Thursday, May 28, 2020

Assignment 7A - Testing the Hypothesis

1. A problem I would like to discuss is the difficulty of becoming a business owner due to the cash needed up front.

2. There are many reasons to why someone would want to start a business. And there are many ways to get the cash up front, bearing huge financial risks. I believe buying a franchise will little to no money up front should be possible for the average person. Franchises allow someone to start a business under an existing company's name. For example, there are many franchise companies today, such as Great Clips, McDonald's, Anytime Fitness, and many more who are not purely owned by their corporate parent. I'm willing to place a bet that each of these franchises cost at least 100,000 in cash before anything happens.

The Who: Americans dedicated to becoming business owners
The What: Franchising?
The Why: People should have the ability to begin a business before bearing financial risk and owning a franchise allows me to profit off an existing companies structure and reputation while being able to modify the rules to a certain degree and the benefit to reaping profits.

3.

Testing the who: There are many people who share the need of becoming a business owner. Not all people share this need equally.

Testing the what: There would be many boundaries to the need. For example, corporate regulations would be a huge boundary. By owning a franchise, you operate independently but also must follow corporate regulations and guidelines. For independent businesses, some people may be unqualified to take such risks.

Testing the why: The why is tied to people who do not want to work for corporate giants or may not have education/network needed to begin a job somewhere else. Many people have a passion for becoming businesses owners but lack of capital to make it a reality.

4.

For my first interview, I was able to speak with someone who owns a franchise of a restaurant chain. The first thing I realized, is that when you start a franchise, it becomes a full-time job. I was expecting the franchising practice to be more of a "front the money and hire people to run the store" kind of deal. This particular person has run a Zaxby's franchise chain and has had the opportunity to open 10 stores. I learned that operating a franchise means that you can become distant from the corporate regulations but they can hold jurisdiction over your stores if needed.

My next few interviews showed me that taking ownership of a new business or franchise is a huge financial risk. I had the belief that starting a franchise for say, 250,000, would be the steepest part of the risk. But, on the other hand, pandemics, natural disasters and other things can happen years from getting the franchise off the ground. There is a larger financial risk in the short term, but the business could fail at any time.


5. Given my opportunity and the reflection on my interviews, I realized that beginning a business can start on a small scale, which many people can afford. Whilst many people are unable to get business loans or even have the skills to run a business, it is more possible than many people think.

Wednesday, May 27, 2020

ENT3003 Assignment 6A

Identifying Opportunities in Economic & Regulatory Trends

Regulatory Trends

1. Automated and contactless systems

Recently, I have seen trends in advertising with the buzzword "contactless." Such as the Domino's commercial that states, "your pizza is never touched once it leaves our 500 degree oven." Businesses will begin to move toward a fully online or fully contactless presence. I currently work for Cox Communications, and we have made permanent changes to our retail stores. Changes such as masks, sneeze guards, keeping six feet distance and no longer allowing customers to wait to be helped inside the store. I have been told by my leaders that these changes will be in effect until at least September, and could very well become a permanent change. More traffic is being directed by phone or online, not only for my company but for nearly every company that is continuing to conduct business during this time.


2. More sustainable and independent business & people practices

The pandemic has caused a domino effect in the business world. Businesses that rely on other businesses to stay open have also been out of work. For example, a meat factory had an employee test positive for the coronavirus, therefore, the meat factory had to shut down. Due to that, nearby grocery stores had a huge shortage on meats. There are many more of examples of this in supply chains. There will be a new trend when the world opens back up where businesses will attempt to become as independent as possible. This opportunity will be extremely difficult and will require great sustainability efforts.


Economic Trends

1. Online Shopping/Ordering

One thing COVID-19 has proved, online products will sell no matter what circumstances our current situation looks like. Those who have invested in Amazon third-party dropshipping are seeing a high increase in sales because people have been restricted from visiting retail shopping outlets for the past few weeks. This was unexpected because the vast majority of people have never seen a pandemic like this before. If you are looking to get a product out there, considering Amazon will be a wise decision. I found this out when I was ordering things for myself on Amazon and i noticed there were many items out of stock because Amazon business was through the roof and supply chain management is very difficult to maintain during a pandemic.


2. Nonfinancial risks

Many people are fearful of where the economy is headed. The government has dished out stimulus checks. Businesses have closed all around the world. The stock market was on a continuous decline until this week. People have lost their jobs and there is a lot of uncertainty about whether some people will be able to afford their bills. Taking financial risks during a pandemic like this shows one of two things; you either have a good amount of money, or you aren't very smart about your money. I believe that many individuals would form this same belief after taking into consideration the effects the pandemic has had on financial risk all over the world.




Tuesday, May 26, 2020

Assignment 5A - Identifying Local Opportunities

1.  UF's CWC introduces COVID-19 virtual support group

https://www.alligator.org/news/campus/uf-s-cwc-introduces-covid-19-virtual-support-group/article_ca7dca94-9ee6-11ea-9837-8bcbd420393e.html

UF's Counseling and Wellness Center has launched a COVID-19 virtual support group to help with students and anyone related to the University of Florida with mental health & wellness. As the article says, the virus has caused an uptick is depression, and unfortunately, suicide. Many people have lost their jobs, feel hopeless and out of routine. The fear the virus has caused is severely impacting people across the US, which is why UF's CWC saw this as an opportunity to launch a virtual support group.

The problem is focusing on how to help those who are struggling with mental health during this time. Social isolation has caused many people to struggle with their happiness and well-being.

The people who have the problem are those who are in fear of the virus. Those who have been severely and negatively impacted by the virus and those who are prone to mental health issues.


2. UF SG Senate meetings ends abruptly after "quorum bust"

https://www.alligator.org/news/student_government/uf-sg-senate-meeting-ends-abruptly-after-quorum-bust/article_30687a68-9a53-11ea-89b7-5f973555d870.html

The Inspire Party senate member organized a "quorum bust" where he had arranged for senate members to leave a meeting early and causing the meeting no longer meet the quorum requirements.

This "bust" caused there to be some confusion in voting for the allocation of funds. Due to the senate members leaving the meeting early, there were bills the members could no longer vote on.

The University of Florida students have the problem because the student government should be taking action on voting for things that matter rather than organizing a bust so they could no longer do so.

3. Homeless encampment broken up by Florida Department of Corrections

https://www.alligator.org/covid-19/homeless-encampment-broken-up-by-florida-department-of-corrections/article_7418e4a4-9a3b-11ea-8cff-af89eda6a2e5.html

At least 10 members of a temporary encampment were forced to move as bulldozers cleared the site at which they called home. They were ordered to move, despite warnings from the CDC against breaking up homeless encampments during the coronavirus pandemic.

The problem is the people are homeless, and the homeless number of people could potentially grow in the next few months due to lost jobs.

The homeless and the local public health department.

4. Congressional Candidates switch to virtual campaigning

https://www.alligator.org/covid-19/alachua-county/gainesville-congressional-candidates-switch-to-virtual-campaigning/article_3bc0b360-9956-11ea-ad8e-4367f775e3a0.html

Virtual campaigning has to be very difficult for those who are looking to take office. This could give incumbents an upper hand in the campaign race.

Virtual campaigns for congressional seats will reach a much lower percentage of voters.

Voters and those running for seats have the problem.

5. Yellow fever mosquito found in downtown Gainesville

https://www.alligator.org/news/local/yellow-fever-mosquito-found-in-downtown-gainesville/article_51273a9e-9221-11ea-93da-231b185e49f5.html

There could be a rise in the local yellow fever mosquito population. Its origins are unknown, but this mosquito can carry deadly diseases.

The City of Gainesville has urged people to take precautions around their areas such as draining water and other things to help reduce the rate of reproduction among these mosquitos.

All local citizens in the area can be exposed to this mosquito so they are the ones with the problem.


Wednesday, May 20, 2020

Assignment 4A - Forming an Opportunity Belief

1. I have a belief that many opportunities exists.

2. The need that I would like to talk about relates to companies that provide many different services have an app for each different service. More specifically, companies that I have worked for, Comcast and Cox Communications, have an app for all of their different services. Comcast has 9 different apps for their services. One provides Xfinity streaming, another for wifi management, another for home security and many more. I have always thought, why doesn't the company have one app with a centralized interface to manage the desired service and maybe even create awareness for the other services. I currently work at Cox and I have confused customers on which app to download to manage their services. These type of companies provide services to nearly all customer segments, which some are more technology advanced than others and they should provide a more direct app to their customers. This need hasn't always existed but was born with the advancements in smartphone technology. These customers weren't aware of this need until it was time to download an app to manage their services.

3. Found a prototypical customer.

4.  Customer Interviews

Iteration No. 1.

A. The nature of the need is more about convenience than anything. Customers are often very confused about which app to download and if the app will meet their needs as opposed to knowing that one app has all of the criteria needed. I found that many customers are unaware of the apps until they ask a specific question such as, "how do i change my wifi password?" then I direct them to the Cox Panoramic Wifi App. This customer had never actually addressed their need because as long as the internet and cable service was working, they did not need to manage any of the benefits provided within the app. Once this customer knew about the app, they began to value their services much more.

B. The nature of this customer's need was security. This customer had a home automation and security system and needed the app to be easily accessible to view his cameras at home. He likes having the separate security app because he knows it will only do that one function and his cameras are the first things he sees when he opens the security app. I understand this customer's needs opposed to other customers who would like to see an app that has full integration of a variety of services.

C. This customer has never realized the hassle of downloading other apps to manage her other services. She mainly uses her Cox app to view and pay her bills. Because this app is the only app she uses, she was unaware of the benefits the other apps had. She thought it would make alot more sense if all of the benefits were in a centralized app so she could learn more about the services and gain value on the services she was already paying for.

5. Reflection

I have found the not many consumers were aware of this need. This is something I believe these companies have been working toward because they realize the important of making the customer's needs very convenient for them and addressing their technological status. One thing I learned about my opportunity is that not everyone believes one centralized app is the most convenient way to manage their services and this was surprising to me.

6. Steps repeated in A, B and C.

7. All of my opportunity stills most definitely exists. I believe the overwhelming majority of customers would enjoy not having to download multiple apps to do different functions, but have a place where they can do all of their desired functions. I do believe my opportunity is more accurate than before. Entrepreneurs should always adapt their opportunities based on customer feedback, depending on the frequency of the feedback. If there is an issue many customers are facing, the feedback should be taken into consideration. If there is one person with an issue, chances are not many other people are experiencing the same issue.


Monday, May 18, 2020

Assignment 3A

I'd like to start off talking about why I enrolled in ENT3003. I enrolled in this class to get a better understanding of what entrepreneurship is composed of and what skills are needed to be a successful entrepreneur. I could name a few entrepreneurs such as Rob Dyrdek, Tony Robbins and Grant Cardone, but what i'd like to know more about is how they identify opportunity, market needs and how they execute their plan.

I have many entrepreneurs within my family. My uncle currently serves as the president of Comcast NBCUniversal. What makes him an entrepreneur is, he is also an investor. He is part of a team of "sharks" that invest in companies or people who have ideas. He also developed an accelator company that helps other companies get off the ground with their inventions or ideas and get exposure to other investors.

I also have a cousin who is an entrepreneur. His largest source of income is from Amazon automated dropshipping. He developed a team who helps people get their own Amazon automated dropshipping sites up and running. They have thousands of third-party sales every day on Amazon. He is a former bodybuilder, which influenced his decision to start a line of supplements. He has a few other sources of income as well.

I think entrepreneurship is a developed combination of skills and it takes a person with a certain personality and extremely driven mindset to be a successful entrepreneur.



Entrepreneurship Can Be Learned | Stanford eCorner

Saturday, May 16, 2020

20 Bugs

1. The drive-thru at starbucks on 13th street is always backed out on the street in the morning during my commute to work.
- This bug exists because starbuck's drive thru is too short for the amount of customers they are receiving.
Starbuck's should have built a more efficient drive-thru.
2. My favorite belt bugs me because there is a screw that keeps coming loose on the clamp/buckle.
- This bug exists due to poor execution on the manufacturer's part.
I have to fix the screw every few weeks after consistent wearing of the belt.
3. I recently had to replace a clutch in my car, and due to the fact it's "new" and uses a hydraulic clutch system, it costs me more money to fix than the usual repair.
- Why are "new" and "improved" clutches going bad? It's not my driving....
New car parts should be more reliable than older parts.
4. My laptop is about 5 years old now and getting slower and slower. There should be a way to just factory reset this thing and get it back up to speed.
- Manufacturer's need it go bad at some point so I am forced to buy a new one for their profits.
5. I am still rocking the iPhone 7S and it's terrible. My apps close when i am looking at something and my camera quality keeps getting worse.
Why is my phone glitching all of the time?
- I think Apple is tampering with the old models so I buy a new one.
6. My toothbrush goes bad in like two weeks?
- I probably brush aggresively but a toothbrush should last longer.
7. Getting paper mail is outdated.
- Direct mail advertising is obviously not working and businesses should recognize it.
8. Self-check out is more work for me as a customer than actually having someone ring up my groceries.
- I think businesses are just looking to save labor cost with self-checkout, but probably lose even more money from people who steal items in self-checkout.
9. Putting toothpaste on my toothbrush is a ton of work.
- Why haven't I bought an automatic toothpaste dispenser yet?
This would be much more convenient in the mornings.
10. I hate how larges for shirts in some brands fit differently than larges in other brands.
- Why isn't there some universal fitting mechanism?
Probably because people have different body types.
11. I have a TV where sometimes I turn it on, it shows a purple screen. I turn it off and turn it back on and it works everytime.
- I don't know why this bug exists.
12. In my car, sometimes the tire pressure light turns on and turns back off.
- It seems inconsistent and my tires seem to be fine even though I haven't checked my tire pressure yet.
13. I have to pay more for car insurance because I am under the age of 25.
- my car insurance is expensive because I was rear-ended and my insurance company punished me for "being in the way".
Insurance companies are frauds.
14. I have to keep fixing one of the doorhenges on my bathroom door.
- I don't understand why the screw keeps coming out.
I am probably slamming the door without realizing it.
15. My room is the hottest room in my apartment.
- Why doesn't the cold air flow evenly throughout all of the rooms?
My apartment was built in the 2000s and the aging of the building is probably to blame.
16. I have an older stove top, and one of the burners sometimes stops working in the middle of me cooking something.
- Why does this happen?
Probably a wiring issue.
17. My girlfriend complains she needs to get her nails done like every two weeks.
- why doesn't the nail polish stay on longer?
Newer nail polish shouldn't come off that quickly.
18. My xbox glitches all of the time.
- Why is microsoft inferior to sony?
The answer is within their software and manufacturing.
19. The remote to my cable box only works when it wants to.
- Why doesn't it work all the time?
The answer has to be technology related and I probably wouldn't understand.
20. I had to buy a new fan because my ceiling fan is super slow.
Why is the high setting not getting the job done?
Probably due to it being an old product.


This list was more difficult than I expected. I didn't recognize how many bugs I had in my life. I think this assignment will make me more aware of why things are the way they are and probably open my eye on how to fix things for good. Bugs are constant unless you engineer a way to fix the problem one last time.