LL Employee Publishes First Article!

Hey everyone,

Just dropping in to post a great article I found on Twitter last week that I think will add to the procrastination of your Friday morning.  The article is about the  important phases of the ideation process that leads to creative startup ideas. What is even cooler about the article is the fact that this article was written and published by one of LL’s finest, Katie Christenson.  For those of you who may not know Katie, she is the rockstar Director of New Business Ventures who has been working on creating business ideas and plans for the future of LL.  This is Katie’s FIRST! published article (pretty fricken sweet!) and it was published on under30ceo.com, a website dedicated to promoting entrepreneurship to ambitious young minds.  Check out Katie’s article below:

The 4 Phases of Creative Ideation

“Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn’t really do it, they just saw something. It seemed obvious to them after a while. That’s because they were able to connect experiences they’ve had and synthesize new things.”  – Steve Jobs

Job’s simple understanding of how professionals innovate through the creative process wasn’t too far from what science tells us. Creativity is the process of integrating stored data with new information to satisfy an individual’s curiosity. For you to make a creative discovery, all you need is to understand a domain and your brain will automatically problem solve for you!

Sometimes, it is not creativity that is lacking but rather determination which relates to something Albert Einstein said, “It’s not that I’m smart, I just stay with problems longer”, which means you do not have to be a genius to have a breakthrough! To be able to innovative as Einstein or Jobs did, there is only one trait you must possess: a burning desire to fulfill your own curiosity.

There is a basic 4 step process that explains how an idea can turn into a billion dollar company, and the more familiar you are with it the more effective you will be at following it!

Phase 1: Knowledge Accumulation

This initial stage is all about absorbing as much information as possible. This stage is all about hunger for knowledge which you can attempt to satisfy through reading articles, joining discussion groups, or attending events that educate us on our domain of interest. As you process these new concepts, you end up with many more questions than you started out with. This is your brain telling you what pieces of the puzzle are missing, to encourage you to continue feeding yourself more information.

Related Article: What Do You Want to Be Known For?

As Steven Johnson explains in his study of scientific pioneers, “Ideas are built out of self-exciting networks of neurons, clusters of clusters…When we think of a certain concept, or experience some new form of stimulus, a complex network of neuronal groups switches on in synchrony.” The more information you feed your mind, the quicker your brain can establish new connections to generate ideas from.

Phase 2: Incubation

With all that newly acquired information, it’s always best to step away to let it all sink in. Your subconscious knows your goals, desires, and needs more clearly than your conscious does. Once you rest from knowledge absorption, the incubation phase begins transferring that information to your subconscious which reorganizes and strengthens neuron connections.

The brain incorporates past experiences and knowledge with our conscious accumulation of information, to find unique solutions to our interests. From this, it can identify gaps and will attempt to work itself using the information it has. As the difficulty of finding a solution increases, the level of creativity required does as well. If you are still stumped, it means you don’t have enough of the puzzle put together yet to see the big picture, so the best solution is to return to the absorption phase and build on from there.

Phase 3: The Idea Experience

If you are having trouble getting from Phase 2 to 3, some proven ways to speed up the transition are to; contemplate the idea some more, switch up your work environment, participate in monotonous activities to relax your mind, address tasks that are distracting you, and write down any thoughts that pop into your head. These actions will help you relax and clarify your mind so you can extract those ideas more effortlessly when the time comes.

Related Article: How to Boost Your Creativity in Business

This next phase occurs when your mind overcomes a gap and you have your notorious ‘aha’ moment. Suddenly, your confusion is simplified and clouded thoughts seem much clearer. Once the subconscious can piece together a creative solution in a way that makes logical sense, the solution is brought into conscious awareness where you can then decide on a plan of action.

Related Article: 5 Tips For Crowdsourcing Your Next Launch

Phase 4: Implementation

The Implementation phase is where you find ways to incorporate your idea into daily life. Persistence is a key factor as each idea worth implementing will most likely run into temporary setbacks before it becomes successful. It will take several attempts at restructuring your idea before it will achieve its final form. In the meantime, begin testing your idea, ask for consumer opinion, and most importantly, don’t let your hunger go satisfied.

Related Article: Zuckerberg, Dorsey, & Rose: America Needs Entrepreneurship

Don’t forget there are many different fields of innovation, such as in coordinating events, improving services, inventing products, writing programs, and throwing parties among countless more. Once you realize the creative capability of your brain make a commitment to incorporate your ideas into all areas of your life. With a taste of your own potential, it very well could be your words that appear at the top of the next article.

References: Kuratko, Donald F.; Hornsby, Jeffrey S.; Goldsby, Michael (2011-09-30). Innovation Acceleration: Transforming Organizational Thinking (Prentice Hall Entrepreneurship Series)

Katie Christensen is a senior at Loyola University Chicago studying entrepreneurship, and currently works as the Director of New Business Ventures at Loyola Limited. You can reply to her directly at ktchristensen@live.com and follow her on Twitter @ktfromchicago

Great job and article well done Katie!  If you see Katie around campus, make sure to give her a shot out.  Let me know what you all think about this article by leaving your comments below.  That’s all folks.  I’ll be checking in soon with some more insights, articles, and business updates!  Until next time, here’s some LL love.

~Ryan and the Student Startup Team

B2B: Biology to Business

Why hello there! My name is Lanre Johnson. Today I would like talk to you about picking internships and how your major doesn’t always have to be the driving factor. As we are half way into the semester, we are all looking for the crucial internship that will set us apart from other students. As a Biology major, no one ever told me that getting an internship in business will ever benefit me. I want to tell you about my experience at Loyola Limited and how even the most unorthodox internships can make you more marketable in the future.

The experiences I have been fortunate enough to benefit from at Loyola Limited are unparalleled by any other organization on campus. In my first year at Loyola limited, as a sophomore, I trained at a leading property management company in the city of Chicago.  Within Loyola Limited, I used this training to help launch a property management company responsible for the management of a 2.2 million dollar revenue portfolio. Now, you’re probably thinking that I should be tucked away in some lab doing research to get experience. On the contrary, the skills I gained from nearly two years of communication with over two dozen retail tenants, management of a full maintenance staff, contract negotiations, project management, and the hiring and training of my office staff has given me the opportunity to enter a professional industry that would have otherwise been unobtainable.

During this past summer, I came to the realization that I had saturated my learning opportunity in property management within Loyola Limited. Furthermore, my ambition to work in a communal environment was realized at the end of the summer, as I transitioned into the Loyola Limited Human Resources department, as the Director of Corporate Development. I fell in love with this opportunity immediately because I was able to combine the management skills I developed in property management with my aspiration to assist community development with others in my workplace. My new role in Loyola Limited is specific to organizational structure development, where I am responsible with introducing a culture juxtaposition of entrepreneurial professionalism with fraternal comradeship (so basically I get to plan an even host some awesome parties!). I also have the responsibility of establishing standards and expectations for employees within the workplace and define what it truly means to be a Loyola Limited employee.

Although my new role is less stressful than managing a retail portfolio, I enjoy the challenge of managing the professional culture of 70 plus employees. So far, I have seen a prompt improvement in the friendships that has developed within the work place during the semester. As a group, we have participated in team building events from challenge courses to game nights, and a greater team bond has been a direct result. The joy I witness on my co-workers faces from our friendly interactions, and the realization that as student interns, we can be more than just co-workers who say hello to each other in the office, makes working towards an organizational culture change worth every effort.

By the end of my term at Loyola Limited, I will have had the skill of a retail property manager, and the experience of a Human Resources Director trained in organizational culture development. I reiterate that these experiences offered by Loyola Limited are unparalleled by any other organization on campus. I am grateful for the educational capital and life experiences I have gained through Loyola Limited. As I previously mentioned I am a Biology major so opportunities like Loyola Limited cannot be offered in a classroom setting, especially when your taking organic chemistry. All these experiences make me more marketable to my future medical school and even further through the rest of my career. Learning to manage retail portfolios and people has given me the tactical business and management skills to set me apart from other applicants. When looking for a future internship, remember to always focus on what skills that can’t be taught in a classroom and while doing something you absolutely love.

Greetings! From LL’s New CMO

Hey Guys!

My name is Asma Kadri and I am so excited for my first blog post! Today I’m going to posting about my journey through Loyola Limited and how it landed me where I am now: the new Chief Marketing Officer. As much as I could rave about my new position, there’s something else that I’m dying to share with you guys. I was fortunate enough to participate in something only college students get to experience: studying abroad!

The John Felice Rome Center (JFRC)

At Loyola University Chicago we are so privileged to have challenging academics, a sense of community and diversity and most importantly, opportunity.  Personally, our school deserves kudos for our amazing Rome Center.  The JFRC is an American university in Rome (obviously!) that hosts about 400 students annually. Located just up the hill from the Vatican City, this gated campus is a magical gateway to learning. I went to the Rome Center on a whim; no planning, no idea what I was getting myself into, and no clue on what I was going to do 4,000 miles away. Turns out, it was the best decision of my life! The four months I spent in Rome and traveling around Europe were filled with great food, great friends, and great culture. I was surprised how easily I was able to adapt to living in an entirely new country! Before I knew it, Rome was my home away from home. I was living it, la dolce vita, the sweet life.

LL Goes Global?

While on my venture of learning how to be a true Roman and immersing myself into this fabulous culture,  I couldn’t distant myself from thinking about one thing I left behind, Loyola Limited. Having been a part of Loyola Limited from just about the very beginning, I couldn’t shake the thoughts that I was missing out on a whole semester with an organization that was closer to my heart than anything I have ever experienced. So one evening, while having a cliché moment sitting on my balcony overlooking the Eternal City, I thought to myself: what if we, the Loyola Limited team, could go abroad without leaving the business behind? What if there was a way to incorporate two of the greater, more unique things Loyola Chicago has to offer? I know this company has the potential to do whatever it sets its mind to, but I made it my personal goal to begin this process of making LL go global.

The very next day I was walking down to Mensa, the cafeteria, to get my daily fill of pasta and pizza, and I was stopped by one of the Student Life Assistants. She mentioned that she saw my photo on the Flats at Loyola Station’s website and wanted to know how she could make reservations for international students visiting Chicago. The excitement I had at that point… I couldn’t even explain it to you! Loyola Limited was already gaining visibility on a campus across the globe!

They say college flashes before your eyes. If that’s the case, then studying abroad goes immeasurably faster. I couldn’t believe the amazing semester I just had. I visited 7 different countries and over 20 cities and found myself yearning to get back to just one: Chicago. Upon returning to the Windy City, I jumped right back into the fast-paced lifestyle of Loyola Limited and returned to my friends and co-workers as the new Chief Marketing Officer. This new role came with a load of responsibility and a world of new opportunity. Realistically, I’m an International Studies and Advertising major with no business experience outside of this organization. The beauty of Loyola Limited is that it allows you to find your passion, and excel in it, regardless of your major.

Now that Felice’s Roman Style Pizza is open, I have a connection to Rome here in Chicago. Even though there isn’t a day that goes by that I don’t think about my semester abroad, Loyola Limited provides me with an avenue back without getting on a plane. Every time I walk past the storefront I am reminded of just how lucky I am to have experienced Rome and to have been a part of the team that brought a piece of that to Chicago.

Thanks for reading everyone, I’ll be sure to keep you posted on the happenings of the Marketing team, and our ventures to maybe someday fulfill my dream of helping Loyola Limited go global!

Ciao e a presto!

Goodbye and see you soon!

Asma & The Student Startup Team

Talk of the Town: Felice’s

Hey everyone!

It’s Hanane again from the marketing team and we are back on track! Today’s blog post is going to be all about the new talk of the town: Felice’s Roman Style Pizza. To our knowledge, Felice’s is the first student-run and managed pizzeria in the nation!! From finance and marketing to operations and human resources, the undergrads of Loyola are doin’ it all. Before I get ahead of myself, I want to give you all a little bit of history of the establishment of Felice’s! (I promise, it won’t be boring)

BRIEF BACKGROUND
After already opening three businesses, The Flats at Loyola Station, ChainLinks, and Loyola Property Management, the Loyola Limited team decided it was time to tackle a fourth. (crazy right!?) With our fourth business, we wanted to give back to our fellow students as well as the Rogers Park community. We thought…what does Rogers Park really need? What do Loyola students always complain about?…… BINGO! A lack of dining options around campus.

So that was settled – we were going to open a restaurant. But, we were stuck on the type of food to offer. Mexican, Italian, American, French…the possibilities were endless. And then an idea popped into our head.

Many students who work for Loyola Limited spent a semester abroad in Rome, Italy, studying at the John Felice Rome Center (JFRC). The students were so obsessed with the pizza, they decided they couldn’t live without it. They also felt very strongly about the cultural experience John Felice provided them, and wanted to celebrate his gift and message to students.  And with that, we created Felice’s Roman Style Pizza, the best roman style pizza this side of Chicago.

THE ROMAN STYLE
We tried to recreate the roman experience in a couple different ways.

1. Customers pay according to how much the pizza weighs
2. The pizza has a thin crust and a rectangular shape
3. The pizza selections rotate rapidly – just like a Roman pizzeria
4. Felice’s is centered around a “pizza by the slice” concept

Now that I’ve explained how Felice’s came to be and our unique Roman style, I want to give you all an idea of some of the major components in opening a pizzeria. (all in great fun, of course)

RECIPE DEVELOPMENT
Among the various duties the operations department faces, one substantial responsibility was developing the recipe for our pizzas. Concocting the perfect recipe is one of the most rewarding, but surprisingly technical tasks when opening your own restaurant. Everyone has different taste buds so how do you decide on a recipe that will appeal to a large amount of people? The operations team worked countless hours to develop the right recipe to rock your taste buds’ world! It took a lot of trial and error, taste testers, and countless oven burns but I can now promise you, the recipe for our pizza was worth it all!!  I can honestly say that me and my taste buds look forward to going to Felice’s one too many times this semester. Mi piace Felice’s!

Below are some some pics of our pizza! Can you say, a little slice of heaven?!?!

THE PRICING OF OUR PIZZAS 
The Finance team monitors all expenses and revenues, but pricing is one of their most important jobs. While our directors of operations were solidifying the pizza recipes, we had some finance gals who were hard at work deciding how much to charge for our services. Determining pricing points has been a challenging duty for the Felice’s team. First, the ladies gathered as much research about other pizzerias and their pricing points. After the research was done, these ladies had to figure out the Cost of Goods Sold (COGS) in order to appropriately price our pizzas. When determining where to set your price point, there are so many factors that you need to be consider. It is very important to assess the disposable income of your customers, while also considering the cost of labor, ingredients, and goods that enable your operations to run smoothly. As a finance employee you constantly have to ask yourself questions. For example, “Is this a fixed cost or a variable cost?” As you can see, developing the finances of a restaurant is quite tricky, but in the end, very rewarding.

MARKETING OF THE PIZZERIA 
The marketing team had a lot of fun fleshing out the concept of Felice’s. The first and most essential task we tackled was developing Felice’s strategy/campaign. Campaigns help to illustrate and organize your key message in a clear, concise manner. They function as the backbone of the marketer’s work. Our campaign became extremely valuable. Every time we would develop a promotion/tactic, we would look back to the campaign and ask ourselves some of the following questions:

1. Does this tactic reiterate our key message (goal) in a clear, concise way?
2. Is it on strategy?
3. How will it connect to our consumer?

Answering these questions are vital in maintaining a successful business. Everything from the employee t-shirts and menus to social media and the Felice’s website needs to present a cohesive, unified look that ties back to our strategy. We believe the slogans we developed appropriately represent our message. Below are our two main slogans.

1. “Preparing people to make extraordinary pizza.” – this slogan is a spin off Loyola University’s “Preparing people to lead extraordinary lives.”
2. “Experience Rome Here.” – this slogan incorporates our Roman influence.

OUR PIZZA ARTISANS
After explaining some of the major tasks the executive team has accomplished, I want to talk about the new personality of Felice’s – our pizza artisans! Currently, Felice’s has just added thirty-seven new employees to the Loyola Limited bunch. We are now at a whopping 80 employees!! Thanks to the amazing Felice’s team and the excitement the new workers have, our first week in operations has run very smoothly.

Below is a picture of the Felice’s executive team and all the new hires!

Everyone who works at Felice’s (and Loyola Limited in general) has learned more than they could possibly imagine on how to run a restaurant. It definitely is the “transformative learning experience” that Loyola Limited strives to give students!!

Thanks for reading guys and don’t forget to visit us at Felice’s! We are located at 6441 N Sheridan Road, right between Loyola’s bookstore and Radioshack.

Live, Laugh, and Eat Pizza
Hanane & The Student Startup Team

PS: We are constantly updating facebook, twitter, and telling our friends about Felice’s. Please check out our all of our sites and let us know how you think we are doing!

http://www.facebook.com/pages/Felices-Roman-Style-Pizza/293887167293965 
https://twitter.com/#!/FelicesPizza
http://www.loyolalimited.com/felices/

MIND YOUR OWN BUSINESS

Happy Wednesday Everyone!

I would like to begin by introducing myself. My name is Hanane Bouchareb and I am a sophomore at Loyola University Chicago. I am currently an Economics and International Business major and have been recently hired at Loyola Limited!

In today’s blog we will be discussing important ways to manage your finances both professionally and personally.

It is no secret that our economy is going through a tough time. We constantly hear breaking news on inflation, rising oil and food prices, and the stock market’s fluctuation. It is only natural to be worried. The secret is that if you prudently manage your finances, you can beat the market’s uncertainties. These are a couple of tips I’ve learned in managing my finances.

Savings:

As college students, saving money can sometimes be extremely difficult. We are pulled between school expenses, living expenses, and a natural desire to spend money on dinners with friends or going out on the weekends. Yet, it is important to create a realistic budget for yourself and try to follow it. Don’t set unrealistic goals. Allow for some wiggle room just in case you choose to go out an extra night or come across an unexpected expense (I call this my emergency fund).

From an entrepreneurial perspective, saving has a different meaning. With business, it’s all about cutting costs.  At Loyola Limited, our goal is to spend wisely. We continually assess and adjust our budget to have a grasp on every business in the enterprise (this process never sleeps).

Investing:

College is an investment in your education, and one of the most important investments of your life. In order to get the most value out of your educational experience, it is vital to commit yourself to everything that aligns with your interests and values (remember you’re going to have start paying this back at some point, might as well start here). I started by getting involved in a business fraternity on campus, Delta Sigma Pi. They have helped me learn to network and market myself in the professional landscape. I also just came on as a new associate for Loyola Limited, and I as I sit here writing this, I’ve realized how important this advice can be. Participating in these organizations will make you a better investment to potential employers.

Businesses need to be careful investing, especially in times like these. Trust yourself and your team to make decisions that are best for your company. You have a personal relationship with your company that no one else can fully understand except for you and your co-workers.

Getting the biggest bang for your buck 

Simple economics tells us that the price of a product tends to decrease over its lifespan. Everything and anything will eventually go on sale or can be found at a cheaper price. The key is patience. Unless you are in absolute need for something, take the time to research the product and see if you can get it cheaper across different selling platforms, i.e. online, in-store, etc. LOOK and compare prices. Most people are convenience shoppers which means they like to purchase things with minimal effort.  I always feel very rewarded when I purchase things for less than it’s original market value.   There is also a downside to this. You may be getting a good deal but that doesn’t necessarily mean you should purchase more as a result.  Remember spend according to what you think is best, and make sure you are following that budget!

As an entrepreneur, you should be looking for different ways to cut costs. The best thing you can do is establish positive relationships with your providers. If you are happy with the service you receive, then demonstrate your satisfaction by doing repeat business. It is important to research products and actively engaging the people you do business with. This can strengthen business partnerships and help save costs in the long run.

I hope these tips will come in handy for you. My inspiration came from reading the following article from Entrepreneur Magazine, “How to Regain Control Over Your Personal Finances.”

Live, laugh, learn.

Hanane & The Student Startup Team

“Meet the Bloggers”: Allie Stigall – The Social Media Guru

Hello, world!

Like my fellow bloggers, I am so excited that this is my first post! I apologize in advance for the exclamation points and lengthy paragraphs…but I have so much to tell you!

My name is Allie Stigall (pronounced STEE-GULL). I’m originally from Cedar Rapids, Iowa (yes, we have corn fields, and no, I don’t live on a farm). I am an Associate of Marketing for the Flats at Loyola Station. My unofficial title (given to me by my coworkers) is the “social media guru”.  I guess that is because I am responsible for most of the social media sites across LL. From LinkedIn to Google+, you will find Loyola Limited… hint, hint!  Currently, I manage five different social media accounts for LL and its businesses, and this number is growing! So, as the social media guru, I hope to bring you useful and timely updates on all of our businesses.

So you may be asking- wow, Allie, five social media accounts? How do you do that? If you think that’s crazy, I’ll let you in on my summer thus far.

On top of my marketing gig with LL, I am also working a full time internship at another company. Sounds like betrayal, right? Maybe even neglect. Most definitely crazy. But the truth is, when I discovered the entrepreneurial spirit and creative freedom Loyola Limited had to offer, I knew I could not pass up this incredible opportunity. So, that’s how I ended up with two internships this summer. That’s right guys: 1 full time internship + 1 part time internship = the busiest, craziest summer this girl has ever had. But I’m telling you, it’s totally worth it.

What Loyola Limited offers is an incredibly unique experience, and as we always say, “it’s not your average internship”, because…it’s not! This internship has really prepared me for the internship I currently have full time. From working cross-functionally with other teams within LL, prioritizing and balancing various projects, and becoming more versatile in the work I have been responsible for…I was able to transition into a corporate internship fairly well. We’re all about the experiential learning over at LL.  By incorporating the things we learn in class to real life business decisions that actually matter, we are able to learn along the way. And to me, that’s the best kind of learning.

We’re students working with other students for other students, the University, and our community. We’re a part of a huge initiative to improve our university, and the Rogers Park and Edgewater communities.  The whole idea is that we here at Loyola Limited strive to bring value to our students (both involved in LL and outside), our university, and the surrounding communities. This is the reason why this internship is so special to me. Not many internships challenge your decision making skills, give you this much independence yet responsibility, and provide avenues to benefit the quality of our school and community.

And one last thing! I just want to tell you how much I love my LL family. These people are amazing, and I’m not just telling you this because this is on the Internet for the world to see, or because I know they’re reading this, or because they’re my co-workers. But because they are seriously the funniest, most innovative, and hard working people I have ever met. We are without a doubt a diverse, maybe even special group, but that’s what makes it work. That’s what makes LL function. That’s what makes us, us!

Thanks for reading guys. Until next time, find us on all our social media sites! If you go to our Loyola Limited website, there is a page specifically for all social media links!

Hugs, Kisses, and LL Love,

Allie and The Student Startup team