30A – Final Reflection

I think the most formative experience was our discussion about failure and tenacity. I strongly believe these are things an entrepreneur must be aware of and use to their advantage. Reading about the Wright Brothers, for example, put things in perspective in terms of how much time and effort actually went into developing a flying plane.
They were not successful the first or second, or even the third time. Through perseverance, learning from their failures, and hard work, they made history and completely changed the world.

My most joyous experience was getting to develop a business that I am passionate about. As I have stated before I love animals, and being able to create a business that revolves around their needs was very exciting. I am proud of having developed a business to which I am passionate about.

I see myself more as an entrepreneur now than I did in the beginning of  the semester. I never imagined myself as someone who would develop a business idea from scratch, and doing so opened my mind further about what I can possibly do in the future.

My recommendation to students who will take this class in the future is to give themselves plenty of time to come up with an idea they feel good about and something that can be developed extensively. They should start every assignment early in order to get quality interviews to work from. I also recommend that to foster an entrepreneurial mindset they read about successful entrepreneurs and learn from their experience.

24A – Venture Concept No. 2

Opportunity:

·       Pet owners see their canine companions as part of the family, always looking for ways to keep them healthy and happy. Many pet owners ascertain that a pet’s diet is a crucial part of their dog’s well-being but may find it difficult to choose the right food for their pet.

·       There are many dog food options currently on the market promising quality ingredients with wholesome nutrients. Most of these options are kibble. However, a controlled study in Belgium used data from 500 domestic dogs and concluded that “dogs fed a homemade diet, consisting of high-quality foods used from their owner’s meals versus dog fed an industrial, commercial pet food diet had a life expectancy of [3 years longer.]

·       There are very few options currently available for pet owners looking to feed their pet fresh food. The options that are available can be pricey and require going through an online platform to have the food sent to their homes.

·       Locally, there is a lack of options to purchase fresh dog food, so owners are faced with few options for purchasing.  

·       The forces that allow this to occur are the lack of knowledge on the positive effects fresh food diets offer to a dog’s health, as well as strong competition from established dog food companies that maintain a good part of the market share.

·       The current options dog owners choose to satisfy their need for fresh food is through companies like the Farmer’s Dog and Ollie, which offer fresh food delivered to their homes. Because there are few competitors in the fresh food market, there is a great deal of opportunity for a new venture. Many of these companies are relatively new, and therefore customers may not yet experience high levels of loyalty to them which will make it easier to take some of their market share. 

Innovation:

·      I will sell fresh dog food containing veterinary approved levels of proteins and nutrients. The product will be sold locally in Coral Springs, FL. Our clients will come into a boutique style store which sells other pet products such as toys and treats and are able to customize their dog’s meal plan.

·                            We will also launch a website that offers the products online. Of course, shipping would add                an additional cost. Through a partnership with Fedex, we hope to lower this cost (shipping                  refrigerated materials can be especially costly.

·     With the help of a team of animal nutritionists and veterinarians, we will use an algorithm that considers factors such as weight, size, and activity levels to customize each pet’s meal plan. The price of these meal plans can be as low as $3/day for small dogs and $8/day for larger sized breeds. We will charge for weekly orders only through the online portal, but offer more flexibility when purchased in store. These price points were calculated using an average of the prices set by established companies within the same segment.

Owners will choose when they would like to pick up their orders and how much they would like to pick up so they can refrigerate/freeze the rest. When purchasing online, they can choose when they would like their order delivered and set a schedule of biweekly or monthly deliveries. They will be able to delay deliveries, change, or cancel directly on the online portal.

·    Our store will be pet friendly. It will not only be a place where dog owners buy their pet’s food, but it will also be a fun place for their dogs to interact with others and play around.

Venture Concept: 

·       Customers will switch to this product because they will see the value in choosing fresh food for their pet. Our advertising campaign will focus on educating potential customers on the benefits of changing their dog’s food. Our food will also attract pet owners of finicky dogs, or dogs with sensitive stomachs that require fresh food diets.

·       As stated previously, our main segment competitors are other fresh food companies. Their possible weakness is their young age and the fact that the fresh food option has not been there for very long.

·       Packaging: we will use reusable containers that pet owners will bring into the store to get refilled. This will cut the cost of disposable packaging and will position us as environmentally friendly in the mind of customers.

      This strategy cannot be used with online purchases, so in that case our goal is to use the most minimal amount of packaging material to 1. Save costs and 2. Reduce waste to the environment.

·       Price point: because we are providing a service that does not require shipping and handling, we are able to offer a lower price point than others.

      When it comes to online orders, however, it will be harder to compete on cost structure because of the higher costs of shipping and handling. Strong and successful marketing will set us apart from competitors. 

·       Distribution: we offer the dog food locally, so we will not fully rely on 3^rd party shipping companies to handle our product at all.

·       Customer support: our clients will not have long wait times when they call us. We can provide support one on one without long holds.

·       Customer experience/location: our dog friendly facility will be unique and will make us stand out from competitors. Our customers can drive to our store and bring their dogs with them to share the experience with them.

·       Our business will be comprised of a small team offering customer service and assistance at the front desk. We will also hire less skilled labor to actually cook our food, which we will store in the back of the store in a commercial sized fridge. The food will be cooked twice a week to keep up with demand and to ensure that it is fresh when it is leaving the store.

Our most important resource is our location. Competitors cannot duplicate this aspect of our business. If we position ourselves in a way where we attract local customers and achieve their loyalty, our competitors cannot easily mimic our design.

Our next venture is the production of cat food. Creating this food will use the same resources we have established, and it will be easier to grow with it.

I would want this venture to branch out to other cities in the U.S. It would be great to either franchise the idea or sell it so that others can mimic it.

Feedback:

On my last venture concept, I received some feedback which I used to update my new venture concept. Someone pointed out that I would be losing out on online sales by not offering them at all. I decided that investing on a strong online presence is also very important to our business and therefore I implemented an online platform as well.

Someone else pointed out that the food prices were expensive. I used an average of existing competitors price points to come up with the pricing model. Our target market are people with the disposable income available to pay a little more for their dog’s meals.

As for the comment regarding the location being limited to only one city, we hope that our store branches out to other cities. However, our starting location will be coral springs. Once we have the capital and know-how to invest further and if our store is successful, we will branch out as much as possible.

28A – Your Exit Strategy

This is a business that deeply interests me. If it were to take off and become profitable, I would hope to stay with it until I retired, and then either pass it down to my children if they wanted it or sell it. I would like to also sell the idea (think PetSmart) so others could do the same in other cities and make some active profit that way as well.

I love animals and have always loved working with them. It’s a business I believe in and would like to see succeed. Therefore, I would prefer to keep it and see it flourish rather than sell it off to move on to something else.

I think my exit strategy has influenced various steps in in my venture development. When identifying an opportunity, for example, I thought about what I like: animals, and worked toward creating something that would allow me to do something for them. It influences my decisions to provide a healthy product that will help pets stay healthy.

27A – Reading Reflection No. 3

-The general idea in The Art of Social Media is to provide tips and advice on how to properly manage your social media presence. Through examples and detailed explanations, the book can help your business tremendously by guiding your social media use to make it professional and polished.

-This book connected and enhanced the teachings in ENT 3003 because it gave real life, concrete examples as to manage social media for your company. This isn’t a topic we touched on much, so I feel like it’s a great resource to keep in mind. Not only does it offer great advice on how to manage a business social media, but it will also help you manage your personal accounts.

-I think a good exercise would be to create a social media plan or a strategy that your business would like to use. For example, how will you market your product through social media? Or how will you ensure your social media will provide useful information for your customers?

-I am not big on using social media. I think it wastes a lot of time and serves very little purpose to me personally. However, I think social media can be a huge advertisement resource for a business that can help your bottom line. Something that stood out to me is the way in which businesses use cross promotion. For example, using only a few platforms to advertise their products while advertising their other accounts.

26A – Celebrating Failure

1)    At the beginning of the semester I began with a resolution to keep a consistent schedule of working out and eating healthy. Everything seemed to work out for the first few months, but eventually I found myself only working out once a week or so.

This was a personal goal that I set because I thought it would help me not only physically and mentally but in all aspects of my life. I stopped being as committed as I was in the beginning due to various reasons: the stress of work, school, my social life etc.

However, looking back, I think I could have kept up the rhythm and stuck to my initial goal.

2)     What I learned from this is that I can be more organized and committed with my time. If I set a schedule and stick to it, I can keep up. If I don’t stick to a schedule or I fail to make one overall, then I may not get everything done that I want to.

3)     I looked at others in similar situations as me and I became a little upset wondering what I was doing wrong. After all, other people seemed to be working hard while also going to the gym regularly. With this I was able to self-reflect and realize a few things.

1.      I wasn’t as committed as I told myself.

2.      I was spending too much time on other things (such as hanging out with friends) that I could have used to work out.

3.      I CAN stick to a strict schedule, it’s a matter of commitment and perseverance.

4)     This class helped me to reflect on my failures through the readings that I did. Reading about the failures of those who went on to be huge successes is very motivational. It helps to learn about such people because it keeps you going. I think I am definitely more likely to take a risk now than I was a few months ago.

25A – What’s Next?

Existing Market:

1)     The next product I hope to develop is cat food.

2)     Interviewees include three people close to me that became very involved throughout my idea planning. All three mentioned they see growth in the future from within and through expansion. One of them said I might be able to sell this idea to an investor as well, which would allow me to tackle the next venture.

Another one said we should also focus our attention on developing healthy treats because their dog gets sick with the ones sold at the supermarket.

3)     My next market includes expanding into providing cat food. I decided on this course of action because it will use most of the same resources used to develop the dog food. Having now the experience in terms of production and marketing, developing a successful cat food line will be more straightforward and less risky. We will consult the same team of veterinarians and animal nutritionists, train our staff on cat nutrition, use the same facilities and machinery, and implement similar marketing techniques.

New Market:

1)     We expect our customers to be upper middle-class suburban pet owners. A very different target segment we could reach is that of middle class and lower. This would require, however, significant cost reductions, which are not very easily attainable in the present. Maybe once we achieve economies of scale, we can somehow create a lower priced product that people with less disposable income can access.

2)     People in this market are no different from others in one thing: they also see their pets as part of their family. Being able to provide them with affordable fresh food for their pets will make them healthier. Healthy pets mean less diseases in the long run, which can be expensive and deathly.

3)     This market is less concerned with spending more money on their pet’s foods. That’s why it is very important to provide a quality product at a same price point as many competitors that they use. They are less willing to try a new product because of the cost alone.

23A – Your Venture’s Unfair Advantage

1.      Location:

a.      Valuable: our customers will come into a physical store, therefore, having a central location to the city is crucial.

b.      Rare: We are the only business operating in the city. Finding a central place will place us at a stronger standing were competitors to arise.

c.      Inimitable: you cannot imitate a location.

d.      Non-substitutable: although competitors can arise, they cannot get our same central spot.

2.      Quality ingredients:

a.      Valuable: our quality ingredients set us aside from other dog foods filled with fillers and preservatives.

b.      Rare: most dog foods do not contain quality ingredients.

c.      Inimitable: it would be difficult for a competitor to find out exactly how we make our food because we have our own “formula” and suppliers.

d.      Non-substitutable: (see above)

3.      Unique business plan:

a.      Valuable: this sets us aside from competing businesses in our market.

b.      Rare: our plan includes a physical location where pet owners can come in with their pets. We will offer a pet friendly atmosphere that offers a unique experience that no other place does.

c.      Inimitable: (see above)

d.      Non-substitutable: (see above)

4.      Strong marketability:

a.      Valuable: our marketing campaign will focus on education. Through our advertising, we hope to take customers away from competitors.

b.      Rare: most marketing has the intention to sell, and while that is very important, our main purpose is to educate.

c.      Inimitable:

d.      Non-substitutable:

5.      Point of sales systems:

a.      Valuable: This is what sets us apart

b.      Rare: we are the only ones in the field

c.      Inimitable: no other businesses will have a similar business plan

d.      Non-substitutable: no one can imitate our idea due to trademark protections

6.      Branding:

a.      Valuable: this is how we position ourselves in the minds of consumers

b.      Rare: we brand ourselves as a fresh food company with the goal of maximizing dog’s health

c.      Inimitable: through licensing and trademark protections, we can protect our branding.

d.      Non-substitutable: no one else can copy it exactly.

7.      Human resources:

a.      Valuable: our team is committed to the best customer service in the industry

b.      Rare: through the right hiring practices, competitors cannot copy our HR model.  

c.      Inimitable: (see above)

d.      Non-substitutable: no one else can copy it exactly.

8.      Funding:

a.      Valuable: this is how we fund our business

b.      Rare: getting the right investors to put money in our business

c.      Inimitable: It’s unlikely others will have the same way of raising capital

d.      Non-substitutable: no one else can copy it exactly.

9.      Premises & Equipment:

a.      Valuable: we operate on site

b.      Rare: no one else operates on site  

c.      Inimitable: (see above)

d.      Non-substitutable: no one else can copy it exactly.

10.   Strong supplier relations:

a.      Valuable: Will lower costs and provide us the best resources in terms of food

b.      Rare: our relations help us grow

c.      Inimitable: they are hard to copy by others

d.      Non-substitutable: you need these positive relations in order to thrive.

Our top resource is our location. There are other companies that offer fresh food with customizable meal plans for dogs. However, all these companies operate through online platforms. There are no physical locations in Coral Springs that offers this type of service, therefore, having a central location where people will easily get to and shop is of crucial importance.

24A – Venture Concept No. 1

Opportunity:

·       Pet owners see their canine companions as part of the family, always looking for ways to keep them healthy and happy. Many pet owners ascertain that a pet’s diet is a crucial part of their dog’s well-being but may find it difficult to choose the right food for their pet.

·       There are many dog food options currently on the market promising quality ingredients with wholesome nutrients. Most of these options are kibble. However, a controlled study in Belgium used data from 500 domestic dogs and concluded that “dogs fed a homemade diet, consisting of high-quality foods used from their owner’s meals versus dog fed an industrial, commercial pet food diet had a life expectancy of [3 years longer.]

·       There are very few options currently available for pet owners looking to feed their pet fresh food. The options that are available can be pricey and require going through an online platform to have the food sent to their homes.

·       Locally, there is a lack of options to purchase fresh dog food, so owners are faced with few options for purchasing.  

·       The forces that allow this to occur are the lack of knowledge on the positive effects fresh food diets offer to a dog’s health, as well as strong competition from established dog food companies that maintain a good part of the market share.

·       The current options dog owners choose to satisfy their need for fresh food is through companies like the Farmer’s Dog and Ollie, which offer fresh food delivered to their homes. Because there are few competitors in the fresh food market, there is a great deal of opportunity for a new venture. Many of these companies are relatively new, and therefore customers may not yet experience high levels of loyalty to them which will make it easier to take some of their market share.

Innovation:

·       I will sell fresh dog food containing veterinary approved levels of proteins and nutrients. The product will be sold locally in Coral Springs, FL. Our clients will come into a boutique style store which sells other pet products such as toys and treats and are able to customize their dog’s meal plan.

·       With the help of a team of animal nutritionists and veterinarians, we will use an algorithm that considers factors such as weight, size, and activity levels to customize each pet’s meal plan. The price of these meal plans is as low as $3/day for small dogs and $8/day for larger sized breeds. Owners will choose when they would like to pick up their orders and how much they would like to pick up so they can refrigerate/freeze the rest.  

·       Our store will be pet friendly. It will not only be a place where dog owners buy their pet’s food, but it will also be a fun place for their dogs to interact with others and play around.

Venture Concept:

·       Customers will switch to this product because they will see the value in choosing fresh food for their pet. Our advertising campaign will focus on educating potential customers on the benefits of changing their dog’s food. Our food will also attract pet owners of finicky dogs, or dogs with sensitive stomachs that require fresh food diets.

·       As stated previously, our main segment competitors are other fresh food companies. Their possible weakness is their young age and the fact that the fresh food option has not been there for very long.

·       Packaging: we will use reusable containers that pet owners will bring into the store to get refilled. This will cut the cost of disposable packaging and will position us as environmentally friendly in the mind of customers.

·       Price point: because we are providing a service that does not require shipping and handling, we are able to offer a lower price point than others.

·       Distribution: we offer the dog food locally, so we will not rely on 3^rd party shipping companies to handle our product at all.

·       Customer support: our clients will not have long wait times when they call us. We can provide support one on one without long holds.

·       Customer experience/location: our dog friendly facility will be unique and will make us stand out from competitors. Our customers can drive to our store and bring their dogs with them to share the experience with them.

·       Our business will be comprised of a small team offering customer service and assistance at the front desk. We will also hire less skilled labor to actually cook our food, which we will store in the back. The food will be cooked twice a week to keep up with demand and to ensure that it is fresh when it is leaving the store.

Our most important resource is our location. Competitors cannot duplicate this aspect of our business. If we position ourselves in a way where we attract local customers and achieve their loyalty, our competitors cannot easily mimic our design.

Our next venture is the production of cat food. Creating this food will use the same resources we have established, and it will be easier to grow with it.

I would want this venture to branch out to other cities in the U.S. It would be great to either franchise the idea or sell it so that others can mimic it.

22A – Elevator Pitch No. 3

https://youtu.be/6XscSMyzI4g

I prepared for this pitch by talking about the most important aspects of the product: cost, nutrition, freshness. I was too focused on memorizing a script before, but this time I just talked about my product as if I was explaining it to a potential customer.

21A – Reading Reflection No. 2

1)     Scott Adams book How to Fail at Everything and Still Win Big focuses the story that led Adams through many failures but ultimately to success. He gives insights about how he used certain life mechanisms and paradigms to focus on maintaining a healthy body and mind while pursuing the journey into success.

2)     I think the book does a great job at talking about failure as a positive thing. Many times, we become blinded by our desire to be successful that we forget there is a journey to success that may be riddled with failures.

Adams provides specific examples of actions you can take to deal with these failures. For example, the one that grabbed my attention the most is where he talked about “building a system” rather than setting goals.

This connects to what we learned in class about tenacity, and how being persevering is a crucial part of being an entrepreneur.

3)     If I had to design an exercise for the class based on the book it would instruct students to create a system, they believe will lead them to success.

Systems, as opposed to goals, allow for plans to be readjusted. As Adam puts it: “If you do something every day, it’s a system. If you’re waiting to achieve it someday in the future, it’s a goal…. In business, making a million dollars is a goal, but being a serial entrepreneur is a system.”

The assignment would make students think about their everyday actions, and what they can implement to their daily routines that will bring them closer to success.  

4)     There is a quote by Adams that really stuck to me: “The most important form of selfishness involves spending time on your fitness, eating right, pursuing your career, and still spending quality time with your family and friends.”

Sometimes we forget about the most important things in life when we get too busy trying to succeed. But what Adams argues is that the things we think as hindrances such as eating healthy and exercising are the most important things we need to do. If we take care of ourselves, it puts us at a better place to succeed and pursue our desires.  

19A – Idea Napkin No. 2

My name is Angelica and I am a fourth-year business student. I am a hard and committed worker. My idea is to create a local company that will offer fresh food to pet owners at an affordable price.

The product offering is fresh, refrigerated, and healthy foods. Customers can customize their pet’s meals based on their specific needs, and they can get the refrigerated food locally without having to go through an online supplier.

I am offering this product to anyone who owns a dog and is willing to pay a little more to get them better food than the one offered on the shelves of dry food aisles.

I believe most of the customers interested in the product care because their pets may not be doing very well on their current food and they are looking for a healthier alternative.

What sets us apart from others is that we offer the food locally without having to buy it online.

I think these elements fit together because they have the same goal in mind of producing quality fresh food for consumers. When you align your competencies to your goals, I think you can expect to have a good foundation. The goal is to be in line with consumers needs/wants, and by offering food that will make their pets healthier and happier we can achieve our goals.

Feedback- I broadened the target segment to anyone who owns a dog. In my feedback someone mentioned I should be more specific in what types of breeds I should target. I wouldn’t want dog owners of otherwise healthy dogs to feel like they cannot access our products because they are only for those who need it. Therefore instead of being specific in breeds, I broadened my segment.

20A – Growing Your Social Capital

I decided to approach this assignment a little differently. My idea is based on an industry that operates mainly online. Therefore, I do not personally know anyone who is an expert that could offer wise advice. For this reason, I have decided that reaching out to three companies that most closely resemble my venture’s idea through their customer service e-mails is the best way to go.

I hope that by doing this, I can get some answers about their company’s success in a more personal way, rather than using search engines to find generic information online.

1)     The first company to reach out to is called “Ollie,” a relatively young fresh dog food company based in New York. They started out as a vision backed by Canaan Partners, a venture capital firm that along with a handful other partners were able to raise over $12 million to create Ollie. Ollie can be considered a domain expert in my industry. They are a successful and young company and they have extensive knowledge about providing fresh food to consumers.

I feed my dog Ollie and switching him to their food has created immense improvement in his health and eating habits. Knowing that Ollie is a young company and having the firsthand experience to know that their food is great in quality, I chose Ollie as a domain expert. The return expectation is knowledge from within the company that may be useful for my venture, and I think including them in my network will allow me access to the technical knowledge to provide better products and attempt a similar business model that works in the industry like it did for Ollie.

2)     The second company to reach out to is Purina because they are one of the dry food companies that maintain a large part of the market share in my industry. I was able to find information on the advertising techniques they use to maintain significant market share: https://www.purina.com/about-our-ads.

My exchange with Purina would again be through the e-mails available online which will allow me to contact a real person from their company. I think having the knowledge to reach potential consumers is greatly important when starting a venture, and this is knowledge that Purina is sure to have.

3)     Something I noticed from some of the competitors in the fresh dog food industry is that most of them promise to provide USDA approved meals. For this reason, one of the most important suppliers in my industry are meat suppliers of USDA approved meats. For this reason, the last company on my list is JBS, one of the largest meat providers in the United States, offering a large selection of quality meats specific to certain needs.

Finding the correct meat supplier is very important to my venture, so I hope that JBS will offer insights into what is most important to look for when looking for the right supplier and what the best deals are.

I believe this activity is great at being very targeted and specific. It reminds us that sometimes quality is better than quantity. Knowing many people in the industry can be great but knowing just three people that have so much knowledge and expertise can mean a huge difference.

17A Elevator pitch No. 2

https://youtu.be/v7g6c8a1rxs

This has probably been one of the most difficult assignments for me because I consider myself to be an introvert, and would much rather work behind the scenes. However, as an entrepreneur, getting on the spotlight is pretty much inevitable, so this was an opportunity to practice.

18A – Create a Customer Avatar

My customer avatar:

Animal lover/dog mom

Goes to the gym regularly and maintains a healthy diet

Runs every morning with their dog

Upper middle-class suburban millennial with small children

Democrat/progressive and loves Bernie Sanders

Actively involved in community events

Native to the city of Coral Springs/Margate/Parkland

Listens to pop music

Loves trying out new foods/recipes

Vegetarian

I relate in many ways to my customer avatar, which I don’t find to be a coincidence.  For example, I am an animal lover and I am health mindful. Because I am creating a product for which I personally find there is a need, it is only natural that I expect others who share my views/needs to also find this product appealing. I intend to target people with similar lifestyles as me, because these are the people I interact with the most on an everyday basis.

16A –What’s Your Secret Sauce?

1.      A) I am tenacious and whenever I set my mind to something, I will work very hard to achieve it. I do not give up easily and I always persevere.

B) I am extremely organized, and I will always have a plan for the short and long term. I like to be prepared and foresee what is coming to act accordingly.

C) I always strive to follow through with my promises and make sure my decisions don’t have negative impact others.

D) I like to help people and am always available to others and their needs.

E) I know how to prioritize and use my time wisely to get things done. 

Interviews:

https://instaud.io/3mKg

https://instaud.io/3mKj

https://instaud.io/3mKm

https://instaud.io/3mLi

https://instaud.io/3mLj

Reflect on the differences:

It is quite interesting to hear people talk about you from their perspective. We do not hear about how others see us very often but this was an eye opening assignment that leads to the opportunity of some self-reflection. There are some things I never thought others saw in me so openly. 

However, I do believe others agree with most of the qualities I see in myself. 

The main quality, and one which I think is most important in the scope of this class and entrepreneurship is my tenacity and my ability to be level headed and hard working. 

Side note: two of the interviewees are my parents who are not native English speakers. 

15A – Figuring Out Buyer Behavior No. 2

According to the American Kennel Club most people feed their dogs processed kibble or equally processed wet food. All commercial dog food contains at least the minimum nutrition a dog requires. However, not every dog is the same, and some may require nutrition specific to them.

A survey performed by Purina on 900 dog owners found that the most difficult part of pet ownership is choosing the right food. Many dog owners feel overwhelmed with the amount of choices available in shelves, and a majority are not 100% satisfied with the current food they are feeding their dog.

My segment consists of pet owners looking to purchase natural, healthy, and affordable fresh foods that meets their pets’ nutritional needs. Because most of my segment has tried various commercially available foods that have not worked for their pet, what they value most is quality ingredients and complete nutrition.

Brick-and-mortar remains the primary source of pet food, according to americanveterinarian.com. Therefore, we expect our segment to enjoy having a physical place available to shop for their pet’s food.

The most important post-purchase indicator of “rightness” is their pet’s reaction to the food. For example:

Did the pet seem bloated?

Is the pet happy and energetic?

Did it cause any unwanted intestinal effects?

What does the pet’s coat look like: shiny or dull?

What do blood work results look like when they receive checkups?

Does the food contain all the nutrition their pet needs?

I have interviewed three people close to me that would be potential customers in my segment. Based on the interviews and research, I have concluded that this is a segment that values quality over price. It is also a segment that prefers to go to a physical store for purchase rather than using an online platform, and it values post purchase decisions based on the well being of their pet.

14A – Halfway Reflection

Perseverance is one of the strongest attributes an entrepreneur must possess. When starting and maintaining an entrepreneurial venture, there will be obstacles along the way that will pose a threat to your end goal. After taking this course, you will gain a solid understanding of the role of perseverance and tenacity in the development of your venture. You will gain knowledge relating to famous entrepreneurs that persevered through difficult situations, and hopefully it will inspire you to do the same. 

I have felt like giving up multiple times when I'm working too much and my responsibilities become busy and hectic. I have to push myself to meet deadlines, study for exams, and have an healthy social  life. Although it can be difficult, persevering follows in the steps of having a positive attitude and seeing beyond an immediate threat or obstacle into the possibility of a more colorful outcome. In this sense, one must develop an understanding of failure as a success that gets you a step closer to your goal.

My three tips to a future student when it comes to fostering skills necessary for tenacity and developing a tenacious mindset are:

1) Make sure to seek guidance from people wiser and more experienced.

2) Look at every difficult situation or failure as a learning experience that gets you closer to a successful outcome. 

3) Don't get sidetracked easily, and follow through to the best of your ability. 

13A – Reading Reflection No. 1

1) The Wright Brothers

a.      What surprised me the most about the brothers is their perseverance. I had briefly heard about the wright brothers in the past but reading about their perseverance amongst failure was very inspiring and surprising. Something that I also did not know, is that Wilbur Wright, one of the brothers, was considered an actual genius. His intellect played a big role in developing the mechanism needed to fly the plane. His genius combined with his brother’s mechanical ability fused together in a mix of perfect cooperation that led to the eventual invention of the airplane.

b.      What I admired most about them was their perseverance. They had an idea in mind and there was very little that could stop them. They knew the risk of dying was very eminent but not even that would stop them. Even after they had finished their invention successfully, the next step was selling it. They had to go through immense barriers to sell someone on the idea that human beings were meant to fly. This is especially interesting to me in the context of the present. Had the Wright Brothers given up and not created the airplane/glider, the world would be a completely different place.

c.      I think the Wright Brothers might’ve been a bit over the line obsessive over their feat into the air. Although this can also be considered their strongest attribute, it’s not something I would particularly admire.

d.      I think the main adversity the brothers faced was being successful in coming up with a glider that would work. They spent a very long time and it look various failed attempts to be successful.

2)     The entrepreneurs were inventive, intelligent, creative, and extremely tenacious.

3)     There were some technical aspects that were explained that I found a little confusing.

4)     I would ask them what motivates them and what they thought the world would be like 100 years from the time they invented the plane.

5)     I think both brothers understood the importance of hard work. While they had the capabilities such as intelligence and intuitiveness that would enable them to create something great, without hard work this would all mean very little. I agree with this opinion, I think hard work supersedes natural talent.