Sunday, January 17, 2016

Week 2: reading reflection

I had always thought of small business owners as entrepreneurs, but I certainly understand how they are different. What seemed contradictory statements about the two confused me—in the end, I understood the text to say entrepreneurs can be small business owners but not all small business owners are entrepreneurs.

I disagree with the notion that entrepreneurs need a venture team; I think entrepreneurs can operate solo. A team structure does help raise capital, potential and safety, but in certain types of entrepreneurial ventures, it is possible to go it alone.

I would like to see more in the text about the different schools of thought, and I think I will pursue more information about the psychology of entrepreneurs. Additionally, I am intrigued by family businesses being a stronger focus of research. Does that mean family-owned businesses or businesses that serve families?  There are many people I know who would say family is hardly the center of American culture nowadays so I find that dynamic interesting. Will we see more "Gazelles" catering to young Americans who no longer feel a social pressure to have children and instead live bachelor/bachelorette lifestyles?

Offhand, the only thing I disagreed with in the reading was the disputing of the myth that entrepreneurs are gamblers. Perhaps entrepreneurs are not extreme risk takers, but they do gamble. My great grandfather is the perfect example. The land he bought could have been worthless, even in the long term. He planned his investment, and considered the location and potential before purchasing, but well thought out plans can also fail.

Our environments are constantly changing. For example, real estate prices in the early 2000s were on the rise, spiking severely in some areas. The housing bubble burst and left many upside down in their homes. Similarly, the recent fluctuations in the Chinese economy have wreaked havoc on investments (though they have positively influenced our mortgage rates). Entrepreneurs have to stay informed and move quickly.   

The bug list

I've heard before about capitalizing on meeting the unmet needs of others. As a hallmark of entrepreneurs, finding these "bugs" and looking into ways to solve them is a pathway to success. So as an exercise in my entrepreneurial development, here are twenty things that bug me:

1) Publix at Bardmoor Plaza runs out of BOGO items early in the cycle, requiring customers take a rain check and return in order to get the item(s) they want.
  • As Publix advertises their deals more frequently and makes it possible for customers to check the sales in multiple ways (commercials, online ads and coupons, in-store advertising and mailers), customers pick up on and go after the sale items. Bardmoor Publix must not be stocking enough to serve their customer base.
2) The food at Lowry Park Zoo is so salty/overseasoned that it’s inedible.

  • There could be many reasons the food is obnoxiously salty at Lowry Park Zoo. The food could come to the zoo premade and preseasoned, and the prep cook/whoever is in the kitchen is adding additional salt. The kitchen staff may have a preference for salt-crusted food. I think no one is tasting or quality-controlling the food. Adding a position for someone to oversee food services would be the best way to guarantee healthier food being served to guests.
3) On that note, the food at the Amalie Arena is horrendous—overpriced and disgusting.
  • I doubt the Amalie Arena throws out anything; I am under the impression much of the food they serve is stale. Other food I’ve had has not been kept at proper temperatutemperatures (i.e. melted ice cream) or not heated up (i.e. a partially frozen soft pretzel, ew). Those issues are training issues with food services staff. I think the cumulative issues are related to budget and fixation on profit margins. Train staff, throw away bad food and improve the quality of food being purchased.
4) Self-check out at Home Depot in Largo is often inoperable, with either one or several checkouts down and/or taking only certain types of payment.
  • The machines may not be maintained well, may be abused by customers or may simply be lemons. Home Depot does a good job having the machines fixed in a timely manner, but if the problem is related to maintenance or abuse, they need to be more vigilant.
5) Panda Express on Bay Drive in Largo always closes earlier than its listed hours on both the Panda Express website and Google.
  • Staff at Panda Express may think it’s okay to close early, and management may also want to leave early. I have known businesses to stop taking customers 10 minutes to close, but closing over an hour early is excessive. Clearly they would have customers, but perhaps they don’t have enough business after a certain hour to justify staying open. The simple solution is to either change the listed hours or stay open until the listed close time.
6) When looking for help at Sephora at International Plaza in Tampa, I am often told the associate I approach “doesn’t work in that department” and will have to find someone who does.
  • Sephora must be hiring people in specific positions (i.e. fragrance vs. skincare) rather than educating staff on all product sectors. Having well-rounded employees would be advantageous given the small store environment. If there are ten employees on the floor, they should all be able to assist customers with any inquiries.
7) Macy’s in Tyrone Plaza won’t give out Macy’s bags unless you make a purchase...even if you have a diarrhea-filled toddler and are toting a newborn. By yourself.
  • Obsessive fixation on profit and a strange rule no one has thought to question are my only thoughts on the Macy’s bug. I find it contradictory given Macy’s near-constant door busters and sales. Sales associates should be allowed to give bags out.
8) I have only had one successfully cooked Starbucks Flourless Chewy Chocolate Cookie (at the Downtown Disney Starbucks). The cookies at the Starbucks in Bardmoor, on Bay Drive, on Walsingham and on 4th Street in St. Petersburg were all too strongly cocoa with poor texture (crumbly and hard rather than soft and chewy).
  • It may be that different Starbucks locations have fresher cookies or that different Starbucks have different ovens or that very few people know how to prepare these cookies. I think it may be the latter because flourless cookies are easy to overcook if someone is used to cooking “normal” baked goods, particularly cookies which brown around the edges. There needs to be company awareness and a widespread address about how to prepare chewy chocolate cookies.
9) Park Auto Mall will not negotiate prices, and their prices are all above KBB value.
  •  I feel like a broken record—Park Auto Mall is likely focused on profit rather than customer interests. Refocusing on customer relationships and building trust would return more business to Park Auto Mall.
10) Front end help at the Publix at Bardmoor Plaza was condescending when I asked for help adjusting my bill based on a coupon that was not taken at the register—a mistake made by the cashier.
  • This bug exists because there is still, to some degree, a certain stigma about coupons. Accepting coupons as standard is a gradual process, but since Publix advocates for use of their store coupons, perhaps employees need a training on coupons and customer care.
11) I have waited as long as an hour and forty minutes at my pediatrician’s office before even seeing a doctor.
  •  Doctor’s must attend to emergencies before all other patients. Additionally, my pediatrician is in high demand, and I think they may overbook the schedule to account for cancellations and no shows. Making fewer appointments at each time would ensure patients are seen in a reasonable amount of time.
12) After leaving several voicemails, the tech support for Pinellas County Schools staff never returned my call.
  • Either the voicemail system for PCS tech support is not working or they are bogged down with messages and unable to organize and respond to them. They need a system to ensure they answer every support ticket. 
13) Similarly, I left a voicemail for a siding company to get back to me about repairing/replacing my home’s siding, and they never got back to me. I’ll update with the company name when I find it.
  • I left this message around the holidays. The owner may have been on vacation or otherwise not answering calls and lost my information.  Writing down messages or keeping voicemails on the business phone until the calls are returned would help keep sales leads from slipping away to competitors.
14) Hefty sandwich bags almost never have functional zip closures, meaning the box of bags is useless.
  • Something is ill-designed or something is going wrong in manufacturing to make so many of these zipper bags unclosable. Hefty needs to look into the cause for faulty zippers.
15) Wawas on Walsingham Road and Ulmerton don’t stock fresh pretzels until 9pm.
  • My local Wawas must be last in line to receive their baked goods because they are the farthest from the distribution center. I think at this time there is no viable solution to this problem.
16) Sprint loses network connection crossing the Howard Frankland and Courtney Campbell bridges.
  • Sprint needs to expand and develop their network, perhaps add more towers in Pinellas and Hillsborough counties.
17) I have encountered a mugger on three separate occasions when going to the Qdoba on Gandy Blvd in Tampa. I go to the Gandy location less than five times each year.
  • The Qdoba off Gandy is in a busy, transitional area. Qdoba could light the parking lot better, but the bug exists because of the location.
18) Although it has not personally impacted my life, the high price of hepatitis C drug Sovaldi--$1,000/pill—is abusive.  
  • To quote Gilead vice president Gregg Alton, “to suggest that a cure for a disease like hepatitis C should be priced at $36,000...would put a huge disincentive on investing in cures for our industry.” I didn’t realize people would stop wanting to find cures because of lack of financial incentive (corporate greed, profit margins). The solution is drug companies refocusing on why drugs are developed in the first place (hint: the answer shouldn't have to do with profit). 
19) Culver's on Bay Drive often leaves items out of my order.
  • Disorganization, lack of staff training and the fact that Culver's is constantly backed up—it generally takes 10 minutes to receive food—all contribute to why my cheese curds didn’t find their way to my bag. I think Culver's needs to streamline their delivery system and double-check orders before they're sent out to cars.
20) Delosa’s Pizza on Bay Drive consistently—3/4 times—gives me bone-in wings when I’ve asked for boneless.
  • Since everyone else’s preference is bone-in, I must have meant bone-in. I have made a point of reiterating boneless several times before my order is complete, so I don’t believe it’s miscommunication, but I can’t be sure. I will continue to emphasize boneless, but the solution is to alert the manager to the problem if it persists. Employees taking orders over the phone should verify/read back the order before hanging up.
Coming up with things that “bug” me isn’t difficult, though there were certain places I didn’t want to call out publicly—small businesses, in particular. The difficulty lies in where the problems’ origins are. I wonder whether employees are tired, stressed, distracted or simply untrained. There was a new cashier at Target in St. Petersburg last week who didn’t know how to prop up reusable bags to fill them because no one had showed him how. In fact, his direct manager came over and angrily told him he had to relieve another employee at her register during my transaction. I think many people are subject to hostile work environments and that affects how they interact with customers.

I noticed, though, that most of my thoughts were on positive experiences. How Michael's and Home Depot always have enough staff to put more people on registers when needed or to help me find obscure objects. How the cashier at my favorite pizza place smiles when she sees me or how the waitress at a sushi restaurant I go to sometimes remembers what I like. When I encounter issues, I usually address them. I’m not always satisfied with the outcome—Publix with their couponing bias, for example—but once I’ve brought attention to an issue, I’m able to let it go. Well, judging by how easy it was for me to create this bug list, maybe not.  

Thursday, January 14, 2016

A concise introduction

I hate written introductions. There are few things I find more taxing than providing an abbreviated version of who I am. As a former lit major at a small, research-oriented liberal arts school, I've heard the spiel about Hemingway and concise writing being an art few perfect--fine, I'm not one of the few who specialize in six word stories. 

But I do have a lot going for me.
For example, this is my lovely family.

I'm less than a year away from my degree in business administration, which is jointly wonderful and terrifying. Whether I'll actually use said degree remains to be seen as one of my strongest passions is real estate, and I figure I can't fight this feeling anymore. I've forgotten what I started fighting for.
I suppose the physical labor is a bit off-putting.

Beyond being a mother, Realtor and hobby home renovater turned real estate investor, I seem to be turning out a career student, not strictly in the "I'm enrolled in classes at UF" sense but in a more all-encompassing "I want to know everything about everything" way. Curiosity is a major component of what makes me, though I may be equal parts impulse, or as I like to say, intuition.

I love sports, particularly hockey (for my viewing pleasure) and tennis (to get out pent up energy), and I have a thing for metaphysics. I would be happy to read your Tarot cards or tell you about your astrological signs--Sun or Chinese. I'm also a nifty knitter and capable crafter. 

How about you? 

My entrepreneurship story

The New England Economic Adventure: an exercise that, I suppose, was meant to be "won" by the most skilled among my summer 2006 LeadAmerica Global Business and Entrepreneurship compatriots, yet there I sat with my podium glowing red, the victor. It was all very silly, a game of making investments in early America. Do you buy more wood or invest in coal? Decisions, decisions. Apparently I made the right ones. 
 


That LeadAmerica conference wasn't my first brush with entrepreneurship. My great-grandfather, Howard Taft Bolles, was an entrepreneur. He was a tree warden in Massachusetts, one of thirteen children and fierce. Never will I ever see a man in a three piece suit and cap on the beaches of sunny Sand Key again. Howard used to follow his employees home on pay day to make sure they didn't spend all their money at the bar, but that same man robbed his own family's bank--by which I mean, he spent all their money not that he actually robbed a bank--to purchase a piece of land. It is said that my great-grandmother, Ruth Ford, hit him with a pan when she found out and that her screaming could be heard on the mainland--they lived on Cape Cod.

But Howard made an investment so successful that my family still lives off of that land today. It's minutiae but for a long time we leased the land to a luxury car dealership, and it's presently occupied by a Honda dealer who has made several offers to purchase the property, the latest at $13 million.

So how is it that a man who came from severe poverty and had no formal education--and was missing one finger because one of his pet foxes bit it off but that's another story--was able to solidify his family's future indefinitely? That's why I'm here. Will ENT3003 teach me how to make a whizbang investment that will float me through life? Not directly but maybe I'll discover a part of me that's been lying in wait. I've always been called impulsive, and I think many of those impulses, which I like to re-market as intuition, have paid off. Time to wonder.