Economic Trends
1)
-I believe there is an opportunity in creating more environmentally friendly backpacks.
-Consumers are starting to trend toward being more environmentally conscious when making their purchasing decisions.
-I believe that this means there is market potential for a variety of eco-friendly products, especially those centered around younger generations.
-I think the prototypical customer would most likely be younger high school and college students.
-I think the opportunity would be relatively easy to exploit because of the huge increase in attention toward environmental protection.
-I believe I saw this opportunity because I am around other students and people my age. I see what people my age, especially students, care about and am able to see this opportunity based off that.
2)
-I believe there is an opportunity in creating efficient infrastructure methods.
-Infrastructure has become a huge focus of today's economy, especially with the ever increasing number of people.
-I believe this means there is market potential for any product or process that can make the infrastructure building process more efficient or better in some way, because it is becoming increasingly important to build infrastructure quickly.
-The prototypical customer would most likely be local or state governments in need of creating infrastructure.
-I think the opportunity may be difficult to exploit, because it deals more with selling to the government than to actual consumers, and government contracts can be difficult to get.
-I believe I saw this opportunity because of the information I've seen about our country's infrastructure. I know it's a huge issue that is gaining importance, so I was able to see this opportunity.
Regulatory Changes
1)
-I believe there is an opportunity in creating construction hard hats with sensors that identify when they enter the construction site, letting supervisors know if workers have brought their hard hats or not.
-New regulatory changes have increased penalties associated with safety violation in construction, and one of the major violations includes workers not wearing hard hats.
-I believe there is market potential, because construction companies want to make sure they do not experience safety violations more than ever.
-The prototypical customer would be construction firms.
-I think the opportunity would be relatively easy to exploit, because there hasn't been anything created like it before.
-I believe I saw this opportunity because of my major. I am a construction management major and was aware of there regulatory changes.
2)
-I believe there is an opportunity in creating a glove for sanitary purposes that can be worn comfortably for long periods of time.
-New regulatory changes have caused at least three states to be required to pay workers sick leave.
-I believe there is market potential, because businesses will want to reduce the risks of spreading sickness to reduce the risk of their employees taking paid leave.
-The prototypical customer would be any business in these states.
-I think the opportunity would be relatively hard to exploit, because there is a lot of competition in this product area.
-I believe I saw this opportunity because I researched new regulatory changes, so I saw these new laws.
Friday, January 25, 2019
Identifying Local Opportunities
Stories
1. Sheriff: Need for 911 operators continues
-https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AGSGB%21Gainesville%2BSun%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0112%21January%2B12&f=advanced&action=browse&format=text&docref=news/170F2FA019353F40
-Alachua County has had major difficulties filling telecommunicator (911 operator) positions, despite offering a $5,000 dollar reward upon application completion. Darnell, Alachua County's sheriff, thinks this lag may be due to the job's downfalls. Telecommunicators have to sometimes work undesirable shifts and must be able to deal with extreme pressure.
-The Combined Communications Center is having this problem.
2. City to explore open-container law for UF game days
-https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AGSGB%21Gainesville%2BSun%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0908%21September%2B08&f=advanced&action=browse&format=text&docref=news/16E59E110BCB4980
-There is heated debate whether open containers with alcohol and the push back of bar closing times should be allowed during UF game days. It is argued that the law changes would have little safety impact because of the ability of adults to handle themselves, but the other side counters that these changes would cause serious safety concerns. The city commission passed a motion to further explore the issue.
-The Gainesville City Commission is having this problem.
3. Gainesville, county seek options to end homeless encampment
-https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AGSGB%21Gainesville%2BSun%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A1213%21December%2B13&f=advanced&action=browse&format=text&docref=news/170503AD6943DF90
-Gainesville and Alachua County as a whole have a huge homeless problem. After passing the deadline set to solve the issue by more than three years, officials are eager to solve the problem. Many of these local homeless people live in Dignity Village, a tent camp, and city officials want to get ride of this encampment and find these people other homes. Some of the plans to fix this problem include buying apartments and seeking more state funding.
-Alachua County is having this problem.
4. Election officials confused on how to give felons the vote
-https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AGSGB%21Gainesville%2BSun%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A1204%21December%2B04&f=advanced&action=browse&format=text&docref=news/170255ADA4648B28
-Florida has allowed for convicted felons who have finished serving their sentences to vote. State officials do not feel like the government is working cooperatively enough to organize and vet these felons' records. Only certain crimes bar people from the right to vote after sentences have been served, so it is important to accurately organize the information about convicted felons. Until better cooperation can be attained, the process has been put on pause.
-Florida voting agencies are having this problem.
5. GRU planning hike in rates
-https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AGSGB%21Gainesville%2BSun%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0711%21July%2B11&f=advanced&action=browse&format=text&docref=news/16D27C31B27D7DC8
-GRU is experiencing rising production costs that are challenging its success as a business. To combat these rising prices, the company is requesting to raise its rates for the third year in a row. Not only is GRU experiencing rising costs, but the local community faces the collateral damage in the form of higher monthly bills. Nearly 100,000 electric bills will raise by at least 2% in 2019.
-GRU and the Gainesville community are having this problem.
1. Sheriff: Need for 911 operators continues
-https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AGSGB%21Gainesville%2BSun%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0112%21January%2B12&f=advanced&action=browse&format=text&docref=news/170F2FA019353F40
-Alachua County has had major difficulties filling telecommunicator (911 operator) positions, despite offering a $5,000 dollar reward upon application completion. Darnell, Alachua County's sheriff, thinks this lag may be due to the job's downfalls. Telecommunicators have to sometimes work undesirable shifts and must be able to deal with extreme pressure.
-The Combined Communications Center is having this problem.
2. City to explore open-container law for UF game days
-https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AGSGB%21Gainesville%2BSun%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0908%21September%2B08&f=advanced&action=browse&format=text&docref=news/16E59E110BCB4980
-There is heated debate whether open containers with alcohol and the push back of bar closing times should be allowed during UF game days. It is argued that the law changes would have little safety impact because of the ability of adults to handle themselves, but the other side counters that these changes would cause serious safety concerns. The city commission passed a motion to further explore the issue.
-The Gainesville City Commission is having this problem.
3. Gainesville, county seek options to end homeless encampment
-https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AGSGB%21Gainesville%2BSun%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A1213%21December%2B13&f=advanced&action=browse&format=text&docref=news/170503AD6943DF90
-Gainesville and Alachua County as a whole have a huge homeless problem. After passing the deadline set to solve the issue by more than three years, officials are eager to solve the problem. Many of these local homeless people live in Dignity Village, a tent camp, and city officials want to get ride of this encampment and find these people other homes. Some of the plans to fix this problem include buying apartments and seeking more state funding.
-Alachua County is having this problem.
4. Election officials confused on how to give felons the vote
-https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AGSGB%21Gainesville%2BSun%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A1204%21December%2B04&f=advanced&action=browse&format=text&docref=news/170255ADA4648B28
-Florida has allowed for convicted felons who have finished serving their sentences to vote. State officials do not feel like the government is working cooperatively enough to organize and vet these felons' records. Only certain crimes bar people from the right to vote after sentences have been served, so it is important to accurately organize the information about convicted felons. Until better cooperation can be attained, the process has been put on pause.
-Florida voting agencies are having this problem.
5. GRU planning hike in rates
-https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AGSGB%21Gainesville%2BSun%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0711%21July%2B11&f=advanced&action=browse&format=text&docref=news/16D27C31B27D7DC8
-GRU is experiencing rising production costs that are challenging its success as a business. To combat these rising prices, the company is requesting to raise its rates for the third year in a row. Not only is GRU experiencing rising costs, but the local community faces the collateral damage in the form of higher monthly bills. Nearly 100,000 electric bills will raise by at least 2% in 2019.
-GRU and the Gainesville community are having this problem.
Friday, January 18, 2019
Forming an Opportunity Belief
1) My Belief: I believe there is opportunity for a cheaper fishing rod car rack/holder. This rack/holder holds fishing rods in place when being transported in cars/trucks and protects them from being tossed around, damaged, or tangled.
2) Description of My Belief: This need is for a fishing rod car rack/holder that is cheaper than ones currently offered. This would be accomplished through the use of less luxurious materials that still get the job done and are much cheaper to produce. Fishermen experience this need. This need has always existed, because there are no products like this that are affordable to the average person. To currently meet this need, some people who can afford current products are buying them while others are simply dealing with the problem of transporting fishing rods without a rack/holder. I am 80% sure this opportunity exists.
3) Customer 1:
What is the nature of this need?
-Fishing rod lines get tangled when bouncing around in a car or truck bed, and there are no current, reliable products under even $100.
When are you aware of the need?
-Never anymore because I purchased an expensive rack.
How long have you had the need?
-Since I started fishing.
When did you first become aware of this need?
-The first time I transported my rods and brought them out with tangled lines.
How are you currently dealing with this need?
-I have an expensive rack now.
Are you satisfied with your current solution?
-I am satisfied now, but I couldn't buy one for a long time when I didn't have the money.
Customer 2:
What is the nature of this need?
-I do not want to spend the money to buy an expensive rack.
When are you aware of the need?
-I think about it most times I have to bring my rods around.
How long have you had the need?
-From the first few times i fished.
When did you first become aware of this need?
-I've always been aware its a pain to carry around fishing rods.
How are you currently dealing with this need?
-I am just dealing with it right now.
Are you satisfied with your current solution?
-No I would like to be able to buy a much cheaper rack.
Customer 3:
What is the nature of this need?
-I do not have enough money to spend on a rack right now.
When are you aware of the need?
-Every time I go fishing.
How long have you had the need?
-Since I started fishing a lot, so for a few years.
When did you first become aware of this need?
-As soon as i started driving and saw my fishing rods flying around.
How are you currently dealing with this need?
-I try to make a makeshift rack to hold my fishing rods down.
Are you satisfied with your current solution?
-I can work it out for the time being, but I would definitely want to eventually buy a rack.
4)Reflect:
- I learned that my opportunity is definitely real, but it's applicable to a more specific demographic than I initially thought. The older people that I came across generally had enough money to where they did not mind paying for a fishing rod rack already on the market. However, younger people who were into fishing didn't usually have enough money to want to buy a rack, so they just deal with the problem. This is illustrated by my second 2 interviews, both with younger people around my age. The most surprising thing I learned is that most people who actually fish are well aware of this problem, and this is surprising because I did not really expect everyone to think it was a problem.
5)Summarize:
-I think most of my original opportunity is still there. Aside from older, more financially stable people, most people who fish are experiencing or are aware of this problem.
-I do believe my new opportunity is a little more accurate, because I was able to see what actual potential customers thought about the need/problem. My opportunity is now slightly lesser, but definitely more accurate.
-I think entrepreneurs should heavily adapt to customer feedback. Customers are who determine the success of entrepreneurs, so it is very important to carefully listen to them. Staying too firm on your original ideas while ignoring customer feedback will lead to a decrease in success.
2) Description of My Belief: This need is for a fishing rod car rack/holder that is cheaper than ones currently offered. This would be accomplished through the use of less luxurious materials that still get the job done and are much cheaper to produce. Fishermen experience this need. This need has always existed, because there are no products like this that are affordable to the average person. To currently meet this need, some people who can afford current products are buying them while others are simply dealing with the problem of transporting fishing rods without a rack/holder. I am 80% sure this opportunity exists.
3) Customer 1:
What is the nature of this need?
-Fishing rod lines get tangled when bouncing around in a car or truck bed, and there are no current, reliable products under even $100.
When are you aware of the need?
-Never anymore because I purchased an expensive rack.
How long have you had the need?
-Since I started fishing.
When did you first become aware of this need?
-The first time I transported my rods and brought them out with tangled lines.
How are you currently dealing with this need?
-I have an expensive rack now.
Are you satisfied with your current solution?
-I am satisfied now, but I couldn't buy one for a long time when I didn't have the money.
Customer 2:
What is the nature of this need?
-I do not want to spend the money to buy an expensive rack.
When are you aware of the need?
-I think about it most times I have to bring my rods around.
How long have you had the need?
-From the first few times i fished.
When did you first become aware of this need?
-I've always been aware its a pain to carry around fishing rods.
How are you currently dealing with this need?
-I am just dealing with it right now.
Are you satisfied with your current solution?
-No I would like to be able to buy a much cheaper rack.
Customer 3:
What is the nature of this need?
-I do not have enough money to spend on a rack right now.
When are you aware of the need?
-Every time I go fishing.
How long have you had the need?
-Since I started fishing a lot, so for a few years.
When did you first become aware of this need?
-As soon as i started driving and saw my fishing rods flying around.
How are you currently dealing with this need?
-I try to make a makeshift rack to hold my fishing rods down.
Are you satisfied with your current solution?
-I can work it out for the time being, but I would definitely want to eventually buy a rack.
4)Reflect:
- I learned that my opportunity is definitely real, but it's applicable to a more specific demographic than I initially thought. The older people that I came across generally had enough money to where they did not mind paying for a fishing rod rack already on the market. However, younger people who were into fishing didn't usually have enough money to want to buy a rack, so they just deal with the problem. This is illustrated by my second 2 interviews, both with younger people around my age. The most surprising thing I learned is that most people who actually fish are well aware of this problem, and this is surprising because I did not really expect everyone to think it was a problem.
5)Summarize:
-I think most of my original opportunity is still there. Aside from older, more financially stable people, most people who fish are experiencing or are aware of this problem.
-I do believe my new opportunity is a little more accurate, because I was able to see what actual potential customers thought about the need/problem. My opportunity is now slightly lesser, but definitely more accurate.
-I think entrepreneurs should heavily adapt to customer feedback. Customers are who determine the success of entrepreneurs, so it is very important to carefully listen to them. Staying too firm on your original ideas while ignoring customer feedback will lead to a decrease in success.
My Entrepreneurship Story
My Story:
I was enrolled in the entrepreneurship program throughout all four years of high-school, exposing me to a lot of successful entrepreneurs from many different backgrounds. One of the most profound experiences I have had with entrepreneurship was hearing a certain guest speaker talk about his entrepreneurial story. He began as a normal guy with a passion for fitness and dream to own his own gym. Starting as a janitor, he spent years at different gyms learning the ins and outs and what it takes to run a successful operation. Throughout a period of 20 years, he tried to start multiple gyms, all of which failed. He stayed driven, determined, and passionate, and was eventually able to start a gym that had some success. That gym is now extremely successful and has multiple locations that serve entire communities. This experience is still very inspiring to me to this day, because it really encompasses what entrepreneurship is about. An entrepreneur has to take extreme risks sometimes and will usually fail more often than not, but if he/she stays determined they are bound to eventually make a break-through and become extremely successful. It definitely made me realize it requires a lot of hard work to attain that level of success.
I was enrolled in the entrepreneurship program throughout all four years of high-school, exposing me to a lot of successful entrepreneurs from many different backgrounds. One of the most profound experiences I have had with entrepreneurship was hearing a certain guest speaker talk about his entrepreneurial story. He began as a normal guy with a passion for fitness and dream to own his own gym. Starting as a janitor, he spent years at different gyms learning the ins and outs and what it takes to run a successful operation. Throughout a period of 20 years, he tried to start multiple gyms, all of which failed. He stayed driven, determined, and passionate, and was eventually able to start a gym that had some success. That gym is now extremely successful and has multiple locations that serve entire communities. This experience is still very inspiring to me to this day, because it really encompasses what entrepreneurship is about. An entrepreneur has to take extreme risks sometimes and will usually fail more often than not, but if he/she stays determined they are bound to eventually make a break-through and become extremely successful. It definitely made me realize it requires a lot of hard work to attain that level of success.
 |
| GHF Gym- Google Images |
Why I Enrolled in ENT3003:
For starters, I enrolled in this class because it is a requirement for my major and contains essential skills that will help me in my career. However, I also have a strong passion for entrepreneurship and have been involved in programs surrounding it for many years. I was in DECA, a highschool entrepreneurial program, for all four years and attended numerous competitions. I know that entrepreneurship encompasses a variety of skills that can be useful in many facets of life. From this course, I just hope to continue to learn more about entrepreneurship and refine the skills I already have to hopefully help me later on in my life.
2A - Bug List
List of Bugs
1. Bananas go bad too quickly
-This is because they ripen more quickly when one is taken out of the group. This is because they release ethylene gas that signals the other bananas to ripen more quickly.
2. I receive tons of spam emails that are very annoying
-This is because many compaines/websites ask for emails. This is because they want to send promotional offers/Advertisements out.
3. I receive random spam phone calls.
-This is because there is minimal personal privacy in today's age. This is because phone numbers are easily accessible through directories.
4. Some drivers take up two parking spaces.
-This is because parking spaces do not fit all cars/trucks. This is because some people have larger cars/trucks.
5. People drive under the speed limit when there is no traffic.
-This is because different drivers go very different speeds. This is because there is a maximum but no minimum speed limit.
6. Delivery gets lost in the mail.
-This is because delivery people make mistakes. This is because there is human error involved throughout the process.
7. I cut myself while shaving.
-This is because I do not have time to shave properly. This is because shaving takes time and I sometimes have to do it in a hurry.
8. I get served the wrong food at the drive-thru.
-This is because workers sometimes make mistakes. This is because the drive-thru is fast paced.
9. My phone auto-corrects certain words every time.
-This is because my phone does not know what I'm trying to say. This is because it is not aware of certain slang words.
10. The Venmo app takes a decent percentage of money deposited.
-This is because Venmo charges a 1% fee. This is because the company wants to make money off its customers.
11. Milk splashes off of my cereal.
-This is because my cereal reflects the milk back into the air. This is because the cereal is flat shaped.
12. I lose misplace my keys all the time.
-This is because I put them down and forget where they are. This is because they have no way of signaling where they are.
13. The TV remote falls in between the couch cushions constantly.
-This is because it falls through very easily. This is because it is a shape that allows it to fall through easily.
14. I forget to take the garbage cans down to the road on the correct day.
-This is because it is difficult to remember this task every week. This is because there is nothing to remind me.
15. The silverware falls through the holder in the dishwasher.
-This is because the silverware can slip through the holder. This is because the holder does not have small enough gaps.
16. Gasoline slightly leaks out onto the ground when pumping gas.
-This is because there is a slight drip at the end. This is because the gas does not completely stop pumping fast enough.
17. Most restaurants close before I'm ready to eat dinner.
-This is because restaurants close earlier here. This is because different cultures sometimes eat at different times of the day.
18. Some waiters ask if you want additions/refills without saying they cost money.
-This is because waiters can make more money by doing this. This is because waiters make money based on the size of the bill.
19. My earphones often get tangled.
-This is because they can be easily tangled in a pocket or any small space. This is because the wires are very thin and long.
20. My car windshield takes too long to defrost and makes me late.
-This is because the car AC takes a while to defrost the windshield. This is because cold temperatures cause the ice to buildup on the windshield.
Reflection: Coming up with a list of 20 bugs was definitely challenging. It was easy to think of the first major problems/annoyances that popped into my head, but it became difficult after identifying those main problems. After that, it was hard to point out specific bugs I had I think because I experience them so much and have become used to them. Overall, it pressed me to really think hard about things I might not have viewed as problems before but definitely could be from another perspective.
1. Bananas go bad too quickly
-This is because they ripen more quickly when one is taken out of the group. This is because they release ethylene gas that signals the other bananas to ripen more quickly.
2. I receive tons of spam emails that are very annoying
-This is because many compaines/websites ask for emails. This is because they want to send promotional offers/Advertisements out.
3. I receive random spam phone calls.
-This is because there is minimal personal privacy in today's age. This is because phone numbers are easily accessible through directories.
4. Some drivers take up two parking spaces.
-This is because parking spaces do not fit all cars/trucks. This is because some people have larger cars/trucks.
5. People drive under the speed limit when there is no traffic.
-This is because different drivers go very different speeds. This is because there is a maximum but no minimum speed limit.
6. Delivery gets lost in the mail.
-This is because delivery people make mistakes. This is because there is human error involved throughout the process.
7. I cut myself while shaving.
-This is because I do not have time to shave properly. This is because shaving takes time and I sometimes have to do it in a hurry.
8. I get served the wrong food at the drive-thru.
-This is because workers sometimes make mistakes. This is because the drive-thru is fast paced.
9. My phone auto-corrects certain words every time.
-This is because my phone does not know what I'm trying to say. This is because it is not aware of certain slang words.
10. The Venmo app takes a decent percentage of money deposited.
-This is because Venmo charges a 1% fee. This is because the company wants to make money off its customers.
11. Milk splashes off of my cereal.
-This is because my cereal reflects the milk back into the air. This is because the cereal is flat shaped.
12. I lose misplace my keys all the time.
-This is because I put them down and forget where they are. This is because they have no way of signaling where they are.
13. The TV remote falls in between the couch cushions constantly.
-This is because it falls through very easily. This is because it is a shape that allows it to fall through easily.
14. I forget to take the garbage cans down to the road on the correct day.
-This is because it is difficult to remember this task every week. This is because there is nothing to remind me.
15. The silverware falls through the holder in the dishwasher.
-This is because the silverware can slip through the holder. This is because the holder does not have small enough gaps.
16. Gasoline slightly leaks out onto the ground when pumping gas.
-This is because there is a slight drip at the end. This is because the gas does not completely stop pumping fast enough.
17. Most restaurants close before I'm ready to eat dinner.
-This is because restaurants close earlier here. This is because different cultures sometimes eat at different times of the day.
18. Some waiters ask if you want additions/refills without saying they cost money.
-This is because waiters can make more money by doing this. This is because waiters make money based on the size of the bill.
19. My earphones often get tangled.
-This is because they can be easily tangled in a pocket or any small space. This is because the wires are very thin and long.
20. My car windshield takes too long to defrost and makes me late.
-This is because the car AC takes a while to defrost the windshield. This is because cold temperatures cause the ice to buildup on the windshield.
Reflection: Coming up with a list of 20 bugs was definitely challenging. It was easy to think of the first major problems/annoyances that popped into my head, but it became difficult after identifying those main problems. After that, it was hard to point out specific bugs I had I think because I experience them so much and have become used to them. Overall, it pressed me to really think hard about things I might not have viewed as problems before but definitely could be from another perspective.
Monday, January 14, 2019
Subscribe to:
Posts (Atom)