Final Reflection

1) Read through your blog from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.

This class has really put my entrepreneurship skills to the test. The first day in class I knew I would enjoy this course. Finally a course where we can actually work on one of our own tangible products. The first class we were split up in groups and sent out to interview others. I often dreaded having to interview strangers ,but in the end it was a great opportunity to truly test my business concept. 

2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

I was especially proud after finding business owners in my field. I was able to network with business owners at the downtown organic Market. Meeting others and learning from their experiences was definitely my favorite experience. I will remember their faces and their enthusiasm for my idea. 

3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

I feel like I have had the mindset for a while now. This course really reinforced my prior goals. I am an entrepreneur.  

4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

They need to learn how to think outside of the box. I also would suggest taking a basic speech class before taking this course. Those with any stage fright might not perform well. 

Special thanks to everyone who has followed and interacted with my blog!

Cheers!

Venture Concept No. 2

Venture Concept 2

To explain my venture concept I will divide this report into three sections. The first section will pertain to the Opportunity that I am fulfilling. The Second Section will incorporate the elements of Innovation that run alongside my project. The Third section will map out how I plan to use my Venture Concept to take advantage of said Opportunity. This assignment gives the reader a good idea of how I plan on taking advantage of a market where an opportunity is present. The concept is slightly different from the last to compensate for market fluctuations if the euro is strengthened. 

The Opportunity that exists is a lack of sufficient alternatives. Most wine drinkers that are ages 21-30 tend to buy their wines at the supermarket. After interviewing many millennials on their wine habits I also have discovered that they usually don’t pay more than fifteen dollars for a bottle of wine. The shelves at the supermarket are stocked with Californian wine. It is hard to compete with Californian wines in the current market. There is too much competition. The opportunity is to introduce a French wine that can beat the California wine in price, environmental impact, and taste with less toxic chemicals. The Forces driving change in the Industry are increased pressure on companies like Monsanto that control the Food and Beverage industries. Reports are showing that many of the pesticides used on Californian wines are leaving residual toxins in the end product. The wine industry has fed the demand for cheap wine by increasing yield and production at the cost of our health. I feel that as more reports come in we will have a movement towards what I like to call “BIO” wines. Bio is the word used in Europe to describe Organic “Biologically” friendly products. Another Opportunity that exists is a weakening Euro. The weakening Euro is friendly to European exportation. I will be able to Import French wines that can compete with the low prices of Californian wines. One member of our classe asked what I would do if the Euro strengthens again. I would do what Europe did during the recession. I would switch my focus towards catering to Asian markets who have grown fond of wine. I would also consider exporting organic wines from the United States to Asian markets if our currencies gain strength. The Market is defined both demographically and geographically. Demographically I have to focus on lower cost wines because of the Demographics of Gainseville.  Geographically I am comparing California’s Nappa Valley to Frances’ Bordeaux, Burgundy, or Rhone Valley Regions. Geography is important in the wine industry because the land is the deciding factor to whether a wine will be good or not. It is a common practice to add minerals and other nutrients to soil before the grapes are grown. This practice is not necessary in many regions of France where the natural weather cycle of the year has been recycling nutrients to produce nutrient rich land for hundreds of years. I have also noticed in my interviews that the average American customer is not loyal to the current selection of wines they now have. Most simply by the wines because of the price and have fallen accustom to the often sub-par taste. When I mention French wines they feel that they are not sophisticated enough to appreciate or afford them. Little do they know that Europeans are drinking wine from the supermarket at 6 dollars a bottle. The Opportunity is huge but I want to focus city by city. Florida definitely has a drinking problem which is one of the reasons I would start here. The Vacation style living found in Florida is a perfect catalyst for a strong wine industry. The window of Opportunity is open until someone capitalizes on the current Market situation.

Innovation strategy is a key element in any business venture. I plan on providing an innovative product in an innovative way. My line of French wines have been using the same techniques for hundreds of years. My Venture is Innovative because I’m bringing products that have never seen the United States. Technology has definitely made the wine industry more efficient. Most Wineries now have sorting machines where they can place the grapes through to ensure that only the highest quality grapes are used for the end product. The Machine vibrates the grape bundles so that all the dirt and extra stems fall from the grapes. It also lets small malnourished grapes fall through giving the wine a more uniform/consistent taste. Hybrid vines are also being used to combat pest issues and weed issues. The new hybrid vines are also more resistant to periods of drought. My company will make money by selling each bottle with a certain margin. The price I sell to stores and restaurants will be enough to pay for the taxes and fees that come with importation. I will use the majority of my sales to then secure more contracts and increase shipment sizes.

My Venture Concept is geared towards bringing in organic French wines to areas where European wine isn’t present. I will select different wines for cities with different Demographics. I will meet the demand that exists for exotic wines that taste better and are better for the environment. Our generation is becoming more aware of our impact on the environment and I want to be a part of the movement towards sustainable consumer products. I will have little competition on the low end side of the price index. I will need to visit more wineries that produce organic wine at reasonable prices. My biggest competition would come from California wines moving towards organic. Fortunately I’ll still be able to beat them when it comes to taste. My greatest resource currently is the connections I’ve made with wineries that are exporting around the globe just not in the United States. This experience in the Import/Export business will strengthen my knowledge of international markets and get me started on a project I am passionate about. Hope you guys are as inspired as I am. Cheers!

The Feedback I received was very positive. It got be excited to think that this could work and that other members of our class agree. One comment that helped the concept was the idea that a profitable environment for importation could change with a currency shift. This was beneficial to my concept and is something that I will try to prepare for. Overall I think the Venture Concept was a success and I feel that I'm on the right track.