Jean's Entrepreneurship Blog

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...

10 Resources: 1. In-Depth Restaurant/Food Business Background      V: Allows for a better understanding of the market, the consumer perspective, and allows for an advantage when working with other restaurants      R: It is uncommon for the average American to have a background in food business, especially one that stems from a family-owned restaurant      I: It is inimitable, but not necessarily easily.      N: This could not be exactly substituted as this knowledge is very specific 2. Industry Contacts      V: Allows for networking opportunities that could lead to business deals.      R: This is a fairly common resource in the food industry      I: This is inimitable      N: This is not easily substituted as having contacts in the industry is extremely valuable 3. Supply Chain Management Skills      V: This is extremely valuable, especia...

In my last elevator speech, I received positive comments about my introduction and how comfortable I am overall throughout my speech. I thought the most important part of that feedback was the "being comfortable" aspect, as I feel like the structure of an elevator speech is always prone to change. In fact, I did decide to change the introduction. I emphasized the effects of COVID-19 and how my business addresses them, instead of focusing on my family's background, which I found to be less important during a pandemic to restaurant owners.

A. Person #1: Mauricio Suarez      1. Background: Mr. Suarez is in upper-level management at Cheney Brothers Inc. (CBI). He has been with them for over 15 years (company founded in 1925) and now oversees three regional departments.      2. "Slot": I would consider Mr. Suarez to be a domain expert in my industry. Because my business idea is so specific, I don't know of any company exactly like it. However, Cheney is responsible for stocking tens of thousands of food items and delivering them to consumers (mostly restaurants).      3. How I found/contacted them: My parents have direct contact with Cheney over the last ten years as they have been customers of Cheney and use their services for their restaurants. I asked my parents who the highest-level person they knew in the company was, and emailed him.      4. Nature of exchange: I asked Mr. Suarez about the nature of my business idea. Although he laughed and joked about the...

1. General theme: The main themes in "How to Fail at Almost Everything and Still Win Big" are self-motivation, self-reflection, and "having a system, not a goal." Throughout the entire book, Scott Adams builds upon lesson after lesson, explaining that we should try increasing our happy thoughts, focus on energy, and build a system that works for us instead of just pursuing an abstract goal without the means of achieving it. 2. Connecting the book to ENT 3003: In this class, one of the main takeaways that I've learned is that if the entrepreneur doesn't believe in themselves, customers won't believe in them. I believe this is directly in line with Scott Adams' philosophy about self-investment and reflection. In order to achieve your goals in any field, including entrepreneurship, you have to understand yourself, your flaws and strengths, and work with the skills that you have. In addition, we learned in ENT 3003 that you must have a system set up to...

Here is my updated Elevator speech. For the first speech, I only received one comment which was completely positive. I was glad it was, but unfortunately I had no constructive criticism to improve on. For this elevator speech I pitched my restaurant inventory reselling idea. I gave myself feedback and improved my posture, cadence, speed, and eye contact from the first elevator speech.

1.  You : My name is Jean Vardaramatos. I am a rising senior majoring in Business Administration at UF. I have a passion for law and hope to someday go to law school and become a lawyer. In fact, I love people, animals, music, and law more than anything else. If I were to start this business, however, I believe I would put everything else on hold. Especially considering the severity of the COVID-19 crisis, I believe my business idea would require full commitment in order to provide relief and services to overstocked restaurants. 2.  What are you offering to customers : Our services include either buying back some unused inventory from restaurants at discounted rates to resell direct-to-consumer, or assist restaurants in selling their unused inventory market-style directly to consumers. 3.  Who are you offering it to : Any medium or large sized restaurant that is facing demand shortages of demand due to the coronavirus. 4.  Why do they care : Restaurants must operate ...

According to the restaurant broker "We Sell Restaurants" ( source ), the demographics of people buying restaurants are as follows: 55% Caucasian 75% Male, 5% Female, 20% Female/Male Teams or Couples Mostly College-Educated & Married Average Age: 42 While these demographics don't reflect restaurant owners who started their own businesses (rather than purchasing restaurants), I would imagine that the overall demographics of my potential customers would not be too far off from this. In terms of traits that I can imagine, I foresee a prototypical customer: Being in the upper middle class or a higher class Already having a family or about to start one Married to a partner who also helps manage the business Has a loving side but is mostly about business throughout the day Likes to learn and is always absorbing knowledge Has a good balance between knowing their financials and being a "people person" Walks the fine line between being overly nice...