Reading Reflection No. 3

How to Fail at Almost Everything and Still Win Big by Scott Adams

The main idea of this book is not only to accept failure, but to embrace it and actually welcome failure because there are a lot of benefits and lessons learned from failing. 

This closely relates to the course in many way. The rate of failure among new ventures is extremely high. A hopeful entrepreneur needs to not only accept that many of their efforts will fail, but welcome the failure and take what they learned and apply it to their next concept. 

The exercise I would design would be very similar to our recent "Celebrating Failures" exercise, however, in the grand scheme of things it would be beneficial to look at multiple failures to see if there is a common theme or pattern causing the failure versus focusing on one incident. 

I was surprised by Adams' statement about people's use of reason. He insists that expecting people to make rational decisions or base their decisions in reason will only set you up for frustration. I often think in the back of my mind that people do not use basic reason when making decisions, but I have never really considered that my assumption that everyone should be reasonable all the time was a high expectation and that I should accept that people are not going to be reasonable often, if at all. 

Exit Strategy

My exit strategy would be to develop a 3-5 locations within the greater Orlando area and sell upon my retirement. Because this venture was rooted in one of my greatest passion (caring for dogs) it wouldn't make much sense for me, personally, to sell right away. I enjoy working, especially when I am passionate about my work, and I would love to see my business through as long as possible. This exit strategy influenced other decisions I've made for this concept because I made decisions based on a company that I would want to own and operate long-term, not just setting up something without any personal touch to turn around and sell. I put a lot of thought into the details of my concept and services that are personal to my own interests and passions and I would not want to pass along the business to someone else until I was ready to retire.

Celebrating Failure

A little background:

I started my BSBA at UCF in 2014 and ended up taking a 2 year ~hiatus~. I returned to UCF in the Summer of 2017, only taking one class to ease back into a routine then 2 classes per semester. I was really unhappy with the program I was in as well as UCF in general so I transferred to UF as an online student. I work a lot- usually 50 hours per week at least. This semester, I decided to test if I could handle 3 classes and also to speed up the process of finishing my degree since I only have a few courses left.

This course is not difficult, but has a lot of assignments and another course I am currently enrolled in has 10-16 assignments due every week. I did not do a great job planning and working ahead this semester. There were a few assignments that I made the conscious decision not to complete because I was exhausted and a few that I missed because I wrote down the wrong due date and was out of town so I was not checking the website as frequently as I normally do.

Although I am passing this course, it definitely would have been an "Easy A" if I had just planned better or pushed through and completed more of the assignments so I would consider that a failure.

I learned that I can handle 3 courses and pass, but if I want an A in the remainder of my courses here at UF, I need to manage my time better in the coming semesters.

Failure is definitely difficult and often embarrassing, but I think it's when we learn the most about ourselves. I don't typically handle failure well. I used to prioritize avoiding failure over anything, including eating, sleeping, and my health, but I have learned that not everything is going to be important in the grand scheme of things. I don't think I will care 20 years from now that I did not get an A in this course, which is something that you could not have convinced me of a few years ago, when I was pulling consecutive all-nighters to ensure my grades did not dip below 98-100%.. I think I live a healthier and happier life now that I've accepted it's okay and expected to not be perfect at everything all the time.

What's Next?

Existing Market:

One of the first suggestions I received was something I thought about earlier on in the process, but forgot to explicitly call out in my venture concept and that is to have visibility for owners to check in on their pets through cameras and alerts. I planned to incorporate updates on dogs activity throughout the day like "Tucker just had lunch! Would you like to check on him?"

Other feedback I received was to also offer dog-walking services. This customer would feel more comfortable if they could just come to one company/person for their various dog-care needs, rather than having to search for another provider if they just want to hire an afternoon dog-walker.
Another additional service to add on according to someone who currently uses a boarding service once a week is drop-off or pick-up services for an additional fee. She said it would be great if she found out she had to work late while she was already at the office, if she could call and request that her dog is picked up.

New Market:
To target a poorer segment, we could offer the opportunity for people to volunteer their time or donate supplies in exchange for discounted day-care services later-on. Since the donation of time or supplies would reduce our variable costs, it would not lower our margins to offer a reduced price point for their people.

Based on interviewing dog-owners at my company with lower-salaries, they thought this was a good idea, in theory, but might not be that worth-wile in practice. While one person mentioned it would be nice to be able to bring their dog and volunteer at a "puppy playtime" and then cash that reward in at a later date, the other interviewee brought up the good point that if they were really in a pinch and needed our service, they probably wouldn't have the time to bank up enough savings to be able to afford it anyway. They said they would rather ask around to find someone who would check on their animals twice a day for free or a lower price.

I definitely need to brainstorm about the best way to enter this market for the people and my company.

Paw-Party Doggie Daycare Venture Concept

Opportunity:

The change in lifestyle and pace of life in recent generation causes time to be one of the most valuable resources. People today are expected to do more with the 24 hours in a day than any past generation. Young, working professional often struggle with their desire for a furry companion and the ability to provide the best care for their pet in their busy lifestyle. There is a need for a stable, safe, and stimulating care for their dogs while they are working late of the office, catching up on errands, or travelling. My market is in the Orlando and Lake Nona area. They are young, working women ages 21-28 who do not yet have children and live alone or with a partner who also leads a busy lifestyle.   They are currently satisfying this need by stretching their schedule even more thin to go home every day at lunch, giving up other parts of their routine to offer the best care for their dogs and bouncing around between dog walkers, struggling to find someone who they can work with consistently.  Not only do I not see this window closing anytime soon, but I see it opening even wider during the years to come.

Innovation:

My doggie-daycare service is incrementally innovative. While boarding facilities and dog-walking businesses exist, there is a need in the market for a more advanced and modern approach. People do not want to drop off their dog to a facility who will allow them out of a crate for an hour or 2. They want their dogs to be stimulated in a safe and fun environment so they can be socialized and exercised physically and mentally. The Orlando area mostly offers boarding for travelers because of the nearby airport. There are not option for locals who may want to have their dog got to day care a few times a week as a monthly subscription model or just for a few hours while they run errands.
I would offer hourly, daily, weekly and monthly packages.  ($10/hour, $30/day, $150/week, $300/month). The monthly package would be up to 16 visits in the month (4x per week).

Venture Concept:

I will be offering a full-service dog day-care, featuring a specially designed play area to stimulate dogs mentally and physically through out the day. Dogs will spend All non-sleeping time in the various play areas, separated by level of activity. Our staff will be comprised of dog-trainers with a passion as strong as mine. The dogs will receive basic training as part of the weekly and monthly packages. Daily and hourly packages will receive foundation training/priming for training and positive reinforcement. There is no direct competition right now in the Orlando market. Local boarding offers no where near the same experience for the dogs. Many of the staff members of these boarding facilities speak openly about the lack of stimulation these animals receive.  Our price points and packages are extremely flexible to fit every need and lifestyle. Our staff will consist of one trainer per 5 dogs and one-two veterinary professional at all times to ensure the highest level of care.

Our secret-sauce is that our entire team is filled with dog-owners and dog-lovers. We care for others' pets as if they were our own!
What's next? We are also partnering with local professional groomers and veterinary professional to offer a wide array of additional services. The owner of the local dog-bakery will be working with us to offer diverse meal-packages, customize-able for each dog's dietary needs.
In the future, I would want to open multiple locations, to offer our services for other communities.

Unfair Advantage

1. Social Capital- I have a lot of connections in my area with professionals in the pet-care industry from trainers and groomers to veterinary assistants.
V- This is extremely valuable as these connections could will help my establish and improve upon my business as well as lead to possible partnerships.
R- The industry's workforce is so large that I don't think it's rare at all to have connections.
I- Once again, even if one did not already have these connections, it would not be difficult to seek out people in the industry and make connections.
N- To a certain extent- this is non-substitutable. While some of the knowledge shared by these connections could be found in other avenues, a diverse network of connections established within an industry is irreplaceable.

2.Passion- I have had an indescribable love for animals and dogs, specifically, my entire life. I have dedicated more free time that I'd like to admit reading about dogs, talking to people about their dogs and experiences, and spending time with dogs.
V- Passion is beyond valuable in this scenario. Without passion, one may not have motivation to dedicate the time and effort it will take to start a successful business.
R- I believe passion is rare, to a certain extent. While many people are passionate about things in their life, I find it rare to interact with someone who is clearly able to identify their greatest passions. 
I- You cannot imitate passion. However, passion could develop over time, but if you don't have it to begin with, you may not make it to that point.
N- One could reason that you could substitute passion with hard-work, however, hard-work is often motivated by passion.

3. Human Capital - The team I will be working with has ample experience and knowledge.
V- Their education and skill provides economic value.
R- Training and education is not rare in a professional field. It is often required.
I- Formal training and education cannot be imitated.
N- Formal education could, in theory, be substituted by a trade school or on-the-job training.

4. Location
V- My location is within 2 miles of the Orlando International Airport as well as densely populated neighborhoods and business centers. This will attract multiple forms of short-term and long-term demand for dog care.
R- I do think this realm of Orlando offers a unique mix of demographic that cannot be found in many other cities.
I- This particular location cannot be imitated, without great effort and investments to add similar traits to an existing area.
N- A great location cannot be substituted. Without a great location, you will not attract the same level of business.

5. Pre-existing customers
V- I already dog-sit for people that live within my range of target demographic and close to my location. It would be a quick transition to open my business with a handful of existing customers and also the additional business I would receive from their recommendations.
R- I think it is rare to start a new business and already have a base-group of clients.
I- You cannot fake having clients.
N- You cannot substitute existing clients.

6. Friends with experience starting a business
V- Some of my best friends have started business and are extremely experienced with seeking and pitching for investors. Their guidance and advise is extremely valuable.
R- I don't know many people in their early 20's who have as many (or any) friends with the level of investing and entrepreneurial experience that some of my best friends have.
I- You cannot imitate someone's first-hand experience.
N- It would take time, but you could seek out and make similar connections.

7. My leadership experience
V- I have almost 5 years of leadership experience within my current career. I have been in a team leader, supervisor, and management position over recent years and the skills and knowledge gained along the way is valuable.
R- Leadership experience is not rare. My level of leadership experience at my age is rare and certainly gives me an advantage over my peers.
I- You cannot imitate experience without actually gaining it.
N- There is no substitution for true experience.

8. My people-skills
V- I have very high "emotional intelligence" which is extremely valuable when offering a service and working with people.
R- I think the true ability to recognize, understand, and react properly to people's emotions based on cues and body language is extremely rare. Most people I know are pretty oblivious to these things.
I- You cannot imitate emotional intelligence.
N- While other things can help to make up for lack of people-skills, you cannot substitute that skill.

9. Critical-thinking skills
V- In my personal and professional life, I find that I think about things differently than my peers and can reach a creative solution for issues.
R- "Thinking outside the box" is relatively rare. The premise of this skill is that it's unique.
I- This trait cannot be replicated.
N- You could only substitute this by bringing someone on your team who possesses the trait.

10- Seeing the "Big Picture"
V- I am often complimented at work for being able to see the big picture--Understanding that things may be difficult in the short-run for long-term benefit.I can also be objective with my own work and acknowledge when what I've done could use improvement.
R- While many successful people must see the "Big Picture", I think it is rare to be able to be objective about yourself and your own work.
I- This skill cannot be imitated.
N- This skill cannot be substituted.

After reflecting, it was pretty clear to my that my passion is my most unfair advantage. This trait is such a pillar in a venture and it one of the most inimitable and non-substitutable resources.

Reading Reflection

The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

1. Kawasaki emphasizes how crucial social media skills have become for personal and professional success. He includes practical advice for increasing your social media strength and presence in a way that is easy to take individual tips and implement his advice in small increments.

2. Social media is one of the biggest marketing tools we all have at our fingertips. IT is such a powerful tool for establishing an online presence as a company, interacting with current and existing customers, and painting a clear picture of what your offer and what makes you special.

3. I think the activity for this book is pretty obvious: create a Facebook, Instagram, twitter, etc. for your company and a few posts on each platform, implementing Kawasaki's tips.

4. I think the simplicity of a lot of the individual tips surprised me, but when the whole picture comes together, the little changes can have a BIG impact. For instance some of the tips like including a photo or graphic with every post, making the most out of your hash-tag allotments, and sharing your posts through all of your platforms, etc. seem pretty elementary, but all of these little changes will strengthen your social media presence.