ENT Blog UF

1.       I plan on using my business as a way to create connections and build a large network within the marine industry. When my business becomes successful, I would eventually hire a CEO or and act as a silent owner. I would use the profits and connections that I made from this venture to launch a new business that is also within the marine industry. I would most likely not sell my business within five years because my business operates on contracts, which once are setup, are very easy to resign and keep profitable. I would consider passing one of my businesses to a child, but this is very far down the road and am unsure if the boat cleaning business would be the one that I decide to keep in the family. 2.       I have selected this exit strategy because I will be able to continue to reap the benefits of my successful business while being a silent part of the business. The nature of my business makes it easy to uphold once the ini...

1.       I believe that the general theme of this book is that there are certain mindsets that you can adapt that will help aid you to success. Also, failure can be inevitable and should not hinder you from trying to succeed. 2.       This book was relevant to what we are learning in ENT 3003 because it explained the different ways that one may fail when they begin a new enterprise or business. This book explains how failure can help aid one to success and to not let failure discourage one from trying to create new businesses even if their first one does not end up successful. This enhances what we are learning because the main objective of this class is to create a business plan of our own and formulate a path to success for our own businesses. There are over 500 people in this class, and if we were to all actually follow through with our plans on starting and running a profitable business, very few would be successful. In “How to ...

1.       Growing up I was always interested in sports. I played baseball, basketball, soccer, and lacrosse, so naturally, I enjoyed watching sports as well. This year, I began to dabble in the world of sports betting. I love statistics and thought that if I do a lot of research and follow the world of sports closely, I can make some money. Initially, I made some money, but as the semester went on, I began to lose money. I have since then stopped sports betting. 2.       I learned that betting on sports is not a good way to make extra money in college. Additionally, it takes the fun out of sports and adds a lot of unnecessary stress into your life. 3.       I believe that failure is something that you can learn from. In order to fail, you have to try, and trying something new will always be something that I will support. You should handle failure in a positive way and think of the lessons you learned whi...

Existing Market I believe that my business is primarily target towards boats in marinas, and I believe that this is a good place for my business. I do not think that growth to other forms of mobiles, such as cars or planes would make any sense for my business. As far as growth for my business, I believe that expanding to the maximum number of marinas possible would be the best way for my business to grow within the existing market. The three people that I interviewed all told me that expanding to new marinas and new clients would be the best way for my business to expand. One person brought up a thought that getting a contract with a boat show would be profitable, as companies showcase dozens of marine vessels and want them to look as clean as possible in order for them to be sold. I agreed with them that this would be a good way to expand my business, although I have doubts that this idea will work because most of the boats that are showcased are brand new and therefore do not ne...

Opportunity When coming up with my business idea of creating a service that cleans a customer’s marine vessels at a marina, when they return from their voyages, I thought to myself, who exactly has the need for such a service. The answer was quite simple: anybody who owns a boat and keeps their vessel at a marina. The nature of the need exists because no existing cleaning services such as the one that I am offering exist. Currently, boat owners are required to clean their own vessels that they store in marinas. This is an inconvenience to the boat owners, and because they are already paying such high prices to store their vessels at a marina, this service should be included in the monthly storage price. This is why I proposed to act as an independent contractor who would sign contracts with different marinas to institute my marine-cleaning service as part of the amenities that they can offer to customers. The market is defined geographically by people who live in coastal citie...

1.       Well-educated staff with prior marine knowledge – very valuable, you need a well-educated and knowledgeable staff in order to start the business. This is very rare to have, as few people fit this description of human capital and the workers would need to have prior marine knowledge. This is capital that is very hard to copy by other businesses, as the demand for well-trained workers is high. No physical resource can provide the same service as a human being who is well trained in his job. 2.       Cleaning skills- valuable for the job, as it is a cleaning service, although it is not rare to have cleaning skills and anybody can possess these skills. Most workers can provide this benefit regardless of previous experience. 3.       Network of boaters- very valuable, as word of mouth is a good way for my business to grow. This is rare and hard to accomplish, but still achievable, as many boat owners...