The Twenty Percent

The business I chose is the Eclectic Cafe in Memphis, Tennessee. The owner was busy and not sitting when I interviewed him, so I was not able to get a video.

The customers of Eclectic Cafe are generally young students, with some other types, according to the owner. Located walking distance from Rhodes College, a large amount of the customers are students from the college. "We have free wifi and kick-ass food so most of the college kids come between classes or after class." Since the food is so "kick-ass," the cafe draws in a lot of locals and tourists as well, however most of the crowd are college aged. Like most college kids, they consume all forms of social media, as well as the outputs of the college they attend.

I tried to interview customers that looked like they were different in order to get the best array of answers. Luckily, I found a table with a college aged man (Rhodes college jacket on), an older woman looked to be about 50-60, and then another guy who seemed to be about 25-30. I later found out they were locals the woman was the mother of the 2 boys, one was in college, the other had graduated and was back in town. They all agreed the main target group was college kids, as location and wifi are crucial in a college kids life. The mom said she really loved the food and always picked the cafe as the meet up destination for her and her sons. The older son said the cafe has been around since he was in school, and that him and his friends would often go between classes because the service, food, and amenities are incomparable to any other place in the area. The younger son said that since the cafe has been around for so long, and the emergence of technology that makes getting food easier has caused the cafe to be more of a treat, than a constant thing. 

I think the owner has a pretty good grasp on his base and their needs. Based on the comments of the younger son, the owner might want to find a way to revitalize the cafe being a student center like in the older brothers time. Social media check-ins or creating a more active page can help, as well as making deals for student IDs or through the college. 

Half-Way Reflection

Being an online class, one of the most important skills a student needs is discipline. A student must have a lot of discipline if they want to be tenacious and a successful entrepreneur. This class has challenged my existing level of discipline and continues to grow it. The "loose" schedule and self-grading system really leave a open platform to grow and learn, however this also leaves a lot of responsibility to the student. Along with my other classes, I find that this class can sort of "hide" in the background, unless you keep track and have a high amount of discipline.

During the first interviewing customers assignment I felt like giving up. I had two tests, one of which was managerial accounting and the other I had not studied for as managerial took all my time. I felt like breaking and dropping my course load down to 12 credits. After some self-reflection, I realized I am not one to cower or give up so I stayed in the class. I feel life, as well as this class, has given me a very tenacious attitude and a lot of drive. I always work hard and never want to give up or quit.

My 3 tips are
1. Don't let bumps in the road ruin an otherwise nice smooth path. In life nothing can be perfect and understanding that failure is in fact the best path to success is crucial.
2. Don't doubt yourself. Mistakes can cause a negative outlook which can make things crumble, so stay positive, make them happy mistakes.
3. Have fun. Tenacity can only come when you are having fun, or really want the goal. You have to understand that forcing oneself to do anything when not happy will surely lead to failure.

Week 7 Reading Reflection

1. A big surprise for me was the authors mention of how wars help push inventions and products to boom. The author used the example of World War 2, and the economic boom that followed. Even though wars are bad, a positive that is over looked is the oncoming business boom.

Free Money

I plan to go in the parking lot along fraternity row, as I feel people getting in their car or busy getting to their next location. I plan to approach anyone I see until the five dollars are gone. To get the conversation started I will open very directly with a greeting and asking if they want the free dollar, then explaining the reason is for the high costs of college tuition. I think I will get 5/5 dollars, as its free money.

I am very surprised by my results. I was only able to give away 3 of the dollars, and two of them were to people who were walking that then sat on a couch outside. I am very surprised that many people denied the free money, I guess I over judged  the value of a dollar in comparison to a persons busy schedule or day. It was also interesting to see the popularity the assignment had gained and the amount of people who we aware of it, helping further shows the customers power.

Elevator Pitch No.2

Hi, I'm Donovan Vazquez, with DON Enterprises. We've seen a huge need for washed and dried clothes, while not having to move the clothes from the washer to the dryer. Our company picks up old systems, applies them as a credit towards the newer more beneficial system, delivers, and installs the system to your location. I realized my last pitch, through the feedback, of just the 2 in 1 washer and dryer, was simple pitching an invention that I did not create. The new company is an original full-service idea utilizing the lack of use in the amazing 2 in 1 invention. This feedback was crucial in formulating a more viable idea for my company. Thanks for watching!

Idea Napkin No.1

1.     I am Donovan Vazquez the Chief Executive Officer of DON Enterprise. I am a motivated worker, who always looks to lead teammates while also being a team player and listening to my peers. My entire life I’ve worked miscellaneous jobs like waiter or valet, these jobs gave me insight to different business models and also taught me the value of hard work. My business is a new 2 in 1 washer and dryer that we look to make a standard in modern homes. I see this business, should it start, collecting every ounce of my focus and every drop of sweat. I would like to see the 2-1 washer and dryers become a standard in homes that already have both.

2.     My business offers a 2 fold service. The first service we have is simply the education, sale, delivery, and installment of your 2 in 1 washer dryer. A representative will make house calls or representatives in department stores will advise the customers and guide the process. The second element of the business is collecting the old washer and dryers as sort of a trade in for the new 2 in 1 system. The ease of the 2 in 1 system, coupled with the incentive of trading in 2 or 1 of the customers old systems for credit towards the newer easier washer dryer combo is a benefit to the company and customer.

3.     We offer these systems to a wide array of customers. An industrial sized 2 in 1, and a coin laundry 2 in 1, can allow us to sell to big laundromats that already exist. Additionally, we will sell most of the systems to homeowners who already have old separate systems, while also educating new homeowners and buyers of buying the 2 in 1 system instead of separate ones.

4.     Customers will pay money for two reasons. The company would be rooted in customer service and the ease of working with the company will make customers more inclined to buy. The second reason is the main 2 prong business model allows for optimal revenue while also aiding customers in the transfer to our newer more efficient system. The hassle of having to switch clothes between cycles, and time your daily activities around the switch is no more. The 2 in 1 system allows for one drop-off of dirty clothes and one simple pickup of your washed and dried garments.

5.     Again, our superior customer service, much like Apple and Amazon, will set us apart from other methods of purchasing a washer and dryer. Our “old system out, new system” in plan adds an easier option to customers other providers cannot complete.

I think the elements I have fit well together. The existing model is a recipe for success and the target markets are well planned and easily attainable. I really think this company can make the conventional methods of getting a washer or dryer, and buying separate systems obsolete. One thing I would like to work on is bettering ways to reach out to the customers and homeowners that other companies do not use. With hard work and focus, this business plan will be very successful, while also helping the worlds simple tasks become simpler.

Interviewing Customers No.2

Elevator Pitch No. 1

Hello, my name is Donovan Vazquez, my company DON Enterprises has seen the difficulty in having ones clothes washed and dried, without having to move ones clothes and do more work. Our solution is a 2 in 1 washer dryer that would eliminate this tedious annoying task.