30A – Final Reflection

I would say the most formative experience were the elevator pitches. They were probably also the most drudgery just because I was forced to do something out of the norm such as videotaping myself as opposed to just typing something out. I was very proud of myself for coming up the my business concept because I was having a difficult time in the beginning. I definitely think I have moved closer to developing an entrepreneur mindset from this course. I would recommend future students to think hard in the beginning to some up with a business venture that they are genuinely passionate and excited about because it makes the assignments 10x easier. I would also suggest to look at the next weeks assignments in advance so that you can be brainstorming throughout the week before you actually sit down to complete the assignments. Overall, time management and self discipline is a major component of this class and that is what I would ultimately suggest future students to focus on.

29A – Venture Concept No. 2

Opportunity

The opportunity of the Knock Knock app is for any customers that order things to be delivered. This group of customers will be people that are frustrated with the current delivery systems, or simply looking for the most accurate and best delivery system. The nature of the need is increasing with people that want packages to be delivered, as it should be easier than having to go in store and find a product. Knock Knock is able to meet the needs of new customers, and ones that are just frustrated with current systems. Customers are currently satisfying the need of delivery with inefficient systems that are incredibly frustrating. These customers wait for hours for a package to be delivered, because the window of time currently packages could arrive is so extensive. They are not exactly loyal to this system, they are just not aware of Knock Knock and how beneficial it could be to them. The opportunity is huge and needed for the current process of delivery systems. The forces or changes in the environment creating this opportunity is the problems with the current delivery system. The window of opportunity will be open and just keep expanding based on the number of packages that are being delivered. Customers want to have items and get them in a convenient and timely manner.

Innovation

Knock Knock has a base price of $5 a month, and each month this price is reevaluated based on how the consumer received the products. The price is based on meeting the needs of the consumer but still making it worth paying for the service. For example, some customers might not pay for Knock Knock, considering they could keep their current delivery tracker which is free. The price of $5 a month is flexible, depending on the amount of packages that get delivered and the speed of the program. For example, a person that gets 10 packages delivered might have a price increase based on how accurate the deliveries were and how the app worked for them. This customer would stay with the program because of how helpful it was for the multiple packages and how much better it was compared to the old delivery systems. If the customer doesn’t have many packages delivered in the month, and or the delivery had any problems, the price could get changed or lowered. For example, if a customer only got one package in the month and the delivery was 5 minutes off, the price could drop to $3 the next month. This way, people will not have to pay the same amount as someone who used the services on the app 4x as much. Or if the deliveries weren't very accurate, the price will reflect your inconvenience. Knock Knock allows customers to look at the app to get a detailed exact time of arrival for deliveries, and allows the customer to decide if someone has to be present in order to receive the package. Knock Knock also allows an option for the package to be placed in a different place. For example, if the customer has a mailbox, the package could be placed in there instead of on the front porch. Also, if the customer lives in an apartment complex, the package could be left in the front office until the customer gets home.

Venture Concept

I would have an app developer that works on keeping the app running and updating it when needed. Customers will buy my innovation because it is affordable and saves them time and money. The app price will fluctuate based on how it helped the customer and how often it is used. The competitors are the delivery systems that are now in place. Their possible weaknesses or vulnerabilities include not having accurate times, and having customers not be available at the time of delivery because of how vague the times is. Most of the time, packages are given an estimated time of delivery and date of delivery. With Knock Knock, the app gives an exact time of delivery and options for if the person will not be home. With certain packages, it has to be signed and it can become very inconvenient for the consumer. Knock Knock takes away all the stress and makes the process easy. My innovation will solve or address the opportunity of how inconvenient delivery times can be and how vague they usually are. Customers will buy my invention because they are frustrated with the current system and are looking for the best solution to their problems. They will also be happy with the price point, because it is fair and can be adjusted based on the services that are provided for the month.

I did not receive any constructive criticism on this assignment so I just improved on things that I thought were beneficial. I elaborated on how the price would differ depending on amount of usage and the accuracy of each delivery. I thought elaborating on this would be beneficial because I feel that is a big selling point. I would be more inclined to commit to paying for a service if I knew the price would fluctuate depending on how much I used it and how it performed. 

27A – Reading Reflection No. 3

Bringing in a Second Opinion: Makers: The New Industrial Revolution by Chris Anderson   

The general theme or argument of the book was that the future will hold in regard to manufacturing. The author mentions that we could all be designers in our home, and make the things that could be useful for us. Anderson describes how the workers would be the forefront of products, and we could all benefit from being in charge of our own products. He also discussed that the user should be in charge of their personal computer, instead of large corporations. He thinks that this new hardware and software that the consumer is using could lead to people creating their own products by using items like a 3D printer.

The book, in my opinion, connects with and enhances with what I am learning about in ENT 3003 by having ideas and new innovations that will enhance many lives. In ENT 3003, I have learned that hard work will lead me to my goals, and that I can achieve what I want as long as I put my mind to it. For me, that is what this book was about. This class is about making your own product and designing what could help consumers, and this book is about new innovations that people can take charge of, even from their own homes. This book helped me see a different perspective than the one I am used to.

If I had to design an exercise for this class, based on the book I read, that exercise would involve creating a new manufacturing idea and blueprint. The exercise would include a plan for the item, and a drawing and materials needed. It could be a project about what it would take to get the item on the market and what it would take to make it a great success. I would have the exercise be based on the book in that it should take place for consumers from home, and it should be something the person could actually design or create. This would take the book and make a real life application of it.

The biggest surprise or ‘aha’ moment when reading the book was how much I enjoyed and connected to it. In other words, what I learned that differed most from my expectations include how much I now understand about manufacturing, and how much it actually interests me. I hadn’t even considered or understood concepts like a 3D printer, and it makes me think about how convenient that could be for the consumer. I think this book is a great way to look at the future, and could pave the way that consumers take control of the products they enjoy in a different way.

28A – Your Exit Strategy

Since this is my first business I think I will stay with the business for several decades and then retire. I selected this exit strategy because I think the first business one creates will have a special place in their heart and I can see it being difficult for me to give up. I think my decision has made me put more effort into everything about my idea being that I will be surrounded by it everyday of my life not handing it off for someone else to deal with. I would like it to grow as big and successful as it can possibly be.

26A – Celebrating Failure

This semester I withdrew from a class. I consider this a failure because I did not complete all that I intended to. I put had too much on my plate and chose to withdraw instead of getting a bad grade. I learned to be realistic about every decision and never bite off more than you can chew. I handle failure by not dwelling on the embarrassment or disappointment and focusing on solutions and how to move forward. This class has not had a huge impact on my perception of failure.

24A – Venture Concept No. 1

Opportunity

The opportunity of the Knock Knock app is for any customers that order things to be delivered. This group of customers will be people that are frustrated with the current delivery systems, or simply looking for the most accurate and best delivery system. The nature of the need is increasing with people that want packages to be delivered, as it should be easier than having to go in store and find a product. Knock Knock is able to meet the needs of new customers, and ones that are just frustrated with current systems. Customers are currently satisfying the need of delivery with inefficient systems that are incredibly frustrating. These customers wait for hours for a package to be delivered, because the window of time currently packages could arrive is so extensive. They are not exactly loyal to this system, they are just not aware of Knock Knock and how beneficial it could be to them. The opportunity is huge and needed for the current process of delivery systems. The forces or changes in the environment creating this opportunity is the problems with the current delivery system. The window of opportunity will be open and just keep expanding based on the number of packages that are being delivered. Customers want to have items and get them in a convenient and timely manner.

Innovation

Knock Knock has a base price of $5 a month, and each month this price is reevaluated based on how the consumer received the products. The price is based on meeting the needs of the consumer but still making it worth paying for the service. For example, some customers might not pay for Knock Knock, considering they could keep their current delivery tracker which is free. The price of $5 a month is flexible, depending on the amount of packages that get delivered and the speed of the program. For example, a person that gets 10 packages delivered might have a price increase based on how accurate the deliveries were and how the app worked for them. This customer would stay with the program because of how helpful it was for the multiple packages and how much better it was compared to the old delivery systems. If the customer doesn’t have many packages delivered in the month, and or the delivery had any problems, the price could get changed or lowered. For example, if a customer only got one package in the month and the delivery was 5 minutes off, the price could drop to $3 the next month. Knock Knock allows customers to look at the app to get a detailed exact time of arrival for deliveries, and allows the customer to decide if someone has to be present in order to receive the package. Knock Knock also allows an option for the package to be placed in a different place. For example, if the customer has a mailbox, the package could be placed in there instead of on the front porch. Also, if the customer lives in an apartment complex, the package could be left in the front office until the customer gets home.

Venture Concept

I would have an app developer that works on keeping the app running and updating it when needed. Customers will buy my innovation because it is affordable and saves them time and money. The app price will fluctuate based on how it helped the customer and how often it is used. The competitors are the delivery systems that are now in place. Their possible weaknesses or vulnerabilities include not having accurate times, and having customers not be available at the time of delivery because of how vague the times is. Most of the time, packages are given an estimated time of delivery and date of delivery. With Knock Knock, the app gives an exact time of delivery and options for if the person will not be home. With certain packages, it has to be signed and it can become very inconvenient for the consumer. Knock Knock takes away all the stress and makes the process easy. My innovation will solve or address the opportunity of how inconvenient delivery times can be and how vague they usually are. Customers will buy my invention because they are frustrated with the current system and are looking for the best solution to their problems. They will also be happy with the price point, because it is fair and can be adjusted based on the services that are provided for the month.

23A – Your Venture’s Unfair Advantage

1. My dad since he is a business owner, as well as, a technical engineer.

2. My uncle who is a financial advisor.

3. Sam, who works for FedEx.

4. David, who is an app developer.

5. The Shipping Man by Matthew McCleery (Book)

6. The Box by Marc Levinson (Book)

7. Trust fund to use as investment

8. IPhone App Development: The Missing Manual by Craig Hockenberry (Book)

9. Adland:A Global History of Advertising by Mark Tungate (Book)

10. Masters in business: Bloomberg (Podcast)

My top resource is David, the app developer. I chose David as my most valuable resource because App development is the aspect that I am the least familiar with. Having an effective and easy to operate app is very important. I know that when an app or website is poorly designed or difficult to use I tend to avoid it. That is why I plan to use David's knowledge and experience to my advantage.

25A – What’s Next?

Existing market

Based on the interviews that I conducted with 3 customers that were already identified as a part of my market, as well as, my own opinions I came up with some plans for the future. It is clear that Knock Knock is expected to grow and adapt as the technology is enhanced over time. I plan on working with a very technically talented team to ensure that we stay on top of the market and never fall behind. I plan on spending a big portion of the company's budget on the technical department. I would also like to form bigger partnerships with brands and distributers to get the app more recognition.

New market

Based on the interviews that I conducted with 2 customers that were identified as a part of a completely market, as well as, my own opinions I came up with new ideas. I think it could be beneficial to cater to people that very rarely order from online. With research, I found that a lot of people avoid ordering things from the internet because they don't like the uncertainty of the shipping process. They want to know exactly where they will have the thing that they want and paid money for. Having an accurate tracking system such as Knock Knock puts them at ease. This makes people that would normally avoid ordering from online have a change of heart.

I learned that a lot of people that avoid ordering from online have similar reasons. This made me choose this new market. I was surprised that so many people were so impatient. I wouldn't say that this market is more attractive than my original because this one involves making people do something that they do not do already as opposed to my original market that just enhances something they already do.

21A – Reading Reflection No. 2

Mindset: The New Psychology of Success by Carol Dweck

1. What was the general theme or argument of the book?
The general theme or argument of the book was to have a growth mindset in life instead of a fixed mindset. A growth mindset person looks to the positive of things, wants to take challenges and learn from their mistakes. A fixed mindset person picks excuses for why they don't succeed. The book also goes through and discusses how a growth mindset can be used, and how to apply it to all different areas of life. It also gives examples of a growth mindset and a fixed mindset scenarios, and it helps the reader connect to the concepts. The book also discusses the nature vs. nurture debate, and how a fixed mindset person can change.

2. How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
The book, in my opinion, connected with and enhanced what I am learning in ENT 3003 because it gave me a different outlook to what we have been learning about. It showed me that in aspects of my life that relate to this class, sometimes I have a fixed mindset and I should have a growth mindset instead. A growth mindset can be applied to all areas of my life, and connected to what I have been learning. This enhanced what I have been learning in ENT 3003, and gave me a different perspective to what I had been learning previously. The author helped me gain a different perspective to what I had previously been exposed to.

3. If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
If I had to design an exercise for this class, based on the book you read, that exercise would involve reading scenarios and deciding if a growth or fixed mindset was being used. For example, one exercise could be failing a test. A fixed mindset person would decide that the test was too hard and everyone else failed it too, and the teacher didn't provide the material. A growth mindset person would look back on what could have been done to prepare better for the test, and look ways to improve for next time so the same mistake doesn't happen. This would allow students to apply what the book discussed and being able to use it in real scenarios.

4. What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
My biggest surprise or 'aha' moment when reading the book was how much I connected to it. I did not understand the concept of a fixed vs. growth mindset before reading this book, so it really was an eye-opening experience for me. In other words, I learned a lot that differed from my expectations, and the thing that differed the most was how much I would actually connect to the book and want to apply it to my life. I was also surprised in how many aspects of my life I could apply a growth mindset, and how much I sometimes have a fixed mindset in certain aspects of my life. I also learned about how even if a person has a fixed mindset, they can work on changing in a positive way.

22A – Elevator Pitch No. 3

On my last elevator pitch it was suggested to me that I focus more on the put more of an emphasis on the customer benefits rather than the delivery companies. To accomplish that I tried to relate the product more to the customer by using a real world example that most people have experienced. There is still a lot to work on, but I feel that my delivery is improving slowly but surely.

20A – Growing Your Social Capital

My goal is to open a all-star cheerleading gym.

#1
Brian Cartier- Owner of UKnight and is a cheer coach at UCF. He has also owned 4 other cheerleading gyms and ran many programs. 

Domain expert. Brian has owned many cheer gyms and been in the industry for 20+ years

Found and contacted though facebook.

He was extremely friendly and gave me a lot of good insight on where to start. He suggested that I start coaching and doing private lessons to build up a clientele. 

Including Brian in my network enhances my ability to exploit an opportunity by having the chance to learn from someone who has already been through it and has a lot of insight.

#2
Mike Pare- Director of UCA All-Star/Varsity Footwear. Former owner of Spirit Cheer. 

Market expert. Mike's companies sell apparel and shoes to cheerleading athletes, as well as, host competitions and events for the industry.

Found through google, contacted through email.

He was very helpful in answering all of my questions and even said I could go to their headquarters to check it out if I wanted to. I wish I would have asked more questions but I did not want to overwhelm him into not responding.

Including Mike in my network enhances my ability to exploit an opportunity by getting a different aspect of the industry and hopefully creating room for a future collaborative working relationship.

#3
Darci Brammer- Runs Darbie Designs.

Supplier. Darci sells custom cheer accessories such as, bows, shirts, megaphones, etc. 

Contacted through phone.

She had very good advice on how to build clientele. She explained to me how she has contacts with many different programs and how she will sometimes do favors for people hoping that they will say good things about her services to others which in turn would hopefully drive business up. 

Including Darci in my network enhances my ability to exploit an opportunity by using the tips she gave me on how to build clientele on future ventures of mine.

Reflection
The more I do these interviews, the more comfortable I get. Reaching out is intimidating but I learned that it is a part of the journey and hopefully one day I will get the opportunity to return the favor to other young entrepreneurs. This experience and all of the others shape me into being a better communicator and learning what type of questions to ask in order to receive the answers I want. Practice makes perfect and there is still so much to learn.

19A – Idea Napkin No. 2

MeI love a challenge. I also love to make something great out of an often overlooked opportunity. I see opportunity in the problems/difficulties of life that others may not. I am a server so I have a lot of experience not only talking to customers, but also pleasing them and making sure they always leave happy. I see this product becoming a big part of my life as it will be something that is constantly being updated and enhanced. I would also like to look into ways to expand and grow into other ventures.

What are you offering to customers?I am offering an app to simplify the shipping experience for the consumers. Knock Knock strives to make tracking and receiving your packages remarkably easier and more efficient.

Who are you offering it to?I am offering this app to all shipping companies who will then offer it to their customers. Mostly frequent online shoppers.

Why do they care?The delivery companies will use my service because customer satisfaction is very valuable and so is reducing the amount of redeliveries that their drivers have to do.

What are your core competencies?
The app is different because most delivery companies have their own tracking technology that is specific to their company so it might get put on the back burner. Knock Knock is developed by professionals and would be constantly perfected because it is our whole brand, not just a small part. We will sell our services to all delivery companies so they will all be on the same system.

I believe that all of these elements work together to build an outstanding company. You need the idea, talent, knowledge, and innovation for a business concept to become a successful company.

Feedback memo
I did not get any constructive criticism on my first Idea Napkin assignment so I just enhanced what I was praised for and make changes that I thought improved this one. I reworded things, added things, and took things away in order to improve the idea napkin.

17A – Elevator Pitch No. 2

I did not get any constructive criticism on my first elevator pitch so I just took the complements and focused on making my next pitch showcase those even more. For example, I was told that I did a great job of outlining the problems in my last pitch, so I expanded on them in this pitch. One comment that stuck out to me was that they found it important that I addressed that there is an issue and highlighted how the app alleviates the pains this problem causes. I made sure to add that part into this pitch as well.

18A – Create a Customer Avatar

My customer tends to enjoy golfing, getting drinks after work, and grilling out on the weekends. They tend to drive trucks or SUVs, usually black. They usually watch the news, the walking dead, and criminal minds. They usually have a family. They enjoy non fiction books. They are usually republicans. They are 35-55 year old men who tend to feel their age. I don't have much in common other than I work a lot. I don't think having something in common with my avatar is a coincidence because the thing we have in common is the reason why my product is necessary for us.

15A – Figuring Out Buyer Behavior No. 2

After conducting my 3 interviews, I gained much more knowledge on the way people choose to purchase products. I also learned that what is important to one person might be the complete opposite of what the next person might find important when deciding whether or not to purchase a product. While price is a big factor and probably number one for most products, since mine is an app and couldn't really get that expensive it is not that high of a concern. Now, quality was definitely the most important factor when discussing my app because the customers obviously would like for it to work work effectivly. One person also mentioned that consistency is very important to her because she has certain products/services that work great sometimes but other times is unreliable which is frustrating. The other big thing that was mentioned was the layout and accessibility of the app. Other than it working, people find the level of user friendliness that app has to be important. They want a clean, easy to use program at the fingertips. Since this is an app, it would be purchases online through the cell phone/tablet's App Store using an online transaction. Cash would not be accepted. All in all, I learned that the quality and accessibility of the app is what people will take into consideration when making their decision on whether the product is worth it or not. People want a clean, easy to migrate app that consistently works. Keeping up with the technology and updating when needed will make customers think that their purchase was a good idea. Everyone finds different aspects of a product important, but by interviewing lots of people, you can gain a general consensus and use that to improve your business plan.  

14A – Halfway Reflection

I have definitely had to stay organized in order to keep up with the requirements of this course. I work a full time job with long hours so time management was a big obstacle I had to tackle. My schedule has made me feel like giving up, but I pushed through because I know how important my education is to me. Three tips I would offer would be to work ahead and give plenty of time to think about the assignments before you sit down to do them, stay organized, and prioritize school over social life when necessary.

12A – Figuring Out Buyer Behavior No. 1

My segment is 25-30 year old single women who live in a house and shop online. I had much more knowledge of my buyer's behavior after conducting these interviews. I learned that the times when online shopping is most prevalent, is when this problem occurs most. For example, during the holidays people tend to pchildrlace exponentially more online orders than usual so they are receiving more packages. I also learned that this issue is mostly due to their work schedules. Another thing that was mentioned was that they have to spend time at their children's activities and sports, keeping them away from home. It mostly occurs between 9AM and 7PM. Overall, I added to my knowledge of buyer's behavior and needs. I learned when this opportunity is most prevalent in terms of both months and time of day. This assignment gave me great insight that I will keep in mind when continuing to develop this business plan.

11A – Idea Napkin No. 1

Me

I am a person that strives to become better everyday. I see opportunity in the problems/difficulties of life that others may not. I am a server so I have a lot of experience not only talking to customers, but also pleasing them and making sure they always leave happy. I see this product becoming a big part of my life as it will be something that is constantly being updated and enhanced.

What are you offering to customers?

I am offering an app to simplify the shipping experience for the consumers. Knock Knock strives to make tracking and receiving your packages remarkably easier and more efficient.

Who are you offering it to?

I am offering this app to all shipping companies who will then offer it to their customers. Mostly frequent online shoppers.

Why do they care?

The delivery companies will use my service because customer satisfaction is very valuable and so is reducing the amount of redeliveries that their drivers have to do.

What are your core competencies?

The app is different because most delivery companies have their own tracking technology that is specific to their company so it might get put on the back burner. Knock Knock is developed by professionals and would be constantly perfected because it is our whole brand, not just a small part. We will sell our services to all delivery companies so they will all be on the same system.

I believe that all of these elements work together to build an outstanding company. You need the idea, talent, knowledge, and innovation for a business concept to become a successful company.

9A – Testing the Hypothesis, Part 2

The five people that I interviewed gave me a lot more insight on my opportunity. I found that even though everyone could see where this is a valid problem, not everyone is affected by it. The first person I interviewed was a young adult who does a lot of online shopping, but lives in a luxury apartment complex that has a package room and a person who signs for all of them. Another man I interviewed works from home so he rarely misses the drop off. The others had various reasons why they avoided online shopping, such as, being a frequent traveler, not tech savvy, and being paranoid of fraud.

Who: People who either stay home all day, have someone else take care of their packages, or just simply do not shop online. 

What: If you are already planning to be home all day, the large delivery time frame would not bother you.

Why: People who order things online and do not stay home all day are inside the boundary, whereas, people who either stay home all day or do not order things online are outside the boundary.

Inside the boundary:

People who order things online and do not stay home all day.

There needs to be a better way to track packages.

Package tracking technology is currently very subpar.

Outside the boundary:

People who either stay home all day or do not order things online.

This only applies to people who order things online and do not stay home all day.

People can just have their packages sent somewhere they are sure someone will be there to receive it.

10A – Elevator Pitch No. 1

8A – Solving The Problem

I absolutely hate when I have been looking forward to receiving a package for days, sometimes even weeks, and the delivery day finally comes, but I miss the package because I had another obligation keeping me from staying home all day waiting for it. Most delivery companies now offer tracking tools but they usually very vague. For example, it will often say some like "Your package got loaded onto the truck at 7:31am and should arrive before 8pm", so what are you supposed to do? Wait around and do nothing for 12 hours? No, I feel like there is a better way. I think we need to upgrade the tracking system. If people were given a smaller and more accurate time frame that their package is expected to be delivered, they could plan their day around being home for it. For example, my father works 7 minutes away from his house, so if he was able to be alerted when his package was close being delivered, he could take a break and go home to sign for it and go right back to work. I would like to create an app that has a much better tracking system specifically designed for delivery companies to offer their customers. Some of the things this app would include are a real time GPS tracker, push alerts, and an option to have your package sent to a different address.

7A – Testing the Hypothesis, Part 1

OPPORTUNITY 

Delivery companies are forced to redeliver packages that require a signature when no one is home to receive them because packages requiring a signature cannot be left unattended. 

Who: Delivery companies who deliver packages that require signatures.

What: They are forced to redeliver packages that require a signature when no one is home to receive them.

Why: Packages requiring a signature cannot be left unattended.

TESTS

Testing the who: The people receiving the packages who are unable to sign for them also face this issue. 

Testing the what: It is only as issue when people are not home to sign for the package.

Testing the why: The company who is sending the package is usually the one that decides the package requires a signature. They are responsible for lost/stolen packages so they want to be sure it gets to the customer so that they do not have to send a replacement.

INTERVIEWS 

1. The first woman I interviewed could see where there could be an issue but says it doesn't really affect her. She is a stay at home mom so she is home most of the day, therefore, she never really misses a package. 

2. The second person I interviewed was a man who used to work for FedEx. He said it was very frustrating going to the same house multiple times to attempt to deliver a package. He stated that is added so much extra work to his already long route. He said it would have been much easier if there was a way around the issue. He mentioned that maybe if people could more accurately track their package to find out a more exact time it would be delivered, they could plan their schedule around being home to sign for their package.

3. The third person I interviewed was a man that works 50+ hours a week. He said he is almost never home to sign for his packages so he either has to have them sent to his job or wait a few extra days until they deliver company decides to hold it at their warehouse for him to pick up himself. He wishes there was a solution for this problem, but did not have any ideas of his own to offer.

4. The fourth person I interviewed was a man that travels for work so he is almost never even in the same state! He stated that he stopped ordering things online that require a signature for this exact reason. He got tired of having to go pick his packages up at the warehouse because it took the convience out of online shopping. 

5. The fifth person I interviewed was a woman who has a big family. She said she does a lot of online shopping, but has a big household so there is usually someone home to sign for it. She mentioned how she sympathizes with the delivery men who have to redeliver the packages over and over again when no one was home. 

SUMMARY

Though testing the who, what, and why, as well as, interviewing people about my opportunity I gained a lot more insight and knowledge. I learned that it is definitely an issue, but that it affects some people more than others. For example, a stay at home mom is much more likely to be home to receive a package than a man who works 10 hours a day. I also learned that it is very frustrating for the delivery drivers because it adds more to their workload.

6A – Identifying Opportunities in Economic & Regulatory Trends

1. US interest rates are zipping higher, but don't blame the Fed

https://www.cnbc.com/2018/08/01/the-interest-rate-that-affects-mortgages-is-rising-even-though-fed.html

I found this article on cnbc.com. The interest rates rising leads me to believe that an opportunity exists because less people will be able to afford big purchases such as a house. That means that people will have to rent longer. A tiny apartment is okay when you are young, but as people and families grow they desire more space. I think it would be a great idea to capitalize on all the people that are wanting more living space but can't quite afford to buy a house by building townhome style places for rent. The ideal customer with this opportunity would be a young family that makes an average wage that doesn't want to live in an apartment. I think this opportunity is relatively easy to exploit because it is simple to build townhomes and get people to rent them. I saw this opportunity because my cousin is going through this exact situation right now. She wants to upgrade to more living space but cannot afford a mortgage with such a high interest rate yet.

2. Buying an Electric Car Creates a Buffer Against Rising Gas Prices  

http://www.plugincars.com/buying-electric-car-creates-buffer-against-rising-gas-prices-133863.html

I found this article on plugincars.com. Gas prices keep rising causing more and more people to switch over to an electric vehicle. The ideal customers with this opportunity are people in the market for a new car who drive a lot and do not enjoy throwing hundreds of dollars away on gas every month. I think this opportunity is relatively easy to exploit because the electric car companies already exist. It is just about choosing one to invest your money into. I saw this opportunity because I recently bought a new car and the option of switching to an electric car was highly considered due to the high gas prices.

3. The marijuana industry created more than 18,000 new jobs in Colorado last year

https://www.washingtonpost.com/news/wonk/wp/2016/10/27/the-marijuana-industry-created-over-18000-new-jobs-in-colorado-last-year/?noredirect=on&utm_term=.112ce0c97e2f

 

I found this article on washingtonpost.com. "In 2015, the legal marijuana industry in Colorado created more than 18,000 new full-time jobs and generated $2.4 billion in economic activity." I believe an opportunity exists to legalize and regulate the sale of marijuana throughout the entire United States. The ideal customers with this opportunity are people that are in need of this drug to improve their quality of daily life. I think this opportunity is relatively easy to exploit because most people would rather buy drugs legally then illegally because it is safer and comes with much less risk. I saw this opportunity because I have epilepsy and there are many studies showing the benefits of marijuana to help seizures.

4. The last straw: Moving past disposable plastic spurs companies to innovate

https://www.washingtonpost.com/lifestyle/food/the-last-straw-moving-past-disposable-plastic-spurs-companies-to-innovate/2018/09/11/f5709516-b5fd-11e8-a2c5-3187f427e253_story.html?utm_term=.9dd0b448d06f

I found this article on washingtonpost.com. There has been a ban on plastic straws recently, this leads me to believe there is an opportunity for the innovation and production of straw alternatives. The ideal customers with this opportunity are restaurants and bars that would still like to provide their customers with a straw option. I think this opportunity is relatively easy to exploit because it shouldn't be too hard to come up with different materials to make a straw out of. I saw this opportunity because my grandfather has tremors and has to drink using a straw to avoid spilling his drink all over himself.

5A – Identifying Local Opportunities

1. Jacksonville, Fla., Restaurant Shuts Doors on Workers
http://link.galegroup.com/apps/doc/A120749186/ITBC?u=gain40375&sid=ITBC&xid=03578b36.

This article is about how Hurricane Hatties Restaurant and Bar in Jacksonville, Florida unexpectedly shut down. The employees showed up to work their scheduled shifts only to find a sign on the locked doors informing them that the restaurant is no longer open. The employees say they had no warning of this and they cannot get ahold of the owners to find out what is going on.

The problem is that these employees are now left without a job. Most of them are college students that rely on their paycheck to pay tuition, rent, food, etc. They had no prior notice, so none of them had another job lined up.

The employees are the ones that face this problem because they now have to scramble for money in order to pay their bills and survive.


2. Bank of America to Cut 10,000 Jobs over Next Year
http://link.galegroup.com/apps/doc/A121983206/ITBC?u=gain40375&sid=ITBC&xid=93674ce9

This article is about how Bank of American plans to cut 150,000 jobs. They are mostly attempting to thin out management layers. By doing all of this, they are expecting to save upwards of 600 million dollars.

The problem is that thousands of people will be out of a job.

The employees being laid off are the ones that face this problem because they are forced to find a new job.

3. My gag gift got me thrown in jail
http://link.galegroup.com/apps/doc/A18413679/ITBC?u=gain40375&sid=ITBC&xid=7894cc46

This article is about how a man brought a gag gift in his luggage and got arrested. It was an old hand grenade mounted to a wooden stick that he bought at a flea market for 12 dollars. There is a law that says it is a felony to carry anything that resembles a weapon through the airport. So, because of that law, the man was arrested.

The problem is that the man did not mean any harm and did not plan on using it as a weapon (he couldn't even if he wanted to) but he still has to face the consequences.

The man who brought the hand grenade in his luggage is the one who faced this problem.

4. Florida communities continue recovery processes after Irma devastation
http://link.galegroup.com/apps/doc/A505386478/ITBC?u=gain40375&sid=ITBC&xid=bab618f9

This article is about the road of recovery for Florida after Hurricane Irma. The article is basically just updating everyone on what got restored recently and what is still left to be done.

The problem is that the Hurricane happened many months ago, yet people are still facing the issues and devastations that it caused.

The people that live/work in areas that have yet to go back to normal are the ones facing this problem.

5. Hotel industry call to action against human trafficking
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F15B00FB084196C58

This article is about the issue of human sex trafficking and what the hotel industry can do to help.

The problem is that Florida has the third highest rate of human sex trafficking in the nation. These people are getting away with their horrific crimes because of people not paying as much attention to red flags. If the hospitality employees are better trained to pick up on the red flags that come along with sex trafficking, it would hopefully help a lot of innocent people escape the nightmare of being sexually abused/trafficked.

The people that are victims of these awful crimes are the ones that face this problem.

4A – Forming An Opportunity Belief

Everyone who eats cereal knows the struggle of it getting soggy. This issue has existed since the beginning of cereal eating time and it is very unfortunate. The only things we do to help combat this issue right now is to make a smaller bowl of cereal and refill it or just eat the cereal as fast as you can and hope for the best. I am 100% sure the opportunity to fix this problem exists.

After speaking with some prototypical customers, I have concluded that this is a pretty common struggle with cereal and 100% of people would appreciate a solution. The thing that surprised me was the variances in level of impact this problem had on people. Although everyone agreed that it is a problem and would like a solution, not everyone was the same level of passionate about it. One person I spoke to said they hate soggy cereal so much that they almost never eat it or when they do they waste more than half of the bowl. While others say that it bothers them but the still continue to eat it most mornings.

After doing this exercise, my original opportunity is most definitely still there. I believe this my new opportunity is at about the same level of accuracy as when I first started. I think entrepreneurs should always listen and adapt their opportunities based on customer feedback because they are the ones that are going to be buying and using the products so that is who they need to be catering to.

3A – Your Entrepreneurship Story

I grew up doing gymnastics and cheerleading. Especially in cheerleading, we participated in lots of fundraising events. As I grew older I got to be more involved in the planning of these events and grew to like it more and more. We did things such as car washes,  tye dye t-shirt stands, bow making classes, and even rented out an ice cream truck once! I think it were those experiences that started getting my mind in the business direction, career wise.

I enrolled in this class because it was one of the required classes for my major. I hope to gain some creative business knowledge from my professor, as well as, my classmates.

2A - Bug List

1. When my hands are full and I have to open/close the trunk of my car using the handle.

This bug exists because there is not a hands free way to open/close the trunk of my car.

2. When my phone connects to my car's bluetooth and starts playing the first song on my iTunes instead of my Spotify playlist that I would rather listen to.

This bug exists because there is no option on my phone to set Spotify to play automatically. (That I know of.)

3. When I have to dirty a measuring cup every time I make oatmeal.

This bug exists because there is not an option to use the oatmeal bag itself as a measuring cup for the milk.

4. When the toilet seat is cold in the morning.

This bug exists because the AC is cold and the toilet seat does not have a warmer.

5. When you have to sit at a red light even when there is no one else on the road.

This bug exists because there is no sensor to tell the light if there are other cars or not.

6. When you pay for Hulu but still have to watch ads.

This bug exists because you pay a minimum price to watch the content but still have to watch the ads or they would have to raise the cost of the membership.

7. When you buy something and then it goes on sale the next day or was cheaper somewhere else.

This bug exists because prices are always fluctuating.

8. When you realize that there is no more toilet paper after you have already gone to the bathroom.

This bug exists because I did not check prior to going to the bathroom.

9. Waiting in bathroom lines.

This bug exists because sometimes people have to go to the bathroom at the same time and/or there are not enough bathrooms for the amount of people.

10. When wifi is slow and you need to get something done in a hurry.

This bug exists because sometimes the wifi connection is bad.

11. When Wawa doesn't have my favorite donut in the morning.

This bug exists because they are really yummy and people buy them all before they make more.

12. When customers tell you they are ready to order but they really aren't.

This bug exists because they are afraid you will take too long to come back to take their order.

13. When you order clothes online and they don't end up fitting.

This bug exists because every brand has different sizing.

14. When I have to do laundry every 2 days.

This bug exists because I only have 2 sets of work clothes.

15. When the apparatus you want to use is being used.

This bug exists because the gym gets crowded and there are limited machines.

16. When a package requires a signature but no one is home when it gets delivered.

This bug exists because the mail truck is unpredictable.

17. When your cereal get soggy.

This bug exists because the cereal at the bottom of the bowl sits in the milk while you eat the top portion.

18. When parents let their children scream in a restaurant.

This bug exists because some people are not considerate enough to take their children outside to take care of the problem.

19. When you take a shower and the mirror gets foggy but you are in a rush to get ready.

This bug exists because the steam from the hot water fogs up the mirror and takes a few minutes to readjust.

20. When spam numbers call you from different numbers so blocking them doesn't solve anything.

This bug exists because they have multiple numbers they can call from.

Reflection:

This list was fairly easy to come up with because I added to it over time as the bugs came to me. Having to answer why the bug exists helped me become less irritated with the problems. Instead, it put me in a more problem solving mindset. Overall, I enjoyed this assignment.

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