28A – Your Exit Strategy

28A – Your Exit Strategy

1.)   The exit strategy will depend on the business performance and the need for the business. If within the next five years the business does extremely well and the value of the business increases drastically, then I will sell the business. However, if I think that I can grow the business even more after the next five years then I intend to keep the business for several decades and then sell it or pass the business down. Overall, I am more for the idea of keeping the business.

2.)    There are a couple of reasons as to why I selected the strategy to keep the business. I think that within the next five years, I will not have accomplished all of the ideas – or the dreams that I have of what the business would be like. Thus, I would like to keep the business and grow it further and then possibly sell it. In addition to this, the business has a lot of memories and hard work that I have put in so selling would be hard.

3.)   I think that the exit strategy has influenced other decision I have made in made concept. Rather than growing the business quickly and then selling it off, I made decision that would allow the business to grow steadily and possible last for a longer amount of time. Other than the decision of growing the business, the other decisions have not been influenced by the exit strategy.

26A – Celebrating Failure

1) One thing that I failed at this semester was my chemistry exam. It feels like no matter how much energy I put into study, I do not receive the score that I desired. For the third chemistry exam, I studied for about one week. When I received my score, I was very upset and though about changing my major again for dropping the class.

2) From the situation, I learned that college tests are very tricky and that it is wise to reread and redo all of the question before turning in the test. In addition, I learn that rather than doing practice problems and practice tests, which the professor said to not rely on for studying, I should study the textbook and understand the concept.

3) I have thought about the topic of failure before and my conclusion on failure is that it is necessary to grow, both mentally and emotionally. Failure makes you stronger and eliminate the boundaries that you set for yourself. When I failed at a task, there are a couple of ways that I handle the situation. I would either sleep, workout, or eat. However, have doing one of those things or a combination of those things, I would always reflect on what I learn from my failure and tell myself that even though you failed you learned something about life. Rather than changing my perspective on failure, the class add more to my conclusion on failure. Even if the project failed, you still acquire knowledge that will aid you in the future. As of now, I am more likely to take a risk.

27A – Reading Reflection No. 3

27A – Reading Reflection No. 3

1)    What was the general theme or argument of the book?

The general theme of the book, Innovation and Entrepreneurship, is about the behavior and actions of entrepreneurs. The book was split into three parts with the first part focusing on the idea of innovation, the second part was about managerial strategies, and the last part talked about the practices and policies that entrepreneurs follow.

2)    How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

The book enhanced my learning in ENT 3003 by providing insight on how an entrepreneurs think. In addition, the book also informed me about innovation and how to exploit the needs of the people to create a business.

3)    If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

The exercise would involve interviewing people in the community and come up with an innovation that could solve their problem. The other exercise would be to give all the students the same problem and see you can come up with the most creative innovation to solve the problem.

4)    What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

The biggest surprise I encounter while reading the book was when Peter Drucker said that there needs to be more innovation and entrepreneurship in society and the only way to make this happen is to think about it an everyday activity.

25A – What’s Next?

Existing Market:

Step 3:

            After consulting the three customers and reflecting about what to do next, the best route to take in order to grow in the existing market is to make customers aware of the existence of the café and to introduce new drinks and possibly foods. One of the common things that the three customers said was that they like to eat when drinking milktea. Thus, the idea of incorporating food into the café is on the horizon.

            The food could be added later in the café, however, the main thing that the three customers’ advice was to get the name of the café out there in order for people to be familiar with the name. Some of the tips that they gave were very useful, such as starting to market the café online, such as Facebook, Instagram, and Youtube.

New Market:

Step 2:

            The new market that I will be targeting is the B2B business. The venture concept will be a value to the people in the market because they are able to make an income from the café. The will be able to by the “name” of the café and start their own.

Step 4:

            In step three, I decided to interview people who were interested in possibly opening their own café, such as Kelly or Nick. They said that they depend on whether if the café was making a profit. If the café has a lot of customers than they would buy the name, however, it was more likely that they open their own café. They think that to be successful in the new market, the café has to show a professionalism and the café has to run smoothly. The adaptations make it more likely that other people will want to buy the “name”.

            In the new market, it was expected that the customers want the café to be doing well for them to want to buy the “name” of the café. But, the think that surprised me the most was the fact that people who want to buy the “name”, because I personally like to start my own business. The new market is also as attractive as the old market. However, the café needs to be successful in the B2C market in order to become be sold in the B2B market.