30A – Final Reflection

1) I think the most drudgery moments was when I first opening the class syllabus and saw how many assignments were due at the same day and at the same time. But then once getting into the class, they were really not bad at all and were quite interesting. I think the most dreaded moments for me were catching up on lectures I fell behind on, because I knew a detailed quiz was coming up. I think the fun moments were doing some of the cooler assignments and getting to interview people and come up with a business. I have never gotten to do this before so I enjoyed it. 

2) My most formative experience was creating my own business. I think going through the process and getting feedback was very knowledgable and allowed us to grow and think like entrepreneurs. I think the experience I'll remember most was the class lectures. There was also a story being told and the class was very enlightening to watch. I think that the most joyous experience is completing this last assignment! Getting through the whole year strong and with a really good grade was what I am most proud of. 

3) As I've gone through these assignments and created my own business idea, I think that my mindset is more entrepreneurial but do not fully see myself as an entrepreneur. I think that would come with real life experiences, that I would be interested to try out. 

4) If you were to take this class, make a schedule! Plan when to watch lectures and when to do assignments or you might catch yourself falling behind. Also, if you create time to do the assignments you will get more out of them as you are actually thinking about the concepts and producing quality work. With that being said, go back on your blog posts and look at the feedback you receive. Your fellow students leave really helpful comments that can be used to better your next assignments. Keep a positive mindset and don't stress over the course, if you stay organized and ahead of the game you will not have a problem succeeding in the class.

29A – Venture Concept No. 2

The Pet Spa and Hotel

Opportunity-

My opportunity is to take pet boarding and care to the next level. I am seeking to make pet care and boarding more luxurious in order to alleviate stress and anxiety that pets get while being boarded. The need is really a concern when vet offices are not spacious enough to hold all of these pets, and they are just not a sufficient place to keep your beloved pets. 

My potential customers are any pet owners that would like to drop off pets for vacation, workers that drop off their pets to stay and play for a day or elderly pet owners who need pet services. 

The forces that draw this opportunity is that there is not an ideal location to keep pets overnight without causing too much stress or anxiety on them. 

The market is open for any age person that owns a pet so I think this makes the opportunity quite large. 

Currently, many pet owners rely on family and friends, or the vets office to take care of their pets when needed. 

I believe that the window of opportunity will be as long as people still own pets. As far as I know that is a very long time. 

Innovation-

In my new service, it is a luxury facility that is full of pet services. My service is an all inclusive Pet Spa and Hotel.  It includes grooming services, a bakery, play rooms, and much more. The goal is to allow your pets to interact with others so the time away from family is less stressful. It is including overnight stays, pet playrooms, grooming services, and a pet bakery. There would be different packages of services debating on how many nights your pet is staying, if you wanted to add grooming, and if you wanted treats from the bakery. An average rate per night would probably cost around $40-50. Additional services would be added as a one time fee on top of the rate. 

Venture Concept-

I think the reasons to switching over to my business service would be to overall benefit their pets. I don't think that it will be very hard for customers to switch as the pricing is very similar to a vets office boarding, and this is considered a luxury service. Often times, during busy travel seasons, vets offices will have to up charge for the high demand of boarding needed. I plan to have plenty and adequate space for these pets at all times. I think that if pet owners are educated on how much stress and anxiety is brought on pets during these times it will encourage them to bring them to my business.

The only competitor I have right now would be the vet offices. They offer pet boarding, but their weaknesses are lack of space and comfortability for pets. I think this is what sets my business above theirs and is more valuable.

The customer experience and price are major points is my business concept. Overall, we are trying to make a smooth transition of dropping your pets off for vacation or work. We want the customers to feel comfortable leaving their pet there. The pets should be excited to play with other animals and not be stressed as their owners go away. The price for this experience is unmatchable. The vets office will leave the pets in a cold cage where they get little interaction but for the same price.

I think the organization would be in segments of the many services of my business. I think hiring people specifically for grooming or specifically for cleaning would keep the business running smoothly as every one would have a specific job. I think in the busier travel seasons it would be all hands on deck to ensure that all standards are met even during busy times.

Three Minor Elements-

First, my most important resource is that I am a student studying the fundamentals of business administration. I am taking classes such as economics, accounting and entrepreneurship that will help me run a successful business and make a profit.

Second, I think what would be next for the venture would be to open more locations of The Pet Spa and Hotel. I think more locations would be more advertising as well as convenience for customers further away.

Third, I see myself continuing to run this business. If it is successful I would hope to be managing multiple Pet Spa and Hotel's around the area. I want to be as profitable as possible but still keeping the customers and the business standards first. I see myself continuing to run this business as I am really passionate about it.

28A – Your Exit Strategy

1)  In my future I would see my self continuing the business for as long as possible. Maybe when I retire I would allow my children to decide if they wanted to take over the business or choose their own career path. If they don't want to take over the business, I would most likely sell the facility. 

2) I chose this strategy as I think that starting a business takes a good amount of work, and it would be hard to start all over again once the business is stable. I wouldn't want to take another risk and start something new. I wouldn't want to sell it in case it in case my children would want it, but would not force them to take over. 

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 think that my business will always be needed, as people will work and travel and need pet care. I think that staying open and actually going through with my venture by opening more locations would only be done by myself and so I would choose to keep the business for as long as possible. I think running the business myself with not allow the standards and customer service to fall.

27A – Reading Reflection No. 3

1) The book "How To Fail At Almost Everything And Still Win Big," Scott Adams shares his experiences that he went in his life as he learned to take care of himself as he went through failures and losses. He went from many loses to eventually being successful and winning big. He did this by assessing his life around systems instead of goals. He explained how these systems were more in the future and more specific, but to leave room for adjustment and disregard time. He also shares how if you are comfortable taking risks to sample jobs. You will find out your fears, strengths, and preferences until you find one that is right for you. The next thing Adams explains is to find your energy not your passion. Creating a balance of activity, space and time with help create schedule and keep you motivated. He states if you manage the energy well, you can fail many times and still win big.

2) In my opinion, this book relates to the class in a couple ways. In the beginning of the semester, we talked about what makes up an entrepreneur. One of the debated characteristics was that they are risk takers. I think this book connects to this as Scott Adams says he took risks in other jobs to try to find what was best for him. I also think that this book relates to the last assignment (26), where we talked about our failures. This book shows a great example of someone who failed multiple times but still won at the end of everything.

3) I think if there were an assigned based on this boom, it would be similar to assignment 26 where we explained our failures and what we learned about it. I would maybe tie it into our business ideas and create a perfect schedule to make sure you have the right energy and motivation.

4) I think the 'aha' moment was when he explained to find our energy and not our passion. If you have energy and are motivated in the job that stuck with you, you should not have an issue with failure. I also really think that disregarding time when you are trying to whats best for your success is really important. I think the key is to allow yourself to adjust to the change in your natural life cycle.

26A – Celebrating Failure

1) This past semester, I failed a test in my economics class. I had a very busy schedule with the dance team and other classes. The date came up really quick and I wasn't prepared. I was falling behind on watching lectures and couldn't cram enough to pass the test. I think all together there was a build up of stress and made the test even worse for me. The next test, the same thing happened. I tried a little bit more to study, but the test fell on the same day as my marketing exam.

2) From my failure, I have learned a lot about myself. I have gained time-management skills and learned to plan ahead. I have found that I need to start looking ahead at when my exams are and start planning a calendar of when to watch lectures and practice exams. 

3) I agree that failure is hard in the moment, but overall allows us to grow and better ourselves. I think emotionally we cannot let this failure bring us down but motivate us to be better the next time. I feel like these bad tests had this effect on me as I really tried harder on the next exam I took. In regards to this class, I think entrepreneurs are a great example of showing no fear and going for what they want. These people are driven to succeed and I think that is a good message for anyone with goals. You can't let the failure stop you from pursuing your goals, and sometimes the failure is worth it so you can better yourself for next time. 

25A – What’s Next?

Existing Market. 

Step 1: What's next for my Pet Spa and Hotel would be to open up more locations, and possibly expand the offered services.  I think more locations would first spread publicity of the business. When people drive by maybe they will look into the services we offer. I also think that offering more services will cover more specific needs of the pet owners, such as training or obedience classes.

Step 2: Interviews suspended.

Step 3: I think the first step in my business's future is to open a new location. I think it makes the most sense as I can increase the number of customers so they do not have to travel so far to the first location. I also mentioned that adding this second location will allow the Pet Spa and Hotel to market itself. When people pass by they will be more inclined to look up the business online. Since I would like to offer a pick up service, I think this would also be beneficial to save money on gas costs because we would have to travel a shorter distance for some customers.

My next step would to be to expand the services the business offers. I think offering a more broad selection of services and packages the more people it would appeal to. I think offering different services such as training and obedience classes would appeal to many new pet owners and current pet owners. For instance, have a program that is ran during regular work hours, and they could drop their pets off for training while they are at work. 

New Market.

Step 1: Currently my market is for current pet owners. I think I could adapt my target market to first time or new pet owners.

Step 2: I think if I offered training and obedience classes at The Pet Spa and Hotel, where you could drop your new pets off for training while they customers are at work. I think this would be a great idea for new pet owners as they would not have to take time out of their day to train their new pet. Being a first time pet owner cam be overwhelming, and I think this is a convenient way to train your pet and allow them to be comfortable with other animals and people.

Step 3: Interviews suspended.

Step 4: Even though we weren't able to do the interviews, I think that targeting these new pet owners would be a good way to expand my market. Personally I think it would be very convenient to drop your pet off at a place for training and obedience classes or just to drop off a young animal while you go to work.

On the other hand,  I don't think it is as attractive as the market as the existing one. This new market is not very big and cannot be directed towards over a lengthy period of time. It could possibly be popular at some times but I would not want to have an employee who trains dogs to not be used most of the year. I think sticking to my original market would be smartest and most profitable.

PreviousNext

24A – Venture Concept No. 1

1) The Pet Spa and Hotel

Opportunity-

My opportunity is to take pet boarding and care to the next level. I am seeking to make pet care and boarding more luxurious in order to alleviate stress and anxiety that pets get while being boarded. The need is really a concern when vet offices are not spacious enough to hold all of these pets, and they are just not a sufficient place to keep your beloved pets. 

My potential customers are any pet owners that would like to drop off pets for vacation, workers that drop off their pets to stay and play for a day or elderly pet owners who need pet services. 

The forces that draw this opportunity is that there is not an ideal location to keep pets overnight without causing too much stress or anxiety on them. What pet owner wouldn't want to make their pets feel safe when they go to work or vacation. 

The market is open for any age person that owns a pet so I think this makes the opportunity quite large. I would target frequent travelers and full time workers, because I believe they would receive the most benefits.

Currently, many pet owners rely on family and friends, or the vets office to take care of their pets when needed. There is not a current place that is designated for pet stay and care. 

I believe that the window of opportunity will be as long as people still own pets. If people own pets and are still working the service could always be used! As far as I know that is a very long time. 

Innovation-

In my new service, it is a luxury facility that is full of pet services. My service is an all inclusive Pet Spa and Hotel.  It includes grooming services, a bakery, play rooms, and much more. The goal is to allow your pets to interact with others so the time away from family is less stressful. It is including overnight stays, pet playrooms, grooming services, and a pet bakery. There would be different packages of services debating on how many nights your pet is staying, if you wanted to add grooming, and if you wanted treats from the bakery. An average rate per night would probably cost around $40-50. Additional services would be added as a one time fee on top of the rate. I think offering a wide menu of services would attract more customers if they have different wants and needs. 

Venture Concept-

I think the reasons to switching over to my business service would be to overall benefit their pets. I don't think that it will be very hard for customers to switch as the pricing is very similar to a vets office boarding, and this is considered a luxury service. Often times, during busy travel seasons, vets offices will have to up charge for the high demand of boarding needed. I plan to have plenty and adequate space for these pets at all times. I think that if pet owners are educated on how much stress and anxiety is brought on pets during these times it will encourage them to bring them to my business.

The only competitor I have right now would be the vet offices. They offer pet boarding, but their weaknesses are lack of space and comfortability for pets. I think this is what sets my business above theirs and is more valuable.

The customer experience and price are major points is my business concept. Overall, we are trying to make a smooth transition of dropping your pets off for vacation or work. We want the customers to feel comfortable leaving their pet there. The pets should be excited to play with other animals and not be stressed as their owners go away. The price for this experience is unmatchable. The vets office will leave the pets in a cold cage where they get little interaction but for the same price.

I think the organization would be in segments of the many services of my business. I think hiring people specifically for grooming or specifically for cleaning would keep the business running smoothly as every one would have a specific job. I think in the busier travel seasons it would be all hands on deck to ensure that all standards are met even during busy times.

Three Minor Elements-

First, my most important resource is that I am a student studying the fundamentals of business administration. I am taking classes such as economics, accounting and entrepreneurship that will help me run a successful business and make a profit.

Second, I think what would be next for the venture would be to open more locations of The Pet Spa and Hotel. I think more locations would be more advertising as well as convenience for customers further away.

Third, I see myself continuing to run this business. If it is successful I would hope to be managing multiple Pet Spa and Hotel's around the area. I want to be as profitable as possible but still keeping the customers and the business standards first. I see myself continuing to run this business as I am really passionate about it.

2) The feedback I got was quite positive, and many said my post was very detailed. In both exercising many people agreed with me and stated that my new market wouldn't be as profitable or beneficial to my business. Someone stated that maybe I should offer programs to help sick or elderly pets, and I think that would be a great idea. As for my future venture, many commented that opening more locations would give me a brand name reputation and increase awareness of my business.

3) I went back into my post and added specifics and clarified and few fuzzy statements, making sure everything was clear to my business and market. I decided to keep my future venture and new market because I think they are still the best options I have. I really did enjoy reading what other ideas my fellow students have and I think it is interesting to hear their feedback on my idea.

4)