Friday, December 7, 2018
Assignment 30A- Final Reflection
Looking back on the semester, I think that most intriguing and challenging aspect was being able to take constructive criticism and using it to make the product better. It was great to engage with other students on their ideas and work together to improve the idea. Also, learning about various entrepreneurial concepts was great aspect of this class. There were many things that I have learned this semester which I had not idea about before taking this course. I do feel like I have improved my entrepreneurial mindset, but I would not consider myself an entrepreneur. I still have a long way to go before I can consider myself an entrepreneur. Some advice I would have for future students is to be patient. It is not easy to come up with a business idea and develop it into a nice work of art. It takes time, dedication, and practice. To perform best in this course, I would recommend staying on top of the lectures and working ahead on the assignments. Some of the assignments take much longer than the others to complete, it is much easier to do these assignments when you are not crunched for time. Lastly, I would recommend being open to change and new ideas. This is a huge part of developing the entrepreneurial mindset.
Assignment 29A- Venture Concept 2
Opportunity: The unmet need that I am focusing on for my venture concept is the need for college students to manage their finances properly so that they do not put themselves in a financial hole. I think that an opportunity exist here because many college students would love to save money or learn about the various financial resources available, but this information may not readily accessible to them. Also, between school, family, bills, etc. managing your money properly in college can be an extreme challenge. Students are on their own and they have the choice to spend their money however they desire, but I believe that should have all of the financial resources available to them so that they can make the most informed financial decision. The financial stress of college students is the primary force that is creating this need. This market expands on a geographically large scale because there are college students all around the world. This opportunity is average in my opinion. It is not a huge opportunity, but it is not a small one either. This window of opportunity will continue to be open until college debt decreases or students begin to manage their finances properly.
Innovation: My service is an course or workshop that is available for students to sign up for at any time to gather some financial advice or help. This workshop will focus primarily on the spending habits and lifestyles of college students, but it will also expand to other topics as well. Things such as credit cards, interest rates, car loans, etc., are all potential topics to be discussed within the workshop. This service is designed to benefit students not only for the present, but for the future as well. This service would be sold to the respective university or school.
Concept: I do believe that it will be difficult for me to attract new customers to my market. One reason is because there are other products and services who claim or actually do sell similar products to what I am selling. Students may feel like it is just the same old information coming from a different source. This is not the perception that I want for my product, my product will actually make a change in someone's life and provide them with a path for a better future. It will provide them with valuable knowledge that they may not have had access to before. It will dive into various aspects of financial management that are so important to understand during the early years of your adult life. The competitors will be those who claim to sell similar services to my service. It is essential that I find a way to distinguish my service from the others and stand out in a unique way.
I believe that my most important resource will be my ability to connect with my customers. I have been in many of the same situations in which college students are presented with difficult financial decisions. I understand the life of a college student and what it takes to manage your finances properly. This will allow me to connect and engage with my customers on a personal level while also providing them with valuable information.
The next venture for my service is geographical expansion and content expansion. Increasing my brand awareness around the world and improving the perception of my product will be essential to my short-term and long-term success. Also, diving into various financial concepts that may be outside of the realm of a typical college student is a potential area of expansion for my product. In the future, I hope to have my business located in numerous entities around the world and I hope to expand into various commercial businesses.
Some of the feedback for my previous venture included analyzing how to gain capital and how to take advantage of my opportunity in the future. There was much focus on the end result of my product in the long-term. One aspect of my venture that needs to be improved is evaluating how my business will make a profit and determining how long this profit will last. I need to conduct an analysis of how much my product will be sold for and who will it be sold to. Also, will the prices vary or will it be constant?
Innovation: My service is an course or workshop that is available for students to sign up for at any time to gather some financial advice or help. This workshop will focus primarily on the spending habits and lifestyles of college students, but it will also expand to other topics as well. Things such as credit cards, interest rates, car loans, etc., are all potential topics to be discussed within the workshop. This service is designed to benefit students not only for the present, but for the future as well. This service would be sold to the respective university or school.
Concept: I do believe that it will be difficult for me to attract new customers to my market. One reason is because there are other products and services who claim or actually do sell similar products to what I am selling. Students may feel like it is just the same old information coming from a different source. This is not the perception that I want for my product, my product will actually make a change in someone's life and provide them with a path for a better future. It will provide them with valuable knowledge that they may not have had access to before. It will dive into various aspects of financial management that are so important to understand during the early years of your adult life. The competitors will be those who claim to sell similar services to my service. It is essential that I find a way to distinguish my service from the others and stand out in a unique way.
I believe that my most important resource will be my ability to connect with my customers. I have been in many of the same situations in which college students are presented with difficult financial decisions. I understand the life of a college student and what it takes to manage your finances properly. This will allow me to connect and engage with my customers on a personal level while also providing them with valuable information.
The next venture for my service is geographical expansion and content expansion. Increasing my brand awareness around the world and improving the perception of my product will be essential to my short-term and long-term success. Also, diving into various financial concepts that may be outside of the realm of a typical college student is a potential area of expansion for my product. In the future, I hope to have my business located in numerous entities around the world and I hope to expand into various commercial businesses.
Some of the feedback for my previous venture included analyzing how to gain capital and how to take advantage of my opportunity in the future. There was much focus on the end result of my product in the long-term. One aspect of my venture that needs to be improved is evaluating how my business will make a profit and determining how long this profit will last. I need to conduct an analysis of how much my product will be sold for and who will it be sold to. Also, will the prices vary or will it be constant?
Friday, November 16, 2018
Assignment 24A- Venture Concept
Opportunity: The unmet need that I am focusing on for my venture concept is the need for college students to manage their finances properly so that they do not put themselves in a financial hole. I think that an opportunity exist here because many college students would love to save money or learn about the various financial resources available, but this information may not readily accessible to them. Also, between school, family, bills, etc. managing your money properly in college can be an extreme challenge. Students are on their own and they have the choice to spend their money however they desire, but I believe that should have all of the financial resources available to them so that they can make the most informed financial decision. The financial stress of college students is the primary force that is creating this need. This market expands on a geographically large scale because there are college students all around the world. This opportunity is average in my opinion. It is not a huge opportunity, but it is not a small one either. This window of opportunity will continue to be open until college debt decreases or students begin to manage their finances properly.
Innovation: My service is an course or workshop that is available for students to sign up for at any time to gather some financial advice or help. This workshop will focus primarily on the spending habits and lifestyles of college students, but it will also expand to other topics as well. Things such as credit cards, interest rates, car loans, etc., are all potential topics to be discussed within the workshop. This service is designed to benefit students not only for the present, but for the future as well. This service would be sold to the respective university or school.
Concept: I do believe that it will be difficult for me to attract new customers to my market. One reason is because there are other products and services who claim or actually do sell similar products to what I am selling. Students may feel like it is just the same old information coming from a different source. This is not the perception that I want for my product, my product will actually make a change in someone's life and provide them with a path for a better future. It will provide them with valuable knowledge that they may not have had access to before. It will dive into various aspects of financial management that are so important to understand during the early years of your adult life. The competitors will be those who claim to sell similar services to my service. It is essential that I find a way to distinguish my service from the others and stand out in a unique way.
I believe that my most important resource will be my ability to connect with my customers. I have been in many of the same situations in which college students are presented with difficult financial decisions. I understand the life of a college student and what it takes to manage your finances properly. This will allow me to connect and engage with my customers on a personal level while also providing them with valuable information.
The next venture for my service is geographical expansion and content expansion. Increasing my brand awareness around the world and improving the perception of my product will be essential to my short-term and long-term success. Also, diving into various financial concepts that may be outside of the realm of a typical college student is a potential area of expansion for my product. In the future, I hope to have my business located in numerous entities around the world and I hope to expand into various commercial businesses.
Innovation: My service is an course or workshop that is available for students to sign up for at any time to gather some financial advice or help. This workshop will focus primarily on the spending habits and lifestyles of college students, but it will also expand to other topics as well. Things such as credit cards, interest rates, car loans, etc., are all potential topics to be discussed within the workshop. This service is designed to benefit students not only for the present, but for the future as well. This service would be sold to the respective university or school.
Concept: I do believe that it will be difficult for me to attract new customers to my market. One reason is because there are other products and services who claim or actually do sell similar products to what I am selling. Students may feel like it is just the same old information coming from a different source. This is not the perception that I want for my product, my product will actually make a change in someone's life and provide them with a path for a better future. It will provide them with valuable knowledge that they may not have had access to before. It will dive into various aspects of financial management that are so important to understand during the early years of your adult life. The competitors will be those who claim to sell similar services to my service. It is essential that I find a way to distinguish my service from the others and stand out in a unique way.
I believe that my most important resource will be my ability to connect with my customers. I have been in many of the same situations in which college students are presented with difficult financial decisions. I understand the life of a college student and what it takes to manage your finances properly. This will allow me to connect and engage with my customers on a personal level while also providing them with valuable information.
The next venture for my service is geographical expansion and content expansion. Increasing my brand awareness around the world and improving the perception of my product will be essential to my short-term and long-term success. Also, diving into various financial concepts that may be outside of the realm of a typical college student is a potential area of expansion for my product. In the future, I hope to have my business located in numerous entities around the world and I hope to expand into various commercial businesses.
Assignment 25A- What's Next?
Existing Market: In terms of what is next for my product, I believe that geographical expansion is the next big step. I could possibly try to implement my program into different schools around the country or even in high schools. This would allow high school students to possess valuable financial information before they even get to college. Also, I think that eventually it will be important for me to expand my target market. Currently, I'm just focusing on college students, however my service can be useful for a plethora of individuals and businesses.
Interview 1- This individual stated that I should be planning as if I'm going to be unsuccessful for the first few years. I should have a legitimate back up plan and understand the financial risks if my product completely fails. Also, we should be planning on we are going to respond to negative feedback and negative growth for our product. This individual focused a lot on backup plans and worse case scenarios. However, this an essential piece of information for our organization and is a very realistic possibility.
Interview 2- This individual focused on the content of my product and suggested that content expansion could be the next big thing for my service. For example, instead of simply focusing on how to save money in college, we could provide information about mortgages for houses, interest rates, loans outside of school, car loans, etc. Provided information about these topics can allow my service to grow and also broaden my target market because now I will be able to focus on a different group of consumers.
Interview 3- This individual suggested trying to dive into different businesses where my information could be useful. For example, there are always businesses that are looking for financial help or financial advice. We could hugely expand if we were able to dive into some of these markets. Banks, grocery stores, real estate agencies, etc., there is a plethora of businesses that we could attempt to reach out to and expand our business.
In terms of growing, it seems that geographical expansion would be best move initially if our product becomes successful. Expanding our product to numerous locations around the world and increasing our brand awareness will give us a huge advantage when trying to venture out into larger scales. This will allow us to develop connections and relationships with individuals who could help our business reach the next level. After expanding geographically, I believe that content expansion can be a huge benefit for our business. Having a versatile service can allow us to reach different markets with different purposes. We don't want to become so broad, that we lose sight of our core mission for our service, but providing more areas of service can be a huge benefit for us.
New Market: My initial market is college students, the new market that I think my product can venture into is individuals who are nearing retirement but still have some years to go. Many individuals are looking for financial advice which can be beneficial to them within the next 5 to 10 years or once they are getting ready to retire. This is why I feel that my product can be of service to them. The core of my product focuses on college students, however many of the principles can be applied to older individuals as well.
Interview 1- This individual suggested that my product has the potential to benefit to this group of individuals, but I will need to cater the information to the needs of older individuals instead of 18-20 year old students. For example, a unique approach could be to focus on the children that are present in the household. While many individuals want to manage their finances properly for themselves, an essential reason is so that their children won't have to suffer when they are older. Parents have a true weakness for their children and making sure that they have everything they need to be successful, this is a potential area that my service could try to penetrate.
Interview 2- This individual suggested that it may be difficult to attract customers for this new market. The primary reason being that, many older individuals have their beliefs and they stick with them and don't have time or energy to invest in something else. They may consider my service the same "stuff" that everyone tries to sell to them. This grounded attitude may make it more challenging for me attract customers for this new market.
My new market does not appear to be as attractive as my new market. It seems as though it will be very difficult for me attract new customers because of the stage in life that many of these individuals are at. They do not want to endure radical changes which require extra time and energy. They want to stick to their routine and focus their energy on what they can currently control. I did not analyze this aspect of the market when I initially thought that this market could be a potential new venture. Furthermore, this market will be much more difficult to penetrate than I anticipated.
Interview 1- This individual stated that I should be planning as if I'm going to be unsuccessful for the first few years. I should have a legitimate back up plan and understand the financial risks if my product completely fails. Also, we should be planning on we are going to respond to negative feedback and negative growth for our product. This individual focused a lot on backup plans and worse case scenarios. However, this an essential piece of information for our organization and is a very realistic possibility.
Interview 2- This individual focused on the content of my product and suggested that content expansion could be the next big thing for my service. For example, instead of simply focusing on how to save money in college, we could provide information about mortgages for houses, interest rates, loans outside of school, car loans, etc. Provided information about these topics can allow my service to grow and also broaden my target market because now I will be able to focus on a different group of consumers.
Interview 3- This individual suggested trying to dive into different businesses where my information could be useful. For example, there are always businesses that are looking for financial help or financial advice. We could hugely expand if we were able to dive into some of these markets. Banks, grocery stores, real estate agencies, etc., there is a plethora of businesses that we could attempt to reach out to and expand our business.
In terms of growing, it seems that geographical expansion would be best move initially if our product becomes successful. Expanding our product to numerous locations around the world and increasing our brand awareness will give us a huge advantage when trying to venture out into larger scales. This will allow us to develop connections and relationships with individuals who could help our business reach the next level. After expanding geographically, I believe that content expansion can be a huge benefit for our business. Having a versatile service can allow us to reach different markets with different purposes. We don't want to become so broad, that we lose sight of our core mission for our service, but providing more areas of service can be a huge benefit for us.
New Market: My initial market is college students, the new market that I think my product can venture into is individuals who are nearing retirement but still have some years to go. Many individuals are looking for financial advice which can be beneficial to them within the next 5 to 10 years or once they are getting ready to retire. This is why I feel that my product can be of service to them. The core of my product focuses on college students, however many of the principles can be applied to older individuals as well.
Interview 1- This individual suggested that my product has the potential to benefit to this group of individuals, but I will need to cater the information to the needs of older individuals instead of 18-20 year old students. For example, a unique approach could be to focus on the children that are present in the household. While many individuals want to manage their finances properly for themselves, an essential reason is so that their children won't have to suffer when they are older. Parents have a true weakness for their children and making sure that they have everything they need to be successful, this is a potential area that my service could try to penetrate.
Interview 2- This individual suggested that it may be difficult to attract customers for this new market. The primary reason being that, many older individuals have their beliefs and they stick with them and don't have time or energy to invest in something else. They may consider my service the same "stuff" that everyone tries to sell to them. This grounded attitude may make it more challenging for me attract customers for this new market.
My new market does not appear to be as attractive as my new market. It seems as though it will be very difficult for me attract new customers because of the stage in life that many of these individuals are at. They do not want to endure radical changes which require extra time and energy. They want to stick to their routine and focus their energy on what they can currently control. I did not analyze this aspect of the market when I initially thought that this market could be a potential new venture. Furthermore, this market will be much more difficult to penetrate than I anticipated.
Assignment 23A- Unfair Advantage
1) Domain Expert- This is an extremely valuable resources within my venture. Having an individual who possesses knowledge within my field can be a huge advantage for my product. The domain expert is not a rare component to have, as most products or services have a domain expert for their product. It may or may not be difficult to copy this aspect of my product. The information that the domain expert possesses may be obtained by others as well, however, the way the information is presented may not be as easy to copy. There are other resources that may provide the same benefit.
2) Marketing Expert- The marketing expert is an extremely valuable tool to possess, especially when my product can be used by various individuals. The marketing expert is not rare because most products or services will have someone who specializes in marketing within their department. This aspect can be hard to copy because there are so many different aspects of marketing, that one can take a new approach each day. I think that it can be difficult to find resources which will easily replace a marketing expert. This is a specialized field that one needs to have experience in to become an expert.
3) University/School- The school that I sell my product to will be extremely valuable to the success of my product. I do not think that this aspect is rare because of the vast amount of schools available all around the world. However, I do believe that the respective school will be difficult to imitate. Each university has their own special way of doing things and their unique way to put their touch on something to make it different. Also, depending on how successful my product is within the school, the school may or may not be substitutable. However, it will more than likely be substitutable.
4) Students- The students are very valuable to the service that I am provided because they are my primary customers. Students are not rare, they are found all over the world. This resource is easy to copy because students are available in a vast amount of areas. The actual individuals will be difficult to copy, but the concept of students is not difficult to imitate. There are not many replacements to this group, if the students are not accepting my product well, then I will have to move to a completely different target market.
5) Personal Experience- This is an extremely valuable resource as it will allow me to connect with my target market and understand everything that they are going through. It will also help me understand how they think and why they make the choices they make. I would consider this resource rare, because not every business is able to connect with its customers from personal experience. However, I have been through many of the same situation that my target market has gone through, so I will be able to connect with them. My personal experience is not easy to copy, it would be extremely challenging for someone to have personal experience that is similar to mine. This aspect is not substitutable, it is difficult to replace.
6) Financial Managers- Financial managers are an extremely important resource to my service because finances are the focal point of my product. Financial managers are not rare, there are many of them around the world who study finances and handle the financial aspects of the respective business. I think that it is difficult to copy what a financial manager does, because their position usually requires a high level of expertise. Financial managers may be substitutable by other financial mangers who possess similar knowledge, however I do not feel that their position is easily replaceable. This is a very skilled position which requires a lot of education and training.
7) Existing Services- Existing services can be valuable to me at certain instances, but I do not feel that they are extremely valuable. This aspect is not rare, most services have existing services which performed similar duties to what they are trying to perform. Depending on various legal aspects, it may or may not be easy to copy existing services. Due to trademarks, patents, etc. it can be very challenging and illegal for someone to imitate the services of another company. However, many companies do perform similar services. This aspect is not very substitutable.
8) Potential Marketing Area- This is an extremely valuable resource to my product. The geographical locations that I am able to reach with my product is a vast amount. This is a rare component, because there are many products that have geographical limitations. This is not an easy component to copy, it all depends on the product or service. This aspect is not substitutable, having is a large potential marketing area is a great resource to have.
9) Individuals who are not students- I believe that this is a valuable resource because real life examples can always spark a change within an individual. This aspect is not rare as most businesses are able to apply real world scenarios and examples to their product or service. This resource is fairly easy to imitate. Also, this resource is not substitutable.
10) Ability to Connect- I feel that the ability to connect with those who are a part of my business I an extremely valuable resource. No one wants to feel like their opinion isn't valued or like no one is listening to them. I think that my ability to listen and understand will take me a long way. This is a rare component because not all individuals possess this capability. It is not easy to imitate, this is a skill that I am working on and training to get better at each and every day. This trait is not substitutable, this is a skill that is difficult to replace.
I think that my most important resource is the ability to connect. I feel that if you can't connect with your employees nor your consumers, then it will be difficult to get people to buy into what you are trying to do. The ability to connect is an essential resource and it can truly affect the organizational culture.
2) Marketing Expert- The marketing expert is an extremely valuable tool to possess, especially when my product can be used by various individuals. The marketing expert is not rare because most products or services will have someone who specializes in marketing within their department. This aspect can be hard to copy because there are so many different aspects of marketing, that one can take a new approach each day. I think that it can be difficult to find resources which will easily replace a marketing expert. This is a specialized field that one needs to have experience in to become an expert.
3) University/School- The school that I sell my product to will be extremely valuable to the success of my product. I do not think that this aspect is rare because of the vast amount of schools available all around the world. However, I do believe that the respective school will be difficult to imitate. Each university has their own special way of doing things and their unique way to put their touch on something to make it different. Also, depending on how successful my product is within the school, the school may or may not be substitutable. However, it will more than likely be substitutable.
4) Students- The students are very valuable to the service that I am provided because they are my primary customers. Students are not rare, they are found all over the world. This resource is easy to copy because students are available in a vast amount of areas. The actual individuals will be difficult to copy, but the concept of students is not difficult to imitate. There are not many replacements to this group, if the students are not accepting my product well, then I will have to move to a completely different target market.
5) Personal Experience- This is an extremely valuable resource as it will allow me to connect with my target market and understand everything that they are going through. It will also help me understand how they think and why they make the choices they make. I would consider this resource rare, because not every business is able to connect with its customers from personal experience. However, I have been through many of the same situation that my target market has gone through, so I will be able to connect with them. My personal experience is not easy to copy, it would be extremely challenging for someone to have personal experience that is similar to mine. This aspect is not substitutable, it is difficult to replace.
6) Financial Managers- Financial managers are an extremely important resource to my service because finances are the focal point of my product. Financial managers are not rare, there are many of them around the world who study finances and handle the financial aspects of the respective business. I think that it is difficult to copy what a financial manager does, because their position usually requires a high level of expertise. Financial managers may be substitutable by other financial mangers who possess similar knowledge, however I do not feel that their position is easily replaceable. This is a very skilled position which requires a lot of education and training.
7) Existing Services- Existing services can be valuable to me at certain instances, but I do not feel that they are extremely valuable. This aspect is not rare, most services have existing services which performed similar duties to what they are trying to perform. Depending on various legal aspects, it may or may not be easy to copy existing services. Due to trademarks, patents, etc. it can be very challenging and illegal for someone to imitate the services of another company. However, many companies do perform similar services. This aspect is not very substitutable.
8) Potential Marketing Area- This is an extremely valuable resource to my product. The geographical locations that I am able to reach with my product is a vast amount. This is a rare component, because there are many products that have geographical limitations. This is not an easy component to copy, it all depends on the product or service. This aspect is not substitutable, having is a large potential marketing area is a great resource to have.
9) Individuals who are not students- I believe that this is a valuable resource because real life examples can always spark a change within an individual. This aspect is not rare as most businesses are able to apply real world scenarios and examples to their product or service. This resource is fairly easy to imitate. Also, this resource is not substitutable.
10) Ability to Connect- I feel that the ability to connect with those who are a part of my business I an extremely valuable resource. No one wants to feel like their opinion isn't valued or like no one is listening to them. I think that my ability to listen and understand will take me a long way. This is a rare component because not all individuals possess this capability. It is not easy to imitate, this is a skill that I am working on and training to get better at each and every day. This trait is not substitutable, this is a skill that is difficult to replace.
I think that my most important resource is the ability to connect. I feel that if you can't connect with your employees nor your consumers, then it will be difficult to get people to buy into what you are trying to do. The ability to connect is an essential resource and it can truly affect the organizational culture.
Friday, November 9, 2018
Assignment 22A- Elevator Pitch 3
https://www.youtube.com/watch?v=M06zsPbHe8M
The piece of feedback that stood out to me the most was to sound more enthusiastic when presenting my pitch. This was a very useful piece of information as I did not realize how dull I sounded throughout my presentation. Also, it was mentioned to me that I tend to use a lot of hand movements and shifting from side to side when I am speaking. I tried to cut this out as much as possible and not make any movements that may distract the audience from my presentation. Both pieces of advice have been extremely helpful in helping me make my pitch better. Lastly, I am more comfortable presenting in front of a camera and my pitch has become much easier to remember. With practice and advice from my peers, my most recent pitch is definitely an improvement from my first one.
The piece of feedback that stood out to me the most was to sound more enthusiastic when presenting my pitch. This was a very useful piece of information as I did not realize how dull I sounded throughout my presentation. Also, it was mentioned to me that I tend to use a lot of hand movements and shifting from side to side when I am speaking. I tried to cut this out as much as possible and not make any movements that may distract the audience from my presentation. Both pieces of advice have been extremely helpful in helping me make my pitch better. Lastly, I am more comfortable presenting in front of a camera and my pitch has become much easier to remember. With practice and advice from my peers, my most recent pitch is definitely an improvement from my first one.
Assignment 21A- Reading Reflection 2
The Art of Social Media: Power Tips for Power Users
1) The general theme of this book is to provide a plethora of tips and strategies to implore for the presence of your social media accounts. This book describes how one should treat their social media presence like a business and the methods one should use to promote their product and/or business. It goes into elaborate details about how your social media accounts affect you and how you can use social media to your advantage.
2) Throughout this semester, we have constantly discussed how and why opportunities come about and potential ways to exploit these opportunities. By performing consumer research, product research, analyzing the environment, etc., one can have an in-depth view of why the respective situation continues to occur. In relation to this course, I also feel that social media can be an opportunity for one to take advantage of. It is an opportunity to engage and promote yourself and your product to numerous individuals without seeing them face to face. It is an opportunity for you to create a first impression of yourself before you actually meet someone. It is an opportunity to enhance your brand, create publicity, and embark on a new journey.
3) If I had to design an exercise for this course based on the book, I would ask students to create one social media post which enhances their brand, product, or business. The purpose of this assignment will be for students to be creative as well as impactful. As far as which social media account to use, what to post, when to post, etc., that will be up to the student. This assignment will have few limitations, so that the students can post something unique and purposeful.
4) The biggest surprise for me while reading this book was the importance and emphasis of treating your social media presence like a business. I've always understood that you must be very careful when posting on social media. The content will be available for a long time to an enormous amount of individuals. You don't want to post anything that could potentially harm your reputation or someone else's. However, the concept of treating it like it is a business is relatively new to me. This involves taking a serious and dedicated approach to your social media accounts. Also, treating your social media presence as if you are a professional in the respective field or are trying to become an expert in that field. All of these factors should be considered when one is addressing their social media presence.
Friday, November 2, 2018
Assignment 19A- Idea Napkin 2
1) My name is Prince Powell and I'm a 3rd year Sport Management major. My talents are playing basketball, bowling, and working on improving other aspects in my life. I have a plethora of experience in customer service and retail roles. I've also been involved with the sales aspect of retail as a sales associate. I also have experience within the facility operations field as well. My aspirations are to obtain my master's degree and find an employment opportunity within the collegiate or professional basketball industry. If I were to start my business, I see it playing an important part in my life, because this situation plays an important role in my life today. Therefore, I believe that I will be focused and determined to help others achieve their goal.
2) My solution is to offer an workshop or course for students to take regarding aspects about financial management which will be required for them to graduate. This class or workshop will teach individuals about a plethora of aspects surrounding their financial opportunities and strategies. It is not designed too take up a lot of time, but it is designed to deliver essential information to the students that will better their future.
3) The primary customers for my product will be college students who are struggling to save money for various reasons. An essential theme with this primary target market is that they are struggling to save money. It is not that they don't want too or are not making an effort, but they need additional help and advice to take the necessary steps.
4) Customers will pay money for this product because they will look at it as an investment. It is an investment on themselves and on their future. This minor investment can set one up for great success in their future. I will invest my time and resources for them and give them the tools and resources that they need to achieve their goals.
5) One thing that sets me apart from everyone else is that I am currently experiencing the same issues as those that I'm going to help. I know what they are going through and I can directly relate to their problems. This firsthand experience will give me information necessary to connect directly with my customers.
The elements that I believe fit together are my customers and their reasoning for having this unmet need. Many of the individuals will have similar concerns and problems regarding this unmet need. I also believe that many students will want to enroll in this course because college students want value from the courses that they are paying for. This course can be very impactful for all students who enroll in the class. The aspect of my product that may be weaker than the others is what sets me apart from everyone else, I need to ensure that I'm offering essential information and tools which may be life changing. It cannot be the same advice and strategies that everyone gives to everyone else, it needs to be different.
I did not receive much feedback for this, so I simply tried to incorporate the elements that have been mentioned to me throughout the semester.
2) My solution is to offer an workshop or course for students to take regarding aspects about financial management which will be required for them to graduate. This class or workshop will teach individuals about a plethora of aspects surrounding their financial opportunities and strategies. It is not designed too take up a lot of time, but it is designed to deliver essential information to the students that will better their future.
3) The primary customers for my product will be college students who are struggling to save money for various reasons. An essential theme with this primary target market is that they are struggling to save money. It is not that they don't want too or are not making an effort, but they need additional help and advice to take the necessary steps.
4) Customers will pay money for this product because they will look at it as an investment. It is an investment on themselves and on their future. This minor investment can set one up for great success in their future. I will invest my time and resources for them and give them the tools and resources that they need to achieve their goals.
5) One thing that sets me apart from everyone else is that I am currently experiencing the same issues as those that I'm going to help. I know what they are going through and I can directly relate to their problems. This firsthand experience will give me information necessary to connect directly with my customers.
The elements that I believe fit together are my customers and their reasoning for having this unmet need. Many of the individuals will have similar concerns and problems regarding this unmet need. I also believe that many students will want to enroll in this course because college students want value from the courses that they are paying for. This course can be very impactful for all students who enroll in the class. The aspect of my product that may be weaker than the others is what sets me apart from everyone else, I need to ensure that I'm offering essential information and tools which may be life changing. It cannot be the same advice and strategies that everyone gives to everyone else, it needs to be different.
I did not receive much feedback for this, so I simply tried to incorporate the elements that have been mentioned to me throughout the semester.
Assignment 20A- Social Capital
1) Domain Expert- Accounting/ Financial Analyst: This individual has experience within the accounting field and has an accounting background. I chose this individual as my domain expert because I thought that it would be beneficial for my product if the individual had experience with various financial concepts. My product is a mandatory financial management course or workshop that is required for students to complete upon graduation, therefore knowledge within the financial field will be extremely important for my product. This individual was someone that I grew up with back in my hometown, we've maintained contact, so it was not an extremely difficult process to get in contact with them. An essential aspect of this exchange was for me to expand my knowledge and gather as much information as possible. Including this individual in my network gives me a valuable person to contact whenever I need financial advice regarding my product.
2) Market Expert- This individual has an marketing background and is heavily involved with college students. This individual has engaged with college students numerous times and they pay attention to how students think and act. They focus on what their thought process is. They analyze what factors impact student's decisions the most. I found this individual through my Health and Human Performance program here at UF. This exchange involved analyzing how customers/students think about their finances. What are their initial thoughts and what is the most important component to analyze? This individual will be an excellent resource due to their marketing background. Marketing is always an essential component when one is trying to sell any product or service.
3) Supplier- This individual gives financial management workshops to students from time to time throughout the semester. However, not many students attend this workshop because they do not know about it or because it is not mandatory. Therefore, the valuable information may not be reaching the individuals that it needs to reach. I have attended one of the workshops before and this is how I interacted with the individual. Including this individual in my network can provide with me with a heads up for things that do work and do not work for students. It can help me be proactive rather than reactive.
In future networking events, I plan to be more engaging and try to establish authentic contact with the individual. Yes, this experience differed from others because it forced me to network using a method that I am not familiar with.
2) Market Expert- This individual has an marketing background and is heavily involved with college students. This individual has engaged with college students numerous times and they pay attention to how students think and act. They focus on what their thought process is. They analyze what factors impact student's decisions the most. I found this individual through my Health and Human Performance program here at UF. This exchange involved analyzing how customers/students think about their finances. What are their initial thoughts and what is the most important component to analyze? This individual will be an excellent resource due to their marketing background. Marketing is always an essential component when one is trying to sell any product or service.
3) Supplier- This individual gives financial management workshops to students from time to time throughout the semester. However, not many students attend this workshop because they do not know about it or because it is not mandatory. Therefore, the valuable information may not be reaching the individuals that it needs to reach. I have attended one of the workshops before and this is how I interacted with the individual. Including this individual in my network can provide with me with a heads up for things that do work and do not work for students. It can help me be proactive rather than reactive.
In future networking events, I plan to be more engaging and try to establish authentic contact with the individual. Yes, this experience differed from others because it forced me to network using a method that I am not familiar with.
Friday, October 26, 2018
Assignment 18A- Create A Customer Avatar
My product is a workshop or course that is required for college students to complete upon graduation. This product will dive into various aspects of financial usage by college students and provide valuable information regarding how to utilize one's finances more efficiently. My prototypical customer does not have healthy spending habits. They tend to spend money on things that they do not need and use money instead of saving it. They tend to eat out more instead of buying groceries and cooking food at home. They enjoy buying things for themselves and treating themselves often. They tend to drive an average car. Not anything too fancy, but not an extremely old car either. It is a conventional car that will get the job done. My target segment does not have children. However, many of them do have pets which is another responsibility that requires the usage of finances to provide for the pet. My target segment are males and females who range from age 18-25. Another aspect of this segment is that they typically have financial responsibilities outside of school. It may be helping out the family back home or helping out a family member from time to time. These individuals are relatively young, however they feel much older due to their vast amount of responsibilities. Lastly, an essential detail is that my target market truly wants to save money and not go into debt. However, we all know how challenging this task can be for anyone. Many of the aspects mentioned above for my customer's avatar, I can definitely relate to. I do not think that it is a coincidence that I have things in common with my customer avatar.
Assignment 17A- Elevator Pitch 2
https://www.youtube.com/watch?v=poa1_ANcvLw
One piece of advice that I received from my first elevator pitch was to have less hand movement and not shift my stance from side to side when I am talking. This was a very helpful piece of information because it was something that I did not even realize that I was doing. This was an important piece of feedback for me. Another piece of advice that was helpful to me was too not describe my idea as a "potential" solution because this can show that I may not have the utmost confidence in my product. Another piece of advice I received was to include details about my product to help me reach the 90 second mark. This was a very helpful piece of information as it helped me add about 25 seconds to my recent pitch. Lastly, I deleted the introductory portion of my pitch as Professor Pryor discussed in lecture that we should not do this unless it provides the audience with our credibility. Each piece of feedback that I received really helped me develop my elevator pitch and touch on important points. I changed many of the aspects that I touched on throughout this post for my most recent pitch.
One piece of advice that I received from my first elevator pitch was to have less hand movement and not shift my stance from side to side when I am talking. This was a very helpful piece of information because it was something that I did not even realize that I was doing. This was an important piece of feedback for me. Another piece of advice that was helpful to me was too not describe my idea as a "potential" solution because this can show that I may not have the utmost confidence in my product. Another piece of advice I received was to include details about my product to help me reach the 90 second mark. This was a very helpful piece of information as it helped me add about 25 seconds to my recent pitch. Lastly, I deleted the introductory portion of my pitch as Professor Pryor discussed in lecture that we should not do this unless it provides the audience with our credibility. Each piece of feedback that I received really helped me develop my elevator pitch and touch on important points. I changed many of the aspects that I touched on throughout this post for my most recent pitch.
Friday, October 19, 2018
Assignment 16A- Secret Sauce
1) -I have various experiences in various types of retail and employment positions. This has allowed me to encounter numerous situations involving customer service and how customers expect and want to be treated. This also has given me experience with various types of workplace software that may be beneficial to me in the future. Another aspect of my human capital that is unique is that I pay attention to things and notice things that others will never know that I know. I always try to analyze my environment and stay ahead of things so I'm prepared when they happen. This skill will often times help me find solutions or answers without directly going out and looking for them. Also, I believe that I am more of a listener than a talker. This trait has its pros and cons. However, I think that being more of a listener allows me to understand people easier and understand what they want and how they think. I try my best to know what people want before they even ask me. This also allows me to take in various points of view without directly interjecting my opinion and disregarding how others feel about the situation. Also, I'm willing to take the extra step that many others will not. I pride myself on being the first person in and the last person out. Also, I'm not afraid to take risks and fail. I understand that I will make no progress if I don't go outside of boundaries and expand my horizon. I am willing to take risks and live with the final result, bad or good.
2) Mom- She emphasized that I approach each day with a positive and joyful mindset to the best of my ability. I'm always trying to put a smile on other people's faces and brighten up their day. Also, I try be as understanding and positive as possible.
Dad- He emphasized that I enjoy being there for other people and being able to help them in their time of need. Many times I make sure others are okay before I even make sure that myself is alright. This approach has pros and cons, but this is simply my personality and my values.
Friend- He placed an emphasis on my patience and my honesty characteristics. I understand that change does not happen overnight, it takes time and preparation. I aim to be a trustworthy and dependable person for any individual in my life. I enjoy helping others and I hope that others have this view of me as well.
Girlfriend- She noted that I am caring and considerate individual. Not just for her as my girlfriend, but for various individuals in my life. I'm willing to go out of my way to see others happy and do something for them that they may not have been to do themselves.
Aunt- She noted that I am an intelligent, humble, and ambitious individual. I enjoy learning new things and I strive to be the best individual that I can be. Also, I truly believe that anything can be taken away from you at any second, so I try my best not to take anything for granted.
3) I see myself as an individual who enjoys helping others and attempts to be as understanding as possible. I also feel that I am well driven to be successful and to make a difference to those who are a part of my life. Others see me as caring, humble, and ambitious individual. Others also see me as role model to those in my community and my family. Many of my family members ask me for advice on topics regarding school, scholarships, etc. There is a huge amount of similarities between how I assess myself and how others assess me. As for the differences, it could be due to me being around certain individuals at certain times. For example, I have been around my parents for a much longer period of time compared to my aunt. Therefore, they may have witnessed different situations, which gave them a different perception of me. I do believe these individuals provided accurate descriptions about me.
2) Mom- She emphasized that I approach each day with a positive and joyful mindset to the best of my ability. I'm always trying to put a smile on other people's faces and brighten up their day. Also, I try be as understanding and positive as possible.
Dad- He emphasized that I enjoy being there for other people and being able to help them in their time of need. Many times I make sure others are okay before I even make sure that myself is alright. This approach has pros and cons, but this is simply my personality and my values.
Friend- He placed an emphasis on my patience and my honesty characteristics. I understand that change does not happen overnight, it takes time and preparation. I aim to be a trustworthy and dependable person for any individual in my life. I enjoy helping others and I hope that others have this view of me as well.
Girlfriend- She noted that I am caring and considerate individual. Not just for her as my girlfriend, but for various individuals in my life. I'm willing to go out of my way to see others happy and do something for them that they may not have been to do themselves.
Aunt- She noted that I am an intelligent, humble, and ambitious individual. I enjoy learning new things and I strive to be the best individual that I can be. Also, I truly believe that anything can be taken away from you at any second, so I try my best not to take anything for granted.
3) I see myself as an individual who enjoys helping others and attempts to be as understanding as possible. I also feel that I am well driven to be successful and to make a difference to those who are a part of my life. Others see me as caring, humble, and ambitious individual. Others also see me as role model to those in my community and my family. Many of my family members ask me for advice on topics regarding school, scholarships, etc. There is a huge amount of similarities between how I assess myself and how others assess me. As for the differences, it could be due to me being around certain individuals at certain times. For example, I have been around my parents for a much longer period of time compared to my aunt. Therefore, they may have witnessed different situations, which gave them a different perception of me. I do believe these individuals provided accurate descriptions about me.
Assignment 15A- Buyer Behavior Part 2
1) - 18 year old male freshman, - 21 year old male junior, - 24 year old male 1st year grad student
2) There are numerous potential alternatives for my market segment. Due to the nature of my product, price is not really a huge concern for my market segment. Obviously, if the price is outrageous then customers will not be willing to pay for it. For the most part though, price is not an essential component used when my target market is evaluating their alternatives. The quality of my product is an essential trait used when evaluating the alternatives. If there is a product that has better quality than my product, then there is a good chance that my target market will choose the other product. It is very important for me to have credible, reliable, and accurate information regarding my product and the benefits of choosing my product. Style is somewhat important but not as important as the quality trait. The various styles of the alternatives may match up better for each individual and this is where style can become important. It can be beneficial to have personalized products for certain individuals of the market. Based on the interviews, there is more than one characteristic that is important to my market segment.
3) My market segment is more likely to purchase my product online compared to in-store. Also, my market is more likely to finance the purchase instead of using cash up front.
4) The "rightness" of customer's purchase in my target market depends on the results that occur down the road. The customers analyze whether their input was less or more than their output. If their time and effort exceeded what they got from the product, then the customer will second guess themselves when evaluating their purchase. One thing that will make them think this was a bad purchase is if they are still in the same situation that they were in before they made the purchase. The customers want to see short term and long term improvement when they are evaluating their purchase. An essential evaluating trait of my product is the improvement seen or not seen after the product has been purchased and used.
5) The focus of my interviews examined what the customers are looking for regarding the product and how will they assess whether the purchase was a good choice or not. I wanted to get a better understanding of customer's thought process regarding my product and other products with similar characteristics. I aimed to find out which factors could separate my product from the others in my market.
6) I would describe this market segment as result-oriented when it comes to alternative evaluation, purchase decision, and post-purchase evaluation. There are other factors which can influence the thought process of my market, such as quality and style. The primary factors evaluated are improvement and results gained or loss by purchasing and using the product.
2) There are numerous potential alternatives for my market segment. Due to the nature of my product, price is not really a huge concern for my market segment. Obviously, if the price is outrageous then customers will not be willing to pay for it. For the most part though, price is not an essential component used when my target market is evaluating their alternatives. The quality of my product is an essential trait used when evaluating the alternatives. If there is a product that has better quality than my product, then there is a good chance that my target market will choose the other product. It is very important for me to have credible, reliable, and accurate information regarding my product and the benefits of choosing my product. Style is somewhat important but not as important as the quality trait. The various styles of the alternatives may match up better for each individual and this is where style can become important. It can be beneficial to have personalized products for certain individuals of the market. Based on the interviews, there is more than one characteristic that is important to my market segment.
3) My market segment is more likely to purchase my product online compared to in-store. Also, my market is more likely to finance the purchase instead of using cash up front.
4) The "rightness" of customer's purchase in my target market depends on the results that occur down the road. The customers analyze whether their input was less or more than their output. If their time and effort exceeded what they got from the product, then the customer will second guess themselves when evaluating their purchase. One thing that will make them think this was a bad purchase is if they are still in the same situation that they were in before they made the purchase. The customers want to see short term and long term improvement when they are evaluating their purchase. An essential evaluating trait of my product is the improvement seen or not seen after the product has been purchased and used.
5) The focus of my interviews examined what the customers are looking for regarding the product and how will they assess whether the purchase was a good choice or not. I wanted to get a better understanding of customer's thought process regarding my product and other products with similar characteristics. I aimed to find out which factors could separate my product from the others in my market.
6) I would describe this market segment as result-oriented when it comes to alternative evaluation, purchase decision, and post-purchase evaluation. There are other factors which can influence the thought process of my market, such as quality and style. The primary factors evaluated are improvement and results gained or loss by purchasing and using the product.
Friday, October 12, 2018
Assignment 13A- Reading Reflection
Shoe Dog- Phil Knight
1) The thing that surprised me the most was that Phil's father actually gave him his blessing and some cash for him to travel the world at the age of 24. At this time, the United States was not on good terms with Japan and this was one of the places that Phil wanted to visit on his trip. I thought that his father would have highly disapproved this trip so far away from home to a place that could be extremely dangerous to Phil. Also, aside from his father, the majority of individuals in his inner circle highly disapproved of Phil going on this worldwide adventure. His father mentioned that he wished he had traveled more when he was younger, so it seems that he wanted his son to experience something that he did not get a chance to experience. I can imagine that this was a very tough decision for his father to make, however, he decided to allow his son to do what he thought was best for him and allowed him to have experiences of his own. The thing that I most admired about Mr. Knight was that he referred to his idea as a "crazy idea" and he knew that everyone else thought his idea was crazy and unattainable but this didn't stop him from pursuing it. He used all of the rejection that he experienced throughout his life as fuel to create something extraordinary. He knew that he didn't want to take the simple and easy path that everyone else took, he wanted to have an impact on the world and do something remarkable. He wanted to be someone different, someone who would leave their mark on the world. I truly admired this about Mr. Knight. I did not admire Mr. Knight negotiation skills. However, I do understand that this is one set of traits that can be extremely difficult to become proficient in. Negotiation skills is definitely a skill set that I need to improve and work on. Mr. Knight did encounter much adversity and failure throughout his life. One stretch of adversity that he endured was his sense of loneliness throughout his trip. He was far, far away from home and did not have many people to call friends or family. Being isolated for a significant amount of time can take a toll on your mental health. This was something that very difficult for Mr. Knight to deal with during the early stages of his journey.
2) One competency that Mr. Knight exhibited was the ability to think outside of the box. Every time someone brought him an idea or he thought of an idea, he wanted to it be something that no one else has thought of. He wanted his ideas to be significantly different than others. He wanted his ideas to be able to impact the entire world. Another competency that Mr. Knight exhibited was resiliency. His journey came with many failures, but he still found a way to overcome those failures and keep pushing. The majority of people laughed in his face when he described his idea to them. He didn't have many supporters when he decided to venture around the world. He didn't have anyone right next to him when times started getting hard. He still managed to persevere and find a way to push through.
3) One part of the reading that was one confusing to me was that when Mr. Knight began his journey, his friend Carter embarked on the journey with him. However, I am not sure what happened to Carter after this. I would think that he stayed on the journey with Mr. Knight, but I am not sure.
4) Question 1: What are the primary traits which made you different from everyone else? What skills ultimately guided your journey and success? - I would ask this question because I would want to know what traits does Mr. Knight value the most and which influenced his success.
Question 2: What advice would you give to those who want to achieve goals that seem unachievable? I would ask this question because sometimes your dreams may seem like such a reach that you don't ever go after them, however anything is possible.
5) I think Mr. Knight's opinion of hard work would be believing in yourself and finding a way even when no one else believes in you. Yes, I do share same this same thought process. I think self-confidence is an extremely important tool to have for anything you do in life. You have to believe in yourself before anyone else will believe in you.
1) The thing that surprised me the most was that Phil's father actually gave him his blessing and some cash for him to travel the world at the age of 24. At this time, the United States was not on good terms with Japan and this was one of the places that Phil wanted to visit on his trip. I thought that his father would have highly disapproved this trip so far away from home to a place that could be extremely dangerous to Phil. Also, aside from his father, the majority of individuals in his inner circle highly disapproved of Phil going on this worldwide adventure. His father mentioned that he wished he had traveled more when he was younger, so it seems that he wanted his son to experience something that he did not get a chance to experience. I can imagine that this was a very tough decision for his father to make, however, he decided to allow his son to do what he thought was best for him and allowed him to have experiences of his own. The thing that I most admired about Mr. Knight was that he referred to his idea as a "crazy idea" and he knew that everyone else thought his idea was crazy and unattainable but this didn't stop him from pursuing it. He used all of the rejection that he experienced throughout his life as fuel to create something extraordinary. He knew that he didn't want to take the simple and easy path that everyone else took, he wanted to have an impact on the world and do something remarkable. He wanted to be someone different, someone who would leave their mark on the world. I truly admired this about Mr. Knight. I did not admire Mr. Knight negotiation skills. However, I do understand that this is one set of traits that can be extremely difficult to become proficient in. Negotiation skills is definitely a skill set that I need to improve and work on. Mr. Knight did encounter much adversity and failure throughout his life. One stretch of adversity that he endured was his sense of loneliness throughout his trip. He was far, far away from home and did not have many people to call friends or family. Being isolated for a significant amount of time can take a toll on your mental health. This was something that very difficult for Mr. Knight to deal with during the early stages of his journey.
2) One competency that Mr. Knight exhibited was the ability to think outside of the box. Every time someone brought him an idea or he thought of an idea, he wanted to it be something that no one else has thought of. He wanted his ideas to be significantly different than others. He wanted his ideas to be able to impact the entire world. Another competency that Mr. Knight exhibited was resiliency. His journey came with many failures, but he still found a way to overcome those failures and keep pushing. The majority of people laughed in his face when he described his idea to them. He didn't have many supporters when he decided to venture around the world. He didn't have anyone right next to him when times started getting hard. He still managed to persevere and find a way to push through.
3) One part of the reading that was one confusing to me was that when Mr. Knight began his journey, his friend Carter embarked on the journey with him. However, I am not sure what happened to Carter after this. I would think that he stayed on the journey with Mr. Knight, but I am not sure.
4) Question 1: What are the primary traits which made you different from everyone else? What skills ultimately guided your journey and success? - I would ask this question because I would want to know what traits does Mr. Knight value the most and which influenced his success.
Question 2: What advice would you give to those who want to achieve goals that seem unachievable? I would ask this question because sometimes your dreams may seem like such a reach that you don't ever go after them, however anything is possible.
5) I think Mr. Knight's opinion of hard work would be believing in yourself and finding a way even when no one else believes in you. Yes, I do share same this same thought process. I think self-confidence is an extremely important tool to have for anything you do in life. You have to believe in yourself before anyone else will believe in you.
Assignment 14A- Halfway Reflection
1) There are many behaviors that I have used and/or developed to keep up with the requirements of this course. One strategy that I have used this semester is to not get behind in watching the lecture videos. I set aside at least one day of the week to simply watch the online lectures. Due to this class being online, one can easily fall behind with the online lectures. Also, there is roughly about 4 hours of video lectures per week. This may not seem like a lot, but when one is sitting down watching consecutive lectures, 4 hours can be a long time. Therefore, I like to begin watching the lectures early in the morning and spread them out throughout the entire day so that I'm not sitting in a chair watching 4 consecutive hours of lectures. This can be an exhausting process. Another behavior that I have used throughout this semester is to look over the upcoming assignments about one week in advance. Some of the assignments require more time and effort than others, so it can be helpful if one has a general idea of how much time will be needed to complete the assignments. Also, many of the assignments for this course require you to do work in the real world instead of simply writing down answers. Therefore, if one is aware that they have to do this, it can be a much easier task if one has additional time to do it. Also, I take notes when I am watching the lectures instead of simply just watching them. Many times, the lectures will include information or details on how to do the upcoming assignments, this can be very beneficial when one is doing the assignment. Also, taking notes on the lecture will make the weekly quizzes much easier to do.
2) During the moments when I've felt like giving up, I simply like to step away from what I am doing and rest my mind. The daily stress and requirements that come with being a college student can really wear you out and cause a great amount of stress. During moments like these, I simply ask myself "what good will it do me if I do not do what I am supposed to do or should do". For example, it will not benefit me if I decide to not do an assignment or not study for an exam. This will only make it harder for me at the end of the semester. Also, there is a good chance that I will end up regretting the decision I made if I decided not to do something simply because I was feeling down. There are always moments in life where we are just not into it and don't feel like doing anything, however, we have to find a way to persevere and get through the situation. It is not going to be easy, but it is not impossible either. Yes, I do feel like I have developed a tenacious attitude throughout this semester.
3) One tip that I would offer is to give your best effort in everything you do. If one knows that they tried their hardest and gave it all they had, it can be easier to overcome a tough situation. It will make it easier to sleep at night if you know you tried your hardest, but things just didn't go your way this time. Another tip I would offer is to think about the long-term investments of your current actions. Many times, we don't want to do things today because their isn't an immediate payoff or an immediate reward. However, many of the things you do in college are setting you up for success in the future. This is a hard concept to buy into, but if one is able to buy into it, it will make it much easier to perform actions that you may not feel like doing. Lastly, I would tell the students to challenge themselves. One of the hardest things to do in college and life in general is to step outside of your comfort zone and challenge yourself. It can be so easy to get used to doing the same thing everyday and going through the motions. However, I believe that it is essential to have new experiences and challenge yourself in various situations. This can lead to growth and opportunities that you never knew existed.
2) During the moments when I've felt like giving up, I simply like to step away from what I am doing and rest my mind. The daily stress and requirements that come with being a college student can really wear you out and cause a great amount of stress. During moments like these, I simply ask myself "what good will it do me if I do not do what I am supposed to do or should do". For example, it will not benefit me if I decide to not do an assignment or not study for an exam. This will only make it harder for me at the end of the semester. Also, there is a good chance that I will end up regretting the decision I made if I decided not to do something simply because I was feeling down. There are always moments in life where we are just not into it and don't feel like doing anything, however, we have to find a way to persevere and get through the situation. It is not going to be easy, but it is not impossible either. Yes, I do feel like I have developed a tenacious attitude throughout this semester.
3) One tip that I would offer is to give your best effort in everything you do. If one knows that they tried their hardest and gave it all they had, it can be easier to overcome a tough situation. It will make it easier to sleep at night if you know you tried your hardest, but things just didn't go your way this time. Another tip I would offer is to think about the long-term investments of your current actions. Many times, we don't want to do things today because their isn't an immediate payoff or an immediate reward. However, many of the things you do in college are setting you up for success in the future. This is a hard concept to buy into, but if one is able to buy into it, it will make it much easier to perform actions that you may not feel like doing. Lastly, I would tell the students to challenge themselves. One of the hardest things to do in college and life in general is to step outside of your comfort zone and challenge yourself. It can be so easy to get used to doing the same thing everyday and going through the motions. However, I believe that it is essential to have new experiences and challenge yourself in various situations. This can lead to growth and opportunities that you never knew existed.
Friday, October 5, 2018
Assignment 11A- Idea Napkin
1) My name is Prince Powell and I'm a 3rd year Sport Management major. My talents are playing basketball, bowling, and working on improving other aspects in my life. I have a plethora of experience in customer service and retail roles. I've also been involved with the sales aspect of retail as a sales associate. My aspirations are to obtain my master's degree and find an employment opportunity within the collegiate or professional basketball industry. If I were to start my business, I see it playing an important part in my life, because this situation plays an important role in my life today. Therefore, I believe that I will be focused and determined to help others achieve their goal.
2) My solution is to offer an workshop or course for students to take which will be required for them to graduate. This class or workshop will teach individuals about a plethora of aspects surrounding their financial opportunities and strategies. It is not designed too take up a lot of time, but it is designed to deliver essential information to the students that will better their future.
3) The primary customers for my product will be college students who are struggling to save money for various reasons. An essential theme with this primary target market is that they are struggling to save money. It is not that they don't want too or are not making an effort, but they need additional help and advice to take the necessary steps.
4) Customers will pay money for this product because they will look at it as an investment. It is in investment, on themselves and on their future. This minor setback can set one up for great success in their future. I will invest my time and resources for them and give them the tools and resources that they need to achieve their goals.
5) One thing that sets me apart from everyone else is that I am currently experiencing the same issues as those that I'm going to help. I know what they are going through and I can directly relate to their problems. This firsthand experience will give me information necessary to connect directly with my customers.
The elements that I believe fit together are my customers and their reasoning for having this unmet need. Many of the individuals will have similar concerns and problems regarding this unmet need. I also believe that many students will want to enroll in this course because college students want value from the courses that they are paying for. This course can be very impactful for all students who enroll in the class. The aspect of my product that may be weaker than the others is what sets me apart from everyone else, I need to ensure that I'm offering essential information and tools which may be life changing. It cannot be the same advice and strategies that everyone gives to everyone else, it needs to be different.
2) My solution is to offer an workshop or course for students to take which will be required for them to graduate. This class or workshop will teach individuals about a plethora of aspects surrounding their financial opportunities and strategies. It is not designed too take up a lot of time, but it is designed to deliver essential information to the students that will better their future.
3) The primary customers for my product will be college students who are struggling to save money for various reasons. An essential theme with this primary target market is that they are struggling to save money. It is not that they don't want too or are not making an effort, but they need additional help and advice to take the necessary steps.
4) Customers will pay money for this product because they will look at it as an investment. It is in investment, on themselves and on their future. This minor setback can set one up for great success in their future. I will invest my time and resources for them and give them the tools and resources that they need to achieve their goals.
5) One thing that sets me apart from everyone else is that I am currently experiencing the same issues as those that I'm going to help. I know what they are going through and I can directly relate to their problems. This firsthand experience will give me information necessary to connect directly with my customers.
The elements that I believe fit together are my customers and their reasoning for having this unmet need. Many of the individuals will have similar concerns and problems regarding this unmet need. I also believe that many students will want to enroll in this course because college students want value from the courses that they are paying for. This course can be very impactful for all students who enroll in the class. The aspect of my product that may be weaker than the others is what sets me apart from everyone else, I need to ensure that I'm offering essential information and tools which may be life changing. It cannot be the same advice and strategies that everyone gives to everyone else, it needs to be different.
Assignment 12A- Buyer Behavior
The market segment I chose to focus on for this exercise is male college students ranging from age 18-25. One important aspect of my interviews was to get my interviewees in a state where they could fully analyze the various aspects of the unmet need. I wanted them to imagine themselves in the exact situation where their unmet need may arise. One of my interviewees discussed how the need arises whenever they would like to go grocery shopping or buy something off campus. All of my interviewees mentioned food or groceries in one way or another throughout the conversation. During my second interview, the interviewee noted that the need for saved up money often occurs during when one is attempting to make trips back home. Between gas, food, etc., going back home or somewhere else can require a good amount of money. I can definitely relate to this because I've experienced this type of scenario on numerous occasions when going back to my hometown. Another common theme throughout my interviews was the concern for the future. Each individual discussed retirement, vacations, emergencies, etc. as very important reasons for having this unmet need.
One of the interviewees was unemployed, so his first step is to ask his parents for some additional funds. This may not be a direct solution to the unmet need, but it is their first step. Also, from time to time, he searches Google looking for additional side opportunities to gain income. Their search terms revolve around "ways to make extra money" and things of that nature. The second interviewee is employed, so their initial solution is to transfer money from their checking to their savings account. This doesn't have to be for a special occasion, sometimes it just happens once the need arises. They do not normally talk to friends or relatives about this situation, they simply try to handle it on their own. Lastly, the third interviewee stated that they often attempt to work extra hours at work to bring in additional income. They have considered getting a second job, but understand that it will probably be too much with school.
Throughout my interviews, I have learned that the situation one is in can drastically alter one's approach to their unmet need. Each individual has their own unique way of dealing with their unmet need. I've also learned that many individuals want to attack their unmet need, but do not take the action to do so. They may have ideas and thoughts about it, but they do not take the steps necessary to find a solution to the problem. I would describe this segment as understanding their need awareness but somewhat struggling with their information search. Taking action on the potential solution is a common theme within this unmet need.
One of the interviewees was unemployed, so his first step is to ask his parents for some additional funds. This may not be a direct solution to the unmet need, but it is their first step. Also, from time to time, he searches Google looking for additional side opportunities to gain income. Their search terms revolve around "ways to make extra money" and things of that nature. The second interviewee is employed, so their initial solution is to transfer money from their checking to their savings account. This doesn't have to be for a special occasion, sometimes it just happens once the need arises. They do not normally talk to friends or relatives about this situation, they simply try to handle it on their own. Lastly, the third interviewee stated that they often attempt to work extra hours at work to bring in additional income. They have considered getting a second job, but understand that it will probably be too much with school.
Throughout my interviews, I have learned that the situation one is in can drastically alter one's approach to their unmet need. Each individual has their own unique way of dealing with their unmet need. I've also learned that many individuals want to attack their unmet need, but do not take the action to do so. They may have ideas and thoughts about it, but they do not take the steps necessary to find a solution to the problem. I would describe this segment as understanding their need awareness but somewhat struggling with their information search. Taking action on the potential solution is a common theme within this unmet need.
Friday, September 28, 2018
Assignment 9A- Testing the Hypothesis Part 2
One group of individuals who do not have the unmet need I described earlier are students who have retirement plans, 401K plans, savings account, etc. already in place to help them save for the future. These monetary saving systems may have been established by parents or the respective individual themselves. However, these individuals do not have the same need as those from my original opportunity. This is not a need for them because they feel that they already have this need under control. They have a system in place which is allowing them to save money, which decreases the value of my opportunity to them because it is not seen as an opportunity for them. Another group of individuals who are outside the boundary are those who simply do not want to save money or do not have the desire/need to do so. This may be a small percentage of individuals, but one of my interviewees simply did not have a desire to save money. They preferred to focus on today and not look too far ahead because tomorrow is never promised. They simply preferred to take it one day at a time and not worry about the future. Lastly, the underlying cause for the first group of outsiders' need is not entirely different from those who are inside the boundary. They are performing a similar course of action that those inside the boundary would like to pursue, however they actually have a system in place which allows them to do so. Furthermore, this is the slight difference which causes their need to be different from those inside the boundary.
Inside The Boundary:
Who is in: College students with no system in place to help them achieve their desired need.
What The Need Is: Saving money
Why The Need Exists: Expenses of college student life, family and individual responsibilities, irresponsible use of finances, socioeconomic status
Outside The Boundary:
Who Is not: Those with a system already in place, those who simply do not have a desire for the unmet need.
What The Need Is Not: The need is not a want for immediate additional finances, it is a need to be better prepared for the future.
Alternative Explanations: The underlying cause is not significantly different, with the exception of those who simply do not have the desire for the unmet need.
Inside The Boundary:
Who is in: College students with no system in place to help them achieve their desired need.
What The Need Is: Saving money
Why The Need Exists: Expenses of college student life, family and individual responsibilities, irresponsible use of finances, socioeconomic status
Outside The Boundary:
Who Is not: Those with a system already in place, those who simply do not have a desire for the unmet need.
What The Need Is Not: The need is not a want for immediate additional finances, it is a need to be better prepared for the future.
Alternative Explanations: The underlying cause is not significantly different, with the exception of those who simply do not have the desire for the unmet need.
Friday, September 21, 2018
Assignment 8A- Solving The Problem
My selected opportunity involves the desire for college students to save and budget their finances efficiently. However, this can become a hassle when one tries to overcome the obstacles presented for a college student. I understand that there are numerous websites, books, and apps that provide financial advice for various individuals. Therefore, I understand that if I focus my product/service around the themes mentioned above, it would have to be significantly different or better than the other products in the same category. Furthermore, my focus is on the visibility of this financial information to a college student on a daily basis. My idea is to integrate some type of course or workshop into the student's curriculum which will be a mandatory requirement for all students. This course or workshop can be held once or twice a week and will dive into various tactics that can be implemented into one's lifestyle to help them manage their finances more efficiently. My idea places an emphasis on sending the information to the students and making it visible to them, not just providing the information for them.
Assignment 7A- Testing the Hypothesis
Saving money for college students is a task that comes with much difficulty. Due to school expenses, life necessities, bills, etc., saving money can seem like an almost impossible task for many college students. I believe that many students are not engulfed with financial tips and resources on a daily basis, which can make the process even more difficult. Financial worries are a serious concern for students all around the world. I believe that an opportunity exist in this field.
Who: College Students
What: College students struggle to save and budget their money properly each and every day.
Why: The expenses of being a college student make it extremely difficult for students to manage their finances efficiently. Many students either don't have much experience managing their own money or simply are too irresponsible to do it properly. Also, I do not think that tips about financial management skills are visible enough for students. I understand that there are a plethora of strategies available, but I do not feel that this information is promoted to students like it should be.
Testing the Who: There are a plethora of individuals who have this need outside of those mentioned above. These individuals range from middle aged men and women, elderly individuals, people who are currently retired, and many more. The who in my opportunity focuses primarily on college students, however, there are a plethora of individuals who may have this exact same concern.
Testing the What: Do all college students struggle to save money or just those who spend their money recklessly? What portion of students have financial problems in relation to the entire student body? Are there certain schools or regions that seem to have this issue more apparent than others? What is the criteria for "struggling" to save or budget money?
Testing the Why: The why that I have identified holds true for many students, but not all of them. Some students do not have any additional funds aside from what their school gives them for tuition, therefore they have no resources to save or budget. Others may attribute their situation to the difficulty of finding employment. Some campuses offer a plethora a job opportunities, but the competition may be very stiff, due to the excellent array of students attending the school. Also, for some students, financial situations may be attributed to socioeconomic status and family background. Many students take care of themselves while continuing to help their family back home.
After extensively interviewing a diverse group of individuals, I found that the boundaries of my hypothesis extended further out then I imagined. There are so many different variables that must be accounted for when assessing a situation of this nature. I interviewed three college students and two individuals who were not in school. I felt that it was important for me to examine how individuals felt about this information when school was not a part of their lives. This provided me with a way to compare and examine how the responses differed or remained the same for each individual. It also allowed me to take into account the adult life circumstances of an older individual compared to the adult life circumstances of a college student. Much of the information gathered from my interviews is mentioned throughout the boundary portion of this exercise, the boundary test forced me to critically analyze my opportunity. After my interviews, I noticed that many individuals do not have the confidence in themselves to attempt to save money. This was an aspect of my opportunity that I did not realize in the beginning.
Testing the What: Do all college students struggle to save money or just those who spend their money recklessly? What portion of students have financial problems in relation to the entire student body? Are there certain schools or regions that seem to have this issue more apparent than others? What is the criteria for "struggling" to save or budget money?
Testing the Why: The why that I have identified holds true for many students, but not all of them. Some students do not have any additional funds aside from what their school gives them for tuition, therefore they have no resources to save or budget. Others may attribute their situation to the difficulty of finding employment. Some campuses offer a plethora a job opportunities, but the competition may be very stiff, due to the excellent array of students attending the school. Also, for some students, financial situations may be attributed to socioeconomic status and family background. Many students take care of themselves while continuing to help their family back home.
After extensively interviewing a diverse group of individuals, I found that the boundaries of my hypothesis extended further out then I imagined. There are so many different variables that must be accounted for when assessing a situation of this nature. I interviewed three college students and two individuals who were not in school. I felt that it was important for me to examine how individuals felt about this information when school was not a part of their lives. This provided me with a way to compare and examine how the responses differed or remained the same for each individual. It also allowed me to take into account the adult life circumstances of an older individual compared to the adult life circumstances of a college student. Much of the information gathered from my interviews is mentioned throughout the boundary portion of this exercise, the boundary test forced me to critically analyze my opportunity. After my interviews, I noticed that many individuals do not have the confidence in themselves to attempt to save money. This was an aspect of my opportunity that I did not realize in the beginning.
Friday, September 14, 2018
Assignment 6A- Opportunities in Economic & Regulatory Trends
1) Legalized Sport Betting (Regulatory)
- www.nba.com/article/2018/05/21/morning-tip-nba-prepares-sports-betting
- I believe that there is an opportunity in this field because many entities are trying to get involved and get their piece of the pie because they know that this ruling will cause the sport world to expand. The teams, players, coaches, leagues, etc. all want a cut and a piece of the pie. This is a multi-billion dollar industry and many individuals are trying to find a way in through this ruling.
- Stakeholders of the professional leagues and fans could potentially be customers for this opportunity.
- Due to complexity of professional sport leagues, I do believe that it will be difficult to exploit this opportunity. I think that one will need to have an inside connection or some type of relationship that gives them a pathway to take advantage of this opportunity.
- I have a true passion for sports, so I have been following this story for the past year or so. Also, I have witnessed how people enjoy gambling on sports. People love supporting their favorite team while trying to win money as well.
2) Nike advertisement supporting Colin Kaepernick (Economic)
- https://www.cnbc.com/2018/09/14/nikes-kaepernick-ad-should-fuel-sales-as-retailer-knows-its-consumer.html
- This opportunity was first witnessed on a television advertisement for Nike.
- There has been much discussion regarding how this decision will impact Nike's business and sales. Numerous fans have recorded themselves burning their Nike apparel and shoes. This could potentially cause division between the National Football League and Nike. Also, there is a lot of political attention surrounding this advertisement. This information leads me to believe that an opportunity exist.
- Other apparel companies such as Adidas, Under Armour, and Jordan could be potential customers for this opportunity.
- This opportunity may be difficult to exploit due to the elite status of Nike's brand and their position as the top sport apparel company in the world. It may be difficult to persuade Nike's loyal customers to switch to another brand. Also, they have big name celebrities and athletes who support their brand.
- From experience, I know that trends are important to people. Everyone wants to be up to date and have what is in style. I recently worked for Hibbett Sports and I noticed that during certain times, the customers would all buy similar items that were in style at the time. This just shows how individuals love to be in style and up to date with the current trends.
3) MLB Must End Teams Purposely Keeping Out Baseball's Biggest Phenoms (Regulatory)
- https://bleacherreport.com/articles/2795126-mlb-must-end-teams-purposely-keeping-baseballs-biggest-phenoms-out?utm_source=cnn.com&utm_medium=referral&utm_campaign=editorial
- The MLB is a major sporting industry that is worth a lot of money. The fans love to watch young talent grow and mature into the best players they can be. However, due to a concept referred to as "service-time manipulation", much of baseball's best talent is kept in the minor leagues for longer than they would like to be. This issue affects minor league players and in the players in the professional league as well. Many discussions have already began regarding changes to the future collective bargaining agreement (CBA). As witnessed in the NBA and NFL, the athletes want freedom and the ability to be mobile throughout their careers.
- The prototypical customers would be MLB players and Minor League players as well.
- This opportunity may be difficult to exploit because there are so many people involved with the CBA. There will be a plethora of players and owners voicing their opinions which will cause a lot of factors to be taken into consideration. Various individuals will be impacted due to changes to the collective bargaining agreement.
- I found this opportunity because I have seen how players in the NBA and NFL value their freedom and the ability to make their own choices without restrictions. Athletes truly value the ability to be mobile throughout the duration of their careers.
4) 6 Key Economic Trends for 2018 (Economic)
- https://commercial.jpmorganchase.com/pages/commercial-banking/executive-connect/six-key-economic-trends
- There are so many facilities and homes that get destroyed due to hurricanes and storms. Once the damage occurs, there is an extreme need for someone who can repair the damages. This opens up a plethora of opportunities in the construction field and many more occupations.
- Potential customers may be engineers, architects, construction workers, etc.
- This opportunity may be relatively easy to exploit because the demand will be a lot higher than the supply.
- Living through hurricanes has given me first-hand experience to the damages that can result from these severe storms. Many areas are left ruined for years before they get cleaned up and remodeled. This leads me to believe that an opportunity exist for this scenario.
Assignment 5A- Identifying Local Opportunities
1) Construction Company tried to hide that it cheated workers out of $111,000 in pay
- https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0910%21September%2B10&f=advanced&action=browse&format=text&docref=news/16E59CA56B07F5F0
- The construction company KBL Buildings owes more than $100,000 to over 100 employees due to shady bookkeeping methods.
- The article discusses how to company decided to pay $3 per hour instead of time-and-a-half for overtime.
- They attempted to cover up their violations by labeling the pay as travel pay and things that would not look shady at first glance. Their actions contradict the vital points mentioned in their mission statement.
- The employees and anyone who may be a stakeholder or involved with the organization.
2) Even after record storms, 1 in 5 Floridians say they won't evacuate for a Category 4
- https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0910%21September%2B10&f=advanced&action=browse&format=text&docref=news/16E5CDB0D7469E40
- Floridians are not taking the evacuation orders seriously and they are underestimating the impact that Hurricanes can potentially have on their lives. They believe that the storm won't be that bad or that insurance will take care of the damages when this is not always the case. Many believe they are not in a flood zone, but floods can occur anywhere.
- In the article, it discussed how the results from a questionnaire show that the residents who are in the most danger are the ones who aren't as prepared as they should be. Unfortunate insurance situations have resulted from previous hurricanes, but many residents still haven't learned from the experience. Also, the majority of survey takers stated that they do not have flood insurance. This is a big concern due to the fact that flooding normally comes along with hurricanes.
- Florida residents are the primary people who have this problem.
3) 75,000 a year with no benefits; no college needed...
- https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0910%21September%2B10&f=advanced&action=browse&format=text&docref=news/16E5CEFBB77A4D10
- There is an extreme need for trained workers in the electrical, carpenter, brick mason, and plumbing industries. Yet, local employers still struggle to fill jobs. Many individuals are not trained in fields of this nature and fear the risks associated with certain job positions. After gaining the correct amount of experience, the pay will be well above the median for most positions.
- The worker shortage is a simple concept of supply and demand. South Florida has been building and expanding, but there just isn't enough trained workers to meet the demand. The high level of complexity increases the skill set needed to perform jobs successfully. The shortage results in longer time periods for projects and higher labor costs. One issue is that people fear their job security in the construction industry. Also, the physical nature and stress that comes with the job often scares people away from the career field.
- Companies who are looking for trained plumbers, brick masons, carpenters, electricians, etc. have this shortage problem in South Florida.
4) Home Depot just recalled 210,000 of these hurricane helpers for possible shock hazard
- https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0912%21September%2B12&f=advanced&action=browse&format=text&docref=news/16E64565D4872468
- Home Depot is recalling a vacuum product which may pose a danger to those affected by the hurricane. The wiring may become mixed up which can cause shock hazard.
- The article discusses how the "on/off" switch can become dislodged and expose the wiring which creates a potential shock hazard for the consumers. The rain and hurricanes threaten to moisturize the floors and carpets which creates this issue.
- This is a problem for any customer in the area who has purchased the product.
5) Medical contractor nibbled almost $575,000 out of workers' paychecks. Now, it will pay.
- https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0912%21September%2B12&f=advanced&action=browse&format=text&docref=news/16E65A142EDB9EE8
- Orlando healthcare company wrongfully deducted money from the paychecks of a plethora of employees.
- The article discussed how investigators found that the Loyal Source Government Services company unlawfully subtracted $10 per paycheck from their employees for the administration of employee health and welfare benefits. They illegally deducted $142.08 per employee. Lastly, another government agency caught them illegally taking $574,989 from 4,097 workers' paychecks.
- Current employees, former employees, and stakeholders or those involved with the organization.
Friday, September 7, 2018
Assignment 4A- Forming An Opportunity Belief
1) I have a belief that an opportunity exist in regards to saving money. There are so many people around the world who want to save money for numerous reasons, but do not have the resources to do so. Many individuals want to save for a house, car, school, etc. As a college student, I witness firsthand how difficult it can be to budget and manage your finances properly. It really is not an easy thing to do, especially when one is trying to manage all other aspects of his or her life.
2) I believe there is an unmet need for individuals who want to save money, but do not have the resources to do so. This need can apply to a plethora of individuals in various scenarios. For many individuals, this need has been present since they entered into adulthood. For others, it may have existed before or after adulthood. Currently, people are opening savings accounts, placing money in secret stashes, or finding ways to obtain additional money. At this point, I am 70% sure that this opportunity exist.
3) The prototypical customer would be any individual who is attempting to save money, but is not aware of any methods or strategies to do so. This can range from individuals who are starting a family, those who are aiming to retire soon, or even college students.
4 & 6) Early 40's middle class female
1) What is the exact nature of the need?
- "For the future, emergency, vacation, retirement"
2) Do you experience the need all of the time or some of the time?
- "The need is experienced all of the time"
3) How long have you had the need?
- "Since I've had a family and engaged in the adult life"
4) When did you first become aware of the need?
- " When I wanted to take a vacation, but couldn't"
5) How are you currently addressing the need?
- " Need is not being addressed because not able to"
- " Not a priority compared to other things"
- " Would like to save money, but do not have the opportunity or chance"
6) How satisfied are you with this solution?
- "Not satisfied with this solution because not able to or have not found solution yet"
- " Budgeting is a possible solution"
Early 30's middle class female
1) What is the exact nature of the need?
- "For emergencies, the future, trips, retirement, lost of employment"
2) Do you experience the need all of the time or some of the time?
-"All the time because you just never know"
3) How long have you had the need?
-"For about 6 or 7 years"
4) When did you first become aware of the need? Why?
-"Needed to go to hospital for a week and was not able to get paid for it"
5) How are you currently addressing the need?
- "Certain amount of money comes out of account each pay period and into savings"
- "The money is not touched"
6) How satisfied are you with this solution?
- "Works for now, able to use money when needed"
- "Satisfied for now"
20 year old college male student
1) What is the exact nature of the need?
- "School, car, retirement, travel money once school is finished, emergencies"
2) Do you experience the need all of the time or some of the time?
- "Some of the time, it comes and goes"
3) How long have you had the need?
- " For about 3 to 4 years"
4) When did you first become aware of the need? Why?
- " During my senior year of high school, when I became responsible for my first bill"
5) How are you currently addressing the need?
- " Currently working to address the need"
6) How satisfied are you with this solution?
- " Not very satisfied, could be doing more to address the need"
5) Reflection: I learned that the primary reasons associated with my opportunity are vacations, retirement, and emergencies. I also learned that many individuals are not thinking about saving money during their teenage years. This may be because they are too busy spending the money or because their parents are enduring all of the financial responsibility. I also noticed that the younger individuals began practicing methods for saving and budgeting at an earlier stage in their life. Lastly, each individual had a true desire to save money, but also expressed how difficult it can be when dealing with the various aspects of life.
7) Summary: I believe that less of my original opportunity is still there. After my customer interactions, I do believe that my new opportunity is more accurate than when I started. I do believe that entrepreneurs should adapt their opportunities based on customer feedback. It is very important to cater to the needs and wants of one's customers. However, if one tries to adapt to every customer's opinion, one will be continuously changing their opportunity. Therefore, I do think that there is a trade-off between adapting and staying firm. Also, I think that one must set boundaries to avoid everlasting changes to the opportunity.
2) I believe there is an unmet need for individuals who want to save money, but do not have the resources to do so. This need can apply to a plethora of individuals in various scenarios. For many individuals, this need has been present since they entered into adulthood. For others, it may have existed before or after adulthood. Currently, people are opening savings accounts, placing money in secret stashes, or finding ways to obtain additional money. At this point, I am 70% sure that this opportunity exist.
3) The prototypical customer would be any individual who is attempting to save money, but is not aware of any methods or strategies to do so. This can range from individuals who are starting a family, those who are aiming to retire soon, or even college students.
4 & 6) Early 40's middle class female
1) What is the exact nature of the need?
- "For the future, emergency, vacation, retirement"
2) Do you experience the need all of the time or some of the time?
- "The need is experienced all of the time"
3) How long have you had the need?
- "Since I've had a family and engaged in the adult life"
4) When did you first become aware of the need?
- " When I wanted to take a vacation, but couldn't"
5) How are you currently addressing the need?
- " Need is not being addressed because not able to"
- " Not a priority compared to other things"
- " Would like to save money, but do not have the opportunity or chance"
6) How satisfied are you with this solution?
- "Not satisfied with this solution because not able to or have not found solution yet"
- " Budgeting is a possible solution"
Early 30's middle class female
1) What is the exact nature of the need?
- "For emergencies, the future, trips, retirement, lost of employment"
2) Do you experience the need all of the time or some of the time?
-"All the time because you just never know"
3) How long have you had the need?
-"For about 6 or 7 years"
4) When did you first become aware of the need? Why?
-"Needed to go to hospital for a week and was not able to get paid for it"
5) How are you currently addressing the need?
- "Certain amount of money comes out of account each pay period and into savings"
- "The money is not touched"
6) How satisfied are you with this solution?
- "Works for now, able to use money when needed"
- "Satisfied for now"
20 year old college male student
1) What is the exact nature of the need?
- "School, car, retirement, travel money once school is finished, emergencies"
2) Do you experience the need all of the time or some of the time?
- "Some of the time, it comes and goes"
3) How long have you had the need?
- " For about 3 to 4 years"
4) When did you first become aware of the need? Why?
- " During my senior year of high school, when I became responsible for my first bill"
5) How are you currently addressing the need?
- " Currently working to address the need"
6) How satisfied are you with this solution?
- " Not very satisfied, could be doing more to address the need"
5) Reflection: I learned that the primary reasons associated with my opportunity are vacations, retirement, and emergencies. I also learned that many individuals are not thinking about saving money during their teenage years. This may be because they are too busy spending the money or because their parents are enduring all of the financial responsibility. I also noticed that the younger individuals began practicing methods for saving and budgeting at an earlier stage in their life. Lastly, each individual had a true desire to save money, but also expressed how difficult it can be when dealing with the various aspects of life.
7) Summary: I believe that less of my original opportunity is still there. After my customer interactions, I do believe that my new opportunity is more accurate than when I started. I do believe that entrepreneurs should adapt their opportunities based on customer feedback. It is very important to cater to the needs and wants of one's customers. However, if one tries to adapt to every customer's opinion, one will be continuously changing their opportunity. Therefore, I do think that there is a trade-off between adapting and staying firm. Also, I think that one must set boundaries to avoid everlasting changes to the opportunity.
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