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ETA Reflection

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by

Jin Lin

on 20 April 2014

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Transcript of ETA Reflection

E
ntrepreneurial
T
hought &
A
ction
Reflection
Joshua McGovern, Monica Quiros, Justin Rams, Jin Lin, Tushaar Kalra, Alana Atchison, Gianna Sapounakis, Anamaria Najera, Robert Quirk, Parker Ricciardi, Kiley Fischer, Anna Wang, Morris Mattout
Our Product:
The FitMe Belt
will we win this race...
spandex, nylon fitness belt
4 compartments holds and protects valuables
affordable, simple and stylish
comes in different colors
Price: $18.82
Local supplier + personal selling + human resources = FitMe
FitMe intends to promise simple solutions to its customer’s fitness needs at affordable prices; in doing so, it hopes to promote widespread fitness and health across different age groups.

FitMe views itself as a partner to its customers, its employees and the environment and it aims to provide solutions and convenience in ways that are in compliance with all of its partners’ needs.
Mission Statement
Organizational Structure


Joshua McGovern
Monica Quiros
CEO
Alana Atchison
VP OF HR
COO
Jin Lin
CFO
Justin Rams
CMO
Tushaar Kalra
VP OF FINANCE
Morris Mattout
VP OF OPERATIONS
Anamaria Najera
VP OF OPERATIONS
Anna Wang
VP OF ADVERTISEMENT
Alana Atchison
VP OF MEDIA
Kiley Fischer
VP OF COMMUNICATIONS
Gianna Sapounakis
VP OF SALES
Robert Quirk
VP OF SALES
Parker Ricciardo
Company Overview
Sell to individuals, running groups and teams to achieve profit and growth
Create an open and accepting company environment
Promote a positive attitude towards fitness and a healthy lifestyle
Honesty
Respect
Tolerance
Dedication
Promote healthy living through running and physical activity
Goals
Values
Impact
Thank you!

Questions/Comments?
OPERATIONS
Operational Challenges
Poor reporting of belts taken out of storage room

Double numbering of belts

Infrequent update of inventory sheet

Inaccurate number of certain colors for first inventory order

Received damaged belts

Only having 1 key shared by 3 businesses

Difficult to accommodate members’ urgent need to get belts to sell

Current Inventory Status

Spreadsheets are updated every day at 10:00pm

We have online and physical copy of inventory status

Ran out of black belts completely

Successfully selling yellow belts

Will receive 2nd inventory order by end of spring break

A look at our inventory spreadsheets...
Relationships With Suppliers
Overall good relationship with manufacturers and suppliers

Easy to get in contact with
Will continue to maintain communications with them for 2nd inventory order

having back up manufacturers came in handy

Moving forward...
Potential Challenges:

New belts are an inch wider than before, unsure if this will be a good idea

May have trouble differentiating the 2 batches of inventory

Might face previous problems again

Unsure whether or not we ordered the right amount of belts for 2nd inventory order

Social Media
Website
Organization
Print Advertisement
Marketing Efforts so far...
#BelieveMe
Campaign
What has worked:
• Facebook has really helped us get our name out there and as of now we just broke 200 likes

• Posting motivational quotes on Instagram has helped define our brand

SALES
• Personal selling has been big for the team and very effective

• Build on this by attending three races after spring break


What has worked:
Obtaining a bulk order from big companies/running groups.

Altered approach by staying away from large corporation

but
we're still hopeful for running groups
What didn't work:
FINANCE
Team Status
Current Status

Improved/Improving!
-After a slump, individual and group management has improved (agenda, tasks set, communication)


Communication
: everyone fell into the routine and is aware of what is going on


Satisfaction
: Good, but general performance was low at first. It’s improved after FME fair and dodgeball


Job Performance
: everyone has been taking care of their tasks, duties


Learning:
- Learning to adjust especially when hit obstacles like no bulk orders and inventory
- Learn to motivate ourselves even though goals have not always been met.


Leadership
• Individual Leadership: people are starting to go beyond their requirements and contributing with other tasks.

• Leadership in management:
- Departments are at different levels
- Overall, departments are working efficiently but should try to get more involved with other departments.
- CEOs have improved in delegating tasks but should have frequent meetings with the chiefs.



Entrepreneurial Thought & Action
Shifts in Strategy and Management
• Running groups are decentralized, it’s hard to sell in bulk →Reconsider opportunity
- Greater focus on personal sales

• Rejected inventory production → contact 2nd supplier
- Low inventory, so we had to change/redirect sales strategy, and marketing (try to promote more of the yellow) ex. Instagram: add with yellow belt



• Not as many sales as expected → hard to maintain motivation
- Motivate each other through out-of- business activities eg. pizza, dodgeball
- show support for the team in every circumstances

• Communication degraded
- Talk about it and set mechanisms to improve

• Timing and deadline problems
- All hands on deck response


Dealing with Failure
•Communication is KEY
- Advice: always talk about what is going on, good and bad

•Time management is very hard but important
- Advice: start things with anticipation, make decision quickly and don’t postpone anything that has to do with record-keeping.

•Adaptation is crucial to success
- Advice: be ready to change strategy and use resources at hand to make the best of new situation.


Lessons Learned and Advice
Starting a business isn't easy...
Mistakes are inevitable
But it's only if our team is
MOTIVATED
PERSISTENT
DRIVEN
Online Order Form (Example)
Orders Database
Business Model
Full transcript