Assignment 15A – Figuring Out Buying Behavior No. 2

Assignment 15A – Figuring Out Buying Behavior No. 2

Report findings and Draw Conclusions:

            Through my interviews, I learned more about how customers evaluate where they choose to eat at and go out for drinks at in midtown. In my first interview, she shared that when going to get food, she prioritizes quality. When looking back at her meals, she would prefer that she spent more money on a high quality meal then have saved money on a low quality meal. However, when going to get drinks she looks for getting the cheapest deal. In her opinion, when going for a night out at mid she would rather prioritize quantity over quality. When going through her purchases of the night, she wants to see that she spent the lowest amount of money on drinks possible. This was not something I had considered before, that pricing for the two segments of my business would be looked at differently.

            In my second interview our conversation went down a different path. He shared with me that he prioritizes the atmosphere of where he chooses to go out to eat at and go out for drinks at. The style of the business is most important to him. He explained that his preferences change depending on the mood that he is in, but he enjoys when restaurants and bars have a unique feel to them. When he looks back on his purchases from meals or a night out it is most important to him that he had a great experience there, rather than saving money. This observation is more difficult to apply to my business model. It is important that I am able to create an atmosphere that is appropriate for both a restaurant and bar and that would resonate with college students.

            My third interview was focused on pricing again. He told me when he is going out for food and/or drinks he always chooses the cheapest option. He also mentioned that he enjoyed going places with daily deals that are unique to midtown. I think this idea around pricing is probably popular throughout Gainesville because many college students are looking to save money. The student I interviewed, as well as many other UF students, determine that they make good purchases off of how little money they spent. Overspending on food and drinks is generally looked at as a bad idea.

            This segment definitely helped me better understand my business and what my target audience is looking for in a restaurant/bar. Regarding the purchase decision, all purchases will be made in my restaurant/bar. The three students I interviewed all said they typically just pay with cash when going out to eat or get drinks so they can better keep track of how much they spend. The alternative evaluation helped me understand what customers are looking for when they spend their money on food and drinks. There were multiple topics to take into consideration including price, quality, and atmosphere. I also learned that some people look at where they go out to eat and where they go out to drink very differently, so it is important to consider this when constructing the two business segments. The thought that stood out the most regarding post-purchase evaluation was that they were getting the best deal for what they were paying. Everyone wanted to make sure they weren’t overspending.  

Assignment 14A – Halfway Reflection

Assignment 14A – Halfway Reflection

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

a.     This course is unique compared to other business courses most students are used it. There will be multiple assignments due each week, that will require time, thought, and planning. It cannot be completed hours before the due date. This course has forced me to improve my time management skills, instead of waiting until the last minute. One of the most time consuming parts is interviewing multiple people for some of the assignments. You have to work on others time, so waiting until the last minute is not an option.

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?

a.     There have been a few assignments when I felt like “giving up,” or just not completing the assignment. One week that sticks out is when we had to record ourselves giving the elevator pitch. I didn’t have any trouble coming up with what I wanted to say, but I was uncomfortable recording myself and them posting it. After going through the process, I understood the importance of it. Feedback for that assignment was much more helpful when it was on the actual video and not just of words. This assignment and others have helped me build a tenacious attitude and continue working to get everything done.

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' ?

a.     Master time management at the beginning of the semester, instead of waiting until it’s too late! Some students put off or don't complete early assignments because they aren’t worth a lot of points, but this can create bad habits and you may not be able to make up those lost points.

b.     Reread all of your work and have others read over it too. You usually get peer remarks on all of your assignments, but it can also help to have a friend or two read over some of your business ideas, to make sure they make sense.

c.     Apply what you learn throughout this course to your everyday life! Many of us take this course because we are interested in becoming entrepreneurs or just being successful in business. This class provides you with the tools to do both.

Assignment 13A – Reading Reflection No. 1

Assignment 13A – Reading Reflection No. 1

I read Grinding it Out: The Making of McDonald’s by Ray Kroc.

1.     What surprised you the most? I was most surprised to learn that Ray Kroc did not start the McDonald’s empire until the late age of 52 years old. I think many people feel like they are in such a rush to do something great or spectacular with their lives, when many times some of the most successful people don’t find their success until later in life. Before starting McDonald’s, Kroc worked for others as a salesman and then eventually a sales manager for his own small business.

2.     What about the entrepreneur did you most admire? I admired that Ray Kroc was able to maintain the same philosophy throughout his entire life. Whether it was when he was a multimillionaire, or if it was when he was selling paper cups for $35 a week. In his book, he says “I have always believed that each man makes his own happiness and is responsible for his own problems.” I believe this is a great attitude for an entrepreneur to have, because it encourages you to take opportunities when they are there and to not blame other for your problems. This motto especially helped Kroc, because it allowed him to jump at an opportunity he found, even in his late age of 52.

3.     What about the entrepreneur did you least admire? I thing I least admire about Ray Kroc is that he is responsible for creating/spreading such an unhealthy food choice for Americans and a lot of the world. McDonald’s drove the new idea of fast food when it became such a large chain. It is known for being incredibly unhealthy and its popularity has encouraged more and more people to eat unhealthily, simply for the convenience and inexpensiveness of it.

4.     Did the entrepreneur encounter adversity and failure? For most of Ray Kroc’s life he worked in difficult jobs. He was a piano player, he sold real estate, and also sold cups. When Kroc eventually became involved in opening new McDonald’s locations, he struggled. One issue was quality control, he could not get the fries to taste right, even with the secret recipe.

5.     What competencies did you notice that the entrepreneur exhibited? Ray Kroc was a great businessman, which lead to much of his success. A lot of his business knowledge and skills came from selling paper cups. He learned how to sell cups to anyone. He was also skilled in stress management and thrift; he was always careful with the company’s money. He was resistant when growing the McDonald’s business, which is where the title “Grinding it Out” came from.

6.     Identify at least one part of the reading that was confusing to you. I was initially confused at Ray Kroc’s involvement in starting McDonald’s. When he became involved in the business it was through his business relationship with Mac and Dick McDonald. They were already developing the famous yellow arches that McDonald’s would eventually become known for. Eventually, the brothers had Kroc help franchise their business. And Ray Kroc is ultimately given the recognition for making McDonald’s what it is today.

7.     If you were able to ask two questions to the entrepreneur, what would you ask? Why? 

a.     Is this what you envisioned McDonald’s would become? A world-wide fast food restaurant that is known for being very unhealthy?

                                               i.     I would ask this question because McDonald’s has become the most widespread and popular fast food restaurant in the world. However, many people have a negative viewpoint of it because of how unhealthy it is. It is blamed for the rise in popularity of fast food.

b.    If you had never met the McDonald’s brothers, do you think you would’ve found a different business to work with? Or potentially started your own business?

                                               i.     I am curious about this because Ray Kroc doesn’t get the entire credit for McDonald’s. The original restaurant was started by others. I would like to know if he thinks he would have found a different opportunity, or created his own opportunity.

8.     For fun: what do you think the entrepreneur's opinion was of hard work? I think Ray Kroc had a clear viewpoint on what hard work was. From the title of his autobiography, “Grinding it Out,” he discusses the importance to keep ‘grinding’ no matter what throughout his book. I believe he thinks everyone is responsible for their own life and it is up to you to find your own opportunities and work hard for them.