My Exit Strategy

I totally agree with exit comes at the end of the entrepreneurship process.

Here is my answer for exit strategy.

1) It depends how I'm doing in 5 years later. If my business gets bigger and succeed in 5years, I will keep going on business. It is great idea that pass it down to my children and maintain and change to my family business. I will also work for my own company for noting even I am retire.

2) I don't want to sell my company that I work entire of my life. If it is succeed or not, I will pass to my generation and make a family business. I selected this particular exit strategy because I want to get a responsible for what I did. It is great situation that I succeed and pass to my child but even I fail it is ok with also. I can give my child for challenge and they can feel the success by their own.

3) I had much influenced by this strategy. When I do an assignment, I get my feedback a lot. Also, doing an interview, I can learned how business works and process. It is important to know entrepreneurship before doing own business. It helps to think creative and get an responsible for what I am doing. Moreover, it influenced my growth intentions because it helps me to know what I really like and good at it.

Making It Real

I learned about many useful things in entrepreneurship during this semester.

Now, I wrote my resume for company to hire me.

Here is my Resume.

Thank you !

What's Next?

 Existing Market

Step 1: In my "The Amazon Whisper" exercise, I mention about the restaurant information app. I chose this because food industry will more increase than previous.  The fast food store will decrease and slow food will increase. People will find more clear and healthy food.

Step 2: Actually, I'm in South Korea right now so I cannot do an interview with English because they cannot speak English well. Therefore, I will write the interview which I did in Korean and transfer to English.

Manyoung Kim (The owner of Korean restaurant 'Mongshell')
Me : Hello, Manyoung Kim. Thank you for doing interview.
       I am doing a research for food market.
       What should we be doing that we aren't planning to do?
Manyoung Kim : We should prepare and studying the customer's taste.
                       It is important to know because food market has also trend.
                       If you don't know the trend, the restaurant will close soon.
Me  : Thank you for answer. Then, what customers might want next?
Manyoung Kim : In my opinion, recently, customers are looking for vegetable food
                      better than meat. They prefer chicken than pork or beef. Chicken breast
                      is most popular food right now. It contains high protein so it is good
                      for diet
.Shinyoun Kim (Manager in restaurant) : She emphasis creative menu. In the future,
                                                     many people want new taste

Hayeon Lee (The chief of Korean restaurant) : Try to make high quality but it must be
                                              cheap. People are not buying expensive food easily.

Step 3: Get a feedback from customers, many people recommends that doing
          something special. What it means that just do what I only can do. It contains
          that it requires characteristic and specialization. Then, it will growing my own
          existing market.


 New Market

Step 1: My targeting is young people looking for well-being food. 
             First, they want to do a diet. Well-being food is the most easy and fast way to do a
             diet. Many young people are doing a diet because of good shape. Second, they
             want to live healthy. Now the technique of medical treatment is developed so many
             people live long as one-hundred-years old. To live long for healthy body, food is
             most important. For poor country such as Africa, they usually starve because they
             do not have enough food. Therefore, they need well-being food for their health and
             basic nutrition requirement.

Step 2: I want to make different market such as try to sell the product cheap but high quality.
             Most of the food ingredients will be fruit and vegetable so it is important to make
             good contract with farmer and provider. It is important step because it depends to
             sell the customer with good quality of product.

Step 3: 

Dongyup Shin (reporter) : He recommend that food must be looking good. Therefore, try to
                                  make the food good shape. It will help that customer want to eat.

Narae Jang (traveler) : Advertising is important. Try to make advertise special. She
                                                                 recommend to advertise traditional Korean style.

Minsu Han : Focus on weather's food. For example, in South Korea we have 4 seasons.                     Therefore, it has each food to eat for each season. It will help to increase profit.

Step 4: 
I was surprised that many people think how to improve food industry. Now only for their own store but all of food market. It requires many effort to change the new market. I am so attractive food market because it has infinite challenge to success. 

Venture Concept No. 1

 To introduce my venture concept, it is simple and clear. I believe that food industry is important in past, current, and the future. To give a detail about it , there are trend for preference of food. Now and the future, I am 100% certain that well-being food will important in food industry. The opportunity for this concept, many people want live healthy and long. They might be doing the exercise, try to get less stress but it will focus on the food what they eating. It has strong advantage for geographically because food exist everywhere. For example, we can talk about the rich country as United of America. Now in United of America, fast food is serious problem. Even United of America is rich country, many people enjoy high calories food such as hamburger or pizza. In contrast, poor country such as Africa, they usually starve because they do not have enough food. Therefore, they need well-being food for their health and basic nutrition requirement.
However, many young people looking for well-being food. It has several reason why they are satisfying this need. First, they want to do a diet. Well-being food is the most easy and fast way to do a diet. Many young people are doing a diet because of good shape. Second, they want to live healthy. Now the technique of medical treatment is developed so many people live long as one-hundred-years old. To live long for healthy body, food is most important. Therefore, they are caring what they eat. The opportunity for this market is unimaginable. In human life, we can not exclude the food. It means every people in world will the target for customer. In my opinion, window of opportunity in well-being food is already start. Many people try to eat healthy and avoid fast food.

Now, to talk about my innovation in this industry is clear. Good nutrition food with fair price. I want to do my business for well-being resturant. My strategy for this business is try to sell the product cheap. Most of the food ingredients will be fruit and vegetable so it is important to make good contract with farmer and provider. It is important step because it depends to sell the customer with good quality of product. Mostly, food business are similar. However, my core competencies is the menu. I will do my own business in hot weather states like Florida, california or Texas. I will make an slush for milk with power of grain or ape diet. The price of product will not expensive. I might decide less than $4. The name of the store is also important because it should be easy to remember. Also, the place is important because it should be easy to find and easy to park. However,  it also has a risk. If buyer unmet need is menu, it has serious problem on profit. Therefore, to make the loss less, try to do an survey what the customer like and dislike. I will start the business in Gainesville first. The reason I want to start here is Gainesville doesn't expanding of food market yet. Also, there are lots of students and senior citizen that I want to target to sell the food. Why I chose the target for student is they have not enough money to buy expensive food. It is also why they buy fast food. I can get an advantage for price and taste better than fast food.

The three minor elements:
My "unfair advantage" is creative. The key point of grain milk shake is pouder. It has secret source that I only know. Also, I will make the food for Korea style in America so it will interesting. For my next venture, it will another menu for well-being. I will make the soup with dough which include vegetable. After five years with this venture, I want to be make a company. I want build the store such as poor country and try to give them food for free. It is my "next step" for the venture.

Celebrating Failure

To talk about my failure story, I can easily think about the stock.
First time, I learned stock from book. At that time, I was interested in stock because
I can earn or lose the money that I invest the company with my choice.
I had a lot of confidence in stock at that time because I thought it is easy and predictable. However, it was not. Each time I bought the stock, the value of stock went down. I lost half of the money I invested.
I learned several things in this experience. The first thing is don't judge by yourself that you are good at it. It means don't feel your oats. Modesty is most important and keep studying until other acknowledge you. Second, be more careful to choose something important. The stock is directly connected with the money so it requires more caution.
However, I am not worried about what I failed. I believed that if there are bad things happened, it must come with good news too. We can probably embarrassing or less confidence but it is just the moment. We can get more strong when we failed. Therefore, we don't have to worry and depression. Now, I'm still challenge in stock and taking more risk now than when I first start the stock. The reason is I'm not afraid the fail. Hope you guys overcome and celebrating the failure.

Amazon Whisperer

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money.

          For my business, the revenue drivers are
          - Get a commission for resturant who want advertise
          - Target to resturant which doesn't unknown
          - Using app system
          - Make evaluation for user which restuarnts are good or bad

• Describe what kind of product offering you believe should be next. What's the next thing your customers want?

          There are lots of restuarnt but only few are well known to people. Using my app system, they
          do not need to advertise for there own. The app that what I made is provide there information
          about menu, place, and recommand food. Also, people can easy to get an information to use
          app.

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

          Yes, it will enhance my existing service because advertisement is most important for food
           business. People usually choose the resturant for rate and people's comment for food. If many
           people use this app, it would foster customer loyalty because people are rely on other's saying.

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

         
          Yelp is one of famous app that similar to what I want to offer next.
          It provieds the user reviews and recommendations of restuarants, shopping, nightlife things.

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

         Some people do not like this system because comments are subjective and every people has
         different taste. However, they like this system about they can get an information easily.

• Describe why you think this product would make a good addition to your current product/service offering.

          I can get an commission fee to restuarnt and resturant can advertise easy so it has good addition
          to both severice offering.

My Unfair Advantage

 Resources & "VRIN" Analysis :

 1. First goal of my venture is social contribution
    VRIN : Fairly valuable(It is hard to think of social contribution when we do own business) Fairly rare(There are some other venture also do the social contribution) inimitable(No, everyone can do it. Also, I want everyone imitable for this one) substitutable (I think there are many ways to contribute to social)

 2. Make an safe and quality product
    VRIN : Fairly valuable(It is important to make the product safe and good quality) inimitable(Most company makes the product safe and good quality, but some are not) Non-substitutable(There are no substitutable to make product safe and good quality)

 3. I know well about how to get the materials what I need for this business
    VRIN : Valuable, Somewhat rare(Many business starter doesn't know very well about where the materials supplies) Somewhat inimitable(Some people knows well and some people not) Non-substitutable (To know about how to get the materials are very important. There are no substitutable for this)

 4. My business has various and creative
    VRIN : Fairly valuable, Somewhat rare (My idea is creative but some people should think about it for once) Somewhat inimitable( Some people can copy the idea but it is hard to make same product as mine) Somewhat substitutable (I told that there are various for make this so it can be substitutable)

5. I have experience for doing the venture
   VRIN : Fairly valuable (It is important that if I have an experience, it will helped a lot) rare, inimitable, non-substitutable (There are no substitutable to do something by own self)

6. Have a good networking for the venture
   VRIN : Very valuable (Networking for the people is very important in business), Rare( It is rare because it is hard to make networking that people we need) Inimitable, Non-substitutable

7. I have passion for the business
   VRIN : Very valuable ( It is most important that having passion for what I'm doing because it will make easy to success) Somewhat rare, inimitable, Non-substitutable( If you don't have a passion for your business then you might stop the business as soon as possible)

8. I know what people need
   VRIN : Very valuable (To know people's demand are very important because demand makes to success the venture) Somewhat rare (many people does not know what people really need) inimitable, Non-substitutable

9. I can do the venture any place I want
   VRIN : Somewhat valuable (To choose the business place is important because it is related to people's demand) Somewhat rare(Some business require the weather condition), inimitable, Somewhat substitutable

10. Makes buyer satisfied
     VRIN : Very valuable (It is important that satisfied the buyer because they can buy next time also) Somewhat rare, inimitable, Non-substitutable(It cannot be substitutable because there are nothing important then make buyer satisfied)

Growing My social capital

1) One person must be a domain expert in your industry

Jeonghyuck Lee : He is Korean and doing his own business in S.Korea.
I chose him because he is the domain expert about food business. He has three restaurants in city of Seoul. I also want to do food business so it would be beneficial.
Therefore, I visit his restaurants to learn how it goes. He gave me an good advice on how to start the business and maintain success with restaurant.

2) One person must be an expert on your market

Sujin Park : A Korean woman who lives in Seoul
She is doing her own restaurants and the concept of restaurant is well-being as what I want to do. The targets of this restaurant is student who want do an diet and healthy. She knows how to design an marketing the restaurant. I learned from her a lot.

3) One person must be an important supplier to your industry.

Myungsu Jung : A Korean man who works in food supply.
He is the supplier of vegetable. He tell me that the most important thing in this industry is speed. It has to be fresh and clean. I asked him how to make an customer and make a contract. If we don't know supplier well, it can't easy to success in our industry.

Feedback for this research, I realized that any business has require many network. Before start to business we should know how to start, what we need. It helps me that networking experiences. Moreover, I can learn what process in food industry goes on.

Reading Reflection No.2

The Art of Social Media : Power Tips for Power Users

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

The book what I read is 'Power tips for power users'. The theme of the book is how to make deep insight on social media in market. In this book, it describes how to build the online platform effective. Also, it tells about how to maximizing the amount of credibility.

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

In this book, it connect with ENT3003 about few things. First, in this course we post blog every week. Moreover, we should responding to comments in each post. The books describe that how to make an good(power) blog. Both told how to make a brand our blog with own purpose.

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

I would design exercise for this class, I will create an Facebook page for my own brand. It will requires creative thinking and my own purpose. Also, feedback is important requirements  to make an improvement.

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?

I impressed that the author has creative thinking and know how to make an effective blog. It describes interesting and better understand the platform for blog. Also, I realized that there are various opportunities that it can create.

Idea Napkin No.2

You

My name is Jooncheol Lee and I am an aspiring entrepreneur with contribute to public welfare and work for people's convenience. My talents are good memories about other people's say, connect with people, and try to think positive. My major is food and resource economics. I am interested in food business because food is most important in human life. Therefore, I want to do food business to make people healthy and happy. Most people care of their own health. Many people do an exercise and try to eat well-being food. I want to make satisfy them for food. Try to use good nutrition food ingredients to make a dish. I would target who are interested in taste of food and health.

What are you offering to customers?

As I mention it, I will sell a well-being food. My strategy for this business is try to sell the product cheap. Most of the food ingredients will be fruit and vegetable so I will make a contract with good farmer and provide a lot of good quality of product cheaply.

Who you are offering it to?

Many people experienced that do not have enough money but hungry. Also, some of people are busy from lack of time for eating. My target is mostly student. Many student consider the price when they buy something. If there are same product, people will buy more cheaper one. Moreover, students does think about their shape and do a diet. For this user, my food business is  suitable.

Why do they care ?

People will spend their money when it is worth it. Food is an absolutely necessary product for human life. It has to be fresh, trustful, and delicious. My motor is 'try to think that sell the food that my family is eating'. If people know that they can trust to eat these food, they will spend their money to buy it.

What are your core competencies?

Mostly, food business are similar. However, my core competencies is idea. I will do my own business in hot weather states like Florida, California or texas. I will make an slush for milk with powder of grain or ape diet.  The price of product will not expensive and the idea that selling slush for hot weather states will make core competencies.

Evaluation

For these elements are fit good together. However, buyers unmet need is menu is limited and like and dislikes are clear. Therefore, if people who dislike, the profit will decrease. Therefore, to make the loss less, try to do an survey what they like and dislike. It will help for doing business.

Feedback Memo

I received three comment for feedback on my first idea napkin. One of classmate said It will beneficial it would be to have a place like this. The name of the store will important because it should be easy to remember and it should related that what the store selling. Also the place is important because it should find easy and comfortable to park.

My Customer's Avatar

I picure my customer being a handsome guy who is student of UF major business. He is 24years old and lives in a two beds apartment with roommate and dog. He loves to watch football game and drama 'Game of thrones'. When he have a free time, he usually playing tennis with his friends. Sometimes, he goes to watch a movie with his girlfriend. He has a girlfriend been dating a few months. He is interested in Asian culture because he is Asian even he born and live in US. He doesn't like cooking so usually buy something in outside. However, he doesn't like fastfood so try to eat healthy. He is doing part time job on campus that provides money for buy something. This mean he has some budget to spend on nicer foods. His life style is play well, get a positive mind and maintaining an healthy. 

I have some common with customer avatar. I am 24, we are same student of UF. My motto is eat healthy and don't get lazy. Therefore, I play tennis same with customer avatar. Also, I don't like cooking in home so usually buy outside but try to not eat fastfood. Overall, I am a positive person who is always thinking nice and gentle to make people happy.