Week 6: Reading Reflection (The Five Forces that Shape Competitive Strategy)

1). The biggest surprise for me was the realization that a fast growing industry is not always a profitable one. As Porter points out, it is important to note the differences between growth and profitability, and it was something that I had never really separated the two qualities. Understanding these factors then become part of strategy to use as a toll to improve performance.

2). Nothing in particular was confusing, but I think the most challenging concept is trying to consider substitutes because it can vary from person to person and it is outside of the company’s control. Although they meet the same basic need, they aren’t always obvious rivals, so it can be difficult to anticipate.

3). My first question would be where a new business should begin when trying to incorporate the five strategies? It is obviously more complex and challenging, otherwise everyone would be successful, so how would someone who is new to the market begin utilizing these strategies. My second question would be which of the five, if any, would he consider to be the most important? Often it is hard to please everyone or compete at the highest level in each of the categories, so is there one area in particular that a business should focus on?

4). There was nothing that I disagreed with. I thought the author did a good job backing up his theories and explanations. Each of the five forces is closely linked, and it is apparent that he did extensive research on the subject.

Week 6: Customer Interviews No. 3

1). Because I am in Italy, I had to conduct my customer interviews early because I will be out of town for the next week. I adjusted my questions slightly from the last time, but had pretty good success with the types of questions I had been asking, so I kept the majority of them. One major adjustment was shooting my videos horizontally instead of vertically so now they are full screen when played on YouTube. My business idea is an on campus grocery store specializing in cheaper and healthier options for people with dietary restrictions. I asked simple questions about diet and daily meals, on campus options, and what they are looking fro when deciding what to eat. I followed up with questions about personally knowing people with dietary restrictions and options for them. Since it is an on campus market, I wanted to interview college-aged students who would be the target demographic. In addition, since I am currently studying abroad, it is nearly impossible for me to conduct interviews on the street because I don’t’ speak the same language. I ended up interviewing other students in my dorm from UF and St. John’s University in New York.

2). YouTube links: (5 interviews)

https://www.youtube.com/watch?v=WboJFGWTFMg

https://www.youtube.com/watch?v=9Gys4ao7mQY

https://www.youtube.com/watch?v=kNmx-zDX6Ng

https://www.youtube.com/watch?v=Ton1B0R-n_4

https://www.youtube.com/watch?v=Q8TnADUD0SY

3). I learned that many people are interested in more convenient options especially on campus, so the market could cater to more people than just a specific demographic. In addition, dietary restrictions are very common, whether it is a peanut allergy or being gluten free, so it is becoming more of a cultural norm to increase the number of options available for all types of foods. Labeling is another important part of this to ensure that each person knows all of the ingredients so they can be sure that they are eating the right foods. The openness of everyone surprised me the most just because it is easy to feel like just because you have a restricted diet that you are different. Hearing people say they have friends and family with similar struggles and that they would potentially be interested in a business idea like this just validates that I am on the right track. One comment that stuck out to me was the inclusion of fresh produce in the market, which is something that I hadn’t thought of. This is something I would definitely want to add to make it more accessible for all students.

Week 5: Interviewing Customers No. 2

1). My opportunity is an on-campus grocery store for people with certain dietary restrictions such as people who are gluten free, vegetarian, lactose-intolerant, and diabetic. This would be a sort of market, similar to the POD that you could buy groceries or other foods, but that would specialize in items specifically for people who may have trouble at traditional restaurants or grocery stores.

2). I am currently in Italy, so it is near impossible to interview random strangers on the street because I simply don’t speak the same language as they do. Even the people who do speak a little English are not very familiar with dietary restrictions (for example, vegetarians are extremely uncommon all across Europe). I addition, my idea is on campus grocery stores, so my target demographic would be college age students anyway. For these reasons, I interviewed random people who live in my dorm room. Some are students at UF and others attend St. John’s University in New York, but I did not know any of them before the program so their answers are still honest and unbiased.

3). I did not get the opportunity to do the first interviews due to travel plans so this is my first round. Therefore I did not change any questions. I asked questions pertaining to typical diet and if they knew anyone who had any specific diets.

4). YouTube links: (5 interviews)

https://www.youtube.com/watch?v=z9OIsEZE4HM

https://www.youtube.com/watch?v=Oo_5LnYFfeQ

https://www.youtube.com/watch?v=sPR9_6aq3uM

https://www.youtube.com/watch?v=3QL0qaoo1TU

https://www.youtube.com/watch?v=3ESO3eK745k

5). I think as someone with a dietary restriction, it is something I struggle with, and based on these interviews, I am certainly not alone. I definitely think the idea could use a little more work to refine specific details, but I am very concept with the idea as a whole because it is something completely new and an areas that we are really lacking in.

6). My only tip would be to have a lot of questions ready and ask different questions depending on their responses so it’s more conversational and less of an interrogation. It flows much more naturally and responses are better suited to the particular individual.

Week 5: Reading Reflection (Chapter 9)

1). The biggest surprise for me was how much information this chapter covered that is essential in any business. Learning about types of corporations, intellectual property, bankruptcy, legal expenses, etc. are extremely important when entering into a business or starting your own, so it would awesome to see a condensed version of everything all together. It also stood out that it all linked together and tied in each concept.  

2). The most confusing part to me was the four types of ways that a trademark may be invalidated. With terms that are uncommon in everyday life, it is a little harder to understand exactly what differentiates the four types. I get the general concept of invalidating a patent, but I have a little trouble distinguishing the four types from one another.

3). My first question would be when/why he decided to include cyberlaw? It is an emerging body of law, but because it is so new, I am curious why he decided to include it before it is a big topic. My second question would be why to only include certain forms of partnerships and corporations and not others? Obviously there are many types of businesses, but I would be interested to know why he picked those in particular.

4). There was nothing in this chapter that I disagreed with. Although I may have reorganized the chapter slightly to make it flow a little more naturally from intellectual property to types of business, and then legal challenges, that was more an organizational difference of opinion. Overall, I thought this chapter was a great overview of many important topics.

Week 5: Elevator Pitch No. 1

https://www.youtube.com/watch?v=Ij4RCJRvsrk

1). My opportunity is people with certain dietary restrictions such as being Kosher, vegetarian, gluten free, or diabetic. I personally was recently diagnosed with Interstitial Cystitis, which drastically reduced my already picky diet. Especially as a college student, quality options are already limited as it is. Often, not only are many of these foods harder to find, but also much more expensive.

2). My solution is cheap campus grocery stores, similar to the POD, that specialize in foods for those who have dietary restrictions. Geared specifically toward college students, these would help provide access to groceries and other conveniences at a lower price. Instead of DIE-it, my company name would be LIVE-it because it is an assortment of groceries and other foods that would make you feel like you are living life normally again.

Another important thing I would like to include is that as I mentioned in my video, foods that meet the needs of these sectors don’t have to be gross and boring. Just because they meet the needs of one segment doesn’t mean everyone can’t enjoy their benefits as well.