Podcast
Questions and Answers
What was Jane Valdez's primary industry of focus in her successful third venture?
What was Jane Valdez's primary industry of focus in her successful third venture?
What percentage of people reportedly drink coffee daily according to the National Coffee Association?
What percentage of people reportedly drink coffee daily according to the National Coffee Association?
How much start-up loan will the student teams manage for their coffee shops?
How much start-up loan will the student teams manage for their coffee shops?
Which among the following chains has the most locations worldwide?
Which among the following chains has the most locations worldwide?
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What trend is contributing to the demand for specialty coffee according to Bill Murray?
What trend is contributing to the demand for specialty coffee according to Bill Murray?
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In what capacity did Jane Valdez participate in the venture capital industry?
In what capacity did Jane Valdez participate in the venture capital industry?
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What was the increase in past-day espresso consumption according to recent statistics?
What was the increase in past-day espresso consumption according to recent statistics?
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What factor is contributing to the success of local coffee shops despite the presence of large chains?
What factor is contributing to the success of local coffee shops despite the presence of large chains?
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What was the highest number of cups ordered on a weekday during January?
What was the highest number of cups ordered on a weekday during January?
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What is one suggested method to increase demand for the coffee shop?
What is one suggested method to increase demand for the coffee shop?
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What are the two awards that Jane wants her students to aim for?
What are the two awards that Jane wants her students to aim for?
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What is the total annual rent for the retail space on Main Street?
What is the total annual rent for the retail space on Main Street?
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What are the estimated monthly utility costs associated with the space?
What are the estimated monthly utility costs associated with the space?
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Which factor is identified as crucial for capturing customer satisfaction at the coffee shop?
Which factor is identified as crucial for capturing customer satisfaction at the coffee shop?
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What is Jane's expectation regarding the financial performance of the coffee shop over time?
What is Jane's expectation regarding the financial performance of the coffee shop over time?
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What type of businesses surround Jane's potential storefront location?
What type of businesses surround Jane's potential storefront location?
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What challenge does Jane anticipate her students will face in managing the coffee shop?
What challenge does Jane anticipate her students will face in managing the coffee shop?
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What is one of the primary factors Jane expects will affect long-term demand for the coffee shop?
What is one of the primary factors Jane expects will affect long-term demand for the coffee shop?
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How many square feet does the available retail space contain?
How many square feet does the available retail space contain?
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What was the lowest number of cups ordered on a Saturday during January?
What was the lowest number of cups ordered on a Saturday during January?
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Which statement reflects a misconception about the importance of customer experience?
Which statement reflects a misconception about the importance of customer experience?
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What historical establishment previously occupied the location before Jane's potential shop?
What historical establishment previously occupied the location before Jane's potential shop?
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What is the required deposit for utilities when leasing the space?
What is the required deposit for utilities when leasing the space?
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Why does Jane believe the coffee shop can succeed in its location?
Why does Jane believe the coffee shop can succeed in its location?
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What is the minimum number of managers required to be on site during operating hours?
What is the minimum number of managers required to be on site during operating hours?
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Why is it important to pay competitive wages to servers?
Why is it important to pay competitive wages to servers?
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What is the required price difference between coffee sizes?
What is the required price difference between coffee sizes?
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What is the cost of creating a social media page for the coffee shop?
What is the cost of creating a social media page for the coffee shop?
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How many hours per week does each server work?
How many hours per week does each server work?
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What is the payment structure for website setup with Vendor 1?
What is the payment structure for website setup with Vendor 1?
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What is a potential negative outcome of raising coffee prices too quickly?
What is a potential negative outcome of raising coffee prices too quickly?
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What is the maximum duration Vendor 2 takes to build the website?
What is the maximum duration Vendor 2 takes to build the website?
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What does a green tile on the Dashboard indicate?
What does a green tile on the Dashboard indicate?
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What does the Checkbook mainly help the manager track?
What does the Checkbook mainly help the manager track?
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Why might sales receipts fluctuate in different weeks?
Why might sales receipts fluctuate in different weeks?
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What key information does the Daily Receipts report provide?
What key information does the Daily Receipts report provide?
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What can be inferred if your cafe is always serving at capacity?
What can be inferred if your cafe is always serving at capacity?
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What does the Weekly Purchases report help determine?
What does the Weekly Purchases report help determine?
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What is the primary concern if the cash from the loan runs out?
What is the primary concern if the cash from the loan runs out?
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What is a significant factor to consider when ordering cups for the coffee shop?
What is a significant factor to consider when ordering cups for the coffee shop?
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Study Notes
Jane Valdez's Background
- After 30 years of long work hours, Jane Valdez seeks a new direction.
- She is a Collegetown native with a degree in engineering and a minor in business.
- Previous work experience includes Hewlett-Packard and Apple Computer in the 1970s and 1980s.
- After several attempts at entrepreneurship, her third venture in handheld computing for hospitals succeeded.
- Jane took her company public in 1995 and sold it before the tech bubble burst.
Educational Initiative
- Jane plans to teach college students business management through operating a coffee shop.
- Student teams will receive a $25,000 start-up loan at 10% interest for this project.
- Anticipated potential for students to repay the loan successfully within a year.
Specialty Coffee Market Insights
- Coffee consumption has risen to 62% daily among people, with a notable increase in younger consumers.
- Gourmet coffee demand is growing, with 59% of coffee consumed recently being gourmet.
- Major coffee shop chains: Starbucks (26,000+ locations), Dunkin’ (12,000+ locations), Tim Hortons (4,500), Costa Coffee (3,400), and McCafe (1,300).
- Single-owner and local cafes are thriving due to a growing support for local businesses.
Coffee Shop Location
- Potential storefront located on Main Street near the business school and downtown pedestrian mall.
- Retail space spans 1,000 sq. ft. with good visibility due to glass frontage.
- Nearby establishments include R.C. Fox Women’s Clothing, Salamanca restaurant, and Readerwise Booksellers.
- Annual rent totals $24,000 with monthly payments of $2,000, plus approximately $500/month in utilities.
Customer Demographics and Demand
- The target customer base includes businesspeople, students, and local residents.
- Long-term success depends on the quality of service, atmosphere, staff friendliness, and coffee pricing.
- Demand can also be influenced by advertising and promotions.
Operational Challenges
- Students are responsible for staffing, inventory management, and customer service.
- Importance of hiring quality part-time servers who work 10 hours weekly.
- Daily operations require careful management to handle customer rushes and staff productivity.
Financial Management and Marketing
- Initial weeks may see higher expenditures than revenues; profitability expected to grow over time.
- Managers must supervise operations before opening and after closing; a minimum of two managers is required.
- Pricing must be competitive, with sensory differences between cup sizes ranging between 20¢ to $1.00.
- Marketing options include a website and social media advertising, both vital for establishing a brand presence.
Performance Monitoring
- Use reports under the COMPANY menu to track performance, cash flow, and profitability.
- The Dashboard highlights overall cafe performance and industry rankings.
- The Checkbook aids in monitoring cash flow and ensuring enough funding for expenses.
- Evaluate sales through the Daily Receipts report, checking capacity vs. actual cups sold.
Inventory Management
- Weekly Purchases report helps manage stock levels; coffee inventory is perishable.
- Effective management of inventory is crucial to prevent wastage and ensure sufficient supplies for demand.
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Description
This quiz explores the career journey of Jane Valdez, who transitioned from a long corporate career to entrepreneurship. Delving into her experiences, challenges, and successes, the quiz highlights key aspects of her business journey and decision-making processes. Perfect for students of business and entrepreneurship.
