Final Reflection (Assignment 30A)

1, This semester has been a very interesting one, as far as entrepreneurship goes. Some of the highs were creating my venture concepts and my exit strategy. I enjoyed these assignments because I could finally see all of my hard work coming together. The lows of this class were all of the interviews that we had to do. The moments of dread were definitely the books that we had to read for a few of the assignments.

2. The experience that I will remember years later was the building a social network assignment. I will remember that relationships that I created while doing that assignment. Some of those relationships can actually help me down the line if I decide to pursue my business idea. The most joyous experience was the assignment where we had to interview people we knew about our personality traits. I liked what my interviewees had to say about me. The experience I am most proud of myself for accomplishing is the venture concepts. I was proud of the way my business idea came out. I thought that it was very well rounded, and could actually work. 

3. I do see myself as an entrepreneur now. Although, I thought of myself as an entrepreneur before I took this class. Even as a young child, I have been doing entrepreneurial things, and trying to find ways to make money on the side. I believe that I have always had an entrepreneurial mindset. Like said before, I have always done things on the side in order to make some pocket money. I have even had an e-commerce business before this class.

4. One recommendation I would give to a student that is going to go down this path in the future would be to set reminders of assignment due dates. I think that it helps with staying on top of things within the class. I would recommend that they do this as well in order to perform best in this course. In order to foster that mindset, I would recommend that they think about how much you can get out of this class if you really put some time and effort into it. I believe that this class is a class that is great for real world knowledge.

Venture Concept No. 2 (Assignment 29A)

1. Opportunity: The opportunity I discovered is the need for stores that supply recreational marijuana in states that have legalized its use. The need are people that are considered regular cannabis users, typically from 21-35. The force creating this opportunity is the country's legislation. More states are legalizing the use of recreational marijuana, creating a larger market every year. This market is defined geographically in states that have legalized recreational cannabis use. Most of these states happen to be on the western half of the country. Demographically speaking, the market is made up of younger people, typically from ages 21-35. Customers are currently satisfying this need by acquiring marijuana illegally from drug dealers on street corners and parking lots. These customers are buying cannabis in states that has not yet legalized its recreational use. I believe that once their states legalize the recreational use of cannabis, they will not be loyal to drug dealers and will purchase product from a store. This method is safer and legal, unlike purchasing from a drug dealer. This opportunity is a very big one. More and more states are legalizing the use of marijuana every year. Over half of the country has now legalized marijuana use is some form. In addition, the market has increased exponentially over the years. It is expected to more than double in size withing the next 10 years. I believe the true window of opportunity will be open for the next 10 years. I want to be one of the first stores in a state that has recently legalized recreational cannabis use. In order to do that, I have to move quickly, and since many states are legalizing its use now, the time to open a store is now.

Innovation: My innovation is to sell only high quality cannabis products in a "one stop shop" style of smoke shop. The only marijuana products I will sell in my store will be high quality, organic, and lab tested products. My mission is to serve the people exactly what they want, which is a fully natural and safe cannabis product. A lot of times, cannabis from drug dealers is laced with other substances, making it unsafe and dangerous to use. In addition to selling only high quality product, I also want my store to be a "one stop shop" for smoke related products. I believe that this will change the way smoke shops are looked at. Customers will not have to go to multiple places to buy all of the products they need. Since cannabis will be legalized in the state where my store will be located, I am going to sell the cannabis, and the products that go hand in hand with it. For example, my store will sell glassware, vaporizers, and other products that are related to cannabis use. This model will help the business to up sell other products to the customer, and can also provide "bulk deals" as well. I believe that this type of store will set mine apart from the others. I feel like people that have marijuana stores stick to only the plant. I would put less of an emphasis on herb and more of an overall selection of cannabis and accessories. 

Venture Concept: The reasons customers will switch to this store is because cannabis use will become legalized in the state that the shop will be located in. This store will make customers switch because they will no longer have to buy cannabis illegally through drug dealers. I do not believe it will be hard for them to switch because my store will be legal, and it will sell only high quality product. This will get rid of the risk of buying laced product that is not safe for consumption. The competitors to my business are other stores selling recreational cannabis. The possible weaknesses of these competitors is that they may not sell high quality or organic product. In addition, they may not model their stores to be one stop shops. Most stores nowadays are either strictly cannabis shops or the accessory shops. My plan is to blend the two, and make one place where the customers can purchase everything they need.  Packaging, distribution, and customer support do not play a large role in defining my business concept. On the other hand, price points, customer experience, and business location play a huge role in defining my business concept. I believe my price points need to be affordable in order to make my store a desirable location to purchase cannabis. Also, I believe the customers need to have enjoyable experiences while in the store in order to make them feel comfortable enough to come back. Lastly, business location is the most important aspect. My target audience is younger people, so I need to place my store in an area where there is a large concentration of young people, like a college town or large city. I would organize my business to support the ongoing production of my service by hiring a team of employees to work at the store. I think 3 employees is enough people to keep the store running smoothly. The roles will be to stock/ organize product in the back, and two employees to serve customers.

Questions: My most important resource will be my high quality product. I believe that this will help me to stand out from my competitors.

The next opportunity I want to tackle would be to grow my own product. This would lower my cost of supply tremendously, and would increase my margins greatly. Overall, I would want to vertically integrate my business, and take over different parts of my supply chain. This would help to lower my production cost greatly, leading to higher profits.

In the next five years in want to have multiple locations selling products across multiple states. I would like to do this with franchising or growing the business with my own capital. I think that franchising would allow me to expand my customer base rapidly, as others would be willing to use my name on their stores.  In the next decade, I want to have multiple businesses as an entrepreneur, and have multiple streams of income. This first venture would help teach me how to run a business, and would really help me fund other ventures if all goes well.

2. On the previous venture concept, all of the feedback was positive. All of the comments told me how my idea was very good, and that I did a good job of talking about my idea. They said that I thought about all aspects, and thought that I had done a great job making my original post well rounded. Also, one comment said I should focus on making my product stick more to make me seem different than my competitors. 

3. I changed my venture concept by adding what will make my idea different  from others. One comment said I should talk more about how I can make my business seem more appealing and different from my competitors. I talked about how I wanted my store to be a one stop shop for marijuana related products. I think that having more than just cannabis in my store will make it stick out. People will come to my store because they can get everything they need in order to use cannabis. 

4. 

Your Exit Strategy (Assignment 28A)

1. The exit strategy that I plan to pursue with my venture would be to grow the business as much as I can. This would probably take a couple of decades. Then, if the business has reached the level of success that I am satisfied with, I will sell the business to another person or company that wishes to carry on the name and brand that I created.

2. I have selected this particular exit strategy because I believe that this way can make me the most successful, and can make my brand the biggest it ever can be. I wanted to take the time to grow and create a true brand identity for this company.

3. I think that my exit strategy has influenced the other decisions I have made in my concept. For example, I stated in a past assignment that I plan to expand my business across multiple states and make it a household name, whether it be through franchising or internally expanding with my own resources. I plan to make a well known brand, and that takes time. That is why I wanted my exit strategy to be one that goes through the process of building the business over a couple decades, and then selling it afterwards.

Reading Reflection No. 3 (Assignment 27A)

The book I read was called "Makers: The New Industrial Revolution" by Chris Anderson.

1) What was the general theme or argument of the book?

Chris Anderson believes that we are all born to be makers. For example, we make food and gardens within our lives. Anderson explains that it is human nature to to create and make stuff. He also talks about technology and its importance in this modern age of computers and the internet.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
The book talks a lot about Anderson's personal experiences with entrepreneurship. In the book, it talks about his grandfather, and his invention of an automated sprinkler system. The book also talks about Anderson's gift for inventing. This is technically part of the entrepreneurship process because inventing things usually satisfy unmet needs. Inventions make things better that already exist, or do not exist.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would create an exercise where people who have to plan what they would want to do with a specific invention. This would take people, and assign them to a future invention. Then, they would be asked to write a short step by step plan of how they would make the invention assigned to them successful. This exercise would combine the invention side of things from the book, and the entrepreneurship side of things from this class.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
I was really surprised when they talked about 3D printing. I thought it was very surprising that they have the capabilities that they do. It is crazy to think that you can "print" almost anything you want. Also, in the near future everyone might have access to a 3D printer. 

Celebrating Failure (Assignment 26A)

This past semester, I began to pursue a drop shipping venture. Drop shipping is an e-commerce business model that sells products from China across the world using social media advertisement. The seller creates an online store through a company like Shopify, and finds a supplier in China to fulfill orders for you. The seller never sees the products that he or she is selling in person, if he or she does not want to. To begin, I started this venture by designing a website, purchasing my domain name, and finding products to sell. Once that was complete, I set up a Facebook ads account in order to begin advertising. Facebook ads is a very complex and tricky software, but has the potential to make the sellers very successful. I began to create my ad copies, pick my target audience, and the interests that I believed would sell my products. I set my daily budget for Facebook to use, and began to watch the advertisements roll out. After three days of waiting, my ads had not delivered any sales, and I began to become disappointed. I believed that I had hit my target audience exactly right, but I still was not converting any sales. The next day, I stopped my original ads, and began to re-target my audience and its interest groups. These ads delivered a few more sales, but I was still earning a negative profit. Finally, I decided to switch my interest groups once more, and began to finally see results. In two weeks, I had generated over $1500 in revenue, and began to turn a profit.  Overall, I learned that persistence is key in business, and that you cannot give up. I did not receive the results I wanted at first, but kept trying to convert sales. After a couple of failed attempts, I finally began to see the revenue that I was looking for.

I think that failure is one of the hardest things in business. I believe that it is the biggest deterrent for people that want to start a business. Failure is the one of the biggest things that closes businesses, and even prevents some from ever starting. I believe that I handle failure pretty hard, but I do not give up. I always begin to analyze why I think I failed, and look around to see what others are doing that works for them. This class has not really changed my perspective on failure to be honest. I have failed many times before in previous things within my life, and I think I have just learned how to overcome it as I have grown up.

What’s Next? (Assignment 25A)

Existing Market: 
1. I think selling recreational cannabis in stores is a great new industry with the increasing legalization of its use. I believe that franchising my store is what is next for my venture. This is what will propel my business to the next level, and will help drive my revenue way up.

2. I interviewed three young people that fit my target audience and asked them what they thought is next for my venture. All three of them said that I should bring my business to the online world. They all thought that I should start to sell products on my own website as long as I could work out the legal side of things. When I told them my plans of franchising they thought that it was also a good idea. They thought that it would also help to expand my reach, but not as much as going digital with my business.

3.  After talking to these three people,  I believe the path for the future of the business is in fact online. I believe that selling online will help expand my reach more than franchising ever would have. By going online, I can practically advertise to anyone that is of legal age, and is in a legal state. This will help to expand the potential for growth of my business, especially with the market growing exponentially as well.
 
   I believe that franchising would not be as good of an idea because it limits my potential to grow. It would also be hard to reach as many people as going online would reach. Third, franchising would limit how many states I get into. My overall goal is to spread across as much of the country as I can, and franchising would not be the best option.

New Market:
1. I am currently targeting a more affluent portion of society due to the fact that I am selling only high quality product. Because the product is only lab tested, quality product, the price gets driven up. I am going to target a more poor side of society for the new market.

2. I think I may be able to create value for these people in my venture by selling much smaller quantities. By selling smaller amounts, the price will go down so less affluent people can afford my product.

3. I interviewed two college students in Gainesville who are on loans and do not have much spare money to spend on leisure. They said that they believe I should have a section of my store that does not source the absolute best quality product. They both suggested that I should have a section that does not include organic product, that way the price is a less for that specific cannabis.

4. I learned that not all people want the absolute product. I was surprised that they do not care if the product is top notch if they cannot afford it. People in this new market just want cannabis that they can afford, they do not care about the quality of it as much.

   None of my assumptions were correct. I expected these people just to want smaller quantities of high quality product, but in reality they actually cared more about the volume rather than the quality. This new market does not seem as attractive as my existing market. I believe more people fall under the existing market, and that I will have more success catering to the more affluent crowd with higher quality products.

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Venture Concept No. 1 (Assignment 24A)

Opportunity: The opportunity I discovered is the need for stores that supply recreational marijuana in states that have legalized its use. The need are people that are considered regular cannabis users, typical from 21-35. The forces creating this opportunity is the country's legislation. More states are legalizing the use of recreational marijuana, creating a larger market every year. This market is defined geographically in states that have legalized recreational cannabis use. Most of these states happen to be on the western half of the country. Demographically speaking, the market is made up of younger people, typically from ages 21-35. Customers are currently satisfying this need by acquiring marijuana illegally from drug dealers on street corners and parking lots. These customers are buying cannabis in states that has not yet legalized its recreational use. I believe that once their states legalize the recreational use of cannabis, they will not be loyal to drug dealers and will purchase product from a store. This method is safer and legal, unlike purchasing from a drug dealer. This opportunity is a very big one. More and more states are legalizing the use of marijuana every year. Over half of the country has now legalized marijuana use is some form. In addition, the market has increased exponentially over the years. It is expected to more than double in size withing the next 10 years. I believe the true window of opportunity will be open for the next 10 years. I want to be one of the first stores in a state that has recently legalized recreational cannabis use. In order to do that, I have to move quickly, and since many states are legalizing its use now, the time to open a store is now.

Innovation: My innovation is to sell only high quality cannabis products in a "one stop shop" style of smoke shop. The only marijuana products I will sell in my store will be high quality, organic, and lab tested products. My mission is to serve the people exactly what they want, which is a fully natural and safe cannabis product. A lot of times, cannabis from drug dealers is laced with other substances, making it unsafe and dangerous to use. In addition to selling only high quality product, I also want my store to be a "one stop shop" for smoke related products. I believe that this will change the way smoke shops are looked at. Customers will not have to go to multiple places to buy all of the products they need. Since cannabis will be legalized in the state where my store will be located, I am going to sell the cannabis and the products that go hand in hand with it. For example, my store will sell glassware, vaporizers, and other products that are related to cannabis use. This model will help the business to up sell other products to the customer, and can also provide "bulk deals" as well.

Venture Concept: The reasons customers will switch to this store is because cannabis use will become legalized in the state that the shop will be located in. This store will make customers switch because they will no longer have to buy cannabis illegally through drug dealers. I do not believe it will be hard for them to switch because my store will be legal, and it will sell only high quality product. This will get rid of the risk of buying laced product that is not safe for consumption. The competitors to my business are other stores selling recreational cannabis. The possible weaknesses of these competitors is that they may not sell high quality or organic product. In addition, they may not model their stores to be one stop shops. Most stores nowadays are either strictly cannabis shops or the accessory shops. My plan is to blend the two, and make one place where the customers can purchase everything they need.  Packaging, distribution, and customer support do not play a large role in defining my business concept. On the other hand, price points, customer experience, and business location play a huge role in defining my business concept. I believe my price points need to be affordable in order to make my store a desirable location to purchase cannabis. Also, I believe the customers need to have enjoyable experiences while in the store in order to make them feel comfortable enough to come back. Lastly, business location is the most important aspect. My target audience is younger people, so I need to place my store in an area where there is a large concentration of young people, like a college town or large city. I would organize my business to support the ongoing production of my service by hiring a team of employees to work at the store. I think 3 employees is enough people to keep the store running smoothly. The roles will be to stock/ organize product in the back, and two employees to serve customers.

Questions: My most important resource will be my high quality product. I believe that this will help me to stand out from my competitors.

The next opportunity I want to tackle would be to grow my own product. This would lower my cost of supply tremendously, and would increase my margins greatly.

In the next five years in want to have multiple locations selling products across multiple states. In the next decade, I want to have multiple businesses as an entrepreneur, and have multiple streams of income. This first venture would help teach me how to run a business, and would really help me fund other ventures if all goes well.

Your Venture’s Unfair Advantage (Assignment 23A)

1. High Quality Product- This is valuable because it sets me apart from the standard drug dealer. People are getting high quality, lab tested product that they know is not going to be laced with any harmful substances. This is rare and hard to copy because not all cannabis suppliers sell lab tested product. A lot of people just grow cannabis from different strains seeds and sell it. This is non-substitutable because people either but lab tested product or not.

2. Human Capital- This is valuable because I need to have people that are experts within the market that I am operating in. These people know the best things to do when running and operating a recreational cannabis store. This is rare because not everyone knows people that are absolute experts in their field. A lot of people have a decent grasp of the industry that they work in, but they are not experts. This is non-substitutable because people are either experts or not, if they are not absolute experts, then they cannot provide the same level of advice that an expert can.

3. Good Supplier- This is valuable because opening a recreational cannabis store is completely dependent on suppliers. If you do not have a good supplier then there is nothing to fill the store with. The supplier also needs to supply high quality products, and has to be reliable as far as the harvest goes.

4. Good Store Location- This is valuable because I believe that the recreational cannabis model requires a very specialized customer. I believe the target market is overwhelmingly younger so placing stores in areas near major universities is very important. I believe this is hard to copy if I am one of the first stores in a specific area. It would be hard to open another store that is similar in the same exact area.

5. Specific Store Decor- This is valuable because it distinguishes my store from all of the other stores that are similar. If I have a specific "vibe" to my store that can steer some customers away from other stores and into mine.

6. Good Marketing Crew- This is valuable because a lot of my businesses success will come from advertising. Since I plan on opening recreational cannabis stores in states that have just legalized recreational use, I am going to be one of the first of my kind in that state. I am going to need to advertise my store heavily in order to get the stores name out there quickly.

7. Affordable Pricing- This is valuable because it will set me apart from other stores. I believe that the biggest deterrent for purchasing cannabis can be the price sometimes. If I can find a good supplier that will lower the cost, I can in turn lower the cost to my customers in the store. Having a lower price than other stores will definitely set me apart, and help me drive more customers to my store, increasing my sales.

8. Store Design/Model- This is valuable because my stores model is trying to be different than the typical cannabis store. I plan on making my store an "all in one" store. While the typical store strictly sells cannabis products only, I plan on selling cannabis related products like glassware, etc.

9. Social Capital- This is valuable because having connections to people in the industry is key. I have made some connections to people on the supply side of things. This helps because it can get my price down if I need to fill my store with product. This can set me apart from other stores because I may be able to get a better price for product, which will in turn lower my selling price to customers.

10. Website Design Team- This is valuable because the internet is a huge part of business in today's society. If a businesses website looks professional and inviting, it gives the customer a sense of reliability and trustworthiness.

I believe that the most important resource is high quality product. I think that this is the backbone of the stores reputation, and is the main thing that can set my store apart from others. I believe that the customers are trying to find the best and safest product they can. My store will aim to sell only lab tested product so every customer knows that they are getting extremely high quality cannabis from my store.

Elevator Pitch No. 3 (Assignment 22A)

Link to Pitch: https://youtu.be/zLe5UNRKHPE

The feedback for the second pitch was pretty dry. All of the comments just spoke about how they liked that I used more facts and numbers in my second pitch than in my first. Given these comments on my last pitch, I went the same direction for this one, but added a little bit more information about the customer base that I plan on reaching.

This time around, I spoke more about the customer base I plan on targeting. I believe that speaking about how good the market is for this business is great, but it needs more of an explanation of who I plan on targeting in addition to talking up the market growth and size. Lastly, for the third time, I did in fact feel more comfortable in front of the camera, and I also did begin to memorize my pitch. Overall, I do think that it became easier every time we had to make another pitch. I believe that all of those things mentioned in the instructions were true for me and my elevator pitch.

Reading Reflection No. 2 (Assignment 21A)

The book I read for this assignment was Scott Adams book, "How To Fail At Almost Everything and Still Win Big." The general theme of the book was is that you need to change your mindset in order to become successful. It teaches you how to learn how to fail, and how to think in order to become successful. The book speaks about life tips and the authors personal experiences in order to teach you how to become successful.

This book connects and enhances what we are learning in this class because it talks about how to be come successful, and how to learn to fail and end up successful. This class is all about teaching us how to become successful. We  are learning how to plan the foundation for a business idea. This extensive planning helps set us up for success if we decide to pursue the business idea. By planning out how we are going to start this business, it leaves a lot less room for error. 

If I had to design an exercise for this class, based on the book I read, I would create an exercise where someone has to type out a time that they failed, and write about why they think they failed, what they could've done to prevent it, and how they moved past it.

My biggest surprise when reading the book was when the author talked about how feelings and emotions drive decisions not logic and reason. I thought that the best way to go about something is to use logic and reason, but more often than not, feeling and emotion takes over and is the more dominant aspect when making a decision. 

Growing Your Social Capital (Assignment 20A)

1. The first person I interviewed was a manager at a local medical marijuana dispensary. This person went to school for business and ended up finding this job as a manager.  I am filling the "domain expert" slot with this interview. This person fills this slot because he deals with a form of legal cannabis day. He is in charge of making sure that the store runs smoothly, and is in charge of all of the products that are sold within the store. I found this person by looking up medical marijuana near me online. This store came up and I drove over there. I asked to speak to the manager once I got there and he was happy to talk to me. The exchange we had was very pleasant and laid back. I told him about my business idea and he ran me through what it took to run a cannabis related store. The manager did me a favor by speaking to me because I was technically underage, and not allowed at the store. There was no return expectation from the manager. He understood that I had a business idea, and wanted to get a firsthand look at what it takes to make it happen. This person enhances my ability to exploit an opportunity because he can provide me with details on what it takes to physically open and run a cannabis related store. He knows how much time and money it took to open the store, so I can go to him in the future with any questions that I may have.

2. The second person I interviewed was a manager at a local smoke shop. This person did not go to college and began working at this shop as an employee. Over time, he ascended in the ranks and became the manager. I am filling the "market expert" slot with this interview. This person fills this slot because he deals with smoke related products daily, and has a firm understanding of the type of customers that purchase these products. I found this person by walking into the shop and asking to speak to the manager. I found this shop because I live near it, and see it almost every day. This exchange was a pleasant one. I gave the manager my idea napkin and he told me that my business idea was valid, and could definitely succeed if it was in the right area. He also told me that he believes that I should target younger people, because they are more likely to buy smoke related products. He has a lot of experience dealing with college students and believes that they are the perfect target. All he expected in return was that I came to him with any questions that I had about targeting potential customers. Including this person in my network can enhance an opportunity. The manager said that I can come to him if I ever need to fill my store with smoke related products like grinders and glass pieces.

3. The third person I interviewed was my friends father that actually grows his own cannabis on a plot of land in Colorado. He then supplies cannabis to stores in Colorado. I am filling the "supplier" slot with this interview. This person fills the slot because he sells the product to other firms in the industry. I found this person through my friend. I was aware that he supplied cannabis for a living so i asked for his phone number. I emailed him my elevator pitch, and then spoke to him on the phone. This person did me a favor by listening to my elevator pitch and giving me information about cannabis supplying.  He told me that my idea was good, but that I needed to go to a place that recently legalized recreational use, due to the fact that there is a lot of competition now. The return expectation was that I should call him if I ever need a supplier for my store. Including this person in my network helps my ability to exploit an opportunity. Since this is my friends father, I have a personal connection in the world of supplying cannabis, and hopefully, he can give me a good deal if I ever need a supply of product to fill my store with.

This experience shaped how I will participate in future networking events. I learned that people are always willing to help you out if you treat them with respect and kindness. People are always willing to make an exchange as well, as long as it is mutually beneficial. This networking experience did differ from my networking experiences in the past. It was different because I have never gone out and talked to people that work at stores in my area. I went out into the real world and talked to people that personally have experience in the field that I am trying to get into.

Idea Napkin No. 2 (Assignment 19A)

1. My name is David Benjoseph and I am from Boca Raton, Florida. My family has been in the real estate business my whole life, so I have learned a lot about land and its value. Throughout my childhood I have always had small ventures that turned my interests into small businesses. I have experience with e commerce marketing, Facebook advertising, an in person product sales. For example, I sold hoverboards when they were popular at my school. I got in contact with a whole sale supplier and sold hoverboards to many of my classmates. I also started an e commerce store and sold products to people all over the world through Shopify. My aspirations for my business is to make the store a household name for people that are in the market of recreational marijuana. I would eventually want to make the store a chain, or begin to franchise it in states that have legalized the use of recreational cannabis.

2. The product I will be selling is legal cannabis. I am meeting an unmet need by placing stores in states that have recently passed recreational cannabis laws, or in states that are going to legalize its use in the very near future. I plan on setting up brick and mortar locations that offer cannabis and products that coincide with its use.

3. I am offering the product to anyone over the age of 21 that enjoys the effects of cannabis. My target age range would be to younger people, specifically in the age range of 21 to 35. I believe the younger crowd would be more willing to go to a store and purchase cannabis. I also believe that the younger group is more interested, and would spend more money on recreational cannabis. All of my customers share a common trait of wanting to get high essentially. All of my customers will come to my store because they like the effects of cannabis, and want to purchase legally.

4. I believe customers will actually pay money to use my service because it is a safer, and better way of purchasing cannabis. My store will only serve high quality product that has been checked by a lab. Also, people will come to my store because they do not want to take the risk of purchasing drugs through illegal drug dealers. Lastly, drug dealers sometimes lace their products, making it very unsafe to the customer. My store will provide a place free of risk for cannabis users. 

5. My store will be set apart from the competition because I plan on opening stores in areas that currently have no cannabis dispensaries (in states that have legalized is recreational use). Also, I want my store to have other  related items. My store will be a "one stop shop" for smoking related products. 

I personally believe that all of the above elements fit together. I believe one aspect of my business that is weaker is the fact that I am basically hoping that states legalize recreational cannabis use. While I am basing my business on future legislation, more states are legalizing recreational cannabis use every year. Also, experts predict the cannabis market to increase exponentially in the coming years. Due to these to statements, I believe that I can still find success in the recreational cannabis market. 

Two main points that I took away from the feedback I received were that it was smart that I was trying to open a shop in an area that did not currently have one, and that my previous experiences would help me pursue this business. I made sure to incorporate the feedback in my post by talking a lot about my past experiences and the skills that they provided me with. Also, I made sure to emphasize the fact that I plan on opening locations in areas that do not already have recreational cannabis shops.

Create a Customer Avatar (Assignment 18A)

My prototypical customer is a younger person, roughly in the age range of 21-35. This person is probably still in college or newly graduated. This person is a regular cannabis user, who smokes multiple times a week. This person drives a cheaper car, like a Subaru, Toyota, or Honda. They live in an apartment with roommates and do not have too much money. My customer enjoys spending time outdoors, and going to music festivals in their free time. This person likes to chill out, and probably smokes to deal with the stress and pressure of school and/or work. This person most likely does not have kids, due to the fact that he or she is still young and trying to figure out his or her life. This person is most likely lazy or laid back, and likes to spend a lot of time in the house on the couch. This person probably likes to watch a lot of TV and movies. Lastly, this person also probably likes to eat a lot of junk food in their free time.

I do not have a lot in common with this customer. The biggest reason why is because I do not use cannabis. Although I am not a cannabis user, I do enjoy doing some of the same things as the customer I described above. I enjoy laying on the couch, eating junk food, and watching TV and movies. Lastly, I do not believe that the things I have in common with the customer is a coincidence. The things that we have in common are very common things. A lot of people around the country enjoy eating junk food on the couch while watching movies or TV.

Elevator Pitch No. 2 (Assignment 17A)

Link to pitch:  https://www.youtube.com/watch?v=g_l7SqHnkdE

The feedback that stood out to me the most, and surprised me the most was that the person that commented on my first pitch told me that I needed to use more facts and numbers to convey my message. In my first pitch, I talked a lot about my business idea, and what I planned to provide to my customers. I should have spent more time talking about numbers and facts to support my business idea. By analyzing the market I believe it will help my pitch by conveying my idea more fully.

I changed the basis of my pitch based on the feedback that I received from my first pitch. This time around, I talked less about the business itself, and more about facts that showed why the business has the potential to succeed. I spoke more about the market, and its projected increase, as well as other facts that supported my business idea.

What’s Your Secret Sauce? (Assignment 16A)

1. Drive: I believe that I am very driven when it comes to making a business successful. I will put everything I have into the project at hand.
2. Approachable: I believe that I can have a conversation with anyone, and that I am not an intimidating person to talk to.
3. Cerebral: I believe that I am a very cerebral person, meaning that I think through everything I do, and I do not just act on impulse.
4. Caring: I think that I have a caring mindset, with others peoples best interests in mind as well as my own.
5. Economic: I believe that I have always had a solid grasp of economics and money allocation. I believe that I handle money in a smart way, and I always try to make it go a long way.

Interviews:

1. https://soundcloud.com/david-benjoseph/recording-1
I learned that other people think I am entrepreneurial as well. Also, she thought that I was caring, which aligned with my list.

2. https://soundcloud.com/david-benjoseph/recording-2
I learned that my father thinks that I have some entrepreneurial traits. Also, I learned that he believes that I have a caring and sensitive side in addition to my mothers thoughts above.

3. https://soundcloud.com/david-benjoseph/recording-3
I learned that this person believes that I am a quick learner, which I believe is a good quality to have as an entrepreneur. Also, this person also believes that I am caring and empathetic, which aligns with the previous two interviews. 

4. https://soundcloud.com/david-benjoseph/recording-4
I learned that this person believes that I have entrepreneurial traits. This person believes that I see problems in the world and try to create businesses from these problems.

5. https://soundcloud.com/david-benjoseph/recording-5
I learned that this person also believes that I have a caring personality that always looks out for others and their well being. This interview also aligned with previous interviewees statements.

I see myself as a kind person who always has others happiness in mind. I also use this trait in my business ventures. I believe that I am very entrepreneurial, and always looking for ways to turn things into profitable businesses. Others see me the same way, they think that I am kind and that I am intuitive. Most of my interviewees said similar things that aligned with the list that I created at the top of this post. I believe that my interviewees are correct about me, due to the fact that most of their points matched the qualities that I created for myself. I would not make any corrections to my list from part one. I think that my list highlights the core traits and skills that I posses. I firmly believe that these traits make me a well rounded person, and that there is no need to adjust the list.

Figuring Out Buyer Behavior No. 2 (Assignment 15A)

My three interviews consisted of three young men of ages: 21,22, and 25. All three of these men use cannabis, but live in Florida full time. As we know, recreational cannabis is not legal in Florida, but all three of these people have spent time in states that have legalized its recreational use, such as Colorado and California.

In my first buyer behavior post, I came to a conclusion that my target customers optimal way to satisfy their need was to search on the internet. These people would use Google to find recreational cannabis stores in their area, and would then look to see if the store had a website.

In this post I asked the three young men what mattered the most to them once they go about purchasing cannabis from a recreational store. After interviewing these people, I came to the conclusion that the highest alternatives are price and quality. These people all tried to find the highest quality, organically grown cannabis that had good health benefits and great euphoric effects. I found that quality was the most important deciding factor with price coming in as a close second. After talking to these three people, I realized that people are more willing to spend a few dollars extra to acquire a high quality product. These people made a list of a couple of stores in their area, and called them all to see what kinds of quality and pricing options they had. These people would then make a decision that blended the best price and quality together.

My target audience is more likely to buy in store. Due to the fact that recreational cannabis is only legal in certain states, the online market is not as big as brick and mortar. People that reside in the legal states typically go to a store to purchase cannabis. Also, after talking to my interviewees, I learned that they always buy their cannabis in cash. Cannabis is a lower ticket good, with not much financing potential.

What matters most to my customers when they think back on the 'rightness' of the purchase is how the product made them feel. If the cannabis gave them the effects they were looking for, then they described the purchase as a successful one. If the cannabis was low quality, overpriced, or did not deliver on the effects part of the product, then the customer would say that the purchase was a bad one.

Overall, after interviewing these three young men, I have concluded that this segment evaluates alternatives in terms of quality at the top, with price coming in at a close second. This segment is looking for a high quality/organic product that is relatively cheap and will deliver euphoric effects when used. As far as post purchase evaluation, this segments believes the purchase is just if the cannabis delivers a pleasurable euphoric state with no side effects or negative feelings.

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Halfway Reflection (Assignment 14A)

1) Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

I have used time management to keep up with the requirements of this week. Over the first three weeks, I got used to the schedule of assignments, and when they are due. I made a schedule of when to get my assignments done and it made my experience a lot easier, and more manageable. 

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

I felt like giving up up multiple times when the assignments required me to give interviews. The interviews require so much work and time, and it would get a little tedious at times. Knowing that the interviews would give me more insight into my business ideas helped to pull me through. Also, I believe I already had a tenacious attitude before this class, so I did not gain one in the last two months.

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

I believe that you should:

1. Make a schedule to set aside time, and to make the assignments easier?

2. Give yourself a reason for everything that you are doing. This makes you more hungry and tenacious.

3. Set a goal to achieve. If you know you are doing these assignments to help you set up a potential business, you will be a lot more likely to be aggressive and tenacious. 

Reading Reflection No. 1 (Assignment 13A)

1) You read about an entrepreneur: I read, Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, Ashlee Vance

• What surprised you the most? 

I was most surprised that Elon almost went broke a couple times in his pursuit to make Tesla and SpaceX work. 

• What about the entrepreneur did you most admire?

I admired that Elon did whatever it took to get funding for his companies, and that he did not care about what people thought of his ventures. 

• What about the entrepreneur did you least admire?

I did not like that Elon was not cautious at all with his money. He almost went broke multiple times, but luckily found a way to save himself. 

• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

Yes, Elon faced adversity and failure many times. Elon almost went broke multiple times, and almost could not meet payroll for Tesla. He was running out of cash and needed a way to fund both of his ventures. He luckily got a governmental grant for SpaceX, and continued to fund his businesses. 

2) What competencies did you notice that the entrepreneur exhibited? 

Elon exhibited multiple entrepreneurial competencies. Elon took a lot of risks funding these companies. He had no idea if these companies were going to survive, or even make him money. He was so driven to push the envelope, and to expand our knowledge of the world and universe that he did not care if he lost all of his money. Also, Elon was a person who pushed the envelope, and was an innovator. Elon started to do things that nobody else had attempted. SpaceX and Tesla are two revolutionary businesses with extreme innovation in mind. 

3) Identify at least one part of the reading that was confusing to you.

I was confused when they talked about Paypal. I was not aware that Elon had equity in Paypal, so when the book talked about how he sold Paypal to fund Tesla and SpaceX I was confused.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

1. Why are you so driven to get to Space, and create a multi-planet society?

2. At what time in your life did you realize that you wanted to be an entrepreneur?

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I believe that Elon Musk's opinion of hard work was to enjoy and embrace it. I believe Elon 

Figuring Out Buyer Behavior No. 1 (Assignment 12A)

1. The segment I am going to write about is the age range of my potential customers. For my business, the age range I would like to target is 21-35.

2/3. Interviews: I talked to three people ages 21, 22, and 25 that live or have lived in Colorado during recent times. All of these people attended college in the state, and all used recreational cannabis. These people used to go to a cannabis store almost once every week. They were regular users, and spent a considerable amount of money on cannabis. These people would use cannabis at their homes, at music festivals, etc. They used cannabis as a way to enjoy themselves, and to have fun. All of these people like the psychoactive effects that cannabis gave them, and went to the stores regularly. When they first got to Colorado, they did not know where to go to find recreational cannabis. That is where the unmet need comes in. They eventually found a store to go, and that is what my business idea is. I would like to place recreational cannabis stores in places that legally allow it. This would attract younger people that enjoy cannabis, and do not want to but it from street corners and sketchy parking lots.

4. When these people became aware of their need, the first thing they would do was to google search for stores in their area. They would search phrases like "cannabis dispensary near me" or "cannabis stores in my area." They would then look at the search results and find stores that were closest to them. They would also read the reviews online, or ask friends if they have ever gone to a cannabis store near them.

5. I have learned that a lot of young people enjoy cannabis, and are very willing to spend money on it in areas that have legalized its use. I also learned that these people are typically regular users/customers. This information has lead me to believe that opening a recreational cannabis store can be a very successful business if done properly. Lastly, I learned that I would need to place a store in an area that is heavily populated by young people, such as a college town.

6. I believe that this segment is very aware of their needs, and are good at finding a place to fill this need. Since my segment is younger, they are always looking to have a good time, and they are very good at using the internet. If my store is searchable on the internet, then I believe that the young people will find it.

Idea Napkin No. 1 (Assignment 11A)

1. My name is David Benjoseph and I am from Boca Raton, Florida. My family has been in the real estate business my whole life, so I have learned a lot about real estate and properties. Throughout my life I have always had small ventures that turned passions of mine into small businesses. I have experience with e commerce marketing and Facebook advertisement and making product sales face to face. For example, I sold hoverboards when they were trendy at my high school. I got in contact with a whole sale supplier and sold hoverboards to my classmates. I also started an e commerce store and sold trendy products to people all over the world through shopify. My aspirations for my business is to make the store a household name for people that are in the market of recreational marijuana. I would eventually want to make the store a chain, or begin to franchise it in states that have legal cannabis laws.

2. The product I will be selling is legal cannabis. I am meeting an unmet need by placing stores in states that have recently passed recreational cannabis laws. The is essentially a smoke shop that sells the actual cannabis as well.

3. I am offering the product to anyone over the age of 21 that enjoys the effects of cannabis. My target age range would be to younger people, specifically in the age range of 21 to 35. I believe the younger crowd would be more willing to go to a store and purchase cannabis. I also believe that the younger group is more interested, and would spend more money on recreational cannabis. All of my customers share a common trait of wanting to get high essentially. All of my customers will come to my store because they like the effects of cannabis, and want to purchase legally.

4. Customers will pay money to my store because I will serve the legal cannabis that they want. Currently, people spend hundreds of dollars a year for illegal cannabis through drug dealers in parking lots and street corners. My store is going to be in a state that has legalized recreational cannabis use, so they will no longer need to buy cannabis through drug dealers. People will come to my store over drug dealers because I will only sell premium, lab tested product. That way, my customers know they are getting non-laced, high quality cannabis. My store cuts out the risk and mystery factor of purchasing cannabis from a random person on the street. A lot of the time, cannabis users have no idea what they are actually smoking, and are taking a risk every time they use it.

5. My store will be set apart from everyone else because I intend on opening stores in areas that currently have no cannabis dispensaries (in states that have legalized is recreational use). If I am the first store in an area, I can capitalize on the new legislation. I also intend on making it a "one stop shop." I essentially want to create a smoke shop that also sells the actual cannabis. I believe this creates a more pleasant experience for the customers, with many opportunities to up sell related products.

I believe that all of the above elements fit together. I believe one aspect of my business that is weaker is the location/dependency on legislation. Even though I am basing my business on unknown circumstances, more and more states are legalizing recreational cannabis use every year. Given this statement, I do not believe that I will have an overly hard time finding a state to begin my business venture in.

Testing the Hypothesis, Part 2 (Assignment 9A)

Who: There are some people that I believe fall outside of my target audience for a legal cannabis store. These people are people that do not like cannabis, are anti-drug supporters, do not live in a legal state, or cannot afford the product.
What: I believe that this need is very distinct, and that there is no fine line where my need is different from another need. I believe that legal cannabis stores will be needed where it is legal, and no other need is similar to the need for cannabis stores.
Why: I believe the underlying cause as to why the "outside the boundary" group does not have this need is because they do not support cannabis use, or their state does not.

Interviews:

1/2. My first two interviews were with two cannabis users, one male and one female, who would seem like they would fit in my target audience. These two kids are regular cannabis users in the state of Colorado, where it is legal. But, they fall outside of the boundary because they are 20 years old. This makes them underage user, therefore, they would not be allowed to shop at my store.

3. My third interview was with another regular cannabis user withing Florida. Although this person would technically be of legal age to use cannabis, it is not legally allowed in the state of Florida. This person would be in my boundary, but they are not due to the fact that he or she does not live in a state that has legalized recreational cannabis use.

4/5. My fourth and fifth interviews were of two males that have admitted to trying marijuana one time in their lives. They do not fall inside my boundary because they do not enjoy the effects of marijuana, therefore, they would never buy my products. These people may seem like they are in my boundary because they have used marijuana at one point, but they are not because they will never use it again.

Inside the boundary	Outside the boundary
Who is In: Males and Females, over 21 years old, in a state of legalized cannabis	Who is Not: People underage and/or not in a state that has legalized cannabis
What the Need Is: The need for premium/high quality legal cannabis. Also, legal cannabis stores in a legal state.	What the Need Is Not: The need for premium/high quality legal cannabis. Also, legal cannabis stores in a legal state.
Why the Need Exists: Because people want high quality cannabis, and do not have a recreational store in their state.	Alternative Explanations: Because I do not like marijuana, I do not need one near me. Also, state has not legalized the recreational use.

Elevator Pitch No. 1 (Assignment 10A)

Link to pitch: https://www.youtube.com/watch?v=jqPioG6KLQQ&feature=youtu.be 

Solving The Problem (Assignment 8A)

The problem that I am creating a solution to is not enough recreational cannabis stores in states that have legalized it, or are going to legalize it. I believe that being a pioneer in the space can be very rewarding, as long as the store is one of its kind in a state that has just legalized recreational cannabis use. My solution is to plan and build a recreational cannabis store in areas that do not have any yet (in states that have legalized its use.) To carry out my solution, I would need to research the cities that have the highest cannabis usage rates in the country, stay updated on the cannabis legalization laws, and begin to plan where exactly I want my stores to be located. I would want my store to sell many different cannabis related items so that I can appeal to all different types of users. In my past assignment, my interviews showed me that all different ages and types of people use cannabis. Part of implementing this solution is to do product research, and to see what types of cannabis related products are the best selling products. Overall, I believe that the cannabis industry is growing exponentially, and I believe that opening a store is a great way to join the industry and make money.

Testing the Hypothesis, Part 1 (Assignment 7A)

1. The opportunity that I would like to pursue is to open and run an legal marijuana store in a state that has just passed laws to legalize recreational marijuana use. I believe that this is a great opportunity to be successful because the global cannabis market accounted for over 10 billion dollars in 2017 alone. Research shows this market trending upward exponentially in the future as well.

2.  The who: People that enjoy recreational/ legal cannabis usage.
     The what: People are unable to use cannabis openly due to its legality.
     The why: Our country is yet to legalize recreational cannabis, only some states have done so                                already.

3. My hypothesis is that if I can open a recreational marijuana store in a state that has just passed legalization laws, or a state that has already legalized its recreational use, I can make a considerable amount of money. According to a 2016 CBS news article, "one in five adults under 30 is a pot smoker."

4. Interview 1: Female, age 48, Location: Boca Raton, FL
This person told me that she is a regular cannabis user. She said that she uses it around 3-5 times a week. She agreed with me that opening a legal store would be a great business, due to the sheer amount of adult cannabis users.

Interview 2 & 3: Male/Male, age 21 and 22, Location: Gainesville, FL
These two kids both stated that they believe that many young people of legal age would go to a cannabis store in a legalized state. One of the kids uses cannabis, and one does not. Although one does not use, he believes that a legal store would be extremely successful due to the amount of college students and young people that use cannabis (of legal age).

Interview 4: Female, age 21, Location: Boulder, Colorado
This person does not personally use cannabis but says that a lot of her friends do use it for recreation. She believes that the industry is growing each and every year, and that opening a store is a great business idea.

Interview 5: Male, age 73, Location: Boca Raton, FL
The person has grown up using cannabis, and does not see it as a bad thing. He grew up in the drug experimentation "hippie" age, and he thinks that cannabis is great. He believe that opening a store is a good idea because there are a lot of older people who grew up using cannabis that would go buy from a store.

Overall, I found that a lot of people do in fact use cannabis, and would enjoy legalization of its recreational use. All of the people I interviewed believe that opening a store in a legal cannabis state would be a great business opportunity. I learned that people of all ages would enjoy recreational cannabis use, not just younger people. Now I realize that this business can target a more generalized group of people, rather than a smaller, more niche group of people.

Identifying Opportunities in Economic & Regulatory Trends (Assignment 6A)

Opportunity 1 (econ trend): App to help young people find one time jobs

• I found this opportunity by looking on ww.thebalance.com at US economic trends. The article spoke about how baby boomers are not retiring, and keeping jobs from younger people. I believe that there is an opportunity to create an app to help young people get quick, one time jobs because there are less full time positions available. I believe that younger people of ages 18-30 would most likely be my customers because these are the people who do not have full time jobs due to the baby boomers. I believe that  the opportunity is not very easy to exploit because I would have to find thousands of one time jobs that people are posting about. Also, if these jobs are being posted, then people are most likely snatching them up right away, leaving my app to be useless.
• I saw this opportunity because as a young adult, I know what it feels like to want to make money, but finding a real good job is hard. I thought of this opportunity because I have always wanted to do quick one time jobs that will make me a few bucks here and there. I figured if people could not get full time jobs, then at least they could go on an app and make a few quick dollars by doing some jobs.

Opportunity 2 (econ trend): Service to inform people on how to protect themselves in case of a financial crisis

• I found this opportunity by looking on ww.thebalance.com at US economic trends. The article spoke about how the US economy is currently in an expansion phase of the business cycle. This information leads me to form the belief that an opportunity exists because I know that what goes up must come down. Since the economy has been on the rise for the last couple of years, so a drop is inevitable. I think the customer  to target is a younger person, around the ages of 18-34. These people will be people that haven't been financially independent yet or haven't experienced a financial depression yet. I believe this opportunity is fairly difficult to exploit because people do not like to prepare in advance. People think that since the economy is good, they do not need a service to tell them what to do when it goes bad.
• I saw this opportunity because my dad would always tell me about the recession that occurred a decade ago and what it did to so many people. That is why when I read this article, I realized that creating a service that would coach people how to prepare for a recession would be a good idea.

Opportunity 3 (regulatory): Legal Marijuana Dispensary in California

• I found this opportunity by looking on www.benzinga.com at an article that talked about changes to California's marijuana laws. The article talked about how California passed a law that makes it easier for entrepreneurs to obtain a marijuana license. This leads me to believe that there is an opportunity here because the legal marijuana scene is very large in states like California and Colorado. I also know that it brings in a large amount of money every year. My target customer would be people over the age of 21 in California. This is because you have to be 21 or older to enjoy legal marijuana and I believe that people of all ages use it. But, I would target people ages 18-34 specifically because I believe that they use marijuana more frequently than older people.
• I saw this opportunity because I have been following marijuana stocks for a couple of years now and I have seen then grow exponentially over time. This showed me that marijuana is starting to be seen as a valuable commodity in its legal environment. Ive also seen how much money the marijuana industry is worth and that is why I realized that this law passing was a good opportunity to open a dispensary. 

Opportunity 4 (regulatory): Gun Laws Passed in Florida

• I found this opportunity by reading an article that went through the new Florida gun law that was passed in 2018 after the Douglas shooting. This article was read at www.thenytimes.com. One part of the law addressed the fact that school employees are to be armed. This gave me  the idea to start a business that specialized in training school employees on how and when to use a gun. I think this opportunity exists because more people are going to be armed all around Florida, and these school employees need to know how to use the guns that they are given. The target customer for this service is older people, ages 30-65. This is because these are the people that typically are on school district boards that would hire my company to instruct people on gun use.
• I saw this opportunity because I grew up in South Florida, and my school was only 20 minutes away for Marjory Stoneman Douglas on the day that it went under attack. It really hit my community hard, and reading this article made me realize that training school employees on how to use guns can potentially save many lives in the future.