Your Exit Strategy 28A

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

I would like to sell my business within a decade so that I can use my resources to create an even better business.

2) Why have you selected this particular exit strategy?

Because I have more than just one idea and I think it would be great to take the guaranteed money and then invest in another entrepreneurial endeavor. 

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I don't think it has really affected my decisions, I've made decisions in the best interest for the company, so as if I was going to be a part of it forever.

Reading Reflection No.3 27A

 The Long Tail: Why the Future of Business is Selling Less of More, Chris Anderson

1) What was the general theme or argument of the book?

The book is used essentially as a guide for tailoring your tailoring your business idea to the future market, which is always changing.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

In ENT 3003 we learned about the importance of providing customers for a product that satisfies their needs. By focusing on exactly what these needs are, it helps us to provide "less of more", or in other words, better quality products or services for customers.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I would make the students list all of a customers potential needs and then create another list of ways to satisfy these needs.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

That the key to providing more to customers with less is learning how to develop products and services that are tailored more towards their needs.

Celebrating Failure 26A

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time.

2) Tell us what you learned from it.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

I failed when I tried to complete my calculus III web assign about Stoke's Theorem. It was really hard and I couldn't figure out how to do it even though I had watched the lecture. I was very annoyed and I spent hours trying to figure out the problems and I still didn't figure it out so I ended up with a poor grade on my homework assignment.

I learned that it is important to seek help when you are having trouble. I eventually reached out to my TA and he was able to explain the problem in a way i could understand.

Failure can be difficult to deal with but it is definitely a learning experience. I have learned from this class that it is okay to fail and that learning from your failures can help when creating your business.

What's Next? 25A

Existing Market

1. I think next I will have an addition to the device that senses when a brake light or tail light is about to go out and will connect to the internet and order a new brake light or tail light online automatically to be shipped to your house.

2. Interviewed customers

3. I think what would make the most sense would be to start out with the first product that I've been talking about all semester. Then, come out with the addition to the product at a later date and sell to the same customer base.

I would start out by releasing the first device which is the basic brake and tail light sensor. Then, I would release the second device which has the additions that I mentioned above.

New Market

I could make this of value for younger people by trying to work out a deal with insurance agencies so that your driving insurance is slightly less if you have one of my devices installed in your car.

I found in my interviews that the younger people responded basically exactly as I expected. They were totally down for anything that would lower their insurance expenses, since insurance is very expensive for newer drivers.

I explained to them that the device would be a $150 investment, but over time they would make that money back and them some.

Venture Concept No. 1 24A

At the beginning of the semester, I came up with a need that I thought was an unsatisfied need at the time, and still is an unsatisfied need. The need that I identified was the need for a way for drivers and passengers in a car to know when their brake lights or their tail lights are out without having a brand new car that may have this capability. And even now, most new car models do not have this capability, especially not with tail lights. The people who have the need, or my potential customers, are people that do not have brand new cars that are capable of sensing whether they have a brake light or a tail light out. They also must be of driving age with a valid driver's license and they must be concerned about their safety on the road. The nature of the need comes down to people's desire to feel safe while on the road. Driving in a car is most likely the most dangerous thing you do everyday so people want to try and make this element of their life as safe as they possibly can. Their are no changes being made in the general car market with this capability so the environment of not improving safety of vehicles in this way is creating this market, so to speak. The market spans across the entire United States and will usually be an older demographic, people more concerned about their personal safety. Right now, customers are trying to satisfy their need by checking their lights every so often, but in reality they are not doing a very good job satisfying the need because it is difficult to be consistent and you obviously cannot check while you are actually driving. This a fairly big opportunity because I feel that this is a need that a lot of people have and it stretches from coast to coast in the United States and could probably even be introduced to international markets. The window of opportunity will be open until all car manufacturers begin adding this capability to their vehicles. At this point the opportunity will likely be used up. I'm not a patent expert but I could also try to see if it is possible to put a patent in place for the technology and then I could potentially continue to make money after car manufacturers are using the technology as well.

The way the technology will work is as follows: a device that can be attached to the inside of the rear light housing of any automobile will have a sensor that can detect whether or not the brake or tail lights are working properly. This will then connect via Bluetooth to a device that can be placed in the front of the car which notifies the driver and any passengers in the car if there is a problem with either the brake lights or the tail lights by emitting a high frequency noise for a short period of time and displaying a message that describes the exact problem and recommendations for how to fix the problem, like installing a new left brake light for example. I will make money off of this by selling the device and by offering paid installations to less mechanically inclined customers who would like some help setting it up or don't have the time to do it themselves. I'm selling the product for $150 and the installation for $30.

I think that customers would want to switch to my product because there is no existing product with the same capability. Many people value their safety while operating a motored vehicle and would be willing to pay a significant amount of money to make their driving experience as safe as possible. I don't think it will be very hard to get them to switch because most people seem to think it is a good idea once they actually hear about the technology. There are no competitors as of now but if car manufacturers begin to implement this technology in a mainstream way before I could get a patent that could potentially be a weakness for my business. Packaging, price points, distribution, customer support, customer experience, and the business location all play a very important role in defining the business concept. The packaging will be made to look clean and stand out to the customers as something that they can rely on rather than something that just pops out at them. Price point I already discussed in the above paragraph. Distribution is really important, I would like to hire somebody that is an expert on this to help me. Absolutely, customer service is key, I learned this when I worked for Publix. They put so much emphasis on customer service that people would rather shop there than Walmart, despite their higher prices, just because the employees are actually nice to them. The location would not matter as much since these would mostly be sold online. I would like to start out with one employee that has experience with other startups and I would like my business to operate mainly online.

I think that the most important resource in my venture is the fact that I have prior experience working in small businesses and doing business-like activity on my own. This experience cannot be gained by sitting in class or reading books and not many people my age have had the opportunity to work in that kind of environment. I learned a lot about how businesses work throughout my time working for the small company that I would have never figured out otherwise. This is what makes experience so important. The next product that I would aim towards my existing customers would be a second model of this device that has internet capability and will automatically order new brake lights or tail lights that will be delivered to your house as soon as the device senses that your brake lights or tail lights are going to burn out soon. This eliminates the hassle of going to the store when you may not have properly functioning brake lights or tail lights. As an entrepreneur, I want to make lots of connections and hire a group of people that I can trust and rely on. I want to have a stable income for myself so that I can do the things that I enjoy. This first venture will help me to achieve my vision by being a learning process so that my next ventures have the ability to become even more successful.

Your Venture's Unfair Advantage 23A

Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.)

1. - experience with small-business operation
2. - experience with mass-shipping items using USPS
3. - experience with online business
4. - experience dealing with wholesalers
5. - financial capital to start the business
6. - connection with several entreprenuers
7. - good work ethic
8. - honest
9. - ability to plan for the future
10. - good creativity

Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide the same benefits?).

1. - This is valuable because it will be easier to operate a small business since I know how one works. It is rare and inimitable because not many people get to have experiences working for small companies. It is non-substitutable because no information can be put in the place of experience.
2. - V: I'm more efficient at it since I know how to do it. RI: Not many people actually have first-hand experience with mass-shipping N: no information can be put in place of experience.
3. - V: The online business is more than just common sense and my experience will make it easier to transition my own business into the online world. RI: Many people are not good with technology and may not have the skill-set to create an online business N: no information can be put in place of experience
4. - V: There is a certain way you have to find and converse with wholesalers that I've learned over time with experience which will be very helpful when I have to use them for my business. RI: Many people do not get the opportunity to experience talking to wholesalers before they start a business N: no information can be put in place of experience
5. - V: The business cannot start without the initial financial investment RI: Not everyone has the needs to finance their own business N: money literally cannot be substituted
6. - V: I have had the opportunity to become close with several entrepreneurs that can guide me along the way. RI: This is something that a lot of people don't have. It is difficult to come into contact with entrepreneurs sometimes, let alone becoming friends with them N:nobody knows how to run a business like a successful entrepreneur. 
7. - V: Even when it's hard I will continue to be persistent about building my company. RI: Oftentimes people don't have the time or effort to put into their business which leads to less than satisfactory results. N: no other resources can provide the same benefits as a good work ethic. You can hire more people but as the entrepreneur you need to be the one to drive the business forward.
8. - V: Honesty allows customers to trust you and be more likely to come back. RI: Not everyone is honest. There are a lot of shady companies out there that people don't trust. N: Honesty is very important to people and once you lose someone's trust it can be very hard to get it back. 
9. - V: The ability to plan for the future is important so that you can set things into place for your company that will put it in a good position for a significant length of time. RI: Not everyone has the ability to see the big picture. N: In order to successfully plan for the future you need to have this ability.
10. - V: Creativity is important because businesses need to be creative all the time to appeal to customers. RI: Some people are more "right-brained" and less creative. N: You can try to go off just logic but oftentimes some creativity will draw in more customers.

Remember, not ALL resources will measure up well. That's OK. You just need one.
After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources

I think my top resource is my experience working at a small company. I learned so much throughout this experience that could not be taught in a textbook and not very many people have the opportunity to have this experience at such a young age.

Elevator Pitch No. 3 22A

https://youtu.be/kApz1gtPBog

Didn't do the elevator pitch last time so I didn't have the chance to get feedback.

Reading Reflection No. 2 21A

The Art of Social Media: Power Tips for Power Users -Guy Kawasaki

1) What was the general theme or argument of the book?

The book is used essentially as a guide for tailoring your business social media profile to suit your business needs.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

In ENT 3003 we learned about the importance of maintaining business connections with others in your field. Social media allows you to do exactly this as well as establishing new connections and making yourself available to your customers.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I would make the students develop their own social media profile using the techniques described in the book. 

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

The integration of social media and blogging. You can utilize social media to pull people off of the social media website and onto your own blog or website which is a very useful tool when trying to encourage potential customers to purchase your product.

Growing Your Social Capital 20A

Person 1
1)  Katsumi Adachi, Ph.D- Chief Specialist, Center for Semiconductor Research &
Development, Storage & Electronic Devices Solutions Company. Member of Bluetooth Board of Directors and works for Toshiba.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Domain Expert- Dr. Adachi has served as a member of the board of directors for Bluetooth technologies for several years. Combined with his experience at Toshiba, he has a large wealth of knowledge about the bluetooth industry.

3) A description of how you found the person and contacted the person.

I found Dr. Adachi on the Board of Directors list on the official Bluetooth technologies website: https://www.bluetooth.com/about-us/board-of-directors. I sent him a brief email detailing my business plan and asked about his thoughts and if there are any corrections that I could make.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

Dr. Adachi did respond to my email and he basically just sent me a list of licencing information for if I would like to declare my product as an official Bluetooth product in the future.


5) How will including this person in your network enhance your ability to exploit an opportunity?

This information was helpful because if I were to implement Bluetooth technology in the future, I now know the exact steps for doing so.

Person 2
1) Jack Hanania- President/CEO of Maserati of Jacksonville

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Market Expert- Mr. Hanania has been targeting a similar audience to mine for years while building up his car dealerships.

3) A description of how you found the person and contacted the person.

I found Mr. Hanania on the Maserati of Jacksonville web page: http://www.maseratiofjacksonville.com/about-jack.htm. I sent him an email asking about my target market and how to reach them more efficiently.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

I never received a response from Mr. Hanania


5) How will including this person in your network enhance your ability to exploit an opportunity?

N/A

Person 3
1) Hiroshi Shimizu- Executive Director of Takata

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Supplier- Takata supplies many products that are used in automobiles, one major example being seatbelts. Mr. Shimizu knows the ins and outs of supplying safety equipment for automobiles.

3) A description of how you found the person and contacted the person.

I found Mr. Shimizu on the Takata corporate summary webpage: http://www.takata.com/en/about/company.html. I emailed him a copy of my business plan and asked him to share his thoughts.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

Mr. Shimizu unfortunately never contacted me.

5) How will including this person in your network enhance your ability to exploit an opportunity?

N/A

I'm glad I got at least one of the three to respond and hopefully the other two will get around to it, I'll update this post if so. But for now it was at least nice to receive some feedback from Dr. Adachi. He outlined the steps for implementing Bluetooth technology in my product which was really nice. I have definitely learned from this experience.

Idea Napkin No.2 19A

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

Much like in the previous idea napkin, I still love all sports, my favorites being baseball, tennis, football, and hockey. I played tennis in high school and I was the captain of my team for three years, I now play recreationally in college. I've traveled to a lot of places and I have a knack for learning languages. I have a passion for streetwear clothing and I've bought and sold hundreds of articles of designer clothes. My business would obviously play a huge role in my life, it would be my source of income as well as a source of passion. I would think about it all the time but it wouldn't even bother me because nothing is better than seeing something that you've created truly coming to life.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

The product is a device that can sense whether or not a driver's brake or tail lights are malfunctioning and notify the driver so that he/she can get it fixed immediately. This satisfies the need of being safe while driving because the customers' lights are constantly being checked, which they wouldn't have been able to do before.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

Anyone that drives a vehicle could certainly benefit from this product, but the prototypical customer would likely be middle aged or older and they must care a lot about their personal safety as well as the safety of others. That is the main thing that these people will have in common. Also, anyone who leases are rents a care would not be likely to purchase my product since they may not be allowed to alter the car in this way.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Customers will believe that this product has value because it improves their safety will driving a car, which is typically the most dangerous thing you do every day.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

The fact that I have experience working for small businesses and I've already set up a small business of my own sets me apart from a lot of people because I have the experience. Additionally, I'm a computer science major so by the time a graduate I may even be able to program the device myself which would save me a lot of costs.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

I definitely believe that all of these elements fit together just fine. There is an unmet need for more safety while driving vehicles and this simple device will make people's lives safer and easier. I have the experience and the skills to make this business into a reality.

For the "feedback memo" -- please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin. 

One main point that I took away from my feedback was that I definitely need to make sure to focus in on my target age group rather than targeting all drivers as a whole. The second main takeaway that I got was that I need to target people that are not renting are leasing their cars.

Create a Custom Avatar 18A

Meet Alice, my customer avatar. She is 60 years old and lives by herself because her husband passed away. She has two children, one that works across the country, and the other is still in college. She drives this year's Honda CR-V in a boring color. She has a small dog named Chris, which she adopted after her last son went to school. She's a strict vegan and makes complete stops at stop signs. She goes to church every Sunday and volunteers at the local fudge shop. She lives in a relatively small town and knows nearly everybody's name. She is a conservative, but hates Donald Trump. She enjoys flipping through vegan cookbooks and reading Mary Higgins Clark novels in her free time. She also has a vegetable garden that she makes sure to water twice a day. She donates most of the vegetables to the local food bank or personally hands them to the homeless if she's feeling brave. She is likely to want to purchase my tail light sensor because she is concerned about her safety in her car and also doesn't want to break the rules.

What's Your Secret Sauce? 16A

https://youtu.be/BNkQdS9XrU8
In this interview, my good friend Vince talks about how my word can be taken at face value. He thinks that it will be helpful in the business world because people will know that I'm somebody that they can trust.

https://youtu.be/ATmybJPvkSQ
In this interview, my cousin (and friend) Natalie talks about how she thinks that I have good communication and people skills. She thinks that this would be helpful in the business world for networking and for giving presentations.

https://youtu.be/OZjMsimp9x0
In this interview, my girlfriend Anna talks about how my physical appearance makes me stand out from other people. She says that it will make people want to approach me in the business world.

https://youtu.be/qY6w4yIwtRE
In this interview, my friend Philip talks about how my socioeconomic status puts me at an advantage over some others. He says that it will make other wealthy businessmen more likely to want to work with me.

https://www.youtube.com/watch?v=zXcw6ukwtTR
In this interview, my floor mate Riley talks about how my kindness makes me stand out from other people. He said that this will make people trust me and and want to work with me in the future.


Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How?

I see myself similarly to what the people above me have said, though I don't think I'm as wealthy as Philip lets on. I try to be someone that people like to be around. I generally agree with what my interviewees said about me. I don't think I would make any corrections

Figuring Out Buyer Behavior No. 2 15A

The outcome of this step is to produce a set of alternatives. Customers pick from among this set of alternatives. In this step, your job is to figure out how they do their picking. Does price matter the most? Does quality? Does style? Is there more than one factor that is important to your customer segment?

Being as my device is not being looked at that much and it's mainly due to safety, the style does not seem to matter to potential customers that much, but quality and price does. Potential customers will look at the reviews because they want to ensure that if they invest in their safety that they are getting a quality product. They would also like to do so at the cheapest price possible. 

How/where do they buy? Elements of the actual transaction can help characterize your segment. Is your segment more likely to buy online or in a store? Are they more likely to use cash or will they finance the purchase? Etc. If this is a B2B purchase, who's involved in the purchase decision? 

My segment does not use the internet as much as younger people, so they tend towards wanting to see things in person before they buy it so they buy in-store. However, they did tell me that advertising online may still be effective. They are definitely most likely to pay cash since the device shouldn't be expensive enough to need to be financed. 

Post-purchase evaluation. What matters most to your customers when they think back on the 'rightness' of the purchase? What helps them determine the purchase was a good idea? What sorts of things make them think a purchase was a bad idea? 

The people that I interviewed said that as long as something works as it was intended and meets their expectations as far as how well it works, they are normally satisfied with their purchase. So in the case of my device, if it does its job correctly and notifies the driver when a light is out, they would be satisfied with their purchase.

Draw conclusions. Based on what you know about this segment and what you learned in your interviews, how would you succinctly describe this segment in terms of alternative evaluation, purchase decision, and post-purchase evaluation? 

In the case of my product it is fairly simple. The design doesn't matter too much. As long as the price is right and the product works the way it is intended, the customers that I sell to should be satisfied with their purchases.

Halfway Reflection 14A

1) Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

I definitely have to make sure that I am using my time effectively and MAKE SURE I am aware of when the due dates are and what assignments need to be completed. Multiple assignments are due at once so it is important for me to schedule out ahead of time when I'm planning on working on each individual assignment.

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

Most recently, I was trying to find a parking spot that a Red-3 decal can park in without getting ticketed or towed. I was driving around for over a half hour just searching for anything I could find. I was about to just call it quits and park somewhere really far and take a bus. But, I was persistent and kept looking, and finally someone pulled out of their spot in the commuter lot and I pulled in right after they left. My lack of desire for walking kept me going in this case and really helped me to pull through. Yes, I feel like I've developed a tenacious attitude during the past two months. There was one experience at the beginning of the year where I forgot to submit the links for part A of an assignment and I lost all of the points for that week. I thought I wouldn't be able to get an A after that, but I went and got extra credit when it was available and now I make sure to submit all of my links and study for every cupcake.

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

1. Whenever you find yourself in a situation where you are feeling ready to give up, remember why you are doing what you are doing. Give yourself motivation to keep going.

2. Remember your goals. Keeping them in mind makes it so much easier to stay the course

3. If you're really stressed out about something in particular, take a break and come back to it later. Oftentimes a fresh mind can help a lot for getting through those roadblocks.

Reading Reflection No. 1 13A

1) You read about an entrepreneur:

• What surprised you the most?

      The fact that McDonalds was actually started by the McDonald brothers and Ray Kroc basically took advantage of them and the McDonald brothers hated him for it.

• What about the entrepreneur did you most admire?

       His vision. Not very many people would have the ability to see what the tiny McDonalds chain could become with the implementation of franchising.

• What about the entrepreneur did you least admire?

       How much he manipulated people. He really screwed over the McDonald brothers and he seems very power-hungry which is not necessarily a likable trait

• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

       Yes. Ray Kroc tried to build upscale restaurants, pie shops, and theme parks, but he failed at all of these endeavors. He responded by focusing on what was actually working and building that up.

2) What competencies did you notice that the entrepreneur exhibited? 

     Ray Kroc had great vision. From when McDonald's was just one fast-food stop, he could see a future where everyone in the nation and even the world would be able to enjoy McDonald's hamburgers.

3) Identify at least one part of the reading that was confusing to you.

     It goes into detail about the franchising and all of the different financial aspects and those were a bit confusing to me.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

     First I would ask him if he feels bad about what he did to the McDonald's brothers, that he didn't give him the money that he promised. Since he's been dead for a while I could ask him if the McDonald's as it exists today is consistent with his vision long ago.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

     Ray Kroc absolutely believed in hard work and dedication. He was always working, always thinking about his restaurants and what the next best thing could be. I have a lot of respect for hard work and I strive to be a hard worker myself.

Figuring Out Buyer Behavior No. 1 12A

The segment that I have chosen to focus on is American car owners aged 40 and above. The people that I interviewed all share the common unmet need that they are concerned about their safety when driving a car and want to feel more safe. One of the people that I interviewed explained to me that he feels the need often but feels helpless in combating the need, which is why he has never searched on Google or gone out looking for a solution. This tells me that people will become interested in my product once they know it exists, however, they may not go out looking for it because they may not even know what to look for or what exists. Another woman told me something similar, but she had actually looked up safety features in cars before. She said that whenever she is researching what car to buy next, she always looks at the features and if certain cars have special safety features it definitely influences her decision. She said that she has googled the safety features that exist in cars and if she were to google it her exact search would be "what are some car safety features?". Another man told me that he has been pulled over for having a tail light out in the past. He said that afterwards, he tried to check every once in a while to make sure that they are still working but that he often forgets. He said it might be months in between when he checks them and by that time it'd be too late anyways. Similar to the first person that I interviewed he said he felt basically helpless with his unmet need and that he never even bothered talking to anyone about it or seeing if anything exists that might help to solve his problem. I found all of this interesting because people seem to be think that there could never be a solution to this problem and they just give up. If people knew that there was something out there to solve this unmet need I think that they would definitely purchase it. The people that I interviewed tend to be aware of their need, they just give up on the information search.

Idea Napkin No. 1 11A

You:
. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I love all sports, my favorites being baseball, tennis, football, and hockey. I played tennis in high school and I was the captain of my team for three years, I now play recreationally in college. I've traveled to a lot of places and I have a knack for learning languages. I have a passion for streetwear clothing and I've bought and sold hundreds of articles of designer clothes. I'd also really like to live in New York City someday. My business would obviously play a huge role in my life, it would be my source of income as well as a source of passion. I would think about it all the time but it wouldn't even bother me because nothing is better than seeing something that you've created truly coming to life.

What:
What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

The product is a device that can sense whether or not a driver's brake or tail lights are malfunctioning and notify the driver so that he/she can get it fixed immediately. This satisfies the need of being safe while driving because the customers' lights are constantly being checked, which they wouldn't have been able to do before.

Who:
Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

Anyone that drives a vehicle could certainly benefit from this product, but the prototypical customer would likely be middle aged or older and they must care a lot about their personal safety as well as the safety of others. That is the main thing that these people will have in common.

Why:
Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.

Customers will believe that this product has value because it improves their safety will driving a car, which is typically the most dangerous thing you do every day.

What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?

The fact that I have experience working for small businesses and I've already set up a small business of my own sets me apart from a lot of people because I have the experience. Additionally, I'm a computer science major so by the time a graduate I may even be able to program the device myself which would save me a lot of costs.

I definitely believe that all of these elements fit together just fine. There is an unmet need for more safety while driving vehicles and this simple device will make people's lives safer and easier. I have the experience and the skills to make this business into a reality.

Elevator Pitch No.1 10A

This is my elevator pitch...

https://youtu.be/LhG1eOc9gs0

The file size was too large to upload to Google Blogger so I uploaded to YouTube instead

Testing the Hypothesis Part 2 9A

Who: There are some people that seem like they share a lot in common with others that have the opportunity, but actually fall outside of the opportunity. This is for two main reasons. The first reason is that some people simply feel that they could not afford the technology. They seem to have the impression that the technology would be rather expensive and it simply wouldn't fit in with their budget. The other reason is that some people do not seem to think that driving with a tail light out is a hazard. They would rather drive with a tail light out for a while than have to bother paying for a device that could let them know.

What: I would say that some people feel the need to be safe more than anything and some people feel the need to make their decisions from mainly an economic standpoint. Either of these types of people could benefit from the product I described earlier but for slightly different reasons. A more economic person would value the time saved and possible return on investment, while the person concerned about safety would value the fact that it makes them more safe.

Why: The outsiders usually tend to fall in the economic category. Either their need for money is too great for them to consider purchasing the product, or they are satisfied with their current situation and don't think enough value would be added by a tail light sensor. People concerned mainly about safely however tend to always fall into the "inside" category.

Inside the Boundary	Outside of the Boundary
Who: People who drive or ride in automobiles that believe that faulty tail lights could jeopardize their safety or recognize a return of investment	Who: People who don’t drive or ride in automobiles, people who don’t believe that it is unsafe to drive with tail lights that aren’t working, and people who could not afford the device
What: The need is that people would like to feel safer while driving or riding in automobile and would like a more convenient way to check if their tail lights are working properly	What: Although there is the potential for a return on investment due to the possibility of prevented accidents, some people don’t buy into this.
Why: There is an inherent need for people to feel safe. Safety is number one priority for a vast majority of people, so anything that will help people to feel safer is usually something that people will want.	Alternative Explanation: There are some people who don’t buy into it, but still like the idea of being safe. So, the need may not be as much a way to save money or time as much as it is about being safe

 

Solving the Problem 8A

Selected Opportunity: Automobile owners and people that ride in automobiles are unable to easily and conveniently identify when the tail lights in their car are not functioning properly, leading to safety hazards and avoidable traffic stops. This is because automobile manufacturers have not implemented a technology that notify drivers when their tail lights are out.

The Product/Service: The product would be a sensor that, when installed properly in a vehicle, can detect when a tail light or brake light is not functioning as it should. There would also be a small device connected to the sensor via Bluetooth that could be placed anywhere in the front of the car. As soon as the sensor detects a problem with one of the lights, the device in the front of the car would emit a sound, letting the driver know that there is an issue with a light that needs to be fixed immediately. My company could sell just the product, or, if the installation process is difficult enough that the average consumer would not be able to install it themselves, my company could also sell the service of installing the product.

Testing the Hypothesis Part 1 7A

Opportunity that I would like to pursue:

Who: Automobile owners who care about their safety
What: They are unable to easily and conveniently identify when the tail lights in their car are not functioning properly, which leads to safety hazards and avoidable traffic stops.
Why: Automobile manufacturers have decided not to include any technology that would notify drivers when their tail lights are out.

Opportunity Hypothesis:

Testing the Who: Technically, anybody that rides in an automobile may have this need as well because their safety could be affected as well as the person that owns or drives the car.
Testing the What: Anyone who often checks their tail lights already every time before they step into a vehicle may not have this issue, but it would certainly save them time.
Testing the Why: I believe that the reason why this need has not been fulfilled is because automobile manufacturers are always working hard to design the next model and none of them have bothered to implement a technology to satisfy this need.

Summary of What I Found From the Interviews:

Out of the five people that I interviewed, one important thing that I noticed is that none of them had heard of any car that has the technology to fulfill the need or any device that would fulfill the need. They seemed to be in agreement that the technology should not be difficult to implement and in general they were surprised that it has taken this long. When I was first writing up about the opportunity, I figured that the main way that fulfilling the need would affect people is by keeping them safer, but one person that I interviewed offered a different perspective. He mentioned that that if a tail light sensor could keep you from getting into an accident, it would also save you a lot of money. Much more so than the cost of having the technology. With this in mind the opportunity seems even greater because I could definitely see how this could add value to a consumer, there is a return on investment.

Identifying Opportunities in Economic & Regulatory Trends 6A

Economic Opportunity 1:

https://www.cnbc.com/2017/09/19/severe-labor-shortage-has-houston-homeowners-begging-for-help.html

This opportunity is that there is currently a shortage of workers in Houston to fix up houses following Hurricane Harvey. I found the opportunity on CNBC and I was led to form a belief about this opportunity because anytime there is a shortage in a market there is usually a way for sellers to take advantage of this shortage and begin to sell their products or services until the market equalizes. In this case, there is a shortage of workers, so any company that can supply workers to Houston should be able to do so at a reasonable profit. The prototypical customer would be a homeowner in the Houston area who's home was damaged by the hurricane. I believe this opportunity would be relatively easy to exploit because services already exist to fix up homes, they simply need to move to the Houston area temporarily. I saw the opportunity because I've been paying more attention to the aftermath of hurricanes lately after being affected by hurricane Irma. 

Regulatory Changes Opportunity 1:

https://www.cnbc.com/2017/09/19/gun-stocks-rise-on-report-that-trump-is-preparing-to-ease-rules-for-overseas-sales-of-us-guns.html

This opportunity is that since Trump is expected to ease up on the sales of US guns to overseas, any company that manufactures and sells guns can look to expand their market internationally. I also found this opportunity on CNBC which is my main source for news related to the economy. I was led to form a belief about this opportunity because the demand for US guns overseas has been present in the past, but laws have prevented this demand from being met. If Trump gets rid of some of these laws, gun companies will be able to take advantage of the unmet need for guns internationally. The prototypical customer would be a person that lives in a country that is not the United States who has wanted to purchase a gun from the US for a long time but hasn't been able to because there are laws against it. I believe this opportunity would be very easy to exploit. The demand is already there, so once the laws are removed companies simply need to meet the demand. I saw this opportunity because I'm familiar with selling products overseas and the difficulties associated with it. Obviously, making the sale of guns overseas easier will increase profits for gun companies if they capitalize on the new opportunity.

Economic Opportunity 2:

https://www.cnbc.com/2017/09/12/workplace-crime-costs-us-businesses-50-billion-a-year.html

This opportunity is that because employee theft has become such a big deal for companies and it is beginning to cut into their profits, companies can work on implementing strategies that will prevent employee theft in the future, which will restore those lost profits. I found this opportunity, surprisingly, on CNBC and I was led to form a belief about this opportunity because when I realized how much employee theft was costing employers after reading the article, I also realized that if there was some way to combat this, it would be a good way for a company to increase their profits. The prototypical customer would be large companies in the United States that are losing significant profits due to employee theft. I believe this opportunity would take some work to exploit but it could definitely be done. I think I noticed this opportunity more than a typical person because I used to work at a grocery store chain that actually used effective strategies to combat employee theft.

Regulatory Changes Opportunity 2:

https://www.cnbc.com/2017/09/18/gore-says-us-will-meet-paris-goals-even-without-trump.html

This opportunity is that since the United States is still moving in the direction of preserving the planet and limiting activities that lead to climate change, if companies can make their products or processes more environmentally efficient now, they could gain more approval from the american public and it may be easier for these companies in the future when regulations relating to climate change tighten up. I also discovered this opportunity on CNBC and I was led to form a belief about this opportunity because I recognized that since the United States will be working towards strengthening regulations related to climate change, it would be in the best interest of companies to begin to make the transition to more environmentally friendly processes now so that they can prepare and do so efficiently rather than waiting for the last moment. I believe this opportunity would be easy to exploit because there is still a lot of time left for companies to make this transition as long as they use their time effectively. I noticed this opportunity because I've had to study climate change and its effects for the last several years in my marine biology classes.  

Identifying Local Opportunities 5A

Opportunity #1:

Article Title: Pols must grasp why teachers oppose testing

Article Link:
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/166C47BAF0C02DC8?p=WORLDNEWS

Description of the Story: Author Marion Brady is discussing his opinion that special interests have gotten too involved in our education system and that standardized testing is not effective at all. He believes that standardized testing is intentionally made so that many students in our education system will fail, causing people to lose faith in public education and want to move to more privatized education, which would not work in Brady's opinion.

Description of the Problem: Standardized testing is not an effective way to evaluate a student's performance in school. I pulled a quote that I believe best explains the root of the issue: "Schooling's bottom-line purpose isn't to master the contents of school subjects but to improve learner ability to think clearly and productively - to abstract, adduce, analyze, anticipate, articulate and so on. Thinking clearly and productively exercises dozens of thought processes, only two of which standardized tests are able to measure - learner ability to recall secondhand information, and apply it to a problem chosen by the writer of a test item."

Who has the Problem: The public school system has the problem, but our students suffer as a result, so indirectly it is also our nation's children that have the problem.


Opportunity #2:

Article Title: Why cities flood: Could Orlando look like Houston if Irma hits?

Article Link:
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/166BF536689396A8?p=WORLDNEWS

Description of the Story: Author Michael Rich describes the way that cities are built, specifically Orlando, and why they are susceptible to extreme flooding.

Description of the Problem: In a suburban or rural area, there are lots of areas that have open fields and normal ground where lots of water can be absorbed. In a city however, there are "many impervious surfaces like pavement, concrete and rooftops that do not allow water to soak into the ground."

Who has the Problem: Cities in general, but for Orlando it is St. Johns River Water Management District that is directly facing the problem.


Opportunity #3:

Article Title: More Resources Needed for Problem Gambling

Article Link:
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/1625C65FFA818A00?p=WORLDNEWS

Description of the Story: Local casinos are dealing with increased problems with gambling addictions. Local counseling centers designed to help those with gambling issues are having trouble keeping up with the mass quantity of addicted gamblers.

Description of the Problem: The local area has some casinos which has drawn in a lot of people with gambling problems. Centers designed to help individuals with gambling addictions are already having trouble supporting all these people. Soon, a new casino is being built in town that will be bigger than the rest. This will only enhance the problem and rehabilitation centers are concerned that the new casino will entice their clients to gamble.

Who has the Problem: People with gambling addictions and companies designed to help those who have problems with gambling.


Opportunity #4:

Article Title: Miami Lawyer Whose Pants Caught on Fire During Arson Trial May Be Off the Case

Article Link:
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/1632655457E42E30?p=WORLDNEWS

Description of the Story: A lawyer in Miami was in the middle of a case when an E-cigarette that was in his pocket caught on fire and forced him to leave the room. As a result, he may be dismissed from the case. The story then focuses on the safety of E-cigarettes as a whole.

Description of the Problem: E-cigarettes have the potential to set on fire and as a result the U.S Department of Transportation is considering banning them from air travel.

Who has the Problem: E-cigarette companies


Opportunity #5:

Article Title: Sperm donors from South Florida advised not to donate due to Zika risk

Article Link:
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/1631FC48044BE638?p=WORLDNEWS

Description of the Story: The CDC has advised men living in South Florida not to donate sperm because there is an increased risk of spreading Zika. Most people infected with Zika have no idea so it is difficult to reduce the spread. Since sperm donation from Zika-infected males could rapidly increase the spread of the disease, the CDC is doing what it can to prevent it.

Description of the Problem: Sperm banks are experiencing a reduction in the amount of sperm donors due to the spread of Zika and the advice of the CDC

Who has the Problem: Sperm banks in southern Florida

Forming an Opportunity 4A

Beginning Point: I believe that an opportunity exists and I first became aware of this opportunity while I was working on the "Bug List" assignment last week. When a standard automobile has a burnt out tail light there is no way for the driver to know until somebody tells them or they get pulled over.

Describe Your Belief: The unmet need here is that there needs to be a way for the driver of a vehicle to easily be able to tell if their tail lights are working properly. As of now, there is no way to know. Anybody that owns a vehicle has this need, or even just people that drive cars in general. It is a safety hazard to be driving around if all of the lights are not working properly. Before the invention of cars, this need obviously did not exist but ever since people started using cars this is a need that has still not been satisfied. Especially now that there are sensors that come in cars that can tell you if your tires are low on air for example. A sensor for the lights sounds relatively feasible. As of now, people are meeting this need by driving around in an unsafe vehicle until either somebody lets them know that they have a tail light out, or they get pulled over by a police officer that could potentially write a ticket. People manage, but this is not the most efficient way. At this point I would say that I am about 95% sure that this need exists.

Identify The Prototypical Customer: This is the beauty of my opportunity. Anybody that drives a car is essentially a prototypical customer. I believe that all drivers would benefit from a tail light sensor in their car. I interviewed a young driver, an older driver, and a manager at an auto mechanic shop.

Iteration Number 1:
For this interview I spoke with my next-door neighbor, Ricardo. He's 33 years old and owns a 2009 Saturn Outlook. I asked him about his experience with tail lights burning out and introduced to him the idea of a built-in sensor that could notify a driver when the tail lights aren't working. He told me that it's not something that he thinks about often but "I guess it'd be nice to have". He said that he has had a tail light go out in his car before and that somebody notified him while he was backing out of a parking lot. "At that point I suppose it would've been nice to have something like that in the car because who knows how long the thing had been out at that point." His experience with having to change his tail light was the first time he recognized the need. Before then it had never crossed his mind. I asked him how he's dealing with this problem now. "Honestly, I just hope it doesn't happen. And I figure if it does somebody will let me know eventually." He appears to be somewhat satisfied with the current solution, but not entirely. He also mentioned that if cars began to implement the new technology that it would probably be a while until he has a new car anyways.

Iteration Number 2:
For this interview I spoke with a family friend, Gary Meyers. He's 70 years old and owns a 2017 Buick Regal. Again, I asked him about his experience with tail lights burning out and introduced to him the idea of a built-in sensor that could notify a driver when the tail lights aren't working. He seemed intrigued with the idea. "You know, you're absolutely right. It seems like they should have come up with something like that a long time ago." He told me that he has been pulled over for having a tail light out before and that he's also had other tail lights out where people have told him in parking lots. He said that being pulled over is the first time he recognized the need. He was annoyed that the police officer gave him a warning for something he couldn't have known about. When I asked about how he deals with the problem now he said that he checks his lights every once in a while but it's not perfect. He is not entirely satisfied with his solution to the problem.

Iteration Number 3:
For this last interview I spoke with a manager at a local auto mechanic shop, Melky Guzman. He is 43 years old and owns a variety of vehicles. I asked him about his experience with tail lights burning out and introduced to him the idea of a built-in sensor that could notify a driver when the tail lights aren't working. "No doubt in my mind car manufacturers will begin to implement this technology soon," he said, "there are already sensors in newer models for numerous reasons so it's only a matter of time." He agreed that it is a good idea. He said that he checks the lights on his cars weekly and that he's happy with the solution but he can understand why most people wouldn't want to go through the trouble since it seems trivial.

Reflection:
I came to the realization that even though it would be nice to have a tail light sensor, it seems that it is not something that most people think about, which is probably why car manufacturers are waiting so long to implement the technology, because they feel like consumers wouldn't want the car much more because of that feature. What surprised me most was that out of the three people that I talked to, none of them even mentioned anything about safety. It is more unsafe to drive a car with a tail light out but none of the people that I talked to seemed to view safety as a factor.

Summarize:
Most of my original opportunity is still there, the main change that I would make to my opportunity would be to have the tail light sensor as an option instead of just included in the model. People seem to share the opinion that it is annoying not knowing the status of your tail lights and there is no easy way to check, so I definitely believe that if the price was right many people would pay a little extra for this option in their vehicle. I believe that this new opportunity is more accurate than what I started with because people that aren't as bothered with tail lights or don't have a problem checking the lights themselves can choose to exclude themselves from the option. I firmly believe that an entrepreneur needs to adapt to customer feedback as much as possible. When it comes down to it, the success of a business relies on customer satisfaction. Only the customer can tell you what they want, you can't create a need for them. Once you have a better idea of what exactly the customer wants, opportunities should be adapted to reflect the customer's desires.

Your Entrepreneurship Story 3A

I have been exposed to entrepreneurship in my life in a couple of different ways. The first is that from my sophomore to my senior year of high school I actually worked directly for an entrepreneur. His name is Rick Eva and he started his own company in 2011 where he sold colored sand and custom engraved unity sets for people who were about to get married. Nearly all of the sales are online and he needed me to interact with the customers online and package and ship all of the orders. It was very satisfying to watch the company grow during this time and I learned a lot about myself and my own desire to become an entrepreneur.

Another way that I have been exposed to entrepreneurship is through my own "business" of buying and selling expensive shoes and clothing online. There are certain brands and websites that sell very limited amounts of exclusive items. The products are so limited that they sell out within a couple seconds of being released online. I have a special program on my computer that can purchase these items very quickly so that I have a much better chance. I can then turn around and sell these items at a profit on various online markets such as eBay, Grailed, or GOAT. The shoes pictured above are a pair of Adidas Yeezy Boost 350 V2 Zebras. I made several hundred dollars off of just one of pair of these shoes because they are so limited. Running this little "business" has taught me a lot about the business process and the basic functions of a business. It has required me to plan ahead and take some calculated risks to try to improve my earnings. I've had a lot of fun doing this and I never feel like I am working. This is how I want my life to be and this is why I'm seriously considering entrepreneurship.

In this class I hope to learn more about the world of entrepreneurship and fine-tune the skills that I learned while working for and operating small business. I've had some valuable experiences but never any formal education so this is an exciting experience for me and I hope I can learn a lot from this class.

Bug List 2A

20 Things That "Bug" Me

• Online textbooks are annoying because you have to tab back and forth between them and your assignments.
• This bug exists because you have to view online textbooks on the same device that your assignments are on if you are enrolled in online classes unless you own multiple devices.
• Tacos from Taco Bell get soggy very quickly
• This bug exists because the meat and sauce are placed at the bottom of the taco, causing the shell to become saturated and therefore less crunchy.
• When a tail light is out in my car I have no idea until someone tells me or I get pulled over
• This problem is caused by the fact that there is no dashboard light in the car that can tell me when a headlight or tail light is not working properly.
• There are potholes on my street
• This problem exists because the materials used to create the road do not stand up well to nature.
• My cereal goes stale fairly quickly and then I have to throw it away
• This bug exists because the bags inside the boxes of cereal are in no way resealable and they allow air inside which causes the cereal to go stale over time.
• Air dryers in some public restrooms are so weak that it takes forever for my hands to get somewhat dry.
• This bug exists because companies want to save money on napkins.
• My shoes slowly get untied over time and then I have to stop what I'm doing to re-tie them which is especially annoying if I'm walking in a public area
• This bug exists because shoes have shoelaces. This could be easily solved if shoes without laces became the standard for adults. 
• My phone battery runs out extremely quickly and I'm always having to re-charge it
• This bug exists because the battery inside of a standard smartphone is not made to hold a charge for very long
• My phone chargers die quickly 
• This bug exists because phone chargers are not made to be durable enough to withstand everyday use. After a short while the wires inside the cord disconnect which ruins the charger.
• It is difficult to get the last bit of toothpaste out of a tube of toothpaste
• This bug exists because tubes of toothpaste are long and narrow and it takes time to work the toothpaste from the back of the tube to the front.
• Waiting on hold when calling for customer assistance bothers me
• This bug exists because companies do not employ enough customer service workers to support the call volume that they receive.
• Having to put gas in my car is annoying
• This bug exists because cars require gasoline to run properly which runs out very quickly
• Clocks that reset when the power goes out
• This problem exists because as soon as the power goes out, the clock can no longer work because it doesn't have access to electricity, so when it turns back on it defaults to 12:00
• When a light bulb burns out it has to be replaced, which is annoying
• This bug exists because the filament inside of a light bulb can only last for a limited amount of time before it burns out and the bulb has to be replaced.
• When the television loses satellite signal during a storm
• This bug exists because satellite disks have issues retrieving data during thunderstorms. So whenever it is storming the television won't work.
• At a fast-food restaurant when the trash can is shaped into a circle but the trays are rectangular so it's awkward trying to throw out the trash
• This bug exists because restaurants don't want people throwing away their trays so they intentionally shape the trash cans in a way that makes it impossible to do so.
• When the pillow gets too warm while I'm trying to sleep and I have to keep flipping it over
• This bug exists because your face heats up the surface of the pillow over time and the pillow has no way to counteract the heat.
• When t-shirts shrink too much and they can't be worn anymore
• This bug exists because many t-shirts are made out of cotton which shrinks with heat and water. So they may shrink at first but it will shrink over time.
• When earbuds get tangled up in my pocket.
• I'm honestly not sure how this happens but even earbuds that companies claim to be "tangle-free" still tangle up and it's annoying and it needs to be fixed.
• When a bright article of clothing winds up in the laundry with my white shirt and it gets stained.
• This bug exists because washers can wash the color out of brighter clothes and they end up staining the lighter clothes

Reflection:  Coming up with a list of 20 different "bugs" was rather challenging. I'm used to things bothering me but I'm not used to taking mental note of them and asking myself why they bother me and how they could be fixed. This exercise has allowed me to think from the perspective of an entrepreneur and I will definitely be more conscious of the things in my everyday life that bother me. I will be able to focus on the issues with certain products in the future and come up with ways to improve them.

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