Final Reflection

I remember first starting the class. When I first started my business concept I didn't know exactly how my idea was going to play out. I knew that their was a potential for a business, but I didn't understand if it was actually a feasible idea. It wasn't until the testing the hypothesis assignment that my idea truly began to take form.

The experiences that I remember the most are the interviews with the experts. Being able to talk about my idea to people in the industry I felt was very helpful. Also hearing their insight gave me plenty of great ideas about how to potentially grow my business.

I do think of myself as a entrepreneur now. In my mind an entrepreneur is someone who strives to make their goals realities, and that is what I try to do. Having an entrepreneurial mindset can help you in all facets of your life, so I am very glad that I have begun the process of developing one.

I would recommend to future students that they listen to the feedback of their peers. You will always look at your own idea through rose colored lenses, and it sometimes take someone else to tell you when you're wrong. In order to succeed in this class you need to master punctuality and can't fall behind on your assignments.

Venture Concept 2

Marijuana is about to become a very big opportunity. As legalization becomes more and more prominent, in some degree, the popularity of the plant will continue to grow. The customer base is so large and spreads over all different types of demographics and geographic locations. Customers are currently satisfying their needs for cannabis with black market alternatives. This is satisfactory for now, but is still potentially very dangerous. That means that the opportunity for a safe, respected, cannabis company is very viable.

The feedback that I received from my first venture concept was overall positive. My reviewers seemed to agree that their is a potentially large opportunity in cannabis, and admire my foresight into this currently non-existent market. The idea is original and very progressive, especially because it is such a controversial topic. The negative feedback I got is because the issue of legalization is still very controversial. If marijuana does not get legalized to the extent to which I am predicting, than my idea is not feasible at all.

I have not changed my idea in regards to its functionality, but I do have a newfound appreciation for the controversy the idea brings. I have been operating under the assumption that legalization was a forgone conclusion and that is not the case. This will cause me to significantly delay my business if legalizing doesn't occur as imminently as I thought.

Exit Strategy

My plan for this business is to take the competitive advantage I have gained by becoming the first cannabis delivery service, and running with it for as long as I can. Eventually, competitors will catch up and my advantage will be gone. When that time comes, I will continue to operate the business based on potential revenue. However, if revenue starts to decline I will then sell the business, for a profit on initial investment, but potentially before it grows to its full potential.

I selected this strategy because it is not worth the operating costs, especially due to the enormously high taxes, to run a dispensary without a competitive advantage. I would operate the business for a long as its makes fiscal sense, but sell it off when that begins to falter.

I think the exit strategy is completely related to my product innovation of door to door dispensaries, with a gratuity system. This would give me a competitive advantage initially. Unfortunately, this competitive advantage won't last long, and that will significantly limit the business' growth opportunity.

Reading Reflection 3

For my final reading I chose Elon Musk: Tesla, SpaceX, and the quest for a Fantastic Future, Ashly Vance. I chose this book because I already had some general knowledge about Mr. Musk, so I did not find any of this information surprising per se, but rather informative. Musk is one of the most admirable people alive today, so their is nothing that I don't admire about him. I do admire Musk's ability to take risks and deal with failure by using it as a learning tool. When SpaceX first started it failed to successfully launch it rockets, yet over the past years has been almost entirely successful. In a similar story when Tesla launched its pilot vehicle, the roadster, it was deemed a failure after a couple of unsuccessful years. Now, with the success of the model S Tesla has decided to re-release the roadster and everyone assumes its going to be successful. Musk's best competency is his ability for foresight. I thought this was a very simple read, and did not find anything confusing about it. If I could ask Musk two questions the first one would be, "Do you think that humans will colonize Mars in your lifetime?" Musk has made it one of his goals to ensure this so I wonder if he truly thinks its possible. The second question would be, "What's next for Tesla?" After the potential re-releasing the roadster and its affordable sedan Tesla will be in practically every facet of the car market. I wonder where they go from there. Musk definitely values hard work as much as any CEO and it is evident is his projects.

Celebrating Failure

This past semester has been one filled with a failures to some degree, yet none have been too overwhelming. My biggest failure has been my inability to take advantage of extra credit opportunities in both management and sports marketing. My grades in the class themselves are good, yet they would be a lot better if I had just taken advantage of the easy opportunities in front of me. It is this lack of ambition that is going to cost me my best possible grade in the respective classes, and that is unfortunate.

What I learned is to always take advantage of opportunities that are given to you, especially those that will help you in the long run. You should never be complacent with what you have, because you can always strive to improve.

The most important thing about failure is that you can't let it get to you. You have to acknowledge your mistakes and learn from them. By accepting the fact that you failed, you can better yourself in the future by ensuring that you don't make the same mistake again.

What's Next

Existing Market: The next step is waiting for marijuana legalization to become the normality amongst states, or even possibly nationwide. When this becomes a reality that is when this business can actually come into play and truly thrive. Upon interviewing three more people, the general consensus is that this is a great concept. However, that is all that it is at this stage, a concept.
In the future, the concept of delivery will only grow. As online shopping closes more and more walk-in stores, people will continue to want things delivered straight to their door. That is why this concept will thrive immediately when it comes into action.

New Market: A completely different market would be to become a registered cannabis farmer, and therefore someone who supplies products to dispensaries wholesale. By becoming the original supplier the numbers become much greater in terms of quantity, but the margins shrink because of the wholesale prices and large amount of suppliers. After interviewing two more people, the idea is much less well received. To talk about becoming a marijuana farmer is almost absurd without any experience and the amount of suppliers being as large as it is. That is why this new market is not nearly as attractive as the existing market.

Venture Concept

            As marijuana becomes legalized nationwide the opportunity will continue to grow. It is a medical plant that has a plethora of benefits and is only increasing in its popularity for daily use. Medically; there are all different types of people who could benefit from marijuana use. It can be used to remedy issues such as insomnia, anorexia, and anxiety. The nature of these needs stem from issues that are already plaguing our society. And since the market is continuously growing, and the demographic is already the most diverse group in America, the window of opportunity for cannabis is being swung wide open and is going to stay that way.

            Dispensaries are already becoming common place in America and marijuana legalization for recreational purposes will only continue to popularize them. The innovation part of this idea is the door to door delivery service, with a gratuity option for your delivery driver. By providing the dispensary option for customers at home, it opens a whole new window of opportunity. Needless to say, that all cannabis that is delivered for medical purposes will be delivered pro-bono and can be ordered beforehand and on a certain schedule. However, for recreational customers, a driver will arrive at your house upon request with a briefcase full of different cannabis products. This case will consist of the most popular in-store options and will have a menu available online so the customer can think about what they want. However, by bringing all different types of products it will allow the driver to become a salesman, and in turn lead to customers purchasing more products. The gratuity would be on top of the selling price and go directly to the driver. Each product will vary in THC and CBD levels as well, in order to satisfy the different needs of potential customers.

            By taking control of a potential future market the delivery dispensary will become extremely popular. This innovation could begin with a test market right now, even before legalization, by allowing medical patients to place order for their prescriptions and have them delivered for free. If it becomes a more frequently used alternative to driving to the dispensary themselves, especially if the patient is terminally ill, it will prove that a recreational cannabis delivery service is more than feasible. The unique part is paying delivery drivers less than minimum wage in order to integrate a gratuity system. By saying that the drivers will receive more money from tips, it would save the business a lot of money. Also, the driver’s salesmanship will become a lot more important as they have the potential to earn a lot of money from each sale. Customers will prefer this because everyone loves ordering things directly to their home, cannabis will be no exception. I believe that the idea would get so popular that people would only go to the dispensary themselves if they are making extremely large purchases. There are no direct competitors right now for this service, however other dispensaries would follow suit if this method proves successful.

Elevator Pitch 3

I didn't receive any direct comments on my last pitch, but after reviewing it myself I understood that I need to work on annunciation. By making sure my delivery is clear and concise I can better pitch my idea to the public.

After doing a third elevator pitch I have become a lot more comfortable in front of the camera. It has become easier to deliver my speech each time, and that is a direct result of practice. It goes to show that if you repeat something enough times, it will eventually become almost a part of you and when something is second nature it becomes easy to talk about.

Your Venture's Unfair Advantage

Resources:
Knowledge regarding the product: I have learned a lot about the medical cannabis and distribution industry as a result of my connections to dispensaries. This is a non-substitutional resource as this experience is invaluable.

Work Ethic: I have a tendency to not give up until I am satisfied with the result. This will help me work on my business regardless of whether or not it is successful. This resource while not too rare is very valuable for growing companies.

Salesman skills: I have the ability to sell anything, especially when that person is already considering a product. This is a skill that can translate to the industry as I know a good salesperson when I see one. This resource is valuable when evaluating potential employees that are going to be vital in the success of your business.

Passion for the product: As someone who is very pro legalization and decriminalization I feel passionate towards my cause and intend to ensure a quality product conveniently for all future customers.  This is very valuable and non-substitutional.

Availability of product: Cannabis has become so accessible and easy to grow that dispensary are producing too much. This overproducing causes a decrease in price that business intend to avoid. This resource is invaluable because of the amount that is being produced.

Connections to the industry: Knowing someone who is an influential player in the industry is a great resource that helps me understand the intricacies of the business. This is a rare resource to be able to understand the business side of cannabis.

Support for the idea: Most Americans believe in the legalization of cannabis to some extent. An overwhelming majority of those Americans would become future customers if presented the product in a convenient manner. This is a valuable resource that can't be replicated in any other forms.

Experience: Being able to witness the day to day operations of a dispensary and also delivery services shows the potential that combining these items together has. This resource will become pretty inimitable, but at the beginning it will be unique towards my company.

Investors: Many people are going to jump at the opportunity to distribute cannabis when it becomes legal. This can lead to a plethora of investors lining up to support a good idea and company. Therefore it is valuable to have investors but not rare since a lot of people are potentially interested.

Growth Potential: As the marijuana industry grows, more and more people are going to get involved in some aspect. This will enable large amounts of revenue growth in the future. The resource of potential is rare for industries that are in the infancy stage like cannabis.

My top resources are my human capital resources. In such a personalized industry it is vital to have people and salesman skills in order to make any transactions.

Reading reflection 2

The second book that I read was one of the works by Chris Anderson, "Makers- The New Industrial Revolution." In this book Anderson touches on the revolutionary idea of 3-d printing and how it can completely reinvent the way difficult to manufacture products are made with little labor. His realist view of how the use of that product would actually pay out is refreshing. He also touches on how entrepreneurs used to have to go to major companies to produce their idea for them, even if they already had prototypes, but now those same entrepreneurs can manufacture their own product with cheap factory alternatives available to them. This book had a lot of the same ideals that are taught in ENT3003. Specifically, when you have a great idea stick with it and try and make it happen yourself if possible. If I had to design an exercise for this class relating to the book I would give a person an invention, such as a 3-d printer, to pretend that it's their own. I would then offer them a range of financial benefits and production evaluations in exchange for equity in their idea. The exercise would be to negotiate the best deal for their equity possible, or better yet not to sell off the idea at all. It would give a real life simulation of a negotiating experience. The most surprising part of reading the book was finding out that people volunteer to work for a company for free if they truly feel passionate about a product. I was shocked to find out that in this day and age people are still willing to work for free.

Growing your social capital

Person 1: Scott Weber
Scott is a dispensary owner across 4 states. He oversees nationwide sales and distribution for his dispensaries. He also owns hedge shops and growing farms in New York as well as California. Scott is fulfilling the role of Supplier as he understands the process of moving the plant from farm to customer better than anyone. I have known Scott for a couple years through living on the same street as him in New Jersey, so it was very easy to contact him. Scott did me the favor of answering my questions about the industry, but we only had a brief conversation so he does not expect anything in return. I can now use Scott and his employment resources to further a career in the cannabis industry if I so choose.

Person 2: Justin Bradsworth
Justin is the manager of Scott Weber's hedge shop in Newark New Jersey called BYOB which stands for Be Your Own Boss. He runs the day to day operations of the store including managing the mixture of tobacco products and tattoo materials. Justin is my Market Expert as he understands the clientele of a similar industry very well. I found Justin through my connection with Scott and called up his store line to contact him. I asked him questions about the typical clientele that go into the store daily and what an average day consists of. I will include Justin's information when discussing future plans for my business.

Person 3: Mitchell Hakimian
While I do not know anyone else who is in the cannabis business, I did interview a smoke shop worker here in Gainesville. Mitchell works at Modern Age Tobacco on University and knows a lot about cannabis related products. Mitchell is fulfilling the role of Domain Expert. To find the person I just went to the store and asked the first person who I saw working there. Mitchell did me the favor of answering my questions about the cannabis industry and the related products. I'm not sure if i'm going to use Mitchell again in the future, but I am going to use his the information that he gave me when contemplating future business plans.

After this experience of targeted networking I believe that it will help me when approaching high ranking people in the future. Being able to talk to adults with real experience in this industry was helpful and I gained a lot of knowledge because of it. I've never reached out to people about this before because I never felt the need to, but now that I did i'm glad that I had the opportunity.

Idea Napkin 2

You: My name is Erik Leff, and I am a sophomore at the University of Florida double majoring in Finance and Sports management. I have a talent for writing sports articles as I have been doing so for about a year. My aspirations for my business are to make it the prominent weed delivery service in the United States.

What: I am offering a cannabis dispensary delivery service for all those of age whom wish to consume the plant. I will offer the product in many forms that best suit a variety of clients' needs.

Who: Everyone. The beautiful thing about cannabis is the variety of the people in its demographic. Their is no one typical cannabis user because anyone can use it. It is that helpful of a plant.

Why: Customers care because of the medical benefits the plant has to offer. Many people don't consider using cannabis as a medicine, and I plan on changing that.

What are the core competencies: What sets my company apart from other dispensaries is the door to door delivery service offered. It is the convenience factor that is the number one selling point.

I do believe that the elements of this company fit together nicely. The factors complement each other and with a growing popularity, the market will continue to grow.

Feedback: The first feedback I received was that using the idea of a delivery service was genius. By making the product more readily available to customers, it would only increase its popularity and frequency of use. The second aspect of feedback I got was that rely on contingency of legalization is very risky. I took both feedbacks to heart, and I think I incorporated them into my idea.

Customer Avatar

My avatar is the average 9-5 hard working father


What kind of hobbies does the customer have:
A typical adult customer when they're not working loves to spend time with their kids. They take them to sporting events and help them with their homework. He is the prototypical dad.

Car:
A typical customer's car can range from extremely expensive to dirt cheap, however the average person drives a practical four door car with three rows for their children such as a Toyota Rav 4. It is a couple years old, but does not have too many miles and has been well taken care of.

TV:
The customer loves watching shows like history channel, and NBC's the biggest loser. Shows that are informative and entertaining.

Favorite Politician:
The customer is a democrat who supported marijuana legalization. They've have recently supported Obama and Hillary Clinton in the recent presidential elections.

Income:
The customer brings in a relatively average income hovering around the middle of a 5 figure salary.

What me and the avatar have in common are our beliefs. Beliefs that America is a free place where dreams can be attained. A place where anything is possible and you can always change your situation. I don't think its a coincidence that I am similar to my avatar in a lot of ways, because as an entrepreneur you should be satisfying your own needs first and foremost.

Elevator Pitch 2

A reflection of feedback:
The feedback that I received was overwhelmingly positive towards my idea. I know that I needed to work on the delivery of my idea and I tried my best to do so. I tried to keep my pitch light and easy to relate to.

What I changed based on feedback:
The thing I changed was making sure to annunciate and speak clearly into the monitor. I wanted to make sure my delivery was a good as it could possibly be.

What's your secret sauce

Five ways that human capital is unique:

• A passion for my line of work "If you love what you do, you'll never work a day in your life"
• Experience in my field 
• People skills
• Ambition
• Perseverance 
• Skilled in improvising 

I was able to record my interviews on my iPhone similar to the way an investigative reporter would do an interview. After sifting through the information, these are the highlights that my interviewees discussed:

Interview with Matin, 20 year old male:

Matin described me as "punctual, hard-working, passionate about work, and an overall strongly driven person. 

Interview with A.J, 21 year old male:

Aj described me as "Goofy yet serious, charismatic, well-informed, and caring"

Interview with Sabrina, 19 year old female:

Sabrina said I was "driven, passionate, and a person who is willing to do whatever it takes"

Interview with Zach, 19 year old male:

Zach describe me as "A good person, not someone driven by greed, a person who would help out someone in need, and someone who wants to figure out the most efficient way to complete a task"

Interview with Stu, 65 year old male:

Stu described me as "A good kid, nice and friendly, and someone who sounds like they care about what they are doing"

Reflect on the Differences:

Me and the people who know me best have relatively similar views about myself. We both seem to think that I am an overall caring and passionate person, which is the truth. I tend to treat people the same way no matter what, and that skill is incredibly important in an office. My list from part one provides excellent foresight into the interviews so I would not change it. 

Figuring Out Buyer Behavior 2

Alternative Evaluation: My idea is contingent on the legalization of marijuana in at least some extent. That being said, offering a door to door delivery service for my products would be the alternative solution that customers are looking for. The other alternative would be to go to a dispensary, choose the product, and hope for the best results. My product takes the guessing game away from the customer, as qualified salespeople would bring an array of products that can fill different needs of the customer. By being knowledge about factors such as price, chemicals, and quality, the customers needs will always be satisfied.

How/Where do they buy: The customers have the opportunity to buy either in the store, or to place an order for delivery. If the customer asks for delivery, then a salesperson would bring a large array of different types of products into their home, so the customer can best choose the one for their needs. The means of purchasing doesn't matter, because all currency is good currency and will be accepted.

Post-Purchase Evaluation: The feeling of satisfaction that a customer gets after using the product will determine the extent of how much a customer enjoyed the product. They will either be completely satisfied by their choice, or be knowledgeable about their mistake, and be sure to choose a different product in the future.

Report Findings: After conducting three more interviews with another range of people from different ages and backgrounds, I still had overwhelming support for my idea. Most people believe that their would be a product for their specific needs out there, and with qualified salespeople explaining the drastic but subtle differences between the products, it won't be difficult to find the perfect match.

Conclusions: In terms of alternative evaluation, purchase decision, and post-purchase evaluation, my product provides a compelling argument for all perspective users. It provides a viable alternative to black market deals, and has the pull factor of being able to order online or on the phone. By not making any final sales before delivery, the customer will be satisfied with their purchase more times than not.

Halfway Reflection

Tenaciousness is a competency: The behaviors that you need to develop in order to keep up with this course are punctuality and creativity. This course helps you take a creative viewpoint in all aspects of your life. It gives you a unique perspective for problem solving. Also, punctuality is a key for success as both a person and an entrepreneur.

Attitude: After a long day a travel, I really didn't want to have to do any work at the end of my day. I really felt like giving up. Still, I took the message that entrepreneurship has taught me, gathered myself, and got it done. It was the attitude of tenacity that is preached in this class, and it positively affects all facets of your life.

Three Tips: 1. Always complete your assignments on time and completely
2. Believe in what you are doing
3. Always give in your best work

Reading Reflection

In my reading about Nike's founder Phil Knight, I learned about his overwhelming drive for success. It is this feature that he possessed that allowed him to be such as successful entrepreneur. He attributes his success to his mentor, and I think it was very important for him to have someone who influenced him in a positive way. As an entrepreneur an avid risk taker, he was able to grow his company substantially in a short period of time.

The competencies that he exhibited are a large amount of courage in risk taking. In order to grow his company exponentially into the billion dollar company that it is today, he had to make many tough decisions on the way. Another admirable trait is his creativity, that allowed him to have the vision for the future success of his company.

The part of the reading that was confusing to me was Knights role Nike's factories in China. It is unclear how much of an influence he had as child labor allegations occurred.

Question 1: When was the first time you realized that your company was going to be a huge success?
I wonder if he realized it from the very beginning or not until they started to take off

Question 2: Does the child labor accusations keep you up at night?
The accusations are very serious and I wonder what his thoughts are on them

For Fun: I have to assume Phil Knight is an extremely hard worker who believes that his success is derived from that. I share a similar belief, that is if you don't work hard success is not just going to come to you.

Figuring Out Buyer Behavior 1

Segment: Adults age 21 and over

Three interviewees: 1. Roommate age 21
2. Professor age 40
3. My grandmother age 88

Interview Need Awareness:
When discussing need awareness about marijuana, age is a significant factor. My product being a delivery service on top of an active dispensary can fill all customer needs with varying THC and CBD products. I found that the younger the person, the less of a direct "need" but more likely to purchase. Elder people are more like to need but are also more likely to purchase infrequently. Younger people are also more likely to purchase products higher in THC as opposed to elder people who are recommended products higher in CBD.

Information Search:
The people interviewing become aware of their needs very differently. My roommate gets a craving and that impulse causes him to buy. My professor, a cigarette smoker, prefers to use it as an alternative to tobacco. My grandmother is prescribed it as a cancer treatment, so she doesn't have the need until she needs a refill.

Conclusions:
The biggest differentiating factor for determining customer needs is age difference. This difference is also a big factor in determining peoples' beliefs about the product. If you believe in the product, than your needs will be completely satisfied by what my opportunity has to offer.

Idea Napkin

You: My name is Erik Leff, I'm a student at the University of Florida from Livingston, NJ, double majoring in Finance and Sports Management. I've been involved in a sports finance daily newsletter called JohnWallStreet since its original publication. My aspirations for my dispensary delivery service would be to ensure all customers and patients receive quality product that fits their needs.

What: I'm offering a cannabis delivery service that will bring the product from the dispensary to your doorstep. It works by calling in an order for the product and then a salesperson will arrive with an assortment of cannabis products. These products range will range from oils, flowers, and eatables.

Who: Everyone. Anyone who is above the age of 21 and wishes to use cannabis will have the option to do so. If you are using cannabis for medical reasons, you will be ensured that you're receiving the highest quality cannaboid products.

Why: People care because they are pushing for legalization. If the majority of the population wasn't living in areas where cannabis is illegal, then this business would've already been developed.

What: The difference between my idea and a regular dispensary is the delivery aspect. Bring the product straight to your door, especially for medical patients is a huge advantage as a selling point.  


I believe these elements together are helping me fine-tune my idea. The more I analyze the more holes appear, but overall I feel the idea is still relatively solid.

Elevator Pitch

Testing the Hypothesis pt. 2

There is a very broad group of people who support the legalization of marijuana. From growers, to doctors, to users, people who support legalization come in all shapes and sizes.

Who falls outside the boundary?
The people who would not qualify for recreational weed and probably want to are high school students. Between the ages of 14-18 kids begin experimenting with drugs. However, an age requirement would prevent the sale of cannabis to minors.

What is the point where the identified need differs?
The difference between needing to do it because it helps you're mental state, or needing to use because it helps your physical state. While some smoke to relieve anxiety, cannabis oils and butters have been known to stop seizures at their source within seconds. It is those people that are the true pioneers of legal cannabis.

Why are their needs different?
Different brain chemistry cause people to react to the chemical cannabis differently. It is this difference in chemistry that causes the human body to have certain reactions.

Inside the Boundary:
Who is in: Adults above the age of 21 for recreational purposes, and anyone who qualifies medically.
What the need is: Access to quality cannabis.
Why the need exists: Their are medical benefits to be had by all. You don't have to have a degenerative disease to reap the benefits of cannabis.

Outside the Boundary:
Who is not: Underaged kids who like to do drugs.
What the need is not: A way for shady drug dealers to sell product. The product will be heavily controlled, regulated, and taxed.
Alternative explanations: Human being love to feel a false sense of euphoria while using substances.

Solving the Problem

The opportunity i'm following is in regards to marijuana legalization in the northeast, specifically New Jersey. The northeast is the most densely populated, liberal area, in the continental United States. With new legislation being passed, both medical and recreational marijuana are becoming a part of everyday lives. My idea is to take advantage of the extremely high demand in the area, and to utilize the already well-established underground NYC delivery service as a business model. This service would allow for growers to work in a highly controlled environment and maximize both yield and variety. A farm to table delivery program would then be implemented. While dispensaries will have large customer bases, most business would be done outside the store, in a door to door fashion that has become so popular. This would allow the company to charge a delivery service and allow for gratuity to be given out to drivers.