ASSIGNMENT 30A – FINAL REFLECTION

ASSIGNMENT 30A – FINAL REFLECTION

"Patience and persistence are the providers of progress." -Tim Fargo

For me, the most formative experience of ENT3003 was seeing all of those assignments stretching out in front of me, then slowly chipping away at them, week by week. I did not neglect one, as each offered a chance to walk through the entrepreneurial process in a very “low stakes” way. I can’t believe I created a blog! Not such a big deal after all. It started to feel a bit weird to talk about hauling dead horses around all the time, I was starting to treat this project like it will actually happen. I am not ruling out pursuing this venture. Years from now I will remember how I was able to calm down, attack the next task on the list, trusting that if I was methodical and persistent then I would get through to the finish.

 At this point, I am aware of the areas where I am entrepreneurial and also aware of the parts of my life where I am not particularly innovative or lack a growth mindset. I see now that one can develop into an “entrepreneur”, much like one can become a “runner”. I have the necessary tools, I simply need to decide to engage in the process, be consistent, strategic, and persistent in the pursuit.

Digest this course in small bites, you have the option to bang out assignments at once, but I found that applying the concepts in digestible chunks prevented overwhelm or burnout.

I would recommend that you truly commit to the project, treat it like it’s actually going to happen, you have nothing to lose.

The best way to foster that type of commitment is to remember that an entrepreneurial approach is a transferable skill. Whether you want to start your own business or deliver tons of value to an existing company, the ability to conceive, stretch, grow, innovate, and adapt will make your work far more meaningful and effective.

Assignment 29A Venture Concept No. 2

Assignment 29A-Venture Concept No. 2

EQUINE MEMORIAL SOLUTIONS

Opportunity:

·       I am offering the service of whole horse cremation to highly emotionally and financially invested horse owners. My service includes ethical and respectful removal of remains that can be prearranged to coordinate with euthanasia or is available as needed during regular business hours seven days a week.

·        The remains will be transported to a local facility where they will be cremated without dismemberment. The cremains will be available to the horse owner for memorial purposes along with various urn options.

·       For horse owners unable to afford the expense of private whole horse cremation I can offer alternatives. The option of communal cremation will be available for a reduced fee, the cremains will then be spread in a designated memorial garden.

·       As long as disposal is available at local landfills, we will offer transport services to accepting sites and will work with counties to provide an area separate from household refuse.  

Innovation:

·      My service will be the first in this area to offer this option to owners. Impending regulations limiting or banning home burial for the purpose of preserving soil and water quality will force owners of deceased horses to dispose of remains elsewhere.

·       Currently, landfill or rendering plants are the only other options. For people who are willing to spend hundreds of thousands over the lifetime of these animals, a fitting memorial is a given. This community operates on word-of-mouth and shared experience, a positive cremation experience would trigger a chain of referrals.

·       Although this is a service that is required in a limited capacity per individual, the size and scope of the community ‘will support the business.

·       I am offering retrieval and transport of deceased horse a facility for incineration for the approximate fee of $2500 per average to large horse.

Venture Concept: 

·      Customers are expressing frustration with a lack of removal options. they have the ability and the willingness to use this service. Switching for my target market will be uncomplicated

·      Price points: this will be calculated according to the average size of the animal (lbs). as the only provider, I can determine pricing without the influence of competitors based on the contribution margin-based model, with some premium pricing for elite markets.

·      Distribution: The option of whole horse cremation is aimed at the horse owner who sees these animals not just as livestock, but as pets or even family members. These are middle to upper-class individuals that have the income to support this type of animal care. This area is home to horse lovers that have spent hundreds of thousands to own their horses, for their pure enjoyment or as an investment. Aftercare that is proportionate to the upkeep provided throughout the animal’s life is a requirement for these owners that are not being met by the currently available options for removal. These racehorse owners, breeding farms with prized stock, show horse owners, and backyard horse-people are influenced by their community of fellow owners and seek to follow norms in the areas of animal care and environmental responsibility.

·      Customer Service: This service meets the needs of loving horse owners, ethical racehorse industry standards, and environmental stewardship practices. Customer service, compassion, and reputation will drive referrals

·      Location: Marion County Florida, Home to over 80,000 horses, that number is growing.

·      Execution of service:  These are the facets of the service that I am offering:

o   The passed horse will be picked up by experienced horse handlers, the remains will be respectfully loaded and transported to my facility.

o   The animal will be incinerated, whole and the ashes will be available to the owner for memorial purposes.

o   Horse owners will have urn and remembrance options at varying price ranges. 

o   Removal of horse remains and transport to a local accepting landfill will be offered, understanding that cremation cannot be an option for all owners, respectful treatment, however, should be available to all. I will work with landfill management to be sure that the area for animal disposal is separate and maintained ethically.  

·                Employees:  I’m estimating around 6 employees initially

Operators of incinerator

Driver

Retrieval specialist

Administrative assistant

Part-time marketing

Contracted: accounting, legal, and mechanical service providers

Unfair advantage

 The combined elements of my personal identity, experience, intended service, local demographics, and my unique qualifications fit together for a solid business concept. My core competencies are in the area of horsemanship, networking within this niche community, compassion, empathy for horse owners, 27 years of operating a business within this community, and my detail-oriented strategic approach to developing and maintaining that business. I would be the first in this area to offer this service. I am recognized in the community for ethical, honest work practices and can use my existing connections with owners, trainers, veterinarian clinics, and county offices to launch and run this business.

What’s Next?

EXISTING MARKET: a sensible service to add for existing customers is to expand into small animal cremation. Horse owners, particularly the sector that I am targeting, tend to have dogs also. Not scruffy outdoor farm mongrels. Dogs that are treated better than family members. Dogs that sleep in their beds, ride in their laps when drive, sit in the seat of the shopping cart at Publix. If these owners have a wonderful impression of their horse cremation experience, perhaps they will send their little canine companions my way after they pass.

Upscale memorial boxes and urns would be obvious add-ons, as well as photography or art integrated into the keepsakes.

NEW MARKET: My next target market would be larger facilities like Florida racetracks: unfortunately, catastrophic training or racing accidents result in a need for removal and documented incineration. Medical waste from offices and labs could be a way to make use of facility downtime. These could be compiled and stored to destroyed en masse.

Geographic expansion into areas of similar horse ownership concentration such as Kentucky, California, and the Northeast region will be

Feedback:

·       Great idea

·       Capitalize on being first in the area to offer a solution

·        Expand offering to broader economic demographic

·       Market towards veterinary professionals

·       Is this in conflict with my current operation and my historical experience in the community?

How I’ll Adapt:

·       I will lean into the “First in this Area” advantage of venture

·       I will offer services that are both a step up and a step down from my target market.

·       When marketing, I will be sure to engage other service providers within the local industry.

·       This business will exist at a separate location from my current training business.

·       I will educate area horse industry leaders referring to existing needs. I will stress the responsibilities and opportunities for internal stakeholders to meet this need from within.

Assignment 27A Reading Reflection No 3

Assignment 27A Reading Reflection No 3 Innovation and Entrepreneurship by Peter F. Drucker

• What was the general theme or argument of the book?

• Peter F. Drucker, in his 1985 book Innovation and Entrepreneurship, argues that the purposeful and intentional practice of innovation is carried through the institution of entrepreneurship. These are not simply the flash of genius that strikes like lightning only once at the outset of a venture but must be constantly and actively facilitated principals within an organization. These can and must be achieved in order for a business to be successful. This approach is what offers the entrepreneurial company the agility to embrace change as an opportunity for innovation.   
• How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
• I learned in this class through repetition that skills around entrepreneurship and innovation can be learned, practiced, and developed. This is not a matter of chance or luck. One need not be born as “entrepreneurial” or “innovative”. These are things that we all can become. This is exactly what Drucker establishes early in his book and then proceeds to draw a roadmap for that practice. I was immediately reminded of the BUG LIST that we were assigned early in the semester, which could be a page torn directly from Drucker’s book.
• If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
• I would have a student work from Drucker’s list of seven sources in which opportunities for innovation can be found:

                                               i.     The unexpected – the unexpected success, failure, or outside event

                                             ii.     The incongruity – between reality as it actually is and reality as it “ought to be”

                                           iii.     Innovation based on process need

                                            iv.     Changes in industry structure or market structure 

                                             v.     Demographics

                                            vi.     Changes in perception, mood, or meaning

                                          vii.     New knowledge, both scientific and nonscientific

• For each of these, I would have them identify one event/ fact/problem/etc. that falls within each category
• I would then have them brainstorm an innovative response to the opportunity that they have observed.

• 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?

"Entrepreneurial businesses treat entrepreneurship as a duty. They are disciplined

about it they work at it, they practice it."- Innovation and Entrepreneurship, page 150

·      I was struck by this quote from Drucker’s work. I was of the mindset that entrepreneurship and innovation were attitudes that simply infused all processes within an organization. His devotion to the effort and commitment around E and I show up in his assertion that they can’t be sacrificed in the name of putting out daily fires or prioritizing everyday operations. E and I need to be treated like separate but essential practices and policies. E and I should be a division apart from management, but as essential as finance or human resources. This has made me consider how and where I must inject Entrepreneurship and Innovation into the regular operations of my small business.  

Assignment 28A My Exit Strategy

Assignment 28A My Exit Strategy

Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

My intention when developing Equine Memorial Solutions was, first and foremost, to solve a problem. I wanted the option to dispose of the remains of horses that were purposefully bred and raised for our entertainment and profit in a respectful and dignified manner. Equine cremation service is just that, it solves this problem for me and as a business venture, solves that problem for other horse people in my community.

I intend to bring this business up to a level of profitability, I am estimating two years before I experience the returns that I am seeking. I will continue to fine-tune the process, train staff, groom my successor, open one more location in this area while exploring Kentucky, New York, and California. I intend to operate the business for a total of 10 years before determining a valuation on the entire enterprise, then selling the operation to a party possessing values and a mission that aligns with my initial intention.

Why have you selected this particular exit strategy?

I initially had no desire to be The Horse Undertaker but someone needed to be. At the moment, I have the physical stamina and the emotional energy to develop and maintain a service business based around hauling flesh and managing grief. That will not be the case forever and I intend to exit before my empathy is tested and pass the torch, hopefully at a substantial profit.

How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I purposely chose a location separate from my existing farm business in order to maintain separation between my training and cremation services. I have hired managers and foremen to carry out operations without my daily involvement. Once the concept is developed and implemented. I will limit my role to strategic upper management, particularly as the venture matures, in order to be the head and heart of the operation until the appropriate successor is either located or created. I plan to bootstrap this venture, growing with personal funding enabling a clean sale and exit. These decisions were directly influenced by my intention to sell Equine Memorial Solutions within a decade.

Assignment 26A Celebrating Failure

Assignment 26A Celebrating Failure

Ok, so I have had some epic fails in my history, but this semester's series of defeats is just a continuation of a battle that I have been fighting my entire adult life. I continually set out to redefine myself as one who does not procrastinate. This has become a weekly mission, I even bought a Passion Planner with adorable fine-tipped markers so I could map out my week's schoolwork with colorful precision. I started strong. I submitted work early, I broke assignments into digestible chunks and chipped away at a leisurely pace. Until I didn't. Next thing you know, it's 11:48 and I'm trying to convert documents into Word and feverishly submitting and resubmitting until the clock strikes 12.

There're a few things at play here. First of all, I am overbooking. Legitimately, I am trying to do too much. That may actually be where the deficiency lies, in my inability to say no to myself. I want to do so many things at once: complete my degree, run marathons, plant a garden, run a business, cook earthy gourmet meals, learn to jive, brush up on my high school Russian, blah, blah, blah. That brings me to my next problem, I have typically compensated by sacrificing essentials like sleep, downtime, and sex with my husband. The other issue is that these techniques have kinda been working. I may not turn out my best work but I can usually muster up some contribution that ranges from acceptable to slightly above average.

History would indicate that I have learned nothing from my eternal attempts ( and failures) to strategically map out my actions in pursuit of my goals. I could argue that what I have learned to do is to be a bit more forgiving of this flaw. I have learned to reframe this stunted area of my professional and personal development as perennial opportunities for growth in time management. After all, today's Monday. This isn't due until Friday. I am way ahead of schedule. I have a fresh pack of sharpie markers and a week full of days in planner just waiting to be told what to do. See....progress!

ASSIGNMENT 25A-What’s Next?

ASSIGNMENT 25A-What’s Next?

What I Think Is Next: EXISTING MARKET

I think that a sensible service to add for existing customers is to expand into small animal cremation. Horse owners, particularly the sector that I am targeting, tend to have dogs also. Not scruffy outdoor farm mongrels. Dogs that are treated better than family members. Dogs that sleep in their beds, ride in their laps when drive, sit in the seat of the shopping cart at Publix. If these owners have a wonderful impression of their horse cremation experience, perhaps they will send their little canine companions my way after they pass.

Upscale memorial boxes and urns would be obvious add-ons, as well as photography or art integrated into the keepsakes.

Reflection:

After Imagining what three individuals from this market might say, I think to grow in my existing market I really should be open working more closely with veterinary offices as well as ambulatory equine vets. They are obviously on the front line of animal mortality and would be best positioned to steer traffic my way.

Working with local craftspeople with prestige grade materials for memorial boxes could appeal to the upscale sensibilities of my ideal customers. Tasteful photo album creation or footprint casts are also options to explore. I have seen other crematoriums offer for an added fee the opportunity for the owner to witness the cremation, Apparently, that can provide closure for mourners.

For the thoroughbred owners, processing paperwork with the Jockey Club, documenting the humane and timely death of the registered animal would likely be a necessary service.

NEW MARKET:

I think that my new market could be larger facilities like Florida racetracks, unfortunately, catastrophic training or racing accidents result in a need for removal and documented incineration. Medical waste from offices and labs could be a way to make use of downtime, these could be compiled and stored to destroyed en masse.

Reflection:

         I am imagining that racetracks would not want to go to the expense of cremation if there are existing inexpensive substitutes still available (Landfill, burial). This may be an issue to bring up with our governing agency and obtain some sort of endorsement, perhaps this could initiate regulation that will encourage tighter oversight of the life cycle of the thoroughbreds.

         The addition of medical waste disposal may open up the opportunity to receive waste from other removal services, requiring additional incinerators but not additional drivers. Securing contracts would be the responsibility of the other providers, I would charge by the pound for disposal. I imagine that venturing into this segment would require more licensing and permitting, not sure I would want to deal with the resulting environmental issues that would go hand in hand. Not an impossible transition and could level out productivity,

Assignment 24A-Venture Concept No. 1

Assignment 24A-Venture Concept No. 1

EQUINE MEMORIAL SOLUTIONS

• Opportunity:

§  I am offering the service of whole horse cremation to highly emotionally and financially invested horse owners. My service includes ethical and respectful removal of remains that can be prearranged to coordinate with euthanasia or is available as needed during regular business hours seven days a week.

§  The remains will be transported to a local facility where they will be cremated without dismemberment. The cremains will be available to the horse owner for memorial purposes along with various urn options.

§  For horse owners unable to afford the expense of private whole horse cremation I can offer alternatives. The option of communal cremation will be available for a reduced fee, the cremains will then be spread in a designated memorial garden.

§  As long as disposal is available at local landfills, we will offer transport services to accepting sites and will work with counties to provide an area separate from household refuse.  

• Innovation:

§  My service will be the first in this area to offer this option to owners. Impending regulations limiting or banning home burial for the purpose of preserving soil and water quality will force owners of deceased horses to dispose of remains elsewhere.

§  Currently, landfill or rendering plants are the only other options. For people who are willing to spend hundreds of thousands over the lifetime of these animals, a fitting memorial is a given. This community operates on word-of-mouth and shared experience, a positive cremation experience would trigger a chain of referrals.

§  Although this is a service that is required in a limited capacity per individual, the size and scope of the community ‘will support the business.

§  I am offering retrieval and transport of deceased horse a facility for incineration for the approximate fee of $2500 per average to large horse.

• Venture Concept: 

·       Customers are expressing frustration with a lack of removal options, they have the ability and the willingness to use this service. Switching for my target market will be uncomplicated

·       Price points: this will be calculated according to the average size of the animal (lbs). as the only provider, I can determine pricing without the influence of competitors based on the contribution margin-based model, with some premium pricing for elite markets.

·       Distribution: The option of whole horse cremation is aimed at the horse owner who sees these animals not just as livestock, but as pets or even family members. These are middle to upper-class individuals that have the income to support this type of animal care. This area is home to horse lovers that have spent hundreds of thousands to own their horses, for their pure enjoyment or as an investment. Aftercare that is proportionate to the upkeep provided throughout the animal’s life is a requirement for these owners that are not being met by the currently available options for removal. These racehorse owners, breeding farms with prized stock, show horse owners, and backyard horse-people are influenced by their community of fellow owners and seek to follow norms in the areas of animal care and environmental responsibility.

·       Customer Service: This service meets the needs of loving horse owners, ethical racehorse industry standards, and environmental stewardship practices. Customer service, compassion, and reputation will drive referrals

·       Location: Marion County Florida, Home to over 80,000 horses, that number is growing.

·       Execution of service:  These are the facets of the service that I am offering:

·       The passed horse will be picked up by experienced horse handlers, the remains will be respectfully loaded and transported to my facility.

·       The animal will be incinerated, whole and the ashes will be available to the owner for memorial purposes.

·       Horse owners will have urn and remembrance options at varying price ranges. 

·       Removal of horse remains and transport to a local accepting landfill will be offered, understanding that cremation cannot be an option for all owners, respectful treatment, however, should be available to all. I will work with landfill management to be sure that the area for animal disposal is separate and maintained ethically.  

.

• Employees:  I’m estimating around 6 employees initially
• Operators of incinerator
• Driver
• Retrieval specialist
• Administrative assistant
• Part-time marketing

Contracted accounting, legal, and mechanical service providers

• Unfair advantage: The combined elements of my personal identity, experience, intended service, local demographics, and my unique qualifications fit together for a solid business concept. My core competencies are in the area of horsemanship, networking within this niche community, compassion, empathy for horse owners, 27 years operating a business within this community, and my detail-oriented strategic approach to developing and maintaining that business. I would be the first in this area to offer this service. I am recognized in the community for ethical, honest work practices and can use my existing connections with owners, trainers, veterinarian clinics, and county offices to launch and run this business.