Idea Napkin No. 2
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 at a profit to remain open. As the amount of coronavirus cases rise and decrease unpredictably, so does the amount of customers walking through any restaurant's door at any given moment. With the newly increasing trend, restaurants are again facing a huge decline in customers. Combining this trend with the fact that many restaurants order inventory biweekly or monthly, there are thousands of restaurants in the U.S. that are currently overstocked and will have to waste inventory. Establishing a firm that could cut their losses (help them towards profitability) and resell their unused inventory could save restaurants thousands of dollars.
5. What are your core competencies: Because of my history working under my father in our family businesses, all of which are food businesses, I believe I have a strong understanding of how the food industry works. This is not just limited to operational knowledge, but also supply chain knowledge that is key for this type of service. Apart from my knowledge, I also pride myself in the drive I have everyday that allows me to outpace and outwork many of my peers.
Considering the times we are in, I greatly feel like these five elements combine perfectly for a strong and strategic business. Although this business would likely only last throughout the duration of the pandemic, it would still be beneficial for both the firm and the restaurant owners. I believe that my background and my ambitions combine well with what the business is offering and who we are offering our business to.
Feedback Memo: I did not receive feedback for my first Idea Napkin. However, I did make several changes. Firstly, I updated the "you" portion to include a more personable introduction to who I was that related more to my business idea. I also updated the "why do they care" portion to specifically mention the new and unpredictable trend in cases. In addition, I reworded my core competencies to make them clearer to understand.
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 at a profit to remain open. As the amount of coronavirus cases rise and decrease unpredictably, so does the amount of customers walking through any restaurant's door at any given moment. With the newly increasing trend, restaurants are again facing a huge decline in customers. Combining this trend with the fact that many restaurants order inventory biweekly or monthly, there are thousands of restaurants in the U.S. that are currently overstocked and will have to waste inventory. Establishing a firm that could cut their losses (help them towards profitability) and resell their unused inventory could save restaurants thousands of dollars.
5. What are your core competencies: Because of my history working under my father in our family businesses, all of which are food businesses, I believe I have a strong understanding of how the food industry works. This is not just limited to operational knowledge, but also supply chain knowledge that is key for this type of service. Apart from my knowledge, I also pride myself in the drive I have everyday that allows me to outpace and outwork many of my peers.
Considering the times we are in, I greatly feel like these five elements combine perfectly for a strong and strategic business. Although this business would likely only last throughout the duration of the pandemic, it would still be beneficial for both the firm and the restaurant owners. I believe that my background and my ambitions combine well with what the business is offering and who we are offering our business to.
Feedback Memo: I did not receive feedback for my first Idea Napkin. However, I did make several changes. Firstly, I updated the "you" portion to include a more personable introduction to who I was that related more to my business idea. I also updated the "why do they care" portion to specifically mention the new and unpredictable trend in cases. In addition, I reworded my core competencies to make them clearer to understand.
Hey Jean,
ReplyDeleteI just thought of this and I wanted to share: you could maybe do like a grubhub mixed with instacart kinda thing? Not sure how viable it is, but I just thought of the rise in the "gig economy" I think they're calling it, and all the people signing up for these delivery jobs, and how you could bank off of that.
On the assignment side, I feel like your passion in law and your experience in the food industry will help a lot, because I'm certain there's some food safety loopholes to jump through in buying back the unused food from restaurants.
I believe I had mentioned in a previous comment that I wouldn't rely too much on this coronavirus situation to start your business, but with the new spikes in cases, I may be proven wrong. Either way, it seems you'll be getting a little longer of a lucrative time period to seize your opportunity, if you choose to follow it. I think you should.
Nice work!