Jean's Entrepreneurship Blog

1) Opportunity In the United States, we have almost hit 5 million confirmed cases of coronavirus. There is no immediate end in sight for this pandemic, which has had extremely negative effects on not just our public health, but on our education systems and businesses in all kinds of industries, such as the tourism industry. While there are countless industries in need of assistance, one of the greatest hits has been taken by the food business industry. Coronavirus is passed through air particles, which has made millions of people (myself included) weary of eating indoors or even risking exposure at restaurants. "Did the chef wash his hands?" "What if their masks weren't worn properly when handling my food?" These questions and many more run through the minds of consumers. Restaurants have had to adjust by complying with social distancing and mask orders. This means setting tables at least six feet apart, which greatly diminishes their capacity. This means even r...

1) My exit strategy would definitely be to sell the business for a large return. I believe utilizing that large return to make smart investments could secure my retirement and lifestyle in the future. However, it would have to be for an amount I felt comfortable selling. If the opportunity to sell never presented itself, I would not mind still running the business and passing it down the family. 2) I selected this exit strategy because it would allow me to invest in more new businesses and diversify, rather than "keeping all my eggs in the same basket." Even if my business was doing really well, it can be dangerous to try to keep riding a wave that can end at any moment! 3) I don't believe this exit strategy has highly influenced other decisions I've made in the concept. This is due to the fact that although an exit strategy is important, it's certainly not often what an entrepreneur is focused on in the early stages of their business. In my early stages, I was so...

1. For my third reading reflection, I selected "Grinding It Out: The Making of McDonald’s" by Ray Kroc as my book of choice.       What was most surprising to me was that Mr. Kroc was not the founder or even creator of McDonald's! My local McDonalds has a plaque of him next to the cash register, and I had always just assumed that it was his creation.      What I most admired most about Ray Kroc was his tough but entrepreneurial mindset that remained consistent throughout the book. He believed that "“A little bit of luck helps, yes, but the key element, which too many in our affluent society have forgotten, is still hard work—grinding it out... I believe that if you think small, you’ll stay small."      What I least admired about Mr. Kroc was how he took advantage of the McDonald brothers. After reading the book, I did more research into the situation and have had a very negative view of his business practices.  2. I think ...

1. A time this past semester I have failed: At the beginning of COVID-19, when most of us just grabbed our stuff and left Gainesville to go back home, I did as well. However, when I did, I took too long to get re-situated and was unorganized for about two weeks. During this period of not being organized, I missed a few important assignment for my classes that I otherwise would not have missed. Although I still ended with A's in my classes, it was a close call- I was within one question on the final exam of getting an A-. 2. What I learned from that failure is that there is no substitute for organization. Even in times of change or uncertainty, we must always be aware of what is going on around us and what is left for us to do. I now keep and maintain a strict calendar that is always updated to ensure that I am on track with everything I have left to do. 3. Failure doesn't affect me too much in a negative sense. Sometimes, I will admit I am embarrassed. But often, I just keep re...

Existing Market 1. In terms of what is next (assuming I have accomplished the aspect of reselling unused restaurant inventory), I believe that the business can evolve from COVID-related to a generalized business that allows restaurants to sell direct-to-consumer. For example, in the future, a restaurant that sells delicious and homemade empanadas can utilize my specialized firm to sell consumers leaving the restaurant a kit for them to make empanadas at home that includes the empanada dough, meats, and cheeses needed. This is just one example of how the business model can be adapted to the future. 2. For this step, I interviewed three customers at one of my parent's restaurants. In terms of what their ideas were, two did not suggest any new ideas and said they believed the business model as it was could be sustainable. The third customer mentioned the idea of creating centralized locations filled with options from hundreds of different restaurants for consumers. When told ab...

Opportunity Currently, in the United States, there are over 4.12 million confirmed cases of coronavirus. This has had absolutely devastating effects not only on our public health, but on our education systems and on business industries of all kind, such as the tourism industry. One industry that has been hit very heavily by coronavirus has been the restaurant industry. Many people, including myself, have grown somewhat fearful of going to a restaurant during a pandemic. Due to the nature of restaurants and the food business, one must accept having to spend time indoors without a mask on while they eat and drink. This means risking exposure to air particles that may linger inside a restaurant. In addition, in order to comply with social distancing guidelines, restaurants have to spread out their seating in a way that greatly reduces their capacity. At some popular restaurants, this has resulted in wait times in which people crowd the waiting lobby (unideal during a pandemic). T...