Your Venture's Unfair Advantage

List of resources:

1)    Hard-working

2)    Diverse networking

3)    Proactivity

4)    Leadership

5)    Research potential

6)    Diligence

7)    Systems Thinking

8)    Punctuality

9)    Higher education

10) Greater investments

VRIN Analysis:

1)    Hard-working is valuable for any business to thrive. Not all employees can possess a hard-working attitude, hence it is rare. Hard-working is a trait that must come to a person; it cannot be copied. Hard-working is non-substitutable as other resources cannot provide the same benefits.

2)    Diverse networking is highly valuable as all businesses want a diverse work environment. It is fairly rare as some businesses are not diverse in their employees. It cannot be copied by other easily; the businesses must be willing to accept people from different backgrounds with no problem. It is non-substitutable as no other resource can replace it.

3)    Proactivity is very valuable as each business must think about now and the future and problems that might arise. It is very rare since many businesses do not make proactive approaches. It is hard to copy because workers must be committed to the businesses and always moving forward and very non-substitutable in terms of providing the most benefits compared to other resources.

4)    Leadership is valuable to all businesses and clears the path for success. It is not rare at all since all businesses have some form of leadership to operate. It is not hard to copy but had to implement and establish for some. Leadership provides benefits that other resources cannot.

5)    Research potential is valuable to the progression of a businesses and allows it to keep moving forward. It is rare as some businesses are unable to obtain research potential. It is very hard for the same reason why it is rare and non-substitutable as it provides benefits that other resources cannot.

6)    Diligence is valuable and provide a sense of motivation and accomplishment if highlighted by the employees. It is not rare but may be hard for some to adapt to their working style to stay on top of everything. It is fairly hard to copy because a person must put in their own time and dedication to be successful. Diligence is similar to hard-working and could provide the same benefits.

7)    Systems thinking is valuable to all businesses as it shows how systems work and break down elements. It is very rare as some businesses are unable to adapt this process. It is hard to copy because the business must be willing to implement a system that are able to work with and provide benefits that other resources cannot.

8)    Punctuality is valuable to all employees and businesses. A person must be on time in order to be successful and not fall behind. It is not that rare as it is an obligation required by all businesses to be punctual in terms of arrival and projects. It is not hard to copy but could be a challenge for those who have a busy schedule. It is non-substitutable since it provides a strict framework to be on time that other resources cannot.

9)    Higher education is valuable to everyone and everything. It can lead to further success and recognition in a business. It is not rare since most businesses require some form of higher education. It is not hard to copy as long as the work is fully completed, and the effort is put by the best of their ability. It is non-substitutable as higher education opens the door to a plethora of opportunities.

10) Greater investments can be a valuable asset to all businesses to increases their profits and future success. It is not rare since businesses have some form of investment that is made. It is not hard to copy because all businesses can have greater investments if more money is made and saved for future potential business opportunities. Greater investments provide businesses an avenue for greater success that other resources cannot.

After conducting the VRIN analysis, the top resource is leadership. If a business does not have a form of leadership, it is bound to be a failure and have no success. Leadership provides the foundation of a business being successful now and in the future. Strong leadership opens the door to so many opportunities and potential for the business. A leader helps to motivate workers to work their hardest and the best of their ability as well as playing a guiding role to those may need the help. Greater communication is another skill that leaders posess in order to successfully conduct business in a timely and uniform manner with low levels of stress and high levels of productivity and achievement

Elevator Pitch No. 3

https://www.youtube.com/watch?v=owdOgIVUKrQ

From the feedback on my last pitch, I was surprised to see that some people were confused on what my business is. I feel like my second pitch was much clearer and more transparent than my first, so I am sort of perplexed by that. However, the feedback allows to be more precise in terms of describing my business. I do believe the format of the content in the pitch was logical and can be understood easily.

For the third pitch, I went into more precise detail about my business and its purpose. I do understand that it is a type of business that most people won’t understand due to its complexity and unpopular nature. I tried to be as clear as possible in my description of my business. Other than trying to be more transparent in the pitch, I kept most of the pitch similar to the two previous pitches.

Reading Reflection No. 2

“How to Fail at Almost Everything and Still Win Big” – Scott Adams

1)    Main theme/argument:

The main argument made in the novel is to look at yourself. It is important to self-evaluate yourself, so you look after your energy and health. Instead of putting people before you, you put yourself before anyone else. You must take care of your body and mind first. It may seem selfish, but it is what is best for you as an individual.

2)    Connection to ENT3003:

This novel has provided a lot of insight about making sure your well-being is put first before everything else. Just like in entrepreneurship, you must make sacrifices in order to strive and be successful. Your health must come first before any business opportunity. If you are in the best health you can be, your personal energy and achievements will be maximized. Success never comes easy; it is always has a price attached to it. Similar to the products and services in entrepreneurship, it takes time and patience to reach a personal or business goal level.

3)    Exercise:

The exercise I would propose for this assignment is more a personal reality check for the participants. I would have them write down things in their life where they have fallen so many times but came out on top in the end. A lot of them will be surprised how failing will lead to success and triumph. It is a self-reflection exercise to allow the participants to see their growth and potential as individuals.

4)    Surprise moment:

A surprise moment in the novel is when the author said “Don’t let reality control your imagination. Let your imagination be the user interface to steer your reality.” I say something similar to this quote to people in my life all the time. Your imagination is boundless and limitless. If you put a boundary on your imagination, you are holding yourself back from new experiences and interests. It is important to be optimistic in everything that you do and always listen to your mind and heart. Reality is very manipulative, and you must be able to trust your instincts. Your imagination is unique and could possibly make the world a better place as you see it.

Growing Your Social Capital

Domain Expert:

1)    This person works for the State Government in California and the business of Domain Experts Corporation (DEC). This person is an active Operational and Business Management Consultant. Their experiences lie in Funds Management.

2)    This person fills the slot as a Domain Expert since they are part of this realm in this business and is knowledgeable about the type of business I am pursuing.

3)    I found this person via a Google Search for domain experts in Consulting Firms. I contacted this person by first emailing the main business, asking for their resume.

4)    As a return favor, they allowed me to give my elevator pitch and receive constructional feedback.

5)    This person is highly knowledgeable in Funds Management which will play a critical part in my business opportunity. They will be a great asset to the team. Plus, they work for the state government, as some of the workers in my opportunity do as well.

Market Expert:

1)    This person has a Ph.D., as well as the CEO of their company. This person has 15+ years in advisory services in the market. They are also an author and has received quite a few rewards for their work.

2)    This person fills the slot as a market expert. They are highly active in the market of consulting firms, mostly specifically the involvement of chemical and advanced materials markets.

3)    I found this person via a Google Search for market experts in Consulting Firms. They are one of the many results that were provided. I contacted this person via phone, since a number was provided.

4)    In return, this person has reviewed my first idea napkin so I could get feedback and a unbiased review of my work and opportunity.

5)    This person is recognized for their hard work in the market sections and would be a great contribution to my business opportunity. This person also has a background with advanced chemicals which are found in the environmental labs of research.

Supplier:

1)    This person is a Managing Director of INVERTO, advising companies in engineering. This person has a holistic approach in conducting business.

2)    This person fills the slot as the supplier in the business opportunity. This person works in procurement and supply chain management. They are an expert as a supplier, as well as supplier integration.

3)    I found this person via a Google Search for suppliers in consulting firms. I contacted this person via LinkedIn.

4)    As a return favor, this person has reviewed my first two elevator speeches and provided critiques and feedback to better enhance my future ones and overall business approach.

5)    This person will be very valuable in playing a vital role as a supplier for my business opportunity. They are extremely knowledgeable and credible as a supplier.

Reflection:

      This assignment has allowed me to extend my business approach to others that I had no prior contact with. Also, I was able to get out of my comfort zone of being an introvert and openly express my business ideas. This assignment definitely posed more of a challenge in terms of finding people. But once I did have my persons of interest, the actual work was very straightforward and easy to complete. It was one of my more favorite networking assignments so far in the course.

Idea Napkin No. 2

1) You. I am Brent Cromer, a senior at the University of Florida, majoring in Sports Management and from Stuart, Florida. I like to describe myself as a beach bum, adventurer, hard worker, and a friend to all. I am a very active listener and like to listen and hear what my fellow peers have to say before I put my two sense into a conversation. I am rather reserved and quiet at first, but once you get to know me, I open up and am very easy to talk to. I am the type of person is always there for someone who is need of a friend for emotional support and advice. I have a long list of skills that describe me: strong communicator, active listener, great judgement, proactive, empathetical, and ability to work diligently independently or as a team. My number one aspiration was to become a neurosurgeon. I, however, decided this is not the right path for me in the long run, so I decided I want to have a career in the world of sports. I do not know what specific career I am interested in, but I would like to work for the NFL, PGA Tour, or the Olympics. This business I have chosen may not have a direct impact on my life. Less certifications, especially in sports, can enhance the active performance of athletes and the sport leagues in terms of being qualified and less stressed. The business, however, can provide me with experience with opening up a business from scratch and seeing how successful it may be. Every bit of experience count, and it will help to make me more comfortable when I actually have to join the work force in the career I pursue.

 2) What are you offering to customers? The certifications that businesses must pass are rigor and expensive. I am offering to customers a solution that could lessen the number of certifications and the time-consuming processes. The service propose is a consulting firm that has ties with the local, state, and federal governments. The consulting firm will work with the labs directly. They will have many facets of responsibilities in tackling this issue and business opportunity. The consulting firm will alleviate any unnecessary form of regulation and certification that the clientele must adhere to in the workforce. These lab services will be able to focus more on their lab work, such as testing water pollution content, and less on the federal certifications. More time will spent on productive job duties.

 3) Who are you offering it to? The customers are the environmental laboratories that are struggling financially, as well as other businesses that requires federal certifications. These labs are ones who have connections with the different level of lawmakers. The consulting firm will work the local governments, which is another customer. A specific psychographic population would be those who work to create cleaner products to help provide a safe environment for its customers. A certain demographic population would be low to middle class customers who work for the government. All of my customers are high end spenders and live a life of luxury due to the jobs they have. 

 4) Why do they care? Customers will pay more money for my service because it will increase their profits and lessen their financial burdens. Also, the consultant will help decrease the federal certifications. By interacting with the certification authorities, they are another representative of the salesforce. They can provide great insight and outside view of the day to day operations and see further areas of improvement. These clientele will be able to keep more of their money they earned than give it back to the government for these certifications.

 5) What are your core competencies? This service will have someone who is a former laboratory owner or director, or someone who worked for the government and has successfully completed these audits. The audits will help the labs and other businesses alike remain in full cooperation with the regulations, which will be reduced. Evaluation paragraph: The business is an independent authority. The fee structure will be flexible in terms of compensation. Further flexibility can be applied to the clients, offering them a flat fee contract, or a commission-based contract. Any savings provided to the laboratories will be compensated to the business, as well. 

Overall, these elements fit well together and will produce an effective business in relation to the opportunity set forth. All of these pieces go hand-in-hand and complement one another very well. If all of these elements fit together perfectly, much success will be made. These elements define the business opportunity and lay out the purpose and the target market. It is an easy way to see the full scope of a business and their customers. 

Some of my peers were confused on the overall business approach and the relationship to the environmental labs. I tried to be as clear as possible in terms what they lab services do. Also, I added further detail in each of the elements directed towards the business opportunity. I know not everyone is knowledgeable of the environmental labs and their services, but I hope this idea napkin made things more precise and easier to understand. Even I have a hard time explaining some of my points, as well. It is definitely a topic that might be hard to grasp and get a full understanding of. I kept the majority of my idea napkin the same as the last one, but changed some parts in each paragraph. Also, I tried to be more articulative with my grammar so my work makes sense to my peers. 

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The prototypical customer is male and in the age range of 28-35. There are quite a few prototypical female customers, too, but a lot of my interviewees were male. They are successful environmental lab chemists, as well as businessmen. These customers are married and have 2-3 children. They normally work while their wives are at home with the kids. They enjoy using their time off to be with their families or on a tropical vacation getaway. There is a split divide between the political parties of these customers; some are Republicans, while others are Democrats. They do not watch TV much, but when they do, it is mostly news or crime dramas. Their jobs are very successful in terms of finance. Therefore, they drive really nice, expensive cars. A lot of them drive a Mercedes Benz or Range Rover, which are either black or white. All in all, they have a great job and life full of leisure outside of work.

I have a lot of things in common with my customer avatar. I want to own a Mercedes Benz, particularly a white one. My fiancé has actually put in an order for a 2021 Mercedes Benz for my 21st birthday in July. Also, I want to have 2-3 children when I do decide to have children. I, too, do not watch much TV. I am more of an outdoors person. I hope to have a job that pays extremely well and I can afford luxurious vacations. I do not think it is a coincidence that I have similar traits to these customers. I believe people with similar interests will be attracted to those who have those same interests. Everyone has their own preferences about their hobbies and lifestyles and sometimes that overlaps with what you desire, too.

Elevator Pitch No. 2

https://www.youtube.com/watch?v=_hLYmlnkAd8

Reflection:

From the feedback on the first elevator pitch, I was surprised to see how well I did. I personally thought it did not go as smooth as I have wanted. I am not the most knowledgeable on the business concept I have proposed. I know enough about it in order to explain it to others. My peers, however, thought I did an amazing job on the first pitch. I believed I spoke fast and did not articulate my words clearly, but that was not the case. All of the feedback and critiques were sound and very supportive of my attempt at the elevator pitch. Everyone’s feedback was useful and insightful. I just need to keep giving the elevator pitches as my natural self and I will be successful from here on out. I took public speaking last semester, so the skills I have learned really helped me out with these assignments and alleviated any nervousness.

Changes:

I did not have to change much after hearing the feedback on the first one. I practiced my pitch multiple times before giving the final one. I do this so I am comfortable and well prepared throughout the pitch. It allows to give the pitch fully without having to stop and think about what I am going to say next. I did this same method for the first pitch.