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.
Assignment 3A- Entrepreneurship Story
During my high school years, I was a member of a group called Links 2 Success. The founder of this organization, Ashley Coone, created a project to reopen a monumental recreation center in our community. This project was known as the Smith Brown Community Foundation project. This gym played a significant role during the childhood of my parents and much of the older community. Me and my friends used to go this gym when we were younger to play basketball or watch the adults play basketball. This center means a lot to everyone in our community. Unfortunately, this gym was shut down several years ago. In our program, we volunteered to clean up and try to improve the appearance of the gym. We also participated in fundraisers to raise money to get the project up and running. This experience was something that had a huge impact on me. To be a part of something like this was a breathtaking experience. To be a part of something bigger than myself gave me an indescribable feeling. It was amazing to watch the project grow more and more each day. This is an experience that I will always carry with me.
I enrolled in this course because I developed an interest for entrepreneurship, but I do not have much knowledge on the topic. I wasn't aware of the daily operations that an entrepreneur must endure. I also developed an interest in finding out what it takes to become an entrepreneur. Throughout this course, I hope to expand my horizons and discover if I would like to further my education on the concept of entrepreneurship. Also, I hope to have a plethora of knowledge about the concepts and ideas surrounding entrepreneurship.
I enrolled in this course because I developed an interest for entrepreneurship, but I do not have much knowledge on the topic. I wasn't aware of the daily operations that an entrepreneur must endure. I also developed an interest in finding out what it takes to become an entrepreneur. Throughout this course, I hope to expand my horizons and discover if I would like to further my education on the concept of entrepreneurship. Also, I hope to have a plethora of knowledge about the concepts and ideas surrounding entrepreneurship.
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