Friday, April 19, 2019

Assignment 30A - Final Reflection


The most beneficial lesson that I will take away from this course is the ability to understand and mimic the thought process of an entrepreneur. At the beginning of this course I understood the concept of entrepreneurship, but I never took the time to analyze what qualities and characteristics make up an entrepreneur. I also enjoyed getting to create a business concept that I could actually go forward with one day, of course with more details and tweaking. I would stay that I am most proud of my business concept and feel good about the current status of it. However, this class did teach me that there is always room from improvement so I am I will be able to make my concept even stronger in the future.

I do think that I have more of an entrepreneurial mindset now that I have finished the course. I wouldn’t say that I see myself as an entrepreneur, but I do feel closer to one than when I first started the course.

I would recommend to students that they should take the time to review the lectures. I believe the lectures help with understanding the entrepreneurial mindset and then the assignments help to implement that mindset.


Thursday, April 18, 2019

Assignment 29A - Venture Concept No. 2 - Dee-Ohh-Gee Resort & Spa





My venture concept arose from a personal experience that I have had in my hometown. Dog owners in my area do not have an upscale facility that they can drop their dogs off for the day while they are at work or an overnight stay while they are out of town. In addition to these accommodations, owners do not have a facility that also allows their dog(s) to be out playing and socializing with their dog friends the entire stay. This need is for dog owners who do not have a facility for day care/overnight stays that allow dogs to be roaming during the stay (e.g. not kenneled). There is lack of this type of facility as most dog resorts, kennel the dogs. Currently, customers are having to reluctantly board their dog in a kenneled facility, have someone take care of their dog at their house, or take their dog with them. This is an opportunity that is limited to individuals with dogs and who have a higher median income or budget to provide their dog with better care. This window for this need is indefinite as people will always own dogs and need a care taker when they are away. This opportunity would be limited to a certain geographical region and could potential expand depending on success of initial operation. In terms of demographics, this opportunity again, would be for *any* dog owner.

My business, Dee-Ohh-Gee Resort & Spa, would offer multiple services to dog owners. The main concept and service of the daycare & pet resort is to provide dogs with a kennel free stay to allow for comfortability and a fun atmosphere while the owners are away. The goal is to provide ultimate happiness and reduce stress for pets while they are away from home.  I recognize this is not for every dog, so there will be an option for kenneling in spacious and private kennels to reduce stress and nervousness in the dogs that do not handle group situations well. The daycare & resort would offer daycare and overnight stays for the pups. There will also be grooming services available at the resort. The money maker would be the daycare and overnight boarding. Daycare fees would start at $30 a day per dog or there is the option to buy multi-day passes. Boarding would start at $45 a night and there would be discounted rates for families with multiple dogs. The fee for dogs who will be boarded in the kennels will start at $25 a night, as this service does not require as much supervision as boarding in the common areas does.

The opportunity need will be met by the services provided. Customers will have a place they can trust to take care of their dog while they are away. The dogs will not be kenneled unless the owner wants them to be. Customers will pay more to allow their dog to have a fun and remain stress-free stay while they are away.  I do not think that there will be difficulty in getting owners to switch to this concept. Quality is greater than quantity so spots will be limited.  There will be staffing at the facility 24/7. During the busy hours 7am-6pm there will be a minimum of 5 employees in the facility at all times. During evening and overnight hours there will be 1-2 employees on site. Customers will value and appreciate the implemented measures to assure the best for their pups. Nothing is worse than going to pick your pup up from a boarding facility and then they run as fast as they can out the door. Owners will be willing to send their pup to a place that will care for their dogs in the same way that the owners do. This will be a facility that dogs are happy to come to and will be excited when they pull in the parking lot. 


As far as feedback goes, I received one comment on the first venture concept assignment. The comment was purely positive in nature. For the “What’s next” assignment I received feedback that was in agreement with my decision not to pursue the opposite opportunity market. I edited this post to add a bit more detail for owners who would like to have their dogs kenneled at the facility


Friday, April 12, 2019

Assignment 28A - My Exit Strategy


My exit strategy for my business is to grow it and still own it but have an operator to run the business with in 5- 10 years, so I can open another location. This strategy gives me the ability to open another location and continue to pursue my dream business. I do not think my exit strategy has an influence on the business concept. As I still plan to be involved and own this business I have designed it for me to manage with the ability to have someone else come in later.