Entrep Food Trip Report by Arlo Cristobal

Entrep Food Trip

By Arlo Cristobal

A-Venue Tent

                I have always been a fan of Banchetto style food exhibits. It's a place where you can find a wide array of food choices that are relatively affordable compared to restaurants. It is also a good avenue to try out innovative food products for vendors since the capital is smaller compared to renting a space for a restaurant.

                For the food concept, there is a variety of offerings, ranging from isaw to different pasta dishes. Besides the food option, what makes this place unique is the experience itself. A lot of times, we find ourselves deciding which place to eat, often thinking of the food offered in the restaurant. In the A-Venue Tent, you can just opt to go there without planning and simply decide which food to buy without the need to break-up the group. For this reason, this had attracted a lot of young professionals who want to enjoy different types of food, while keeping the cost down. I also noticed a lot of foreigners in the area, which can be attributed to the location.

                To add to the variety of food, there was also a stage set-up for a band. This also gives the place a restaubar feel, where you can hang-out for an extended period of time. This set-up creates a lot of interest to passers-by and, in my opinion, is successful in pulling customers in.

                This venture is definitely a success if the product that you sell caters to the interest of the crowd. Also, since this isn't a high-end place, the price of your food should also be affordable. Another proof of its success can simply be traced to the volume of people in the area, which is quite significant given that we visited on a Tuesday.

Dona Dona BBQ

                Normally, I stay clear of Korean restaurants in Manila. The main reason being the cost. The concept of the Dona Dona BBQ restaurant is quite straight forward – bring the Korean food experience in the Philippines. Although the ambiance of the place doesn't feel very Korean, the food certainly did. Being served by the owner, Dona from Korea, also pushed the experience to the next level.

                The innovation part of this restaurant would have to be the price. For me, authentic Korean restaurants are relatively the same in terms of the food they offer. The main differentiator for Dona Dona BBQ would be how they managed to lower the cost, yet still offer authentic Korean food. Lower price in this case is relative to other Korean restaurants both in the Philippines and in Korea. I'm actually quite interested on how they source and make their ingredients. If it's imported, they are doing a really great job to keep the price down. If it's sourced locally, then they are doing a really good job transforming it to a Korean delicacy.

                Given that the restaurant had been there for 5 years, it's obviously a successful venture. However, success is really subjective, and it seems that the success that they are getting is quite limited to their view of success. They may be profitable, but their profitability may be limited. They are located in a good venue where traffic of people is high. But still, competition in the area is also very high. If they really intent to maximize profit, they should differentiate their restaurant from the competition by starting with the ambiance. They may offer authentic restaurant food, but I would not have known that from the outside. To add, the place looks a bit shabby and would greatly benefit from a good scrubbing.  

Goldilocks

                To cap the night off, the group ordered cake and coffee in Goldilocks. Goldilocks had already made a name for itself so we can't really argue with their success as a dessert chain. One thing that could be noted in the branch, however, is that it was the only dessert place I saw in the area. It's also quite convenient since it's along the street.

                Aside from location, the convenience of buying in the place is also quite genius. They were able to maximize the small place, placing a shelf in the middle, while still allowing customers to browse through their products. Their range of offering also doesn't compete with the surround restaurants, but instead complements it. They have cheap, but good coffee. They have snacks, desserts and even cakes that you can buy to surprise the birthday celebrant in the neighboring restaurant. They aren't renting a big space because they don't need to. It won't surprise me if they are generating better profit compared to some of the restaurants in the area.

ENTREP S20 - Factors Paper

Factors Paper by Arlo Cristobal

My grandparents own a small sari-sari store. I think that's about it when it comes to entrepreneurs in our heritage. My father worked for the government and my mother in a local private company. Both of them have plans in putting up a business but never really pushed through with their plans. Their excuse is always security. Initially, they didn't want to leave their jobs because I was still in school. When I graduated, they still didn't want to retire because my brothers are still in school. Both of them, in my opinion, have solid business plans backed-up with years of experience in their respective industries. What they lack is the ability to take big risks.

Character

My personality is different. As a young professional, I don't really feel pressured to have that sense of security in terms of my future. I know that's wrong in a lot of aspects but my point is my current position allows me to take risks. I have the desire and passion to go places without worrying about set-backs and failures. I have the initiative to grow my minute wealth, and my vision towards the future is still at its most optimistic. I can also say that I am resilient since I'm pursuing my MBA career.

What I lack at the moment is the initiative to start my own business. I believe MBA is a start, but I also believe that I should have done so much more by now. Hopefully, this class could help me jump-start my ambition of putting-up my own enterprise.

People Skills

People skills could be one of my weak points in becoming an entrepreneur. I have always considered myself as an introvert. The good thing about this is that I'm constantly working on it and my client engagement at work has been a good opportunity to practice my communication skills.

In terms of negotiation skills, I really don't have much experience on it other than trying to negotiate project timelines at work. These negotiations are usually backed by standard procedures so there's really no solid decision making activities involved.

My strong point in people relations, in my opinion, stems from my upbringing. My grandmother only finished grade 6, my father used to catch fish to sustain his college education and my mother was only able to finish college because of her scholarship. I witnessed my parent's perseverance to give us a better life. They always taught me to be humble and to never forget my roots. In addition to that, my mother is quite religious so making unethical choices is never really tolerated in our family.

Creativity

What I lack in people skills, in my opinion, is compensated by my creativity. I'm not an artist in any sense, but I'm confident with my innovation skills. I always find interesting ways to accomplish things, take automation for example.

Another trait that I have developed earlier in school was my analytical skills. I took high school in a science high school and then took Physics in college. I believe those experiences helped me with my problem solving capabilities.

Those two skills combine would help me seize opportunities in business. Part of being an entrepreneur is to be innovative in approaching business and being able to think your way through problems encountered along the way.

Business Knowledge

Last but definitely not the least important would be business knowledge. Unlike the other factors, this can be learned and developed through experience. Basic skills such as organization skills and business-specific knowledge are important in understanding and growing a business. On the other hand, Accounting, financial and economic knowledge would help you make effective and profitable business decisions.

Assessment

Based on an online test that I took, they gave me a score of 80% in assessing my skills as an entrepreneur. My strong points, as mentioned above, are my innovation and problem solving skills. I do, however, need to have a sound plan and a clear vision of what I would want to attain. The test also mentioned that I should surround myself with people that can help and support me, such as mentors, advisors, peers, associates, etc. All these skills, combined with a keen eye, would help me identify and seize opportunities in business. And with the help of the people around me, I believe I have the tools and the potential to become an entrepreneur. 3.5