The Twenty Percent

1) Find a business owner and talk to them about their customers. Who do they think their target customers are? What are their customers' unmet needs? Where do they find their customers? What are their customer's demographics? What kinds of media do their customers consume? Etc.

For this assignment, I interviewed Nam Diep of Lollicup. Lollicup is a boba tea cafe business located on 34th street near the Kangaroo. They have various flavors of tea and is a prominent study location. Nam said that his target customers are those who like to drink boba tea, find a place to hangout and socialize, and study. For awhile, Lollicup was the one of the few businesses dedicated to selling boba tea in Gainesville. He relies on two major forms to find his target market. He advertises in coupon books and sponsors many local events. However, one major way he finds most of new customers from, which he doesn't have direct control of is word-of-mouth. He finds that mostly college students, Asian American, and travel in groups for his main demographics. He also finds that his demographics frequent Facebook and Instagram.

2) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described. Ask these 'target customers' the questions in the paragraph directly above.

3) Reflect. Does the entrepreneur adequately understand their customers' problems? Where are the differences? Why might these differences exist.

I felt that Nam's analysis of his 20% is spot on. Knowing that he has been a business owner for over a decade, sticking to his tried and true formula, he has narrowed down where his sweet spot is. Nam is a true entrepreneur, he truly engages his customers and make a relationship with them. He is an ardent supporter of local events be believes in giving back to the community. I wish him much success in the future when we have small business owners like him being the backbone to successful communities. 

Half way Reflection

Webster defines "tenacious" as "not easily stopped or pulled apart" or "very determined to do something." One of entrepreneurs' most important competencies are their tenaciousness. They persevere, despite all odds, despite waves of negative feedback, and despite failure and rejection.

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

After being halfway through the class, I can definitely see why tanaciousness is one of the most important competencies for an entrepreneur to have. Persevering through the challenges that these assignments task us to do, in order to be successful. I've felt the negative feedback that I've received from peers in order to better myself so that the negative feedback would dwindle. 

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 remember the first interviewing 5 customers assignment. I was so terrified of approaching strangers and to engage in something they may find so strange. The first two people I asked, immediately brushed me off. I felt dejected, like I should just take the 0 on this assignment. However, I had to face my fears in order to succeed in this class. That is when my tenaciousness grew within me. Before I knew it, I had my first interview, then my second, third, and I was finally finished. I grew more confident and saw the fruits of facing your fears. 

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'?

1. You will step out of your comfort zone, expect it.

2. People are nicer than you think.

3. You will never know when you will find opportunity.