Final Reflection-Dillon Dunn

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.

 I think that my high moments are actually my low moments as well! My high moments would have to be when we were assigned to interview random people about our business idea. I was very scared to approach anyone, but once I approached the person it was easy. For one of the interview assignments (I think the 2nd one) I actually went out to interview people but I was to nervous to approach anyone so I ended up not even doing the assignment!

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?

 The assignment that sticks out the most would have to be the assignment I talked about before. (Interviews) Those interviews not only changed my outlook on my business idea but it actually helped me as a person break out of my social shell!
 
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 do see myself having the entrepreneurial mindset! Before I thought that it was silly and that my outlook wouldn't change, but I was proved wrong. I look at every inconvenience as an opportunity to develop a product or business!

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?

 I would say approach the class without thinking you know what entrepreneurship is. Keep an open mind! If you are not open minded this class will not benefit you and you will not succeed in the class.

Week 14 Reading Reflection-Dillon Dunn

The two chapters we were assigned to read this week were not to bad to read! The two chapters focused on ethics and mindset of entrepreneurship. I learned a lot from the two chapters! For chapter three I learned how important technology is to any new business and how new companies can benefit from venture capitol.  In chapter four I learned more of the social and ethical portion of entrepreneurship. Overall both chapters were somewhat interesting and not as boring as most chapters in the textbook!

Google Gold-Dillon Dunn

1) A discussion of your general approach and strategy to search engine optimiation (SEO). What were some of the activities you did for each blog post to pursue SEO? 

 For each blog post I labeled my blog with the week number (which was required.) For some of my earlier blog posts I had tried to label them with a phrase such as entrepreneur or entrepreneurship.

2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?

 I labeled my blog with the week number, and I also had labeled my blog posts with
entrepreneur or entrepreneurship in my earlier posts.

3) How did you use social media to enhance your SEO efforts? What your your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?

 After some of my blog posts I would share to google+, but with no spike in traffic I did take it off my google+ page.

4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?

 My identifying local opportunities post my my most "viral" post. I think it was the number one post because I had links to other news articles in my post.

5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to? 

I was unable to locate my blog through just the keyword, but if I typed in my keywords plus my first and last name I was the first to pop up on the search!

Very short interview part 2-Dillon Dunn

Revisit that first conversation you had with an entrepreneur. In that initial interview, you asked an entrepreneur three questions. Now, revisit this interview and think about the questions you asked and the answers they provided you. From where you stand now, what is your impression of that initial interview?

My initial interview questions were very basic questions. They were questions that had almost nothing to do with what we learned in class. My interview was based around the paper work around starting a business and the taxes that come with a business.

Second, visit the entrepreneur again. Record the interview if possible. The three questions you ask this time are entirely up to you. Let your experiences in this course drive what questions you ask -- and that will be very different for each of you! 

Me: "What makes your business unique?"

George (Business owner): "My business gets the job done in a timely manner and I have the lowest prices in town."

Me: "Why did you get into the flooring business in the first place?"

George: "I had been in the flooring industry for over 10 years so I felt like I was an expert in the field."

Me: "What do you plan to do with your business when you retire?"

George: "I plan on closing up shop"

Me: "You don't plan on selling the shop?"

George:"No I don't have much to sell other then inventory and my pool of clientele."

Third, after the interview, try to gather some sense of how far you have come in this class. In your post, discuss your comfort level in talking about entrepreneurship in this interview now, compared to three months ago. Did the entrepreneur convey a sense that they thought you had progressed in your journey?

I feel that I have learned so much from this class! I thought that being an entrepreneur was just someone who owned a business. I learned that there is much more to being an entrepreneur! I also learned that you can put yourself into an entrepreneurial mindset. Before this class I didn't even know what an entrepreneurial mindset was! After taking this class I am much more comfortable talking about entrepreneurship!

Celebrating Failure-Dillon Dunn

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

My first exam in one of my other classes (QMB 3250) I had expected to be really easy since all the questions are done on excel. Upon starting the exam I realized that I knew almost nothing on the exam and I ended up getting a 10% on the exam. That is the last time that I assume that something will be easy!


2) Tell us what you learned from it.  

 I learned that you should never just expect something to be easy no matter the situation!


3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were four months ago? 

I think that this class has helped me a ton! I am no longer scared to hear what I am bad at or have someone tell me I failed. I actually ask people what I am bad at now so that I can improve, whether it be my work, or even me in my relationship! I think the lessons in this class can go much deeper then the business world!

Week 13 Reading Reflection-Dillon Dunn

Based of the title of this chapter I was really interested! Sadly I was looking for something along the lines of a math equation to figure out how much a company is worth. I was kind of thinking like I was in the TV show "Shark Tank" and I was hoping to see how the business owners and the sharks put a dollar number on a company. This chapter was more of a brief overview on what to consider when putting an evaluation on a company. That being said it was not a bad chapter to read, I was just hoping for more numbers!

My Exit Strategy-Dillon Dunn

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

If everything goes to plan I would want to sell the company in 5-7 years, however I would not want to sell all of the company. I would want to keep between 10-20% of the company just so that I have a extra source of income!


2) Why have you selected this particular exit strategy?

I have picked this strategy because I can not see myself running a peanut butter and jelly shop for the rest of my life. I would want to do something that I am more interested in!


3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I don't think that mt decision to sell the company influences my decisions for the company in anyway. I think that I would do anything that benefits the company so that I have the ability to keep the company if I do end up changing my mind. I like to leave all options open.

Week 12 Reading Reflection-Dillon Dunn

This chapter was one of the more interesting chapters out of the textbook. This chapter introduced us to ideas on how to expand and grow a business, company, or idea. The chapter focused on how to strategically plan the next step in a business. It went over the five stages of a typical venture life cycle. The five stages are: development, start-up, growth, stabilization, and innovation or decline. The chapter mainly focused on the growth stage, which in my opinion is the 2nd most important. Overall this chapter gave a lot of new information and was very interesting!

Venture Concept No. 1-Dillon Dunn

There has been a resurgence of people looking for low cost, high quality food. Many people have turned to fast food their daily bread over the past decade, but many consumers have started hunting for healthier options at the same price point. The more educated have become more health conscious and have spearheaded this movement towards healthier fast food. This is a great opportunity for food manufacturers to target the young, college market with healthy, cheap food options. Many rising brands offer quality food, but at a higher price. These brands offer rewards for purchasing their products and services. Fast food offers no such rewards and therefore does not yield very loyal customers. There is a great window of opportunity that has existed for some time in the food market to swipe up those looking for cheaper, higher quality food. The opportunity to capture the college food market with an alternative to fast food is a growing one that has not yet been fully captured. Jelly Jams hopes to take that next step by opening a small place of service, either in a shopping location or as a food truck. By making the food more convenient and keeping the location small, Jelly Jams can offer a quality, low cost product in the most convenient way possible.

The time has come for an innovative solution to consumer’s fast food needs. Jelly Jams offers quality food at a low price by catering one of the cheapest foods to produce: Peanut butter and Jelly sandwiches. Peanut butter and Jelly sandwiches offer a good mix of nutritional value by including a healthy variety of carbs, fats, and protein while also being made of mostly fruits, vegetables, and legumes. Peanut butter and jelly sandwiches can be made healthier than traditional variety as well. By utilizing no sugar added jellies, low or reduced fat peanut butter, and whole grain bread, peanut butter and jelly sandwiches can almost be labeled as super food. They can even be further enhanced with a variety of healthy choice toppings such as honey, fresh fruit, crushed nuts, and even healthy meats. Here is where the peanut butter and jelly sandwich truly becomes innovative. The price. The average production cost of a single peanut butter and jelly sandwich can be as low as $0.10! The production price allows the food to be sold at incredibly low costs while still maintain high margins. The true unfair advantage comes from the flavor. Jelly Jams will offer several varieties of homemade peanut butter including our special ingredient. But that is TOP SECRET!  

Jelly Jams’ customers will have a variety of reasons to switch from their current, drab fast food habits. The most important reason people will have to switch is the price. By keeping costs down, people will not have to consider price a factor in their decision to eat quality food. Switching will be as easy as driving past McDonalds and buying a high quality sandwich from Jelly Jams! Naturally, some people may have a harder time breaking their fast food habit. This means that several fast food competitors may still exist in the market vying for Jelly Jams’ customers. There is also the potential vulnerability in people’s tastes for sweeter lunch time foods as opposed to the saltier options currently on people palates. However, Jelly Jams has another tool in its arsenal. By offering creative packaging (likes cardboard lunchboxes), keeping distribution simple and cost effective through local suppliers, and offering the nostalgic experience of a childhood peanut butter and jelly experience, Jelly Jams has what it takes to jam up its competition. Jelly Jams future depends on other franchises opening up across the nation in college areas. By franchising, Jelly Jams can assist future entrepreneurs under the brand become profitable by utilizing their own local food markets and (with a little of the secret ingredient) enable them to take town the fast food tyrants. In five years, Jelly Jams will have several locations across the state, with an eye set for nationalization. As an entrepreneur, my goal will be to take my businesses from 0 to 60 in hopes that someone else can take over the driver’s seat and I can ride my way to success!

Amazon Whisperer-Dillon Dunn

What is next in my business idea is to take the peanut butters and jellies we sell in our restaurant and sell them in jars at a grocery store or farmers market. I believe if we have a good following at our restaurant that people will want to buy our products to take home for themselves! Most complaints that we see online is that the peanut butters taste processed, with our peanut butter you would be able to taste how fresh the product is and that it actually is all natural! I also think if a customer tries our peanut butter or jelly from the store and they like it, they will be more inclined to come visit our restaurant!

Week 11 Reading Reflection-Dillon Dunn

This article was actually super interesting and super informative. It defiantly got my creative juices flowing. The article taught about really different things, it really covered a blanket of things unlike the text book usually does. my favorite section would have to be where it told us about leadership. For some reason when I think of running a business I don't typically think of leadership, but it actually plays a big part in running a business. Overall it was a great article!

My Unfair Advantage-Dillon Dunn

1. My knowledge-Mind set of a entrepreneur, I am also very good with numbers.
2. My business partner (Reese) knowledge- Knows how to make a website.
3. My business partner (Marie) knowledge- Came up with the peanut butter recipe.
4. $10,000 Start up money-A small amount of Capitol to start up with.
5. recipe for a special peanut butter-Have a secrete recipe for peanut butter that would be hard to copy.
6. The mind-set of the target market-I am the ideal customer for my business.
7. My step father as a mentor- Has owned his own business for over 25 years.
8. Living in the ideal city for my business to grow-Living in Gainesville is perfect for our business since our target market is college students.
9. Have connections with local peanut farmer-Get a discount on peanuts that we use to make peanut butter.
10. Have an old family Jelly recipe-Have a secrete jelly recipe that would be hard to copy.

I think that our most valuable asset is our peanut butter recipe. We have been told by everyone who has tried our peanut butter that it is the best peanut butter that they have ever tasted in their life.

*****In case you haven't looked at my blog my idea is to start a peanut butter and jelly restaurant in Gainesville.

Week 10 Reading Reflection-Dillon Dunn

In this chapter of the textbook it was very boring! I feel that it went over a lot of what I learned in my previous accounting classes. I did however enjoy the refresher on the basics of accounting, and it did go over more in depth of why we care about certain things such as the balancing sheet and income statement. I was also introduced to the break-even analysis, which was actually very interesting. Overall this chapter was boring because I was familiar with most things that were said in the chapter!

Elevator Pitch No. 3-Dillon Dunn

https://www.youtube.com/watch?v=wGOLIho5Wzc&feature=youtu.be

The feedback on my last video was that I needed to film in a quieter place, so I filmed inside this time!  As for my actual pitch I did not receive any direction on where to go so I made some minor adjustments to the things I said. Enjoy!

My Secret Sauce-Dillon Dunn

1) Describe five ways in which you think you have human capital that is truly unique.

• My ability to get along with people
• My good work ethic
• My ability to hold a conversation
• My ability to think of solutions
•  My creative mind

2) Interview the five people who know you the best.

Interview # 1
 https://www.youtube.com/watch?v=c6cv2i3jo4M

Interview # 2
 https://www.youtube.com/watch?v=N7Y_sj7rKjw

Interview # 3
https://www.youtube.com/watch?v=xnlCdosgOKU

Interview # 4
 https://www.youtube.com/watch?v=znFvUf6_1_c

Interview # 5    
https://www.youtube.com/watch?v=Wh8OcG_oA8Q

3) Reflect on the differences. 

There weren't  really any differences in what my friends said and what I said, but they did not include some of the things that I said which was kind of disappointing. 

Week 9 Reading Reflection-Dillon Dunn

I thought this chapter of reading was one of the more interesting that came from the textbook! It really teaches the reader how to reach out to the potential customers and keep the company focused on one vision. The textbook even went down to the small details like how to present pricing! I liked how the textbook did not miss any avenue of marketing. The only thing that I could possible complain about this chapter is that I feel that there was to much detail in the information it gave us. I feel at some points the textbook was repeating itself.

Idea Napkin No. 2-Dillon Dunn

My name is Dillon Dunn and I attend the University of Florida. Have you ever missed the feeling of being at home with your mom and dad? Do you ever wish you could go back in time and relive your childhood? My idea cant take you back to your childhood. My idea will give you a nostalgic feel of what it is like to be back at home. My idea is Jelly Jams! Jelly Jams is a peanut butter and jelly restaurant that is specialized in giving the nostalgic feel of your childhood. Our sandwiches are designed to make you feel as if you are eating a PB&J back at home with your family. Not only will our product make you feel as if you are in your childhood again it also tastes amazing! All of our ingredients are locally sourced, and all organic. The target market for Jelly Jams is the typical college student that misses their life at home! A meal which would include a sandwich, banana chips, and a drink will cost about 7$ to the customer while only costing us 2$ to make. With not a ton of cheap healthy restaurants in the Gainesville area, I plan on satisfying the hole in the market place and making a lot of money while doing it!

Week 8 Reading Reflection-Dillon Dunn

I thought that this weeks chapter was one of the more interesting chapters out of the text book! I feel that this chapter was more about the business side of  entrepreneurship rather then just finding the idea. I really like the graphs that show certain things like what funds most of the start up companies, and what is the common source of debt. I also like how they explain the advantages and disadvantages of things such as public offerings. Overall this chapter was the most interesting that we have read so far!

Half-way Reflection-Dillon Dunn

To be successful in this class you must think outside the box. I feel like this class is more of a critical thinking in the business environment then anything else. I have also been forced out of my comfort zone. I have been forced to approach random people and interview them, or give them money. Being a shy person it has been hard for me to do these things. I have actually skipped assignments because my social anxiety gets to me. Most of the assignments where I have to approach people I have thought about giving up, but I tell myself that I will never be successful in life if I just give up on things. If I were to give future students of class any advice it would be "come to class with an open mind" and "Don't be scared to leave your comfort zone, you will learn a lot!
 

Week 7 Reading Reflection-Dillon Dunn

I really learned a lot about target marketing from this article! I had never taken a marketing class so all of this information was completely new to me! I found the article interesting, but at some points it got very boring and hard to read. I think that it is so cool that we have peoples buying power down to a science. Overall I think this article was super interesting!

Free Money-Dillon Dunn

For shooting this video I went on campus at the University of Florida. I was not able to get good sound on my videos since my cameraman was so far away and it was shot on a phone but I did the best that I could do. I approached college students since my business idea targets college students. I went up to the students giving them a dollar saying that it was "women's heart day" (which it was) and saying that I was giving people money so that they could raise awareness to womens heart disease. All five of my unsuspecting "clients" ended up taking the dollar bill. Most of the clients did hesitate though.

#1 https://www.youtube.com/watch?v=u-MpS5FAZ5s


#2 https://www.youtube.com/watch?v=GwuZXxzxbjg

and again sorry that it is hard to hear what we are saying!

Elevator Pitch No. 2-Dillon Dunn

https://www.youtube.com/watch?v=6SwenqMSYcI

I really didn't receive much negative feedback on the first elevator pitch! Please for anyone who is reading this do not be scared to hurt my feelings! You will be doing me a disservice by not telling me what I am doing wrong! Thanks!

Customer Interviews No. 3-Dillon Dunn

When I do my interviews I don't really have set questions, I base my questions off the answers that my interviewee gives me. I've learned that there is a demand for more healthy food options on UF's campus!

Interview # 1
https://www.youtube.com/watch?v=T3XrdQ2IZvY

Interview # 2
https://www.youtube.com/watch?v=p-_CXfxod88

Interview # 3
https://www.youtube.com/watch?v=S_ARDepqAf0

Interview # 4
https://www.youtube.com/watch?v=LZzP0j0eY7g

Interview # 5
https://www.youtube.com/watch?v=DSKRQECRvTQ

Week 6 Reading Reflection-Dillon Dunn

The article "The Five Forces that Shape Competitive Strategy" was actually a good read! This was definitely a change from the usual read from our textbook and I am glad that we were able to read from someone with a different point of view. This article really opened my eyes on how important the internet is to a business that wants to stay relevant and competitive. Overall the article was very useful and brought up points that made sense, but things that I normally would of never thought of.

"Idea Napkin No. 1-Dillon Dunn

My name is Dillon Dunn and I am a student at the University of Florida! I have a business idea to start a peanut butter and jelly shop called "Jelly Jams." The concept of the idea is to have a fast food experience, but have healthy food. The shop would attract people of all ages and income levels. The peanut better and jelly market is huge capturing over 3 billion dollars a year. Our customers would be able to choose from local jelly, jams, and nut butters. We would serve our sandwich with chips and a drink. The meal would cost the customer about 7$ while only costing us 2$. Being located in Gainesville our clientele typically does not have a lot of money, and they do not have many healthy options. Our shop would satisfy our market and make us a lot of money!