For this post, students have been asked to finally get more
into the details of their business. More specifically, this post will venture
further into five important topics. They are: 1.) You 2.) What are you offering
to customers? 3.) Who are you offering it to? 4.) Why do they care? And 5.)
What are your core competencies? Let’s jump right into it!
1.)
I am a graduating senior this semester at UF.
Being a business major, my academic skills are strongest in math and critical
reasoning. My experiences thus far have been in sports, tourism, and financial
services. My biggest aspirations involve working for myself in some capacity
and traveling. If my business were to take off, I would feel great fulfilment
at work, as well as in the lifestyle that my business would provide for me
outside of work.
2.)
I’ll be providing my customers with Coffee and
assorted breakfast items.
3.)
My customers will be the guests, residents, and
staff at Laketown Warf Resort. The typical guest is a family of four on
vacation. Most residents are either young singles or retired people. The staff
comprises of locals and seasonal workers in the summer. This is a very broad
range of people, allowing me to have a diverse customer base.
4.)
Customers will care about our shop for a variety
of reasons. First, caffeine is addictive, so while people won’t need a cup to get
ready for work, their body will still crave that coffee. Second, there is not
really a convenient place nearby to get coffee. Third, and last, people tend to
go out to eat more while on vacation.
5.)
My core competencies center around my work ethic
and positive attitude. I believe that your mindset will ultimately determine
success.
Michael,
ReplyDeleteI like how defined your business model is, but the restaurant industry is very volatile. My family has owned restaurants my entire life, and you really have to have a product that differentiates your business from the competition in order to succeed. Without knowing if there is any competition or other businesses like yours in the area that you plan on starting the coffee shop, it is hard to project whether or not your claims about a dedicated base of customers will actually exist. Thanks for sharing!
Hey Michael!
ReplyDeleteI agree with RJ, from your previous post, you mentioned the 5 steps and the models that you would like to follow for the coffee business. I really like how you went into more depth of how and why people would buy your product. It is still different from the loss information about your competition, but I believe research can easily fix that. Thanks for sharing!