Sunday, May 29, 2016
My Solution
For my solution I plan on incorporating both a service and products all into one. I want to create a brand that is based on online platform. This website will be able to service all types of individuals looking for exercise, exercise advice, and or exercise related products. I want to cater to regular consumers by having experts add workouts that we have access to and then pass that access to the consumer for whatever they may be looking for whether for leisure, a specific sport, or goal in mind. To be able to provide this service I will have to have advertisements on the website to create a revenue stream. Another revenue stream would be where I would focus on products as well. From this side I would provide gyms with the ability to lease gym equipment. The purpose of this would be so gyms can have the most up-to-date equipment and then other start gyms can start up with less capital because then we would also lease refurbished gym equipment which we would have received from the gyms that have leased new equipment from us. Lastly, I would have a complete mobil application integrated with social media so friends can share their workouts, check-in to where they are working out and compete with friends to accomplish lifting, running or any other measure of success. This will encourage competition and help people workout. This is my solution to my problem.
Saturday, May 28, 2016
Testing the Hypothesis, Part 1
1)
I would
like to take advantage of the opportunity that there is no dominant force in
the market that provides workout information to individuals. This includes workout and diet plans along
with a fully integrated mobile application as well. Below are the links from conversations
involving my investigation of the who what where when and why.
Conversation 1: http://www.tapeacall.com/re3nzx3jp9
Conversation 2: http://www.tapeacall.com/2ebpn4cmhg
Conversation 3: http://www.tapeacall.com/xz9h34jkkv
Conversation 4: http://www.tapeacall.com/bkbe3hufvg
Conversation 5: http://www.tapeacall.com/nqvxwjpf89
2)
My Opportunity Hypothesis – “All gym-goers are
unable to find nutrition, and workout plans along with an effective tracking
system for workouts because now It is difficult to find the information and
bring that information into the gym.”
The who: Gym-goers (men, women)
The what: They have difficulty finding
workouts and then difficulty tracking them at the gym.
The why:
Because the gym-goers are unable to bring that information to the gym
and/or access it without paying for it from a trusted source.
3)
For this
part I realized there was different view concerning my idea. I realized that people around the age of 50
like my parents are used to an old system where the gym itself kept sheets and
held onto them for you. Also on the
other hand, I at first I did not recognize that other people, not just
gym-goers, can be part of my “who”. My
girlfriend mentioned that she, like many other girls prefer just to run and do
bodyweight exercises, which are not recognized by many sites currently. She also mentioned that many times she has a
girlfriend ask what workout she is doing but there is no way to share such
workout through her mobile device. Overall, this exercised helped me realize
where this opportunity truly existed and where it could go.
Looking for Opportunity
Regulatory Change
1.
Unmet need – dealing with new overtime rules - Help
businesses switch to the new Overtime Rule Effective 2016
2a. I searched on google for regulatory changes that came up
and then I refined search after this article - http://www.businessnewsdaily.com/7671-regulatory-issues-changes.html
- and then I found a more recent and updated one outlining more of the details
- https://www.dol.gov/featured/overtime
2b. This information lead me believe that an opportunity
exists because many business owners are not even aware of this change and
effects the simple cash flow of a lot of businesses, therefore creating an
opportunity to make money for a company and for myself at the same time.
2c. Small business owners would be the most likely
customer. They are the ones it will affect
the most because of putting people on salary which will now not be enough to
satisfy the new overtime minimum weekly wage amount and will costs these small
businesses a lot. That amount even
though it may seem small affects the business owners annual income.
2d. I think this
opportunity is relatively easy to exploit.
The analysis is not too difficult, but the opportunity is in relation to
a short-run need. Besides the
requirements being updated every three years following the December 1st,
2016 implementation, once the small business have addressed the issue the
services are not as marketable after.
3. I saw this
opportunity because of my job and my mom.
Being a server, and my mom owning her own restaurant, this new
regulation is widely mentioned and is a big issue for these owners. The average bottom line profit to revenues is
very small in the restaurant industry at 10%, therefore I know this change in
regulations can greatly affect that 10%, which is why I saw an opportunity to
help this regulation not decrease that 10%.
Regulatory Change
1.Train Retirement Advisers (in the form of a consulting
firm or something similar)
2a. After searching google for regulatory changes I found
this http://www.naifa.org/advocacy/federal-issues-positions/fiduciary-(retirement-accounts)
2b. This information leads me to believe that an opportunity
exists because if there are new responsibilities for retirement advisors based
on their legal classification and duties to the individual customer, companies
will get hurt if these rules are not known by the advisor.
2c. Medium to large corporations I see as most likely
customers because the if they do not follow the new rules that will be
implemented shortly there can be vast repercussions.
2d. Personally, I think this opportunity is a little
difficult to exploit because many companies have their own advisory departments
and human resources departments, which are usually responsible for addressing
these changes. So, the market would have
some extreme barriers to entry if pursued.
3. I saw this opportunity
because there have been many issues concerning ethics in the past revolving
around the financial industry.
Therefore, I believe there needs to be extensive teaching towards
preventing such issues in the future, such as combating against this new rule
concerning financial advisers through teaching them about the law and the
proper ethics needed.
Economic Trend
1.Unmet need – low household cash flow
2a) I found this opportunity through simply browsing the
internet concerning economic trends in 2016.
http://www.forbes.com/sites/brucemccain/2016/01/03/five-key-economic-trends-to-watch-in-2016/#4daabb0c5f17
2b) Well the second one is concerning a trend that consumer
spending will fuel economic growth and should.
Reading into the details, it mentions that household cash flow is not
keeping pace with consumer spending.
This spending is increasing faster than savings, which could reverse
this positive economic outlook.
Therefore, I see an opportunity to educate and help households increase
their cash flow.
2c) I think middle class families are the prototypical
customer because they have the money to pay for such a service, if offered by a
bank or some type of consulting firm. I
think it could target low income families, but then the question that comes
into play would be what is the trade-off from a business perspective between
the cost and return based on the information given.
2d) I think this opportunity is slightly on the more
difficult side to exploit. To me, the
difficult part involves getting everything started and setup. This is because of the regulations and other
tings relating to this unmet need. Also
its based on the basis of solving this problem, in conjunction with the economic
trend mentioned in the article. If the
economic trend doesn’t exist, I question the need for the business still.
3. I saw this opportunity because I like to help
people. I am fortunate for what I have,
but a lot of other people do not have the same learned knowledge or
opportunities I have been presented with.
Therefore, I want to help people succeed and not face the same troubles
I have faced. Also I work in the service
industry, where the individual workers range from all socioeconomic
groups. They come to me for advice, so
why not make them better off by increasing their household cash flow.
Economic Trend
1. Unmet need – finding skilled workers
2a. I was searching for economic trends of 2016. I originally wrote it down and then found
another article on about issues of finding skilled workers. http://money.cnn.com/2015/08/07/news/economy/us-economy-job-skills-gap/
2b. With there being issues in finding skilled
workers, production and productivity of companies change and even
decrease. If companies cannot find skilled
workers to do a job, then who is going to do it.
2c. Corporations are the most likely prototypical
customer. They are the ones in need of
skilled workers especially in larger quantities.
2d. I think this
opportunity would be in middle to exploit.
There is some competition with established head-hunting firms, but if
there is still an issue today after most of these firms have been around for
over 10 years then it can be exploited.
3. I saw this
opportunity because my girlfriend recently was job hunting herself after just
graduating this spring. She was
contacted by a head-hunter to possible be contracted to do some financial
analyst work for Deutsche Bank. It wasn’t
what she wanted to do, but it made me think of providing a similar service when
I came across this economic, except executing more efficiently gearing towards
the individuals needs better.
Saturday, May 21, 2016
Identifying Local Opportunities
Dave Denslow: A
Solution to Long Airport Lines – Gainesville Sun May 20th, 2016
Description of the
story in your own words:
This story is an editorial from the Gainesville Sun, written
by previous University of Florida economics professor Dave Denslow. He starts off taking a political approach,
about flying to Cleveland to attend the Republican Convention in June. He
compares rates from the different airports, whether he decides to leave out of
Gainesville, or Jacksonville or Orlando instead. When comparing the prices, he takes into account
the time it will take for him to drive to one of the other airports other than
Gainesville. Then he starts comparing
the amount of time he must decide to leave ahead of time because of airport
security. This is where hi focus was
because there are less TSA agents working during summer hours, therefore
slowing the process of getting through airport security. Denslow suggests a solution that airlines
should charge people more at big airports because of the time it costs for passengers waiting in TSA
lines at a big airport versus a small one like Gainesville. He then counters by saying that airlines
would probably never do that, but then again flexible pricing with apps such as
Uber is becoming more popular.
Description of the
Problem:
The problem is the amount of time we have to wait in line at
airports, yet the smaller airports with almost no line costs much more, despite
less staff and overhead needed to operate the airport.
Description of who has
the Problem:
We all face this problem especially being in Gainesville,
since there are so many airports surrounding us in a two-hour radius. Denslow refers to just himself, but we constantly
face this problem if we fly as well.
Lucy Sullivan and
Adegbola Adesoga: Consequences of Malnutrition reach far into the future –
Gainesville Sun, May 19th, 2016
Description of the
story in your own words:
Talks about how we have so many people living on planet
earth and we are growing at such a rate that will be difficult to support – as
stated in the article that our population will eclipse 9 billion by 2050. She goes to mention that food production will
also have to increase as 1/3 of the world currently lives malnourished. This will only increase with time if nothing
is done. She switches focus to
specifically malnourished children and that it affects them as they grow up,
but into the future as well. Dealing
with malnourishment has far reaching effects including affecting the GDP of
countries. Sullivan mentions that
malnourished can hurt the country’s GDP by as much as 11%. She then mentions that UF is currently
assisting in the effort to fight malnourishment with the help alongside Feed
the Future, which is the U.S. government global hunger and food security initiative.
Description of the
Problem:
Personally, I found there to be multiple problems laid on it
this article. There is the issue of
needing to increase food production ability.
There is the general issue of lowering the number of people who are malnourished
on this earth. Lastly, I also see that
getting all this food to the people in these remote places is difficult and
needs to be properly taken care of and transported to its end destination.
Description of who has
the Problem:
To me, it is the world’s problem. I think if we are ever going to be able to
solve world hunger, and limit poverty in third-world countries I think its
starts with the nutirition of the people in those areas. This cannot happen through the efforts of
just one group of people. I would ask
how far will that actually go? It needs
to be a joint world effort.
If it’s a 360-degree
world, how long will photos be flat? – Gainesville Sun May 16th,
2016
Description of the
story in your own words:
This article, also from the Gainesville Sun talks about a
rather interesting topic. It proposes
the idea of how we live in a three plus dimensional world, yet photos are
limited to a 2-D flat nature. It then
continues to mention how so much of our technology that surrounds us, like
Facebook, is progressing, but photographs seem to be lagging behind. Then is talks about how there is technology
out there, but is less consumer driven because of the cost associated with the
necessary equipment. Also it mentions
that when in the context of talking about these cameras it is not in the sense
of the panorama views that we are used to, and a 6 lens camera is actually used
to capture such photos.
Description of the
Problem:
The problem is that all these different technology platforms
have surpassed the simple technology that encompasses our photographs we take
as humans. There is a want to increase our
individual technological ability through all the stuff (iphone, tablets, etc.) we have. Therefore, finding a way to
have our photographs reach that same level, in which a 360-degree view can
encompass a scene around someone, is a problem that can be solved.
Description of who has
the Problem:
People, in general, have this problem. It may be more of a niche market, but its
like the selfie stick and gopro, eventually everyone wishes they had something
that could take pictures in such a way.
Roadwork, reduced bus
schedule to impact local travelers – Gainesville Sun, April 30th
Description of the story in your own words:
This is a story, with more of an informative take, in the
Gainesville Sun back on April 30th.
It details the road closings starting as of May 9th, along
with the update bus schedule. Other than
impacting local traffic, it states that getting to businesses will be
maintained. Locals will also have to
deal with uneven roads.
Description of the Problem:
There may not seem like much of a problem, but I see
multiple. First off, people have to deal
with the traffic since their daily routes do not change. Also local business
owners are affected because of the lost business due to the construction, obstructing
consumers from either not getting to the business in a timely fashion, or just
not being able to navigate around everything.
Description of who has the Problem:
Local in Gainesville are the ones who have this
problem. I bet though that this happens
all over in many different cities and not just here locally in Gainesville.
Even experts find
mental health service confusing – Gainesville Sun May 1st, 2016
Description of the
story in your own words:
This article was written by Morgan Watkins and was on the
front page of the Gainesville Sun back on May 1st. Watkins starts by describing a situation in
which she dealt with a close family member who had a mental illness, that at
times lead her to wander and become incoherent during an episode about every
two years or so. It goes on to mention
that eventually she died and had been hit by a train. This lead Watkins to delve into the mental
services system as a whole. The mental
health services system is broken and is debilitated by the choices of insurance
to only cover 15-20 minute sessions with psychiatrists, which is often not
enough time to help treat and diagnose patients. It went on to describe that said, it is still
difficult for individuals to find services and navigate the marketplace as a
whole. On top of that many individuals
do not even know of additional resources that the community offers to mental
health patients as well.
Description of the
Problem:
The issue is that people who need help are not able to get
it. Mental illness is a serious issue
and if the people who need help cannot also get the resources to help
themselves, then there is a problem that needs to be solved.
Description of who has
the Problem:
In this article it relates the problem specifically to the
county of Alachua. Yet it is my belief
from this article and other outside knowledge that this is more just a
Gainesville, problem but a national problem as well.
Saturday, May 14, 2016
Bug List
1.
When I use the wet mop
swiffer pads on my floor (because I have to get the dirt out), it takes more
than ten minutes to dry and I'm stuck wherever I finished.
WHY: I have to wait at least 10 mins for my floors to dry, otherwise I will get them dirty again from my socks or the bottom of my feet. Therefore, I am stuck in my house wherever I finish "swiffering," but I still have other things to do. I just wish they would dry faster but still remove just as much dirt.
2.
After a working a double
shift at where I work (OAK) I hate when all my cash bills do not face in the
same direction and are crinkly, because the atm machine then has problems
taking the deposit.
WHY: I prefer order in my life and when I have to take multiple tries to deposit my cash at the ATM because of this issue then my scooter turns off and I have to get start it again. Overall, it take me longer to get home.
3.
When I fold all my
clothes right after the dryer, put them away, and then a few days later I take
them out and they have wrinkles/creases still.
WHY: I should not have to iron all my clothes after folding them. It can be due to the fact that I am not folding it the proper way in order to decrease such issues.
4.
Since I am always
running around it bugs me not knowing the level of gas I have left in my
scooter. All I have is a light.
WHY: There is no gas gauge, only a light on my scooter.
5.
Our dishwasher, takes an
extremely long time to wash, and especially dry the dishes, which is
frustrating when we have only a limited number of dishes.
WHY: It is a slightly older washer but with hi-temp wash and dry the technology does not get the job done fast enough for us.
6.
It bugs me that I have
to tie my shoes when I'm in a hurry to get out the door for work, class, and
just in general.
WHY: It takes me too long to bend over and then make sure they are laced up the right way (I have one-way laces), so this just is a time issue.
7.
It bugs me when the
dishes are not organized correctly, where certain dishes end up on top of others.
WHY:
8.
Slightly personal, but
it drives me crazy that I have to make three separate trips to the pharmacist
to fill my prescription even though I only have to meet with my doctor once
every three months and they are allowed to write a prescription for each of
those three months before hand.
WHY: Because regulations are in place in the first place to even getting a prescription and the number of months you can get pre-written, but then there is more regulation on top of that to restrict amounts at one time.
9.
In general, but
especially during finals when people think it is absolutely reasonable to talk
on a designated "quiet study" floor in Library West.
WHY: If people are going to talk they should go to the non-quiet study floors in my opinion.
10.
When I am done making
burgers or something else greasy on a pan, and then not be able to scrub it off
with the sponge I have available, and then having to wait for it to soak.
WHY: It is difficult to get encrusted crud off of pan especially when there are restrictions to what you can scrub a non-stick pan with.
11.
It bugs me when I am in
my apartment and my room gets hot so I turn down the A/C but then my other
roommate will turn it up because his room is much colder.
WHY: His room only has one outside wall with shade cover while I have two and the A/C thermostat is in the main living room. Why can't there be a system with one in each room?
12.
When I don't shave for
more than four days and then have to shave, it is such a pain.
WHY: My skin also is guaranteed to become irritated when I haven't saved and then do. The irritation looks bad and itches.
13.
It bugs me that I always
have to kick start my scooter.
WHY: The electric start doesn't always work and even when I replace the fuses they do not last long.
14.
This is broad but it
bugs me that we hear and know about all the lobbyists for everything that is bad (alcohol,
firearms, tobacco), but there are no lobbyists for global warming.
WHY: If people can lobby for something bad, why can't people with the same level of lobbying success, lobby for global warming and clean energy.
15.
It drives me crazy that
there are too many fouls called but so few violations, such as traveling,
called in the NBA.
WHY:
16.
When I work at OAK and
it isn't too busy and my food takes longer than 20 minutes to get to my table.
WHY: I am trying to deliver excellent customer service on my end, and when that is impeded with, especially when the restaurant looks slow, it makes it harder for me to earn tips.
17.
It bugs me that some
people just don't tip when they eat out.
WHY:
18.
It bugs me when my phone
alarm is going off but no sound is coming out of my phone.
WHY: My phone is not on silent is responsible for making a noise to wake me up and when it does not do that it is frustrating.
19.
It bugs me when I try to
make plans with someone and they take more than hour to respond.
WHY:
20.
Whenever I'm driving,
especially on my scooter, and people do not use their turn signals to switch
lanes or turn right.
WHY: They catch me off guard and can cause and accident.
21.
Flossing my teeth bugs
me even though I know it helps keep my teeth healthy.
WHY: It takes time and I am usually tired and ready to go to sleep.
Reflection:
As I look back at this exercise I wish I had started it earlier because once I watched the video in class, I agree that the task becomes easier and more is taken away from it through listing 4-5 bugs a day with the corresponding why's. Coming up with the bugs did not bother me and wasn't too difficult, I just felt that I was coming up with simple things that did not have multiple why's with a true root problem that I could solve. Otherwise, this task opened my eyes to many problems, and taught me a base that I can use if I decide to one day open my own company, or sell my own product/idea.
As I look back at this exercise I wish I had started it earlier because once I watched the video in class, I agree that the task becomes easier and more is taken away from it through listing 4-5 bugs a day with the corresponding why's. Coming up with the bugs did not bother me and wasn't too difficult, I just felt that I was coming up with simple things that did not have multiple why's with a true root problem that I could solve. Otherwise, this task opened my eyes to many problems, and taught me a base that I can use if I decide to one day open my own company, or sell my own product/idea.
Friday, May 13, 2016
My Entrepreneurship Story
I was never exposed to entrepreneurship or the entrepreneurial spirit until my senior year of high school. Other than the occasional thought of some say running my own CPA firm or Wealth Management firm I had not put much thought or been exposed to becoming an entrepreneur. Then I remember my mom continuously mentioning that she had got sick of working in the insurance industry and that eventually she wanted to run her own bakery or something along those lines. Then she brought us by this restaurant one day for a meal and then within 6 months she purchased the restaurant. This may not seem like the usual course of an entrepreneur, but I have seen my mom develop and grow in all aspects of the business, from communication to effectively allocating resources. She will do whatever is necessary between all the financials to cooking behind the line, and serving an occasional table when necessary. At the end of the day, she showed me how a dream can develop into a reality with hard work, motivation and focus, which are trait that most entrepreneurs exhibit in my opinion.
To be honest, I enrolled in ENT 3003 at first for a grade booster class. As I have started these assignments, I have found that I really enjoy doing them, and the less emphasis on the grading has actually helped me enjoy the class even more. My goal before I graduate changed as well recently where I had to fill in my schedule over the next three semesters with four electives. So, this class also came in highly recommended from a friend of mine who is working on his Masters in Entrepreneurship right now. Overall, I hope to gain feedback on posts that can help me develop personally and professionally. Also I want to be able to learn things that can someday help me possibly open up my own CPA firm someday.
 |
| Mom's Restaurant on Cape Cod - Route 6A |
To be honest, I enrolled in ENT 3003 at first for a grade booster class. As I have started these assignments, I have found that I really enjoy doing them, and the less emphasis on the grading has actually helped me enjoy the class even more. My goal before I graduate changed as well recently where I had to fill in my schedule over the next three semesters with four electives. So, this class also came in highly recommended from a friend of mine who is working on his Masters in Entrepreneurship right now. Overall, I hope to gain feedback on posts that can help me develop personally and professionally. Also I want to be able to learn things that can someday help me possibly open up my own CPA firm someday.
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