Final Reflection -- 30A

Throughout this course I have been faced with many challenges in creating a business idea I felt was actually decent and relevant in todays market to modern consumers. I think this was a key in defining my most formative experience from the class considering I eventually did start to feel like my idea was solid and could be a real business, not just for the sake of the course.

My most formative experience were definitely the ones where we had to go out and talk to people about our business idea, taking what they had to say or any suggestions and applying them back to our business idea for further improvement. This was challenging, yet worth it, as I feel that a business idea without consumer input will fall flat and that was a key component in me finding value in the work we did this semester and the business product we had as a result. Not only did talking to those people do that, but it also helped me with communicating my ideas and incorporating feedback in to make it better, which is critical in almost every field of real world work.

While I did feel challenged during this semester, I think it was rewarding in the end. I didn't really think I would finish this course feeling like I had a grip on what it would take to actually be an entrepreneur and start a business from scratch, but through all the blog post and assignments, I now feel like I really understand the process an entrepreneur goes through to an extent. The questioning and refining, it's tedious but I can see why it is necessary to be so thorough throughout the entire process of crafting the idea for any business, product or service.

My recommendation to future students for success in this course is to stay on top of the work -- don't procrastinate! Also, think outside of the box from the beginning and really find a business idea or market to tap into that you genuinely have an interest in. Resonating with the problem you are trying to solve will make the experience feel more fun and relevant. By doing this, you will make the most of the semester and subject, learning skills that will carry you not only as an entrepreneur but in any career.

Venture Concept No. 2 -- 29A

Opportunity -- Glow Facial Bar

• There is currently not a specialized business specific to the facial or skin care market, creating an opening for fast, efficient skin-care only services.
• The global skin care products market size is valued at $134.8 billion and is only projected to expand. With the high popularity of skin care, a specialized service business catering to facials and skin care services will tap into the already established market. 
• Skin in general is a huge insecurity and priority for many people, though without the right practices, products and guidance, consumers are hard pressed to establish professional level skin care from their own home. 
• With that being said, Glow Facial Bar, capitalizes on the trend set by other sole-service powerhouses, like the Dry Bar, catering to one market and doing it at an appealing price with the convenience of not having to go to a full-fledged spa.
• The market for this opportunity is defined traditionally by women ages 18-40 but I don't think it should be limited to gender or age, as it could appeal to men as well and any age really. With that being said, I think this facial bar would be most popular with women of that age demographic. 
• Customers are currently satisfying their need by getting their facials or skin care services completed at a spa when they have the extra time or money available. More likely though, I think most of my potential customers are not seeking professional services at all considering the gap in the market. To replace their lack of professional services, potential customers are most likely supplementing with at-home skincare products. There is a sort of loyalty to at home services or a professional a customer is comfortable with but overall I think they could be swayed considering there really aren't very many alternatives to be loyal to. 
• Potential customers: Mostly women ages 18-40, not limited to men. I will target services to women but through the service menu and promotional opportunities, I will capitalize on how to incorporate men with a tailored male facial service on the menu in addition to couples deals, etc. 

Innovation

• The business I came up with to meet the demand and gaping need in the skin-care service industry is Glow Facial Bar, similar to that of Dry Bar, which caters to a blow out and style for your hair market. 
• The facial bar will offer specialized services of varying types of facials. 
• It would be membership-based in addition to welcoming of walk-in or appointment clients. The memberships would offer more perks, like package deal discounts, private offers, group offers, etc. Glow Facial Bar is a true experience from the moment a client walks in the door to the moment they leave. 
• This means the atmosphere, options and deals create the perfect ambiance to ensure clients will return to and want to spread the word about through social media and their friends commending its quality and prices, uniqueness and trendiness.
• Profits will come from the services themselves, in addition to products and alcohol being sold on location. Additionally, membership packages or fees will produce profit as well.

Venture Concept

• My innovation will accommodate this open gap in the market of an already successful industry by presenting a service of the facial bar to a customer base that has limited options. 
• Again, customers will use Glow Facial Bar due to the lack of another alternative, in addition to the experience factor and convenience of the quality facial without the high price tag or hassle of a full-fledged spa.
• Customers with already established estheticians or favorite salons will switch to my service because of its access, overall experience, appeal, quality and lack of competitors for a paralleled service that Glow Facial Bar will offer. 
• Pricing is extremely crucial because my business is offering an expenditure that is more of a luxury, however, I am targeting my prices to make them affordable and accessible so that clients can create a maintenance routine of coming into the facial bar, much like a woman gets her nails done consistently, she could use the facial bar as another maintenance point.
• Customer service is also really important, considering the facial bar will be wholly client-based and cater to a unique experience, our employees will be trained to make each client and service be special and centered to a particular client's needs. A key part of establishing this high customer service and clientele will be through building our social media following, launching campaigns to show how tailored to each customer our service truly is to create that consistent clientele.
• I think starting small with the number of employees will be a main proponent of early success in the business in order to accurately match the clientele, menu of services, and amount of clientele. Starting small and growing our business along with our clientele is the most logical so that we don't overuse funds. 

Three Minor Elements

• My most important resource and my declared unfair advantage truly is that there is not really another business catering to this market. With the proven success and prevalence of skincare and maintenance for beauty in general, this is what will drive customers to try out Glow Facial Bar and hopefully return. Being able to hone my business in a market of limited alternatives will leave my customers not having much to compare it too, which in essence will allow the quality, pricing and purpose of my business idea to speak for itself and establish the clients.
• What's next for my facial bar is to find people willing to invest in Glow in efforts to get it off the ground. These investors will have to be the right fit and truly understand the vision and appeal of what the business could be not only right now or in the near future, but longterm perhaps expanding into multiple locations or even our own line of skincare.
• What's next for me personally, if I would continue on with this business idea, would probably be to refine my plan for the business and identify whether I see this going the distance as my sole career or if I would be okay growing it to a profitable point to sell and then start from scratch again on another path.

Feedback

• My feedback on my last Venture Concept was generally positive. All of the feedback really commended my idea and identified the attention it could attract due to the similar success of express hair services in addition to the lack of competition. I also had a comment that suggested this idea might take a while to get off the ground, so I adjusted to find a solution to work ahead and build a following leading up to the opening and after through social media campaigns. I definitely read through my last Venture Concept as well on my own and refined my ideas in terms of why my business idea is unique and a draw to a potential market. I additionally adjusted my market after I decided to incorporate service central and targeted to men on my service menu in order to hopeful expand my client target market and in turn drive more profit. 

Your Exit Strategy -- 28A

I think it is hard to definitively say whether I would sell my business in 5 years or keep it more long-term. I would say it would all depend on the status of the business -- should it turn enough profit and be hitting a stride in 5 years time then no, it would probably not be the best financial decision to sell the business. However, I think there are other factors to consider as well such as longevity, mental state in terms of your relationship with the business, etc. I am not personally super attached to the business idea so keeping it for a family business sake is not really something I would consider. I think the most realistic exit strategy is to plan on selling at a certain point that it makes the most financial sense, whether that be 5, 7 or even 10 years -- as long as the deal is right.

I have selected this strategy because as a child of an entrepreneur who has owned and sold several businesses, I see the tole it takes on an owner -- mentally, family wise, etc. The sacrifices are vast and it comes to a point where it is hard to find joy in the same thing you once did, but the profit and financials have to be in order to step away confidently, which I have learned from my business-owner father.

My exit strategy has influenced certain aspects of my decision-making during the development of my idea through these prompts. For example, I think my natural venture progression would be to start selling products made and housed specific to my facial bar, but this would only be a good move should I see some sort of longevity within the business instead of viewing it as a short-term startup that I would sell off quickly after starting.

Reading Reflection No. 3 -- 27A

The Art of Social Media: Power Tips for Power Users by Guy Kawasaki

1) The general theme of The Art of Social Media: Power Tips for Power Users by Guy Kawasaki is how to master social media and get the most out of platforms, giving tips, tricks and insights to aid a reader's social media growth.

2) I think this book relates greatly to the modern idea of entrepreneurship and running a business considering how large of an element social media and networking, advertising and marketing through popular platforms is at the root of a successful idea or business.

3) If I could design an exercise for this class based on this book, the exercise would be to research a social media platform (Facebook, Twitter, Instagram, Snapchat, YouTube, etc.) and figure out how vast the reach of one is to an audience. Additionally, I would have students select a viral social media moment or campaign from the last 5 years, researching/understanding what made it so viral and what the effects of the vitality did for the user, business, etc.

4) One "aha" moment I had while reading this book was within one of the lessons from the book: to pick two social media platforms and reach your audience through those by doing cross-platform content. With so many social media platforms prevalent to users today, it would be very overwhelming and nearly impossible to maintain and use them all at the same frequency. Thus focusing on two would allow you to produce better quality content.

Celebrating Failure -- 26A

1) As a journalism major, I am constantly pursuing story ideas. This semester I am in a course which requires me to get stories published with WUFT News, UF's news outlet run in the College of Journalism and Communications. The level of difficulty is increased in this course due to the fact that our story ideas must be news in a certain county or zip code. My initial story ideas were not on par and I experienced failure right off the bat, even considering I put in a ton of effort to come up with them. I had to go back to the drawing board in efforts to actually produce a newsworthy story after failing with my first round of ideas.

2) After this, I didn't have much time to turnaround and produce quality story ideas, however, I knew it was what I had to do. Thus, I had to start from scratch and approach my assignment and potential stories from a fresh, different perspective. I started looking for stories in other places and changing my approach to finding news central to the area and outlet. This taught me that oftentimes I need to step back, change my approach to something and think outside of the box in order to produce the most quality outcome.

3) Failure, for me, is particularly difficult. As someone with a hard work ethic who applies a lot of pressure on myself, failure can feel, at times, like I am falling apart. However, as emotionally stressful as this failure is, it often subsides and creates a fire under me to retry whatever I failed at and exceed the established expectation. This portion of failure is rewarding and the upside to being so emotionally prone to failure. For me, nothing can be more motivating the urge to redeem myself or not fail again or even to not fail in the first place, but this wouldn't have been my mindset had I not experienced so many important failures.

What's Next? -- 25A

Existing Market

Step 1 --
After creating enough of a clientele through memberships and consistent customers, I think expanding into a more in-depth brand and business would be the next move. This could include Glow Facial Bar partnering with a cosmetics company or skincare brand to sell products in our location that are recommended by estheticians. Additionally, I think the next step would be taking the exclusivity and accessibility to another level by offering a travel facialist that will go directly to certain clients that want a more private experience. Again, both of these options would provide a greater presence with our clients and further our business and brand.

Step 2 --
I interviewed three women of varying ages in the Gainesville area. The women exemplified my target market. Based on the questions I asked and responses they gave, they all agreed selling products or offering in-home services seem to be like a natural next step once Glow Facial Bar turns a profit and establishes a consistent clientele. They agreed that the experience overall would be a big pulling factor to return and that having complimentary cocktails or other perks included in memberships would definitely be a better incentive and would only enhance the  experience. Two of them definitely thought I should target my advertising and marketing on social media and word-of-mouth in order to reach my target demographic, as that is where most people find new businesses to try.

Step 3 --
After my interviews I felt like I was really on the same page as my potential and targeted customers based on the three I had interviewed. Social media was one of the biggest, more prevalent topics of discussion which I knew would be a large part of my advertising/marketing, but speaking with the women opened my eyes further to just how much weight they put on social media and online personas when they are considering spending money on something.

New Market

Step 1 -- My target market, as I have previously identified, is women ages 18-~40. While age is not really a main limitation for my service, if I had to state a cut-off age I think it would be around 40. A radically different market I could target could be males in their 20s.

Step 2 -- While they aren't my main target market, I think males could be a minority customer market for Glow Facial Bar, but they might be hard to reach using the same strategies that I would for my current target market. I think I could create value for males in their 20s or 30s within my venture concept by executing a few small strategies that would make Glow Facial Bar seem more inclusive for men to the outside eye. I think running specials specifically targeted to males or even creating a special package for couples could be a solid idea to bring males into my business.

Step 3 --
My interviewees all concluded social media would still be a great way to reach a male audience. However, they did agree it would be more of a challenge to not only reach them but also get them wanting to actually come in to Glow Facial Bar. One of my interviewees mentioned incorporating a men's-centric facial to the service menu that way it would feel more inclusive. Another interviewee mentioned couple specials, like I originally thought of that way women and men can bring their significant others and share the experience while also establishing new clientele and further success.

Step 4 --
     I learned a lot while diving into my new market. I knew males could always be a part of my customer base but I wasn't sure just how vast it could be and how I could reach them and build the male clientele to that point. I realized that while it will be a challenge to tap into both male and female markets, it is definitely a possibility.
     I was surprised the most at the amount of ways I could incorporate male-driven strategies into the business plan in order to make Glow Facial Spa more inclusive to both genders. I think my interviewee who suggested a male-centered facial on the service menu was spot on and a new idea I hadn't considered. Whereas, for specials and boo deals for couples I thought of but didn't know it was a solid idea until I was able to confirm it with my interviewees.
     While I don't think the male audience is as attractive and large to me as the female driven market, I do think I could establish a solid male clientele which is something I really didn't think prior to this assignment.
 

Venture Concept No. 1 -- 24A

Opportunity -- Glow Facial Bar

• Who has the need? People who need my service are people who care about skincare and desire to get regular facial services but do not necessarily have the time or budget to go to the spa each time.
• Nature of the need: This need can be described as wanting to get skincare services but not go to a spa each time. A customer in this market wants to get facials at a trendy, unique place with great prices and availability.
• What forces create this opportunity? This opportunity is created by the fact that skincare is a leading insecurity and care for people around the world. The skin care industry is also extremely profitable leading many potential customers to desire skincare services from a professional when at-home skincare just isn't cutting it. The problem is that not everyone has the time or budget to hit the spa whenever they choose. This paired with the success of other sole-service businesses, like Dry Bar which offers only blow dry and styling services for hair, creates a gap in the market that I think my service could fill. 
• How is this market defined? The market is traditionally defined by women ages 18-34, but is not limited to any gender or age. 
• How are customers currently satisfying this need/how loyal are they? Customers are currently satisfying their need by either getting limited spa services when they have time and extra money, not getting professional services at all, or trying to do self-facials with skincare products you use at home. I think there is a sort of loyalty to this but I think the loyalty is due to the fact there are not limited alternatives to be loyal to.
• How big is this opportunity? I think this opportunity is rather large considering there is a lack of competition or alternatives than a traditional spa to extensively satisfy this need.
• How long will the window of opportunity be? Again, due to the lack of competition in quality, professional alternatives available in the market, I think the window of opportunity would be vast and would only narrow once the facial bar idea became replicated, much like with the similar business Dry Bar as now there are blow-dry only salons popping up all over the place.

Innovation

The service I have created to meet this need is Glow Facial Bar. Glow Facial Bar is a business offering specialized services of various types of facials. Glow Facial Bar is both membership-based and walk-in/appointments. Members will receive perks and deals of packages in order to keep a consistent clientele and ensure returning customers. It is also largely experiential and caters to the target audience of women promoting relaxation through aesthetics and trends. This experience will aid in returning customers as well as becoming a space women want visit, post on their social media, and bring their friends to as it is quality services for a relative price and has a uniqueness factor. 

Venture Concept

This service will meet the need by providing a haven for specialized facial services in a accessible, affordable environment. This taps into my market and creates desire to my target audience to want to purchase a membership package and continue returning for more services. Customers will choose Glow Facial Bar because of it's access, overall experience, quality and lack of competitors or alternatives for the a paralleled service. 

Three Minor Elements

1. My biggest resource is the lack of competition in the market I am trying to break into. While there are spas and at-home skincare options, there are not many facial-centric businesses that I have heard of which offer an experience and membership deals. 
2. The next venture for this service/business would be to start marketing toward my target audience to be certain and receptive I am encapsulating everything they would want in Glow Facial Bar.
3. Assuming I launched this product and it garnered major success, I would consider opening more locations and possibly even franchising, similar to the way Dry Bar became a franchised blow-dry/styling salon all over the country. Another possible track after reaching success could be a product line. 

Your Venture's Unfair Advantage -- 23A

1. Limited Competitors: Lack of competitors in the market producing a similar business idea and service.

• Valuable -- Uniqueness and competition are two extreme factors that lead to a successful factor, limited competition means more of an audience and higher chance of consistent customers. 
• Rare -- Coming up with a product or service that is non-existent anywhere else is nearly impossible so pursuing an idea with not a lot of competition is a rare opportunity. 
• Inimitable -- This lack of competitors is important because with less competitors there will be less commonality and options for your customers to switch to.
• Non-substitutable -- My idea for a facial bar service is hard to be substituted in terms of quality as you cannot really execute a spa-level facial service at home. 

2. Public Speaking: Experience public speaking in front of audiences, forming speeches and executing with ease, being able to both memorize and think on my feet.

• Valuable -- Public speaking experience is invaluable because it is entwined in almost every aspect of bringing  a business idea to fruition. 
• Rare -- While many people are good public speakers and able to memorize something, I feel my experience is rare in that I can also think under the gun when speaking. 
• Inimitable -- Quality cannot be replicated though others may be strong public speakers as well.
• Non-substitutable -- Having a strong ability to public speak is unavoidable and essential in this field when making pitches and business presentations regarding your service. 

3. Experience in Pitching: As a journalist, I make pitches for stories weekly and executing research and determining factors of why people will care and why an idea is relevant.

• Valuable -- This is valuable as pitching a business idea is kind of the same idea in that you must know who will care (establish customers), why it is needed (business peg), and then sell it to whoever you are pitching to (networking, investors).
• Rare -- This training I have received at UF is a basic skill for my major, that I learned and have now practiced ad nauseum, which gives me a leg up in this aspect. 
• Inimitable -- Quality and experience cannot be replicated so the years of experience I already have in pitching will take others time to develop.
• Non-substitutable -- Pitching, like public speaking, is unavoidable when trying to get your business off the ground with investors or other contacts.

4. Graphic Design Speciality: I have a specialty in graphic design, which I have honed in my time at UF.

• Valuable -- Immense attention to detail and eye for creative and aesthetic side of the business.
• Rare --  Rare because many business owners may not have these skills that can truly make the business stand apart from competitors.
• Inimitable -- An eye for design and the creative side of business is hard to just develop and copy, this will set the business apart from others. 
• Non-substitutable -- By having this experience, I can create a uniqueness to my idea that sets it apart while also being able to source design work in-house instead of paying someone else to do it.

5. Media Background: With a major in journalism I understand the power of the media. 

• Valuable -- This is so valuable with the level of business media has the power to drive now. 
• Rare -- It is a unique skill to have in order to be able to pitch to news contacts to push your business. Others may not have the contacts or idea of where to even start with media. 
• Inimitable -- Crafting an angle to make your business marketable to media is hard to imitate unless you know how a newsroom or media organization operates.
• Non-substitutable -- Becoming a succesful business is almost important without some sort of media traction.

6. Leadership: Natural leader with a continued urge to take the helm of projects.

• Valuable -- Leadership is important in guiding and running a business.
• Rare -- Rare because some might not feel like a natural leader and struggle with being assertive. 
• Inimitable -- Inimitable, but not leading like I would. 
• Non-substitutable -- I could lead my own business and employees without having to hire someone to do so for me.

7. Social Media Experience: Extensive experience in social media platforms and different apps aiding in targeting audiences, marketing, etc. 

• Valuable -- My target market is directly in the thick of the social media craze, so having this knowledge is extremely valuable in targeting. 
• Rare -- Rare, though others could have experience in this, but some may not have the extensive experiences I have in terms of strategies of reach.
• Inimitable -- Inimitable, but level varies.
• Non-substitutable -- Again, hiring a social media manager would mean losing money and contracting outside of business. Also, it is unavoidable for a business to be present in social media if they want to be successful. 

8.  Fundraising: While I do not have a huge background in fundraising, I understand the importance of finding sources of money when trying to start a new business. 

• Valuable -- It is valuable to know how to reach sources of money to fund a new business.
• Rare -- Not too rare, but takes experience and trial and error.
• Inimitable -- Could be imitated, but targeted differently from person-to-person.
• Non-substitutable -- You can not start a new business without investors or loans aka fundraising. 

9. Marketing: I have knowledge of marketing through experience in communications, public relations, advertising and graphic design all of which feed into marketing.

• Valuable -- Marketing is super valuable in creating a customer base.
• Rare -- Somewhat rare, as I have a unique background that will allow me to execute varying forms of targeted marketing.
• Inimitable -- Inimitable, but not like I could. 
• Non-substitutable -- Essential skill to have when building a successful brand and business.

10. Work Ethic: My work ethic and drive is a personal strength.

• Valuable -- As a business owner and entrepreneur hard work and smart business moves are what pushes you to the forefront even through challenging times. 
• Rare -- I believe my work ethic is rare because in the face of challenges I push myself to surpass the obstacle and continue on. This determination helps me thrive under pressure where some might crumble. 
• Inimitable -- As mentioned above, a solid work ethic is either something someone has or doesn't have, it can be hard to develop it after the fact as a solid work ethic needs to be  present as a foundation for all success.
• Non-substitutable -- It can be difficult to substitute a strong work ethic and working well under pressure because without them a entrepreneur or business cannot flourish and thrive as they go hand-in-hand. 

Top Resource: Limited Competitors

I think my top resource is that there are limited competitors for my business idea. This is extremely rare to find as it is hard to have a completely unmet need. With limited competition, I will be able to tap into a niche market to build my business and hopefully establish returning, satisfied customers. This is crucial because more competition would mean I didn't really have an unmet need in the first place, which means by entire idea would be entirely discredited.