See Ya Later Alligator

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

I feel like what makes the most sense for me is to stay in the business for a few years but to eventually sell it to a larger company in the future. I'm for sure a control freak, so at the beginning I would want to be in charge of absolutely everything. I want to feel proud in the product that I put out there for people and once I feel established enough is when I will loosen the reigns. 

2) Why have you selected this particular exit strategy?

It makes sense in my mind to become established with Coffee Cubes and develop a good reputation and once I have acquired that and a loyal fan base, then I would feel comfortable in selling my product to a larger scale company. I would absolutely have to sign some kind of contract saying that nothing about the ingredients or process is going to change and same goes for the packaging and price. 

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I don't think my exit strategy has influenced any other decisions in terms of Coffee Cubes, however I do see myself being more intrigued on starting something new once I sold off Coffee Cubes. I think that by going through this entire process I've learned good ways to identify things that should be better and identify good ways to go about doing so, that are unique. 

Reading Reflection No. 3

I chose to read "Shoe Dog" by Phil Knight the founder of Nike. 

• What surprised you the most?
• What surprised me the most was the fact that Phil Knight did this all on his own in the beginning and the first name given to Nike was Blue Ribbon. 
• What about the entrepreneur did you most admire?
• I admire his determination, he was only in college when he went to Japan alone to pitch his idea for shoes to different businessmen and women. 
• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?
• Oh absolutely. Everyone back in America was telling him that he was crazy and that there was no opportunity in shoes. That's all Phil did however, and in a sense that's all he knew, which meant he knew how to make it better than anyone.

It was interesting to me how quickly Phil was trying to get this to all happen, because as we know starting a huge company is not an overnight occurrence. He had no idea how he was going to pay for the first batch of 1000 shoes and he said he didn't fret because he had faith. Out of this first experience, he said if he failed it would have brought along great knowledge, and he was okay with that because wisdom is an irreplaceable asset. 

Celebrating Failure

I'm very good at not being good at things, especially if I've never done it before. This semester is my last semester where I'm required to take a math class. I am not what you call a math wizard, nonetheless I'm in the class. This semester was supposed to be a breeze, compared to other work loads I've had in the past, however this math class has proved otherwise. The first exam I pulled up to take for this class left me in awe. There were a good majority of the questions that I just stared at for a really long time. I think I may have even laughed out loud during the exam at one of the questions that was just ridiculously hard. 

Well, it being the first exam gave me some leverage because I knew I had time to make a come back. I ended up getting a big fat F on the first exam, which is always fun and super motivating. I knew I was going to really have to put in the work with this math class if I was planning on succeeding. I've redoubled my efforts since the first exam and my exam average has gone up. I was extremely discouraged when I got that first grade back. I wanted to curl up and throw that stupid piece of paper away but I wasn't going to be a baby. I had to learn from my mistakes, get my life together, and ace that next math exam. 

My perspective on failure has always been positive, I never like to quit anything so there is rarely a time I can remember giving up. I think without failure, you would never improve and never strive for more. I've mastered not being embarrassed anymore when I don't do something right. I've realized it's far more embarrassing to sit back and accept your failure and not ask how to do it better, than it is to actually fail. 

What's Next?

Existing Market 

Step 1: Talk about what you think is what's next in terms of products and services for your venture.

I think that what is coming next is more flavors and variations of coffee cubes. I think the opportunities for coffee cubes are endless. 

Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" 

Interviewee No. 1: This interviewee said that the idea to expand to more flavors and different kinds of roasts of coffee. They said that maybe expanding into other kinds of drinks, like tea cubes for iced tea. 

Interviewee No. 2: Interviewee said that they could also see the cubes expanding into other drinks as well, but they said that they thought the coffee idea was the strongest out of all of them because coffee is so popular. 

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future.

I could see coffee cubes being sold in grocery stores and becoming a staple grocery list item, but I could also see coffee cubes being implemented into large scale coffee shops and being sold that way as well. I think whichever path I take will be a positive experience and successful. 

New Market 


Based on the feedback I got from the interviewee's and the feedback I've been accumulating all throughout this process has helped me to expand my ideas into new markets. People love the coffee idea, but can see this idea spreading across a lot of different territory. People have given me tips on venturing into teas, juices and smoothies. Creating coffee cubes came almost natural to me because I had had such frustration with watered down coffee. I think that people share thus frustration with all their drinks that come along with ice. I think creating cubes that go with your drink to keep it fresher longer and better longer is something that can appeal to anyone. Rather than only focusing on the people that drink coffee, I can expand the realm into a larger audience and hopefully create cubes for more than just coffee drinkers. 

Venture Concept No. 1

1. Opportunity

• Who has the need?
• People that drink iced coffee. 
• Nature of the need?
• When the ice in your iced coffee melts before you finish the coffee, it results in a worse drink. The ice completely melts which waters down the remaining coffee and gives it a bitter taste, that I know customers are not a fan of. If you don't finish the coffee before the ice melts, then that results in a waste of money and a waste of the rest of your drink. 
• How are my customers currently satisfying this need?
• There are options to get light ice in your coffee, which I know some customers do, but that also results in a less cold drink. 
• How loyal are they to whatever it is they use now? 
• Not loyal, people are always looking for better ways to do things, especially when you waste money as a result of not finishing your watered down coffee. 
• How big is this opportunity? 
• I think the large market and existing customer base makes this a very big opportunity that customers would appreciate. 

2. Innovation

• What is it? They are an alternative to standard ice cubes. Coffee Cubes is a line of different flavored coffee and cream cubes. There is anything from dark roast coffee cubes, cream cubes, and even espresso shot cubes. 
• What it does? It slowly releases whatever you chose, whether that be coffee or cream and flavoring, back into your drink, which maximizes the amount of the drink you're actually getting and consuming. 
• How it works? Making them is simple, like you would any other ice cubes, coffee and cream are both freezer friendly products for up to 6 months. You would place your desired amount of cubes into your drink and allow it to slowly melt back into your cup. 
• What exactly am I selling and for how much? 
• I'm selling a bag of 12 cubes for $5.99. 

3. Venture Concept

• How will my innovation solve the opportunity I identified? 
• It completely takes the water out of the equation, which completely solves the problem. There would be no chance of your coffee turning bitter or bad, but only becoming more delicious. 
• Why will customers buy my innovation? 
• They will buy my coffee cubes because there is nothing else on the market there for them like coffee cubes would be. Coffee cubes would provide a solution to a problem that everyone has been ignoring and neglecting. 
• What are the reasons to think customers would switch to this new product? 
• The customers need something that will solve the problem of melting ice, and the only solution other than water would clearly be more coffee and then follows with creams and flavorings. 
• How hard will it be to get them to switch? 
• I don't think it will be difficult to persuade them to switch, just getting them to try it once and then be hooked. 
• Who are the competitors?
• At the moment there are no other competitors on a wide scale, selling in grocery stores. I hope that coffee cubes would become a staple grocery item list and everyone would think to go buy them if they walked into a store because they were apart of their everyday routines. 
• What role does packaging, my price point, customer experience or the business location play in defining your business concept? 
• First off, packaging. I think the packaging could be a strong selling point and a good way to interact with the customers. The packaging needs to be something that grabs peoples attention and is clear to them exactly what they're picking up. I would also like the packaging to have some kind of clear message on it about the product and about the way it came to be. I would also like the packaging to be sustainable in some way, or be an avenue to where we can give back to maybe the places that the coffee is coming from and the people who are foraging for the beans. I think customer experience plays the next role and ties in with packaging. If the customer connects to the packaging and the message is is trying to get across, they are going to remember that experience they had while reading/purchasing it. This plays a very important role in customer experience because that moment where they take a second to appreciate or stop to read the story on the packaging they are creating a moment that they will hopefully remember the next time they come into the store. That positive moment will hopefully be a lasting memory for them and it will encourage them to repurchase. The price point I've set the coffee cubes at is very fair, for $5.99 you will get a bag of 12 cubes any flavor, coffee preference you like. The serving size for one drink, depending on how big is 1-2 cubes. The business location is semi-important but not a make or break. For business location I was thinking that places with warmer climates would be more ideal because people would be more inclined to have iced coffee rather than hot. Then I realized that people are going to drink what they want, when they want it, and if it was 20 degrees outside I would still be ordering iced coffee with a side of mittens. 

4. The Three Minor Elements 

• Venture's Secret Sauce: Most important Resource 
• The lack of competition and the lack of urgency that there is with my product. No one has given much that to it and if they have it's gone nowhere. Coffee cubes are not a standard at every coffee shop or even in everyone's coffee routine, however I think if they were exposed, they'd be converted. 
• What's Next for the Venture? 
• I think once we dive into coffee, meaning all different kinds of roasts: dark, medium, light, I think the next logical step would be creamer options. They could be both dairy and non-dairy, that way we are accommodating all creamer users. After that I think espresso shot cubes would be a great idea, for those that like their coffee extra caffeinated. 
• What's Next for You? 
• I want to keep experimenting with the different kinds of cubes you can make and the way they interact in your actual drink. I've been having so much fun with coffee that i want to explore every single avenue there is with coffee and all the different flavors as well. I love being in the kitchen and trying new things, that is what brings me the most relaxation but at the same time I love to be innovative. 

Your Venture's Unfair Advantage

Resources:

1. Drive
• Valuable: The way my drive is valuable to my concept is that without businesses don't flourish. Helping to maintain momentum is important every step of the way when trying to make something succeed. I think that my willingness to be dedicated to the concept and business is something that will help me succeed. 
• Rare: A lot of companies when they start out have great momentum but as the initial excitement starts to drift, people begin to shift their attitudes. I think that because I'm so invested into my concept, that it will help carry me through. 
• Inimitable: It's easy to get overwhelmed and feel strained but I've always had a very positive outlook on projects I take on and I like to do them by putting my best foot forward at all costs. 
• Non-substitutable: Without drive, I really do think businesses don't connect well with their customer base and that may lead them to be unsuccessful in their ventures. Drive is something that can't be left out when trying to run a business, I believe. 
2. Low Cost to Produce 
• Valuable: This is valuable for obvious reasons, but producing coffee cubes at a low cost results in a larger profit. 
• Rare: Coffee cubes are usually only sold in small coffee shops and usually at a high cost. If the cost was lower and they were thought of as a staple grocery list item then things could seriously change for coffee cubes. 
• Inimitable: Like I said, the only place I've ever seen them is at local coffee shops so the large market has yet to see them. 
• Non-substitutable: It would be hard to make them at a high cost anyway because it's so cheap just to begin with. 
3. Support Systems 
• Valuable: Support from larger companies that are already established in the coffee industry would be a great way to publicize coffee cubes as a brand rather than just one item. 
• Rare: It would be hard to have competition at that point if some of the most popular coffee brands were endorsing coffee cubes. 
• Inimitable: If it reached a point to where we had to patent the idea of coffee cubes then I suppose that could be an option.
• Non-substitutable: It's hard to get used to having something all the time and then going without it. If coffee cubes were in large coffee shops everywhere people would be accustomed to having them with their coffee all the time and miss them if they weren't available. 
4. Personal Relationship 
• Valuable: Having personal ties to something always makes it more worth while. I hope for coffee cubes that the packaging is something that makes me feel proud and something that the customers are happy to spend their time reading and looking at.
• Rare: i feel like a lot of times the packaging can be overlooked or overdone. I want it to be clear what the customer is buying but I also want them to have something that they can read that will make them feel good about purchasing. 
• Inimitable: It;s hard to recreate a personal feeling you have when you're buying something you like, and if I can make that possible whenever someone buys coffee cubes I want that to be the case. 
• Non-substitutable: If the packaging was sub-par, it wouldn't entice people to stop and look. If there was nothing but the name and the ingredients, customers wouldn't have a personal experience when buying the product and that thought wouldn't last in their mind. 
5. Variety 
• Valuable: Having multiple variations of coffee cubes is appealing because people love options. Also catering to everyone is something important to me, if we offer creamer cubes I want to be able to cater to those who may be dairy-free. 
• Rare: Since coffee cubes are already rare as it is, having different flavors and kinds of cubes will make them stand out even more. 
• Inimitable: There has never been a brand of coffee or creamer cubes before, so this would be the first of its kind. 
• Non-substitutable: people like to drink their coffee a certain way, so implementing something into their coffee routine that will make it last longer and taste better is non-substitutable. 
6. Lack of Competition 
• Valuable: I've only ever seen coffee cubes sold in local small coffee shops and never on a wild scale. I hope to turn them into a staple grocery list item. 
• Rare: Since not many people have been exposed to coffee cubes before, it'll make an entire brand of different flavors and kinds stand out even more. 
• Inimitable: Coffee cubes are easy to make and cost almost nothing to make, meaning it's an easy idea to attain, but still no one has ever done it. 
• Non-substitutable: The only other substitution for coffee cubes is normal ice and that is inferior. 
7. Popular 
• Valuable: Coffee is always a hot commodity, so another coffee product would fit right in to the already established market. 
• Rare: Coffee is everywhere and people are used to what they're used to. Introducing something new is exciting to people and they'll be intrigued to try something different. 
• Inimitable: You can't really duplicate the taste of coffee in anything else so it would be hard to imitate cubes made solely on coffee. 
• Non-substitutable: There is a pretty large divide among those that drink coffee and those that don't, so substituting it wouldn't be an option for my target audience.  
8. Easy to Make 
• Valuable: Having coffee cubes be so easy to make is a great selling point if they ended up in large scale coffee shops being made and sold in iced coffee drinks. 
• Rare: Most coffee shops don't offer coffee cubes for their iced coffee so it would be a unique addition. 
• Inimitable: The most efficient way to make them would be in large batches and that would all depend on how many iced coffee sales you made on average. 
• Non-substitutable: The other options are normal ice and as we've established that is what were trying to stay away from. 
9. Existing Customers 
• Valuable: Having such a large customer base already as it is, and coffee having such a cult following, it's a big advantage for my product. 
• Rare: It's rare to have a new idea and already have such a large audience that would be interested in it off the bat. I think that aspect of this idea will help me succeed and make them a more normalized item in people's daily coffee routines. 
• Inimitable: It's hard to get rid of customers you've had for forever, and people are always going to want a good cup of Joe. 
• Non-substitutable: The fan base for coffee has always been around and will continue on for years to come. Coffee cubes would fit right in to that market and audience. 
10. Lasting Market  
• Valuable: Having a sustainable environment to sell your products is always a plus. The coffee industry is huge and not going anywhere. With that being said, it'll be interesting to see how people take to an additional item being added into their routine, but since the market has been around for so long I think it's time for something new to be added to the mix. 
• Rare: The coffee industry is a great market to be apart of and there's not another one quite as large and as popular, where there are also adequate ways to give back. The places where the coffee is sourced from could be a great outlet for giving back, if the time came to where the business could do that. 
• Inimitable: The coffee market has no clear competitors other than within the industry, but for my product that wouldn't be a problem since they're so versatile they could fit into anyone's market and style. 
• Non-substitutable: It's not easy to recreate such a large following that quickly and successfully so going into an industry that is already established will be a great help. 

Top Resource: Lack of Competition 

This resource is the most important one I believe because it helps make the product stand out so much more. It's a solution to a problem that most iced coffee drinkers experience. Having no competition and a line of cubes to fit everyone's needs would be ideal and appealing. 

Elevator Pitch No. 3

Coffee Cubes Pitch 3.0
Since my last pitch, I received a lot of positive feedback, so I didn't change much. I did include a prop last time to show exactly what it is I was doing, in the form of the ice tray. This time I decided to have two props, the ice tray and an insulated cup. I narrowed down the pricing of my product and I think I decided on $5.99 for a bag of 12 cubes. I tried to fix my eye contact and be more direct with what I was saying. 

Reading Reflection No. 2

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

I chose to read and discuss Clay Shriky's "Cognitive Surplus". In this book he is channeling in on exactly what Americans are doing (or not doing) with their free time. 

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

Shirky wasn't interested in previous accounts of what watching TV is doing to us, because for the first time since the creation of television, young people are steering away from it. They are picking up their smart phones and computers instead and putting a rest to the television remote. I think that this shows us that we can't always assume, we must take closer looks and dive deeper to make sure that previous accounts of what we thought are true still hold true, and if they do not, to seek out the truth. 

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

Taking something you thought you knew a lot about, and doing some research until you find something that surprised you. 

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?

 He says that Americans collectively watch about 200 billion hours of TV each year. Shirky talks a lot about what we could all do if we joined together for 200 billion hours to do something good rather than sit in front of a television screen. 

Growing Your Social Capital

1. Domain Expert: Bay Islands Coffee Owners

• Who they are and what their background is? 
• Bay Islands Coffee is a small, local coffee shop in Gainesville and the owner was nice enough to have a conversation with me. 
• How did I find this person? 
• By being a loyal customer of Bay Islands Coffee. 
• What was the nature of the exchange? 
• Bay Islands Coffee is one of the only places in Gainesville I've found that offers Coffee Ice Cubes on their menu. I asked how successful they are on the menu and about how many they sell a day. The owner said that the Coffee Cubes are more popular with the regulars because not everyone knows that they offer them. 
• How will having this person in your network enhance your ability to exploit an opportunity?
• They've already had their opportunity to exploit the Coffee Cubes at their own business and they've done well for them. Being able to ask someone who has already taken my idea and implemented it into their own business model is super helpful. It allows me insight on how customers react to having the opportunity to purchase coffee cubes for their iced coffee.  

2. Market expert: Starbucks worker 

• Who they are and what their background is? 
• My friend that has been working at Starbucks for almost 5 years. 
• How did I find this person?
• I've known them since we were little, so I figured they would be very honest with me and they work in one of the biggest Coffee shops in the country. 
• What was the nature of the exchange? 
• I basically just told him my idea and how I wanted them to be offered in grocery stores in addition to being implemented into other coffee shops. He actually told me that he has received a few complaints before from customers about either their being too much ice in their drink and it tasting basically like water, or by the time they finish half of their large drink, the ice is melted. 
• How will having this person in your network enhance your ability to exploit an opportunity? 
• Talking to my friend that has worked in a Coffee Shop for about 5 years was great help in terms of realizing exactly what customers like and dislike and if they would even be interested in having Coffee Cubes implemented into their coffee routine. 

3. Supplier: Coffee distributors 

• Who they are and what their background is? 
• Places around Gainesville, like Karma Cream and Volta Coffee have the same coffee distributors. I realized this one day while out and I could smell the brewing coffee nearby. I stumbled upon the Coffee distributor location and tried to go in to buy a cup of coffee. They looked at me a little funny and informed me that I was not at a coffee shop. Anyway when I called to talk to them, they remembered who I was. 
• How did I find this person? 
• On accident. 
• What was the nature of the exchange? 
• I asked them about the distributing process and they informed me that because they are so local, it is easy to distribute the coffee around to local shops in Gainesville. 
• How will having this person in your network enhance your ability to exploit an opportunity? 
• It was nice to talk to someone on the back end of things and see how the whole process actually plays out.