Making it Real

Here is the link to my ENT Resume:

https://drive.google.com/open?id=0B8ZgiQDV8niwUG4zODVoS0dPck0

My Exit Strategy

My exit strategy will depend on how much I enjoy running this particular business. Since my company goes with the lifestyle, I may feel like I am never working and enjoy my day-to-day tasks of running the business. My Exit will also depend on the income of my business at the time. If things aren't going as well as I think they should, but I can still sell it for a profit, I may just get out and reinvest the profits in my next venture. One things for sure - I know I will open another business after this business is in order. It is fun to be innovative and your own boss. I doubt I would ever want to go back and work for someone else, unless it's as a contractor while maintaining my freedom. 

If my son shows an interest in running the business, I would consider holding on to it for him and gifting it to him later. I am a fan of family businesses. 

I don't believe my exit strategy has influenced how I have developed my concept because I am not totally sold on which exit strategy I will go with. Regardless of a plan to sell or to sustain into retirement, I would like to make the business viable with the potential of continued service. 

Celebrating Failure

One time I recall  failing in the last three months would probably be in keeping my house clean. I know... not an exciting confessional. But it is something that drives me crazy. I keep telling myself I will do this or that the next chance I get, but I have been running around so busy this summer that I have failed to do it. Over and over. It is not my first time failing at this, but it has been worse this semester. Although I do enough to keep up with it so we don't live in filth, it is not up to the standard I prefer. 

The one thing I might have learned from this is that I don't have to do everything at the same time. I could break it up into different sections each day.

Failure is... disappointing. It can be embarrassing. It is something we all go through, but it doesn't make it any easier when it happens. But it does give us a chance to stop and think about how we are doing something. If we didn't fail at it and get the chance to reevaluate our methods, we might keep moving forward doing things half-assed.  

During this class, I have gained confidence in rejection. In speaking to strangers and asking them if we can interview them, you are opening yourself up to rejection. But more than likely, you will not be rejected so I have learned to not fear it as I once did.

What's Next?

Existing Market
Honestly, I'm not sure what's next or what I could do in addition to the venture I have formed in this class. Perhaps, just add more products to sell on board. Or maybe I can stretch my service into renting out different types of vessels: boats, jet skiis, kayaks, etc.

I spoke with a few individuals while I was at an out of town wedding event, but was not able to capture the dialogs on audio, as it was not appropriate. But here is some of the feedback I received:

Suggestions:

• Offer a tow option to boat owners that don't want to leave their boats behind
• Upfront pricing
• Other souvenirs
• Onboard bathrooms

I may honestly look into how to transport boats left behind so our market of boaters that drink while out can take advantage of our service without the worry of what will happen when they leave their vessels behind. I think all suggestions are something to consider, especially if we do sunset cruises with bars on board, we will definitely need on-board bathrooms, as well as inside and outside areas. 

New Market
In terms of targeting a new market, I would consider marketing restaurants and businesses in the area I am marketing to. I could make arrangements for restaurants to sell tickets to my services, instead of just relying on customers coming directly to me.

As I mentioned in an earlier post, some of my best assets are the connections that I already have. Some of those connections include knowing people in the downtown restaurant district. In previous conversations, we spoke about working together through a referral basis. I would recommend their businesses and they would recommend mine. Revisiting this idea, they are willing to form these business agreements to better both of our businesses. Although they are not direct clients using my services, they are a secondary  market helping to gain customers for my business, as well as strengthening their own.

I will make business agreements with various restaurants, stores,  bars and other shops in the different market areas of Downtown Fort Myers, Fort Myers Beach, and Bonita Beach.

Venture Concept #1

Opportunity

I live in the southwest Florida region. More specifically, Fort Myers. The area is very seasonal and most businesses cater to the winter visitors, snowbirds, and tourists. Most people who come down to visit do not own or even know how to operate a boat. However, just because you don’t have a boat, doesn’t mean you don’t enjoy time on the water. After all, that is why so many flock to the area – the beaches, islands, and river.

It is in this unmet need that I saw an opportunity. Although rental boats area available by the day, if you have never driven a boat you may not feel comfortable or be qualified to actual navigate one. This poses a safety issue. Other boaters go out on the water with the purpose of drinking. Drinking and driving, even on the water is another huge safety concern.

The market will be any area on the water or people in the area hoping to get on and enjoy the area. There are very few opportunities to get on the water, aside from boat rentals, which I mentioned previously. Moreover, a very small percentage of the visitors actually utilize boat rentals.

As of now, there is a large gap in waterway transit for both leisurely travel and boating excursion activities. There doesn’t seem to be anyone in the area attempting to fill this gap so I believe the opportunity will be there for at least a year or two.

Innovation

My concept is unique in this gulf coast region of Florida. I will be offering a boating transit service which will service the Fort Myers River District, Cape Coral Yacht Basin and canals, surrounding islands and fishing holes, the Gulf of Mexico, Matazana’s Inlet around Fort Myers Beach, Sanibel, Captiva, even Bonita Beach and the estuaries surrounding the area. The different services included will be:

·         Taxi Services

·         Excursion Options,  including:

o   Island pick-up and drop-off

o   Beach pick-up and drop-off

o   Sunset & Dolphin cruises

·         On-board refreshments, including:

o   Non-alcoholic refreshments

o   Alcoholic Beverages

o   Snacks and finger foods

Each services will depend on time and distance similar to how you price taxi and Uber rides. They will have an app they can use to locate them using GPS. They can use their credit card to pay through the app or with cash in person. They can request a vessel size based on party size, when available. And they will be able to enjoy their refreshments on-board while riding to their destination of choice.

Venture Concept

My venture concept will solve the needs of everyone in the area hoping to enjoy the waterways, from adventurous tourists to bored residents. From those looking to watch the sunset on a boat to boaters who have simply had too much to drink. It will be a more enjoyable way to commute around to various waterfront bars and restaurants. It allows non-natives to enjoy secret local spots.

As there are no natural competitors to this concept, I believe most people will try it at least once to see if it’s something they enjoy.

The location of my boats is the most important part. Since no one else in this area is offering the service, this area is where I will begin my business.

Three Minor Elements

The most important resource I am bringing to this venture is my ability to network and market my own services. I have many great connections in the area already and continue to grow my network daily.

The next part of my concept would be to include souvenirs in my business. Tourists are always buying shirts, hats, etc with the area name on it. It’s just something they do. So, I will find a way to incorporate some of these products into my business.

In five years, I would hope to have as many as 15 vessels fully operating at capacity during the winter months, generally October to April. I will work the hours I want while having freedom as a business owner, but still being very much involved in my company. As long as this business goes well, I see myself opening another business as well. Possibly a non-profit. 

Amazon Whisperer

Current Revenue Drivers:

Services:
- Transit
- Excursion
- Sunset Cruise

Products:
- Snacks (chips, cookies, bars)
- Soda's
- Wine
- Beer


Next Product:
I didn't think I would need more products at this point, but I guess if I had to add something, it would be souvenirs for the tourists using our services. They would include "Fort Myers, FL" hats, shirts, maybe even sandals. They would have some local imprints, like the words "Fort Myers", "Florida", images of the city, the state of Florida, etc. I think it would enhance the experience because a surprisingly large amount of tourists buys these types of items. Its a way for them to remember their experience, and may remind them of us when they wear it, causing repeat clients on their next visit to the area.

The one Amazon review for this item was that they purchased for their grandson and they loved it. 

The changes I would make are different colors, sizes, designs, verbiage, add images. 

My Unfair Advantage

List of Resources & VRIN:
- my creativity: very valuable, somewhat rare, somewhat inimitable, could be substituted
- my marketing capabilities: very valuable, somewhat rare, somewhat inimitable, hard to substitute
- my growing network of people in the area: very valuable, not too rare, easily to imitate, somewhat easy to substitute
- my social media management skills: very valuable, not too rare, easy to imitate , hard to substitute
- my web development skills: valuable, somewhat rare, somewhat inimitable, hard to substitute
- availability of a boat captain: valuable, not very rare, easy to imitate, easy to substitute
- working knowledge of running a business: valuable, not very rare, easy to imitate, easy to substitute
- close access to the water/area: valuable, slightly rare, difficult to imitate, somewhat easy to substitute
- existing vendor relationships (restaurants, etc): valuable,  rare, hard to imitate, hard to substitute
- ability to obtain business loan: valuable, not very rare, easy to imitate, easy to substitute
- ability to obtain boat loan: valuable, not very rare, easy to imitate, easy to substitute
- knowledge of the shops and restaurants in Downtown Fort Myers: valuable, a little rare, easy to imitate, easy to substitute
- knowledge of little known islands and fishing holes: very valuable, rare, hard to imitate, hard to substitute
- knowledge of how to obtain liquor/beer&wine/food license: valuable, somewhat rare, hard to imitate, hard to substitute
- relationships with local government officials: valuable, rare, hard to imitate, hard to substitute

I believe the most valuable resources I currently possess are based on my existing relationships. These relationships are those with restaurants, bars, etc in the downtown area, and the relationships I have with city officials. 

I believe having a relationship with officials is rare and could help me obtain permitting and overcome certain impediments government may have in place. They could help me to navigate through them or get around them.

I believe that my company will be impossible to completely imitate based on the relationships I already have and will continue to form with the restaurants and establishments in the downtown area. I will be able to form a business partnership with them that allows us to advertise each others company's to our patrons, forming an alliance and a non-compete. If another company tried to enter my market, they will have to compete with my company's existing footprint in the area.

Reading Reflection No. 2

Book: Mindset

This entire book is focused around individual's mindsets and how it can control your thoughts, as well as outcomes based on two types of mindsets, Fixed and Growth. The idea is that people with the Growth mindset have the abilities to learn or do anything they pursue based on the the fact that they believe you can improve your intelligence by teaching yourself and learning new things. Fixed mindset is the belief that your intelligence is fixed, or can not be changed or influenced throughout your life. It is what it is. You are blessed with intelligence or you are not. The author describes many experiments and surveys she conducted on students of different ages. They would determine which group the students were in from the very beginning, either fixed or growth. And watched as their beliefs and actions affected their different successes. 

This book connects with Entrepreneurship and the course because it is basically telling us that if we believe we can do something, have an open mind and a willingness to learn, we really can accomplish almost anything we want to do, which entrepreneurs should always think. To build and run your own business, you can't doubt your abilities. In trying something new, you are taking a risk. Fixed Mindsetters would only do something they knew they would succeed at, while Growth Mindsetters would try something, even if they didn't know the outcome, because they love a challenge. 

To keep with the theme of the book, I would design an exercise that involves either an experiment or survey. We could have the class submit their answers, and post the results. I would start by asking how many students in the class see themselves as one or the other. An interesting result she mentioned was how labels and compliments can cause different mindsets, so I would ask who has ever been labeled; did your parents ever tell you you were smart; would they congratulate you for trying or only for winning, etc.  

As you may be able to tell by my class experiment, I found it interesting how parents praising their children in different ways could make a child feel labeled and help to create a certain mindset. I know I am guilty of some of the things she mentioned in there as leading to a fixed mindset with my child. I know that I will make a conscious effort to work my "compliment and praises" more carefully, so my son knows that I am proud of him for trying, and not for winning. This is the most valuable information I could have learned in helping to develop my son into a happy, healthy, GROWTH minded individual.

Growing My Social Capital

1) One person must be a domain expert in your industry. This would be someone who's engaged in the same type of business activity as you would like to be. They may own the same kind of company that you would like to own, or they may be a technical expert who knows a lot about the kind of product or service that you would like to produce.
2) One person must be an expert on your market. This would be someone who is targeting your market with similar products services -- or knows a lot about conducting customer research in your area -- or represents a major piece of your market (this might be most applicable with B2B markets).
3) One person must be an important supplier to your industry. This would be someone who is selling products and services to other organizations/firms in your industry. 
What constitutes 'contact'? Social capital exists in the "potential goodwill" that exists between two people. For you to establish "potential goodwill" for this exercise, you need to have obtained feedback from each of these people on your business idea so far. For instance, this could include meeting with them to show your elevator pitch or your idea napkin. 
One last catch: The three people you add to your social capital cannot have participated in any other exercise you have completed as part of this course. 
How to write up this post. Break up your post into three parts, one for each person. For each person, describe:

1) Justin S.
2) Domain Expert: Boat Captain for charter fishing trips. He works in the boating industry, and provides his service to both locals and tourists (but mainly tourists). He is familiar with working around the seasons and weather
3) I met Justin through my company. I was booking a chartered fishing trip.
4) Justin and I spoke about his fishing business and the industry. We paid him for his time (charter fishing trip) so he was more than happy to chat with me during this time. He doesn't expect anything back from me, except to use his charter again in the future.
5) His knowledge is very valuable as he is not only a captain, but he runs his own business and is in charge of his own marketing.

1) Krista S.
2) Market expert: She is a marketer for our company and is very familiar with this area, how the seasons work, and in working with tourists.
3) I met Krista at work. She has been in marketing for years and targets many of the same clients I will be - Tourists/Snowbirds. In her line of work, they are the board members of condominiums but serve the same purpose. 
4) She has taught me about marketing and how to build relationships. She just hopes that I continue to work with her and learn from her.
5) She knows many of the people I would like to market my business to. She will allow me to do so at various events.

1) Bobby
2) Supplier expert: He works as the Marina shop in downtown Fort Myers. He supplies the fuel for vessels coming in for Ethanol Free fuel.
3) I met Bobby at the downtown Marina shop. I was looking for information about fuel costs and various other marine services that are offered on the water.  
4) He explained to me about the up-charge of fuel on the water and the premium you will pay for services that are convenient and right on the water. He helped me understand that it might be more cost efficient to pull out my vessels when they need work as opposed to the more expensive, but convenient alternative of the marina's services. He just wants my fuel business and the occasional restocking of snacks and beverages from his store.
5) He knows a lot about the water transportation business, as many boat deliveries to the East Coast of Florida cut through the river and stop at his store for varies sundries and fuel.

Reflect. This experience has taught me how to approach people to discuss various topics. I believe it has helped me to feel more confident when talking to strangers. People tend to react more positively than you would think. I was always nervous because I feel like people will be annoyed that I am bothering them. While this is still true in some cases, it isn't always like that. People like to help and give their opinions. This was easier than interviewing them about my business specifically because it gave people a chance to talk about themselves.

Idea Napkin No. 2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

This one has not changed. I am still a full-time employee, mother, and wife, but am a professional who is very driven to succeed. I welcome change and adventure. I am always trying to grow and find new ways of creating financial freedom. I am a Marketing professional and really enjoy the networking, meeting new people, events, and promoting my current company. My dream would be to have freedom over my own schedule so I could do all the things I want to do in my personal life, including being involved with my sons school and other activities (field trips, sports). Working for a company, they always have you under their thumb in one way or another. I could see starting my own business (as I have done this before), and promoting it well. These are some of my strengths. I love working with people and think that my concept goes well with my skills. The business would probably be my bread and butter until it stabilizes, then I could probably back off a little and run it while opening my next venture. 

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

- The service I am offering is a water taxi and shuttle/excursion service in Fort Myers, FL. It will be in the FM downtown area/Cape Coral canals, FM/Sanibel Beaches, and possibly in the backwaters of Bonita Beach. This will solve the issue of drunk boating/driving, boring transportation while visiting the beautiful Southwest Florida area, give people an opportunity to get on the water and explore areas they were previously unable to access, or take to places they never knew existed. We will offer on board refreshments, including adult beverages.

I believe as this semester goes on, my service has changed just a little to be more for a leisurely ride, and less of a service to provide people rides home from boating and drinking. It has come to my attention that people would feel uncomfortable leaving their boats over night somewhere. 
 
3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

- My customers will be tourist and area natives, residents and their visitors, and anyone looking to enjoy a ride under the stars or in the waves. The one thing they all have in common is a want to be on the water. I believe this is still all true.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

- They will pay for the service because they may not have a boat of their own and want to enjoy the waterways, or they have been drinking or plan on drinking but want a more exciting ride than in a taxi. They might not know the area or hidden gems and we will take them there on excursions. Perhaps, they just want to spend an evening drifting up and down the river for a sunset cruise with drinks. This is an experience that noone else offers in this area, but I have seen be wildly successful in places such as Key West and in the East Coast of Florida's inter-coastal.
 
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

- My entire service is something that no one (in the SWFL region) offers. It is unique in itself. In order to get the same experience, you would have to drive a minimum of 2 hours from here.

I believe that the excursion part of my business might be more a draw than the ride from your house to a bar, but it will all depend on how I get my business. I will have to run the business for a little bit before I can determine which part of the business is more lucrative and which part might be too much.  


Feedback Memo:
1) Most believe that tourists will be my largest client base.
2) There will be large overhead costs for maintaining my fleet.
3) There is a "want" for this type of service in my area.
4) Seasons and weather will both be a large factor in my business.
5) Boat owners will be hesitant to leave their boats overnight. 

Elevator Pitch No. 2

1) The pitch. https://youtu.be/v20m7JtMdT8

2) A reflection on the feedback you received from your last pitch. 
I got good feedback about including numbers and figures, so for this one, I included some more which include the initial investment amount needed to get it up and running and approximate price per trip.  I think these details add value to my overall pitch.

I don't think I received any incorrect or silly feedback. Everyone was very helpful.

3) What did you change, based on the feedback? I included even more figures. 

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different?

I am very motivated to always learn and do better for myself. I jump into every job with both feet, excited about the opportunity, and strive to do my best. I offer my knowledge and opinion in hopes of improving processes (sometimes not always taken the best way...), and am just generally excited about my professional growth and future. If I ever see a chance to improve my professional net worth, I will take it. This includes taking courses, getting certificates, being self taught in software or html, licenses, etc. I know that my knowledge is my power and no matter what happens, its the one thing that won't be taken away from me. 

Now, because of these traits, I have also been known to be a pain in the ass, so with great power comes great responsibility (haha). Sometimes I have to check myself and decide if I am being "too much" for people. Its a constant internal battle.

2) Interview the five people who know you the best. Ask them what they think makes you different -- remember, focus on your knowledge, skills, abilities, emotions -- in other words, your human capital.

For this section, I was only able to interview 3 people, because I am new to the area I live and am really only close to a few people. My family lives in another area and I was unable to interview them.

Interview 1 - My (soon-to-be) mother-in law. https://soundcloud.com/user-979476020/sss
Sally is very sweet and had so many nice things to say about it. Although I feel she was very complimentary, she also had good reasons for the way she feels about me. She touches on some of the aspects I touched on myself, so that helps to reassure me that I have a good idea what it is that makes me different.

Interview 2 - My (soon-to-be) father-in-law. https://soundcloud.com/user-979476020/mike-secret-sauce
Mike also had some very nice things to say about me. He did mention some things I had not, such as my ability to work with computers and help fix them when he needs help. Computer skills are very valuable these days.

Interview 3 - My fiance. https://soundcloud.com/user-979476020/drew-secret-sauce
Of course, he had to say nice things. That's his job, right? But seriously, it is flattering to hear some of the things he thinks about me that he doesn't normally tell me so this interview helped me realize how he sees me.

3) Reflect on the differences.

I believe I see myself in many of the same ways that others see me. There were a couple surprising things they said about me, but all very positive. I think I may be harder on myself than others are. But this could also be because they don't want to be brutally honest. Lets hope they weren't holding back...

My Customer's Avatar

For my water taxi business, my customer base could be wide but below I have narrowed it down to a more specific type of person. 

What kind of hobbies does your customer have? Boating, Drinking, Socializing

What kind of car do they tend to drive? (What color is it?) Probably a nice car, Porsche, Mercedes, BMW. Let's face it, if they prefer to take a boat ride when they could just as easily drive, it might be a crowd that prefers to be taken care of, doesn't like dealing with the downtown parking. Maybe they drive a large truck or SUV that is a pain to parallel park, and do it just fun, convenience, and a chance to get rowdy. 

What TV shows do they watch? Shark Week! Fishing in SWFL.

Do they have children? Yes, why else are they trying to get out of the house for date night and go drinking? Just kidding, I drank before I had kids. So, I'm sure many may not have children. 

Are any of them adopted? Possibly.

What are their favorite books, and who are their favorite politicians? Books? How about Magazines... Southern Living, Gulfshore Magazine, Guns N Ammo, Road and Track. Their favorite stores might be Bass Pro Shops or Abercrombie...  We probably shouldn't be talking politics if we are drinking. Might end the night in handcuffs instead... And no reason to ruin a perfect evening!

How old are they? Anywhere from 16 on up to 75. 

How old do they feel? Young at heart! And probably less mature than they should be (I hope. Just makes it more fun)!

So what do I have in common with my customer? Well, I love being on the water. I don't own my own boat. I love going out and visiting new areas, restaurants, bars, going on adventures. I think I am a good example of my typical customer. I believe my idea came from a need I see in my own life. It's something I wish was there already so I could get on a boat taxi right now!