Making it Real

https://drive.google.com/file/d/0B5u-csPg1I-gSHlRYU1fWTN1UHc/view?usp=sharing

Your Exit Strategy

1) My goal in life is to own a successful general contracting company. Therefore, as my exit strategy I would plan to sell this business in the next five years for a large return.

2) I have selected this particular strategy because I don't want this venture to get in the way of my lifelong goals. I don't think it would be difficult to run both companies for a while since they are both in the construction industry, but I would eventually want to put all of my focus into my construction company.

3) I think my exit strategy has influenced many decisions in my venture. Instead of targeting a wide market, I have decided to just target the construction industry because it would compliment my career. My recourses for this venture include contacts I have made in past construction jobs and ones that I will make in the future. Since I will sell the company in around five years, all of my decisions did not stray far from the construction world.

Celebrating Failure

1. This past semester I failed at creating a hardware schedule for my project at work. The construction company I am interning for assigned me to a 60-unit room renovation inside a five-star resort. One of my many responsibilities was to create a hardware schedule and it proved to be a pain to do. From self-closers, hinges, knobs, push pull plates, panic hardware, and maybe over two dozen other items, some that I didn’t even know existed, I had to count each one for each fixture, door, or cabinetry item. I thought I did an okay job until the order came in last week and it was time to install. Turns out, I read one sheet on the drawings wrong and didn’t realize that in the title block it said that it was Floor 4 and Floor 5 combined. When counting the hardware for that sheet I should have multiplied it by two since it included both floors, I just counted it as one floor. Nevertheless, we were down about 86 pieces of hardware and I am still dealing with this nightmare. I placed the order six weeks before I needed it to be delivered last week, so to order more it is another six weeks lead time before I can receive them.
2. What I learned from this fiasco is to take my time with tasks and to always double check my work. Also, creating a hardware schedule is something that I have never done before and wasn’t too comfortable doing. While it is great to try things on your own and teach yourself, I also think it’s important sometimes to ask for help. In this case, I should have asked the project manager for help or to at least double check my work before ordering the items.
3. Failure is both hard and embarrassing. While I didn’t get in trouble at work, nor caused anyone to be mad, it was still very embarrassing and threw a pretty decent obstacle in my project schedule. I don’t like failing and am a very prideful person, admitting I did something wrong is actually something that I struggle with. This class has changed my perspective on failure by showing me that it is okay to re-do things in an attempt to improve. We had several chances to fix our elevator pitches, idea napkins, and more assignments. I have learned that your first attempt is rarely perfect, it takes feedback from others and practice to get something right or improve something. I am definitely more likely to take a risk in the future, this class has taught me how to write my thoughts in a clearer way and how to network and approach people more comfortably.

Venture Concept No. 1

Opportunity

OSHA, Occupational Safety and Health Administration, is an agency that was established to ensure safe and healthful working environments for both men and women. OSHA regulations require that an equal number of facilities must be provided for both sexes. For women in construction, this provides an unmet need. The nature of this need is serious, being that female employees in the majority of sites do not have access to a sanitary restroom. Some might argue that separate facilities shows special treatment to women and that unisex restrooms should suffice, however, OSHA rule clearly states that “Employers should provide separate bathrooms for male and female workers.” Sanitation rules, including provisions for female employees in the construction field, have been in place for over 30 years. Despite this, the opportunity is now being created because of the rapid increase of women in the construction field. Demographically, I am targeting females in the industry, however, this spans the entire country and can maybe spread internationally.

The main issue present is that this is an unmet need and even OSHA has acknowledged it. OSHA describes the challenge as being that temporary restrooms are mostly unisex, and these facilities are usually not maintained. As a result, women cut out drinking water in an effort to not use the restroom. This can cause heat stress, urinary tract infections, and many other health issues. This is a challenge that I have personally gone through on the field. The bathrooms on my site were unsanitary, forcing me to drive 30 minutes roundtrip to the nearest Publix twice a day and limiting my water consumption to two bottles a day. I risked my health, spent extra gas, wasted time, and it was an uncomfortable situation overall. This opportunity is huge, not only in a business aspect but in an effort to change the dynamic of the construction industry, a male-dominant field. Construction is slow in regards to internal changes within the company, making my window of opportunity lengthy, which I can use to my advantage. 

Innovation

My innovation is called the “Pink-a-Potty”, a portable bathroom that is “pink” in color and meant to meet my female customer’s needs. It works just like any regular port-a-potty except that since it is meant just for female use it will be easier to maintain it as a sanitary facility. This restroom will offer feminine products for women and, to ensure female-only access, will also bring an external lock that can only be opened by punching in the correct code. This code will be changed on a monthly basis, or per the company’s request. Each “Pink-a-Potty” ordered will also come with a full service contract, so that the company trucks can come to the customer’s jobsite once a week to empty out the restroom tanks and replenish supplies. The supplies will include toilet paper, hand sanitizer, and toilet liners. Inside of each “Pink-a-Potty” will be a toilet paper dispenser, a hand sanitizer dispenser, a toilet liner dispenser, a bag hook, and a shelf. Some of these items are not seen in your standard portable restroom. To have a successful business, I will match the prices of other portable restroom companies. For short term rentals I will offer portable toilets for $75-$100 a day per unit. For long term rentals, contracts over three months, I will offer a rate of $400-$900 a month per unit. The cost will vary based on how many units a customer would like and will include drop-off of the unit, pick-up of the unit once the contract has terminated, and a full service contract.

Venture Concept

An advantage that my innovation has is that it is a product that people already order, and is a necessity on a jobsite. I think that customers will switch from standard port-a-potties to “Pink-a-Potties” because my company will also offer standard portable restrooms so that customers can make a one stop shop. For example, if Smith Construction has a contract for 10 portable restrooms that is up for renewal, they can switch to my company and open a contract for 7 standard toilets and 3 “pink” ones for the same exact cost. It will be easy to switch because they lose nothing, yet gain a new product, a safe workplace for women, and something that makes them standout as a construction company. My competitors would be other portable restroom companies, however, their weakness is that they don’t have my “pink” product. Distribution, customer support, customer experience, and the business location all play an important role in defining my business concept. I will need multiple trucks for distributing the toilets, special equipment to empty the waste tanks inside of them, and customer support to help clients order toilets and set up contracts. With great support and distribution, customer experience will be positive and I will have loyal companies that will use my products on all of their jobsites. To start out, “Pink-a-Potties” will have an office close to major construction sites in Miami, FL. The business will have 15 employees, 10 in the office and 5 out driving trucks. Eventually, my business will expand and I will open more offices and hire more employees. Roles for the employees include sales, service, accounting, distributing, and coordinating.

The Three Minor Elements

My venture’s unfair advantage would be my networking with various construction companies. Not only are these contacts potential clients, but they can also refer me to other businesses. The fact that I am a female in the industry, the exact market that I am trying to target, makes it hard for competitors to copy my success. My next opportunity would be to open a line of pink personal protective equipment, from hardhats to vest to safety glasses and more. In five years I would like to have opened more than a dozen offices around the country and have over 200 employees. In the next decade, I hope my venture has helped achieve my vision of creating an equal workplace for women in construction.

 

My Unfair Advantage

1. Organizational skills

This isn’t really a rare or inimitable resource because many people are organized, however, it is valuable because organization makes processes easier. I do not think it is substitutable. 

2. Determination 

I am not sure if this is rare or inimitable but it is valuable because if a person is determined they will not give up easy with their goals. It is also not substitutable. 

3. Contact with a portable restroom company

I think this resource is both valuable and rare, since I want to open a portable restroom company as my business venture it would be very valuable to ask questions and see how other companies work, and it is rare because I don’t think many people have this type of company as a contact. It is not inimitable because I think anyone can reach out and network if they wanted to, and it cannot be substituted since that is the exact business I would like to open. 

4. Contact with a supplier to the industry

This is definitely a valuable resource because I could use this supplier for my own company needs. It is not rare as there are many suppliers, which also makes it substitutable and imitable. 

5. Contact with a dumpster supplier 

This is a valuable contact because this resource is a market expert and would be dealing with the same customers as I would. It is not rare and can be substituted for another market supplier, however I think it would be hard to imitate. 

6. Knowledge and experience in construction

This is not too rare seeing as many people are in the field but it is very valuable to know your customers. It can not be imitated or substituted being as you either know the field or you don’t. 

7. Contact with several construction companies

This is pretty rare because not many people can contacts with construction companies. It is very valuable because these can be potential future customers or can refer me to customers. It cannot be imitated or substituted seeing as I am mainly targeting the construction field. 

8. Hard worker

This resource is not rare or inimitable as many people have the ability to work hard. It is however a valuable trait that can help my business, and it cannot be substituted. 

9. Experience owning a business

It is not rare to own a business these days but the knowledge of owning one is very valuable seeing as this venture includes owning a business. It can be imitated but it cannot be substituted. 

10. Quick learner 

This resource is not rare, can maybe be substituted, but it very valuable. I do not know much about the mechanics of portable toilets but by being a fast learner I am sure I can learn it all quickly. It can be imitated if someone learns fast. 

My top resource would probably be my contact with several construction companies. It checked out the entire VRIN process as it is rare, valuable, inimitable, and non-substitutable and can be a great resource for my company as it would lead to potential clients. 

The Amazon Whisperer

I would have several revenue drivers with my business company. I would make money off of every port-a-potty delivered, servicing fees when the tanks are emptied, and money off of the feminine products offered inside them.  I think the next thing my customers would want would be pink personal protection equipment. Everything from hardhats to safety glasses to vests. My idea would foster customer loyalty because customers that love the pink-a-potty would most likely also enjoy our PPE products and they would support the business. 

After searching through Amazon I found pink hardhats, but they were party hats as an accessory. They did not offer actual hardhats that were safe to use on a jobsite that were pink. Customer reviews are positive about the product, they love the color but apparently the plastic material is of low quality and they break easily.  My hardhat would look like this, but would actually be safe to use at work, it would not be made of plastic. I think these products would make a good addition to my pink-a-potty service because they are a low-cost item that any person in construction needs anyway, it is not a luxury it is a necessity in construction.

Reading Reflection #2

 

The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

1. The general theme of the book was social media and what companies and business do to turn it into a powerful resource and use it successfully. Kawasaki kept a light and humorous tone throughout the whole book, making it an easy read.
2. One of the chapters that really stood out to me was chapter five, which discussed integrating blogging and social media. I never thought I would ever have or write in a blog, until this class. ENT 3003 showed me how to write in a blog and use it as a tool to share my thoughts and ideas, something worth sharing. The book referred to blogging as being a powerful medium that companies can post to social media to share thoughts and ideas with their audience, which is exactly what we are practicing now.
3. If I had to design an exercise for this class based on this book I would have students create a Facebook page with their fake company’s information and show that they can successfully use social media as a tool. They would have to get a certain amount of followers, create at least two posts a week like the book recommends, use short and simple hashtags, and respond to comments in the appropriate manner.
4. My biggest surprise when reading this book was how blunt the author got at certain points. I thought the book was going to consist of basic points that everyone who had a Facebook knew, however, at one point in the book he wrote about how to avoid looking clueless. He bluntly said to put qualified people in charge of social media, not people with little experience and barely know how to work a smart phone. I was also surprised at how straightforward everything was, he pretty much gave specific, step-by-step instructions for all of his topics.

Growing My Social Capital

1. Michael
   AES Portable Sanitation
   Michael is a sales rep at AES Portable Sanitation and has been dealing with portable restrooms for over 7 years. He knows both the technical and business side of the company and proved to be very resourceful. I would consider him a domain expert as he is involved in the same type of company I would like to open and is a technical expert. I actually deal with him personally when it comes to ordering portable toilets on the construction site I am interning in this summer and I called him one day after work to read my idea napkin out to him. It was a very relaxed conversation, he knows I am an intern getting involved in the construction field and was happy to help and share his thoughts. I don’t think he expects anything in return other than more calls from me next week ordering more portable toilets! Including this person in my network can enhance my ability to exploit an opportunity by giving me a resource to reach out to whenever I have questions on either a technical part of a portable toilet or a business aspect when it comes to selling them.
    
2. Kim
   Southern Waste Systems
   Kim is a manager at SWS and has been involved with dumpster sales and coordination for about 9 years. She deals with both the clients renting the dumpsters and the delivery employees who drive the SWS trucks transporting them. I would consider her a market expert because is targeting the construction field just like I am, but with a different product. She also knows a lot about the customers in my area. I found her when I first contacted SWS to order a dumpster drop-off for demolition trash at my job, she was very helpful and I talk to her all the time now to coordinate dumpster swaps. We have mutual respect for each other, I don’t do favors for her but when I don’t get a dumpster on time I handle it rationally and cover it up to my boss and as a return for multiple occasions she charges me less for certain trash removal. By including her in my network I can exploit an opportunity by having someone that can give me insight on the market, the construction companies that are both her and I’s customers.
    
3. George
   Sustainable Supply
   George is a team member for Sustainable Supply, a company that a lot of portable bathroom companies use to replenish their toilet paper supply. He has worked for the company for 2 years and even though he is pretty new to the industry, he is very dedicated to his customers. He is an important supplier to the portable bathroom industry because he is selling a very necessary product, toilet paper, to organizations. I found them through AES Portable Sanitation when I asked about contacting one of their suppliers. I called him, introduced myself, and told him to call me back for a phone meeting. I then explained my idea napkin to him and he loved my idea! No favors were exchanged so far, other than his feedback on my idea, and he told me in the future to contact him so that he could be my supplier. Including this person in my network gives me great contact with a supplier that I could use in my company.
    
   Final Reflection: Since I shared my idea napkin with these people, the interactions were lengthy, and taught me that to truly network with people it takes time and a lot of interaction. In the future I will talk to people more and not just try to get their name, but explain my ideas and describe myself better. In the past when I networked I pretty much just asked for their name and number, it was very cold.
4. 
   

Idea Napkin No.2

1) My name is Summer Roque and I am graduating in December with my bachelor’s degree in Construction Management. I am a licensed General Contractor in the state of Florida, and have worked in the construction industry since I was sixteen years old. My skills include knowledge of various estimating, drafting, and project management softwares and being fluent in Spanish. I aspire to own a successful contracting company that holds men and women as equals and that excels in “green” and sustainable construction. This business would play a role in my life because I would use multiple “Pink-a-Potties” on each and every one of my construction sites, and even I would have a proper restroom to use when I am on-site.

2) My business concept is to start “Pink-a-Potties”, pink portable toilets that are delivered to jobsites for women to utilize instead of men and women sharing a typical portable bathroom. Not only are these units pink, but they offer feminine products and proper disposals, as most commercial restrooms for women have. Construction companies who contract our services can order multiple units to their respective project and “Pink-a-Potties” includes weekly waste removal with each contract. We also will always make sure the units are stocked up with our products and toilet paper.

3) “Pink-a-Potties” is not just targeted to construction companies, any party that needs temporary restroom services can order from us. This can range from concert facilities, fairgrounds, maintenance work, and any outdoor events.

4) It is 2016… Women and men are equal. So why have portable toilets that are unisex? Specifically, in construction, the amount of women in the field in increasing. Back in the day only men were on construction sites, so those portable toilets might as well have a label on them that say “Men’s”. Studies have shown that your employees will work better if you treat them better. So why not order a “Pink-a-Potty” for those female employees to be more comfortable on the field, or any outdoor occasion? Especially if you have to order portable restrooms anyway!

5) What sets me apart from everyone else is that these portable restrooms are “pink”, literally and figuratively. We offer feminine products and disposals, along with normal service contracts like most portable restroom companies offer. Not only are we offering a product that in most cases are legally required, but we offer a chance for construction companies and other customers to show their employees or guests that they are all for equality of the sexes.

FEEDBACK MEMO: For this assignment I decided to keep my original idea napkin unaltered. I did not receive any feedback on my first one and did not feel that it was necessary to change anything or even knew what I could change in my post.