Your Exit Strategy

1. My exit strategy would most likely be to grow with my business until it was time for me to retire. Once my business is developed and growing in success, I wouldn't be willing to let go of it in a short amount of time such as five years. If I were to have children that shared the same passion, keeping the center as a family business would be something I would love to see. 
2. I selected this particular exit strategy because once I develop something that I'm proud of, I don't want to let it go. I would want a reminder of the effort that I put in and would want to be an ongoing part of what I worked to create. 
3. My exit strategy has influenced the way in which I grew my concept because I started with a basic idea and threw in ideas that I could add over time once I was more established. I understand that you can not necessarily have everything you envision at the start up of a company, that's why I intend to stay with my business for as long as I can in order to watch it reach it's potential. 

Celebrating Failure

1. Recently I decided to purchase and take a test to become a certified personal trainer. Fitness is something I'm very passionate about and I have hopes of getting the full-time personal training position at the gym I currently work at in the spring when I have my internship. So far this summer I've worked seven days a week, taken three classes, and volunteered a few times a week, because of this I pushed studying for my test aside and decided to take it without much preparation at all. It was pass/fail, and I failed! 
2. I learned that I need to segment my time more wisely and keep long-term goals in mind while tackling my daily endeavors. Although work and school are valid reasons to be occupied, I didn't need to work as much as I did, I just wanted the extra money. I know now that I need to keep the big picture in mind, and always set time aside to work towards it. 
3. Failure is one of the most important things an individual can experience. Whether it be failure in the academic, professional, or personal sphere: it is essential for growth. I have always handled failure rather well, although I may feel embarrassed and even slightly disappointed in myself when I fail, I've always been able to look at it as an opportunity to grow. This class has changed my perspective on failure because it made me realize that I need to stop allowing the fear of failure to determine my actions. If many of today's well known entrepreneurs had avoided opportunity because of the potential for failure, we wouldn't have much of the innovation that we do today. I do believe that I'm more likely to take risks now than I was a few months ago, this is because I realized that it is very rare to be successful the first time around and if you want to accomplish something, you have to be persistent. With that being said, I'm scheduled to take my test again in September! :) 

Reading Reflection No.3

For this reading reflection, I decided to read How to Fail at Almost Everything and Still Win Big by Scott Adams.

1. This book reflects on the journey of author Scott Adams as he moves through life experiencing failure after failure but ultimately ends up successful. This book basically explains the ways in which Adams looked after himself in order to stay driven and healthy while he experienced his countless setbacks; it addresses concepts and tips for taking on a mindset fit for perseverance. 
2. This book connected with what I've learned in ENT because it addresses failure and hones in on systems you can use to make sure you persist through the challenges so that you can reach success in the long run. Persistence is a big theme when it comes to entrepreneurship because it is much more common to fail numerous times before succeeding than to succeed the first time around. 
3. Based off this book, if I had to plan an exercise for this class it would probably end up being very similar to assignment 26A: celebrating failure. This is a great assignment because it actively changes your mindset as you reflect on how failure has helped you grow. Another idea could work off of the topic in the book about creating systems to follow rather than simply setting goals. An activity could ask students to write down goals, and then write an actual plan/system to follow in order to accomplish them. 
4. The biggest surprise that this book brought me was when Adams addressed the topic of quitting and that's because this book is mainly about being able to persist. However, Adams discussed the importance of knowing when to jump ship. Although entrepreneurship is about taking risks, it is important to be able to realize when your risks will only lead you to a dead end, cutting your losses is oftentimes necessary. 

What's Next?

Existing Market

The market I have identified that would be attracted to my wellness center is female, young-adults, ages ranging from 18-30. This market is ideal for my business because individuals within typically care about their appearance and overall health. This age group is known for trying new diets and fitness programs in hopes of seeing results. From this market, I interviewed my sister who is 23 and two of my close friends who are both 21. 

After interviewing these individuals in my existing market, I found an immense amount of support for my ideas. The girls liked the idea of incorporating nutrition classes into this facility because they were unsure of how they should be fueling their bodies with their current activity levels. One of my friends mentioned that she felt I should incorporate yoga into the fitness class schedule because that helps relieve stress which is a big part of being healthy. My other friend recommended incorporating a healthy food cafe or juice/smoothie bar that members could purchase from before or after their exercises. My sister said that with her busy work schedule, she would look for a facility with a lot of hours of operation so that she could go to the gym whenever she was able to. 

Interviewing members from my existing market reassured me that I should work towards incorporating some of the ideas I had that seemed out of reach such as adding a juice/smoothie bar into my facility. To expand further into this young generation of women, having a cafe before members are required to scan in their key tags could make my facility a place they stop by for lunch or a healthy snack, that would encourage people to check out the whole facility and look into membership. I had considered a yoga studio when originally drawing up this idea, although it seemed like a lot to add in, an activity room in the gym could also act as a yoga studio to target this crowd. Something I looked over was the hours of operation, I think it would be important to have the main gym be available for 24-hour access to allow busy, young workers to go to the gym around their work schedules. 

New Market 

My existing market was targeting the younger millennial generation who has a great interest in health and engages heavily with products and programs that promote a good lifestyle and healthy physical appearance. This new market that I feel would find use in this facility are middle to upper aged adults. Because health is trending right now for our generation, it is something that older generations may have never invested the time into in order to gain understanding and experience. With old age, individuals are seeking ways to feel younger and healthier, which likely leads them to fitness and nutrition. My concept would create value for this market because it would help them play catch-up in a convenient and reliable way. 

To represent this market, I interviewed my mother, and an older man that I work one of my jobs with. From these interviews I learned a lot of important information about this market. They feel a strong need for a non-intimidating environment where they can learn the things that they have not in the past. Both expressed that they fear the gym because they don't know what they are doing and are afraid that those who do would judge them. The older man I work with explained that his doctor recommended that he begin daily exercise to help delay the effects of aging on his body, but he doesn't know where to start because he has never used gym equipment. My mom also expressed that she is unfamiliar with the resistance machines at the gym so she doesn't want to walk around and look "stupid." They both jumped at the idea of including an orientation class that walked individuals through the resistance and cardio equipment to familiarize members with the gym, I think this is a very important resource to incorporate. 

What surprised me the most is that these individuals were so nervous to step foot in the gym because they were not familiar with exercise equipment and did not know how much they should be lifting and the number or repetitions/sets they should be doing. It appears that for this market, of older individuals who do not have much experience with gym equipment, their fear of an unfamiliar situation is the number one reason they are not living an active lifestyle. I do think this market is attractive because there are likely many more people like them that are nervous to appear as if they don't know what they're doing. I do believe that the younger generation is more attractive because of their willingness to spend money on memberships and programs that guide them to a healthy lifestyle. 

Venture Concept: Wellness 360

OPPORTUNITY 

In today’s society, there is a lack of knowledge about how to be healthy. Individuals know that being healthy would include participation in behaviors such as exercising regularly and eating nutritious meals, however, many individuals do not have the education and resources required to properly implement these behaviors. With all of the diverse diet and exercise information floating around the media, much of which is false or without evidence to back it, health has become confusing for those who have not studied it. Individuals are seeking out a healthy lifestyle, and are searching for the resources that can help them achieve it. This opportunity is created by the shift in society towards health, brought on by the younger generations that are thinking futuristically. Also, with America’s obesity issue, individuals are eager to take preventative measures or to turn their lives around if they are already experiencing health deficits. Customers are currently satisfying their lack of knowledge in the field of health by conducting personal research, hiring professionals, or joining fitness centers that have amenities such as fitness coaching. The opportunity to provide the resources and knowledge needed to live a healthy lifestyle is great because there is increasing awareness for the consequences of poor health and desire to live healthier lives. People who do not have an advanced understanding of fitness and nutrition have this unmet need, they are in need of a convenient and reliable way to improve their health.

INNOVATION

To address the unmeet needs of customers who are seeking a healthy lifestyle but don't know where or how to start, I am proposing a wellness center that focuses on providing the knowledge and resources necessary to embody an all encompassing health. This center will consist of the resources that can be found throughout a community, however they will be combined and made available under the same roof to provide convenience for customers. This center would mostly be a full sized gym where members could work on their physical health with the assistance of personal trainers, but would also have rooms for teaching sessions that would cover information regarding other elements of wellness such as nutrition, self-care, life improvement, etc. This wellness center would work by providing unlimited access based off of membership, although on day trials would be allowed for prospects. In summary, I am selling access to a gym, workout classes and consultations with personal trainers, various educational classes covering diverse topics in wellness, interactive activities/sessions between members of the center. In order to turn profit, I would start membership at a lower cost in order to spread awareness of my business and create a feeling of immediacy for potential customers.  This promotion would be for the first set number of members to join and would allow me to quickly accumulate paying customers. This early bird special would be around $40 a month, after which, prices for all-inclusive membership would increase to around $50 a month. In case customers really like the gym within this wellness center, I will offer a limited membership offer for $20 a month which allows them access to the gym alone. 

VENTURE CONCEPT

My innovation: a wellness center, will solve the opportunity I identified: lack of knowledge and resources needed to be healthy. My concept will be affective because it will provide resources such as a gym, a personal trainer, and a nutritionist along with brief classes that members can attend that will increase knowledge on fitness, nutrition, etc. to make individuals more independent in their fitness journeys. I believe customers will switch to this new service because it can take the place of all of their combined efforts towards healthy living, such as: a gym membership, personal training costs, visits to a nutritionist, workout and diet programs, etc. Because people are drawn to new ways to achieve and maintain a healthy lifestyle and ideal body image, it won’t be difficult to bring in customers. People are eager to find an innovative program or center that will help them achieve and sustain their health goals. Competitors are surrounding fitness centers, although they are already established with their members, they lack the well-rounded approach that my concept has; although people have memberships to these gyms, they are still walking around confused about how to approach fitness and wellness. My business will provide an all-inclusive membership with no additional costs for amenities. In order to get my wellness center running, I would need at least one full-time personal trainer, one nutritionist, and 10-15 part-time employees to work the front desk and monitor the center throughout it's hours of operation. 

Minor Elements 

1. My most important resource for this business will be exceptional customer service. Customer service will be of top priority in this company and will be engrained in the mind of all individuals taking part in the mission. Keeping customer service in mind, member interactions will always be handled with patience, respect, and empathy. The positive experience members have when they enter this facility, is what will set it apart from competitors. 
2. With the abundance of knowledge and experience that would be present in my wellness center, the next product that could expand our offerings would be a book or instructional guide which would include the most important information for living a healthy lifestyle. This book would be a summary of all the lessons we teach at the wellness center. 
3. Assuming I launched this business, in five years I would want to see a profitable wellness center that has not only been successful in terms of membership and revenue, but also in terms of it's purpose: to improve the lives of others. As an entrepreneur, I would always want to pursue things I am passionate about. My vision is to positively impact the lives of as many people as I can in whatever ways I am able to. 

Your Venture's Unfair Advantage

1. Innovative business concept 

V

An innovative business concept is valuable because it is what sets a business aside from others, this is how a new business will be able to surpass established businesses. 

R

Innovative business concepts are rare to a certain extent. Many new companies merely copy the idea of another business and make slight adjustments that they feel will set them apart from other competitors selling similar ideas.

I

An innovative business concept is difficult to copy by others because in order to be innovative, one can not simply take an existing idea and make their own business with it. It takes an immense amount of research and time to form and establish an innovative business concept. 

N

Although a well executed original idea can be successful, there is nothing like innovation. A new, never before seen concept will shock consumers and gain immediate interest. 

2. Experience in similar industry 

V

Being experienced in a similar industry has a large amount of value. This is because you are more knowledgable of the road blocks that may occur and have experience with problem solving in this field. 

R

Having experience in a similar industry as the company your are starting is not necessarily rare, this is because people often seek to gain experience before taking on difficult tasks, or their experience is what sparks interest in entrepreneurship in that certain industry. 

I

Having experience in a similar industry is not difficult to copy. People are able to easily seek out a profession that will give them insight into certain industries before pursuing their own business in that industry; this is likely what many entrepreneurs do. 

N

There may be other substitutes that provide the same benefits as having experience in the industry, for example having connections with others who know a lot about the industry could prove equally as beneficial, aside from making you more dependent on their knowledge. 

3. Integrity 

V

Integrity is valuable because being honest and morally driven is something that instills customers' trust in a business; customers who have genuine trust in the intentions of a business will remain loyal and spread positive word of mouth. 

R

Unfortunately, integrity can be rare in the business world. Especially in companies who put extra emphasis on sales, there are likely to be ethical dilemmas that are handled poorly. 

I

Integrity is an easy concept to grasp but not necessarily easy to duplicate in difficult situations. When faced with failure, many business owners and the employees within will make unethical decisions if they lead to advancement or success. 

N

Although many companies find success while lacking integrity, there is no substitute for integrity in terms of gaining the trust of customers. Once a business' intentions are questioned, customers will be weary in buying the ideas or products being sold. 

4. Knowledge of marketing and consumer behavior 

V

Knowledge of marketing and consumer behavior is a highly valuable resource, this resource is necessary in determining who to target and how they will respond best to your actions. Marketing is essential in developing awareness and a customer base for your business. 

R

Knowledge of marketing and consumer behavior is rare for those who did not necessarily pursue this educational path. Unless they have experience in the field, people do not typically understand marketing concepts and how consumers react to different approaches. 

I

Knowledge of marketing and consumer behavior is not very inimitable because people who seek this knowledge can take a few courses and have a much more advanced understanding of the topics. 

N

This resource could be substituted by hiring someone who does have knowledge of marketing and consumer behavior. Hiring an expert might prove to be a better substitution than going off of your own basic knowledge of marketing and consumer behavior. 

5. Passion 

V

Passion is an extremely valuable resource because it is what will drive a business owner to persist through challenges. Although all entrepreneurs face challenges, it is the ones who feel they have purpose that are able to weather the storm and find success. 

R

Passion is not necessarily a rare resource because many people will not pursue something that they aren't passionate about, however an overwhelming amount of passion for something is rare; people are not necessarily always willing to sacrifice everything for a cause.  

I

Passion is inimitable because someone can not simply copy the passion that another person embodies, they have to just be passionate about what they are pursuing. 

N

This resource could potentially be substituted by discipline. If an individual is not passionate to the extent of wanting to pursue something while giving 100%, they could use discipline to simply make themselves do what is required. However, passion will most likely be the key to success because those who are passionate for their purpose go above and beyond. 

6. Connections with potential customers 

V

Connections with potential customers is valuable because this is one way to spread word of business. If you have a large outreach through certain social groups or organizations that you are engaged in, you can gain a large amount of customers immediately. 

R

Connections with potential customers is relatively rare, this is because it is hard for one person to have a large outreach unless they are highly social and are involved in many different things that expose them to the right type of person (potential customer). 

I

Connections with potential customers is pretty inimitable because if you do not already have trusting relationships formed with the prototypical customer prior to pursuing your business concept, this individuals will most likely just view you as someone trying to market a product or service. 

N

This resource could possibly be substituted with marketing efforts. If you don't have the outreach to immediately grasp a customer base, you could use extensive marketing efforts at the beginning of your venture to get this customer base. 

7. Connections with those in the industry 

V

Connections with people in the industry are valuable because they allow you to ask advice from people who want to see you succeed. These connections are only valuable however if they are genuine relationships with people who would not try and sabotage you and your business. 

R

Genuine relationships within the industry are rare because technically this sets you up to be a competitor. Having relationships with people that will offer genuine advice and helpful tips in the same industry can be challenging because of competition. 

I

Connections with those in the industry is a inimitable resource because these need to be genuine, trusting relationships that were most likely formed before your business concept was developed. People can not simply copy, long-lasting and trusting partnerships/relationships. 

N

The benefits of having connections with those in the industry can potentially be substituted by having experience in the industry. If you have enough experience in an industry to know the ins and outs, you likely won't need to seek advice from someone with the same level of knowledge as you. 

8. Customer service 

V

Customer service as a resource is not only valuable, it is essential in the success of a company. Unless it is a necessity, customers do not want to engage with or support a business that is not pleasant and accommodating to them. Customer service creates loyal customers who want to spread positive word of mouth due to their satisfaction. 

R

Good customer service is rare. Even if a business owner and upper levels of management within a business include this in the vision for the company, it does not come together unless all persons taking part in the company execute it, this includes part-time employees. 

I

Customer service is a resource that can not easily be copied. As previously mentioned, this is because all of the individuals employed at the company must be on the same page about providing genuine and accommodating service; employees have to genuinely be passionate about the cause in order to implement great customer service. 

N

Good customer service is non-substitutable. This is because no matter what you offer at a certain price, consumers will avoid supporting businesses that do not provide pleasant experiences for them as buyers. 

9. Lack of competitors 

V

Lack of competitors is valuable because if you are the only one offering the product or service at a certain quality or price, then all customers seeking that product or service will be your customers. Lack of competitors leads to a greater market share and therefore more success for your business. 

R

Lack of competitors is rare. In most industries, if the product or service is appealing and looks promising, competitors will enter the industry to get what they can out of it. Unless a business idea is highly innovative, there is always a level of competition. 

I

A market in which there are a lack of competitors can not be easily imitated. In order to avoid having competition: a business concept must be highly innovative in a way that creates something that can not be found anywhere else. 

N

The benefits of a lack of competitors can be substituted by great marketing tactics. If competitors are present, a company can strategically market in a way that sets itself aside from the competition. 

10. Outgoing personality 

V

Having an outgoing personality is essential for those who are starting a business venture. Being about to sell yourself as an individual is the first part of being able to sell a product or idea. People that are likable and admirable will attract investors, partners, and customers. 

R

Having an outgoing personality is somewhat rare. There are a lot of individuals out there who are very social and easy to communicate with and there are also many who are the opposite. 

I

Having an outgoing personality is inimitable, this personality trait is one that many are born with and therefore it can not be easily replicated. Although some might be able to fake genuine interaction, they may never feel truly confident in social settings. 

N

Having an outgoing personality is non-substitutable. In the business world you have to engage with people on many different levels in many different settings. Being social is an essential aspect of networking and building the connections necessary for your business to succeed. 

TOP RESOURCE

My top resource is good customer service. Good customer service is highly valuable, rare, inimitable, and non-substitutable. Companies who emphasize customer service down to the level of part-time employees will attract loyal customers who will engage with the business for longer amounts of time and be more willing to spend money due to higher level of satisfaction. Top of the line customer service creates value in a company that makes individuals want to spread positive word of mouth- a free and effective form of marketing.