20A - Growing Your Social Capital

Person 1: Silvestros

Silvestros is a long time general manager in the restaurant business. He is very strong on the business operations and customer service sides of restaurants. He is a domain expert in the sense that he is very knowledgeable on the kind of product that I would like to produce. In being in the business for such a long time, he has come across all forms of implemented technology within restaurants. He has seen a lot of products similar to mine. I know Silvestros from the restaurant I work at and asked to speak with him on this. I asked Silvestros to watch my elevator pitch and requested feedback. He has been in the business so long and has many connections in the industry, so once I begin producing my product, he will be a huge help in getting my product distributed in restaurants.


Person 2: Chelsea

Chelsea is a representative and installer of a company that makes POS systems. She is a market expert in the sense that she targeting my market with a similar product. POS systems and my technological device provide almost the same function, however, they have different users. POS systems are typically used by employees and my device would be used by customers. Chelsea installed the POS systems at the restaurant I worked for, and I was able to reach her over the phone. I discussed my idea napkin with her over the phone and requested feedback. She knows my market as good as anyone and could be a key help in overcoming any technological issues that we may have in the future. She is extremely educated when it comes to the technology side of POS systems.

Person 3: Dwayne

Dwayne is the owner of a company that distributes POS systems. He would be the supplier in the sense that he sells products to restaurants that are similar to the product that I am aiming to sell. Dwayne is the owner of the company that installed the POS system at my restaurant and I reached him through a contact that knows him. I asked him to review my business concepts and requested feedback on my product. Dwayne is very knowledgable on the production side of the business and would be able to guide me in producing the product if I were to move forward with this idea.


Reflection: 
This experience changed the way I view networking. It shaped how I will participate in future networking events in the sense that I will look for domains, experts, and suppliers to speak with in future business ideas that I come up with. I believe that all three people can add tremendous value to a business idea and can guide you in the right direction. This experience differed from networking experiences in the past because it was more targeted and specific. I have never segmented the people that I would network in, but I see the value in doing so to get the most out of a networking experience!

19A - Idea Napkin No. 2

About Me

I am currently a junior in the UF online degree program, majoring in business administration. I am very business-minded, with skills in technology and math. I am currently a manager at a local restaurant. My aspirations are to get technology into all casual restaurants. Technology is bigger than ever right now and has the potential to positively impact the dining experience. I also have family that owns restaurants and night venues in New York. I am able to get more of a first-hand look based on life experiences in what might be useful in improving customer satisfaction. 

What am I offering to customers?

Customers of my product would be in the restaurant sector and would see a positive impact in the service they are providing to their clients. Adding a technological device on each table and allowing for customers to order at their own leisure would prevent customers from leaving a dining experience unsatisfied. Service would be quicker and more at the customers pace. 

Who am I offering it to? 

Based on my interviews, I came to the conclusion that my customers are in the restaurant sector that offer a casual setting. Restaurants such as Ale House, Chili’s, Flannigan’s, and more would be my target group of customers. All of these restaurants offer a casual dining experience to their clients and could use some assistance in offering a quicker and more efficient service. 

Why do they care?

Customers of my product would see value as it would assist them in offering the most for their clients. The number one goal of restaurants is customer retention and offering my product in their setting would allow for an optimal dining experience, sure to bring customers back! Customer satisfaction is key in the restaurant business. 

What are my core competencies? 

My product differentiates from everyone else's as it offers an all-in-one experience. For instance, customers can place not only dessert orders, but also food and beverage orders right from their table. Imagine how convenient it would be to order at your own pace. It would essentially be like putting a POS computer system at every table. 

I believe that these elements fit together. In my experiences, the number one priority of restaurants is customer satisfaction and retention. The goal of restaurants is to keep customers happy so they will be more likely to return. One of the biggest issue’s restaurants face today is attending to impatient customers immediately. Thus, customers get upset and often times never return for business. My product would eliminate these hardships and ensure that customers always are always attended to.

Feedback Memo: 

In the feedback I received, I took away that my primary market segment was casual dining restaurant owners and that my business concept elements fit well with each other. I was told that there was no extraneous information, so everything is relatively the same. I elaborated a bit more on myself and some other topics, but tried to keep everything almost the same as the feedback I received was positive and stated that everything seemed to be in line. 

17A - Elevator Pitch No. 2

Link to elevator pitch: https://www.youtube.com/watch?v=Fn7K4BEpKws


Based on feedback that I received on my last elevator pitch, it seemed as though my pitch was easy to follow. My goal was to make my pitch very relatable, and based on my feedback I believe that I accomplished that goal.

Based on the positive feedback that I received, I tried to keep this pitch much of the same. I attempted to keep the track of speaking clearly and being relatable throughout my pitch, offering personal experiences in regards to the problem that I have located as well as solutions to the listed problem.

18A - Create a Customer Avatar

The prototypical customer in my segment of 25-40 year old business owners or managers are generally very business-minded. Some have degrees and some do not, but a majority usually share a common foundation in mathematics and problem-solving skills. The hobbies of a prototypical customer in my segment include reading books and constantly studying and evolving. They tend to drive luxury cars, such as Escalade's. I have particularly noticed that they seem to have an interest in black colored cars. They tend to watch more YouTube than TV, and a lot of them have children. As stated before, they love reading and are usually obsessed with getting better every day. After all, they want to produce at the highest level possible. They are 25-40 years old, however generally feel a little younger than they are because of their relaxing life outside of work. Usually, these people tend to have a solid work-family balance.

I have a lot in common with the customer avatar. I love to learn and spend a lot of my free time watching educational videos on YouTube. I also love Escalade's and can picture myself driving one in the future. I also love numbers and am a math guy myself. I do not think it is a coincidence that I have a lot in common with the avatar because I strive to be a business owner myself some day.

16A - What's Your Secret Sauce?

Five ways in which I think I have human capital that is truly unique:

1.     I have better than average communication skills

2.     I am very determined

3.     I am very motivated

4.     I am a leader and possess leadership skills in which I try to bring everyone together and get the best out of people (currently a restaurant manager)

5.     I am a problem-solver

In the first interview, it was my brother Noah. Noah points out that I am wise, but also mentions that I am organized and meticulous. I did not mention this, but I am very neat and believe organization is a key to success.

In the second interview, my girlfriend mentioned that I take a lot of pride in my studies and also read a lot. I believe that reading and watching videos on my interests have played a big role in shaping who I am today.

In my third interview, my sister Melissa mentioned that I am funny, determined, and self-motivated. She mentioned that I do not need exterior circumstances to motivate me and that I am driven from within, which was interesting.

In my fourth interview, my sister Teresa mentioned that what makes me unique is my ability to solve problems and always be caring for those around me. I love that she mentioned how I am caring for those around me because I truly believe in putting my loved ones first.

In my fifth interview, my good friend Andy mentioned that I was very competitive. I believe that competition brings the best out of everyone!

I believe that others see me in a similar way that I see myself. I take a lot of time reading and watching videos to gain knowledge on things that interest me. Because I do this, I believe it gives me an edge. I am always determined to learn new things which makes people to see me as being more mature for my age.

Interviews: 

https://docs.google.com/document/d/1o5Whk9-CSTW5a5Se-iYGK8VPZEkvz6i5XNDq3BWTRV4/edit?usp=sharing

https://drive.google.com/file/d/1LPcO63ehwVWPjQlN0oY9dxS1xTQdfJ-_/view?usp=sharing

15A - Figuring Out Buyer Behavior No. 2

Interview 1: Local restaurant general manager (Age 33)

In this interview, I spoke with a local bar and restaurant general manager.  In questioning how he makes decisions on what to implement in the restaurant, he said value played the biggest role. He did not mind paying a premium price for something that he felt brought a lot of value to the business. He said a lot of the ordering he does is online, and they do not finance such purchases. He handles almost all purchasing decisions. He says when he evaluates purchases, he tries to gauge the value that was received. He says he tries to gather a lot of customer feedback and uses that to gauge value.

Interview 2: A sandwich shop owner (Age 38)

In this interview, I spoke with a local sandwich shop owner. In questioning how he makes decisions on what he implements or purchases for his business, he said value plays a huge role. In being a small business, he does not have a big budget on spending. He says that he must believe something would bring the business an immense amount of value in order to make a purchase. When he purchases things for the business, he finances when he can. He liked being able to see things in person before purchasing. When he evaluates purchases, if it is directly related to the business, the first thing he looks at is sales. If something is perceived to be beneficial for the business, he likes to see the revenue match it.

Interview 3: A chain restaurant manager (Age 36)

In this interview, I spoke with a chain restaurant manager. In questioning how he makes purchases for his business, he noted that it was different in working for a corporation. He does not make decisions; however, he does have input as to what may be beneficial for the business. He says that if upper management is presented with something that they believe will be beneficial to the business, they do not hesitate to make a purchase and implement it. Price does not matter as much as the actual product they are receiving and how helpful it is. He says that purchasing is done by upper management and is mainly online. When he evaluates a purchase made by upper management, he looks at how user friendly it is first to determine value. He believes that if something is hard to use or difficult to understand, it can be detrimental. He believes a product must be user friendly in order to be effective.

Summary: Upon conducting these interviews, I have found that all three people in my segment prioritize value over price. All of these restaurant owners and managers are not afraid to purchase or recommend a product for their business if they see potential value.

Draw Conclusions: Based on what I have learned in these interviews, I would describe this segment as being risk-taking with the possibility of gaining a reward. They are not afraid to make purchases for their business that they believe can bring value. They evaluate their purchase decisions on how much value it brought to their business.