There's My Venture Concept No. 1

One day I dream of being the owner of a shop named “Sweet Caroline’s”. This store will be filled with my favorite things and will be a fun getaway for girly girls everywhere. I never thought of myself as an entrepreneur or a business owner, but I’m beginning to see how this dream could easily come to life. It might take a lot of motivation, a good amount of money, and a little sweat and tears, but I really believe it can happen.

I believe that there is an opportunity to fulfill creative gaps in the shopping experience. There is a large market of customers that want an experience when they shop. Back in the day when our grandparents were young, going to the store was a big deal. Department stores employed sales associates who cared and knew their customers. They waited on them with care, not rushing them to make a sale. Most of the time I wish this is how we shopped too. I think the change in this is due to the faster paced lives we live. Everything is on the go and most things are off the rack, the same for every person around the country. I want to change this new stereotype.  

I want to provide a feminine shopping experience for women with engaging sales associates. These sales associates will also not be pushy and will not work on commission. Most customers are looking for an inviting dressing room, with honest advice. I have worked in a clothing store for two years and I have noticed a considerable difference when a sales associate is truthful with the customer. The customer respects the opinion of the employee and building this relationship is much better in the long run than making one poor sale.

Our store will sell to women of all ages. These women will be people who like a shopping experience and like to be doted on. We will not be a cookie cutter store and hope to provide unique items and service. I envision this the perfect spot for mothers and daughters to shop together. Our demographic will consistent of mainly locals. The store will be in the town of Windermere right outside of Orlando. This area is very family oriented and tends to attract a higher clientele. This store concept is being satisfied by places like Park Ave and other small sectors of town that have a nice walkable boutique strip. This experience is still very different however, and Park Ave is at least forty minutes from Windermere. The only other thing that is similar to my idea is Oxford Exchange in Tampa. Sweet Caroline’s will be more of a clothing based store and will much less attractive to men and business people. Even though my opportunity is small, I really think there is a market craving this idea.

            The difference between a small business owner and an entrepreneur is not very big. Every small business owner has had to start from scratch and learn his or her own way, which to me, describes and entrepreneur. Innovation is also a key part of being an entrepreneur. What separates my store from being a typical store is that we will have:

• ·      In trend clothing
• ·      A floral department
• ·      A tea room
• ·      High end and drug store makeup counters
• ·      Upscale dressing rooms 

Our clothes will be moderately priced. Most dresses will be under $80 and most shirts will be under $55. Besides department stores, there are not any boutiques that also have makeup counters with the clothing. These make up counters will be similar to Ulta or Sephora’s. Not the type with a brand representative. The floral section of our store will also be a very unique aspect. We will have a florist in-house and will be able to do custom orders and bouquets. It is very rare to have a floral section in a store with clothing as well. The other unusual aspect of the store will be the tearoom. Women will be able to shop and have tea in the same location. We will have a small tearoom seating roughly fifty at time. This room will also be able to be rented out for private events.

      My venture concept will reverse time, and take shoppers back to a slow and relaxed place to shop. It will be creative and unique and unlike any stores people find today. I want to change the way people see stores. I understand that this store is not for everyone. Not everyone wants a shopping experience, but rather wants to get what they are looking for and be on their way. But for the people who love fashion and for girly girls everywhere, this will fulfill a never addressed need.

      On a more logistical note, we plan on having three people in the store during normal hours, a florist, and staff for the tearoom. I will remain the owner and buyer for the store. My mom, Mary Beth, will be the backbone and manager of the store. She is my “secret sauce” and my “unfair advantage”. She is the most hardworking and creative person I know and she happens to be just as excited for Sweet Caroline’s as I am! We don’t know what is next for us in this business adventure. We may look at waiting to open up the tearoom once the store is successful. If the store is successful then we might look at opening up a second location across town. We look at this business concept as an adventure, and I can’t wait to take it on with her.

      My mom was the one who originally dreamed up this concept for me. She doesn’t want to be the primary owner, but is confident that I would do a good job. I’ve learned there is nothing better than having someone support you and believe in you when dreaming about being an entrepreneur.

Week 11 Reading Reflection

1. I was surprised that the author said that the best way to preserve bargaining power is through innovation. Typically writers do not outright say the best and worst ways to do something and I appreciate that he did.
2. The Innovation Landscape Gap was a little bit confusing to me. After going through it and digesting it a little bit more, I understand his main points and I see how they correlate.
3. I would love to ask the author what strategies have worked best for him in the best. I would also like to ask what has been the worst strategy he has attempted to use.
4. I disagreed when the article said you can only create value for a potential customer by saving them money or by helping a cause. I think that through innovation you can save the customer time and energy and I think that is just as important if not more than money.

There's the Amazon Whisperer

My majority of our revenue drivers are going to be store purchases. We will also receive some revenue from the tea room. That can be normal tea room services, as well as when our room is rented out for special events.
We believe that the next thing our customers will want, is a floral section of the store. We plan on having a florist in-house who can make custom arrangements. This is very unusual to find in a typical boutique. This "next thing" will enhance our services because it goes above and beyond what a normal store provides. It also shows that we care about creativity and operational excellence. This also fosters customer loyalty, because we can be their one stop shop for all things pretty and feminine.
We found on Amazon a bouquet that roughly follows what we want to sell. This is a very ordinary arrangement and we want to provide very elaborate and custom flowers. 

The customer reviews are mixed, but most of them say that their flowers arrived wilted and were not as full as the picture indicates. We would make this product more elaborate and very full and only use the freshest of flowers. This would provide the customer with the best product they can get. This floral service would also separate us from the competition of normal boutique clothing stores.

There's My Unfair Advantage

1. Creativity is valuable because I want this store to be an experience and have a creative atmosphere. This is a semi-rare trait. Not everyone is creative and I like to think I have a unique taste and idea for this store. Creativity is not imitable because creativity is synonymous with originality and therefore is a brand new idea and not replicated. Creativity is not really a substitutable resource. In order to have a unique and visually appealing store, you need creativity.
2. Style is valuable because I will be buying the clothes that we wish to sell and will need to have an established style that I want the store to maintain. I believe that everyone has style, but some is better than others. So in some ways it is rare and substitutable but in some ways it is not. Style is definitely imitable, but you can only imitate what you see, so if other stores try to copy what I do, they will be behind.
3. Investors are very valuable. I already have a few people lined up who are willing to invest. These people are rare to have at this early in the idea stage. I guess you could replace and substitute these investors, but I already have established trust with them so to me, they are irreplaceable.
4.  My Mom is a resource to me because she is my greatest support. She is super creative and loves my idea of this store and is beyond willing to help me in any way I need. She is rare because unfortunately most girls don't have a mom who is also their best friend. I am so blessed to have her. She also isn't imitable because we are the same person. Before I even tell her my thoughts she already knows what they will be, and odds are she feels the same way. You can't substitute her because she already knows what I need before I say it. You can hire someone, but they would never be as great as my mom.
5. Organization is a valuable resource to me. I am very organized and I think that will translate into great business quality. I believe that organization is rare. Most twenty-year olds would not classify themselves as organized and clean. This is imitable though because you can be taught to organize, it just won't come as naturally. Also it is substitutable because you could always hire and assistant to organize things for you.
6. Integrity is a valuable resource for me. I make decisions based on my worldview and morals first and then what would be best for me. I think that this trait is also rare for people in their twenties. This trait is immutable though because people can decide to have integrity. It is not substitutable however because if you don't do things with integrity, then you just don't.
7. Work Ethic is another strong value of mine. I am a hard worker, but I don't think that this trait is rare. I think that people are hard workers, especially when they are doing something they love. This trait is very imitable. People see someone working hard and it inspires them to work hard too. Because of this, it is also substitutable because you can always hire more people to work.
8. Instinct is a valuable trait in business. I know that I have good instincts when it comes to style and trends, but since I have never owned a business I'm not exactly sure how strong my business instincts will be. So because of this lack of experience I think this feeling is very common and imitable and substitutable.
9. Knowledge of area is a good value. I have great knowledge of the physical location and market of where I want to locate my store. I think it is rare that people start a business knowing exactly where they want it to be located. This will save us a lot of time and money when it comes to opening the store. This knowledge is imitable for anyone coming from the same area as me, but not imitable for anyone coming from out of town. This trait is non-substitutional because it is an instinct of mine.
10. My UF Degree is extremely valuable. It shows that I know at least a little bit of what I am getting into. It is also very appealing to investors. This is not rare however because over 40% of Americans have some variation of a college education. This is imitable because anyone can get a degree (however not just anyone can get one from UF, Go Gators!!!) and copy the same minor and major path as me. This is non-subsituable though because without a college degree, there is not alternative to this level of education.

Reflection: My best resource is my mom. She is the most valuable resource, she is so rare and can never be imitated and is completely non-substitutional. She will be of greatest help to me when I make this dream become a reality. She really rocks.

Growing My Social Capital

Domain Expert:
I have established goodwill with a family friend who owns store in various hotels. They understand how to own and grow a store, what to sell, and how to sell it. They have been in this business for almost ten years and the managers and owners. Since we are such good family friends, there really is no exchange for them giving me advice. They were excited to hear about my idea and thought it was a really good one! They know a lot of people in this field and have very good relationships with different clothing distributers.
Market Expert:
For this slot a chose someone who has raised girls, shops a lot, and has various experience in different businesses. She understands this market on a personal and professional level. I have known this woman for a few years and she is very willing to provide me with the information I will be looking for. This lady knows many shoppers and future clients that I would like to have. She is very influential and if she likes my idea, then her opinion can help drive the success of it.
Supplier Expert:
Because I wish to sell name brand items, establishing contact was the most difficult aspect of this assignment. I chose someone who communicates with suppliers on a daily basis. This person also owns her own store and has shown me how she went about establishing contact with different distributors and companies. When I do open my store and want to sell brands like Free People, Tarte, and Splendid, I will know how to go about business with them and how to get my foot in the door.
Reflection:
This experience opened my eyes up to all of the different facets of starting a business and of being an entrepreneur. A lot of people have said that opening a store does not mean you're an entrepreneur and I disagree. For one thing, I plan on opening a store with a product mix I haven't found anywhere before. I also think that whenever you have so many moving parts and you reinvent the wheel, you are an entrepreneur. I am excited for this journey and glad that I have these contacts to learn more about this idea.

There's My Week 10 Reading Reflection

The biggest surprise to me in the reading was the financial glossary. I did not realize that there were so many technical words that all sound similar but mean very different things. Finances are not my strongest subject and I still found this concept of income statements and balance sheets to be confusing. Honestly most of this chapter was confusing since I have such little background in finance classes.
I would love the author to go more in depth in how to compile a balance sheet. If he could explain more of how you know something is a liability versus a credit I think that would also be very helpful.
There was nothing that I think the author was wrong about. Since I have such little current knowledge of finance and accounting, I wouldn't know enough to argue a point against the author. For the most part, I agree with everything he said and just wish he went into a little more detail.

There's My Elevator Pitch No. 3

Most of the feedback I received on my second pitch was very positive. One thing I was told ( and did in this third pitch) was to make more eye contact with the camera. My original thought was to not look at the camera and act like I was just talking to a bunch of people beyond the sense, but now I see how that could be confusing and come across as unprofessional. Another criticism I got was that I said "they" when referring to my business venture, so I was conscious to say "I" and "we". The last thing was to use less filler words which I also tried to do.

There's my My Secret Sauce

Here are a few things that make me me:
1) I am very introspective and I read in between the lines
2) I am very emotional and feel deeply for others
3) I love all things girly and pretty, even if they don't have a purpose
4) I love to make lists and organize
5) I am very methodical and rarely do anything without looking at the situation from all sides

My sister said that I am organized and loyal. She is too sweet and said that these qualities will make me a great businesswoman. 

My friend said I was a hard worker. She also said that I was a good risk taker. 

This friend said that I was very likable because I was thoughtful. She thinks that this will be a good attribute because it makes co-workers and clients drawn to me.

My mom (who is also my best friend) said super kind things bout me. She actually touched on most of the things already said about organization, thoughtfulness, and loyalty.

My bestie said that I am intentional. She thinks this will be a good trait in the business world because I will think through whatever decisions I make.

My first thought after each of these videos is that I have very kind and sweet friends and I am very thankful for them! Some of the things they said about me are the same that I said about myself, for instance that I'm organized, introspective/intentional, and thoughtful. I agree that these attributes will also help me in the business world. One thing my sister said that I did not think about was that I am very loyal. I think this would be a good trait because I will be very loyal to my clients or to the company I may work for one day. I think it's hard to list out your positive traits and relate them to your human capital. It is easier for someone who is a step away to say really positive things. I still wouldn't make any corrections to my list though because I think it is a pretty general idea of things that make me unique. 

There's my Week 9 Reading Reflection

Week 9's reading surprised me when it displayed a chart on page 313. I did not know that there were so many different types of interview styles and I was unaware that people respond so differently to different types of surveys.
The section on qualitative vs quantitative research was a little bit confusing to me. I understood it more after I read about it, but at first I didn't see a difference between the types of information.
I would ask the author how much social media marketing has changed over the years. I would also ask what was the main way to reach people in a similar style before social media. It's hard for me to imagine life without social media, and I'm not sure how people got the word out to their target markets before it.
There really wasn't anything I disagreed with in this chapter. The majority of it made sense and I agreed with the different forms of philosophy and research.

There's My Idea Napkin No. 2

I am creative, witty, and particular. I love adventures, even if that just means going to Walmart at 2:00am or singing to Ben Rector in the car with my friends. I love things that are precious and thought provoking. Meaningful conversations are my favorite. Reading a Southern Living magazine with coffee in hand is simply the best. I love things that are beautiful, even if they don't have much of a purpose. I also love brownies and swing dancing. I love twirling in the kitchen, and the feeling you get when you catch someone's gaze on you. It really doesn't take much y'all. All that being said, I want to create a store (and mostly an environment) that encompasses these things, at least indirectly. I want people to feel welcomed and girly while shopping at Sweet Caroline's. I want them to find things they love and things that are beautiful, even if it doesn't have much of a purpose. This store has the potential to house all the things I love. I want to invest a lot of time, creativity, and energy into it. I am very passionate about this endeavor, and I am very willing to put in the effort to make this dream a reality. 

I want customers to love to shop here. A fun, engaging store in hard to come by, and I think it is because ambiance and customer service don't always equal profit. But I don't care. I want my shoppers to get the feeling they get when reading their favorite magazine when they walk through my door. Just as if they were transported to their favorite place. This is an unmet need to shoppers. Shopping can often be draining and frustrating when you can't find what you want and things don't fit. I want to leave everyone better off after leaving the store than when they came in. What will set Sweet Caroline's apart from other stores will be the makeup counters combined with clothing and potentially a tea room and floral department. This will for sure differentiate us from the competition. 

My customers will be people just like me. They will be 14-45ish year old women who are looking for beautiful things and who want an experience while shopping. They will also be a little bit more price conscious than the average boutique shopper.

Customers are going to love this store because it is a completely untapped group and idea combination. A few stores offer a few of the things we will to a similar group, but none of them do it all. We will combine the boutique style of store, with lower prices, a very uncommon concept. We will also sell make-up, clothes, seasonal items, accessories, and home items which is also an uncommon array of products in a boutique. It is rare that makeup is sold in clothing stores, but it is something that our buyers will love, and will therefore purchase more because of convenience. Something else that will set our store apart and will benefit our customers will be our customer service. I plan to work in the shop most days, as well as my mother (who is extremely excited about this idea as well).

I feel that my store will be a success because I am the customer. I have found this lack in the market, and I know what I want. People like me are our target market, so who better to cater to you than you right? Most stores for women are run by men, so how can they know exactly what we want? I am also a member of the community I want to put my store in, so I know what this community is needing.

I believe that these elements fit together perfectly. Sweet Caroline's plays to my strengths and the things that I find joy from. I believe that this passion will help the success of the store. I know what people want and I have the drive to make this dream happen.

One of the main points I received was that people apperceived my passion about the store. I tried to convey that more in my first couple of points. One thing I received concern on the differentiability between my store and other boutiques. To make the difference clear I included information about our customer service, different product options, tea room option, and floral section option. These are five things I changed to answer all of the concern or compliments in my original napkin idea.