I previously identified the unmet need of all of the various consumers who, for different reasons, are concerned with what cosmetic/hygiene products they are using on their body but find that the natural options are not super widely available and come at a higher cost.
My solution to this problem is a manufacturing business that distributes to consumers online at a lower cost than in store. This company would not have a storefront but would have tons of natural ingredients on hand, and customers can customize their products on the website to create any product they'd like. The website would also show information for each ingredient to let customers know what it's best for and what other ingredients it works well with. For example, if I wanted a moisturizer that will not treat acne, but just maintain moisturized, glowing skin and safe to use multiple times a day, I would go on the website and see information that vitamin C nourishes skin to give it a soft glow, while jojoba oil is anti-fungal and moisturizing. The website would recommend a base for each product and allow consumers to pick and choose what else they would like to add. While this mass-customization would seemingly increase costs, there is no middle man and consumers get products right to their door, so many logistics costs would decrease. Later on in this venture, the most popular combinations could be sold in storefronts. Also, these products could be mass-produced and offered at a lower price than the specifically customized products. The cost would be able to be minimized by only having set ingredients that are mixed and matched, so they would be on hand in large quantities and therefore be cheaper.
Monday, January 28, 2019
Assignment 7-Testing the Hypothesis part 1
Many consumers who care about the products they're using on their bodies struggle to find cost-effective options because many natural products are marked up significantly compared to their alternatives and usually only sold in small quantities.
I believe there are many people who have this need. Those with allergies, sensitive skin, a preference for natural products, those who are prone to reactions with various chemicals, moms worried about products inhibiting their babies' growth, and various other customers are included in this "who" since many cosmetic and hygiene products are known to have negative effects on users or even cause cancers and other conditions. This is a challenge with virtually every cosmetic or hygiene product. The most obvious is makeups that cause allergic reactions, but this extends to shampoos and hair products that ruin the proteins in your hair, fragrances in tampons that offset the proper vaginal pH, dyes in lotions that harm one's skin, and many more. There is the possibility that some people will attribute their problems (off-balance pH, dry hair, patchy skin, etc.) to things like a poor diet and eating habits, exposure to chemicals in other settings, and the like. While some of these could be contributing, the root of the problem is exactly what you are putting on your body.
Through the interviews that I conducted, I found that many people have thought about these risks but when faced with the decision between the products better for them and the cheaper option, a lot of them were drawn to the cheaper option. Many of them did mention that if presented with cheaper, more available natural options, they would most definitely opt for them. This shows that the need is there, and that if these products were manufactured on a bigger economy of scale, or if they weren't marketed as a "premium" product and rather just a simple alternative, more people would hop on board. One of the consumers I interviewed even mentioned that she had done research to create her own homemade natural products, but found that purchasing the ingredients were even more expensive on that scale. The opportunity is there, it just needs to be refined.
I believe there are many people who have this need. Those with allergies, sensitive skin, a preference for natural products, those who are prone to reactions with various chemicals, moms worried about products inhibiting their babies' growth, and various other customers are included in this "who" since many cosmetic and hygiene products are known to have negative effects on users or even cause cancers and other conditions. This is a challenge with virtually every cosmetic or hygiene product. The most obvious is makeups that cause allergic reactions, but this extends to shampoos and hair products that ruin the proteins in your hair, fragrances in tampons that offset the proper vaginal pH, dyes in lotions that harm one's skin, and many more. There is the possibility that some people will attribute their problems (off-balance pH, dry hair, patchy skin, etc.) to things like a poor diet and eating habits, exposure to chemicals in other settings, and the like. While some of these could be contributing, the root of the problem is exactly what you are putting on your body.
Through the interviews that I conducted, I found that many people have thought about these risks but when faced with the decision between the products better for them and the cheaper option, a lot of them were drawn to the cheaper option. Many of them did mention that if presented with cheaper, more available natural options, they would most definitely opt for them. This shows that the need is there, and that if these products were manufactured on a bigger economy of scale, or if they weren't marketed as a "premium" product and rather just a simple alternative, more people would hop on board. One of the consumers I interviewed even mentioned that she had done research to create her own homemade natural products, but found that purchasing the ingredients were even more expensive on that scale. The opportunity is there, it just needs to be refined.
Wednesday, January 23, 2019
Assignment 6- Identifying Opportunities in Economic & Regulatory Trends
Opportunity #1 (economic)- An opportunity lies in real estate stocks. I found information regarding this in a WSJ article found here: https://www.wsj.com/articles/real-estate-stocks-beating-s-p-500-for-first-time-since-2015-11545134402
This article tells how real estate stocks have beat the S&P 500 for the first time since 2015, which is huge considering the rest of the stock market has shown a lot of change recently. This information, as well as other knowledge of current market conditions, suggests that there is an opportunity because more people, especially in larger cities where real estate investing is popular, are looking towards multifamily and commercial real estate rather than renting or buying homes. The most likely customer with this opportunity is wealthier individuals who wish to put their money in these trust funds that holds higher risk than other indices, but promises dividend income. It may be relatively difficult for some investors to exploit due to the fact that it is a more expensive investment than the regular stock market.
I saw this opportunity because my parents have always invested in real estate in some way during my lifetime because my mom is a realtor and is able to jump on opportunities quickly. It is a promising industry because everyone will always need housing, and as long as you are smart about when you buy/sell you will tend to make money rather than lose it.
Opportunity #2 (economic)- With many sources predicting that a recession is on its way due to rising interest rates and a flat yield curve, there is an opportunity that lies within accumulating real estate once a recession starts through buying short sale and foreclosed homes. More information can be found at the following: https://www.forbes.com/sites/simonmoore/2018/12/26/4-market-trends-to-watch-in-2019/#3c9ebcb1688a
This article discusses an economic outlook for 2019, and like other resources it has pointed out many factors that may signal a recession coming soon. During recessions, mortgages are frequently defaulted on, but for investors or even just regular people with steady, solid incomes, this means that real estate may be cheaper after the bubble bursts from inflation and rising interest rates. Investors may buy these homes and hold onto them until the market bounces back, and by that time they can sell them for their appraised value and earn a solid return. If you have enough set aside in savings to flat out buy homes or have enough to pay off a mortgage quickly, this is a relatively easy opportunity to exploit as long as you have patience to wait for the market to turn up again.
Again, I see this as an opportunity because my mom is a realtor and I learned a lot from her during the 2008-09 recession about short sales and foreclosures, so as long as you are a smart investor and know when to buy or sell, this is a great opportunity and a relatively easy way to flip your money by just waiting.
Opportunity #3 (regulatory)- An opportunity lies within creating a database for consumers of all the different websites we use that includes information about what information they draw from your interactions with their site and what they do with it (who they sell it to, etc.) This comes from the California Consumer Privacy Act that many places are beginning to adopt. Information can be found here: https://www.law.com/corpcounsel/2018/12/21/the-5-biggest-tech-laws-of-2018/?slreturn=20190023210056
Privacy has always been a concern for internet users, especially in recent months/years, especially after the Facebook scandal and the tech privacy regulations put into place in Europe. It is becoming expected of companies to disclose what they use your information for, so this changing culture leads me to believe that this opportunity exists. I believe that this would affect pretty much everyone who uses a computer, and I think that it would be fairly easy for the government to exploit this opportunity and create this sort of registry. If consumers could just go into the registry, type in a company name or website, and see all the places their personal information goes, they would be more reluctant to use some sites.
Being a consumer myself, I would love to be more informed about the cookies that track my clicks on websites, what companies actually use my information for, and the like. I think that it is every consumer's right to know these things. The fact that I get random emails all the time from sites or organizations that I never gave my information to is proof enough that this is an opportunity.
Opportunity #4 (regulatory)- A huge opportunity lies in capitalizing on natural cosmetic products following regulations that are soon to come after the FDA investigates manufacturing and the like in the cosmetic industry. More information can be found here: https://www.cnbc.com/2018/08/01/fda-begins-first-inquiry-of-lightly-regulated-cosmetics-industry.html
An opportunity exists because even without this investigation and likely regulations coming soon, consumers are showing more interest in natural products as it is coming to light how harmful many of the ingredients in our everyday cosmetics are. People are having reactions to hair dye and their skin care products, and some ingredients are shown to play a role in developing certain cancers. Anyone can really hop on this opportunity, and even make natural skincare products for themselves, due to the fact that the ingredients are all around us, and not just some chemicals on the back of our shampoo that we can't pronounce or even begin to know where to get them. It would be easy to exploit--I know a girl who started her own natural cosmetics line in her apartment here in Gainesville and she ships her products from her Etsy site all over the country!
To me this is an opportunity because I have recently done more research about the products I put on my face or in my hair, etc. and have found that many of the ones I was previously using are so terrible for you. I began to use more natural products on my skin and hair and have really noticed that both have become so much healthier and better nourished. I even researched about making my own moisturizers and shampoos and found that it is relatively easy, so the opportunity is really there for anyone.
This article tells how real estate stocks have beat the S&P 500 for the first time since 2015, which is huge considering the rest of the stock market has shown a lot of change recently. This information, as well as other knowledge of current market conditions, suggests that there is an opportunity because more people, especially in larger cities where real estate investing is popular, are looking towards multifamily and commercial real estate rather than renting or buying homes. The most likely customer with this opportunity is wealthier individuals who wish to put their money in these trust funds that holds higher risk than other indices, but promises dividend income. It may be relatively difficult for some investors to exploit due to the fact that it is a more expensive investment than the regular stock market.
I saw this opportunity because my parents have always invested in real estate in some way during my lifetime because my mom is a realtor and is able to jump on opportunities quickly. It is a promising industry because everyone will always need housing, and as long as you are smart about when you buy/sell you will tend to make money rather than lose it.
Opportunity #2 (economic)- With many sources predicting that a recession is on its way due to rising interest rates and a flat yield curve, there is an opportunity that lies within accumulating real estate once a recession starts through buying short sale and foreclosed homes. More information can be found at the following: https://www.forbes.com/sites/simonmoore/2018/12/26/4-market-trends-to-watch-in-2019/#3c9ebcb1688a
This article discusses an economic outlook for 2019, and like other resources it has pointed out many factors that may signal a recession coming soon. During recessions, mortgages are frequently defaulted on, but for investors or even just regular people with steady, solid incomes, this means that real estate may be cheaper after the bubble bursts from inflation and rising interest rates. Investors may buy these homes and hold onto them until the market bounces back, and by that time they can sell them for their appraised value and earn a solid return. If you have enough set aside in savings to flat out buy homes or have enough to pay off a mortgage quickly, this is a relatively easy opportunity to exploit as long as you have patience to wait for the market to turn up again.
Again, I see this as an opportunity because my mom is a realtor and I learned a lot from her during the 2008-09 recession about short sales and foreclosures, so as long as you are a smart investor and know when to buy or sell, this is a great opportunity and a relatively easy way to flip your money by just waiting.
Opportunity #3 (regulatory)- An opportunity lies within creating a database for consumers of all the different websites we use that includes information about what information they draw from your interactions with their site and what they do with it (who they sell it to, etc.) This comes from the California Consumer Privacy Act that many places are beginning to adopt. Information can be found here: https://www.law.com/corpcounsel/2018/12/21/the-5-biggest-tech-laws-of-2018/?slreturn=20190023210056
Privacy has always been a concern for internet users, especially in recent months/years, especially after the Facebook scandal and the tech privacy regulations put into place in Europe. It is becoming expected of companies to disclose what they use your information for, so this changing culture leads me to believe that this opportunity exists. I believe that this would affect pretty much everyone who uses a computer, and I think that it would be fairly easy for the government to exploit this opportunity and create this sort of registry. If consumers could just go into the registry, type in a company name or website, and see all the places their personal information goes, they would be more reluctant to use some sites.
Being a consumer myself, I would love to be more informed about the cookies that track my clicks on websites, what companies actually use my information for, and the like. I think that it is every consumer's right to know these things. The fact that I get random emails all the time from sites or organizations that I never gave my information to is proof enough that this is an opportunity.
Opportunity #4 (regulatory)- A huge opportunity lies in capitalizing on natural cosmetic products following regulations that are soon to come after the FDA investigates manufacturing and the like in the cosmetic industry. More information can be found here: https://www.cnbc.com/2018/08/01/fda-begins-first-inquiry-of-lightly-regulated-cosmetics-industry.html
An opportunity exists because even without this investigation and likely regulations coming soon, consumers are showing more interest in natural products as it is coming to light how harmful many of the ingredients in our everyday cosmetics are. People are having reactions to hair dye and their skin care products, and some ingredients are shown to play a role in developing certain cancers. Anyone can really hop on this opportunity, and even make natural skincare products for themselves, due to the fact that the ingredients are all around us, and not just some chemicals on the back of our shampoo that we can't pronounce or even begin to know where to get them. It would be easy to exploit--I know a girl who started her own natural cosmetics line in her apartment here in Gainesville and she ships her products from her Etsy site all over the country!
To me this is an opportunity because I have recently done more research about the products I put on my face or in my hair, etc. and have found that many of the ones I was previously using are so terrible for you. I began to use more natural products on my skin and hair and have really noticed that both have become so much healthier and better nourished. I even researched about making my own moisturizers and shampoos and found that it is relatively easy, so the opportunity is really there for anyone.
Assignment 5- Identifying Local Opportunities
1. "Hamburg area becoming a hot spot in Lexington for senior communities"
https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F1710A75E8B341A60
Description: This story describes how Hamburg, a popular area in my hometown with various shopping, entertainment, food, and the like, is becoming a hot spot for senior living developments. Some developers are hoping to change the zoning in some parts of the area so that developments may be built.
The problem: Although there are several of these communities within a five mile radius, there is still yet to be one that is right in the middle of it all since many senior citizens are reluctant to travel more than a short distance to things they want to do, creating a problem for them.
Who it affects: This affects senior citizens living in the area who wish to be closer to activities they'd like to do and live close to.
2. "Marijuana user - 'What am I to do? Go blind?'"
https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F170C09C46D377850
Description: This story discusses how a middle-aged man in small town Kentucky is bound to a wheelchair and suffers from severe glaucoma as a result of a car accident in 1994, but he is able to greatly control his conditions through the use of marijuana. He says it keeps him from "flopping like a fish out of water" when he gets his painful spasms.
The problem: Kentucky is one of few remaining states to not legalize marijuana in broad terms-whether medicinally or recreationally, and many citizens are self-medicating themselves and risking arrest, as Kentucky has relatively strict marijuana laws. By lobbying the state government to legalize it, there would be a boost in the rural economies that have been struggling for decades, likely a huge decrease in drug-related arrests, and patients suffering from many conditions would find the relief they've been yearning for.
Who it affects: Strictly marijuana drug-offendors, farmers, and medical patients.
3. "Bell Court Condos feature high-end 'urban-industrial' units near historic district"
https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F170966A13A5D15F8
Description: This article discusses how a building in the industrial area of Lexington whose roof caved in 2010 has been remodeled to house 14 high-end condo units with various amenities within and outside of the units.
The problem: These are to be high-end condos, and with the location it is in, it has the potential to be the "next big thing," but the area is not well-equipped enough to cater to these high end needs. The opportunity here would be to develop more shopping, restaurants, etc. near the historic district so that these residents may have the best of both worlds rather than being smack in the middle of businesses.
Who it affects: Those looking to retire in Lexington, executives looking to rent the units, and business owners in the area.
4. "UK engineering plans to add thousands of students"
https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F170966A16CD4AB58
Description: This story delineates the University of Kentucky's ambitious goals to almost double their engineering school enrollment by 2025. They will need to hire 70 new faculty over the next five years and add more classrooms and dorms to campus.
The problem: While these goals are in reach, there will soon be a sort of shortage of UK housing because many students come from out of town, and even students who are from Lexington opt to live on or around campus as opposed to in their parents' home. With this, there is an opportunity to create more off-campus student housing. In Lexington, there is a sort of lack of "luxury" student housing, so this would be an ample time to put that into place.
Who it affects: All UK students and residents of Lexington who will be able to rent out their extra properties or buy new ones to accommodate more students.
5. "Investigating why many in Appalachia lack reliable, clean water"
https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F1703789238480520
Description: This article goes in depth about interviews with residents of eastern Kentucky and southern West Virginia and their struggle with obtaining clean water on a daily basis. It talks about how they gather water in jugs from springs and put buckets outside to collect rain water because they are afraid they won't have running water the next day.
The problem: These people are spending their lives worrying about how they will get water for the next day or days, and it is ridiculous in our developed economy. They are forced to buy bottled water, and I'm sure it is taking a toll on their hygiene, health, and wallets. The opportunity that exists here is distributing water filters that operate by gravity, similar to ones taken to third-world countries on mission trips.
Who it affects: All residents in Appalachia, and it should be something that everyone worries about!
https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F1710A75E8B341A60
Description: This story describes how Hamburg, a popular area in my hometown with various shopping, entertainment, food, and the like, is becoming a hot spot for senior living developments. Some developers are hoping to change the zoning in some parts of the area so that developments may be built.
The problem: Although there are several of these communities within a five mile radius, there is still yet to be one that is right in the middle of it all since many senior citizens are reluctant to travel more than a short distance to things they want to do, creating a problem for them.
Who it affects: This affects senior citizens living in the area who wish to be closer to activities they'd like to do and live close to.
2. "Marijuana user - 'What am I to do? Go blind?'"
https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F170C09C46D377850
Description: This story discusses how a middle-aged man in small town Kentucky is bound to a wheelchair and suffers from severe glaucoma as a result of a car accident in 1994, but he is able to greatly control his conditions through the use of marijuana. He says it keeps him from "flopping like a fish out of water" when he gets his painful spasms.
The problem: Kentucky is one of few remaining states to not legalize marijuana in broad terms-whether medicinally or recreationally, and many citizens are self-medicating themselves and risking arrest, as Kentucky has relatively strict marijuana laws. By lobbying the state government to legalize it, there would be a boost in the rural economies that have been struggling for decades, likely a huge decrease in drug-related arrests, and patients suffering from many conditions would find the relief they've been yearning for.
Who it affects: Strictly marijuana drug-offendors, farmers, and medical patients.
3. "Bell Court Condos feature high-end 'urban-industrial' units near historic district"
https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F170966A13A5D15F8
Description: This article discusses how a building in the industrial area of Lexington whose roof caved in 2010 has been remodeled to house 14 high-end condo units with various amenities within and outside of the units.
The problem: These are to be high-end condos, and with the location it is in, it has the potential to be the "next big thing," but the area is not well-equipped enough to cater to these high end needs. The opportunity here would be to develop more shopping, restaurants, etc. near the historic district so that these residents may have the best of both worlds rather than being smack in the middle of businesses.
Who it affects: Those looking to retire in Lexington, executives looking to rent the units, and business owners in the area.
4. "UK engineering plans to add thousands of students"
https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F170966A16CD4AB58
Description: This story delineates the University of Kentucky's ambitious goals to almost double their engineering school enrollment by 2025. They will need to hire 70 new faculty over the next five years and add more classrooms and dorms to campus.
The problem: While these goals are in reach, there will soon be a sort of shortage of UK housing because many students come from out of town, and even students who are from Lexington opt to live on or around campus as opposed to in their parents' home. With this, there is an opportunity to create more off-campus student housing. In Lexington, there is a sort of lack of "luxury" student housing, so this would be an ample time to put that into place.
Who it affects: All UK students and residents of Lexington who will be able to rent out their extra properties or buy new ones to accommodate more students.
5. "Investigating why many in Appalachia lack reliable, clean water"
https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=WORLDNEWS&req_dat=0D0CB57BE7FF6D8A&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F1703789238480520
Description: This article goes in depth about interviews with residents of eastern Kentucky and southern West Virginia and their struggle with obtaining clean water on a daily basis. It talks about how they gather water in jugs from springs and put buckets outside to collect rain water because they are afraid they won't have running water the next day.
The problem: These people are spending their lives worrying about how they will get water for the next day or days, and it is ridiculous in our developed economy. They are forced to buy bottled water, and I'm sure it is taking a toll on their hygiene, health, and wallets. The opportunity that exists here is distributing water filters that operate by gravity, similar to ones taken to third-world countries on mission trips.
Who it affects: All residents in Appalachia, and it should be something that everyone worries about!
Wednesday, January 16, 2019
Forming an Opportunity Belief - Assignment 4
1. I believe, from my own experiences, that an opportunity exists within music streaming services.
2. An unmet need in my life, and I am positive that many others experience this, is that pre-made playlists on music streaming services based on my listening activity are never accurate enough for the moment. I'm constantly wishing for a "mood ring" playlist. A streaming site that is able to gauge your mood and put together the perfect playlist so you don't have to spend your day holding down the skip button. This need is unmet particularly with teens and college students because we spend so much of our time trying to put together the "perfect" playlist that is never perfect enough for an exact moment. To meet this need now, people are settling for the playlists that Apple Music or Spotify are putting together for them daily. I believe that this opportunity still exists because there is only so much that these streaming services are doing now to satisfy their listeners.
3. #1: A prototypical customer is a college student who has many different moods or situations they would like to adapt their music playlists to.
#2: A high school student.
#3: A young professional.
4. Prototypical customer #1: This customer described to me that this is a need they hadn't particularly thought about before, but that they are aware of now because of my interview with them. Despite this, they believe that this is something that students would reap all the benefits of. They're currently addressing their need by searching on streaming websites various criteria like "workout playlist" or "study playlist," etc. They are not satisfied because of how different someone else's idea of these playlists is, so they are unable to get exactly what they want.
Prototypical customer #2: This customer described to me that they have actually thought about this before, but were unsure of how to ever make it happen. They think that it is something people would use, but may need to be offered as a premium service to streaming services since it will take more ingenuity to put in place. This customer is currently addressing this need by spending tons of time outside of school and activities creating playlists that they think they will like at certain times, though this person did mention that they get tired of these playlists after a short time, so then they're back into the cycle of making more playlists.
Prototypical customer #3: This customer described to me that they have never really thought about this before and that it is not extremely relevant in their life. They described that they generally stick with what they're given on their streaming service. They are not overly satisfied, but enough to not challenge the status quo because they don't have the time in their day to care enough.
5. Prototypical customer #1: I learned that my opportunity is actually something that students will like and could see themselves using. The most surprising thing I learned was that the student knew that the situation right now isn't cutting it, but they weren't sure of a possible solution.
Prototypical customer #2: I learned that my opportunity is something that more people would actually consider using, but that it might be harder to put into motion than I had originally thought. The most surprising thing I learned from this was how much time people actually put into creating tons of playlists on a constant basis!
Prototypical customer #3: I learned that this opportunity will not be for everyone, and may even be a product for a niche market of avid music lovers. I was most surprised by how much less people listen to music as they move from college to professional life.
7. I believe that a lot of my original opportunity is still there, though it would be very difficult to carry it out in as accurate of a way that I am imagining. This opportunity is more refined than when I started, but after interviewing the different prototypical customers, I found that although it is an opportunity that exists, it would not benefit as many people as I once thought. Entrepreneurs should adapt their opportunities significantly based on customer feedback, though the core of the opportunity should remain the same throughout the adaptation. It is important to respond to customers' needs since they are the end user, but entrepreneurs also must stay firm in their vision and not get washed away or else they will never be successful.
2. An unmet need in my life, and I am positive that many others experience this, is that pre-made playlists on music streaming services based on my listening activity are never accurate enough for the moment. I'm constantly wishing for a "mood ring" playlist. A streaming site that is able to gauge your mood and put together the perfect playlist so you don't have to spend your day holding down the skip button. This need is unmet particularly with teens and college students because we spend so much of our time trying to put together the "perfect" playlist that is never perfect enough for an exact moment. To meet this need now, people are settling for the playlists that Apple Music or Spotify are putting together for them daily. I believe that this opportunity still exists because there is only so much that these streaming services are doing now to satisfy their listeners.
3. #1: A prototypical customer is a college student who has many different moods or situations they would like to adapt their music playlists to.
#2: A high school student.
#3: A young professional.
4. Prototypical customer #1: This customer described to me that this is a need they hadn't particularly thought about before, but that they are aware of now because of my interview with them. Despite this, they believe that this is something that students would reap all the benefits of. They're currently addressing their need by searching on streaming websites various criteria like "workout playlist" or "study playlist," etc. They are not satisfied because of how different someone else's idea of these playlists is, so they are unable to get exactly what they want.
Prototypical customer #2: This customer described to me that they have actually thought about this before, but were unsure of how to ever make it happen. They think that it is something people would use, but may need to be offered as a premium service to streaming services since it will take more ingenuity to put in place. This customer is currently addressing this need by spending tons of time outside of school and activities creating playlists that they think they will like at certain times, though this person did mention that they get tired of these playlists after a short time, so then they're back into the cycle of making more playlists.
Prototypical customer #3: This customer described to me that they have never really thought about this before and that it is not extremely relevant in their life. They described that they generally stick with what they're given on their streaming service. They are not overly satisfied, but enough to not challenge the status quo because they don't have the time in their day to care enough.
5. Prototypical customer #1: I learned that my opportunity is actually something that students will like and could see themselves using. The most surprising thing I learned was that the student knew that the situation right now isn't cutting it, but they weren't sure of a possible solution.
Prototypical customer #2: I learned that my opportunity is something that more people would actually consider using, but that it might be harder to put into motion than I had originally thought. The most surprising thing I learned from this was how much time people actually put into creating tons of playlists on a constant basis!
Prototypical customer #3: I learned that this opportunity will not be for everyone, and may even be a product for a niche market of avid music lovers. I was most surprised by how much less people listen to music as they move from college to professional life.
7. I believe that a lot of my original opportunity is still there, though it would be very difficult to carry it out in as accurate of a way that I am imagining. This opportunity is more refined than when I started, but after interviewing the different prototypical customers, I found that although it is an opportunity that exists, it would not benefit as many people as I once thought. Entrepreneurs should adapt their opportunities significantly based on customer feedback, though the core of the opportunity should remain the same throughout the adaptation. It is important to respond to customers' needs since they are the end user, but entrepreneurs also must stay firm in their vision and not get washed away or else they will never be successful.
Sunday, January 13, 2019
Assignment 3- Entrepreneurship Story
My entire life, I have been exposed to entrepreneurship in my family. 23 years ago, my parents became franchisees of a daycare center, Kids R Kids, just before my older sister was born. My dad had spent a little bit of time working for a paper company, and decided that he hated giving great ideas to management but never seeing them be put into action because he was so far down the totem pole. He always says that he became an entrepreneur because he doesn't like taking orders from other people--a harsh personality trait, but something that all entrepreneurs possess to some extent. To be a go-getter, you MUST take matters into your own hands and call the shots! That being said, he quit his job and spent 24/7 getting the daycare up and running while my mom was the breadwinner working her 9-5 at an ad agency and spending her nights and weekends helping with the business as well. They did not make a penny for the first two years they were in business; in fact, they lost money those two years. In order to make payroll, my mom would run to cash her paycheck on Fridays and put it right back into the business. They didn't have any money for advertising, so on weekends they would drive a giant school bus around town to put flyers in every mailbox and pin them on community boards, etc. My sister and I were the stars of the commercials they put together, and because of my mom's job she was able to barter to get some ad time and other resources to make it happen. Fast forward to now, and my sister, younger brother, and I are all grown up and the daycare has been smooth sailing for many, many years and my parents are on the lookout for their next venture. They initially chose this business because of the fact that they were beginning to have children and knew that daycare was expensive. Now they are interested in opening a dog kennel because they believe that it is a very similar business and offers a little less liability (dealing with animals and not people). They have inspired me to go after everything I want and to not sit around and wait for other people. Additionally, it has showed me that following your dreams will have some rocky roads and uphill battles, but it's worth it in the end. I am very grateful for the life these entrepreneurs have given me!
Here is a picture of my dad and I in the daycare (as you may be able to tell by the food pyramid poster in the background) on a weekend after running around town advertising.
I enrolled in this class because one day I wish to be an entrepreneur--how soon, I'm not sure. I thought that by enrolling in this class I would be able to engage in self-reflection that would allow me to identify my strengths and weaknesses, and also provide me with valuable feedback and constructive criticism from classmates.
Here is a picture of my dad and I in the daycare (as you may be able to tell by the food pyramid poster in the background) on a weekend after running around town advertising.
I enrolled in this class because one day I wish to be an entrepreneur--how soon, I'm not sure. I thought that by enrolling in this class I would be able to engage in self-reflection that would allow me to identify my strengths and weaknesses, and also provide me with valuable feedback and constructive criticism from classmates.
Assignment 2- Bug List
Things that bug me:
1. People's eatings sounds bother me--whether they're chewing with their mouth open or just chewing really crunchy foods like chips.
This exists because people are immature and never learned when they were younger. My dad used to pinch me every time I chewed with my mouth open until I stopped completely.
2. It bugs me when my roommates leave the lights on in the living room when no one is in there because we're all responsible for the electric bill and I don't want to pay for their carelessness.
This exists because of the fact that electricity is not included in our rent and I am trying to minimize cost to optimize experience.
3. I love dogs with all my heart but I hate when people bring their dogs EVERYWHERE. It is unsanitary to bring your dog to a restaurant or the grocery store. Bringing dogs on planes is disrespectful to those with allergies or fear of dogs, and it is unfair to the dog to confine them like that.
This bug exists because there are certain baseline health and safety standards that we should adhere to in order to respect our fellow citizens.
4. I hate when friends or my boyfriend eat in my room and leave their dishes or trash for me to clean up. When I am in other people's rooms I clean up after myself because it is common courtesy (apparently not so common).
This bug exists because bugs exist. Nobody wants their room infested with ants as a result of leaving dirty dishes and trash out.
5. When I am in public and have a hangnail that I am unable to clip off until I get home. It bugs me because I can't do anything about it and I know that if I try to bite it off I will get an infected fingernail (again).
This bug exists because I have a habit of biting my nails and hangnails, so when I am unable to do so safely it is all I can think about.
6. I hate when there are food crumbs all over my bed.
This exists honestly just because I love late night snacking and love to be comfy in bed eating food while watching something.
7. I hate when people try to act like they know it all.
This bug exists because this personality trait can shine light on other personality traits like stubbornness and an unwillingness to learn new things or listen to others' opinions.
8. I get so worked up when my roommates leave food crumbs all over the kitchen sink.
This bug exists because it is just the same as leaving food on your dishes and attracts bugs all the same. I do not want to live in an apartment infested with ants.
9. I hate when people are rude to food service workers, etc. because it literally costs $0 to be nice! You don't even have to be nice, just don't be rude!
This bug exists for me because the summer before I started at UF, I worked in the snack bar of a country club and many customers were rude to me, so I feel for others who currently or have previously worked in food service.
10. I hate when people don't pick up their feet when they walk. How lazy can you be that you can't lift your foot an extra inch when you walk?
This bug exists because I have sensitive ears to different sounds, so this is the same as nails on a chalkboard to me.
11. I hate when two to three people are walking on the sidewalk and walk in the middle so that it is difficult for anyone walking towards them or trying to come up from behind and pass them.
This bug exists because sidewalks are only so wide so it is impractical to do this!
12. I hate when people spell my last name wrong. It is ridiculous how many times I have had my name misspelled on things because people either didn't ask how to spell my last name or they did and still dropped the ball. ELLIOTT. Two Ls, two Ts.
This bug exists because no one likes it when they make the honor roll in middle school or win an award or get a dean's list certificate and their name is spelled wrong on it forever.
13. I am so bugged by vegans who claim their body is so pure, wholesome, and a heavenly temple for plants to enrich their soul and then all I see them consume is carbs. Posers.
This bug exists mostly because these are the same people who dog on omnivores for eating animal products and claiming that it's so bad for you. People are much healthier that way rather than eating bread and candy all day long.
14. I hate when my friends or boyfriend are over and use my shower then leave the shower curtain open afterwards. I am a very clean, organized person and this just makes my bathroom feel cluttered and dirty when I have to look at everything in my shower.
This bug exists because showers in general are cluttered with tons of products, especially if you are me and are obsessed with buying new shampoos and body washes, etc.
15. People who are in college and still make simple grammatical errors. I'm talking "to," "too,", and "two," as well as the classic "your" and "you're," and lately the new wave of this illiteracy has been not knowing the difference between "who's" and "whose."
This bug exists because everyone got into UF for a reason, so you might as well act like you're smart and educated.
16. When people's lives revolve more around making it look like their life is awesome rather than actually making their lives awesome. It is ridiculous the amount of posts I see on social media (specifically Snapchat) where I see a million phones out filming people clinking their glasses to let everyone know that them and their friends are having a "great" time.
This bug exists because social media has begun to take over everyone's lives and nowadays it's more about the picture than the experience.
17. When people have their typing sounds turned all the way up on their phone while around other people. It is high key disrespectful to those around you that you are spending so much time on your phone in their company, and even making it more known with the loud sounds.
This bug exists because in an age where people are increasingly spending more time on their phones, it is rude to let everyone around you know even more that you're sitting on your phone not being present in the moment.
18. BACKSEAT DRIVING. Do not ask me to drive somewhere if you are going to make comments the entire time. I will get us there in one piece. At my house when people backseat drive, we ask them what seat they're in because we call the passenger seat the "shut the f--k up seat."
This bug exists because people love to be in control, so when they're not, they always have something to say about it.
19. PDA. It makes me so uncomfortable to even engage in it myself. I genuinely get anxiety when people engage in PDA because it's really something that should go on behind closed doors and not in the elevator at Lib West.
This bug exists because some people can't keep their hands to themselves in public.
20. When people use unnecessary jargon just to make themselves sound smarter. We get it, you know big words, but that doesn't mean you're using them correctly!
This bug exists because everyone loves to sound smarter than they are and will do anything to put on a facade.
I honestly found this list difficult to put together because I never really think about these bugs until they happen. I had to walk around for a couple days and take notes on things that I was seeing or hearing that I didn't like. It is so much easier to remember and write about things that you like rather than those that you don't because you generally avoid the things that bug you. Writing this list did make me realize that I have a ton of pet peeves, some not even included on here. I found that a lot of my bugs exist due to the lack of care and common sense of others, though I'm not claiming I don't do things that would also bug others.
1. People's eatings sounds bother me--whether they're chewing with their mouth open or just chewing really crunchy foods like chips.
This exists because people are immature and never learned when they were younger. My dad used to pinch me every time I chewed with my mouth open until I stopped completely.
2. It bugs me when my roommates leave the lights on in the living room when no one is in there because we're all responsible for the electric bill and I don't want to pay for their carelessness.
This exists because of the fact that electricity is not included in our rent and I am trying to minimize cost to optimize experience.
3. I love dogs with all my heart but I hate when people bring their dogs EVERYWHERE. It is unsanitary to bring your dog to a restaurant or the grocery store. Bringing dogs on planes is disrespectful to those with allergies or fear of dogs, and it is unfair to the dog to confine them like that.
This bug exists because there are certain baseline health and safety standards that we should adhere to in order to respect our fellow citizens.
4. I hate when friends or my boyfriend eat in my room and leave their dishes or trash for me to clean up. When I am in other people's rooms I clean up after myself because it is common courtesy (apparently not so common).
This bug exists because bugs exist. Nobody wants their room infested with ants as a result of leaving dirty dishes and trash out.
5. When I am in public and have a hangnail that I am unable to clip off until I get home. It bugs me because I can't do anything about it and I know that if I try to bite it off I will get an infected fingernail (again).
This bug exists because I have a habit of biting my nails and hangnails, so when I am unable to do so safely it is all I can think about.
6. I hate when there are food crumbs all over my bed.
This exists honestly just because I love late night snacking and love to be comfy in bed eating food while watching something.
7. I hate when people try to act like they know it all.
This bug exists because this personality trait can shine light on other personality traits like stubbornness and an unwillingness to learn new things or listen to others' opinions.
8. I get so worked up when my roommates leave food crumbs all over the kitchen sink.
This bug exists because it is just the same as leaving food on your dishes and attracts bugs all the same. I do not want to live in an apartment infested with ants.
9. I hate when people are rude to food service workers, etc. because it literally costs $0 to be nice! You don't even have to be nice, just don't be rude!
This bug exists for me because the summer before I started at UF, I worked in the snack bar of a country club and many customers were rude to me, so I feel for others who currently or have previously worked in food service.
10. I hate when people don't pick up their feet when they walk. How lazy can you be that you can't lift your foot an extra inch when you walk?
This bug exists because I have sensitive ears to different sounds, so this is the same as nails on a chalkboard to me.
11. I hate when two to three people are walking on the sidewalk and walk in the middle so that it is difficult for anyone walking towards them or trying to come up from behind and pass them.
This bug exists because sidewalks are only so wide so it is impractical to do this!
12. I hate when people spell my last name wrong. It is ridiculous how many times I have had my name misspelled on things because people either didn't ask how to spell my last name or they did and still dropped the ball. ELLIOTT. Two Ls, two Ts.
This bug exists because no one likes it when they make the honor roll in middle school or win an award or get a dean's list certificate and their name is spelled wrong on it forever.
13. I am so bugged by vegans who claim their body is so pure, wholesome, and a heavenly temple for plants to enrich their soul and then all I see them consume is carbs. Posers.
This bug exists mostly because these are the same people who dog on omnivores for eating animal products and claiming that it's so bad for you. People are much healthier that way rather than eating bread and candy all day long.
14. I hate when my friends or boyfriend are over and use my shower then leave the shower curtain open afterwards. I am a very clean, organized person and this just makes my bathroom feel cluttered and dirty when I have to look at everything in my shower.
This bug exists because showers in general are cluttered with tons of products, especially if you are me and are obsessed with buying new shampoos and body washes, etc.
15. People who are in college and still make simple grammatical errors. I'm talking "to," "too,", and "two," as well as the classic "your" and "you're," and lately the new wave of this illiteracy has been not knowing the difference between "who's" and "whose."
This bug exists because everyone got into UF for a reason, so you might as well act like you're smart and educated.
16. When people's lives revolve more around making it look like their life is awesome rather than actually making their lives awesome. It is ridiculous the amount of posts I see on social media (specifically Snapchat) where I see a million phones out filming people clinking their glasses to let everyone know that them and their friends are having a "great" time.
This bug exists because social media has begun to take over everyone's lives and nowadays it's more about the picture than the experience.
17. When people have their typing sounds turned all the way up on their phone while around other people. It is high key disrespectful to those around you that you are spending so much time on your phone in their company, and even making it more known with the loud sounds.
This bug exists because in an age where people are increasingly spending more time on their phones, it is rude to let everyone around you know even more that you're sitting on your phone not being present in the moment.
18. BACKSEAT DRIVING. Do not ask me to drive somewhere if you are going to make comments the entire time. I will get us there in one piece. At my house when people backseat drive, we ask them what seat they're in because we call the passenger seat the "shut the f--k up seat."
This bug exists because people love to be in control, so when they're not, they always have something to say about it.
19. PDA. It makes me so uncomfortable to even engage in it myself. I genuinely get anxiety when people engage in PDA because it's really something that should go on behind closed doors and not in the elevator at Lib West.
This bug exists because some people can't keep their hands to themselves in public.
20. When people use unnecessary jargon just to make themselves sound smarter. We get it, you know big words, but that doesn't mean you're using them correctly!
This bug exists because everyone loves to sound smarter than they are and will do anything to put on a facade.
I honestly found this list difficult to put together because I never really think about these bugs until they happen. I had to walk around for a couple days and take notes on things that I was seeing or hearing that I didn't like. It is so much easier to remember and write about things that you like rather than those that you don't because you generally avoid the things that bug you. Writing this list did make me realize that I have a ton of pet peeves, some not even included on here. I found that a lot of my bugs exist due to the lack of care and common sense of others, though I'm not claiming I don't do things that would also bug others.
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