30A – Final Reflection

2. The most memorable and formative experience I had in this class was getting to interview industry professionals. At that point, I felt like I was actually an entrepreneur in the industry. Whether my venture works or not, I will always remember speaking with people I thought so high and mighty of but yet was able to have such a direct and simple conversation with. It was truly a surreal experience.

3. I do think I have more of an entrepreneurial mindset. Every time I walk around town I have a third eye for opportunity. When I see an office building for lease I always take a picture of the phone number in case I or anyone I know beings a search for office locations. Whenever I have a problem, I always think why hasn't someone found a solution for it, and more importantly, why am I not making the solution for it. I definitely think more like an entrepreneur.

4. I recommend students who take this course to actually focus and put effort into the material. This class definitely requires a lot of work and time but it all feels worth it if you enjoy the material. As long as students who join this class stay invested, it is not only an easy A, but one of the most knowledgeable classes in the business school.

29A – Venture Concept No. 2

Opportunity

As I start locally, my potential customers will be anyone living in Gainesville that would like to feel more safe and protected during Hurricanes. This would only include those who do not evacuate before a Hurricane. My main market segment will be college students because college students have parents that have a min concern of safety when it comes to natural disasters. This would eliminate a lot of the elasticity that comes with college students and their lackluster wallets.

The nature of the need is simple. In fact, this need is the base on the Maslow Hierarchy of Needs: safety. Everyone wants to feel safe and in a secure campus like UF, it isn't that hard. However, natural disasters are unstoppable, unpredictable, and can't be detained by UFPD. This causes a frenzy every time a Hurricane is potentially coming our way, with people lining up outside of Publix for water and working through the day to install shutters. Because of that, the need for my product will never go away, as Hurricane season arrives every year.

Without the HSK, customers now use a lot of time and money traveling to different stores to collect various emergency items that they may not use and never need until the next storm. This is how the HSK fits the niche. The HSK has everything one can possibly need for a storm, allowing customers to save time, money, and worrying. This opportunity, if it picks up in popularity, is tremendous.

Innovation

Right now there is a secret hole in the market for preventative supplies. Of course, emergency supplies are always offered individually at many different individual stores. However, not only is the process of obtaining them costly, but it also requires a lot of knowledge about Hurricanes, and it prevents discounts from buying all of the supplies in bulk at once. On the other hand, there are Hurricane Survival Kits for sale online, but those are ridiculous as well. Some kits go for upwards of thousands of dollars and contain things like a mobile AED and a month's supply of food. Who would ever wake up and decide to spend $4,000 on an AED? The Hurricane Survival Kit fits right in the middle of those two extremes.

The HSK will contain every basic but essential item to get anyone through a one-week storm. The kit will sell for a ballpark estimate of $40 and will contain emergency food, emergency supplies, emergency power, and physical discounts for local generators and shutter companies. It is expected that once one kit is used, another one will be purchased. The kits are personal pouches too, meaning a family of 4 should spend around $160 for four kits in order to ensure everyone will be fully prepared for a one-week storm.

The canned food and emergency supplies will all be bought in bulk at wholesale. They will then proceed to be split up into 'servings' and placed into each HSK. The discounts for local businesses will be a deal to exchange a small fee and free promotion for the ability to secure these discounts. These discounts will be given out on physical coupon cards that are packed away within the HSK. Starting costs will obviously be higher, but overall a profit of about $10-$15 will be made on each HSK. If bought online, the customer will pay for shipping.

Venture Concept

The innovation I have will be successful because it is better than the alternatives. Both alternatives to the HSK provide the same feeling of safety, but at a much higher cost, and perhaps a little bit more work involved. The HSK will allow customers to satisfy their need of safety while also satisfying secondary needs, like financial needs or convenience needs.

It will not be too difficult to get customers to switch to my product. The product is a great alternative, so the only issue with a potential blunder of sales is that customers are not informed or fully-informed about the product and its ability.

The only competitors I have are those who sell all-inclusive Hurricane Survival Kits online. They do a great job of making their customers feel safe in times of need, but by far their greatest weakness is the price of the product. The HSK trumps all competitors with its price, creating a value that is unmatched.

Packaging and customer service may play a big role. I am pretty good at digital design, so I would be able to make a reeling design on the package. Customer support will be a challenge at first if I am the sole proprietor. However, I believe my experience in customer service will aid my ability to provide it until the venture at least accrues enough money to bring in new Customer Service Representatives.

At first, I can literally buy and sell all of the materials online. However, for the local population, it would be imperative for me to have a brick-and-mortar too. That may be somewhere down the line, along with additional employees. As long as I don't top 10 sales a day (average), I don't see much of an issue.

Three Minor Elements

The most important resource I have is digital design. Especially in an industry that primarily focuses on safety and effectiveness, design is not nearly a top priority. However, the online marketplace and packaging will create an overall brand for the company, something that gives life to the organization and allows customers to easily identify it.

Next, in addition to college students, I will try to target a different target market. In the future, I will begin to target the elderly. I will do this by marketing this product as a once-in-a-lifetime breakthrough. Many elderly people have lived through many, many hurricanes and have family members all around them to help them out in a time of need. Many elderly people also have a lot of disposable income from retirement. So, I will market the product as something so new and innovative, something that would keep them so safe that even friends and family support would not be a proper substitution for its safety. That way, many elderly people would take a look at the low price and buy it without asking questions. Students and the elderly are two of the most looked-after and protected units of the family model. This will allow the market to be widened, as middle-aged customers may purchase the HSK as a gift for their child or their parent.

Lastly, the end-all be-all of this company will be to open a brick-and-mortar along with the online marketplace, and start operating nationally for different disasters. Right now HSK is limited to eastern coastal areas. But an earthquake survival kit and a flood survival kit could sell really well in the mid-west and western United States.

Feedback

The feedback I received encouraged my idea to venture out to a different market. However, the feedback I received also questioned how I would make the push to the elderly segment. It asked why elderly people would purchase my product if they have most likely lived through many hurricanes. I decided to do some research and update my venture concept accordingly.

How I Changed My Concept

I decided to put more information about how I will attract the elderly population. I will do this by marketing the HSK as a once-in-a-lifetime innovation. That way, most elderly people with a disposable retirement income will feel inclined to make the decision on the spot.

27A – Reading Reflection No. 3

The Book I read was How to Fail at Almost Everything and Still Win Big, by Scott Adams.

1. The general argument of the book was simply how to successfully succeed in a world where failure is so prevalent. Adams did this by diagnosing the idea of goals and why we need to be more lenient with ourselves and our visions of our future lives. Adams says that being discouraged by goals is one reason why others stop fulfilling their passion. Adams advises business owners to work at full capacity at any time they work and to look for marginal success instead of chipping away at an end goal.

2. This book connected with me because I had the same exact thoughts Adams did about my venture when I first started. Waking up one day and saying that you want to construct a company from the ground up is very challenging. This class actually employs the same design that Adams said would work. Instead of having one assignment in the class where the objective is to make a company, we have nearly 100 different assignments that are all separate grades and all contribute to the overall success of our companies. This instant gratification per assignment is how we should be graded for our final company, instead of looking at the company as a whole.

3. The exercise I would design for this book would be dissecting a large goal. Adams said goals were bad for two reasons: one is that they were in the future and not now, and two is that they are too specific and can be disappointing if not exactly obtained. My exercise would be to take a 5-year goal and dissect it into multiple accomplishments you need to receive in order to get close to your goal. That way, a business owner can gauge their success by how many of these 'checkpoint' goals are passed, instead of judging how well they are on their way to some unattainable goal.

4. The 'aha' moment in this book is where I realized I need more patience with my career. I tend to look at where I am and even now wonder if I am falling behind and if I will be able to get a goof job going forward. However, Adams would want me to slow down and take it one step at a time. Adams mentions many famous stars and entrepreneurs who did not make it until much later in their life. Sometimes, success takes a lot of time. I need to be more patient with how quick I am on my way to success.

28A – Your Exit Strategy

For the business, I plan on protecting it as an asset and passing it down to someone I am close with. This company is not something that requires a lot of attention or time until it is used or purchased from. For the most part, this can be a source of secondary income during hurricane season.

I have selected this exit strategy because I feel like this company will be undervalued in the eyes of other business owners. Many people don't realize the demand for hurricane protection supplies and equipment until an actual hurricane comes around. It is a great opportunity to earn a passive income while I focus on my career.

Because I plan on keeping the company for a while, I have set my goals for the long-term and am taking it slow with growth and investment. By doing so, I am able to have enough time to analyze each business situation and take the right steps to preserve the authenticity of the company moving forward.

26A – Celebrating Failure

There was a moment a few weeks ago that I failed miserably. One cold afternoon, I was riding home from work on my scooter when I realized my kickstand fell off while I was mid-ride. The kickstand acts as a kill switch so my scooter was unable to start after I turned it off. My plan was to leave my scooter in the parking lot overnight and to walk my scooter to the repair shop in the morning. However, when I went to go retrieve my scooter, it had been towed. This caused me to become very frustrated as it made it harder for me to get to and from work without my scooter. Also, I knew the repair might be expensive, and I was in no place financially to spend many hundreds of dollars on my scooter. I ended up having to catch a bus to the towing company, paying for it to be given back, and then walking it 3.5 miles to the repair shop.

I learned from this experience, believe it or not. One thing I learned is to always remain calm and never become frustrated. Getting angry and upset only made the situation worse for me at the time. Also, I learned to always keep an emergency fund for vehicles. There is too many things that can go wrong with a scooter and having a solid fund for any repairs will help to alleviate stress during those times.

When I fail, I try to handle the situation as rationally as possible and with as much positivity as possible. Looking at each failure as an opportunity to learn and grow helps to internally fight of the embarrassment of failing. Owning up to your failures and using it as an opportunity to learn makes us feel better about failing. With this relatively new outlook on failure, I would be willing to take more risks going forward. There's nothing to be afraid of when the only two options are success and growth.

24A – Venture Concept No. 1 (Hurricane Survival Kit - HSK)

Opportunity

As I start locally, my potential customers will be anyone living in Gainesville that would like to feel more safe and protected during Hurricanes. This would only include those who do not evacuate before a Hurricane. My main market segment will be college students because college students have parents that have a min concern of safety when it comes to natural disasters. This would eliminate a lot of the elasticity that comes with college students and their lackluster wallets.

The nature of the need is simple. In fact, this need is the base on the Maslow Hierarchy of Needs: safety. Everyone wants to feel safe and in a secure campus like UF, it isn't that hard. However, natural disasters are unstoppable, unpredictable, and can't be detained by UFPD. This causes a frenzy every time a Hurricane is potentially coming our way, with people lining up outside of Publix for water and working through the day to install shutters. Because of that, the need for my product will never go away, as Hurricane season arrives every year.

Without the HSK, customers now use a lot of time and money traveling to different stores to collect various emergency items that they may not use and never need until the next storm. This is how the HSK fits the niche. The HSK has everything one can possibly need for a storm, allowing customers to save time, money, and worrying. This opportunity, if it picks up in popularity, is tremendous.

Innovation

Right now there is a secret hole in the market for preventative supplies. Of course, emergency supplies are always offered individually at many different individual stores. However, not only is the process of obtaining them costly, but it also requires a lot of knowledge about Hurricanes, and it prevents discounts from buying all of the supplies in bulk at once. On the other hand, there are Hurricane Survival Kits for sale online, but those are ridiculous as well. Some kits go for upwards of thousands of dollars and contain things like a mobile AED and a month's supply of food. Who would ever wake up and decide to spend $4,000 on an AED? The Hurricane Survival Kit fits right in the middle of those two extremes.

The HSK will contain every basic but essential item to get anyone through a one-week storm. The kit will sell for a ballpark estimate of $40 and will contain emergency food, emergency supplies, emergency power, and physical discounts for local generators and shutter companies. It is expected that once one kit is used, another one will be purchased. The kits are personal pouches too, meaning a family of 4 should spend around $160 for four kits in order to ensure everyone will be fully prepared for a one-week storm.

The canned food and emergency supplies will all be bought in bulk at wholesale. They will then proceed to be split up into 'servings' and placed into each HSK. The discounts for local businesses will be a deal to exchange a small fee and free promotion for the ability to secure these discounts. These discounts will be given out on physical coupon cards that are packed away within the HSK. Starting costs will obviously be higher, but overall a profit of about $10-$15 will be made on each HSK. If bought online, the customer will pay for shipping.

Venture Concept

The innovation I have will be successful because it is better than the alternatives. Both alternatives to the HSK provide the same feeling of safety, but at a much higher cost, and perhaps a little bit more work involved. The HSK will allow customers to satisfy their need of safety while also satisfying secondary needs, like financial needs or convenience needs.

It will not be too difficult to get customers to switch to my product. The product is a great alternative, so the only issue with a potential blunder of sales is that customers are not informed or fully-informed about the product and its ability.

The only competitors I have are those who sell all-inclusive Hurricane Survival Kits online. They do a great job of making their customers feel safe in times of need, but by far their greatest weakness is the price of the product. The HSK trumps all competitors with its price, creating a value that is unmatched.

Packaging and customer service may play a big role. I am pretty good at digital design, so I would be able to make a reeling design on the package. Customer support will be a challenge at first if I am the sole proprietor. However, I believe my experience in customer service will aid my ability to provide it until the venture at least accrues enough money to bring in new Customer Service Representatives.

At first, I can literally buy and sell all of the materials online. However, for the local population, it would be imperative for me to have a brick-and-mortar too. That may be somewhere down the line, along with additional employees. As long as I don't top 10 sales a day (average), I don't see much of an issue.

Three Minor Elements

The most important resource I have is digital design. Especially in an industry that primarily focuses on safety and effectiveness, design is not nearly a top priority. However, the online marketplace and packaging will create an overall brand for the company, something that gives life to the organization and allows customers to easily identify it.

Next, in addition to college students, I will try to target a different target market. In the future, I will begin to target the elderly. Students and the elderly are two of the most looked-after and protected units of the family model. This will allow the market to be widened, as middle-aged customers may purchase the HSK as a gift for their child or their parent.

Lastly, the end-all be-all of this company will be to open a brick-and-mortar along with the online marketplace, and start operating nationally for different disasters. Right now HSK is limited to eastern coastal areas. But an earthquake survival kit and a flood survival kit could sell really weel in the mid-west and western United States.

25A – What’s Next?

Existing Market

For my venture, the only thing to do going forward is to maximize the outreach for the product. Based on my interviews, I have deducted that the biggest gap in customers appears when comparing customers who have thought about buying the product and customers who actually purchase the product. This means that, going forward, I must focus on getting customers to actually purchase the product. I would shift my focus to informing customers about the marginal benefit of my product instead of imply letting them know it exists.

I will do this by using more detail in my explanations or in potential elevator pitches. When communicating with the customer, I will emphasize the product's ability to provide consumers with their biggest need. In this case, the biggest need for the consumer is safety. Going forward, I will deal with the college student market segment by giving them a brief on how the HSK saves student from potential harm or life-threatening events.

New Market

The new market I will target will be elderly residents, who may understand the devastation of Hurricanes, or the safety of the product, but will have a major need in the convenience category.

In order to target the elderly, I would need to create a super simple interface when users try to purchase the product. It needs to be as easy as any other online-shopping outlet. Elderly people are not the best with technology and the only way I can sell to anyone elderly who is not local is through an online marketplace. In addition to changing the user interface, I would have to shift my focus of marketing.

This time around, I would need to sell how convenient the product is. Before, with the college student market segment, I would push things like how reliable the batteries and emergency supplies are, and how much those supplies would come in handy during an emergency. However, for the elderly, I would need to focus on how much time it saves them. Through interviews with some elderly folk, I learned that it takes a lot for them to get up and drive to the store. With my marketing, I would push things like how easy it is to purchase the HSK, or how they would never need to leave their home to install shutters or buy canned goods. Overall, if I can pull this off, the elderly market segment may reach a potential of sales near the number of my main market segment.

23A – Your Venture’s Unfair Advantage

Resource List:

- $3000 in my savings account
V: This is worth exactly $3000.
R: Money is not rare.
I: Everyone can use their own money.
N: This can be substituted for any cash.

- A Scooter
V: This is worth around $1200 now.
R: Scooters are very common at UF.
I: Not many can build their own scooter for use.
N: Many people can purchase a replacement scooter.

- Loans/Credit
V: The value lies with the amount the loan is given as.
R: Depending on which type of loan, it may be rare.
I: Many others can take out loans.
N: There are many options for loans on UF campus.

- Skills in Digital Design
V: This is something valuable to me because a solid brand/logo makes all the difference in the world.
R: This is not rare, there are many graphic designers.
I: Not many others can do graphic design.
N: There are graphic designs for hire everywhere.

- Potential Board Members
V: This might be a burden now but a potential huge help going forward, as we grow.
R: This is kind of rare to find in any other city than a college town.
I: No one can replicate this. Either you have a degree or not.
N: There are replacements everywhere in the School of Business.

- My house
V: The value is from the $2200 due in rent every month.
R: Having a house is not rare.
I: Many others can buy a house of similar value.
N: There are numerous replacements in Gainesville, including some identical replacements in the same unit as me.

- Our brand
V: This is priceless. The brand is the most essential part of a company.
R: Brands are not rare, but a good brand that sticks is.
I: A good brand is not easily replicated.
N: There are many great brands already in the marketplace.

- Computer
V: The computer is worth around $1200.
R: Macbooks are not rare.
I: Nobody but Apple can build Macbooks.
N: They can be replaced by alternatives that probably cost less.

- Cell Phone
V: The cell phone is approximately valued at $800.
R: This is not rare. Everyone has an iPhone.
I: Nobody can create their own iPhone, they must buy one.
N: Replacement iPhones and other phones are available nationwide.

- Boxes
V: These have little to no value.
R: Boxes are very common.
I: Many others can find and use their own boxes.
N: Other boxes can be bought to replace mine.

Overall, the best resource I currently have is my skills in digital design. Digital design aids in the creation of a logo, website, and brand. These skills are hard to find and go for top-dollar in the business marketplace. Being able to create logos on my own not only saves me a lot of money, but also helps me put passion and creativity behind the company.

22A – Elevator Pitch No. 3

Here is the link to my elevator pitch:
https://youtu.be/N6NFiKFhJME

I did not receive any comments that offered a reflection for my last elevator pitch. I had my friend look it over and provide feedback, giving me an opportunity to improve. My friend told me that he thinks my hand motions are too excessive and that I do not sound like I thought the elevator pitch out. This feedback was pretty accurate and offered solid insight for what to improve going forward.

Now, I feel like I am fully prepared to give this elevator pitch in front of a business partner. I have gotten the hand movements limited and I really know and understand the substance of what I have to say. Overall, the feedback really helped me improve my pitch.

21A – Reading Reflection No. 2

The book I chose to read was The Art of Social Media: Power Tips for Power Users, Guy Kawasaki.

1.) The general theme of the book was how to increase your presence and look professional on social media. The book focused on the do's and don't's of the professional world on Twitter and gave step by step examples and explanations on how entrepreneurs can reel people in on social media. The book offers tips and tricks pertaining to almost every social media outlet, including Facebook, Twitter, Blogger, etc.

2.) The book dives into the psychology on humans and analyzes what exactly makes them click or view your content. This connects to this class because we study human behavior all the time in our assignments. When we separated our target market into market segments, and conducted interviews, we essentially handled the research portion of what the book had to say about human behavior and interaction.

3.) I would design an exercise that requires students to create a Twitter account for their business. The assignment would involve taking a professional headshot, using a professional cover photo, and creating a handle, biography, and a sample tweet (with 4 pictures). This would allow students to get their own head start on promoting their product.

4.) The biggest surprise to me was the book's protocol when dealing with negative users. They said to treat it like a boxing match, and that once the argument reaches the third round, to block the opposer. This surprised me because, personally I deal with social media negativity a lot, but I never realized how much corporations do as well. They must have a really efficient way of blocking out the hate.

20A – Growing Your Social Capital

1. Expert in my industry.

1. The contact I have for this is Jackson, who has been working as the store clerk for M&C Army Surplus for 15 years.

2. Jackson will be the expert in my industry, because he has a lot of experience selling preventative supplies to local residents in Gainesville.

3. I found this person by walking into the front door at M&C Army Surplus (near my house) and immediately interviewing him and asking questions.

4. Jackson was able to give me valuable insight to people's needs and what drives demand locally. He explained that people around here only look for the cheapest of all prices, regardless of what quality comes with it. This means that the overall market of Gainesville is very price-conscious. However, for my product, I am more-or-less looking at the market sector of college individuals. This segment might put more of a value on their life than the general elder population of Gainesville.

5. With this information, I can split the HSK into two separate packages, one all-inclusive package for those who value quality, and one cheaper, limited package that includes less for those who value price.

2. Expert on my market.

1. The individual's name I spoke with is Collin Austin, who is the CEO of New Scooters for Less.

2. Collin has been selling scooters to college students for 10+ years and has learned the market segment in and out.

3. I found this person by visiting NS4L while my scooter was being prepared ans asked if I could interview the man in charge.

4. Collin explained to me that in order to get a good grasp on the market of college students, I must focus on customer service and ensuring that the customer had a great experience purchasing from me. He tells me that his customer retention rate is what makes NS4L so continually profitable.

5. This information is useful because now I know what college students remember when dealing with a business. I can implement features like product returns if they are faulty, or perhaps implement a survey to gauge and track customer satisfaction.

3. Important supplier in my industry.

1. The third person I established contact with is my dad, Gregg Ackerman. He is an expert in the field of IT and owns his own technology company.

2. This person is the important supplier for my product.

3. I found this person because he is my dad and all I had to do was call him up.

4. If me and my dad were to work together, he would be able to help me set-up the online shop and easily manage it with the click of a button. One of my dad's biggest business sources of revenue is e-commerce set-up and installation.

5. With an e-commerce shop, I will be able to nationally market my product online. With an e-store, I would not have to worry about having a limited customer base due to a constricted location. I would just be able to ship out my product to whoever buys it nationally.

Reflection:

This targeted networking ended up being a complete success for me. Initially, I thought it would be tough to get to question such high-up authority around local businesses. However, there seems to be an unspoken code that all small-business owners help each other out. Once I made it clear that I am an aspiring entrepreneur, everyone was very willing to help and answer any question I needed answered.

19A – Idea Napkin No. 2

1.) You.

My name is Michael Ackerman and I am a junior at the University of Florida. I am a finance major with experience in accounting and a passion for entrepreneurship and business. I have decided to take the path of finance, rather than accounting, going forward because I feel like I am more sound with financial concepts than accounting concepts. I am very math and science based and have great analytical skills. My aspirations are to work hard and become very successful with my career opportunities. Part of those aspirations include having the Hurricane Survival Kit takeoff.

2.) What are you offering to customers?

This product will not only save the customers' time, but it'll save their lives too. When a hurricane comes, sometimes there is no time to prepare. Even if customers think they have time, a lot of the places customers shop for hurricane supplies sell out in a time of emergency. The Hurricane Survival Kit helps to eliminate these two problems and ease user stress during a time of natural disaster.

3.) Who are you offering it to?

This product is all about location. Across the country there is an all-or-nothing threshold for the purchase of my product: either a customer needs it badly, or does not need it at all. It all depends on the customer's location of residence. Someone in Wyoming would never think in a million years to buy a Hurricane Survival Kit, but someone living in Miami should not think twice about buying it. My product will be offered to all coastal residents along the Atlantic Ocean and the Gulf of Mexico.

4.) Why do they care?

The customers care about the product because the product can potentially save their life. Aside form the obvious, customers will prefer this product over getting all the supplies themselves for two main reasons: (1.) customers may forget a number of safety items while out shopping while the Hurricane Survival Kit comes loaded with everything anyone could need for a natural disaster, and (2.) discounts for shutters, generators, lawn/debris care are included in the Hurricane Survival Kit. These discounts will range anywhere from 10%-25% off of local preventative businesses. The discounts will individually be negotiated with each company and given as an incentive for customers who buy the HSK to stay safe and save money. 

5.) What are your core competencies?

My company will separate ourselves from competitors with 2 strategies. One will be marketing: we will market everywhere for the product, including online, newspapers, television, etc. Of course there are other Hurricane Survival Kits out there but none of them are being pushed out to potential customers as adamant as the Hurricane Survival Kit will. Our second strategy is online shopping. A lot of Hurricane Survival Kits are offered locally but none are particularly shipped out and around. The Hurricane Survival Kit will be mass produced and shipped out to all coastal regions.

I believe that these elements of the Hurricane Survival Kit business all fit together perfectly. The customers fall into clear categories of needs based on unforeseeable natural disaster events. There will never be a decline in need for the survival kit as hurricane readiness is always being pushed by the weather stations, regardless of the quantity of storms in Hurricane season. Overall, this is a fool proof business idea.

Reflection:

The reviews of my previous idea napkin were very positive so I incorporated a lot of my last idea napkin into this one. However, one piece of constructive criticism I used was the fact that I needed some more detail. I added some more information about the types of discounts that are within the HSK. Also, I added some more information behind my finance and accounting background, something I received feedback for as well. Other than that, my personality traits and idea line up to generate great potential for this product.

17A – Elevator Pitch No. 2

Here is the link to my second elevator pitch:
https://www.youtube.com/watch?v=ieEXMk9UKv8&feature=youtu.be

Reflection

I thought the feedback helped me for my second elevator pitch. I was able to better understand what to talk about and I was able to add a little bit of humor this time around. Getting feedback for my elevator pitch is good going forward because I know I will be ready if I ever have to give my elevator pitch to a business executive. None of the constructive criticism I received was useless, I can use everything to help me.

18A – Create a Customer Avatar

My Customer Avatar



My customer avatar is a 20-year-old UF student living with himself and his two roommates. My avatar has spent the last two years of his college experience learning how to efficiently live on his own, just like his roommates. My avatar's parents live a couple states away and try to visit once or twice a year, but always struggles finding enough time to come. My avatar's expenses are financed about 3/4 through school and state funding and 1/4 of his own money that he worked for during the semester. My avatar loves to eat out and loves to binge watch shows in his free time. His favorite shows are The Walking Dead, The Office, and Breaking Bad. My avatar has a strong connection with his friends, and commonly keeps in touch with his family.

I have a lot in common with my customer avatar. I live in the same living situation and have a similar bond with my friends and family. I also like the same shows as my customer avatar. It would appear that me and my customer avatar have aligned hobbies and interests. I do not think this is a coincidence. As we decided which products/services we were going to offer, we took into account our personal problems and weighed them with local and national issues. It would make sense that a product that I designed to help me would benefit an avatar that shares a lot of characteristics with me.

16A –What’s Your Secret Sauce?

Here are the 5 ways in which my human capital is unique:

• I am able to eliminate bias when analyzing a situation
• I can find the humor in any situation
• I am very able to communicate and get my point across
• I value human relationship as the basis for all interaction
• I like to use facts and evidence to back up my points for everything

My interview questions were uploaded to SoundCloud and can be heard with the following link:
https://soundcloud.com/user-21592019/sets/16a-whats-your-secret-sauce
(My nickname among my friends is Bob. This is why some of the interviews use Bob, not Michael)

Here is my summary for the interview questions:

Brooke - This interview made me excited to start my career. This response told me to start utilizing my smarts for situations that may need it. From what was described about me, I would make a great team worker.

Vinny - This interview made me realize the humor in my personality. I am always able to find the bright side of things, and that makes me an optimistic person. I am the type of person that can help people sympathize and cope with issues.

Malya - This interview made me realize that I am able to teach others information I know well. For my career, this will help if I ever hire employees and need to teach them certain skills.

Jackson - This interview confirmed what I listed prior to the interviews. I am a great communicator and am able to get a message from point A to point B clearly. This will help if I am ever a manager and need to hold meetings/send emails for updates.

Steve - This was probably my favorite response. A personality with only work and no play can be stressful to be around sometimes. When Steve told me I know how to have fun when needed, it let me know that people think I am a fun and outgoing person.

Reflection -

I think that for the most part, the interviews lined up with what I said prior. My strong suit is definitely communication and that is a great area to excel in under a business setting. At the same time, as focused as I thought I was, I am also seen as somebody who is fun and won't bore the situation. Having that healthy balance is key for an entrepreneur and I am more than happy that everyone thinks I check those boxes.

15A – Figuring Out Buyer Behavior No. 2

Interviewee #1

For this exercise, instead of using friends of mine who might give skewed answers, I went to Turlington during busy hours to randomly select interviewees. Interviewee #1 is a sophomore male named James. I was told that the most important feature of the Hurricane Survival Kit (HSK) is the quality of the content. He told me that a complete and effective HSK will be bought first over a cheaper but less inclusive alternative. He told me that as a college student, he gets little financial help from his parents. However, he told me that his parents would probably be more than willing to help James invest in a HSK that will actually offer resources and protection. This piece of information opened my eyes to how inelastic this product is. As safety is usually a #1 concern during a Hurricane, a more complete HSK would attract attention from more prospective customers.

Interviewee #2

Interviewee #2 is a freshman female named Samantha. Samantha is in the same market segment as James, but gave a very different answer. Samantha is completely independent and self-sufficient. She does not receive money from her parents for any college expenditures. Because of this, she told me that a mixture of price and value are the most important indicators for a HSK purchase. She told me that since she spends her own money, she would be looking towards the cheaper section of the alternatives. At the same time, Samantha does not want to put money towards something that does not offer value to her. This eliminates alternatives to the HSK that may be very price-friendly but offers little to no Hurricane help.

Interviewee #3

The last of the interviewees was another sophomore male named Cody. Cody had a very similar response to James. Cody told me that he occasionally gets financial help from his parents for large expenses. However, his personal attitude towards the product was one of a value-focus. Cody wants to make sure that once he makes the purchase, that it was indeed the correct one, and that he will not regret it going forward. In other words, Cody wants 'the most bang for his buck'.

Conclusion

I have realized that although most products can get away with tanking the prices and sacrificing quality, the HSK cannot. Safety and emergency supplies are relatively inelastic, so customers would not drastically change their demand for the HSK with a drastic price change. When creating the product, now that I have conducted these interviews, I would focus on jam-packing the most content I could get into the HSK. I would ficus on customer satisfaction and retention rate as I sell my product.

14A – Halfway Reflection

1.)    I have used many skills and habits to keep up with this course. First of all, I stay organized. I sync all of my work shifts, classes, and meetings to my iOS Calendar. This way, I can look everyday at my calendar to see my responsibilities for the day. This helps me not miss any assignments in this class. I also work ahead of schedule. Doing my work in advance has helped me to limit the margin of error in this class. If my computer were to break, or if the website couldn't load, I would still be prepared to submit my assignment.

2.)    Midway through the semester, I felt like giving up. This was because my scooter broke down and that was my main way of transporting myself to and from class and work. Taking the bus is a much longer process and with the unscheduled breaks the bus drivers get, I can never truly rely on the bus schedule. However, once I realized I had no other option, I decided to make the most of my unfortunate situation. I tried to get as many shifts picked up during my period without transportation and I used the bus 15 minutes in advance to avoid any unforeseen delays.

3.)    Here are my 3 tips to students taking this class next semester:

• Do work ahead of time.
• Don't underestimate the amount of time the assignments will take you.
• Start to think like an entrepreneur (outside-of-the-box).

13A – Reading Reflection No. 1

The book I read was Steve Jobs by Walter Isaacson. Here is my analysis:

1.)

• What surprised me the most about Steve Jobs is the fact that the first official product he made a profit off of was a pranking device. I would have never guessed that someone as successful and professional as Steve Jobs would do something so childish. I guess we were all kids at one point.
• I most admired Steve's ability to turn any of his wildest thoughts into a reality. I think the idea of the Reality Distortion Field is not only creative but inspiring. This is what I believe to be Jobs' best quality.
• There is not much that I do not admire about Steve Jobs, understandably. However, if I had to choose anything, I would say that Steve Jobs is too outward with his thoughts and actions. One of my core beliefs as an entrepreneur is to operate with respect and to only worry about me. It seemed like when Jobs left Atari and Apple, he almost had a vengeance for those companies. If he focused that time into himself instead, he could've had even more accomplishments.
• Steve Jobs had many points in his career where he had to overcome adversity and he was able to each and every time. He did this using the mentality I mentioned before, the Reality Distortion Field. Every time Jobs was presented with a challenge that seemed nearly impossible for him to conquer, he would convince himself that he can alter the odds of the challenge in order to overcome it. Obviously Jobs cannot do such a thing, but that mentality gave him the confidence to take on any endeavor.

2.)

Steve Jobs had many competencies which helped him invent the most valuable technology in the world. Perhaps his greatest competency is his ability to analyze trends for the future and to run an accurate cost-benefit analysis for all decisions he makes. Steve Jobs has never made a poor decision with his money and investing. For example, Apple isn't even the reason Jobs is a billionaire. After Jobs left Apple, he purchased a majority share of Pixar before their run of legendary movies. Shortly after the premiere of the original Toy Story, Pixar unveiled their IPO. This multiplied Jobs' shares by nearly twenty-fold, making him a billionaire.

3.)

Most of the book was straight-forward to me and I understood a lot of the technological references because I am skilled with technology myself. One thing I still do not understand after completing the book is why Steve Jobs did not ever read the book his biological sister wrote him. Personally, the curiosity would kill me and I would eventually have to read it. It's a shame he wasn't able to read it before his passing.

4.)

If I could ask Steve Jobs two questions I would ask him this:

- When you were a kid with big dreams, did you ever see yourself actually making it this far?
I would like to ask him this because I have big dreams and I never know if it is just my imagination running wild or if it is a legitimate dream.

-If you were alive in 2019, would you do anything to change Apple?
I ask this from more of a political perspective. With growing concern for the environment and global warming, I wonder if Steve's compassionate core would outweigh his corporate greed.

5.)

I think Steve Jobs wouldn't necessarily be the biggest advocate for hard work. If I asked him if I should work hard I feel like he would advise me to work smarter instead of harder. All Steve Jobs' decisions and tasks aren't that difficult to overcome, they just require his absolute thinking.

12A – Figuring Out Buyer Behavior No. 1

1.) Pick a segment.

My target market are those who live in coastal states. The segment I will choose from this market will be young adults who either live alone or with other young adults. I choose this segment because young adults are typically young enough to be living alone and to be less prepared than families are during natural disasters. I want to find out how they would prepare for a storm.

2.) Find three people who would fit that segment and arrange to interview them.

I interviewed three of my friends. All of my friends who I interviewed live with other roommates that are approximately the same age. All three of them live in a house that is not backed by renter's insurance.

3.) Begin with need awareness.

I asked my interviewees questions to further find out about the specifics of their unmet needs. After interviewing all three, I gained some valuable insight. This need is something that is only needed during Hurricane season. However, although it is safe and responsible to purchase the Hurricane Survival Kit in advance and save it for each storm, the actual strong need for the Hurricane Survival Kit only arises when a storm is pending landfall. Once a storm hits category 3 or above and is confirmed to make landfall, everyone in that state goes into a frenzy to purchase supplies. That is the time where the demand for the Hurricane Survival Kit is most inelastic.

4.) Move to information search.

When an independently-living young adult is informed of a storm coming their way, the first reaction is to ask their parents/close-family-members what to do. Most families would provide an extensive list containing items that must be retrieved from several different locations. Also, given the nature of students and their inexperience, a lot of students don't end up buying certain essentials before they sell out. This includes gasoline, water, and shutters. The Hurricane Survival Kit would save a lot of young adults time, money, and the effort of having to travel across town for supplies.

5.) Report the findings of your research.

Other than what I have previously stated, I have learned that the Hurricane Survival Kit is a great idea, but would only work with proper marketing. The interviewees said that if they knew about the Hurricane Survival Kit, they would get it every time. Going forward, I need to make marketing a priority of this business. As of the actual content of the Hurricane Survival Kit, I learned that everything included in the survival kit is necessary and essential.

6.) Draw conclusions.

This segment will definitely benefit from the perks the Hurricane Survival Kit has to offer. Young adults are typically less responsible than older residents, which widens the possibility of error in preparation. Not only would purchasing the Hurricane Survival Kit help save money, but it would also ensure that each household with it is fully prepared.

11A – Idea Napkin No. 1

1.) You.

My name is Michael Ackerman and I am a junior at the University of Florida. I am a finance major with experience in accounting and a passion for entrepreneurship and business. I am very math and science based and have great analytical skills. My aspirations are to work hard and become very successful with my career opportunities. Part of those aspirations include having the Hurricane Survival Kit takeoff.

2.) What are you offering to customers?

This product will not only save the customers' time, but it'll save their lives too. When a hurricane comes, sometimes there is no time to prepare. Even if customers think they have time, a lot of the places customers shop for hurricane supplies sell out in a time of emergency. The Hurricane Survival Kit helps to eliminate these two problems and ease user stress during a time of natural disaster.

3.) Who are you offering it to?

This product is all about location. Across the country there is an all-or-nothing threshold for the purchase of my product: either a customer needs it badly, or does not need it at all. It all depends on the customer's location of residence. Someone in Wyoming would never think in a million years to buy a Hurricane Survival Kit, but someone living in Miami should not think twice about buying it. My product will be offered to all coastal residents along the Atlantic Ocean and the Gulf of Mexico.

4.) Why do they care?

The customers care about the product because the product can potentially save their life. Aside form the obvious, customers will prefer this product over getting all the supplies themselves for two main reasons: (1.) customers may forget a number of safety items while out shopping while the Hurricane Survival Kit comes loaded with everything anyone could need for a natural disaster, and (2.) discounts for shutters, generators, lawn/debris care are included in the Hurricane Survival Kit.

5.) What are your core competencies?

My company will separate ourselves from competitors with 2 strategies. One will be marketing: we will market everywhere for the product, including online, newspapers, television, etc. Of course there are other Hurricane Survival Kits out there but none of them are being pushed out to potential customers as adamant as the Hurricane Survival Kit will. Our second strategy is online shopping. A lot of Hurricane Survival Kits are offered locally but none are particularly shipped out and around. The Hurricane Survival Kit will be mass produced and shipped out to all coastal regions.

I believe that these elements of the Hurricane Survival Kit business all fit together perfectly. The customers fall into clear categories of needs based on unforeseeable natural disaster events. There will never be a decline in need for the survival kit as hurricane readiness is always being pushed by the weather stations, regardless of the quantity of storms in Hurricane season. Overall, this is a fool proof business idea.

9A - Testing the Hypothesis, Part 2

Who?

There are a lot of people located on the southeastern coast of the United States, which presents great opportunity for a business specializing in Hurricane preparation. However, not all people in that region would be happy to buy such a package. There is a subgroup of customers that prefer evacuating over preparing and enduring the storm. Those people would be uninterested in purchasing a Hurricane Survival Kit.

What?

The point where my product’s need differs from others depends on the location of the customer. Anybody residing in Southeast U.S. during a hurricane will have the need to be prepared. It is a general and widespread need. Once a potential customer decides to relocate for the storm, the need for my product completely vanishes.

Why?

The underlying cause of the outsider’s need is different than those inside the boundary. The needs are mutually exclusive, making it near impossible to try to market for them.

Inside the boundary

1. Who is in - anyone who is residing on the southeast coast during a hurricane 
2. What the need is - a need to be properly prepared for whatever the storm brings
3. Why the need exists - because people would rather be safe and live than risk death

Outside the boundary

1. Who is not - those not living in coastal areas or those who do but evacuate during storms
2. What the need is not - preference to avoid the storm entirely rather than take it on
3. Alternative explanations - people can judge the harshness of the storm or the structural integrity of their shelter and make a decision accordingly

10A – Elevator Pitch No. 1

Here is the link to my elevator pitch

https://youtu.be/5Tevj-a9-2g

8A – Solving The Problem

Every year for a majority of the year, people living in Florida and the rest of the southeastern US are thrusted into a frenzy when the rumors surface of hurricanes brewing in the Atlantic. Every year, people run around to Publix, Walmart, shutter agencies, thrift stores, etc. My solution to this issue is simple. Offering one low price for a Hurricane Starter Kit. For a low price, customers can purchase a box fully equipped with lighters, canned food, flashlights, important tools, and more. The kit will also include discounts and contact information for shutter agencies and insurance agencies. Putting a bunch of what everyone needs into one convenient box would be a great way to solve this annual problem.

7A – Testing the Hypothesis, Part 1

The opportunity I would like to choose to exploit is the opportunity to sell Hurricane preventative supplies during a time where climate change is causing natural disasters to be devastating.

What are the key components of my hypothesis?:

• The WHO: people living on the southeast coast of the United States
• Exploring the who?: This problem mainly deals with those living on the southeast coast of the US. However it also includes those bordering the Gulf of Mexico and those along the northeast coast of the United States. In a more broad sense, people all throughout the country are at risk for natural disasters, whether it's a Hurricane, tornado, earthquake, etc.
• The WHAT: are unprepared and scared every time a Hurricane is reported to hit us
• Exploring the what?: I would like to know more information about how other companies prepare during Hurricane season. Do they offer Hurricane relief packages? Are there discounts on items given the elasticity of the product? Do people seek grocery items or shutter/preventative items in a time of Hurricane distress?
• The WHY: because recent trends confirm that Hurricanes are very dangerous and a lot of companies only offer very specific solutions to the Hurricane.
• Exploring the why?: This why is supported by the news and media. The news and media serve a big role in pushing people to get up and act during a time of Hurricane threats. The hysteria and fear the media strikes into people is what allows the Hurricane to stimulate the economy.

During my interviews, I asked my interviewees questions that attempted to broaden or key-in on aspects of my who, what and why. Most of the answers I received were along the lines of what I said. However, through interviewing, I realized one problem that a lot of people seem to have. A lot of people forget everything they need, or end up needing to go to multiple stores just to gather what they need. Such an inconvenience can cause people to be in conditions that they are not prepared for. This problem is definitely something to key in on if I want to take advantage of this opportunity.

6A – Identifying Opportunities in Economic & Regulatory Trends

Opportunity 1

One economic trend in the US is that Climate Change is causing more natural disasters. I know this opportunity exists because everywhere I look (the news, social media, advertisements),  see people advocating for change. I believe this opportunity exists because I see local businesses in my are taking advantage of this trend. A lot of roofing and shutter companies are marketing heavy right now, since Hurricane season has only just taken off. The prototypical customer is anybody who lives on the east coast, specifically the southeast coast, of the United States. This is the area that always gets threatened during Hurricane season. In my opinion, this opportunity is relatively easy to exploit. All you need to do is find the needs of those prototypical customers on the west coast, and cater your business towards them.

I see this opportunity because I have lived in Florida for a very long time. Every time I see the news of a potential hurricane, I always see people frantically run around and buy water and gas and protective gear. This element of climate change seems to temporarily stimulate the economy every time people are threatened.

Opportunity 2

Another economic trend that is occurring is that the Federal Reserve has leveled the interest rates, and is holding off on raising it until 2021. I know this opportunity exists because I read a headline and an article that explains the Federal Reserve's efforts to level off the interest rates. Also, I understand how important interest rates are for the nature of business. As businesses become established, and do not need to worry about making a profit, they can shift their focus to future planning and investment. With the interest rates leveled, the cost of borrowing for the next two years will remain a low constant. The most prototypical customer will be any entrepreneur that is trying to start up a business. Any start up costs and costs of borrowing will be lower than what it would be two years from now. However, given the nature of how long it takes to start a business, I would say that this opportunity is difficult to exploit.

I see this opportunity because I am taking Business Finance semester, which has taught me the business importance of interest rates. Interest rates control everything within a business, from notes to bonds to Plant, Property, and Equipment. By taking this class, I have successfully found an opportunity out of this headline.

Opportunity 3

One regulatory trend in the US is that cyber security is becoming an increasing threat to our personal lives. I see this opportunity everywhere in the news about every couple of months. The news is a cycle of repeating stories, each about some credit card company or bank that has been breached and millions of people's personal information have been leaked. I know this opportunity exists because people are taking action against hackers more than ever now. People are buying anti-virus in record numbers, and many are pursuing a civil lawsuit regarding their information breach. The most prototypical customer for a cyber security software is anyone who works in the financial sector, and has their name tied to many large, extensive databases. However, developing a software that successfully protects people from hacking is very hard to do and requires a lot of computer science skills. Therefore, this opportunity is particularly hard to follow through on.

I see this opportunity because I have always had the fear that my information will be leaked, and I'm not even as involved with online databases as other older adults. I always try to make my passwords unpredictable and I always log out when I log into something on a public computer. I see this opportunity because I would be one to purchase a product that exploits this opportunity.

Opportunity 4

Another regulatory trend is that Bitcoin, and a lot of other cryptocurrencies are going mainstream. I know this opportunity exists because I trade cryptocurrency myself. There are tens of cryptocurrencies that all have independent evaluation. People are buying and selling electronic currency at an all-time high right now. The prototypical customer in this industry will be the upper-middle class: those with enough money to invest some in the side, but not enough money to where they are constantly finding ways to increase their returns. Making an easy-to-use, user-friendly app that allows for the buying, selling, and trading of Bitcoin will be a great idea to exploit this trend. However, the start up costs are very high, which make this opportunity very difficult to exploit.

I see this opportunity because my dad was one of the initial investors of Bitcoin. He works as an IT, so he is always up-to-date on technological trends. He made back exceptional numbers after his initial investment, which is what prompted me to start trading cryptocurrencies. Right now, the market for cryptocurrency is household, and it can only open up more from there.

5A – Identifying Local Opportunities

Opportunity 1

Title: Florida seniors leading the state in medical marijuana use

Link: https://www.palmbeachpost.com/news/20190913/florida-seniors-leading-state-in-medical-marijuana-use

This story is describing a trend in Florida regarding medical marijuana. It explains how citizens 55 years old and up are the leaders of the medical marijuana movement. There is not necessarily a problem in this story, but there is plenty of opportunity. A lot of medical marijuana companies like to market young adults, people who stereotypically use the most medical marijuana. However, a smart business idea would be to create a medical marijuana company that markets and caters to the Baby Boomers.

Opportunity 2

Title: Cheesecake Factory to open in Gainesville

Link: https://www.wcjb.com/content/news/Cheesecake-Factory-to-open-in-Gainesville-560175041.html

This article describes the grand opening of a new Cheesecake Factory in Butler Town Center. It has hired 300 employees and it set to open on Tuesday, September 17th. Again, there is no problem in this story. The problem requires a bit of analysis. Cheesecake Factory, considering its aesthetic and nice environment, is a prime date location. As Butler Town Center introduces new stores opening up, there has been no type of entertainment for a date night, other than restaurants. A great business opportunity would be opening up a movie theater next to these restaurants, and employ some kind of deal connecting the two. Perhaps, if you go to Cheesecake Factory and bring your receipt into the theater, you can get 15% off the movie. Just a suggestion, but nonetheless, the opportunity is there.

Opportunity 3

Title: First Florida distribution facility for Pharmco to be built in Marion County

Link: https://www.wcjb.com/content/news/First-Florida-distribution-facility-for-Pharmco-to-be-built-in-Marion-County-512625181.html

This article details the opening of a brand new Pharmco distribution facility in Ocala. It is very large, a total of 265,000 sq. ft, and will benefit companies who specialize in herbal-based extracts. This is a tremendous opportunity for starting an herbal-supplement company in Gainesville. If this facility was not being opened, companies of the same nature would have to pay almost 5 times the amount to receive the exact same products, and at a later time. This new facility would cut supply costs and make delivery more convenient.

Opportunity 4

Title: Commissioners vote to ban plastic bags in Alachua County

Link: https://www.wcjb.com/content/news/Commissioners-vote-to-ban-plastic-bags-in-Alachua-County--512514912.html

This article outlines the city's plan to ban all plastic bags in an effort to preserve the environment. This change will go into effect on January 1st of next year, and will financially penalize companies who do not follow the law. This is a great business opportunity for paper and cloth bag sellers. With the law in place, many local businesses will scramble and try to find the cheapest alternative to plastic bags. This would be a perfect time to capitalize.

Opportunity 5

Title: Innovation Hub Expansion Nears Completion

Link: https://www.wcjb.com/content/news/Innovation-Hub-Expansion-Nears-Completion--441765813.html

This article describes the last finishing touches being put on the UF Innovation Hub. This building will be used for innovative UF students to plan businesses and hold meetings. This area is geared toward success in the business sector. As a UF student, this offers incredible opportunity, as office space is always a giant expense in a lot of start-ups. The reopening of the innovation center should springboard a lot of new local companies into existence.

4A – Forming An Opportunity Belief

My Beginning Point

I have several brewing beliefs of differing opportunities around me. In this assignment, I will focus on the opportunity of opening a late-night bakery near midtown, and the unmet need of eating sweets after a night out.

Describe My Belief

There is a large unmet need that I think a lot of UF students have noticed in the past, but have done nothing to act on it and little to communicate it. This unmet need is the need to eat sweet food/desserts after a night at midtown. This need is mostly met whenever a UF student goes out to midtown and consumes a lot of alcohol, more often on a full stomach. If a student were to drink on an empty stomach, that student would most likely crave carbohydrate- and protein-filled meals rather than a fattening dessert. Since I am a junior and only know about the immediate food establishments that exist around midtown, I do not know if this problem has been persisting since the popularization of midtown. However, this problem has persisted for at least 3 years, since my freshman year. Of course, there are alternative options if a student were to have a sweet tooth after a night at midtown. Students in the same predicament have ordered Midnight Cookies, or taken trips to McDonalds/Checkers in the past. A bakery would do those students justice by offering both quality and convenience.

Prototypical Customer

The first prototypical customer I will interview is a good friend of mine, and avid (and legal) drinker and bar hopper. He typically spends his nights at midtown.

The second prototypical customer I will interview is another friend of mine, who goes out to midtown for special occasions.

The third prototypical customer I will interview is a mutual friend of mine. He goes out around 3-4 times a week and goes to midtown more than any other bar destination.

Iteration No. 1

The first customer I talked to absolutely loved the idea. He told me that a bakery is a perfect choice for a sweet tooth in midtown. The desserts served at the bakery will contain enough carbohydrates to entice intoxicated students to purchase the dessert, in an effort to reduce how intoxicated they are. However, he also explained that most, if not all, of the students who walk in past 1:00 am will most likely be intoxicated. He told me this because he only gets the urge to eat something after he drinks, but usually when he does drink, he does get a sweet tooth. He also explained to me that this has been a need of his for a long time. He has had this need since his junior year (last year). When I asked, how he dealt with the problem, he would explain that he would just settle for a burger or pita at Relish/Pita Pit. Overall, though, he loved the bakery idea.

Iteration No. 2

The second customer I talked to had initial reservations about the bakery idea, but confirmed that she would still be a customer. She tells me that every time she goes out and drinks, she has a need to eat something. She is small and 'lightweight' so food usually helps her to detoxify herself. However, she explained that a bakery's desserts might be too unhealthy to attract a large female customer base. She said that a bakery is what midtown needed for a very long time and that she may stop by during the day once or twice a month. Just like the previous customer, she says that since she has been going out and drinking as a student at UF, she has always had the issue of being hungry and finding something to eat. She was yet another approving voice to the bakery idea.

Iteration No. 3

The third customer sounded ecstatic about the idea. This student has been going out and drinking for years in Gainesville. He explains to me that this idea is brilliant and unpredictable at the same time. He explained that most students who go out do not plan on getting something to eat after. Instead, the alcohol puts students at a point of weak will as a customer, and they make last-minute decisions to order food. The proximity of the bakery will be a huge factor. This student explained to me that this has not really been a problem for him in the past, but he would probably still go to the bakery regardless.

Reflection

I learned through my interviews that the bakery is a very solid idea with a lot of potential given the open opportunity to fill the unmet need of UF students at midtown. I learned that even if no one would think about the bakery before going out, a lot of students would go anyway after a night out. Interviewing potential prototype customers has allowed me to get a better 3rd person perspective on the opportunity behind the midtown bakery.

Summarize

If anything, I am more confident in my solution after interviewing prototypical customers. I now have a refined vision of my original idea, shaped by the needs and comments of prototypical customers. Entrepreneurs should definitely utilize the opinions and values of customers. Without a market behind your idea, there will be no business. So, it is important to understand every need of your market.

3A – Your Entrepreneurship Story

One of the most entrepreneurial tasks in my life was quite literally entrepreneurial. I had a friend of mine take ENT3003 last semester. He decided to pursue a business venture of his and enroll to compete in the Warrington Big Idea Competition. He added me on to the team as the CFO, but I learned mostly everything I could ever need to know about operating a business from the experience. Over the course of several months, we designed the business model and composed a complete business plan. It was a very valuable experience to have, even though we didn't end up advancing past the first cuts.

The experience I described before is the main reason I am taking this class. I am a Finance major with a passion for business, but I hope to take this class and further my knowledge about entrepreneurs. That reason, along with the reason that I would like to have the resources and knowledge available to pursue a business opportunity if one comes up, is the reason I am taking this class.

2A - Bug List

Here is the list of my 20 'bugs':

1. When I go outside and the temperature is over 90 degrees Fahrenheit.
This bug exists because I live in Gainesville, FL and global warming is at an all-time high. The temperature gets to be above 90 for most of the summer days in Gainesville.

2. When I stand in my shower/tub and turn it on, and the water comes out through the shower-head first, instead of the faucet.
This bug exists because I usually forget to switch the water from the shower-head to the faucet after I'm done showering. When I get in the shower, I always assume that I did.

3. When I'm too cold to sleep without a blanket, but too hot to sleep with one.
This bug exists because my fan only has 3 settings and they all are very different from one another. The medium setting is too slow, but the high setting is too high.

4. When the internet goes out on my phone and I have to use data.
This bug exists because the internet in my house is very weak. Usually if I try using it in my room, it'll flicker on an off.

5. When I'm driving my scooter without eye protection and it starts raining.
This bug exists because I do not prepare in advance. A lot of times, I get on my scooter and it is sunny and clear out. However, I always seem to be caught mid-ride in a storm.

6. When I try making a really nice meal and end up burning it.
This bug exists because I always get worried that I will undercook my food and get sick. It is an irrational fear but I can't seem to shake it off.

7. When the hot water heater is used up and there is no more hot water coming from the shower.
This bug exists because the hot water heater in my house is very small. If anyone takes a hot shower before me, there is a good chance I won't have hot water.

8. When I go to book a study room at UF libraries and all of them are already full.
This bug exists because I usually wait until the last second to book study rooms. Usually I go to the library during busy times as well.

9. When I go to academic advising and the line is 2+ hours long.
This bug exists because of the same reason as bug 8. I wait last minute to get advising too. Also, the business school always has lines out the door for advising.

10. When I set me alarm really early and it ends up not going off.
This bug exists because, depending on how early I set it, I usually end up sleeping through it. However, when I wake up naturally afterward I always doubt the fact that I slept through it.

11. When I'm playing catch with a football and the football is dropped into a puddle/mud and no longer is able to be gripped.
This bug exists because I don't play with NFL footballs and the grips are manufactured with less quality.

12. When people don't say thank you after I hold the door for them.
This bug exists because some people may be too busy to say thank you. Other people might just be rude. Other people might just not have been raised right.

13. When I'm low on laundry and have to wear two different socks.
This bug exists because I usually don't get to doing laundry as often as I want to. This bugs me because I usually feel the difference in the material of the socks while they're on my feet.

14. When my phone/computer dies right after I plug in the charger.
This bug exists because I just have bad luck. The only time my laptop/phone dies is when I'm sprinting over to the charger. I also don't notice that I'm about to die right until it's about to happen.

15. When I use the restroom and find out afterward that there was no toilet paper to being with.
This bug exists because I usually fail to check beforehand. I always think through steps one thought at a time. I usually don't look for toilet paper until after I need it already.

16. When I pull headphones out of my pocket and they are completely tangled.
This bug exists because I walk a lot and the headphones move around a lot in my pocket. However, sometimes I wonder how such little movement can cause the headphones to be absolutely tangled into a ball.

17. When I chew a piece of gum and it loses flavor within minutes.
This bug exists because a lot of cheap gum don't have the long-lasting flavor preservatives that other gums have. I always chew my gum a lot so I probably also contribute to the loss of flavor.

18. When I lose my phone, but I can't call it to find it because I am on silent.
This bug exists because I always leave my phone on silent. Anytime I lose my phone, I immediately lose hope because I know that I am most likely unable to find it by calling it.

19. When people stop at a stop sign and go before their right-of-way.
This bug exists because some people do not know how to drive. It is either for this reason, or because someone is trying to be malicious and skip their turn in the order of right-of-way. I never get too upset though, because I never know the legitimacy of their rushed behavior.

20. When I carry my clothes all the way to use the laundry in my building and all of the machines are used.
This bug exists because there are only 2 washers and 2 dryers for my whole building. As I stated in bug 13, I do not get to laundry as often as I want to. Even when I do, there is usually not enough space.


Reflection:

At first, this list was easy to come up with as I just recalled everything that really bugged me recently. As I went on, I found it harder and harder to some up with each scenario. I realized that from the point I am bugged, it is very clear what it is that bothers me. As time goes on and I try to recall the issue, it gets harder and harder to remember. I assume this is because it only matters to me at the time it is causing the inconvenience.
Another thing I realized about the bugs were that a lot of them were my fault. Not many of the things that bug me are actually luck, most are because of a fault of mine. It seems like I like to avoid blame for the things that bother me.

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