Assignment 28A - Your Exit Strategy

28A - Your Exit Strategy

Once my company gets off its feet I intend to sell it, but keep shares in it. While I would love to stick around and see where it goes, I also intend to be a wife and mother and that is my main priority. I would say this would occur within the next 10 years.

This strategy ultimately did impact the way I built the opportunity. I never saw my time investment being long term because, as I mentioned prior, I always had the intention of being a wife and mother first. Ideally the sale of this would make enough money to allow my family to live comfortably, and I can still keep a watchful eye while holding the shares.

Assignment 26A - Celebrating Failure

26A - Celebrating Failure

• I fail a lot more than I like to admit and ironically, the thing I'm most afraid of is being considered a failure. The most recent time this happened was actually last Saturday. I was running an event that I wasn't exactly prepared for, and attendees noticed some problems that occurred. Some of these problems were my fault, either by lack of direction or change, or just the wrong idea altogether. I marked it off as a failure, not only in my eyes but also my bosses' eyes. I received a long lecture and am under the microscope for quite a bit now.
• What I learned from it is that regardless of what you have going on you can't let your life get the best of you. I can't sacrifice my job for the well-being of my family. There's system of balance but sometimes you need to make a choice. I also learned that there really isn't anything you can't or shouldn't come back from. Just because I made this mistake doesn't mean I will wallow in it. If anything it will just push me to work harder so I can regain the status I once held in my bosses' eyes.
• Failure is by far the most difficult thing for me. I'm horribly afraid of being labeled a "Failure" so often times I play the road safe rather than taking risks. It's embarrassing, it's hard and if you're not strong willed, the consequences often seem like there is no end in sight. Emotionally, I can't handle it. I cry and I get frustrated behind closed doors but physically in the moment I'm very level-headed and push  my way through the situation.
• This class has taught me that perseverance is the key to success regardless if you fail. Will I take more risks because of it? Probably not, but I think it just stems down to my fear of losing.

Assignment 21A - Reading Reflection No 2

Assignment 21A - Reading Reflection No 2

Makers:  The New Industrial Revolution

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

           The general theme was that the younger generation of people are no longer making things but are instead working alongside technology to produce results. The author talks about his grandfather who made a living off of creating things with his hands versus the newer generation's view on production and what they're actually making.

2. How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?

           The author describes the difference in entrepreneurial spirit between what used to be and what is now. It makes the connection that while nowadays people are considering "Entrepreneurs" because they are still creating something and building something, it holds a different weight as 50 years ago when you had to physically produce something with your hands rather than software or some form of technology.

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

           I would actually run a strategic exercise to see how many people's Ventures are actual products vs how many are web-based. I, myself, have a web-based software that solidifies Chris Anderson's argument, about the shift in what and how things are being made, so I would be intrigued to know how many people my age have a different way of thinking.

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 generational gap. I always knew that there was a difference but I didn't quite understand how vastly different my generation vs my grandparents generations actually think. It is noted that our parents/grandparents etc are more interested in working with their hands while this generation's "working with our hands" is programming something digital.

Assignment 20A - Growing Your Social Capital

Assignment 20A - Growing Your Social Capital

Matt Hench

COO and Co-Founder, Shiftnote

• Matt is the Owner of another Software Company called Shiftnote that is a hotel management software. It's also a scheduling platform.  He has an extensive background in Restaurants and hotels.
• Domain Expert, Owner of a successful company similar to the product I'm looking into. Would be considered a competitor.
• I was familiar with Shiftnote from working at my former hotel, so I looked on LinkedIn and found the highest ranking person. I was fortunate to receive a response.
• He gave me some advice on my Venture Concept. I showed him my idea before submitting it (since I'm doing things out of order) and he gave me some feedback on how to tweak it.
• Befriending the competition!! 

John Cola,

People & Restaurant Manager, Ethos Greek Bistro

• John is the People & Restaurant manager of a local mid-sized restaurant that I frequent. He deals specifically with the day-to-day operation and vendor outsourcing. 
• Market Expert; With his background he literally lives and breathes the market.
• I have a close friend who works at the restaurant and she provided the introduction.
• I showed him my first Elevator Pitch and he gave me feedback on both the product and the pitch itself. He noted that my product was good I just need to work on my sales tactic.
• He will provide me with insider knowledge from the other side of the industry.

Cheryl Duke,

Director of Technical Delivery, American Express

• Cheryl provides Credit Card Services to Restaurants. She oversees her team who are experts in the communication.
• Supplier
• She is my best friend's dad's former boss.
• Cheryl gave me advice on selling tactics in the restaurant industry to partner with my interaction with John Cola from Ethos.
• Outside perspective on the best way to get into the industry.

Reflection: This exercise gave me insight into questions to ask next time I am involved in a networking event. It's all about making the most of the interaction. It differed from my previous networking experiences because I had a reason for reaching out to these people. In the past I had just kind of been talking to people with no purpose.

Assignment 17A - Elevator Pitch No 2

Assignment 17A - Elevator Pitch No 2

A lot of the Feedback I received noted that it seemed like I was giving a speech as opposed to an Elevator Pitch, so I tried to tailor my newer pitch to be more "Sales"-y. I also received feedback that the anecdote in the beginning was good but too long so I trimmed it down slightly. I also updated my pricing spectrum to reflect the actual pricing I decided on.

Assignment 19A - Idea Napkin No 2

Idea Napkin No 2

1. You.

Me. Hi, hey, hello. I'm Alexandra Gattuso as you all have already realized. I'm a 24-year old Event Coordinator out of South Florida. I gave you a lot about my background in my first Idea Napkin, so I won't waste your time explaining much more. I've found that the biggest thing about me is my resiliency, especially as I'm sitting here during one of the hardest points in my life trying to talk about what makes me a good fit and sets me apart from others. Ironic. I'm validated by how I'm viewed by the people close to me- my bosses, my family, etc. and my family is my driving force. I aspire to one day be as good a mom as my mom and her mom before her. As I mentioned in my previous Idea Napkin, I plan to specifically be involved in the beginning, but as things take off I would take a step back and let the experts do their thing.

2. What are You Offering to Customers?

Not much has changed on this front. I'm offering a product/service that will ideally aid in correcting a restaurant's communication problems between their staff and management. Not much has changed in terms of the physical product, however based on Feedback I have adapted the product to include a Base Version that will broaden the market to those who don't need the personalized assistance in implementing a standard operating procedure.

3. Who Are You Offering it To?

Specifically mid-level restaurant owners/operators that are in charge of franchises or mid-sized privately-owned restaurants. With the addition of the Base Product, I am able to expand my market to smaller restaurants or other restaurants looking to solidify their operating procedures that aren't in need of a personalized operating procedure.

4. Why do they care?

This idea has not changed from my first Idea Napkin. They care because it ultimately affects their day-to-day operation which in turn affects their revenue. The communication system helps to talk about things that need to be notified of immediately before having a complaint and needing to explore options for compensation.

5. What are your core competencies?

Again, this one is a hard one to answer right now. But I'm going to say the same as what I said in the first Idea Napkin. My background and experience is the most notable thing about me in relation to this business idea. I have first-hand experience as to how operations in restaurants and the like run, so I will be a valuable resource for information.

--

Feedback Memo:

One thing I took away in terms of feedback was the idea to simplify the process. This is where the "base version" came in to play. The feedback I received stated that not everyone would want the personalized system so the base system would be a great tool for them. The second was the expansion of the Market to accommodate smaller and also more well-established markets to connect with the Base version of the product.

Assignment 18A - Create Your Customer Avatar

Create Your Customer Avatar

This is Nick Syriopoulous, a third generation Greek-American born in a suburb of New York in 1964, commonly referred to by his friends simply as "Nick the Greek". Growing up, Nick's parents owned a local Restaurant specializing in serving "Authentic Food from the Mother Country" and he grew up in the environment from a very young age. He'd work the cash register while his Father whipped up his Yia Yia's recipes.

Nick has two siblings: a younger sister who married rich and fulfilled the ideals of every second generation Mediterranean family and an older brother who is a very successful doctor. They both have 2 children leaving Nick with 3 nieces and 1 nephew. 

Nick decided to follow his parents and open up his own Greek restaurant after moving to Florida, hoping to keep the spirit of his family alive through his business. He is unmarried, as he tends to be a workaholic but enjoys his free time at his condo on Fort Lauderdale Beach. He drives a Maserati convertible and is somewhat of a local celebrity in the area due to the popularity of his restaurant and the connections he has in the industry.

Nick's restaurant (adequately named Nick's Greek Bistro) became a successful operation and has been succeeding in the local area for years, however over the last two years he has run into issues between his management team communicating with his staff. He has given over $100,000 in compensation in the last year alone, so he is searching for alternatives to ease the pain of compensation. Originally he attributed it to locals becoming more fussy, however he is beginning to wonder if it is an issue in his internal operation.

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What do I have in common with the avatar?

Funny enough, I don't have anything in common other than I live in Fort Lauderdale and have a family background in hospitality. Nick is based off a mixture of people I know, have seen, and know of in the local area, but I don't actually have much in common with him. 

Assignment 15A - Figuring Out Buyer Behavior No 2

Assignment 15A - Figuring Out Buyer Behavior No. 2

          Overall, all three interviews provided significant and different feedback about purchasing/subscribing to my product/service. The general consensus between the three was that ultimately the product would be helpful to my market, however it may be a difficult sell if I don't pitch it correctly.

          In my first interview, it was concluded that the best tactic to gain traction is from Business to Business. My target audience is ultimately restaurant owners and operators, and since they are all busy people it is expected that I would be selling to them in person. This would be a traditional method of business agreements by setting up meetings, discussing options and then signing a formal contract. My first interviewer noted that they don't believe I would receive much business from online transaction or simple marketing. Aggressive sales would need to be a driving force.

          In the second interview, they noted that what they would look for in a business like this that would encourage them to purchase the product is results and data. They noted that you can promise things all day long but until you provide physical evidence and success stories it would be a difficult sell. Considering my product is service-oriented, we would need to provide case-studies in which our training techniques worked and customer testimonies to promote it. 

          The third interview proved the most beneficial as it outlined what would validate the subscription as being the right choice. Ultimately it came down to data as well. Positive change and results whether it be through a performance analysis or satisfaction surveys are going to be the tell if they felt the service was worth it. 

           All in all, the consensus that was reached was I need to be heavily data-focused to be able to survive in my market. I would have a hard time selling it from the beginning if I don't speak to the right people and pitch it in the right way and many companies will choose to ignore me unless I can provide specific data and testimonies.

Assignment 25A - What's Next?

What's Next?

Existing Market

What I Think is Next:

The Market that my Training Platform and service is currently affecting is that of the Mid-size Restaurants.  They can opt in to one  of the higher programs to get the most out of the service by receiving a personalized training operation and schedule initiative. Something that I could look into next is a Base version of this product which will appeal to smaller, more established restaurants

that won't particularly need assistance in their implementation of an Operating Procedure.

Existing Market Interviews:

Interview 1:

Q: What do you believe is next in a venture like mine?

A: A physical product you can place in someone's hand. A lot of people don't see value in something they can't feel.

Q: After hearing about my company, what should we be doing that we aren't planning to do?

A: Market it to larger Restaurants and locations. There's more of a market there than you think.

Q: Do you think that having a Base portion of this product will benefit my market?

A:  I think it broadens it now that you have an idea for more established restaurants.

Interview 2:

Q: What do you believe is next in a venture like mine?

A: Broader spectrum. You can move this into other hospitality functions such as airports, movie theaters, etc.

Q: After hearing about my company, what should we be doing that we aren't planning to do?

A: Thinking about the competition in a market like yours. There's lots of things out there like yours, you just need to compare and benchmark them and figure out what sets you apart from the rest.

Q: Do you think that having a Base portion of this product will benefit my market?

A: Yes. Every operation is different and some will like having something more standardized overall.

Interview 3:

Q: What do you believe is next in a venture like mine?

A: Optimizing each level of product you have. Make sure you're getting the most for the customer's money and that they feel they're receiving the max benefit.

Q: After hearing about my company, what should we be doing that we aren't planning to do?

A: Ensuring that you have a good process. The customers will notice if something isn't working, and everything ends up coming down to them.

Q: Do you think that having a Base portion of this product will benefit my market?

A: Yes, but I don't think it will be as detrimental as you think.

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Reflection:

            Overall I received some good feedback about the next step into my venture. The three opinions I received stated that while the idea of a Base version of the product will be nice for simplicity's sake, there may be consequences and results I'm not entirely aware of.

            The first interviewee stated that it would be a good option as it would expand the market I am already targeting. My current target is mid-sized restaurants that are often franchises and they believe the base version would broaden the market to smaller or more well-established restaurants that are just looking for something solid to put into place.

            The second interviewee noted that every operation is different and that the base option would be a good fit for that reason, while the  third countered with an argument saying that although this seems like a good idea, it may not have as significant of an impact on the market as we think.

            What I've concluded from these interviews is that I will need to do research on the cost benefits of the Base plan to ensure I'm getting the  most and the customer is getting the best bang for their buck, however ultimately it will pave the way for more customers.

New Market

What I Think Is Next:

Hotel Ventures. In many large and upscale hotels, there is an independent restaurant either in the lobby, pool or other area of the hotel. While this would be great for those restaurants in particular, I could see the product and service growing to affect all aspects of the hotel. This could be related to Front Desk, housekeeping, restaurants and Guest Services working together to cohesively notify and ensure clear and effective communication throughout the operation.

New Market Interviews:

Interview 1:

Q: How do you think my product will help customers in your side of the industry?

A: I think it'll help to provide a cohesive way to communicate with each other. A lot of times one department doesn't notify the other and things often get missed.

Q: What kind of adaptations do you think I should make to adapt to the new market?

A: You'll need to more clearly define the training process and scale it to be relevant to each department you're attempting to train. 

Interview 2:

Q: How do you think my product will help customers in your side of the industry?

A: I think it will help immensely in having a singular place to put all necessary communications. Too many properties function solely off e-mail and it's so easy to get things lost in there.

Q: What kind of adaptations do you think I should make to adapt to the new market?

A: I think you should not only work on implementing the operating procedure from line-level to management, but also as a team from management to management department-wide. In my opinion, it's just as important to have the managers understand each other as well.

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Reflection:

My interviewees were both very open to hearing my ideas about bringing my product into the hotel industry. They brought up some good points about scaling the relevancy to each affected department as they all operate similarly but differently. Ultimately, I believe the move into the hotel industry would be a good one that would be more beneficial than anything.

         I am now looking more forward into venturing  into this side of the industry as I feel it has a lot of untapped potential, particularly in the business-class hotels such a Marriott or Embassy Suites. Having a hospitality background myself, it will be simple for me to adapt the processes and training to benefit the individual department rather than just a restaurant.

Assignment 24A - Venture Concept No. 1

Venture Concept No. 1

The Opportunity

It's probably happened to everyone: you walk into a restaurant and the server seems like they have an absolute disconnect between the actual function of the restaurant and what is being communicated to you. Sometimes it's not the server's fault; sometimes it is. Regardless of the circumstance it ultimately stems down to a lack of communication or understanding between operational management and their line-level employees. There's often minimal Standardized Operating Procedures outlining something like communication as it's often overlooked as not requiring it. It may not be as prominent in small "Mom-and-Pop" type restaurants and often the higher-end ones require immense training and experience before you're even granted an interview. But those mid-sized, often franchise-owned gems that through their sheer reputation bring in hundreds of patrons daily, is where you find the strongest disconnect. 

Forces & changes affecting this opportunity:

• Advances in technology
• Generational changes
• Shift in restaurant culture trends (ie. the "foodie" atmosphere)
• Private Events

Geographically, this is Nation-wide and affects generally all demographics in terms of how the patron is affected.  Those affected directly by the opportunity with the exception of the restaurant patron is the restaurant itself. 

Currently, platforms and restaurant-based Standard Operating Procedures are in place, as is the direct ignorance of the opportunity itself. The problem still persists, on a large scale, so ultimately as a restaurant owner/manager, any new problem solver should be looked at.

Communication is a "window of opportunity" that never closes as it is consistently and constantly adapting to the surrounding environment. While this may not be the fix, the opportunity will always be there and will be dependent on strong solutions.

The Innovation

The idea that having a service that goes into restaurants provides them with a centralized online platform that communicates directly with all servers, cooks, bussers, etc. smart devices (because let's be real, nowadays every not only has them but uses them while on shift) to notify of changes and things that needs to be communicated. Aside from the platform, my training team will then go into the restaurant, train the staff on how to use it and together come up with a operating procedure that can help to implement the new technology and processes. The team will consist of experienced trainers that have had previous experience in managing restaurants or the hospitality industry, providing a knowledgeable and first-hand experience. Through the idea of a "pow wow", line level employees will work alongside managers to develop a procedure that works best for them collectively, allowing everyone to feel as though their voice is being heard.

Following implementation, we will do "wellness checks" a few months at a time to see how everything is going. If things need to be revisited, they will be addressed or explained further.

Add-Ons:

• Manager Training
• Scheduling Software
• Individual Follow-Up Evalutation
• Leadership Training

One unique perk of our services stems from the idea "Less is more". Sometimes, a company won't need everything the service has to offer, so instead they'll opt for a base package- the Online Platform and a Standardized Operating Procedure put together by our team. This would benefit franchise owners in chain restaurants as they know they will all be getting the same product.

Pricing Breakdown:

• Base: $19.95 per month with one-time Standard Operating Procedure Fee of $50
• Silver Level: $29.95 per month with one-time Personalized Standard  Operating Procedure Fee of $150
• Includes: Platform, Personalized development of Standard Operating Procedure and Follow-Up Evaluation
• Gold Level: $39.95 per month with one-time Personalized Standard  Operating Procedure Fee of $150
• Includes: Platform, Scheduling Software, Personalized development of Standard Operating Procedure and Follow-Up Evaluation
• Platinum  Level: $69.95 per month with one-time Personalized Standard  Operating Procedure Fee of $200
• Includes: Platform, Scheduling Software, Personalized development of Standard Operating Procedure, Implementation Assistance, 2 Follow-Up Evaluations
• Manager Training Add-On: $250 per seminar
• Scheduling Software a la carte: $14.95 per month
• Individual Follow-Up Evalutation a la carte: $75 
• Leadership Training: $300 per seminar

The Venture Concept

Imagine a solution to all this in something as simple as a "Train the Trainer". The Innovation I derived isn't particularly something life-changing. In fact, most average patrons may not even notice it's effect- which is the beautiful part of it. As a patron, you ultimately go to a restaurant with whomever your with to have an experience with them. The restaurant is the location and ambiance, while the company is providing the memories and the laughs. The staff is there to ensure it all runs smoothly, acting as a guide to make your experience at the restaurant meaningful. When it comes down to it, if you didn't notice something about the server, isn't that what makes it good? When you have "flawless" and "seamless" service, it means there were no hiccups (or none that were noticed), so by eliminating these hiccups your consumer satisfaction immediately skyrockets.

"Hiccups" can be broken up as something as simple as the server not being aware of an "86-ed" item to something as large as an overlooked food allergy. 

The Three Minor Elements

The Secret Sauce: Customization. Effective Customization. 

           Other companies have a hard time doing Customization well. We don't. Since all of the trainers have a background in what they're training, they've not only seen it but done it and can guide our clients in the best and most effective direction while still driving the idea of personalization.

What's Next?

            Expansion into larger industries, such as hotels or Meetings. A lot of customer service-oriented roles will see a benefit from something like this, and I would like to see my Platform and Training begin to assist not only Hotel Restaurants but also their Front Desk, housekeeping and other departments.

What's Next For Me?

            After spending some time on the floor and physically doing the training myself (because I ultimately get bored of sitting behind a desk all day and  I hate sales), I would love to spearhead the Hotel movement. I have a very expansive work history with hotels and they fascinate me. Following that, once we are a grounded and stable company, I would like to sell it and live off of what I make from that so I can be a stay at home mom (eventually).

Assignment 23A - Your Venture's Unfair Advantage

Assignment 23A - Your Venture's Unfair Advantage

1. Customizable Experience

       V: Allows the customer to feel they're making a decision

       R: Somewhat Rare

        I: Somewhat Imitable

       N: Non-Substitutable

2. Trainers With Restaurant/Hospitality Background

       V: First-hand insight and speaking from experience
       R: Rare
        I: Somewhat Imitable
       N:Non-Substitutable

3. Personalized Training to Fit Needs

       V: Not every organization is different
       R: Somewhat Rare
        I: Imitable
       N: Substitutable

4. Simple Methods for Those Not Wanting to Customize***

       V: Simplicity; For less complex operations, they may want something standard
       R: Rare to have both options
        I: Imitable
       N: Non-Substitutable

5. Personalized "Home Base"

       V: Online location to share training tips and efficiently communicate
       R: Not Rare
        I: Imitable
       N: Substitutable

6. Add-Ons For Enhanced Experience

       V: Customization
       R: Not Rare
        I: Imitable
       N: Substitutable

7. Training Based off a Culmination of other effective training mechanisms

       V: The best of the best ideas
       R: Not Rare
        I: Imitable
       N: Non-Substitutable

8. Personalized Standard Operating Procedure for implementation

       V: Based off needs and wants
       R: Somewhat Rare
        I: Somewhat Imitable
       N: Non-Substitutable

9. Consistent Follow-Up Practices and Training

       V: Not just a one-time-deal, follow-ups and continuous connections
       R: Somewhat Rare
        I: Imitable
       N: Substitutable

10. Manager Training

       V: Promotes further understanding
       R: Not Rare
        I: Imitable
       N: Substitutable

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My top resource is the fact that I also have a simpler version of the product. Instead of the fully customizable version that is marketed, companies may choose that a simpler more standard version of the program may fit them. This is a valuable resource because it widens the customer group to which would find this product appealing.

Assignment 14A - Halfway Reflection

Assignment 14A - Halfway Reflection

"Tenacity"

1. Tenaciousness is a competency. Some of the behaviors I picked up that helped in maintaining this course I actually already had because of my current strict deadline-based job. A lot of it is setting goals for myself and actually seeing these goals to fruition. I usually start small by completing small portions of a large project with a timeline. I also leave myself a little wiggle room where if I am not able to complete something because something comes up or I just don't feel like doing it, I have some time to make it up without affecting the overall schedule.

2. Tenaciousness is also about attitude. I feel like giving up rather frequently. I have a lot of moving parts in my life and sometimes when one thing takes more of a precedence than the other it's hard to keep up with the others. It can be difficult to remain positive and not let it overwhelm you, but I think ultimately the best thing for you is to feel those occasional moments of feeling utterly consumed because you learn how to overcome it. The past few weeks I have felt this way as my grandmother suddenly passed away and I had to step up and be there for my mom during a time of immense struggle. My family started fighting as they were grieving and planning my grandmother's funeral and it all got to be too much, so I had to actually back-burner my schoolwork and focus on my family and maintaining myself during the busiest month of the year for my job. Ultimately, as things calmed down and I was able to screw my head back on straight, school fell back into place which led me here. It's easy to get lost in the madness- but if you keep looking straight ahead and moving forward (even if you're dragging your feet) eventually it will pass.

3. Three Tips. I mentioned one before- keep moving forward even if you're dragging your feet. Learn from those around you and don't hesitate to ask for advice. Always remember "This too shall pass".