30A – Final Reflection

I feel writing out the entire Venture Concept was the most formative experience and what I am most proud of accomplishing. It is easy to have rough ideas about an opportunity, but putting it down in writing makes it tangible and seems attainable. It is also something that I can easily forward along to colleagues and mentors so they can provide feedback on the holistic opportunity. I really enjoyed each Elevator Pitch and will certainly remember them years later, and hopefully, use them in real life soon.

I certainly feel that I have developed my entrepreneurial mindset and am more of an entrepreneur in my current job. Just two weeks ago, I capitalized on an opportunity I saw at work, put together a presentation, and was able to drive a behavior change in our business. I may not have been looking for opportunities in my everyday job if it wasn't for this class.

I would honestly recommend future students to truly be openminded to growing their entrepreneurial mindset. Not everyone will venture out on their own and be a traditional entrepreneur, but the skills developed in this class can help you be more of an entrepreneur with your current job, which can lead to potential recognition and promotion. The assignments are not hard and they are designed to truly teach you, so don't mail them in!

29A – Venture Concept No. 2

Opportunity:

·        A bad hire costs a company $114,000 due to producing a lower quality of work than expected and harming the company’s culture.

·        A company of 100 employees with an average yearly turnover of 10% will lose almost $912,000 a year as a direct result of bad hires.

·        Bad hires are a direct result of a company’s Talent Acquisition team having inadequate skills, inefficient processes, and not properly utilizing their Talent Acquisition technologies that are in place.

·        Companies of every size have the need to hire better. With that said, small to midsized companies, 100 to 1,000 employees, that are experiencing growth are the target customer. They are big enough to have the financial resources to pay for my firm’s services but not big enough to not care about the $114,000 financial hit resulting from a bad hire.

·        The current force growing this need is COVID-19. Companies are laying off employees due to financial difficulties, which will create a lot of openings to fill once the economy rebounds from this recession.

·        The target market is South Florida companies from Miami to West Palm Beach.

·        Customers are currently satisfying this need by having their own Talent Acquisition teams try to improve their hiring, augmenting their current Talent Acquisition team by using external recruiting agencies that focus on plugging one hole in the boat at a time instead of questioning if it is the correct boat to be in in the first place, or completely outsourcing their Talent Acquisition function to an external firm.

·        Eighty-four percent of mid-market businesses South Florida, or for-profit businesses with annual revenue between $10 million and $150 million, and 78 percent of small businesses in South Florida, or for-profit businesses with annual revenue between $2 million and $10 million, are prepared or somewhat prepared to seek out growth opportunities.

·        The immediate window as a result of COVID-19 may last 6 to 12 months. Beyond that, there will be a consistent need for companies to hire better.

Innovation:

·        My firm will provide a wholistic consulting service to companies’ Talent Acquisition departments where we will train their Talent Acquisition team to upskill their capabilities, redesign their processes to make them more efficient and impactful, and help them better utilize their existing Talent Acquisition technologies.

·        My firm’s consultants will spend a 2-week engagement onsite with the Talent Acquisition team. They will start by performing a needs analysis in all three areas mentioned identifying the nuanced opportunities for that specific team, develop customized solutions and lead them through the execution or implementation of those solutions.

·        The 2-week engagement will cost of $38,000.

Venture Concept:

·        My firm will help companies reduce their bad hire rate by 60%, resulting in an initial annual savings of $547,000. The initial direct bottom-line savings and long-term revenue increase from having more productive employees and a better culture are why companies will want to buy my service. It will be somewhat difficult to get a company to buy my firm’s services because it is something they have not done previously, and historical handcuffs are tough to break. With that said, once they see the immediate return on investment and long-term rewards, it will be difficult for them to say no.

·        Some specific competitors offer siloed solutions, but not a holistic solution like my firm. There are consulting firms such as Bain or any of the Big 4 that focus more on operational efficiency gains through technology and processes or with organizational design. There are staffing companies that provide the companies with candidates to hire but do not train the companies on how to hire better. My firm will do all the above.

·        Price points, customer experience, and customer location certainly play a role in defining my business concept. My pricing is a premium and will initially be seen that way before the return on investment is realized. The premium reputation will play into establishing a credible brand in the market. Customer experience will be the most important factor as I will need to leverage each customer for referrals and as references for future customers. Customer location will play a key role initially since I have an established network in South Florida.

·        I’d have a relatively flat organization with my title being Chief Talent Strategist. I would initially hire two Talent Strategists who would report directly to me and would be my consulting partners on the engagement. I would also hire a Business Development Strategist reporting directly to me as well that would be responsible for appointment setting. Additionally, I would hire a Marketing Strategist that is focused on building our brand through an omnichannel approach.

Unfair Advantage: I have an established network of decision-makers in South Florida companies that I can immediately leverage. I would be able to get immediate business and cash flow. The instant success from my network would give me the cushion to expand outside of my network, which would create a sustainable business model.

Next for the Venture: I would work on establishing partnerships with Talent Acquisition technology vendors for applicant tracking systems, AI chatbots, and gamification assessment companies to act in a channel sales capacity.

Next for Me: In 5 years, I would look at identifying other markets to enter, which would be solely based on being able to hire someone with a similar established network and skills in that market as I have in mine. I would also be focused on developing someone under me in the South Florida market that can take over the day to day leadership so that I can focus on the expansion strategy. In the next 3 years, I would focus on growing my business in the new market. Once I have shown it is scalable in other markets and the original South Florida market is still producing at a high-level without my day to day involvement, I would look to sell my firm to a large consulting firm looking to enter the same vertical. At that point, I’d turn my attention to becoming a board member at a fast-growing company that is disrupting the market and needs guidance on how they can hire better.

Summary of Feedback: I really only received positive feedback on my Venture Concept No. 1 assignment. The one sort of question or idea was to try to stay in it longer and hire other people to help me scale it.

How I Changed My Venture Concept: Based on the idea to stay in it longer and scale it, I detailed out more specifics in the "Next for Me" section to show how I would prove the business model works in a new market while also developing someone to lead the South Florida market.

28A – Your Exit Strategy

1) 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?

In 5 years, I would look at identifying other markets to enter, which would be solely based on being able to hire someone with a similar established network and skills in that market as I have in mine. Once I have shown it is scalable in other markets, I would look to sell my firm to a large consulting firm looking to capitalize on the same vertical. At that point, I’d turn my attention to becoming a board member at a fast-growing company that is disrupting the market and needs guidance on how they can hire better.

2) Why have you selected this particular exit strategy?

I feel once I have shown my business is successful beyond me and my market, there would not be a lot of additional challenges left for me. I would simply be staying in the business to make money, which certainly is not a bad reason. I know myself though and I love to be continually challenged. Money by itself has never kept me at a job if I felt I wasn’t challenged and growing.

3) 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?

It certainly has influenced my growth intentions. I designed my new markets strategy based on my exit plan. Once I show I can scale my business to a new market, my business will immediately be a target for large consulting firms to buy.

27A – Reading Reflection No. 3

How to Fail at Almost Everything and Still Win Big – Scott Adams

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

I believe the theme of this book is that we will all fail, and fail continually, on our path to winning big. Winning big though will look different for each person based on what they are focused on. If we focus on taking care of ourselves and spending time with the people who matter to us, we will, in the

end, win big regardless of career accolades.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

I think there is a clear connection between focusing on what matters most. Chris does a great job explaining how sticking to physical business plans are not as important as most people think, yet a lot of entrepreneurs spend a lot of time working on their business plans instead of doing what is actually important – going out and selling your product. Likewise, Scott’s book does a great job outlining what we should focus on to win big.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I really liked the breakdown of goals versus systems. I’d design an exercise where the class would write down 2 goals and then detail out all the steps to get there. I’d then have the class go back and reflect on what putting the framework of a system around those goals would look like and compare which would have a better result.

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?

For me, it honestly was the goals versus systems. I have been diligent in writing out all of my long-term goals, and just as the book discusses, I have at times become overwhelmed and feeling like a failure if I missed 1 step in 1 day that I perceived as putting me behind in reaching my goal. I am going to evaluate how to put systems in place for my personal goals.

26A – Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester and failed each time.

I worked 2 months on a project to redesign the workflows my Talent Acquisition team uses so that there would be a better user experience for our hiring managers. I mapped out the old processes, worked with my team to identify opportunities, and then created the new processes. I presented the new workflows to the HR Director during a 30-minute meeting, only to get a quick no at the end of the presentation.

2) Tell us what you learned from it. 

What I learned is that the HR Director was not concerned about the actual workflows my team used. She was more concerned about how the new workflows would create a better experience for our hiring managers. After figuring this out, I grabbed another 15-minute meeting on the HR Director’s calendar and showed her the improved experience for our hiring managers and she approved the new workflows.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we must change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

Failure certainly is difficult, especially if it is in an area where we may not have thought we could fail. I try my best to use every failure opportunity to evaluate my approach and learn how to do it better. I am certainly not perfect at this, but it is a conscious choice to use failure this way. I fee through this class I am somewhat more likely to take a risk. I have a different view on the number of easy opportunities there are to solve, so I may take some more chances for a quick win.

25A – What’s Next?

Existing Market:

I have an established network of decision-makers in South Florida companies that I can immediately leverage. I would be able to get immediate business and cash flow. The instant success from my network would give me the cushion to expand outside of my network, which would create a sustainable business model. I would then focus my attention on establishing partnerships with Talent Acquisition technology vendors for applicant tracking systems, AI chatbots, and gamification assessment companies to act in a channel sales capacity. For example, if through the engagement with a company it is identified that their existing applicant tracking system does not meet their needs, I would be able to refer them to a couple of options that would give my firm a percentage of the sales price to that company. I’d initially focus the first 2 years on serving my established network before focusing on developing new relationships. With that said, a great strength of my established network is that many decision-makers I have relationships with have moved on to different companies, so I will already have existing warm leads at companies I did not previously support.

New Market:

In 5 years, I would look at identifying other markets to enter, which would be solely based on being able to hire someone with a similar established network and skills in that market as I have in mine. I would have to be strategic with the markets I chose to enter since my firm would focus on small to medium-sized businesses. The financial sector of New York, for example, would not be an ideal market. But growing business hubs such as Jacksonville, FL and Houston, TX would be ideal markets to enter.

24A – Venture Concept No. 1

Opportunity:

·        A bad hire costs a company $114,000 due to producing lower quality of work than expected and harming the company’s culture.

·        A company of 100 employees with an average yearly turnover of 10% will lose almost $912,000 a year as a direct result of bad hires.

·        Bad hires are a direct result of a company’s Talent Acquisition team having inadequate skills, inefficient processes, and not properly utilizing their Talent Acquisition technologies that are in place.

·        Companies of every size have the need to hire better. With that said, small to midsized companies, 100 to 1,000 employees, that are experiencing growth are the target customer. They are big enough to have the financial resources to pay for my firm’s services but not big enough to not care about the $114,000 financial hit resulting from a bad hire.

·        The current force growing this need is COVID-19. Companies are laying off employees due to financial difficulties, which will create a lot of openings to fill once the economy rebounds from this recession.

·        The target market is South Florida companies from Miami to West Palm Beach.

·        Customers are currently satisfying this need by having their own Talent Acquisition teams try to improve their hiring, augmenting their current Talent Acquisition team by using external recruiting agencies that focus on plugging one hole in the boat at a time instead of questioning if it is the correct boat to be in in the first place, or completely outsourcing their Talent Acquisition function to an external firm.

·        Eighty-four percent of mid-market businesses South Florida, or for-profit businesses with annual revenue between $10 million and $150 million, and 78 percent of small businesses in South Florida, or for-profit businesses with annual revenue between $2 million and $10 million, are prepared or somewhat prepared to seek out growth opportunities.

·        The immediate window as a result of COVID-19 may last 6 to 12 months. Beyond that, there will be a consistent need for companies to hire better.

Innovation:

·        My firm will provide a wholistic consulting service to companies’ Talent Acquisition departments where we will train their Talent Acquisition team to upskill their capabilities, redesign their processes to make them more efficient and impactful, and help them better utilize their existing Talent Acquisition technologies.

·        My firm’s consultants will spend a 2-week engagement onsite with the Talent Acquisition team. They will start by performing a needs analysis in all three areas mentioned identifying the nuanced opportunities for that specific team, develop customized solutions and lead them through the execution or implementation of those solutions.

·        The 2-week engagement will cost of $38,000.

Venture Concept:

·        My firm will help companies reduce their bad hire rate by 60%, resulting in an initial annual savings of $547,000. The initial direct bottom-line savings and long-term revenue increase from having more productive employees and a better culture are why companies will want to buy my service. It will be somewhat difficult to get a company to buy my firm’s services because it is something they have not done previously, and historical handcuffs are tough to break. With that said, once they see the immediate return on investment and long-term rewards, it will be difficult for them to say no.

·        Some specific competitors offer siloed solutions, but not a holistic solution like my firm. There are consulting firms such as Bain or any of the Big 4 that focus more on operational efficiency gains through technology and processes or with organizational design. There are staffing companies that provide the companies with candidates to hire but do not train the companies on how to hire better. My firm will do all the above.

·        Price points, customer experience, and customer location certainly play a role in defining my business concept. My pricing is a premium and will initially be seen that way before the return on investment is realized. The premium reputation will play into establishing a credible brand in the market. Customer experience will be the most important factor as I will need to leverage each customer for referrals and as references for future customers. Customer location will play a key role initially since I have an established network in South Florida.

·        I’d have a relatively flat organization with my title being Chief Talent Strategist. I would initially hire two Talent Strategists who would report directly to me and would be my consulting partners on the engagement. I would also hire a Business Development Strategist reporting directly to me as well that would be responsible for appointment setting. Additionally, I would hire a Marketing Strategist that is focused on building our brand through an omnichannel approach.

Unfair Advantage: I have an established network of decision-makers in South Florida companies that I can immediately leverage. I would be able to get immediate business and cash flow. The instant success from my network would give me the cushion to expand outside of my network, which would create a sustainable business model.

Next for the Venture: I would work on establishing partnerships with Talent Acquisition technology vendors for applicant tracking systems, AI chatbots, and gamification assessment companies to act in a channel sales capacity.

Next for Me: In 5 years, I would look at identifying other markets to enter, which would be solely based on being able to hire someone with a similar established network and skills in that market as I have in mine. Once I have shown it is scalable in other markets, I would look to sell my firm to a large consulting firm looking to enter the same vertical. At that point, I’d turn my attention to becoming a board member at a fast-growing company that is disrupting the market and needs guidance on how they can hire better.

23A – Your Venture’s Unfair Advantage

1.      Corporate Talent Acquisition experience with a Fortune 500 organization that is recognized for its business excellence and outstanding culture.

a.      Valuable: This is valuable because there are only 500 organizations on this list and a smaller number recognized for both business excellence and an outstanding culture.

b.      Rare: This rare as it is very difficult to get hired into Talent Acquisition for a company like mine.

c.      Inimitable: It is somewhat hard to copy, but each Fortune 500 organization has Talent Acquisition Advisors.

d.      Non-substitutable: This experience can only be found within other Fortune 500 organizations.

2.      Communication and influencing abilities that allow me to connect with all levels of people in an organization.

a.      Valuable: This is valuable as I will need to communicate with and influence decision-makers and individual contributors.

b.      Rare: Somewhat rare due to most people communicating and influencing at their same level.

c.      Inimitable: Yes, this can be a copied and developed skill.

d.      Non-substitutable: These are soft skills, so hard to find something to provide the same resource.

3.      Built out a new market office in South Florida for a staffing agency headquartered in Chicago, IL.

a.      Valuable: Extremely valuable since I built the office from myself to a team of 12 over 3.5 years. I built go-to-market strategies, developed and scaled processes, and hired and trained my team. We were generating $2.5 million of revenue as an office when I decided to leave and join the Fortune 500 organization.

b.      Rare: This is very rare as the average tenure in staffing agencies is 1.5 years and very few opportunities to build a market office from scratch.

c.      Inimitable: This would be extremely hard to copy due to the success of my team and I had.

d.      Non-substitutable: Somewhat non-substitutable in the staffing industry, but there are countless other startup successes with similar stories in different industries.

4.      Strong experience with training.

a.      Valuable: Very valuable, especially since my firm would provide training.

b.      Rare: Not very rare, there are a lot of good trainers across all industries.

c.      Inimitable: Yes, easily copied.

d.      Non-substitutable: Can be very easily provided by other resources.

5.      Contract negotiation skills.

a.      Valuable: Very valuable as cash flow is of the utmost importance for a startup.

b.      Rare: Somewhat rare, most people don’t know how to appropriately stand their ground and walk away from business if the price points don’t make sense.

c.      Inimitable: Yes, this can be copied and a developed skill.

d.      Non-substitutable: Somewhat hard to have another resource provide the same service or benefit.

6.      Strong conceptual thinking ability.

a.      Valuable: Extremely valuable as a large part of my future role would be to connect the dots and provide solutions.

b.      Rare: Somewhat rare since thinking conceptually is not a natural thing for a lot of people.

c.      Inimitable: Yes, this can be copied to a certain extent.

d.      Non-substitutable: Other resources could help with this.

7.      Strong analytical thinking ability.

a.      Valuable: Extremely valuable as a large part of my future role would be to analyze data to identify important trends.

b.      Rare: Somewhat rare since thinking analytically is not a natural thing for a lot of people.

c.      Inimitable: Yes, this can be copied and a developed skill.

d.      Non-substitutable: Many resources can provide analytical support.

8.      Have an established network of decision-makers in South Florida companies that I can immediately leverage.

a.      Valuable: Extremely valuable since I have decision-makers I can call today and get immediate business from.

b.      Rare: My specific network is extremely rare due to the strong relationships and credibility I have.

c.      Inimitable: This is not easily copied.

d.      Non-substitutable: This would be very difficult for other resources to provide the same service or benefit.

9.      Have developed my emotional intelligence.

a.      Valuable: This is extremely valuable since I have consistent emotional responses in most situations.

b.      Rare: Somewhat rare, but it is a trend that is growing, and people are focused on developing in this area.

c.      Inimitable: This can be copied through training.

d.      Non-substitutable: This is a soft skill, so it is difficult to find a resource to provide a replacement.

10.   Successful at increasing diversity and quality of hires in companies.

a.      Valuable: This is very valuable as most companies want to increase in both areas.

b.      Rare: This is somewhat rare in the industry, which is one reason I have achieved the level of success that I have.

c.      Inimitable: Somewhat copiable.

d.      Non-substitutable: Yes, other resources can provide this service.

I believe my top resource is having an established network of decision-makers in South Florida companies that I can immediately leverage. I would be able to get immediate business and cash flow. The instant success from my network would give me the cushion to expand outside of my network, which would create a sustainable business model.