Monday, January 28, 2019
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.
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.
Wednesday, January 23, 2019
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.
#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.
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.
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.
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.
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.
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.
Friday, January 18, 2019
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.
Wednesday, January 16, 2019
3A - Entrepreneurship Story
My best friend growing up exposed me to the world of entrepreneurship. We would always hang out at his house where we'd always chat with his dad. His dad was and still is the owner of a large painting company that employs around 100 subcontractors and painters. I remember being fascinated by listening to him talk about how he ran his company and was motivated by the rugged, blue-collar work ethic he possesses. Although a rather successful business man, he has still maintained the "you don't work, you don't get paid" mentality and holds himself to the same level of his employees. Ever since the talks with my friend's dad about his company, I have wanted to start up my own business, but I still have yet to figure out what that business might be. Through my friend's dad, I have learned that it is important to be passionate about your business because that is what will drive you when the going gets tough, which it will at some point. When I was able to begin working, his dad employed all of us and taught us what it's like to work hard, and then showed us what it's like when the hard work starts to pay off. My first experience dealing with an entrepreneur was so powerful that it has inspired me to pursue an entrepreneurship career of my own.
I understand and am interested in the idea of entrepreneurship, but I still need to learn the in's and out's and the do's and don't's of setting out into an actual business venture. I want to make sure I go into my future making the best decisions possible, and I feel like educating myself with tools like this course now can save me the heartache and money later on. I'm not sure what to expect out of this course, but I hope to bring some structure to this idea I already have of entrepreneurship in my head. While looking for courses to take this semester to finish off my undergraduate career, I wanted to take a course that I knew I could benefit from moving forward as I envision myself in the business field after graduation.
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| This a picture from a project I worked on while working for the painting company. The job taught me a lot about the industry and business in general. |
2A - Bug List
2A - BUG LIST
1. The canopies at The Ridge pool that were installed about a month ago are already turning yellow and dingy.
Why: Possibly not made with a high quality material and received minimal to no maintenance.
2. Why do the windows in my car still fog up/ why is there no system that regulates the right temperature/pressure in the car at all times.
Why: Environmental changes like humidity change rapidly and the cars can't adjust that fast.
3. Why do the tires on cars turn dull and dusty and not maintain their shiny black new-look.
Why: The wear and tear from the road and not properly shinning the tires on a routine basis.
4. Why does my bedroom window leak from the seams when it rains even just a little bit?
Why: Cheap construction and no universal code of windows for best performance.
5. The hardwood floors in my house are always crumby and don't do a very good job at hiding dirt.
Why: hardwood floors don't hide crumbs like carpet does.
6. My fingers turn red when I eat Flaming Hot Cheetos.
Why: The "ingredients" in the Cheetos are strong.
7. When you're physically the only person waiting at a stop light and it still takes forever to turn green.
Why: The stop light program runs on a timed sensors and it's sometimes useful for a break in traffic flow, but not when there's not any traffic.
8. Clothes are still shrinkable in the dryer in 2019.
Why: Basic cotton is still a huge material used to make all kinds of clothes.
9. Chapsticks always seem to disappear.
Why: they're a cheap and easily replaceable product, so easily neglectable.
10. Wanting too light a candle, but worrying about remembering to blow it out.
Why: I feel many people light and forget about candles and that could lead to some real damage.
11. The drinking fountain in The Ridge's gym that doesn't spray up and out very far and makes it hard and uncomfortable to get a drink.
Why: The water pressure is off. Regular scheduled maintenance might not have occurred.
12. One night the battery on the key fob for my apartment complex died and I was locked out of my house until they opened the next day.
Why: The property was hitting year three of operation and I feel like after about two years is when things start to break.
13. The line to use the SouthWest Gym is extremely long and one in, one out.
Why: New Year resolutioners are in full force.
14. How is the wifi still pretty bad in some areas? Some parts of Gainesville still have really bad connection.
Why: It's hard to maintain a strong wireless signal for far distances.
15. Every time I go to the bar down here in Florida, They think my Minnesota ID is fake.
Why: It's unusual to them, and around college towns they assume I'm using a fake ID to try to get in.
16. In Florida you can renew your ID's online with ease, Whereas to renew a Minnesota ID, you have to do it at a Minnesota DMV.
Why: Minnesota might have different laws than Florida when it comes to ID regulation.
17. I love the idea of the monthly subscription boxes and I subscribe to a few, but I feel like you never get anything you actually want in them.
Why: It may be hard to research the selected target market of a subscription box.
18. Why do major stores still use plastic bags when we know how hard they are to recycle?
Why: They are cheap and effective.
19. The forecast says it's sunny outside, but when you walk outside, it's raining. How is the forecast still inaccurate with all the new technology?
Why: Weather is unpredictable.
20. As a lifelong basketball player and fan, I like to wear basketball shoes, but major basketball shoe makers like Nike and Adidas use way to many bright colors in their designs and they are often unappealing to me.
Why: Bright colors are a trend right now and maybe eventually, they'll circle back to more traditional concepts.
I come up with "Bugs" all day every day, but as soon as I sit down to do this exercise, I draw a blank. This exercise was challenging for me, but I think I captured 20 things that have bugged me once or twice before. After coming up with my list of 20 "Bugs," I soon realized why most of them are still bugs today. There are some things that just can't be changed or re-worked differently to work better. The art of entrepreneurship was put into perspective with this exercise by making me realize that in order to first fix a problem, you have to identify a problem and then go even further and determine why it is a problem. I think as the semester goes on and we all get into the habit of thinking like an entrepreneur, exercises like these will become easier.
1. The canopies at The Ridge pool that were installed about a month ago are already turning yellow and dingy.
Why: Possibly not made with a high quality material and received minimal to no maintenance.
2. Why do the windows in my car still fog up/ why is there no system that regulates the right temperature/pressure in the car at all times.
Why: Environmental changes like humidity change rapidly and the cars can't adjust that fast.
3. Why do the tires on cars turn dull and dusty and not maintain their shiny black new-look.
Why: The wear and tear from the road and not properly shinning the tires on a routine basis.
4. Why does my bedroom window leak from the seams when it rains even just a little bit?
Why: Cheap construction and no universal code of windows for best performance.
5. The hardwood floors in my house are always crumby and don't do a very good job at hiding dirt.
Why: hardwood floors don't hide crumbs like carpet does.
6. My fingers turn red when I eat Flaming Hot Cheetos.
Why: The "ingredients" in the Cheetos are strong.
7. When you're physically the only person waiting at a stop light and it still takes forever to turn green.
Why: The stop light program runs on a timed sensors and it's sometimes useful for a break in traffic flow, but not when there's not any traffic.
8. Clothes are still shrinkable in the dryer in 2019.
Why: Basic cotton is still a huge material used to make all kinds of clothes.
9. Chapsticks always seem to disappear.
Why: they're a cheap and easily replaceable product, so easily neglectable.
10. Wanting too light a candle, but worrying about remembering to blow it out.
Why: I feel many people light and forget about candles and that could lead to some real damage.
11. The drinking fountain in The Ridge's gym that doesn't spray up and out very far and makes it hard and uncomfortable to get a drink.
Why: The water pressure is off. Regular scheduled maintenance might not have occurred.
12. One night the battery on the key fob for my apartment complex died and I was locked out of my house until they opened the next day.
Why: The property was hitting year three of operation and I feel like after about two years is when things start to break.
13. The line to use the SouthWest Gym is extremely long and one in, one out.
Why: New Year resolutioners are in full force.
14. How is the wifi still pretty bad in some areas? Some parts of Gainesville still have really bad connection.
Why: It's hard to maintain a strong wireless signal for far distances.
15. Every time I go to the bar down here in Florida, They think my Minnesota ID is fake.
Why: It's unusual to them, and around college towns they assume I'm using a fake ID to try to get in.
16. In Florida you can renew your ID's online with ease, Whereas to renew a Minnesota ID, you have to do it at a Minnesota DMV.
Why: Minnesota might have different laws than Florida when it comes to ID regulation.
17. I love the idea of the monthly subscription boxes and I subscribe to a few, but I feel like you never get anything you actually want in them.
Why: It may be hard to research the selected target market of a subscription box.
18. Why do major stores still use plastic bags when we know how hard they are to recycle?
Why: They are cheap and effective.
19. The forecast says it's sunny outside, but when you walk outside, it's raining. How is the forecast still inaccurate with all the new technology?
Why: Weather is unpredictable.
20. As a lifelong basketball player and fan, I like to wear basketball shoes, but major basketball shoe makers like Nike and Adidas use way to many bright colors in their designs and they are often unappealing to me.
Why: Bright colors are a trend right now and maybe eventually, they'll circle back to more traditional concepts.
I come up with "Bugs" all day every day, but as soon as I sit down to do this exercise, I draw a blank. This exercise was challenging for me, but I think I captured 20 things that have bugged me once or twice before. After coming up with my list of 20 "Bugs," I soon realized why most of them are still bugs today. There are some things that just can't be changed or re-worked differently to work better. The art of entrepreneurship was put into perspective with this exercise by making me realize that in order to first fix a problem, you have to identify a problem and then go even further and determine why it is a problem. I think as the semester goes on and we all get into the habit of thinking like an entrepreneur, exercises like these will become easier.
Friday, January 11, 2019
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