19A – Idea Napkin No. 2

After reviewing my first Idea Napkin post and reviewing the feedback given to me, as shown in the bullets below, I have incorporated these edits within my second Idea Napkin.  

• "some of the additions to this coffee shop that it would bring would need to be highlighted more specifically in order to show why this coffee service would rival Starbucks and their customer loyalty. Detailing the types of seating that would be more comfortable and possibly the consistency in product as well that would match Starbucks, would probably need to be fleshed out."

• "Having a diverse geographic perspective would definitely help in attracting customers."

• "I think you are on to something when it comes to needing a more personal coffee service other than Starbucks, which has become very industrialized." 

1) Who I am. 

I'm a third-year Marketing student here at the University of Florida. Moreover, I'm a military child who currently resides in Washington state but grew up overseas in Japan. Therefore, I have a very diverse geographic perspective. I would say my talents encompass marketing data and analytics, photography, videography, graphic design, website development, and communications. 

I've had various experiences both personally and professionally that would enable me to succeed in this endeavor. Professionally, I've had several jobs before and during my collegiate career. My first job was as a Sales and Marketing Associate at a local printing shop. Proceeding this, I had an Consulting and Accounting internship with another local company. My next and current two jobs are as a Co-Instructor for the Introduction to Business course (GEB2015) and a Career and Peer Mentor (CAP) for Business Career Services. Lastly, I have been working for Boeing as a Branding and Communications Intern for the past ten months. 

As a rather new twenty-one year old, I would be lying if I said I knew exactly what I aspire to become. However, I would like to explore marketing data and analytics more in depth and possibly pursue a career in this path. Regarding my business concept of franchising a Whidbey Coffee, a well-known and credible coffee company within the Pacific Northwest, on the University of Florida campus - I can see the business playing a huge role in my life. If it were to succeed, I may have to consider staying in Gainesville after graduation or hiring individuals to look after it or sell my franchise.  

2) What am I offering to customers? 

I am offering a new and innovative coffee selection on the University of Florida campus. Whidbey Coffee offers varying product prices and new coffee products such as Frozen Mochas, Red Bull Spritzers, and more. As well as more seating availability in a relaxing and aesthetic environment. A typical Whidbey Coffee franchise incorporates at least one fireplace, open windows, and different types of seating like couches, chairs, and bar stools.  Contrastingly, Starbuck facilities on campus either have no seating or just one to two small tables with little to no room to study, work, or relax. Starbucks has monopolized the prices for coffee on campus, and many individuals have this unmet need for lower prices, seating availability, and coffee variability on campus.

3) Who am I offering it to?

I'm offering this to students and faculty at the University of Florida - encompassing both coffee lovers and individuals who do not enjoy coffee but utilize it for increased productivity as well as a place to study or relax with friends. This would be a target market with individuals ranging from 18 years of age to approximately 45 years of age. All of my customers have location in common, that being the University of Florida campus. There are over 43,000 students at the University of Florida and over 5,000 faculty members.

4) Why do they care? 

They care because customers on the University of Florida campus have a need for a wider array of coffee selection, product prices, and study locations. Customers will actually pay money to have a new type of coffee, "Frozen Mocha's" for example, with cheaper prices and more seating availability. 

5) What are your core competencies? 

What sets me apart from everyone else is that I have a worldly perspective and arguably more business experience than other current business majors. I grew up overseas in Japan for seven years, and have lived in many different places within the United States. I've also traveled around Europe. I've had five jobs in the past five years encompassing various different business positions and industry sectors. I believe my dedication, passion, and thirst for knowledge sets me apart from everyone else. 

Evaluation

Based off of my personal opinion and the feedback I initially received, I believe these elements of my business concept do fit well together. I have enough real-world experience as well as individuals within my network to really get the ball rolling on this idea. Moreover, my core competencies of passion, dedication, and a thirst for knowledge will push me to be the best entrepreneur and leader I can be throughout my entrepreneurial journey.

As detailed at the beginning of this post, the three bullet points were the main points I took away from the feedback I received on my first Idea Napkin. First being to elaborate more on the seating capabilities I would be providing as well as the environment. Secondly, being that my diverse geographic perspective will serve me well in this endeavor and to truly capitalize on it. I incorporated more details regarding the products and customer experience within my 'What am I Offering to Customers?' section. I also re-emphasized my diverse geographic perspective within my 'Who I am' section rather than just selling that in my 'core competencies' section.