30A - Final Reflection

1.) The highs of the semester: Learning about entrepreneurship; posting on time; taking risks; getting critical feedback on my ideas; the excellent readings; the amazing and amusing lectures. The lows of the semester: forgetting to turn in an assignment (or 2); procrastinating until the last minute to turn in some assignments.
2.) The most formative experience has definitely been the new insight I received from the lectures. It has completely changed the way I see business, the world, and life in general.  Besides the lectures, a pivotal moment was the second reading where I learned about the different mindsets. The experience I will most remember years later will probably be this feeling right now - looking back and realizing just how important and pivotal every moment has been.  The realization that every little moment is important. That in itself is joyous.
3.) I definitely see myself as an entrepreneur, but even more so: an innovator. I have
4.) I would first off recommend that they get organized as soon as possible. Business, entrepreneurship, college, and life are serious things that should be approached appropriately. Another recommendation would be to do all of the assignments. Also, have an open mind going into the course.

29A - Venture Concept No. 2

1.) Venture Concept Description

Opportunity:

The opportunity exists in the Volusia/Flagler county area. The unmet need stems from middle-aged consumers who are struggling to pay the ever-increasing cable bills.  The changes in the environment creating this need is mainly the higher costs of cable while wages remain stagnant.  Another force driving this demand is the rise of streaming services that have essentially become mainstream at this point.  Geographically, my market is in the borders of Flagler and Volusia counties.  Demographically, my market is primarily focused on middle-aged fathers that are in lower-middle-class and watch television in moderation. Customers are not satisfied nor loyal to current cable companies right now.  This opportunity is pretty large, but the window of opportunity will not last long due to the rise of streaming.  There is also a huge opportunity within the sports industry for this type of streaming innovation.

Innovation:

The product I am selling is a streaming system with the consumer’s choice of streaming service.  The streaming service and amount of services would be dependent on 3 different packages: Lite - this comes with a Roku stick and 1 choice of streaming service for $75 ; Regular - Roku Standard player with 2 choices of streaming services for $100; Ultra - Advanced Roku player with 3 choices of streaming services for $150.  These are one time costs for my service. I would also offer on-site technical assistance after the installation for $50/hr to fix any problems.

Venture:

Consumers would switch to this product because it helps them save money in the long run while offering technical service.  It wouldn’t be too difficult for customers to switch. They would just have to cancel their cable (or not if they want to keep it) and we would come in and set up the system.  The primary competitors will be cable companies like Spectrum and AT&T, but also Dish and DirecTV could be considered competitors. Their weaknesses are bad customer service and high prices.  My whole packaging system is vital for my business concept. Regarding how I would organize my business concept, I would start straight out of where I live and use my SUV as transport.  It would be just me and family until I gain more money to hire workers and expand. 

Important Resource:

My important resource is my social capital. I am well known among the church and political community in Flagler and in parts of Volusia. This conveys the native/local trust and good-heartedness that my competitors just wouldn’t be able to effectively match. 

Next for the venture:

The next thing for the venture would be a subscription monitoring service that will charge a low monthly fee to make sure that customers don’t overpay for subscriptions they aren’t using, and managing billing and services on behalf of the consumer. 

Also, I would need to develop a separate sports subscription service for around $20 a month that provides access to cable exclusive sports. This would be similar to the NFL Sunday Ticket that DirecTV has.

What’s next for me:

I hope to still be humble and remember where I came from. I would hope that as time goes on, I would actually work harder and be involved in my community. I don’t take pleasure in moving to an elite area with mansions. I would rather invest my money in the community and helping students learn technical skills. I take great pleasure in seeing my local community thrive. This venture would definitely help me generate the funds to help the community while serving their unmet needs.

2.) The feedback I received from the previous Venture Concept assignment was very optimistic, but I did have one good constructive comment: sports. A classmate stated that they were in the target market, but sports access was a major issue.  This was something that I noticed, in general, among a few college-aged people I interviewed.

3.) Based on that feedback, I added in the plan to develop a subscription service on top of the current product and I also highlighted the great opportunity for such a service in the innovation section. 

4.)

28A - Your Exit Strategy

1.) My exit strategy for my business would consist of me owning and working on my business for many years.  I would not sell the business to the big cable corporations and, out of fear that someone else might do that, I would probably not sell my company at all.  I understand that big corporations would most likely use predatory pricing strategies to get me to go out of business, but I don’t think it would be that effective due to my commitment to the local community. When I am older and can no longer operate the company, I would give it to my children or perhaps then sell it for a large profit and reinvest the profits to my family and my community (since you can’t take it with you when you die).

2.) I chose this strategy because I am a firm believer in family first and helping out the local community.  As such, I would hate for a big company to buy my company and essentially destroy whatever good was done for the community.

3.) My exit strategy didn’t really influence much of my other decisions. It did in the sense that I wanted to keep it primarily local and invest heavily in the community: something that would make no sense if I was just looking to sell the company for a huge profit.

27A - Reading Reflection No. 3

Book: Thinking, Fast and Slow by Daniel Kahneman
1) What was the general theme or argument of the book?
The general theme/argument of the book is that we have two systems of thinking which can be basically described as fast and slow. The ‘fast’ system is the thinking we perform most actions with and is something that is more or less instinctive.  The ‘slow’ system is one where we have to exercise more time and energy on thinking. It is essentially the system we use when making analytical or tougher decisions.  Kahneman argues that both modes of thinking can be helpful, but they also have drawbacks. For example, with the ‘fast’ system, we tend to make irrational decisions or just bizarre predictions.  With the ‘slow’ system, we tend to approve of these same crazy decisions that our ‘fast’ system made. 

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
The book connected with ENT3003 because it explained to me the two different systems of thinking we have and how to avoid the many mistakes that a potential businessman or entrepreneur would make not knowing this information.  Furthermore, Kahneman points out that failure is bound to happen, yet we are so hesitant to accept failure that more damage can be done.  This is an important lesson that we learned in ENT3003: accept failure and move on.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
It would involve a corporate scenario that would consist of 3 groups/businesses: the first group would make quick decisions about everything, the second group would make slow and analytical decisions about everything, and the third group would do a combination of both. I would then compare the results at the end of the exercise and see who faired the best.

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 was surprised that the author included sections that discussed emotions and regret. I never really considered regret as a punishment to one’s self, but that is essentially what it is.  I was delighted to see that Kahneman described emotions as something that can coexist and somewhat depending on our own perspective. This is what I believe as a practicing stoic: that nothing is inherently bad or good. It is our perspective that makes it so. 

26A - Celebrating Failure

1.) I would consider mainly one event a true failure this semester: me failing my second exam for calc 2. I didn’t understand the material while I was being taught it but, instead of seeking help, I just pushed it aside. I did the bare minimum required for the homework and the class, in general, leading up to the exam.  I only studied the day before the exam! Then came the exam. After about 90 minutes of guessing, I ended up with a 15/40. My worst exam score ever.  I was surprised: I genuinely thought that I could figure out the material during the test, but series and the different rules/tests require a ton of practice.

2.) Instead of blaming the test for being too hard or the math department for being evil people, I took full ownership of the matter. Had I went to office hours and completed extra practice work, then I would have at least passed the test.  This was all on me.  My efforts were worth a 15/40, so I needed to increase my effort.  And so I did.  I went to tutoring, office hours, and completed my homework with great effort in preparation for the next exam. As a result, I only missed three questions on the multiple-choice on exam 3.  I essentially learned that the important things in life don’t come easy: they require a lot of hard work and effort.

3.) When I was younger, I hated the mere idea of failing.  I found failure to be something that only idiots would do.  When I came to college, my whole world view changed.  I became more inclined to the idea of taking risks and also to the optimistic idea that nobody really cares.  Essentially, I found that if you take a risk and fail, you can either learn from it and grow, or complain and never rise.  This class definitely helped me with viewing failure as a necessity for growth.  Especially reading the Mindset… by Carol S. Dweck, Ph.D. really emphasized the value of effort.

24A - Venture Concept No. 1

Venture Concept Description: CoastStreamz LLC

Opportunity:

The opportunity exists in the Volusia/Flagler county area. The unmet need stems from middle-aged consumers who are struggling to pay the ever-increasing cable bills.  The changes in the environment creating this need is mainly the higher costs of cable while wages remain stagnant.  Another force driving this demand is the rise of streaming services that have essentially become mainstream at this point.  Geographically, my market is in the borders of Flagler and Volusia counties.  Demographically, my market is primarily focused on middle-aged fathers that are in lower-middle-class and watch television in moderation. Customers are not satisfied nor loyal to current cable companies right now.  This opportunity is pretty large, but the window of opportunity will not last long due to the rise of streaming.

Innovation:

The product I am selling is a streaming system with the consumer’s choice of streaming service.  The streaming service and amount of services would be dependent on 3 different packages: Lite - this comes with a Roku stick and 1 choice of streaming service for $ 75; Regular - Roku Standard player with 2 choices of streaming services for $100; Ultra - Advanced Roku player with 3 choices of streaming services for $150.  These are one time costs for my service. I would also offer on-site technical assistance after the installation for $50/hr to fix any problems. 

Venture:

Consumers would switch to this product because it helps them save money in the long run while offering technical service.  It wouldn’t be too difficult for customers to switch. They would just have to cancel their cable (or not if they want to keep it) and we would come in and set up the system.  The primary competitors will be cable companies like Spectrum and AT&T, but also Dish and DirecTV could be considered competitors. Their weaknesses are bad customer service and high prices.  My whole packaging system is vital for my business concept. Regarding how I would organize my business concept, I would start straight out of where I live and use my SUV as transport.  It would be just me and family until I gain more money to hire workers and expand.

Important Resource:

My important resource is my social capital. I am well known among the church and political community in Flagler and in parts of Volusia. This conveys the native/local trust and good-heartedness that my competitors just wouldn’t be able to effectively match.

Next for the venture:

The next thing for the venture would be a subscription monitoring service that will charge a low monthly fee to make sure that customers don’t overpay for subscriptions they aren’t using, and managing billing and services on behalf of the consumer.

What’s next for me:

I hope to still be humble and remember where I came from. I would hope that as time goes on, I would actually work harder and be involved in my community. I don’t take pleasure in moving to an elite area with mansions. I would rather invest my money in the community and helping students learn technical skills. I take great pleasure in seeing my local community thrive. This venture would definitely help me generate the funds to help the community while serving their unmet needs.

23A - Your Venture's Unfair Advantage

How valuable, rare, inimitable, non-substitutable
Resources I have:

1.) Knowledge of area: Knowledge of the area is pretty valuable - especially since I come from the area, but it is definitely not rare, inimitable or non-substitutable.  Any company or person could find most of the information on a computer or visit Volusia/Flagler County personally.

2.) Social Capital: This is very valuable in Flagler county politics because you essentially have to know someone to get anything passed through the government. I don’t have personal connections with anyone that is in government, but I was a student ambassador for the Department of Commerce when international and domestic investors came to my county and high school. Social capital is easily imitable, but my social capital is not very substitutable. I am pretty well known in my community through the church, high school programs, and government/political functions. 


3.) Financial Capital: I have very little of this, so whatever I do have is valuable.  It isn’t hard to make money though, so it is not rare, inimitable, or non-substitutable. 

4.) Marketing Knowledge: My knowledge is primarily based on online marketing and social media marketing.  The knowledge is somewhat rare since many people don’t really understand how it all works.  It is super imitable because online marketing is not hard or impossible to learn. It is also substitutable with traditional marketing or word of mouth.


5.) Human Capital: Very valuable.  My human capital encompasses a wide variety of skills and knowledge that can help with the technical and social aspects of the business. It is not imitable but it is substitutable. 

6.) Excellent Communication Skills: This is very valuable in business and life in general. It seems as excellent communication skills are becoming more of a rarity, so I would say that it is pretty rare.  It is imitable, but it takes time and commitment to actually understand and implement communication skills. This is pretty non-substitutable for the most part because companies have tried using other techniques to solve this problem but have not gone far. 

7.) Equipment: I have an SUV, a ladder, and a toolkit.  This is the very basics of what I would need to go to the site and install the product. These basics are valuable in that they are necessities to accomplish my venture.  They are not rare, inimitable, or non-substitutable.

8.) Analytical Skills: This is a super valuable skill for my venture. I could combine this with my knowledge of the area to pinpoint exactly the area I would set up shop or conduct business in. These skills are pretty rare and not too inimitable. This is somewhat substitutable with computer software, but that can only go so far. 

9.) Technical Skills: This is also very valuable for my venture. I would have to know how to install and set up the product that I am selling.  It isn’t too rare or inimitable, and it’s definitely not non-substitutable. 

10.) Great consumer relations: Extremely valuable since my target group includes people who are not happy with their current cable provider. It is actually pretty rare in my industry, but it is very imitable and substitutable. 

Based on my analysis, my best resource would be my social capital. This is the most important because I left a good impression in the community when I left for college. I still occasionally participate in some local functions when I visit on the weekends. This would definitely help in conveying trust to potential consumers. I would also be able to market my product at community events.

22A - Elevator Pitch No. 3

The link: https://youtu.be/IHvlvtpBQQU

Feedback/Reflection: On the other video, I received little feedback from my peers so I had Professor Pryor provide some critical feedback.  The feedback I received was that I didn't really state the problem and I also didn't specify what my solution is.  A student noted that I spoke a little too slow.  I thought all of these were accurate and I took these into account to better prepare for my elevator speech.
     I probably recorded over 15 takes just because I wanted to have my speech memorized and appear natural.  I also wanted to successfully implement the constructive feedback that I received from Professor Pryor and my fellow colleague.  I am definitely more comfortable in front of the camera and the pitch itself is better.

21A - Reading Reflection No. 2

The book: "Mindset: The New Psychology of Success" by Carol S. Dweck

1) The general theme/argument of the book was that a growth mindset will help you become more successful.  This growth mindset is opposed to the fixed mindset that many of us carry around.  The growth mindset is believing that our skills (and others) can be learned and improved over time. It also states that our mistakes are learning experiences and not failures.  The growth mindset encourages us to take on challenges that will “stretch” our skills and become better learners/people.  This is opposed to the fixed mindset which states that our abilities are fixed and there is nothing we can do to significantly improve.

2) This book excellently connected with ENT3003. Every aspect of the class started to make sense when I read the book. A perfect growth mindset moment was when Professor Pryor said that entrepreneurs can be formed and are not born. Another growth mindset aspect of the class are the assignments themselves.  They don’t put any emphasis on obtaining a high grade, but rather on actually learning. 

3) The exercise I would design for the class would be to set up a failing business scenario where each student is a CEO of a failing company, and have two options: a fixed mindset path or a growth mindset path. The students would choose the paths and see where it leads.  In the end, I would engage in a discussion to show how the growth mindset path was more helpful than the fixed mindset path.

4) The biggest ‘aha!’ moment in the book was just realizing that I have a fixed mindset towards a few things in life. I had a fixed mindset towards school, work, and romance.  With school, I didn’t believe that hard work was justified, and that if I knew it I knew it.  I also thought that a grade could define me and could not be changed.  This was all false.  I just had to put in the work and effort to actually LEARN the material: not just aim for a high grade.  With romance, I was under the impression for a long time that, “if it’s meant to be, then it’s meant to be.” As a result of this, I would think that a good relationship requires little to no effort and little communication.
Overall, the biggest ‘aha!’ moment was just the realization that nothing good comes easy. Everything good needs hard work/effort guided in the right direction.
I would highly recommend this book for professional and personal growth. 

20A - Growing your Social Capital

Industry Expert

1.) Greg Peters - Chief Product Officer at Netflix
2.) Mr. Peters is considered an industry expert for this assignment due to Netflix being in the same industry as my business idea.
3.) I found Mr. Peters through the D&B Hoovers industry search. The site displayed his email address, which is how I contacted him.
4.) I merely asked him if he could give me feedback on my elevator pitch for this class. I have not received any communication from him yet.
5.) Including Mr. Peters in my network would dramatically help exploit my idea since he is on the executive board of Netflix - a potential partner for my business idea. 

Market Expert

1.) Gary Vaynerchuk - Chief Executive Officer at VaynerMedia
2.) Mr. Vaynerchuck is considered a market expert for this assignment due to his incredible market observation skills - especially revolving around the entertainment sector.
3.) I found Mr. Vaynerchuk on Instagram almost a year ago, but I found his contact email on Medium after a google search.
4.) I asked Mr. Vaynerchuk if he could review my elevator pitch and give me feedback on it. I have not heard back from him.
5.) Mr. Vaynerchuk is a marketing genius who already has a large following on social media. Including him in my network would be a very smart move.

Supplier

1.) Mark Labombarda - Director of Program Management at Roku.
2.) Mr. Labombarda is considered a supplier for this assignment because Roku is where I would be receiving the digital boxes to make the bundles.
3.) I found Mr. Labombarda on D&B Hoovers. On the Roku page, I selected show contacts with email available, and his email was the first to appear.
4.) I also asked Mr. Labombarda to provide feedback to my elevator pitch. I also have not heard back from him.
5.) Since Mr. Labombarda has a high position at Roku, I would find it extremely beneficial to include him in my network. I would need to make contact with someone at Roku, and having contact with him would be extremely beneficial.

Reflection: This experience was a little challenging for me because I am not used to asking complete strangers to give me feedback on an elevator speech. The fact that these strangers have high positions in top companies also added to the challenge. Now that I have completed this assignment, I will now take full advantage of networking events and not find it awkward to ask for a favor.

19A - Idea Napkin No. 2

1.) You. I am a second-year economics major and math minor at the University of Florida from Palm Coast, Florida. I am skilled in finding trends and performing varying analyses. I am currently working on building my human capital so that I can provide value to the public and private sectors.  As it relates to my class business, I don’t see myself committing too much time to this idea. This is primarily because I want to focus on my education at the moment and learn new skills that can best help me and my community.

2.) What are you offering to customers? I am trying to bridge the gap between cable television and direct content streaming. As such, I am offering three bundles which include the hardware and software necessary to start streaming. I am also including technical support.

3.) Who are you offering it to? I am offering this to everyone who wants to switch from cable to streaming services, or who just wants to start streaming. I am, however, targeting primarily middle-class people over the age of 40 in Flagler and Volusia counties. These people would also have to notice a price hike in their cable bills.

4.) Why do they care? These people care because many of them tend to be somewhat elastic to price changes. If the cable companies continue increasing their rates, many of these people will search for a much cheaper alternative such as my solution.

5.) What are your core competencies? I lived in Flagler County for most of my life and I am greatly involved with the community. Furthermore, I am well-versed in modern technology: I even built my first computer when I was in 7th grade. Another competency I have is my ability to understand the different economic factors of running a business such as this.

I strongly believe that these elements fit together. Having the analytic perspective is important regarding business decisions and having technical knowledge is important regarding the product/service. As such, I believe that this combination increases the business's potential for success.

Feedback Memo: The feedback I received was super helpful! I was told that having the analytic knowledge from my economics background would help my business succeed while having the technical knowledge would help me in my target market.

18A Create a Customer Avatar

The Customer Avatar:

The prototypical customer for my product is a middle-aged, middle-class father who lives in a one-story home - where he is still paying off the mortgage - and who drives a 2009 Toyota Prius and can’t stop bragging about the incredible gas mileage to justify his purchase. He is married with two children and is most likely from the North East (or maybe Idaho). He is most likely 40 years old but says that he doesn’t feel a day over 30.
He watches the evening news, Jeopardy, Wheel of Fortune, Shark Tank, and football.
His favorite team is the Buffalo Bills, and he wears a Josh Allen Jersey every Sunday. 
He leans more to the conservative side but doesn’t vote based on party affiliation. 
Here is a picture of the prototypical customer (just imagine a few wrinkles on his forehead).

What do I have in common with the avatar?
I don’t have much in common with the avatar except for 3 things:
I am not too concerned with being fancy. I would also rather drive a Prius if it gave me good gas mileage, and I would definitely look to save money on my cable bills.
I am also from the North East where I lived in upstate New York for a few years before moving down to Florida.
I also wear glasses.
I don’t think these are coincidences (except the glasses part). I grew up with many people that were just like this in my home town in Palm Coast, so I am not too surprised.

15A Figuring Out Buyer Behavior No. 2

The set of alternatives that my potential customers picked from:
Price
Ease-of-use
Overall Value

Here is the summary of the interviews:

All interviewees highlighted price and overall value as the most important aspect. The interviewees all had a cable/satellite subscription and they paid a lot of money for the service.

One of the interviewees was an older man, and he also expressed that the new system should be easy to use or at least comparable to his satellite television. 

Regarding the places they buy, 2 of the 3 interviewees strictly preferred online to in-store. The interviewees all said that they would pay for the product with card but not finance the purchase - this is also because I told them that the packages will most likely range from $50 to $100 (after reevaluating, I now believe that $50 to $150 is more reasonable). 

Across the board, the interviewees expressed that the main factor that will determine if this purchase was worth it is if the monthly bills come back lower - and noticeably lower: enough to justify the initial price of $50 - $100. Also, they stated that they would be disappointed if they did not have access to the shows that they had before. 

Conclusion:

From these interviews, I can conclude that price and value are of the utmost importance to potential customers. With this in mind, I now know that the most effective way to market my product is not by how luxurious it is, but rather by the amount of money it will save customers in the long-run. I also realized that I should find a way to keep costs even lower because the target market is made up of middle-class cable/satellite households in Volusia/Flagler County. 

17A Elevator Speech No. 2

Here is the link to my elevator speech: https://youtu.be/_X6tsoo_Kck

2.) I never received any feedback from last time because I did not do the first assignment. This is technically my first elevator speech in that respect. I did notice that it was very difficult to find the right angle to record the video. I ended up just putting my laptop on top of my refrigerator as that was the only place that could best capture me.

3.) As mentioned before, I didn't really change anything because this is my first time submitting the assignment.

Please criticize my elevator speech. Be honest: don't worry about hurting my feelings.

Thank you!

13A - Reading Reflection No. 1

Book: The Wright Brothers by David McCullough
1.) What surprised me the most?
The one thing that really surprised me about the Wright Brothers is that they didn’t have any real formal education. They were obviously extremely intelligent, but all of my life I have believed that to be successful or “to make it,” one must attain at least a high school diploma, but usually a college degree.
What did I most admire?
Their dedication. The two brothers went against the many odds and problems to make the airplanes.  After all, these brothers worked at a bicycle shop before dedicating everything to flight.
What did I least admire?
…
Did these entrepreneurs encounter failure or challenges? How did they react?
Yes. Besides the mechanical challenges that came from building the airplane, they originally faced challenges with trying to get people to purchase their products in the United States due to people doubting them.  The way they worked around this is by setting up shop in Europe for a little. 

2.) What competencies did you notice that the entrepreneur exhibited?
The entrepreneurs exhibited dedication, resilience, and perseverance.

3.) What part of the reading was confusing to me?
The part that confused me was that it was only when Wilbur was interviewed by the French aviation journalist, Francois Peyrey, that really gave the Wright Brothers a ton of credibility/publicity. However, it doesn’t make sense that only one journalist from a foreign country would give credibility the way it did.

4.) Two questions I would ask the Wright Brothers and why?
Do you consider the arguments that you had with each other beneficial or an obstacle to accomplishing your invention? I would ask this because I know that arguments could help the project or they could delay some processes. Sometimes, these could occur simultaneously.

Why didn’t you go back to school once you “made it?”
I would ask this because many people value higher education and the fact that they didn’t really pursue it after they became famous. Perhaps they knew that they were smart enough that they didn’t need a degree to qualify them.

5.) What do I think the entrepreneurs’ opinion on hard work was? Do I share that opinion?
The Wright brothers’ opinion on hard work was that hard work is essential for successful. These brothers are the epitome of hard work, dedication, and discipline.  When they left Dayton for Kitty Hawk, the weather was awful. It was raining and storming, yet the two brothers didn’t hesitate to drill a 10 ft well in the ground and setting up camp.  They persisted through everything until their deaths.  I definitely share this opinion. I believe in doing what is necessary and right - no matter how difficult it is.  With that being said, my work ethic is only a fraction of the two brothers’.  It’s something that really inspires me to work hard.

14A- Halfway Reflection

1.) Tenaciousness is a competency: The behaviors that I use to keep up with the requirements and deadlines associated with the course are getting started early, keeping a google drive folder, and watching lectures within a day or two of being posted. 
By watching the lectures on time, I am able to perform well on the cupcakes (I have missed a couple of questions though!).
I also keep a folder in Google Drive for all the work that I submit. This is not required, but it definitely helps with organizing the course material that I complete.
Probably the most beneficial behavior that I use is starting early on some assignments. I do not do this all of the time, but it has proven to be one of the best methods for getting things done. Let’s face it, you’re a college student who probably has a few other courses with assignments and exams.  It’s best to knock-out these assignments when you can so that when the due date approaches, you are not stuck with calculus homework, economics homework, and two assignments that require you to interview people.

2.) Tenaciousness is also about attitude: There have been many moments where I have had the urge to “give up.” The urge to “give up” is rooted in laziness and fear: too lazy to complete the assignment and too scared to hear negative opinions of your business idea.
The way I conquer this feeling is by reminding myself that everything good requires some sacrifice and risk.  With that being said, I have definitely deepened my tenacious attitude.

3.) Three tips: To foster the skills that support tenacity and develop a tenacious mindset, I would recommend the following tips:
-Just Start: No matter how daunting any assignment or problem looks, you will make it 10x harder by thinking about how hard it is.  Instead, just start and work one part at a time. This helps me complete so many of these “impossible” tasks. 
-Have Discipline: Some days you will feel like doing 100 tasks, while other days you’ll just want to stay in bed and do nothing. It is for these “tired” days that you need to develop discipline. There are many days that I struggle with waking up on time in the morning. I would love to rest in my nice, warm, and comfortable bed all day if I could. However, I am disciplined. I push myself up and perform my morning pushups.  Then, I make the bed and get my day started. Some days, I lack all motivation.  On days like these, I just push myself to go through the motions. Never giving up.
-Take Breaks: Be disciplined in taking breaks too. Burning out is a real thing, and even though I would love to keep going, it is more beneficial to take a break.  As Gary Vaynerchuk says, “It’s a marathon, not a sprint.”

Good luck!

12A - Figuring Out Buyer Behavior

Segment:
Middle-class homeowners in suburbia who have cable television or streaming services.
I found three people who fit the segment.

Here is the Summary:
Two of the three are subscribed to cable television. One of the three is not subscribed to any streaming service. She is not happy with her cable company but enjoys having television. She said that she has considered switching to streaming and free antenna tv. I asked her when she thinks about it most, and it’s when she sees her cable bill. I asked her how she searched for solutions, and she said that aside from basic Google searches, she mainly asked her coworkers, friends, neighbors, and family that have switched from cable to streaming exclusively.  The person who has both cable and Hulu explained to me that the streaming services are just to supplement his cable experience.  He stated that he doesn’t like the high price attached with his cable tv, but his plan includes a sports subscription that he is comfortable with. He also mentioned that he hasn’t looked to get rid of cable unless he can watch live sports without it.  The third person left their cable company years ago and actually installed a large outdoor antenna in their house. He subscribes to Netflix and will occasionally rent movies that are not on Netflix.  Price was the biggest consideration for this person, and like the first person, he hated seeing the increases in his monthly bills. 

Conclusions:
It appears to be evident that the potential customers are aware of the problem when they have to pay their cable bill.  This is when the customer is most upset and legitimately considers the alternatives to cable.  I think a good idea would be to find out when customers in a town receive the cable bill in the mail and then send them a slip saying, “STOP OVERPAYING FOR CABLE! SWITCH TODAY!”

11A - Idea Napkin No. 1

1.) I am an econ major from Palm Coast, Florida that is skilled in finding economic trends and tendencies.  I can proficiently communicate with others, and I enjoy studying philosophy when I can. I aspire to be a better man every day. Regarding careers, I would like to do some form of data or economic analysis in the public or private sector. Regarding this business, I definitely would see it as being a primary focus of my efforts in life - if I was to start it.
2.) I am offering a package that will help the customers switch from cable television to streaming providers.
3.) I am offering this package to middle-aged and middle-class cable users in the city of Palm Coast. The customer I am looking for is one that has noticed the increase in their cable bills while their wages have remained relatively unchanged. 
4.) Customers will pay me money because I am saving them money. They still have access to the entertainment that they enjoy without the hefty price tag. 
5.) My core competencies are that I am super observant when it comes to trends in a micro and a macro level.  This sets me apart because I am able to shift my focus and energy when I need to.  Also, I am really proficient with computers since I had to repair many and even built my own. 

8A - Solving The Problem

1.) The opportunity: Cable consumers are ending business with many cable television providers. This is an increasing trend in the United States as consumers are opting for streaming services like Netflix, Hulu, and Amazon Prime which provide television shows, movies, and exclusive content primarily ad-free for a low fee of under $15 a month.

2.) The solution: My proposed solution would be to establish a consumer transitioning service from cable television to the streaming services. In more detail, I would sell different packages of transition kits that include home media players, remotes, and access to streaming services. 

For example, I will have three packages Basic, Regular, and Premium.
The Basic package would come with a Roku Express and 2 months worth of Netflix, Hulu, and Showtime.
The Regular will come with a Roku Premier, 3 months worth of Netflix, Hulu, and Showtime, and 1-year technical support
The Premium will come with a Roku Ultra, 6 months worth of Netflix, Hulu, and Showtime, and 2 years of technical support

The technical support will be done through the phone or online. This will help keep costs low while delivering the services that the customer paid for. 

7A - Testing the Hypothesis, Part 1

Testing the Hypothesis, Part 1

1.) Opportunity: Consumers are ending business with cable companies because of the presence of high cable prices and better, low-priced alternatives

2.) Who: Cable consumers.
     What: Ending business with cable companies.
      Why: High costs of cable and better, low-priced alternatives.

3.) Testing the who:
Are there others who have this need? Or, does everyone in your current 'who' share the need?
There are others that do have this need. First-time homeowners, young adults, and perhaps even older generations that are not cable consumers but want to enjoy media entertainment at an affordable price.  Another group of people would be people who have limited access to cable or where cable television would be hard to install, e.g. apartment dwellers, etc.

Testing the what: What are the boundaries of the need?
Are cable companies experiencing a high rate of customer abandonment? Is it just cable companies, or can we include satellite television providers?

Testing the why: What are the other reasons why?
1.) Not enough positive innovation has occurred in the cable television industry.
2.) The customer service model is not effective at making consumers happy with the service.
3.) People don’t like the idea of commercials. 
4.) Convenience is key: people want to be able to pause the show while watching from their phone on the way to work.

4.) Summary of findings after interviews
Every person I interviewed was subscribed to at least one online streaming service. Four of the five did not have cable.  Regardless of this, all of them expressed negative opinions of cable television providers. The price, limited access to the television shows that they wanted, and the lack of good movies were key reasons that they switched or added the streaming component.  One interviewee stated that movie nights were a rare occasion for her prior to Netflix.  Now, she has one once a week. 
Regarding the “who,” the interviewees thought that younger generations are more likely to want streaming services compared to older ones. 

5.) After the interviews, I realized that I had overlooked a key aspect of streaming services: movies.  The interviewees expressed that access to quality movies is a big deal for them and cable companies were not providing this need as effectively as the larger streaming services were. 
Another realization I made is this: if the current generation is cutting cable, then the younger generation must be growing up without it. An interesting opportunity could exist in future generations.

6A - Identifying Opportunities in Economic Trends and Regulatory Trends

Two Economic Trends
Consumer spending increases
a.) The source for this economic trend comes from this website: https://www.cnbc.com/2019/08/30/us-consumer-spending-increases-solidly-income-tepid.html

b.) A lot of information led me to believe that there exists an opportunity in this trend. Based on my background in economics - which is my major - I know that increased consumer spending generally means that there are a lot of opportunities for businesses to make money.

c.) The prototypical customer with the opportunity would be new and established businesses, primarily in commerce.

d.) The difficulty depends on a few factors: 1.) Age of business. If the firm is just entering a market, then it will have some trouble initially in attracting market share (depends on market). 2.) Location and rules and regulations. Trying to start a business in New York City is a lot different than Texas. New York City is known for having a lot more barriers to entry for many firms due to the many rules and regulations.

e.) The reason that I noticed this trend is primarily because I know how to read certain economic trends due to my knowledge of economics.


Americans are ditching cable tv
a.) The source for this social/economic trend comes from this website: https://bgr.com/2019/01/29/cord-cutting-news-60-percent-cancel-cable/

b.) The information that led me to believe that an opportunity exists in this trend is my own personal experience and knowledge. I have noticed through many friends that they have cut their cable companies and have opted for internet-based streaming services like Netflix or Hulu.

c.) The prototypical customer with the opportunity would be someone who doesn’t watch cable tv that much and who is already subscribed to at least one streaming service.

d.) I believe that it will be somewhat difficult in exploiting this opportunity because Hulu, Amazon, and Netflix already have such a large market share. They also provide billions of dollars worth of content for a very small fee a month: something that a new firm would have trouble competing with.

e.) The reason I noticed this trend is primarily due to personal experience with cable and knowing people that have switched from cable television.


Two Regulatory Trends

Fresh Cape Gooseberry Fruit from Ecuador to the Continental United States
a.) The source of this regulatory trend comes from this website: https://www.regulations.gov/document?D=APHIS-2016-0009-0008

b.) The information that has led me to believe that an opportunity exists in this trend is my own knowledge of both history and economics. When a new product is allowed to be imported into the United States, this allows opportunities in different sectors of the economy. 1.) Firms need to physically import the product. 2.) Firms need to process the product. 3.) Firms need to store the product. 3.) Firms need to sell the product. 4.) Firms need to market the product.

c.) The prototypical customer with the opportunity would be a grocery store. As mentioned earlier, there are many firms that will benefit from this opportunity, but I believe that grocery stores will benefit the most.

d.) I think this opportunity is relatively easy to exploit. Given that this is pretty recent, there are plenty of opportunities to reach out to importers or sellers of the product and offer services like marketing that they are in need of.

e.) As mentioned earlier, the reason I saw this opportunity is primarily because of my knowledge of economics, trade, and history.


Vape Bans
a.) The source of this regulatory trend comes from the following website: https://abcnews.go.com/Health/york-gov-andrew-cuomo-issues-emergency-executive-order/story?id=65624774

b.) The information that has led me to believe that there is an opportunity in this trend is primarily from the dominance of negative coverage of e-cigarette use in the media. Since the coverage has been negative, I believe that more people are viewing e-cigarettes as dangerous and are willing to stop smoking.

c.) The prototypical customer with the opportunity would be a business or a consumer. The range is pretty wide here since the consumer is the one that is in search of a new product that can replace the e-cigarette addiction, whereas the current businesses will look to supply that product.

d.) The opportunity is going to be difficult to exploit. The main problem with coming up with solutions to e-cigarette use is that the consumers are already addicted to the nicotine. To come up with an alternative to nicotine would be very difficult.

e.) The reason I saw this opportunity is due to my personal experience seeing the wide-spread use of e-cigarette use among teenagers and young adults. Even though the products are different, I tend to associate e-cigarette use with regular cigarettes.

5A - Identifying Local Opportunities

1.)
“New Smyrna Beach Middle School evacuated after transformer fire near kitchen”
https://www.news-journalonline.com/news/20190910/new-smyrna-beach-middle-school-evacuated-after-transformer-fire-near-kitchen
- A transformer exploded in the cafeteria, causing a fire.  Everyone was evacuated from the school while the firefighters addressed the issue.
- The problem is that the transformer did not operate correctly, thus this opens the door for the government to require scheduled operation checks to ensure this would work. If an electrical company puts a bid, they can potentially get a contract.
- The problem is a city/school issue. 

2.)
“Palm Coast Approves Grand Landings’ Growth to 890 Homes and Possible Future Apartments”
https://flaglerlive.com/140139/grand-landings/
- The city of Palm Coast approved an expansion of the current development in the area known as “Grand Landings.”  They approved up to 890 potential homes.
- The problem is that the developers are going to need people to live in these houses and apartments. A network of agents or marketers would be in high demand during this time.
- Grand Landings is experiencing the problem.

3.)
“Tuesday Briefing: Intracoastal Waterway Cleanup, Tammy Almond in Court, Apollo’s 50th, Stetson Recital”
https://flaglerlive.com/143270/lw-190910/
- The city of Palm Coast sponsored the Intracoastal cleanup which involved over 300 families and groups. 
- The problem is that there is a demand for a cleaner Intracoastal, and the demand is not being filled throughout the year. A potential opportunity for an environmental cleanup company.
- This is a community problem.
4.)
“Dissatisfied, Beverly Beach Quits Waste Pro and Returns to Flagler Beach’s Garbage Haulers”
https://flaglerlive.com/139284/beverly-beach-waste-pro/
- The residents of Beverly Beach were upset at the service of Waste Pro, so they dumped them and moved back with Flagler Beach’s service. 
- The problem is that the residents of Beverly Beach do not have many options regarding waste management, and are not fully happy with either service.  Perhaps a low-cost model could move into the tiny town and solve the issue.
- This is a problem of Beverly Beach and its residents.
5.)
“Flagler Beach Fireworks and “Fabulous Fourth” Parade on July 4”
https://flaglerlive.com/24603/flagler-beach-fireworks-parade-schedule/
- Palm Coast and Flagler Beach host a fireworks show every year on July 4th to celebrate our independence. 
- Both cities need a supplier for the fireworks.  This can create competition among firework manufacturers to sell the product to the city.
- Problem for both of the cities.

4A - Forming an Opportunity Belief

My Beginning Point: Late-Night Snacks
Most college students and city dwellers spend a lot of time late into the evening. As it currently stands, there are very few places that are open in the evening, and most are clubs/restaurants. The need came from people staying up later due to technological innovations. People are going to gas stations or restaurants.  Some just go hungry and complain. I am not really sure that this opportunity exists - maybe 30% sure.
The prototypical customer is a college student, between the ages of 18-22.
For each iteration, I asked the following questions:
How often do you stay up late?
Do you get hungry at late nights?
How do you solve your hunger?
Would you go for a service that makes it more convenient to get snacks at night?
Iteration 1: completed. I found out that the consumer very rarely stays up late, besides for school work or exam prep.  In such cases, they usually don’t bother eating. He mentioned that the vending machine near his dorm would help fix his hunger though. 
Reflect. Just from this one interview, I learned that the idea really wouldn’t be that great for college students --- well, the ones that live in dorms that are near vending machines, at least.
The prototypical customer is a college student that lives off-campus.
Iteration 2: completed. I found out that the consumer only stays up late towards the weekend, and mostly spends this time at parties where food is provided. The consumer did mention that my idea would be a really cool one (but I really don’t see how). 
The prototypical customer is a college student that stays up late and doesn’t party that often.
Iteration 3: Completed. I found out that this consumer only stays up late because his classes start later in the day.  As a result, he stays up until 3am some nights.  Regarding food, the respondent mentioned that he gets subway before they close at the Reitz Union, or if it’s really late will go to the one by Rawlings Hall. 
Overall Reflection and Summary: I really overestimated my idea. It sounded good in theory but didn’t seem to correlate with what I found.  Very little - if any - of my original opportunity is still there. My new opportunity is a bit more accurate, but not by any significant factor.  I truly believe that entrepreneurs should always adapt to the market and the consumer. I do believe that certain values of a firm should remain firm, but the product/service should adapt to fit consumers’ needs.

3A - My Entrepreneurship Story

I was exposed to entrepreneurship when I was in the second grade. My brother and I both wanted to make some extra money, so we decided that we could do 2 things: start a garage sale or host a rock concert (bear in mind: my brother and I did not know how to play any instruments at this point).  After bringing the two ideas to my parents, they both said no to the garage sale idea (since we literally just moved into the new house), and they said that we could host a neighborhood rock concert, but couldn’t charge anyone (since we both didn’t know how to play any instruments).  At that point, we were more eager to perform rather than make money, so we just went with it. Two of our neighbors actually showed up!  My brother and I were ecstatic.

That was the first time I was really introduced to entrepreneurship.  I have always been a curious person, so in the 10th grade, after learning basic chemistry, I wanted to invent something and become a multi-millionaire.  The thing is… I never really invented anything.  I had a ton of ideas that I tried to track in a journal, but never really went full force with any of them.

It was only until my freshman year of college (last year), that I finally did something that just about everyone would consider entrepreneurial: I started my own company.  The company’s name is Trn-Eco LLC, (pronounced Turn - Eco) and I mostly post stoic-inspired motivational quotes on Instagram.  The process has been tough since I only collect sales through selling merchandise.  This has forced me to find ways to keep costs low so that I can continue running the company without losing money.  Despite the challenges, I love doing what I do at Trn-Eco, and I would encourage the readers to check out the website: trn-eco.com and Instagram: @trn_eco.

That’s the main reason I enrolled in this class: to learn more about entrepreneurship and hopefully guide me on my journey with Trn-Eco or any other venture I choose!

trn-eco.com

2A - Bug List

After observing the world around me, I have found 20 "bugs."  Here is a permutation of the 20 bugs:

1.) Little to no available parking near the UF Murphree area.
--->Why is there little to no available parking?
A: The parking is limited due to a higher student to parking ratio

2.) No seating at the Italian Gator
---> Why is there no seating at the Italian Gator?
A: Italian Gator doesn't have a dine-in restaurant and not a lot of outside space.

3.) My freezer's ice maker stopped working
---> Why did my freezer's ice maker stop working?
A: Most likely due to old age and little maintenance performed on the freezer.

4.) The good desks are rarely available on the third floor of Library West.
---> Why are the good desks rarely available?
A: There are only a few of them on the third floor and the library is usually packed.

5.) The water pressure in the showers is not as high as I would prefer
---> Why is the water pressure low?
A: Perhaps the shower heads are not capable of increased water pressure.

6.) The water in the showers and sink is hard
---> Why is the water in the showers hard?
A: This is most likely due to the age of the Murphree area buildings.

7.) Many clubs mainly use Facebook as their source of communication
---> Why do clubs mainly use Facebook for communication?
A: Clubs use Facebook since it is the most popular social media application and it has many communication tools.

8.) Many bicyclists do not yield to pedestrian crosswalks
---> Why do many bicyclists fail to yield to pedestrians at crosswalks?
A: Perhaps many bicyclists are not aware of right-of-way laws

9.) The lines at Panda Express during lunchtime tend to be very long
---> Why are the lines long at Panda Express during lunchtime?
A: Many people are hungry and crave food from Panda Express.

10.) Wearing a pair of (fashionable) sunglasses is nearly impossible with prescription eyewear
---> Why is it nearly impossible to wear sunglasses with prescription eyewear?
A: Most sunglasses are not meant to be worn over other eyewear.

11.) My neck hurts after using the computer for an extended period of time (>1 hour)
---> Why does my neck hurt from using the computer for longer than an hour?
A: It is difficult to maintain proper posture after such a long time.

12.) The crosswalk buttons appear to have no effect on light wait times at the crosswalks near W. University Avenue
---> Why do the crosswalk buttons seem to have no effect on wait times?
A: This is most likely due to the high traffic on W. University Ave.

13.) The clickers are required for many lectures
---> Why are clickers required for many lectures?
A: The clickers are primarily used to collect attendance

14.) There are only two (male) bathroom stalls on the whole 3rd floor of Library West
---> Why are there only two stalls?
A: Not really sure. It might be due to less of a need since the other floors have stalls

15.) It is very humid during the summer months in Florida
---> Why is it humid?
A: Florida has a humid subtropical climate

16.) Wireless headphones need to be constantly recharged
---> Why do wireless headphones need to be recharged often?
A: The type of battery and its capacity could be the reasons

17.) I almost always get caught in the rain in Gainesville without an umbrella or poncho
---> Why do I get caught in the rain without rain gear?
A: I forget to take my rain gear before I leave my dorm --- forgetting the unpredictable weather

18.) Making your own food is really inconvenient
---> Why is making your own food inconvenient?
A: In order to make your food, you must go to the store, gather the ingredients/supplies, bring them to your dorm, and then cook it in the kitchen.

19.) On hot and humid days, acne is more likely to occur
---> Why is acne more likely to occur when it is hot and humid?
A: The heat and humidity make your skin sweat and produce oil.  If not washed with acne soap, this could become a prime spot for bacteria growth.

20.) Panda Express is not open on Sundays
---> Why is Panda Express not open on Sundays?
A: Not really sure. I think it may be due to less consumer demand on Sundays or some kind of contractual issue.

Reflection:
I found this assignment more difficult than I had expected it to be.  I am a very observant person, but after the 12th bug, I had to really think hard about my experiences around campus.  It took me over an hour to come up with the list above.

Word Count: 786

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