (look at dogs with cancer and treatment prices). That being said, it will be easy to get the customers to switch to this alternative method. Though no direct competitors, alternatives for this market are NutriCal (a high calorie puppy supplement), adding gravy to your pet's food, switching to a different wet/dry food, or cooking meals for your dog. Weaknesses of the competitors is price and effectiveness; it's expensive to try new dogs food. I have tried all alternative methods, and my dog only liked when I cooked for her, which got costly. While defining my business concept, price point and customer experience are most important. Pet owners often pay high prices for products/services, so if I can get price down, more people will buy more frequently. Also the customer experience is major; if the product works, then people will talk about it to their friends and continue to buy. My business would mainly be B2B, selling in retail and vet offices, but starting out I would like to sell at farmers markets. Starting out, I would have just a few employees, but that number would increase as the company grows. The venture would have a CEO, financial advisor, front-line employees for customer service, and logistical/product packaging employees. 

I think my most important resource would be my financial advisory connection. I do not know much about finances, and I have several close connections in the field that could help me at a reduced cost. The next opportunity I would like to take advantage of would be the potential of going B2B and selling in retail. This would have to happen after much market success research. In five years, I want my product would grow internationally. I want to work with non-profits and donate our products to abused/rescued dogs who are underweight. I even think it would be possible to start an initiative where for every one bottle sold, a bottle is donated to a shelter/dog in need. This way Canine Condiments could give back while still making a profit. I hope I could give more opportunities to those who are uneducated, yet highly skilled and share some of my success with others. This first venture helps me achieve my vision of success by giving me a platform and a market who I could establish trust with, and my product could help vets, animal shelters, and the common dog owner. 

2) I received really helpful feedback on my first venture concept post. My feedback included offering a bulk option for lower prices, refocusing my efforts to B2B rather than direct to consumer, including the size of the product, maintaining a presence at farmers markets, providing my resources to animal shelters, and including a "buy on, give one" incentive. In the "Whats Next" assignment, I got more feedback about refocusing to animal shelters, which I made a major theme of this assignment. Other than this, all the feedback I got was very positive and encouraging. 

3) I changed my venture concept by listening to the feedback I got and applying it to my plan. Though this plan is almost identical to the original, I talked about expanding my potential market to animal shelters. Originally, I overlooked this part of people with the unmet need, so I am thankful my classmates pointed it out to me. Also, I tied together both selling at farmers markets and mainly B2B. My plan is to start in markets, gain exposure and word of mouth marketing, and then make the shift to selling in retail. Finally, I made sure to include the initiative where we give back by donating one bottle of condiments for every bottle sold. This way, our customers know they are doing a good deed by using our products. 

This is my dog, Mable.
She is the inspiration for my entire business,
Canine Condiments.

27 A- Reading Reflection No. 3

For my third book, I chose to read Thinking, Fast and Slow, by Daniel Kahneman. This book falls under the business/entrepreneurship/philosophy category, so I will be following the prompt from our second reading reflection.

1) This book is a psychology book in its entirety, so it makes sense that the themes of the book revolve around the human brain and thought processes. The book focuses on data collected through the author's studies and a big chunk of the book is about the minds impulsiveness which can lead to behavioral fallacies.

2) This book allowed me to understand myself better. I am a very ADD and an impulsive person; I often find myself acting before I have even processed the information at hand. Also, this book focuses on decision making, something that is huge in this course. This class is all about making choices and thinking about the potential impact of those choices. This book enhanced what we are learning in ENT 3003 by allowing me, a student, to understand the impact that certain though processes can have in your life and potential business.

3) If I had to design an exercise for the class based on this book, I would have it involve emotions and development of emotional intelligence (EI). EI is one of the biggest factors in getting hired, as well as decision making. EI can truly never be developed enough. I would have the students think of four emotions, happy, sad, angry, and anxious, then I would have the students list words that they feel when they have these emotions. Next, I would have the students write down a situation that causes these emotions and how they would respond. Finally, I would have them reflect. Though this does not directly involve ENT 3003, it still has benefits about decision making in daily life, which can be translated to the business world. 

4) What surprised most about the book is how competitive the mind is with itself. By competitive I mean that the human brain's two systems (the more fast-acting system 1 and the dilegent and logical system 2) are fighting for mental and physical control of their host. These two systems are responsible for failure and success in their human, so it is beneficial to have a strong understanding of each one.  This differed from my expectations because I thought that the human brain acted like a single unit, not one that competes with itself. After becoming aware of this information, I now know how to be less impulsive when making decisions and how to activate my brain's full potential. Previously, I just would take the easy way out and go with my first. thought.  I am glad this book taught me how to be more self-aware and emotionally intelligent. 

28A- Your Exit Strategy

1) The exit strategy I would chose for my company, Canine Condiments, would be to get the company as successful as possible, work there for several years, and then sell the brand. I would most likely sell the company after ten years or so. Though I plan on selling to a venture capitalist, I would not be opposed to staying with the company. When you become an entrepreneur, your business becomes your baby for several years. That being said, I could see my attachment issues getting in the way and having a difficult time parting with the business.

2) I selected this strategy because I plan on eventually having a children and a family. I would want to sell the company so I could spend time with my family and enjoy life. I am a fan of the FIRE (financially independent retire early) method of investing, so I would live off of 30% of my earnings and invest the rest to get larger returns. The money from investing, plus the capital I gain from selling my business, would ideally be enough for me to retire, invest more, and grow my assets. Though I am a hard worker (and in reality will be working for majority of my lifetime), if I had a successful business, I would totally sell it.

3) I do not think that this exit strategy has influenced other decisions I have made in my concept. Quite honestly, I did not even think about my exit strategy until this assignment. Up until now, I was making decisions based on what I thought would drive sales and expand us into as many markets as possible. I made this business concept on a subject I was passionate about, not wether I was going to sell it long term.

26A- Celebrating Failure

1) This semester I failed consistently at starting a workout routine. At the beginning of quarantine, I was really motivated to get in great physical shape by walking, running, and doing more strength training. For the first two or three weeks I was really on top of working out. I would get 10,000 steps in every day, do ab workouts, and even go run the stadium. As quarantine went on, I noticed myself skipping these workouts. I used excuses to validate to myself that it was okay and I would start again tomorrow. Some examples of excuses I used were, "Oh, the gym is closed so I can't workout," "I have too much homework," and "I would rather rest so I can hit it hard tomorrow." Though I still am trying to work on getting a firm workout routine, I still find myself using these excuses to get out of mentally committing.

2)  From continuously failing to get on a workout routine, I have learned that it is not about the exercising, but about making a commitment to yourself. Of course I can say that there is not enough time in the day to get a workout in, but there is. Once I commit mentally, I will find a way to make time for a workout; even if it is a small one. Now that I am aware of this, I truly want to do better and get on a routine. 

3) I think failure is the driving force behind motivation. Though failure is difficult at times, it only makes me want to try harder to succeed in the future. Emotionally, I handle failure different, depending on the situation. Typically, I will get slightly discouraged at first, process the situation of why I failed, and then mentally prepare for how I can do better. Failure obviously makes me feel like I am not good enough at times, but it really drives my behavior to be stronger in the coming trials. This class has changed my perspective of failure by making me realize how normal it is and how it actually can open your eyes to new perspectives. Compared to a few months ago, I am more likely to take risks because of this class. I also am more comfortable with feedback, as the peers in this class have helped me through tough problems. Finally, this class has helped me acknowledge it is better to try when you are discouraged, rather than not try at all, as effort shows through. 

24 A- Venture Concept No. 1

Let's begin by thoroughly analyzing my potential opportunity. When I got my puppy in May of 2019, I instantly noticed she was not a hefty eater. I tried everything from timing her meals, to adding human-grade food to her meals, but she still struggled to put on weight. Every time I went to the vet they told me she needed to put on weight. After months of cooking fresh meat and veggies for her, she finally got to a good weight. This process was worth it, but expensive. Also, there is an unmet need for those with elderly dogs. As dogs age, they loose their sense of taste and appetite, in turn reducing their overall nutrition intake. Dog owners are the individuals with this unmet need. The forces and changes in the environment that are creating this opportunity are mainly dependent upon the dog's instincts; some dogs have personal issues as to why they are underweight. Geographically, this market is defined by being in more affluent cities and suburbs, assuming these customers are willing to spend a little more on premium products for their pet. Demographically, this market would be young adults who see the benefit of all natural supplements, rather than medicine. 

There is a variety of ways that the market is currently satisfying their need; people are adding wet food to their dogs dry food, cooking fresh meals for their dog, trying several different foods until they find one their dog likes, and using a veterinary recommended product called Nautical (in my experience, my dog did not like it at all). In terms of loyalty, the market typically has to try several of these methods until they find one to suite their dogs preferences, which can be expensive. In a study of 900 dogs, 47% were underweight; this proposes a huge opportunity! And even better, the window for this opportunity is rather open, because there is not a firm solution on the market and people are always going to have dogs as pets.

My idea is to create a product called Canine Condiments that acts as a delicious and high-calorie sauce for dogs' food. My product would be radically innovative because there's not a weight-gain/appetite specific sauce for dogs on the market, so it would be the first of its kind. The product would be similar to a ketchup bottle, come in a variety of flavors for the dogs, and provide human-grade nutrition that is free of fillers/artificial content. You use the sauce by fixing your pet's dry/wet food as usual, and squeezing on 1-2 tablespoons of the condiment, then giving it a quick shake or mix. The dogs will smell a new and delicious addition to their meal and eat it right up. Price wise, I would make the product as affordable as possible, reaching as many dogs as possible. If I get with the right co-packer, the product would cost myself about $3.50 to produce and I would sell it for around $7-8. Compared to other dog treats and food, this is a very affordable price, leading to at least 50% profit margin, and if we sell the right volume, could be profitable long-term. 

Canine Condiments would fix the unmet need of the market by encouraging the pet to eat more, building an appetite in the animal so they get used to eating, and eventually having them eat on their own. In turn, this product would help underweight and elderly dogs maintain health and weight. People would pick my product because it has a specific goal. Though a niche product, I have talked to many people who would purchase my product. There are other out-of-the box alternatives, but Canine Condiments would be the first to reach this specific market. Customers would switch to this new product because when people's pets have health issues, they are willing to pay premium prices to fix it (look at dogs with cancer and treatment prices). That being said, it will be easy to get the customers to switch to this alternative method. Though no direct competitors, alternatives for this market are NutriCal (a high calorie puppy supplement), adding gravy to your pet's food, switching to a different wet/dry food, or cooking meals for your dog. Weaknesses of the competitors is price and effectiveness; it's expensive to try new dogs food. I have tried all alternative methods, and my dog only liked when I cooked for her, which got costly. While defining my business concept, price point and customer experience are most important. Pet owners often pay high prices for products/services, so if I can get price down, more people will buy more frequently. Also the customer experience is major; if the product works, then people will talk about it to their friends and continue to buy. My business would mainly be direct to consumer, online. Starting out, I would have just a few employees, but that number would increase as the company grows. The venture would have a CEO, financial advisor, front-line employees for customer service, and logistical/product packaging employees. 

I think my most important resource would be my financial advisory connection. I do not know much about finances, and I have several close connections in the field that could help me at a reduced cost. The next opportunity I would like to take advantage of would be the potential of going B2B and selling in retail. This would have to happen after much market success research. In five years, I want my product would grow internationally. I want to work with non-profits and donate our products to abused/rescued dogs who are underweight. I hope I could give more opportunities to those who are uneducated, yet highly skilled and share some of my success with others. This first venture helps me achieve my vision of success by giving me a platform and a market who I could establish trust with, and my product could help vets, animal shelters, and the common dog owner. 

25 A- Whats Next?

• Existing Market:
• What's Next?
• Currently, I have only focused on one product for Canine Condiments, which is the high calorie, all-natural food sauces for your pup. As a company, our main focus is weight gain and appetite building for dogs who are in need. In terms of furthering our line of products and services, I could see our company releasing high calorie, tasty, and originally produced treats for their dog. These treats would come in a variety of flavors, and must be kept refrigerated, just like the original sauce recipe. In addition to the treats, I would like to see Canine Condiments come out with a food topper that does not need to be kept cold, so customers can travel with our product. I am envisioning a flake-like substance that is potent in flavor, that can be added to your dogs food; similar in looks to beta fish food. 
• Interviews
• Michelle Jenkins
• "What should we be doing that we aren't planning to do?" Michelle is my mother who originally helped me come up with the idea for Canine Condiments, so I knew she would have insight as to what next steps we should be hypothetically taking. She suggested we focus our efforts in marketing, get as many customers as possible, talk to our co-packer, and get the price per unit down. Getting the price per unit down would make the product cheaper for customers, which is something my mother really focuses on when evaluating products.
• "What do YOU think our customers might want next?" Michelle suggested we come out with a version of each of our products that is a "lite version." She explained that she has two dogs, and if one of them needed to be on the higher calorie version, the other would get jealous. If we had a lite version, then both dogs could enjoy the tasty treat!
• Ruthie Morris
• "What should we be doing that we aren't planning to do?" Ruthie has one, three-year-old dog. After explaining my updated business idea to her, she brought it to my attention that I am missing an opportunity for cat owners. Though it might take some name rebranding, Ruthie explained the she has had a roommate that had a super skinny cat. If Canine condiments offered a catnip or cat treat, then cat owners would have a new opportunity to purchase our products. 
• "What do YOU think our customers might want next?" Ruthie told me that she thinks the customers would want a version of the sauce that is shelf-stable and does not need to be refrigerated. She explained how she stays away from dog products that need to be kept cold because she forgets about them. She brought the idea of making ketchup packet-like versions of the product for on the go.
• Lainey Harris: 
• "What should we be doing that we aren't planning to do?" Lainey has one rescue dog, Bella. In her interview, she told me that she thinks Canine Condiments should start out going to farmers markets in order to test the product, before we just assume the dogs will love it. There is a very large farmers market in Jacksonville called the Riverside Arts Market that is held every Saturday. Lainey suggested we start there because there are several dogs there we can give samples to and owners we can sell the product on. 
• "What do YOU think our customers might want next?" Lainey suggested that our customers might want on line recipes for their owners to cook for their dog. For example, customers would go to our website and look up different protein based recipes that our sauces can be used in. The recipes would have the total nutrition break down for our guests. Though I like this idea, I do not think many people would actually cook for their dogs.
• In terms of growing in our existing market, I think Canine Condiments has the most opportunity for growth by creating a product that is shelf-stable and does not need to be kept cold. Personally, I do not even look at the dog product in the fridge, because I assume it is out of budget. Thought my original idea still could be sold, I think dog owners look for solutions that are right in front of them in the aisle. Also, I know some people (for example, my dad) who would think it is crazy to keep dog food in the fridge. 
• Also, if we create a product that is shelf-stable for a long time, then shipping costs would most likely to go down. When people ship products that are temperature sensitive, then that means it needs to get to the customers as soon as possible. If we had a way to make the sauces room temperature, shipping costs and overall cost of customer would be significantly reduced.

• New Market:
• For majority of this idea, I have been talking about direct to consumer business. I would like to refocus my efforts to B2B. 
• I think my product could create value for retailers in the B2B market because many customers prefer to shop in person rather than online. If I got in contact with retailers, then we could have an exclusive contract so customers would come in to buy my product and then end up sending money at the business as a whole. The retailer I have in mind is Target, as I am currently interning there.
• Interviews
• Alex Noel (Executive Team Leader of General Merchandise, Food, and Beverage at Mandarin Target)
• "What kinds of adaptations tot he product/service mix do YOU think I should make in order to be successful in the B2B market?" Alex talks to a lot of the vendors that come into Target, so he knows what he is looking for. He said he is looking for products that will sell and take up the least amount of shelf space possible, so we can sell as much volume as possible. That being said, I think the package design has much to do with this idea.
• Michelle Crumpler (HR at Mandarin Target)
  
• "What kinds of adaptations tot he product/service mix do YOU think I should make in order to be successful in the B2B market?" Michelle mainly focused on market research of the customer. She said that Target will not just put anything on the self, especially in pets. In order to sell at Target, I need research and proof that there is a need for this product. I could do that by going to farmers markets and getting as many people to try the sauces and give me feedback. I would then take the data to Target and present it in a way that look like the market needs my product. 
• Reflection:
• Though I know there is a market for B2B and my product, it was nice to hear feedback form individuals who are actually in the retail space. Overall, I learned it is more difficult than I thought to get into retailers, especially those as big as Target. After talking to Alex, I realized he talks to vendors all day, so it is already competitive to get shelf space (not to mention expensive for my company and Target). This is why they do not like to supply product unless they are sure it will sell. What surprised me the most is how competitive it is for shelf space in the pet department, not to mention the refrigerated pet department because they only have one cooler on the floor. This made me reconsider the shelf-stability of the product. 
• Though a lot of my expectations and assumptions were correct, there were some that blind sided me. One assumption I had that was correct was that I need ample research to get into the B2B market; it is a long process. One assumption I had that was wrong is that I initially assumed the actual creation of the product would be easy. I failed to acknowledge the regulations and testing costs of getting a product on the shelf. The testing is expensive and a long process because you need to make sure you create a safe product that will not get recalled. After considering this new market, I think it would be more effective and beneficial to stay in the direct to consumer market. Though I am able to take knowledge away from the retail space, I think it is best to start just online, B2C.