Make that Free Money Rain!!!

My strategy here was to find homeless people and give them the dollars. I figured I could give away all my dollars this way. I thought they would get the most value out of the dollar. I did find a few but it was hard to find them when they were walking or on their phone. Most of them were just kind of hanging out asking for money. I did find 2 homeless people one was walking and the other, video included, was on the phone. My plan to start the conversation was to just give them a dollar.

After trying this strategy, I just approached people walking on the street to save time. One of the guys that took the dollar mentioned giving it to someone who needed it more. Which was a nice gesture. I learned I need to be more creative with my ideas. I did not really have any plans for the conversation since I shifted tactics in the middle, and had a hard time coming up with a story. I just kind of “stronged armed” them into taking my dollar.

27A The Art of Social Media

The general theme of this book follows very nicely with the title it is all about how to maximize your social media presence. That means connecting with people, creating content, and some do’s and don’t’s. I found this book very useful as I do not come to social media naturally. It is not something I have been able to utilize very effectively that is the main reason I chose this book.

This book really helps to enhance the marketing side of the class when you are going out to get your customers. Social Media is a very cost effective and efficient way of connecting with your customers. This book really helps one maximize that potential.

The biggest Aha moment I had when the author explains content curation. He talks about creating really great original content is very time consuming. He mentions a company can only create and post 2 original content messages a week that is of high quality. So one way to maximize connecting with your customer is curation, or summing up other account post.

28A Get Out While the Gettin' is Good

Ideally my exit strategy would be to build the business and sell it when I can realize a healthy return on my investment. Since my idea requires a large capital investment this might take quite a few years. After selling my business I could invest in other things that require less time commitments such as land, real estate, stocks, or other people businesses.

I think I have picked this particular strategy because I like variety. When I have accomplished one of my goals I like to set new ones. That way I always have something to strive for that will keep me hungry.

This strategy has influenced my plans slightly. I would like to buy two parcels of land and just use one first. Then is growth is good I could invest in another gas station. This would help overall growth of my company so I could sell much sooner.

26A Failure Tastes Sweet and Sour

I failed early on in the semester. My failings cost me one of the very first assignments. I failed to plan properly and fully take into account something that would change my schedule drastically and that was having a new puppy. Well two puppies to be exact. I did not fully appreciate what it takes to take care of two five week old puppies. My friend's dog had a litter and the mom was not the nicest mom so they had to be separated. I took care of the pups. 

Due to not fulling appreciating what it takes to care for such young puppies I became a bit frazzled in those first days and missed one assignment. From that point on I had to ask for help. My friend is a dog trainer so I asked for his advice and he gave me a wealth of knowledge. So I could reorganize my schedule so that I would not miss anymore assignments.

This did help me with the thought of failing. My schedule has always been very precious to me. So the shock was a bit overwhelming but it taught me to be a bit more flexible.

25A What is Next

Next Stop

Existing Market

            Currently we are selling to anyone who is driving down US HWY 301 after the new route opens. We are starting with 1 store and 2 parcels of land one at each end of the new bypass. The 1 parcel of land is for growth. The first station will be just a normal gas station and restaurant it will be name brand franchised stores. We will be selling gas, food, and normal convenience store items.

            After interviewing people that would already be in our customer segment I found that a lot suggested opening up a full-service store for semi-trucks or at least opening another store that is similar but has different business names to diversify my offerings. I would have to see what the franchise contract would say about opening a different kind of restaurant. One customer also mentioned opening a gas station that sells food itself like Wa-Wa.

New Market

            This new market would kind of a B2B market since I would target professional drivers. Opening a full-service station aimed at the professional driver’s market with a diesel mechanic shop, trucker accessories store, showers, and laundry facility.

            After interviewing a few professional drivers this market seems very attractive. One interviewee told me the industry is always growing and the number of drivers is always increasing. Everyone I talked to said that they like going to clean and quiet places where they can relax. As well as the normal customers cleanliness is a high priority for them. Also having a store that sells accessories for their trucks as well as a place that can fix tires when they lose their treads is important.

24A Bristol's Stations LLC

Venture Concept

            Building a gas station and restaurant combo is not ground breaking or new by any means. The reason to exploit this opportunity is the strike while the iron is hot. There is a customer base that has been proven and the opportunity is fresh and will succeed most likely by the first person who can execute the plan properly.

Opportunity

            The people that will be satisfied by my concept are the drivers and passengers riding on the new US 301 bypass around Starke, FL. These potential customers include families on vacation, business travelers, and professional transport drivers. Their needs that I plan to fulfill include both gasoline for their vehicles, food for their bellies, and other convenience store items.

            This need arose really over 20 years ago when the state of Florida and US Department of Transportation proposed a new bypass around Starke. The local government voted for this new road. It has only become a reality over the past year when they broke ground and started construction on the new bypass.

                                     

            This market is made up of a very diverse set of customers. Some being professional drivers and others being people driving for vacation. As well as it varies from affluent people to middle and low-income earners. As well as many different age groups. Currently there are around 20,000 vehicles that drive through Starke on a daily basis and the state expects that number to grow to approximately 30,000 vehicles by 2025. So, this opportunity is very large. If only 5% of the vehicles stop by to use the gas station and restaurant that will mean around 1,000 customers per day. The window of opportunity for this is very small because land around the new route is scarce and needs to be acquired immediately to assure the best location.

            The great thing about this new route is the customers are isolated to the road traveling north and south. Loyalty to the old locations will be very low because to get to those old locations would take a considerable effort to get off the new route and drive over to Starke. Some customers may be loyal to certain restaurants and gas station brands.

Innovation

            This idea is not very innovative as there are hundred of thousands of gas station restaurant combos across the U.S. The idea here is to capture an already existing market that is being moved due the new route of US HWY 301. This concept will make money by selling gasoline/diesel, food, and traditional convenience store items. All the items will be sold at normal market value unless price competition requires us to sell it cheaper.

            The focus on my stations will be about cleanliness and service. Through my interviews I found people care most about the cleanliness and quick service they receive at these types of stops. I will use both nationally recognized names for the gas station and restaurant, such as a franchise. This was the customer can reasonably assume the level and service and the type of products we will carry.

Venture Concept        

            The new US HWY 301 bypass reroutes that highway to a new area that has no gas stations or restaurants. So, I intend to fill that need by placing stations there. I think the vehicles driving by will be customers due to convenience. Most people driving along the highway do not go out of there way to eat or buy gas they chose what is most convenient. I do not think it will be hard to get them to switch because my gas stations and restaurants will on the route and will not take a lot of effort to get to.

23A I'm SPECIAL

1) Experience under stress, this I believe is my most important resource I currently have. After being in the Army and a Firefighter/Paramedic I have honed my ability to be decisive and I know how to control myself under stressful conditions. I believe this is very valuable because starting your own business is very stressful. If you do not react well under stress you may make a bad decision, and/or your employees may see your actions under stress and lose confidence in you. I believe it is rare, at least to the level I have experienced. It can be copied by people who have been in stressful situations in their own life. I do not think it is substitutable because those type of experiences are not easy to come by.

2) Resourcefulness, I have always been able to critically think in situation and use all my experiences to help solve problems in sometimes creative ways if necessary. I do not think being resourceful is that rare. Inimitable, yes this is inimitable. In most situations, it is substitutable because some situations do not require resourcefulness to solve the problem at hand. A lot of situations are pretty straight forward.

3) Attention to Detail, I believe this is very valuable. I believe it is uncommon but not rare. It is very inimitable, this is a skill I believe people can hone and get better at. Also, I do not think it is substitutable.

4) Business Knowledge, All of the classes I have taken in business school as given me great knowledge on how to run a business. This is not very rare as anyone can attend if they meet the requirements of business school. It is inimitable, if someone has a ton of experience in the business world they should know the basic business knowledge that I have. Yes, it is substitutable from experience as mentioned in the last sentence.

5) People skills, or interpersonal skills. One of the things I treasure most about all my experiences are the people I have met and the stories I have heard. Having met and worked with people from all over it has really opened my mind to different ways of thinking and attitudes of people in general. It is not rare because other people have had those same sorts of experiences. It is very valuable. Others can go out and meet people and work with them so yes, it is very inimitable. It might be substitutable from lots of reading and education.  

6) Tenacity, I am very good at persevering and going after my goals with dedication. This is very valuable because there will always be bumps in the road you just have to get over them and carry on. I do not think it is very rare. It is inimitable, other people can also have tenacity. It might be substitutable if you can hire someone that will help motivate you and get you through those hard times.

7) Beginning of a good network, thanks to our other assignment I have a good network started with a few owners already that seem very eager to help. This is valuable as they can advise me to errors and mistakes. It is not rare as there are many other gas station owners out there. It is inimitable because I could find others out there to mentor. I do not think this is substitutable.

8) Persuasive ability, this resource is very valuable as it can get things that are favorable towards my business. This is not rare as other people can be good at persuasion as well. It is inimitable if someone has purchasing power in one way or another. It is also substitutable as well if someone has purchasing power or leverage over the other.

9) Great support system, this is very valuable because there will be hard times and having people there for you is invaluable. It is not rare because others have good support systems too. Other can have this to so it is inimitable. I do not think this is substitutable at least in a healthy way.

10) Mentors, along with a great support system I have a couple mentors that are entrepreneurs themselves. This is very valuable as they can give me advice when I need it. This is very inimitable as others can cultivate good mentor relationships. This is substitutable to a degree by continually educating oneself.

21A From the father of Management himself Peter Drucker

For my second reading reflection I chose the book “Innovation and Entrepreneurship” by Peter Drucker.

The overall theme of this book is looking at Innovation and Entrepreneurship as it reacts with the economy from almost a psychological or sociology perspective. It goes into great detail on how Peter Drucker think entrepreneurs think and act and how that action has effect on the economy.

This book gave great detail on how the entrepreneur thinks and acts. Which is much of what we talked about in this class. As well the book talks about innovation and how innovation works and different forms of innovation.

I would design an exercise for the class around a case study of one of the newer tech companies that have started in the past few decades. By using some of the principles in the book people could provide comparison of what was found in the book and what happened in real life.

One of the light bulb moments that stands out to me happened in the very beginning of the book. During the introduction Peter Drucker talks about how business have changed over the years. Moving from large bureaucratic organizations to leaner more innovative organizations.

20A Working the stations

- Chris Henesy, domain expert, Gas Station owner for 10 years, went to a Gas station near my home that I frequent. Chris is always there so I asked if I could speak with him. They listened to my idea of putting new stations on the new US HWY 301/441 bypass around Starke. Chris said that me being a loyal customer was enough of a favor for him. I reassured him that if he ever needed anything to give me a shout and we exchanged phone numbers.

- Darshan Panchal, Market Expert, Gas Station Co-Owner for 10 years, after speaking with Chris he got me in contact with Darshan. I spoke with Darshan over the phone. He also listened to my idea of placing new station along the new US HWY 301/441 bypass around Starke. He said it would be a great idea and reinforced the idea that this business is all about convenience and location. He said no favor was necessary in return for chatting with me. Again, I reassured him if he ever needed anything to give me a call and we also exchanged number.  

- Josh Whitney, Pepsi Co. Account Manager for 4 years, Chris also got me in contact with Josh. I talked with Josh on the phone as well. I asked him question about how supplying gas stations/convenience works with Frito Lays. What kind of things does Pepsi Co. looks for in customers and what do they supply. Josh jokingly said next time you see the Pepsi guy stocking shelves give him a hand. I told him I would. I am still on the look out for the Pepsi guy.

22A *pushes button again* When is this elevator going to get here

      From my last pitch I still tried to keep the passion and enthusiasm on a high level. As well as working on my posture and non-verbal communication skills. I received some great feedback Katia reinforcing the non-verbal part of my last pitch. Also I noticed something from commenting on another's pitch and that was to also focus on what is in it for the person listening. Trying to communicate what the investor will get out the deal. Also I focused on creating a bit of urgency by letting the listener know this opportunity is time sensitive.

   Hopefully by focusing on some other aspects of the pitch I did not lose some of the other points I was trying to get across. After learning so much about elevator pitches I have found it hard to fit everything into that short of a time span without speeding up to much or sounding monotone.

19A Coffee Stained Idea Napkin

1) This business idea would be something that at first would consume my time and I would be very involved. After meeting people and hiring the right people and seeing if they work out I would allow them to run the business. I would step back and collect my money but move onto the next idea.

2) I am offering customers gas to fill up their car and food to fill up their stomachs. The point of my business is to satisfy two very innate desire one not to be hungry and two the need to explore. Also a co-worker in sense to the professional drivers.

3) All my customers need to fill up on natural resources either food or gas. They are all hungry. Hungry in the natural way or hungry in the need gas kind of way.

4) People will pay me because I will satisfy there most basic urges in a quick and convenient way. Most are just making a pit stop and do not want to be bothered by the extravagant. They just to satisfy their urges as quickly as possible and be on their way. 

5) Right now location. Since there are no new gas station or restaurants being built yet. Also we will provide the quickest and cleanest service to the customer.

18A Model Customer

For my gas stations and restaurants I have two prototypical customers in my head. 

The first is a trucker. One that is tired from all the driving he has been doing. It is his job to keep the American economy going and he thrives in that role as a facilitator. He is proud of the work he does, he does it for everyone else to help out. The driver is a late 30's male who may or may not be a veteran but has found trucking after other jobs. He has a family maybe one or two kids and an "ol lady." A loyal person who likes a good routine. 

My second customer is a family, the stereotypical middle class family where dad jokes come from. This family's patriarch is a very sure and confident father who has chosen their route on the vacation because he is "very" knowledgeable about the area even though he has never been there before. The family is busy but they have dinner every night and fast food is only an option for the road. 

17A Elevator going up!!

On this second installment of Brad does an elevator pitch I took everyone's comments into consideration. The biggest one is about being passionate. I could tell from watching my first elevator pitch several times it lacked some motivation and passion. My voice was a bit monotone and flat. There was no inflections to elicit any excitement. So in this video I tried to get people excited by using my voice and maybe a few different hand gestures. I thought I did include a great statistic to get some buy in from people so the context I thought was decent. Bringing the fact that 25,000 people drive through Starke  FL everyday so that is tremendous potential. That was one critique that I did not agree with very much. I can also see how the context could be cleaned up and to make the delivery much smoother. There is still more work to be done to polish up this one as well.