Friday, January 25, 2019

6A – Identifying Opportunities in Economic & Regulatory Trends

OPPORTUNITY #1- Facebook looks to merge Instagram, WhatsApp, and Facebook messenger.

(a) where you found it (i.e., what the source of the information was that led you to form the belief about an opportunity)

I found this opportunity on the popular tech website: 
https://www.popularmechanics.com/technology/apps/a26038352/facebook-merge-instagram-whatsapp-messenger/

(b), what leads you to believe that this information suggests an opportunity might exist, 

I think this information makes you realize how powerful and important social media apps are. Facebook owns three of the largest apps out on the market and they are looking into ways to mash the three of them together to become one. If Facebook is interested in increasing the ability to communicate across different platforms, it surely suggests that there is an opportunity in that market.

(c) who do you think is most likely to be the customer with the opportunity (i.e., the prototypical customer)

The most prototypical customer would be anyone who uses Facebook, WhatsApp, or Instagram.

(d) is the opportunity relatively easy or relatively difficult to exploit, and why do you think so?

I feel as if this opportunity is relatively easy to exploit only because so many people have the opportunity to create apps similar to this.

OPPORTUNITY #2- Fed wants to raise Interest rates.

(a) where you found it (i.e., what the source of the information was that led you to form the belief about an opportunity)

I found this opportunity on thebalance.com

(b), what leads you to believe that this information suggests an opportunity might exist, 

This information leads me to believe that an opportunity exists because interest rates directly correlate with consumer money owed as well as inflation rates. 

(c) who do you think is most likely to be the customer with the opportunity (i.e., the prototypical customer)
The prototypical customer is anyone purchases bonds or anything from the FED that requires interest.


(d) is the opportunity relatively easy or relatively difficult to exploit, and why do you think so?

This opportunity is rather difficult to exploit since its a government-run decision. 

OPPORTUNITY #3- Change in Trade and Terrif policies. 

(a) where you found it (i.e., what the source of the information was that led you to form the belief about an opportunity)


https://www.businessnewsdaily.com/7671-regulatory-issues-changes.html

(b), what leads you to believe that this information suggests an opportunity might exist, 

Tariffs and trade policies can have huge impacts on our economy. So the changing of these policies can lead to drastic economic changes.

(c) who do you think is most likely to be the customer with the opportunity (i.e., the prototypical customer)

Any company or organization that deals with trade coming in or out of the United States.

(d) is the opportunity relatively easy or relatively difficult to exploit, and why do you think so?

This opportunity is relatively difficult to exploit because it is not something that any one person can change unless you are the president.

OPPORTUNITY #4- Change in Trade and Terrif policies. 

(a) where you found it (i.e., what the source of the information was that led you to form the belief about an opportunity)


https://www.businessnewsdaily.com/7671-regulatory-issues-changes.html

(b), what leads you to believe that this information suggests an opportunity might exist, 

The minimum wage plays a huge role in business expenses, meaning it could either hurt or help business owner.

(c) who do you think is most likely to be the customer with the opportunity (i.e., the prototypical customer)

Pretty much any company that deals with human labor.

(d) is the opportunity relatively easy or relatively difficult to exploit, and why do you think so?

Rather difficult to exploit because of how strict the rules are. This is a government regulated topic that is not easily changed or manipulated.



5A – Identifying Local Opportunities

OPPORTUNITY #1

Title- 
"From Kyler Murray to linemen, exploring Dolphins' early-round offensive draft options"

Link- https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0125%21January%2B25&f=advanced&action=browse&format=text&docref=news/1712D0714EF237B8


Description- This article describes the potential draft picks that the Miami Dolphins might select in the upcoming draft. It goes on to talk about potential players, their attributes, and when they would be selected.

Problem- The Miami Dolphins have the opportunity to draft new players to their team, but they are unsure of who they will pick.

Who has the Problem- Anyone associated with the Miami Dolphins organization (the players, coaches, GMs, owners, fans, etc)


OPPORTUNITY #2

Title- 
 "Here's what the Miami Heat is unwilling to do and the big difference with the Dolphins"

Link- https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0124%21January%2B24&f=advanced&action=browse&format=text&docref=news/171287D85822B9E8


Description- This article describes the Miami Heat's not so good season and why they are not willing to risk putting all their hope into the draft.

Problem- The Miami Heat are just below .500 on the season (they are not too good), but they dont want to tank games to get better draft picks.

Who has the Problem- Any player, fan, coach, general manager, or resident in the Miami area.

OPPORTUNITY #3

Title- 
 "Workplace safety violations at UM dining hall add up to a proposed $134,000 in fines"

Link- https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0124%21January%2B24&f=advanced&action=browse&format=text&docref=news/1712A48D94B9AA00

Description- This article describes how a University of Miami dining hall had broken saftey codes which resulted in a large sum of fines.

Problem- The dining hall is not up to saftey standards.

Who has the Problem- The workers, the students, the teachers, and pretty much any person who has to use that dining hall.

OPPORTUNITY #4

Title- 
 "Mega-development would threaten the Florida panther's very survival

Link- https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0124%21January%2B24&f=advanced&action=browse&format=text&docref=news/1712A48D29219A20

Description- This article talks bout the Florida Pnather and how its number one predator is humans and the growing destruction of their land.

Problem- The expansion of Florida infastructure is causing the Florida Panthers to lose their habitats. 

Who has the Problem- Scientists, the government, citizens of Florida, and the panthers themselves.

OPPORTUNITY #5

Title- 
 "Severe weather alerts include tornado warnings for Florida in advance of front"

Link- https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0124%21January%2B24&f=advanced&action=browse&format=text&docref=news/17127C11221ABE50

Description- This article talks about the upcoming cold front that is hitting Florida and then the tornado warnings.

Problem- A storm might hit parts of Florida causing destruction. Could be deadly to anyone living the area.

Who has the Problem- Anyone living in Florida, especially the area in which the Tornado warning is in effect.


 


Friday, January 18, 2019

Forming an Opportunity Belief 4A

1. People spend too much time pumping gas into their vehicles. I feel as if there should be a service (like uber) that allows you to order for someone to come fill up your car with gas.

ex: on the way to work you realize your car is out of gas. You go on the website, type in the address of where your car is parked. Then the company comes and fills it while it is parked.

2. My belief is that people waste too much time pumping gas at gas stations. There needs to be a quicker and easier way to keep your gas tank filled without having to stop at a gas station. This need applies to anyone who owns the automobile and has been relevant since cars have been invented. Currently, when people are low on fuel they have to drive to a gas station and put more gas in their cars. I am 60% sure that other people are also annoyed by having to stop and get gas.

3. The prototypical customer is anyone who owns a car and regularly has to stop and get gas.

4.


Person 1  (My dad)-

What is the exact nature of the need?

Getting gas without having to stop at the gas station.

When do they become aware of the need -- that is, do they experience their need all the time or only sometimes?

"Only when my car is low on gas."

How long have they had the need?

"Since I got my first car."

When did they first become aware of their need? Why?

"Honestly, I never thought about something like this until you mentioned it. I have never known something like that existed."

How are they currently addressing their need?

"I stop and get gas whenever my low gas light comes on."

How satisfied are they with this solution?

"A good idea, but would have to be as cheap as pumping gas at a gas station."



Person 2 (my Mom)-

What is the exact nature of the need?

"Getting gas without stopping."

When do they become aware of the need -- that is, do they experience their need all the time or only sometimes?

"Only sometimes (when my car's fuel is low)"

How long have they had the need?

"Since I started driving"

When did they first become aware of their need? Why?

"I realized that pumping gas was annoying after like the fourth time I ever did it."

How are they currently addressing their need?

"I stop and pump the gas myself."

How satisfied are they with this solution?

"Would be a cool business, if it becomes a real thing. Would save me a lot of time."



Person 3 (My sister)-

What is the exact nature of the need?

"Not having to stop and get gas."

When do they become aware of the need -- that is, do they experience their need all the time or only sometimes?

"When my car is low on gas."

How long have they had the need?

"Since I got my drivers license."

When did they first become aware of their need? Why?

"When I was late on the way to school the other day and needed gas. It made me even later."

How are they currently addressing their need?

"I stop and pump gas myself at the gas station by my apartment"

How satisfied are they with this solution?

"Not very satisfied."



5.

Reflection:

After asking three people what they think about my idea on how to solve stopping at gas stations, I realized that the cost of the gas was a major concern. All three of the people I interviewed questioned how much the gas + service would cost. (more or less expensive than gas stations). If the service and gas costed far more than what it costs to pump it yourself, it would probably not be a popular thing.

7.
How much of your original opportunity is still there?
My original opportunity is still 100% there, it just needs to be adjusted and researched more.
Do you believe that your new opportunity is more accurate than when you started?
Yes, because after talking to people about my idea I realized that people care more about the price of the gas they are buying than the time spent pumping the gas into their cars. 
How much do you think entrepreneurs should 'adapt' their opportunities based on customer feedback? (In other words, is there a trade-off between adapting and staying firm?)

I think entrepreneurs should most certainly adapt their opportunities based on customer feedback because without their support your opportunity is less likely to succeed. People like companies that benefit them.










Your Entrepreneurship Story 3A

Story:

Every year when the Christmas season would come around, my friends and I would always jokingly talk about how we should start a Christmas light business. Freshman year of high school was the year we actually took that idea and put it into action. My two best friends and I knew that if we were going to make this business venture a reality, we couldn't just be any ordinary Christmas light installers. We knew that we had to do something that would make us stand out from the rest.

After days of trying to find a unique Christmas light idea, we stumbled upon an internet post about how to make cheap Christmas light orbs. After seeing it online we decided to make a large amount of them and market our unique Christmas lights to our neighbors. The first year we only made and installed lights on to four different houses. The year after that, we installed them on 10 different houses. Four years later, we are still going strong every Christmas. This past Christmas we had the pleasure of selling and installing our hand made Christmas lights to 32 different homes in our surrounding neighborhoods.

This experience has taught me a lot about running a business and will continue to teach me about being an entrepreneur until I choose to stop doing it.

Image result for christmas light orbs

Why ENT3003:

I enrolled in ENT3003 mainly because it is a requirement for my major. I hope that this class gives me a little more insight into what it means to be an entrepreneur and how to be a successful entrepreneur.   







Bug List 2A


1. When I get stuck in traffic at rush hour on my way back from the gym.

Why?  Everyone is leaving places at the same time (Work, Class, Gym, etc) which causes an overflow of traffic at that specific time.

2. When a cat's litter box is full, and you have to change the litter.

Why? Cats poop and pee in the litter box until it is full. If you do not change a dirty litter box, cats will stop using it (will go to the bathroom in other places) until it is cleaned.

3. When you forget to get something at the grocery store and realize when you get home.

Why? You get distracted/forget to purchase that item and or did not write a list of what you needed.

4. Trying to find a parking spot on campus/ around campus without getting towed.

Why? There are more students then there are parking spots which cause people to park in tow-away zones.

5. When knock-off phone chargers stop working/Break.

Why? They are cheaply made and wear down quickly.

6. When it has a been year with the same password and the website makes you change it.

Why? Security reasons cause the website to force you to change your password to be more secure.

7. When I have a doctors appointment, I get there and usually still have to sit and wait.

Why? They overbook appointments to avoid dead time (no customers).

8. When my computer runs out of battery.

Why? I have been using it too much without charging it.

9. When my phone case does not keep my phone safe.

Why?  It is cheaply made and is not enough protection for the phone.

10. When someone has a body odor.

Why? Most likely they had just done some sort of physical activity or just don't clean/deodorize their body.

11.  When the tv remote does not work.

Why? The batteries have died or the tv remote sensor is blocked by something in front of the tv.

12. When you get kicked off the internet.

Why? Too many people on one internet connection causing it to kick off one device.

13. When I wake up in the morning and am freezing cold.

Why? I forget to turn on my heater at night.

14. When a lightbulb in your room goes out.

Why? Lightbulbs do not last forever. They need to be changed.

15. When carbonated beverages lose their carbonation.

Why? Someone forgets to seal the container fully or it is not consumed quickly enough.

16. When your credit card gets compromised.

Why? Someone steals your credit card information and uses it to buy something.

17. When your sunglasses get dirty or scratched.

Why? You put them in places that cause them to get dirty (purse, pocket, car).

18. When you order something without a specific item on it and the restaurant still puts what you didn't want, on it.

Why? The chef did not see the specific instructions about the dish or they forgot about what you asked.

19. When a key on my keyboard gets stuck.

Why? I push down to hard and the key gets stuck.

20. When the lunch line at Chick-Fil-A is too long.

Why? Everyone wants a Chick-Fil-A lunch at lunchtime.


Reflection

Honestly, this assignment was not too difficult for me to complete. Thinking of things that bugged me was the most time-consuming part. My plan of action for this assignment was to retrace the past few days of my life in my memory and write about any minor/annoying things that occurred in the past couple of days. Most of the things that bug me are situations that take longer then they are supposed to (i.e. rush hour traffic). I tend to get easily annoyed with small things so it was not very hard for me to think of bugs in my life.