30A - Final Reflection

This course was a learning experience and I had my ups and down throughout the semester. The most formative aspect that this course provided me was understanding the process it takes to develop a service or product and how to handle the successes and failures of exploiting an opportunity. Something that I will always take with me is that whenever you think you're done with something, you're not and that there is always room for improvement as the environment of entrepreneurship is ever changing. The most joyous moment for me was watching a loose business idea transform into an opportunity that I could take advantage of one day and actually make a living doing it. I thought my idea was doomed from the start, but by sticking to the steps, I was able to develop something with promise. My ability to take what I've learn from this course and utilize it in future endeavors is what I'm most proud of. Before this course, I had no idea what it meant to be an entrepreneur, but now I think I have a solid foundation and I'm excited for what my future holds.

I find myself thinking more like an entrepreneur no matter what I'm working on. The entrepreneur mind set has helped me with my problem solving ability and ability to take something and look for ways to improve it to make it easier or more exploitable. I've always wanted to start my own business, but never really knew how until now. I view myself as more of an entrepreneur now, but I realize I still have a ways to go.

To get the most out of this course and entrepreneurship in general, I would say you have to be open minded. There's always a better way to do something and being closed minded could cut you off from the ability to improve yourself or a business. It's a lot more than just going through the motions, and actually applying yourself and future ambitions to this course could be one of the best and most lucrative things you do.

Photo From: https://ied.eu/project-updates/developing-business-models/

29A - Venture Concept No. 2

Opportunity

With death being one of the only guarantees in this world, there's a lot of opportunities within the aging population. Those around the age of 55-75 (eventually much younger) that are getting close to retirement or currently struggling through it are the ones with an un-met need that I'm in the process of addressing. Retirement can be terrifying if one doesn't have the necessary funds needed to sustain themselves and their loved ones. The nature of the need is reducing current and future expenses while creating an extra source of income for those who need it most to live comfortably. This hasn't been as big of an issue until now as 1/3 of baby boomers report they have nothing saved up for retirement. The demographic focuses dominantly on the United States, but could expand to other countries when the time is right. 401K's and IRA's are not as common as they used to be and has been failing to satisfy the needs of those looking to retire. There is a disconnect of loyalty there, but those who do have a plan in place seemingly remain loyal for the most part. This is a fairly big opportunity, and one that I'd expect to keep growing in the coming decades. Until the economy and government spending is restructured this opportunity will remain open and possibly continue to widen.

Innovation

My innovation is an easy-to-use platform acting as a financial firm that focuses on reducing current and future expenses while create another source of income through a wide range of assets. In retirement, the biggest expenses one will face is most likely to be medical bills. With one of our main focuses being to reduce future expenses, we'll look to create a network of medical minded gyms that target people in poor health and heavily reliant on prescription drugs. Through expert training, rehabilitating clients for better health can reduce the amount of drugs they need to take and reduce avoidable health issues in hopes to free up extra cash for retirement. By reducing some of the biggest bills one might face, they'll have more free money to invest in a specialized hedge funds with expected returns from anywhere between 5% and 15%. In order to make this a profitable business for me, I would profit off a percentage of the returns my clients pull in. There isn't a set number for income for my opportunity, but as the business grows, so will my profits.

Venture Concept

As more people near the age of retirement and realize they don't have the funds necessary to live out the rest of their lives comfortably, the greater the demand will be for my service. As 401K's and IRA's become less popular, alternative methods will be on the rise, and my service is positioned to help out my clients in an array of aspects and not just finically. My clients probably never had a retirement saving plan, so getting my clients to switch wouldn't be a huge concern. My clients would most likely be looking for a last ditch effort to make some supplemental income and would be willing to give it a test run. My competitors would be sparse in the exact same market, although I would receive some competition from outside industries, like banks and their mutual funds. In addition to the foundation I have identified above, I would take on a new target market, so my service has a longer life cycle to benefit my business and clients. The investments would be less risky as there would be more time to grow and develop. With that being said, implementing my business within the current market still makes the most sense, but growth is right around the corner. My business would be organized based off simplicity and the ability to be used easily and seamlessly with someones existing life. The idea seems feasible on paper, but the implication of the whole thing will be easier said than done. The start up will be the biggest obstacle to overcome and could expose some weaknesses and vulnerabilities. The overarching culture my business looks to inspire is thoughtfulness and caring for others. The whole goal of the opportunity is to create a positive experience for all.

Summary of Feedback

Majority of the feedback that I received was reinforcement to what I had already come up with. From the feedback, I received some guidance on how I should approach my current target market and how I can go about expanding into a new target market as well. I've come to realize that there is a lot of opportunity outside of my current market, and failing to tap into it, could be lost profit for both sides. Although the advantage that my outside target markets would have would take a while to see, the end results could be much more beneficial to them than my current market.

Changes Made

Although I didn't received any direct feedback on things to change, the feedback helped me realize that my target market could be bigger than I think. To take advantage of this recent finding, I changed my venture concept to reflect the possible opportunity and what it could mean for my business and them as clients. 

Photo from: https://www.benzinga.com/general/education/18/07/11952323/a-2018-midyear-update-the-10-best-performing-s-p-500-stocks

28A - Your Exit Strategy

1. For this opportunity, I would plan on selling it about 10 years down the road once I was able to run my course with it and build up a fund to carry me into the next phase of my life. I'm not totally sure what I want to do with my life yet, but I'm not ready to spend to doing the same thing until I retire.

2. I chose this exit strategy because I love making investments. This opportunity is an investment for me, and at the end of it, I will be looking for a return to take with me into my next investment. I also don't like being stuck in the same place for too long and I think by the end of the 10 years or so, I would be ready for my next opportunity.

3. My exit strategy has influenced how I set my opportunity up. Within 5 years from now, I want to be in the supervisor/ quality control position, while I have execs below me running the overall business. I set it up this way, so when I do decide to move on in about 10 years, I have people capable and willing to take over the company and will be able to bring in more success and pay me what I'm looking for.

27A - Reading Reflection No. 3

Shoe Dog by Phil Knight

1. Nike has been the dominate shoe brand for me my whole life, so I was surprised when I learned that it wasn't always named Nike. Blue Ribbon Shoes definitely isn't as catchy as Nike, but that's why all companies go through changes during their evolution process.

I admired Phil Knight's determination. As we saw in this class, failures are inevitable in entrepreneurship but Phil found his way around those obstacles to find success. Without an immense amount of determination, achieving what he did would not be possible.

All great entrepreneurs have some downfall's and I understand why Phil used sweatshop style labor to reduce his costs, but I do not support those actions. His use of foreign labor is what I admire least about him and his brand.

Like all entrepreneurs, Phil encountered his fair share of failures, but he was also able to overcome them by learning from them rather than giving up on his dreams. The biggest companies in the world are products of many failures.

2. A competency that I noticed Phil had was that he was open minded which helped spark the innovation within his company. He knew that the people he was surrounded by were the most important capital he had and he knew how to leverage them.

3. The reading was pretty straight forward, but an area of confusion was learning that it was once called Blue Ribbon Shoes. I had to go back and read that a second time, because in our minds, it has always been Nike.

4. I would ask Phil why he still uses sweatshop style labor, because I understand using it to start off to reduce cost when money is tight, but now that it's a billion dollar, international company I feel like he could do better. I would also ask him how he has combated his competitors over the years like Under Armor and Adidas and how he plans to fend off growing clothing brands like Lululemon and others in that realm. Active wear brands are on the rise and these could present new obstacles to his company.

5. I think Phil's idea of hard work is being patient and consistent in everything you do. He understands that great things take time and that rushing into things could spell disaster. I would say that I'm a little less patient than Phil, but other than that, we might have to same outlook on hard work.

26A - Celebrating Failure

1. I encountered a few failures during this class. One of the main failures was that I knew what market I wanted to target and I knew the opportunity that I wanted to exploit, but I had a hard time coming up with a service or product to sell, which is a major concern. It was weird at first going through these assignments with an opportunity in mind but struggling to have a solid service even though I had some working ideas. I was able to pitch a few ideas through the various assignments we did until I was able to come up with a solution to my problem.

2. I came to realize that failure isn't the worst thing in the world and that it often leads to change in some way. As the assignments progressed, I was able to receive feedback, advice and ideas that helped me develop my service to exploit my chosen opportunity. Failure isn't the most comfortable thing to experience, but in some cases, it's the only way to grow.

3. I think I handled failure pretty well in this case as I was reassured failure is just another part of the process. I knew I had to be patient and stay the course to persevere my previous failures. This class changed my mind on failure, because that's the name of the game in entrepreneurship. The most important aspect that I learned was that it's all about how you respond to the failures and how you use the past experiences to move yourself forward. I would be willing to take greater risk now than I was at the start of this course with my new outlook on failure.

25A - What's Next?

Existing Market

As the world shifts more and more into technology, the concepts that I'm employing in my business can be made easier to access and use with the help of technological advancements. Technology can add more value to my business by seamlessly bringing each component of my business together.

The first person that I spoke to suggested that the individual components of my business are good, but when combining them together, things get complicated. They suggested that the possibility of starting two separate businesses might be more beneficial in the long run, because I could tap into two markets instead of one. They said by creating two separate businesses, I would be able to help more people as well. They have a good point, but without the integration of the two concepts, my opportunity loses its edge.

The second person liked the foundation of my idea, but said that my target market is the wrong market to focus in on. They suggested that rather than focusing on 55-75 year olds, that I should focus on the younger generations because they could provide a longer customer life span and could reap more rewards from my business than the elderly.

The third person felt that combining the two business components together with technology wasn't the right move since the elderly aren't as technologically inclined as the younger generations. They suggested that I use a more traditional platform to bring everything together, but as the world advances I would be afraid that a tradition approach would leave me behind in the dust.

The feedback I received gives me mixed feelings as I look to the future. Our viewpoints differed for some obvious reasons and the technological aspects were a turn off for my existing target market, but going forward I have to keep in mind that my future clients will most likely be more comfortable with technology. Despite the feedback that I received, I feel that it would be best to continue on with my original path and use technology to integrate each aspect of my business.


New Market

The new market that I'm looking into is college kids, which is quite different than 55-75 year olds worrying about retirement funding.

Once my business's platform is up and operating, the college kid market could actually be very promising. Many college kids are clueless when it comes to making solid investments for their future, and I would be able to bring value to them by educating them and setting them on the right path to be financially stable well before they reach the point of retirement.

The first person said they would find great value in a such a business as mine. They said that they and their peers have interest in investing, but not a clue where to start. They suggested that just simple education would bring value to them and that an easy to use platform to bring everything together would be the ideal fit for this target market.

The second person said that they would rather start investing sooner rather than later so they would find great value in my business if I were to focus on them. We agreed that moving forward my business could bring value to everybody if the approach was right. Additionally, they said that shifting to a technology based platform is likely the only solution moving forward as a traditional platform would be dated.

I was most surprised by the interest that this market on the complete other side of my target market has in my business. I assumed correctly that they would like the technology aspects of the business more than my current market. This exercise could open up some doors for expansion moving forward. With minor tweaks, my business could be created to help everybody and not just a select age demographic. This new market helped show what kind of opportunity is out there.

24A - Venture Concept No. 1

Opportunity: With death being one of the only guarantees in this world, there's a lot of opportunities within the aging population. Those around the age of 55-75 that are getting close to retirement or currently struggling through it are the ones with an un-met need that I'm in the process of addressing. Retirement can be terrifying if one doesn't have the necessary funds needed to sustain themselves and their loved ones. The nature of the need is reducing current and future expenses while creating an extra source of income for those who need it most to live comfortably. This hasn't been as big of an issue until now as 1/3 of baby boomers report they have nothing saved up for retirement. The demographic focuses dominantly on the United States, but could expand to other countries when the time is right. 401K's and IRA's are not as common as they used to be and has been failing to satisfy the needs of those looking to retire. There is a disconnect of loyalty there, but those who do have a plan in place seemingly remain loyal for the most part. This is a fairly big opportunity, and one that I'd expect to keep growing in the coming decades. Until the economy and government spending is restructured this opportunity will remain open and possibly continue to widen.


Innovation: My innovation is a financial firm that focuses on reducing current and future expenses while create another source of income through a wide range of assets. In retirement, the biggest expenses one will face is most likely to be medical bills. With one of our main focuses being to reduce future expenses, we'll look to create a network of medical minded gyms that target people in poor health and heavily reliant on prescription drugs. Through expert training, rehabilitating clients for better health can reduce the amount of drugs they need to take and reduce avoidable health issues in hopes to free up extra cash for retirement. By reducing some of the biggest bills one might face, they'll have more free money to invest in a specialized hedge funds with expected returns from anywhere between 5% and 15%. In order to make this a profitable business for me, I would profit off a percentage of the returns my clients pull in. There isn't a set number for income for my opportunity, but as the business grows, so will my profits.


Venture Concept: As more people near the age of retirement and realize they don't have the funds necessary to live out the rest of their lives comfortably, the greater the demand will be for my service. As 401K's and IRA's become less popular, alternative methods will be on the rise, and my service is positioned to help out my clients in an array of aspects and not just finically. My clients probably never had a retirement saving plan, so getting my clients to switch wouldn't be a huge concern. My clients would most likely be looking for a last ditch effort to make some supplemental income and would be willing to give it a test run. My competitors would be sparse in the exact same market, although I would receive some competition from outside industries, like banks and their mutual funds. My business would be organized based off simplicity and the ability to be used easily and seamlessly with someones existing life. The idea seems feasible on paper, but the implication of the whole thing will be easier said than done. The start up will be the biggest obstacle to overcome and could expose some weaknesses and vulnerabilities. The overarching culture my business looks to inspire is thoughtfulness and caring for others. The whole goal of the opportunity is to create a positive experience for all.


The human capital that I have will carry me far and position my business above the others. Having connections in the medical field, investing field and real estate field will give me a leg up on my competitors as the start up process will be more streamline. My opportunity basically mixes the world of health and wellness with investing and having experts in both fields gives me an advantage. Since the fields are so different from one another, my competitors probably won't have the best of both worlds and will struggle on one end or the other as they begin their opportunity.


Eventually, I would look to expand to service everybody and shift from a retirement plan to an investment plan that helps people at all stages of life and situations. Once this opportunity is solidified within the realms I have outlined above, expanding my clientele will increase my reach and that would lead to increased profits. Starting with people aged 55-75, I would look to service people aged 18-to 25 next, then eventually moving into a service for all ages. I chose 18 to 25 year olds for my next reach because they don't receive enough education on the matter and could benefit greatly from investments made early on.


Within five years of launching this opportunity, I want to be at the quality control level assuring the service I have developed and implemented is operating smoothly. There's nothing worse than signing up for a service and see it start to reduce its values and perks, so I would make sure the service stays the same and provides the same value to my clients on day 100 as day 1. Maintaining and providing a consistent service to my clients is a huge priority for me. while maintaining a consistent service, I don't ever want to be satisfied with how far I've come. Additionally, within fives years of launching, I would like to have expanded my clientele and service people of all ages, but for the time being, I think focusing on retirees is my best entry point for a business like mine.

23A - Your Venture's Unfair Advantage

1. Communications skills
V: In the digital era we live in, being able to properly and effectively communicate face to face can be the difference between making money and not.
R: Calling, texting and emailing is much more convenient and sometimes easier for some people than talking, but hardly as effective.
I: Being able to communicate effectively can be tough to learn as it's more of a social skill or talent.
N: As the world continues to shift deeper into technology, effective speakers could become harder to find.

2. Social network
V: I have an extensive network with long lasting relationship with others within my field of interest.
R: It's not about what you know, It's who you know. My network has experience others might not have.
I: You can't force relationships amongst your peers. Everyone's network is unique.
N: I'm sure there's others out there that could help me, but I feel confident with my team.

3. Research ability
V: My public relations major has taught me a lot about conducting research and how to find the information that I'm looking for.
R: We learn different skills in different majors. I know for a fact some don't stress research as much as PR.
I: Researching skills can be taught, but I'd already be ahead of the curve by then.
N: AI could make conducting research easier for me in the coming years.

4. Support system
V: Having a solid support system like my friends and family that will be there for me no matter what happens puts my mind at ease.
R: Support and motivation can be hard to find some people.
I: A genuine support system can't be formed over night as it takes years to form such a relationship with others.
N: There really isn't any substitutes for this, and without it, the natural failures we're bound to face could be difficult to manage.

5. Thoughtfulness
V: Almost every CEO says they care about their clients, but only to a certain extent. My service is solely rooted in helping others.
R: Thoughtfulness can get overshadowed by greed very easily, and being able to care for my clients day in and day could set me apart from the others.
I: It can be hard to create a thoughtful culture within a company if it's not something you wholeheartedly stand by.
N: Thoughtfulness comes from ones values and beliefs and can't be substituted. If you're truly not a thoughtful person, your true colors will come out eventually.

6. Determination
V: I feel that I have a strong determination to be successful one day, and that I won't stop until I reach my goals.
R: There's many motivated people put there, but there are plenty that are content with being average.
I: It's easy to say you want to be successful, but it's another thing to actually put in the blood, sweat and tears.
N: The only way to make it in this world is through hard work, and nobody is going to do the heavy lifting for you.

7. Capital needs
V: My service doesn't require a crazy amount of capital to start.
R: Many startups require capital that takes decades to payoff, which makes mine a little different and a little easier to obtain.
I: This idea is easy for others to potentially copy, but as of right now it presents an advantage for my service.
N: I'm sure extra capital could help speed things along, but the simplicity of my service is the main idea.

8. Uniqueness
V: Each individual market is diluted with similar products and services, but I haven't seen anything like mine yet.
R: The uniqueness of my service is rare and presents an opportunity to disrupt the traditional ways of the past.
I: Could be imitable, but hopefully I'd have a large and dominate market share by the time others begin to copy my service
N: The uniqueness is what sets me apart and really makes my service what it is. No substitutes here.

9. Life experiences
V: I feel that the experiences I have had so far in life have set me up for a successful future in this service.
R: We are products of our enviroments and past experiences, I think I have a solid head on my shoulders for what life has in store for me.
I: Everybody is different based of their own experiences and that will lead us to make different decisions in different situations.
N: Whether good or bad experiences, they help make us what we are and there are no substitutes for what we go through in life.

10. Existing tools
V: My service combines a few services that are already solidified so I don't have to reinvent the wheel.
R: Many companies spend so much money inventing, whereas I just have to seamlessly put the different services together for my opportunity.
I: This idea hasn't been imitated yet, but there is a possibility that it could in the future.
N: There are other routes I could take, but they could cost much more money. The simplicity of my service is key.

22A - Elevator Pitch No. 3

Elevator Pitch No. 3

I received some positive feedback from my last elevator pitch that focused mostly on the delivery aspects of it. None of the feedback surprised me, but rather it reinforced my pitch and my business opportunity as a whole. I found some feedback on how to position my camera a little bit better to be beneficial to improve the overall appearance of my pitch. The feedback wasn't as in-depth as the last post, so hopefully that means I made the right corrections in terms of actual substance of my pitch.

This time around, the pitch felt like second nature as it was so much more smooth and natural sounding. I also adjusted the camera height to eye level so it didn't appear like I was talking down on my clients.  Speaking to a camera takes a little while to get used to and comfortable with, but this time around it wasn't an issue and just goes to prove that practice does make perfect. 

21A - Reading Reflection No. 2

I read Innovation and Entrepreneurship by Peter F. Drucker.

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

This book breaks entrepreneurship down into three sections: "The Practice of Innovation," "The Practice of Entrepreneurship" and "Entrepreneurial Strategies." These sections help make sense of the process entrepreneurs go through from identifying an opportunity to managing one to highlight how it is an ever-changing practice. The three sections help make the argument that innovation is only one step in the direction of becoming a successful entrepreneur and without proper management to solidify your niche in the market, it could be a lost opportunity.

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

This book connected with and enhanced what we've learned in ENT3003 so far by reinforcing the idea that entrepreneurship is about constantly identifying and fulfilling unmeet needs in society. It also enhanced my interpretation of how innovation is crucial to the evolution of an opportunity and its position in the market place.

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

My exercise would involve giving students a made up business that already operates semi-successfully within their opportunity and market. Then, I would ask them to identify new areas of innovation within the opportunity to expand the current business and present new niches in the market.

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?

I've always thought of starting your own business as a fairly risky venture, so I was a little surprised when I read that entrepreneurship shouldn't be associated with risk as much as it is. The reasoning in the book makes some good points as to why we shouldn't view entrepreneurship as risky because it could hindering us from reaching out peak success.

20A - Growing Your Social Capital

Jeff Reiland: I want to add Jeff to my social network because he has real estate investment experience and an extensive network of commercial real estate properties. He would be the domain expert in helping me grow my network of gyms. He was referred to me by a friend that is a real estate agent and we set up a time to meet over coffee. The favor Jeff was able to do for me was set me up with the foundation of what I need to know before the first purchase even begins. He said rushing into commercial estate can be very tricky and risky. Currently, there is no expected return, but we will be in touch moving forward. Jeff would be a major asset to my opportunity in locating, purchasing and managing my gyms. The capital is very important, so I think Jeff's assistance in purchasing the best places is crucial.

Cory Carlson: Cory is a physical therapist that would be beneficial to have in my social network. Cory would be the expert that is doing the research and would be the brains behind the service we are selling. I did a Google search of physical therapy trainers in the Gainesville area and found Cory who works at a gym with a clientele aging between 40 and 70 years old. Cory will be able to help turn the business idea into a tangible service to help people. There wasn't a solid favor exchanged, but he was able to share some information and stories from his experiences as a physical therapist. Having Cory in my social network would help by regulating patient care and ensure that our service is advanced and helping people in the best, most effective way possible.

Lori Amborn: Lori is a medical supply purchaser for hospitals. She would be an important supplier to have in my social network to help supply me with the leading orthopedic training equipment.  Lori is a family friend that has been in the medical supply chain industry for over 20 years and enjoys what she does. She said people assume drugs or needles when they hear medical supply purchaser, but it really ranges from X-ray machines to elastic training bands. she was able to share some tricks of the trade and elaborate on the logistics and business side of the operation which was beneficial. Having Lori would help in supply chain management and business operations from a medial standpoint.

This networking experience has been much different than my previous ones. Besides getting to know someone a little bit, I never went into networking events with an exact objective until now. Going in to meet with these people with a plan made it more engaging and lead to positive results and curated relationships that could be lucrative in the future. This experience taught me the importance of always having an objective when meeting with someone.

19A - Napkin Idea No. 2

1. My name is Caelan Barnhart, and I am a senior public relations student. My talents include being an adept problem solver that's able to adapt quickly to new concepts or situations, while being an effective communicator is a top skill that I've used to create and solidify relationships. I grew up around real estate investors, which sparks my aspirations of creating my own extensive network of residential and commercial property. My investment-minded goals fall in line with helping those that face the issue of funding a proper retirement. 


2. I've identified that there is a widespread issue of people not being able to properly fund their retirement, but the question of how to fix that is a little harder to focus in on. There are a few options I've explored such as create a real estate investment firm in which the elderly can invest in to hopefully reap some rewards. There is also a possibility that I think makes a lot more sense and compliments my future aspirations and that is creating a network of gyms that specialize in the health and wellness of people 60 and up in hopes to reduce the costs of medical bills during retirement. The multidimensional gym will provide personalized fitness-minded, non-pharmaceutical treatments. The overall goal and the combined effects of both strategies could work together to reduce expenses and increase funds to make retirement easier for those in need.

3. Our prototypical customers will be 60 and up and primarily those without a large retirement savings and express some concern for the future. Popular retirement states and communities would be the major target. These customers will be out of shape meaning a little exercise could go a long way to relieving some of the medical hardships they face. They've worked hard their whole lives and never had as much time as they would've liked to stay in shape and focus on their health. Our customers are ready for a change.

4. Our customers would utilize my service because it could help create a sense of peace of mind and stability in a time that could otherwise be rather difficult. Investing in their own health might be the most beneficial thing to do around this time and proper asset management is crucial. This service allows us to help them with personalized and intensive attention to detail to improve their health and wellness. 

5. Most retirement plans are cut and dry, require high risk investments, and usually the rewards, if any, are not enough to sustain you throughout retirement especially if you have high medical bills. Investing in your health and wellness by choosing a gym that's rooted in medicine to help you stay in your best physical condition can help minimize medical bills and free up cash for other, more meaningful moments. Gyms are shifted toward the younger generations and can be difficult and intimidating for the elderly trying to improve basic movements. The service will be doctor-patient like, but more centered around their natural health.

I think these five factors I talked about above come together pretty well for the most part. The goals of each one compliment the next and aim to do good for other people. The one aspect that is a little weaker than the others is the exact service that I am offering, but from some feedback and further analysis, I was able to strengthen that area of the business opportunity and pin-point my exact target audience. My service in much more well-rounded now, then it was before and the opportunity as a whole is more complete. 

The feedback that I received was very positive and supportive of my opportunity as a whole, which instilled confidence in me that I was moving in the right direction. However, I knew I had to narrow in on my exact product and service that I am selling. I think I was able to do that based off guidance from the last few assignments in this course. I was able to provide further detail and description of my service and elaborate on my prospect customer. I also applied more depth to the importance factor of my product and expanded on why the customer should be interested in my service. 

18A - Create a Customer Avatar

Pictures from: https://mybluerobot.com/create-your-own-avatar/ (Links to an external site.)

My customer avatar is a 60-year-old that goes to work Monday through Friday and enjoys spending time with family on the weekends. They've worked hard their whole life to provide for their loved ones and now as they near the time for retirement they might not have enough saved up in the bank to take care of themselves. They live modest, yet appreciative lives and want the best for everyone. They aren't as active as they once were and their health is becoming a constant concern. They're worried for the future, but don't know what their first step should be.

I don't have anything in common with my customer avatar quite yet, but I know that when it comes time for me to retire, I don't want to be under any economic stress, so I can take care of myself and spend time with my loved ones. There is definitely a connection between my future goals and this business idea and customer avatar.

17A - Elevator Pitch No. 2

Elevator Pitch No. 2

The feedback I received wasn't silly or wrong at any time, and I found it to be constructive. From the feedback I knew I had to practice my delivery a little bit more and work on my fluidity. I became aware that my product/service got lost in some of the statistics and supporting information I provided, so it was helpful and I think crucial to my pitch that I was able to learn from the feedback I received. There was some aspects of the pitch that I wasn't too sure about when I first published it and some of those aspects received positive feedback, which cemented my confidence in them.

I practiced my pitch and became comfortable with my delivery and was able to shorten it a little bit as the pitch almost became second nature and more fluid. I also played with the camera angle to make it appear more engaging and easier to watch. The feedback helped me make minor tweaks and gave me an indicator of what of was good and what needed improvement.

16A - What's Your Secret Sauce?

There are many companies, services and products that are virtually identical or very closely related, but their "secret sauce" is what sets them apart from their competitors. Five things that make me unique are my coordination and organizational skills to keep everything in line and operating in the most effective and efficient way possible. Next, my punctuality sets me apart from the rest which allows me to get things done on deadline or ahead of schedule -- being late is never an option. My ability to connect with people and create friendships out of nothing helps me expand my network and collaborate with bright minds who could push my business or service above and beyond my current expectations. My openness also allows me to take on new perspectives and see the bigger picture rather than being narrow minded and with a rigid way of operating. Lastly, I would usually say leadership skills, but I've come to realize it's not about knowing how to lead a group, but rather it's how you leverage a group. While learning about some of the most successful entrepreneurs, I found you get a heck of a lot further when you leverage people, their money and their ideas instead of taking something on by yourself.


Interview 1: He said that I'm a personable person who is always willing to help others at no expense.  He added I know how to bring out the best in people and he's noticed through my actions, when I help people the favor usually gets returned down the road and the situation turns into a win-win for each party involved.
https://soundcloud.com/caelan-barnhart-849985099/friend-1

Interview 2: She said that my biggest talent is my ability to make a connection no matter how big or small it might be. She also said I'm a great listener, which allows me to feel and engage with others.
https://soundcloud.com/caelan-barnhart-849985099/friend-2

Interview 3: She said I'm dedicated to a successful future and pay high attention to details, which is often highlighted in my writing.
https://soundcloud.com/caelan-barnhart-849985099/friend-3

Interview 4: She said when I set my mind to something, I give it 100% of my effort. There's no point in doing something if you're going to do it sloppily, so I pay close attention to details to work toward an effective and efficient outcome.
https://soundcloud.com/caelan-barnhart-849985099/friend-4

Interview 5: He said that I'm a driven individual that knows what I want in life and what I have to do to get there. He again reaffirmed my ability to effectively and properly communicate with others and he thinks that's something that will serve me well in life.
https://soundcloud.com/caelan-barnhart-849985099/friend-5

My parents have always preached the idea that you get what you give, so I always try to pull the best out of people in hopes I will become a better and more improved person. My friends have picked out certain attributes that help make me who I am and I'm humbled by that, but at the end of the day I'm just living the way my parents raised me. Touching on what I said earlier, being successful is a lot easier when you have a team of people on your side, so don't push them away, build them up because what goes around comes around.

15A - Figuring Out Buyer Behavior No. 2

In order to figure out the buying behavior of my target market, I interviewed three people. The first person I choose to interview is my next door neighbor who prides himself on his various investment strategies. He's been the first one to tell me that it's not the price that matters, but rather it's the future value of what you're buying that matters the most. With that being said, he said the research for determining something's future value is much more difficult and time consuming than shopping around for the best price. He made it clear that confidence is also key and when you purchase something, no matter if it's a good, service, or stock. He stressed that you need to be 100 percent committed to it and not semi attached to alternatives on the market. Although, he said that price wasn't the most important aspect, he said it's important not to over pay and shorten a potentially large gain.

The second person that I had the privilege to interview was a family friend aged 32 years old. She has no investment experience and said her first factor when shopping for a service or good is the price. She said once she determines the price that she likes or best fits her budget, she moves on and compares the brands as she said she likes to associate brands with the quality of the product. She described herself as the type of person that won't purchase at a discount price if she's not getting exactly what she wants. For example: she'd rather buy the black car for $30,000 rather than settle for the red car that's only $25,000. We concluded that her buying behavior is centered around preference, brand recognition and quality. She said the main reason behind her buying behavior is that it's very hard to predict a future value and she'd rather get what she wants today rather than wait and see the unexpected down the road.

The third person that I interviewed valued familiarity above everything else. He said his biggest pet peeve is purchasing a new product or service with a learning curve and that he'd rather purchase something he's familiar with and knows will perform how it's suppose to. He said this style of buying behavior can tend to be more expensive at times initially but that being a loyal customer usually pays off when it comes to service and renewals. With all that being said he thinks that quality is associated with familiarity because when you find a product that works effectively, there's no reason to mess with it and try something else. Contrary to the first two people that I interviewed, this buyer showed his purchase decisions are not based off trends and outside pressures, but rather based off what will serve him the best.

These interviews helped me realize that people use completely different strategies to justify their purchases decisions even when shopping in the same market space for the same product or service. Although everybody takes price, quality and value into consideration, they're placed at various degrees of importance unique to the buyer. These interviews showed me that purchasing behaviors vary greatly, so when designing a product or service and marketing it, you need to make sure to appeal to most segments to maximize your sales. Conducting more interviews could help me determine the single most powerful buying behavior to help narrow in my focus.

14A - Halfway Reflection

1. A behavior that I have developed to stay on top of this course is to have a set day each week to watch the lectures, complete the assignments and do the cupcakes even though we don't have a required meeting time. Having a time set aside to complete the course requirements helps me complete my work on time without procrastinating and helps me avoid surprises. The assignments are straight forward and easily doable if you're ahead of the game, but waiting until the last minute could bring some unwanted, and unneeded stress.

2. Once you get into the interviews and begin nit-picking all the different aspects of your identified opportunity, it can get a little discouraging and can feel like you have a long way to go, but over the first half of the course, you become more comfortable with the fact that you're going to fail over and over again in hopes to be successful. For many of us, the idea of entrepreneurship presents a whole new way of thinking and it takes some time to get the feel for it.

3. My first tip is to read and re-read the syllabus to make sure you understand the technical aspects of this course. Being overly familiar with how this course works can save you some easy points and reduce confusion down the road. My next tip is to take all criticism constructively and use it to better your product or service. Being narrow-minded won't help you in this course. Lastly, I encourage future students to take this course seriously as an opportunity to explore and possibly establish a business opportunity since basically every assignment revolves around your ideas.

13A - Reading Reflection No. 1

Grinding It Out: The Making Of McDonald's by Ray Kroc

About the entrepreneur:

• I began reading “Grinding It Out: The Making Of McDonald’s” by Ray Kroc assuming that Ray Kroc was the mastermind behind the idea of McDonalds, but I came to find out he wasn’t. I’m not sure why this surprised me so much because we’ve learned throughout this course that simply having an idea and actually carrying it out are two totally different things. I’m sure if I conducted a little research, I’d find that a lot of the large companies we see today were dreamt up by someone and then built into the empires they are today by someone else. 

• You have to be very passionate about something if you’re willing to pour your whole life into it. I admired Kroc’s passion for the business and all the hard work and dedication he put into making McDonald’s what it is today. 

• We’ve all heard the saying “business is business,” and unfortunately Kroc treated some people poorly throughout the development of McDonald’s. Although, it might not always be something personal, I found his behavior at times to be a little un-admirable.

• Like most businesses, they are built from the ground up and experience plenty of turbulence on their way to success. Kroc experienced adversity and failure, but overcame them by taking each step at a time rather than getting lost in the big picture all the time.

What competencies did the entrepreneur exhibit:

• Some of the challenges Kroc faced on his road to success would’ve sent some entrepreneurs packing their bags looking for their next idea, but Kroc never showed any quit. A competency that Kroc had was that he was confident in himself and he kept working toward his end goal, because he knew he’d be successful one day.

What was confusing:  

• Kroc could definitely argue that he created McDonald’s since he’s responsible for what the giant restaurant has become, but it is a little confusing at first because he wasn’t the actual idea holder of the whole opportunity. In a way, it almost felt like he was writing off the McDonald brothers.

Questions for Ray Kroc:

• I would ask Kroc where he’d see himself if he hadn’t gotten involved in McDonald’s and turned it into a successful company. I would also ask him to take a look at the company now and tell me what his least favorite aspect of it is. 

Opinion on hard work:

• Kroc seems like the type of guy to get something done at all cost necessary, no matter good or bad. Although I would describe myself as a dedicated person, I would say I would weigh my options a little more and think of some possible outcomes before acting and ruining relationships. 

12A - Figuring Out Buyer behavior No. 1

I have focused on the elderly segment. My service is focused around helping those with issues funding retirement. Florida has a high population of retirees, so there is a wide range of people to interview.

From the interviews I conducted, I found that my idea appears pretty good on paper, but might not translate well to the real world. However, the consensus was that there is definitely a market for this type of service if it's able to get fine tuned as there is obviously a retirement issue when comparing the current generation to those of the past. The interviews further confirmed the fact that retirement is usually a tough time no matter what and added financial stress doesn't help the situation. I was able to learn that the idea of replacing pharmaceutical prescriptions with "exercise prescriptions" was well received, and sparked interest as to why there isn't an everyday gym rooted in the health of the elderly. Many gyms focus on the youth and other elderly gyms are more like rehab centers at the hospitals, so the idea was perceived as refreshing. They liked the idea, but it was collectively agreed upon that the issue might lay more at the hands of the government and social security rather than a single company.

Knowing where to start is the root of retirement problems. There are many ways to go about saving for retirement, but now that the time to wait for the their investments to accumulate is not on their side, they didn't know where to go next. They liked how this concept was simple and something they could easily manage.

After conducting these interviews and as I'm beginning to understand my segment a little more thoroughly, I think they have the need awareness, they just need helping know where to go from there. These interviews actually sparked some confidence in my idea, because although it's still not completely solid, I have gotten some decent reactions, and I think with the right implication, it could be a beneficial and lucrative service. 

11A - Idea Napkin No. 1

1. My name is Caelan Barnhart, and I am a senior public relations student. My talents include being an adept problem solver that's able to adapt quickly to new concepts or situations, while being an effective communicator is a top skill that I've used to create and solidify relationships. I grew up around real estate investors, which sparks my aspirations of creating my own extensive network of residential and commercial property. My investment-minded aspirations fall in line with the fight against problems with funding retirement. 

2. This is the most undefined aspect of this overall opportunity. I've identified that there is a widespread issue of people not being able to retire properly, but the question of how to fix that is a little harder to focus in on. There are a few options I've explored such as create a real estate investment firm in which the elderly can invest in to hopefully reap some rewards. There is also a possibility that I think makes a lot more sense and compliments my future aspirations and that is creating a network of gyms that specialize in the health and wellness of people 60 and up in hopes to reduce the costs of medical bills during retirement. The overall goal and the combined effects of both strategies could work together to reduce expenses and increase funds to make retirement easier for those in need.

3. Our customers will be 60 and up and primarily those without a large retirement savings and express some concern for the future. Popular retirement states and communities would be the major target.

4. Customers would utilize my service because it could help create a sense of peace of mind and stability in a time that could otherwise be rather difficult. Investing in their own health might be the most beneficial thing to do around this time.

5. Most retirement plans are cut and dry, require high risk investments, and usually the rewards, if any, are not enough to sustain you throughout retirement especially if you have high medical bills. Investing in your health and wellness by choosing a gym that's rooted in medicine to help you stay in your best physical condition can help minimize medical bills. 

I think these five factors I talked about above come together pretty well for the most part. The goals of each one compliment the next and aim to do go for other people. The one aspect that is a little weaker than the others is the exact service that I am offering. Although I have the framework for what that product might be, it's not a fined tuned service yet, rather just a gym rooted in medicine and therapy.

10A - Elevator pitch No. 1

Caelan's Elevator Pitch

9A - Testing the hypothesis, Part 2

Who: Not everyone runs into retirement challenges; however, it appears to be happening more frequently. In the interviews I conducted, I found that more often than not there is some sort of concern when it comes to financing retirement. Exploring the ones just on the outside of this unmet need, we decided that these people would be the super rich (obviously), people with solid and profitable investments capable of carrying them through retirement and the frugal people who are more conservative with their money. Although these people are very close to falling into this unmet need category, they lay just on the outside due to wealth, money management and spending habits.

What: This is where things got tricky. In the interviews, there was confusion on where the boundary for my need differed from another need. Retirement is such a case by case basis that it's hard to identify all the different needs and determine where they start and where they end. Noticing that there are multiple needs in this opportunity showed me I need to hone in my boundary and define it a little more. Bottom line is that most people go through retirement and making sure that everybody is capable of sustaining themselves is important.

Why: Yes, the underlying cause for the ones on the outside of this unmet need is different from those on the inside and that cause it rooted in wealth. Some of this wealth comes from luck, some from hard work and some from smart financial moves. Being on the inside can come from a variety of ways, too. The problem is determining where help is needed and where it is not.

8A - Solving the problem

The best solution to the retirement challenges baby boomers might face could require some conversation between congress and require a few bills to be signed, but with a little research there might be a more simple solution. Recently, there's been some buzz about "sitting being the new smoking," meaning that being inactive could be one of the biggest threats to your health. During retirement, the average couple spends $280,000 on healthcare bills (Time Magazine). With one-third of baby boomers reporting they have no money saved for retirement, and those with a positive balance reporting only around $200,000 in savings (CNBC), maybe making an investment in yourself and your health and wellness could save you in the long run. This could be done by pushing more "active prescriptions" at doctor offices rather than pharmaceuticals. Being active is usually a personal choice, but what if small amounts of exercise could cause massive economic relief? Another simple solution for future generations is educating our youth about money, taxes, investing and retirement so that everyone has the insight and opportunity to set themselves up for success by being financially independent. For majors outside of the business realm, the concept of money rarely comes up and leaves one of the biggest components of life by the wayside. As no products come to mind, I think a combination of education and obvious self-care can help combat the challenges brought forth by retirement.

7A - Testing the hypothesis, Part 1

1. The baby boomer generation has acquired less wealth and more debt than the generations that have come before them. Baby boomers are also expected to live longer than past generations, too, which is sure to lead to some retirement challenges.

2. The who: The baby boomer generation.
The what: Expected to run into retirement challenges.
The why: Acquired less wealth and more debt than past generations. Also expected to live longer than past generations.

3. Testing the who: Are the baby boomers the only generation with retirement challenges? Does every baby boomer need help? Focusing on the baby boomers can help us develop proper retirement strategies for generations to come to avoid this becoming a reoccurring issue.
Testing the what: Retirement challenges mean different things to different people. What area of retirement should we focus on? How's this generation different from generations of the past?
Testing the why: Why have baby boomers acquired less wealth and more debt? Do economic forces have a role in this opportunity? How much more is the lengthened life expectancy supposed to cost from a retirement standpoint and medical bill stand point?

4. I found in these five interviews that people agree and understand that there is an issue of some sort when it comes to the retirement challenges that face the baby boomer generation. Pin-pointing what exactly that issue is and where it came from was a little harder to come up with. Obviously, retirement isn't a walk in the park, and people can struggle to retire no matter which generation you belong too, but with the average life expectancy growing, this generation is unique from those of the past. Taking what we already know about retirement and focusing on the baby boomer's situations could help us make retirement an easier and less stressful process in the future. Overall, the consensus was that for the time being, the baby boomer generations has to be the main focus and the overwhelming "who" in this opportunity. Now, what is a retirement challenge? is it retiring on-time? retiring with enough money to pay the bills, or enough money to take exotic vacations every other month? From the interviews, I got the sense that this isn't easily definable, but I got the feeling that retirement isn't something that gets stressed as much as it used to be as the old retirement techniques are not nearly as strong today -- like social security. With ~10,000 baby boomers entering retirement each day, what exactly these retirement challenges are will quickly expose themselves. The "why" received the most attention during the interviews as each interviewee brought a new piece to the puzzle. We came up with various reasons why the baby boomers might run into challenges during retirement. For starters, the Great Recession is a possible reason for the below average numbers when it comes to wealth, but even that can't be responsible for the whole mess. The fact that median outstanding debt balance nearly doubled for baby boomers over a 15 year spam. Also, medical bills aside, the extended life expectancy creates more time that these baby boomers need to finance that past generations didn't have to worry about. So, where will this money come from? A definite solution was hard to come up with and the baby boomers might need to sneak past with what they have, but how can we improve from this to benefit generations moving forward?

5. The interviewing process is beneficial in exploring the opportunities we come up with and vetting them for maximum success. Throughout this process, I learned some things about my opportunity discussed above. Although, it may seem like a cut and dry issue at first when you look at it on paper, but once the conversation about the actual opportunity began, I realized that this is a complex web of issues that all play together to affect an entire generation. I also came to the realization that a simple "one size fits all" solution probably won't work for this opportunity that is seemingly a case-by-case issue.

6A - Identifying opportunities in economic & regulatory trends

Economic Trends:

#1 - Currency Wars
Where did I find it? https://www.thebalance.com/what-is-a-currency-war-3306262
Why might this opportunity exist? The United States has slowly declined in economic power, which I think has led us into more intense currency wars. For example, the recent tariffs that have been exchanged between the U.S. and China make this an opportunity to protect people agonists higher import prices.
Prototypical customer? Customers of goods that may face import tariffs.
Easy or difficult to exploit? I think this opportunity is fairly easy to exploit, and I hear about it quite a bit.
Why do I see the opportunity? In regards to the tariffs on imports from china, I see this as an opportunity because many people throughout the U.S. rely on goods from china and the prices they're sold out to live. Increased prices due to the added tariffs could make goods unaffordable for some.



#2 - Retirement Crisis
Where did I find it? retirement-crisis-stats-causes-effect-3306215
Why might this opportunity exist? Retirement is a much more complicated thing now-a-days. With a decline from 62% to 17% in companies that offer a pension plan amongst one of the reasons, retirement isn't as easy for today's generations. This is also the first time we've been dealing with a life expectancy as high as it is, so we're entering some uncharted territories over this topic.  
Prototypical customer? Baby Boomers and potentially future generations.
Easy or difficult to exploit? This opportunity is very easy to exploit and I think it will only become easier to exploit as more and more baby boomers have complications with retirement.
Why do I see the opportunity? Baby Boomers have less tools to help them retire and a longer period of retirement time to prepare for. A poor retirement plan today has much greater negative effects than it used to.

Regulatory Trends:

#1 - Banking (cybersecurity and privacy)
Where did I find it? https://www2.deloitte.com/us/en/pages/regulatory/articles/banking-regulatory-outlook.html
Why might this opportunity exist? Cybersecurity and privacy has arose as a major issue over the last year with major data spills from companies likes Facebook. A regulatory trend of increased security and privacy over banking will help protect customers from losing more than just their Facebook password.
Prototypical customer? Banking customers (16 years old +)
Easy or difficult to exploit? I want to say this would be fairly easy to exploit, but I think it's still hard to get people to care about their online privacy, which could make this harder than I think.
Why do I see the opportunity? I've recently had my identify stolen and bank account cleaned out with fraudulent purchases, luckily, I am a broke college student so it wasn't the end of the world, but having more cyber-security in place could prevent accidents like this from happening in the future.

#2 - Sustainability
Where did I find it? https://www.worldbank.org/en/topic/energy/publication/rise-2018
Why might this opportunity exist? Enviromental issues are undoubtedly in the forefront of the global concern. With plastic straws starting to get weeded out, there is a problem for those in the plastic industry. Although this could create issues for some, this could also create opportunities for others.
Prototypical customer? Investors and buyers of unsustainable products.
Easy or difficult to exploit? This one might be a little difficult to exploit as the money of the investors might not be in the mind of those trying to protect the planet.
Why do I see the opportunity? I see this as an opportunity, because it's easy to say you want to save the environment and do better things for the planet, but all things come at a price, so I think this is something worth spending time looking into.

5A - Identifying local opportunities

#1
The title of the article: Drinking Water Project On Hold
The link to the article: https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F1711D749C1681B80
A description of the story, in your own words: Clearwater, FL has been set to become the largest city in Tampa Bay to begin replenishing water with the help of an underground water treatment plan. After an initial 10 year wait and $6.2 million investment, the whole operation has been put on hold and is now expected to cost about $7 million more than it was originally expected. 
A description of the problem presented in the story: There are efforts to save our environment and create sustainability for us and future generations, but they're still not receiving the funding they need and now nearly the whole operation is at stake.
A description of who has the problem: The public has the problem because we're running out of water, and now apparently we can't get enough money together to work toward finding a sustainable solution. 

#2

The title of the article: Coyotes Are Not Just Passing Through
The link to the article: https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F1711E29071FD7858
A description of the story, in your own words: There has been numerous coyote sitings around the Tampa area. The articled touched on how they're not friendly animals even though they may try to approach you. It also said how if this issue isn't resolved, they could learn to flourish here because of their past history of adapting to suburban areas. 
A description of the problem presented in the story: Coyotes have been spotted around the Tampa area, and it is a threat to surrounding animals and people.
A description of who has the problem: Farmers who have to fear for their animals getting attacked and killed and civilians who can't fend for themselves. 

#3

The title of the article: When Coffee Becomes An Addiction 
The link to the article: https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F1711D4459B663C88
A description of the story, in your own words: Many of us drink coffee to start our mornings off, and some drink far more without being aware of caffeine addiction. Caffeine withdrawals can cause side effects like severe headaches. This article gives some advice for avoiding coffee addiction.
A description of the problem presented in the story: Many people drink coffee without knowing they can become addicted to it.
A description of who has the problem: Coffee consumers, caffeine consumers in general. 

#4

The title of the article: Cigarette Butts 'Overwhelming" Problem On Florida Beaches By Travis Gibson
The link to the article: https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F17107F15AF261180
A description of the story, in your own words: Organizations and been created to start picking up cigarette butts on Florida beaches. A group recently picked up 5,000 cigarette butts and fines have been implemented for littering. There are also potential state laws that could go into effect to protect our beaches further. 
A description of the problem presented in the story: Cigarette butts are easy to ignore but we've gotten to the point where we need to start doing something about them, but them problem is now that there's so many to clean up.
A description of who has the problem: Environmental enthusiast, beach goers, city officials will find a problem with the surplus of cigarette butts at the beach.

#5

The title of the article: Science, English, Math Teachers In Short Supply By Jim Saunders  
The link to the article:https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F170FD90CFAA22990
A description of the story, in your own words: Post-secondary institutions aren't producing as many teachers anymore, and the teachers that are being produced aren't qualified in some way or another. Science, English and Math just so happen to be the subjects that the most shortages are found in.
A description of the problem presented in the story: There aren't as many qualified Science, English or Math teachers anymore. 
A description of who has the problem: School systems will suffer from a problem like this, and future generations could also suffer from missing out on a quality general education.

4A - Forming an opportunity belief

I often enjoy having candles lit, and I'm sure many others do, too. My belief is that there should be a way to enjoy candles without having to remember to blow them out. Forgetting to blow out a candle before leaving or falling asleep could result in significant damage or even death by fire. I think this is a need shared by a wide array of people from the forgetful elderly to techies looking for a way to blow out a candle in some sort of futuristic way. Candles date back 5,000 years and still remain a popular household item. Similarly, house fires are still common today with 23 home candle fires reported per day, according to the National Fire Protection Association. Additionally, fire places have well made the transition from open burning to tightly concealed pieces of technology. This need has always existed, but has never been blaring. People are still doing what they have done for thousands of years, by only lighting candles at convenient times to supervise it or not light it at all. It's simple to say, "Well, just remember to blow out the candle!" But, then why are we still dealing with over 8,000 home candle fires year? I think there's a strong argument for this opportunity on paper, but I don't see it holding up in the real world, nor being very profitable. I give it about a 30% chance that this opportunity exists. 

Prototypical Customer #1: Mothers

This first interview worked to solidify my beliefs of this potential opportunity. In the interview with a mother to three children, she said when she lights candles, there's always a concern that lingers over her head about forgetting about it, or something else terrible happening. But she quickly said that it's  not something that gives her nightmares. She understood how there is a slight opportunity here, but didn't think something needs to be fixed ASAP. I wasn't surprised by her responses, but we both agreed that if there was going to be a solution to this issue, it would have to be a little more complex than a little fan clipped on the side running on a timer waiting to blow the candle out. 

Prototypical Customer #2: College kids

While interviewing a group of my friends, they said that when they use candles, they're using them more as "air fresheners" than anything else, and being able to burn them for long times is essential to combat the odors of college houses and apartments. We agreed that proper supervision over a candle might not be possible when burning a candle for long periods at a time. They also understood the concept and the root of the opportunity, but didn't see it as an overall big issue. They supplied some good insight as to why this has remained an issue. When the power goes out and everything else fails, if you have a candle and a way to make fire, you're in good shape. The candle has always been a last resort item for emergencies, so maybe it's best to leave this opportunity alone.

Prototypical Customer #3: Candle Shopper

In the candle section of the Wal-Mart right by my apartment, we asked a lady buying a few candles what she thought about our potential opportunity, and it was hard to get a differing view point. She also agreed that there is a potential issue, but she also questioned how useful a solution would be? She also asked by how much the number of home candles fires would drop per day, if there was a solution versus the 23 fires per day with no solution. She said she didn't really see it as a pressing opportunity. 

The opportunity percentage dropped from about 30% to 5%. During the interviews, we all agreed that there is some sort of problem, but uncovered that there is a bunch of road blocks in the way of finding a solution -- or if it's even worth it or not. I don't think much of the opportunity exists anymore, but I think it's worth sticking to it with a little hope. This potential opportunity is more accurate now after the interviews and gaining insight, differing perspectives and adding substance to a loosely frame idea. I think customer feedback should be the backbone of most opportunities. Its important to stay firm to your values and concepts that you're pursing, but adapting to what is going to get your product into your customer's hands is the important part.