Venture Concept No. 2

1. My Venture Concept

OPPORTUNITY

The opportunity is here. The customer base includes hundreds, if not thousands of UF students and surrounding campus residents who are in need of more parking spaces. The customer base is however not limited to these residents and students, but extend as far as to include traveling guests and UF faculty and staff in the surrounding area. Due to the drastic increase in apartment complexes, the amount of people in one area is too large and is surpassing the available parking spaces. Geographically the market is condensed to the Northeast portion of the UF campus. Currently customers are having never ending parking issues, such as getting towed and receiving tickets for trying to park in areas that are not allowed. They are loyal to their current parking spots if they are lucky enough to have one. Parking is something that cannot be avoided if you have a car, and even if you don't have a car, knowing that more parking will become available could motivate even more students and customers to bring their cars and essentially motivate even more business. This window will be open until another investor claims the land for the designated parking garage. 

INNOVATION

The idea of a parking garage itself is not an innovation; however, in this area where parking seems to be almost obsolete it can be considered innovative. There can be potential room for innovation if the investor and builders decide to make the parking garage a smart garage and allow for different features to technologically advance the garage. Innovations such as a screen at the bottom showing the number of current available spots can help customers when they are deciding to park or not. The profit in this parking garage will come from the sale of parking permits either for a semester or even hourly depending on how the investor decides to sell. Hourly rates can go anywhere from 50 cents to 5 dollars an hour and to remain competitive, semester prices should be anywhere from $120-160 a month. 

VENTURE CONCEPT

This parking garage would substantially help the parking issue in Gainesville. Building this garage, would not have customers switching from one brand to another but rather parking in a more convenient location. Customers will choose this product because of its convenience and price point. The competition is not physical but geographic. The only weakness and possible competitor is the Standard parking garage which is in close proximity to the potential new lot; however, these parking spots are only offered to residents of the standard. Customer support and experience is essentially not an issue because as long as a parking garage offers parking at all times, it is serving its full purpose. The best part about this parking garage is that once it is built the true work is done, it will be sitting income as people pay for their spots. After the initial sign up and payment step, the business portion is done. 

UNFAIR ADVANTAGE

Given both the location and customer base of this potential project, the advantages that will come from building this parking garage is truly unfair.  The location of the potential parking garage is by far the most useful resource. This lot has the perfect location and surrounding businesses to ensure a full parking garage and plenty of potential income. In addition to this tangible advantage, this product also has community support and already an eager client base. Before even beginning this project, it is safe to say that the community and clients are ready to begin this project. This support is extremely important when convincing investors to invest in this project. 

NEXT VENTURE

Beyond the parking garage, this project can be extended even further to open the first ever scooting parking garage. In addition to this, the roof of the parking garage can be converted to potentially have solar panels and used for energy across campus. In addition to the eco friendly solar panels, the parking garage could also include green walls which promote cleaner air. These parking garages can also begin to expand across empty lots in Gainesville, as every time a new garage is built a more efficient route to building can be found. 

NEXT 5 YEARS 

Assuming I go ahead and launch this project, I don’t think the life goal I had in mind would change. Since a young age I have wanted to be a plastic surgeon and having the money readily available will make it even easier to attend medical school. That being said having this hands on business and entrepreneurial experience will definitely be to my benefit in 10 years and beyond as I hope to open my own practice. I think if I were to launch this project I may even continue to dabble in investments that are essentially sitting income. 

2. Feedback

So while working on this I think I discovered that my commenting settings were limited to only those subscribed to my blog not to the whole public. Although I did not have peer reviews I had my roommate read it. Based on her feedback I needed to clarify a few points that did not make sense. Overall she said that she can see the potential this project could have and said that if anything the innovation ideas may have been a little too far reach given the probable budget and fast and shoddy construction in Gainesville. 

3. Changes 

I definitely agreed with the clarification issue. I had a lot of run on sentences and statements that made no sense. I chose not to alter the innovation section even after hearing her feedback because I think these slight additions could be what sets this garage apart from all the other construction in Gainesville. I also think that given its possible longevity that features like solar panels will be worth it in the long run. I did however choose to add a possible eco friendly feature pictured below after seeing what Standard did to their walls. 

4. Photo

Final Reflection

1. So after going through all the assignments I think in the weirdest way my favorite and least favorite was creating the bug list. I thought this assignment was actually really fun to create but at the same time once I got to the last few I was digging into my brain for the final ones. Aside from the few introductory ones, I really enjoyed essentially seeing a whole entrepreneurial experience through. From the start up of the business to 5-10 years after, it really simplified the whole business world to me. I'm pre-med and don't really understand many entrepreneurial aspects so it was cool to think of things in a business perspective through this class. 

2. Through this class it really tested my procrastination and ability to stick to a schedule. Most of my classes I have been in haven't had weekly assignments but more of only a few tests throughout the semester. So to have assignments every Friday and Monday was challenging for me and I even forgot a few, however this taught me to always check canvas and to set reminders. At the same time I also really liked virtually meeting the other students in my groups and seeing how differently everyone interprets things and how they think. 

3. I can confidently say that I have gained an entrepreneurial mindset throughout this class. Different assignments taught me how important every aspect of a business is. Most above all this class taught me the importance of knowing your customer base, which I truly didn't think to be that big of a focus for entrepreneurs. 

4. Since the hardest part for me was to remain on schedule I would suggest that students do as many assignments as possible in the beginning of the semester. Aside from this I would suggest for students to maybe even create a log of their business that includes all of the aspects of their business, this would be both for reference when writing other assignments but also so everything is in one place. It's easier to see what needs to be fixed or added if everything is in front of you. 

My Exit Strategy

1) After 5 years with my business I intend to remain in the business and keep my portion of the parking garage. I would stay in this business until the parking garage were to be taken down. I would definitely pass it down to my children as well. Even after the parking garage were to be taken down, the value of land would still be there and would most likely have increased even more as Gainesville is currently in a growth period for its real estate. 

2) I have selected to remain as a partner in my parking garage because at the end of the day any form of real estate is a long term investment. Something like a parking garage will never really go out of style like some apartment building may experience with new competitors joining the market. Even if the parking garage were to be knocked down there is still value in the land itself. Additionally, a parking garage has little upkeep but is continuous income, so remaining in this market would be beneficial with extremely little work in return. 

3) I think my exit strategy has had some pull in my other aspects of the business plan. My mom is a realtor and taught me the importance of land and its long term investment value, so when thinking of my possible product land was first in mind. It also drew more importance because something like this can be reused time and time again as long as the land is still owned. 

Reading Reflection No. 3

1. What was the general theme or argument of the book?
The book I chose to read was "The Art of Social Media" by Guy Kawasaki. The general theme of the book is explaining how one can best manage their social media under today's pressures and expectations. Kawasaki gave multiple tips and strategies for both personal and business accounts, emphasizing how social media can be used as your platform to express yourself to the world. Kawasaki emphasizes how social media can be extremely beneficial and game changing in a company and individual's professional success.


2. How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?
The book enhanced what I've learned in this class in multiple ways. The biggest connection between the book and this class is understanding who you truly are as both an entrepreneur and a product. In order to create your social media platform you must understand your best angle. Similarly in order to properly go about designing and marketing your product you must best understand your strengths and weaknesses and move forward from there. Just as an entrepreneur who best understands themselves and their products social media can be life changing.


3. If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
If I were to create an exercise for this class based on this book, I would have students create a fake social media account of their choice. In this social media platform the student would be responsible to best represent themselves with 5 posts. Since most pages people will only look at the top most recent posts, this shows the importance of every single post. Using Kawasaki's tips and tricks the students would have to most effectively create their social media platform.


4. What was your biggest surprise or "aha" moment when reading the book? In other words, what did learn that differed most from your expectations?
The biggest aha moment when reading this book was Kawasaki describing exactly how beneficial social media is. I didn't think social media had such a presence in the older generations considering customers like my moms age don't fully understand social media enough to base all their decisions on it. This however made more sense when understanding your customer base before making your social media.

Celebrating Failure

1) Procrastination tends to be my silent killer. This semester my procrastination definitely led me to fail. I was planning on running for president of my Panhellenic chapter. I knew the date of the election and I knew that I had to be in Gainesville on this specific date. The weekend before elections I went to buy my bus ticket back to Gainesville and every single bus was sold out. This was coming back to Gainesville the weekend after Thanksgiving break, I knew the buses would be packed and my procrastination made me miss the elections. This was a definite failure on my part. 

2) I learned that my procrastination, although may work in some cases and allow me to thrive will at the same time be my downfall. I learned that its better to get things done earlier if I am certain about them then to wait. I also learned that its important to prioritize tasks and that pushing important things off until the end may result in a major failure. 

3) Failure is definitely the least fun feeling to go through. It makes you question your personal abilities as well as your future. Although failure is extremely unpleasant it also builds character. If it weren't for failures the successes wouldn't be so enjoyable and exciting. Failure also definitely shows you what character flaws you need to work on. At the end of the day without failure I feel that you cannot truly grow as a person and develop into your best self. I think after this class specifically I would take the same risks and make the same decisions that I would previously. If anything I feel like this class has taught me how to better prepare for big decisions and the complete thought process I should be having when making big decisions. 

What's Next?

EXISTING MARKET

1. After the completion of this parking garage, and once customers are using this garage we can begin to technologically advance the parking garage. Features such as: spots available screen, solar panels, and self cleaning features can all raise the value of the parking spots and increase profits. This project can also include scooter parking which will generate a lot of profit for only a small piece of land of the garage.

2. The first person I interviewed said that the next venture would be to find a new piece of land to build another garage on since parking is such an issue. The second interviewee said that a market like this is not really something that can be expanded upon but rather perfected in itself, she suggested that the garage be made as big as possible so as to promote the most profit. The last interviewee said also said that this market is not necessarily something that can have a next venture. Regardless of what they said they all agreed with my technological ideas and said this is the perfect way to revolutionize the parking market. 

3. The next step after this parking garage is not very clear. The most obvious next step would be to introduce technology into this parking garage and allow for new innovations that will draw a wider customer base to use this garage. Features such as solar panels and parking spot availability screens can both draw customers who are environmentally concerned, students who do not like to waste time in search of a parking spot, and for those who do not want to have to be stuck parking on the top floor without a roof.

The second most obvious path to take after this venture would be to open another parking garage in the surrounding Gainesville area. This does pose its challenges as this would require finding a new lot to build on that will also have a sufficient amount of possible clients. However this market is constantly expanding as more students are accepted and have vehicles to park. 

NEW MARKET

1. This same parking garage can also be brought to a different city in total. This same company who builds this garage can go to Miami, a extremely technological and advanced city with a melting pot of clients.

2. This same parking garage could be built in Miami and still be perfectly welcome. In this market having more technology and client friendly features, such as paying with apple pay or venmo.  

3. The first person I interviewed loved the idea of having a parking garage built in Miami, she said there is never any parking and most of the street spots that do exist require payment in coins which for most people is not easy. The second person I interviewed also loved the idea of having a garage being built in Miami but stated that given the tightness of the city might not be the most attainable. Both interviewees, loved the idea of convenient payment methods and stated that this along with the need for parking will definitely generate the necessary income after project completion. 

4. When thinking about parking problems, the second place that comes to mind behind Gainesville is Miami. The city is extremely overcrowded and constantly in need of more parking. My worry that the tightness might play a challenge into finding a lot was confirmed with my second interviewee and drew my attention to the need to find a lot before any more building is done. In addition I felt extremely reassured with the love for technology in Miami after interviewing both participants, I know that the need some people have to try the most new technology will draw customers in alone. 

I believe this market if approached in the right manner would be a perfect Segway from the market in Gainesville. This new market would prove the need for parking anywhere regardless of city size. I believe if a proper lot, which is the most important resource is found, that the rest of the necessary resources would fall into place and allow a steady income to flow in after project completion. 

Venture Concept No. 1

OPPORTUNITY

 The opportunity is here. The customer base is hundreds if not thousands of UF students and surrounding campus residents who are in need of more parking spaces. The customer base is however not limited to these residents and students, but can go as far as to include traveling guests and UF faculty and staff who do not live in the surrounding area. Due to the drastic increase in apartment complexes, the amount of people in one area is too large and is surpassing the available parking spaces. Geographically the market is condensed to the Northeast portion of the UF campus. Currently customers are having never ending issues, such as getting towed and receiving tickets for trying to park in areas that are not allowed. They are loyal to their current parking spots if they are lucky enough to have one. Parking is something that cannot be avoided if you have a car and even if you don't have a car, knowing that more parking will become available could motivate even more students and customers to bring their cars and essentially motivate even more business. This window will be open until another investor claims the land for the designated parking garage. 

INNOVATION

The idea of a parking garage itself is not an innovation. However in this area where parking seems to be almost obsolete it can be considered innovative. There can be potential room for innovation if the investor and builders decide to make the parking garage a smart garage and allow for different features to technologically advance the garage. Innovations such as a screen at the bottom showing the number of current available spots can help customers when they are deciding to park or not. The profit in this parking garage will come from the sale of parking permits either for a semester or even hourly depending on how the investor decides to sell. Hourly rates can go anywhere from 50 cents to 5 dollars an hour and to remain competitive, semester prices should be anywhere from $120-160 a month. 

VENTURE CONCEPT

This parking garage would substantially help the parking issue in Gainesville. Building this garage, would not have customers switching from one brand to another but rather parking in a more convenient location. Customers will choose this product because of its convenience and price point. The competition is not direct but geographical. The only weakness and possible obstacle is the Standard parking garage which is in close proximity, however these parking spots are only offered to residents of the standard. Customer support and experience is essentially not an issue because as long as a parking garage offers parking at all times it is serving its full purpose. The best part about this parking garage is that once it is built the true work is done, it will be sitting income as people pay for their spots and after this step the business portion is done. 

UNFAIR ADVANTAGE

Given both the location and customer base of this potential project, the amount of advantages building this parking garage have is truly unfair.  The location of the potential parking garage is by far the most useful resource. This lot has the perfect location and surrounding businesses to ensure a full parking garage and plenty of potential income. In addition to this tangible advantage, this product also has community support and a ready client base. Before even beginning this project, it is safe to say that the community and clients are ready to begin this project. This is extremely important when convincing investors to invest in this project. 

NEXT VENTURE

Beyond the parking garage, this project can be extended even further to open the first ever scooting parking garage. In addition to this, the roof of the parking garage can be converted to potentially have solar panels and used for energy across campus. In addition to the solar panels, these parking garages can begin to expand across empty lots in Gainesville, as every time a new garage is built a more efficient route to building can be found. 

NEXT 5 YEARS 

Assuming I go ahead and launch this project, I don’t think the life goal I had in mind would change. Since a young age I have wanted to be a plastic surgeon and having the money readily available will make it even easier to attend medical school. That being said having this hands on business and entrepreneurial experience will definitely be to my benefit in 10 years and beyond as I hope to open my own practice. I think if I were to launch this project I may even continue to dabble in investments that are essentially sitting income.