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.