8A – Solving The Problem

A solution to the opportunity mentioned in the previous post is simple. Start small with some business that you know the owners and show them what you can do. Then grow your business from there. Once you have a business send flyers to all local business to see if you get some interviews. If you get some calls then you’ll need to sell them on the idea of modernizing their business.

7A – Testing the Hypothesis, Part 1

The opportunity I would like to peruse as mentioned in a previous assignment is onsite and offsite IT services for small and local businesses. This is needed because many small and local businesses do not have the proper training and systems in place to modernize their business. This includes wifi for customers, pos systems, crm software, etc. These systems mentioned are integral for a small business to grow, succeed, and stay organized. For this assignment I spoke with two friends of mine about how the systems I put in place for their small business have helped them grow. Mr. Shane mentioned that his real estate business is now the top realtor on Long Island. I set up crm software for his business allowing him to send out hundreds of thousands of email with a single click promoting his current listings. I also spoke with a friend who runs a small business that makes custom invitations and party goods for the massive long island bar-mitzvah and sweet 16 scene. A couple of years ago I set up a central server for them to use to have all employee’s data stored in one location. I also setup their routers and ethernet switches to make sure everyone was properly connected to the network. These are just two examples to further my thinking that this is a valid business venture that could present a great opportunity.   

5A

·       N.C. may regret weakening its building codes in 2013

·       https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=stp%3ANewspaper%21Newspaper/country%3AUSA%21USA&sort=YMD_date%3AD&page=1&maxresults=20&f=advanced&val-base-0=problem&fld-base-0=alltext&bln-base-1=or&val-base-1=trouble&fld-base-1=alltext&docref=news/16E6CE432991CCC8

·       This story discusses the reasons why North Carolina has not updated its building codes to keep process on homes down, increasing demand, as well as how this can be a bad thing. It goes on to discuss the International Code Council, a Washington-based nonprofit that releases new guidelines every three years to improve safety in homes.

·       The state and homebuyers are the ones who have the problem. The state wants to keep costs down as an incentive to live there but are feeling the pressure from advocate groups for building safety. Furthermore the people have the problem because they are the ones buying the homes lacking the latest safety guidelines.

 

 

·       Study shows BPA substitutes may cause same health issues as the original

·       https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=stp%3ANewspaper%21Newspaper/country%3AUSA%21USA&sort=YMD_date%3AD&page=2&maxresults=20&f=advanced&val-base-0=problem&fld-base-0=alltext&bln-base-1=or&val-base-1=trouble&fld-base-1=alltext&docref=news/16E6E76E316CB9A8

·       The story talks about the problems associated with BPA and why it is not used anymore. Then it goes on to talk about the alternative that is now used BPS, and how it is still leaking chemicals into foods and drinks and has not solved the problem of BPA packaging.

·       This is a big problem for companies using BPS packaging for food and beverages as well as consumers who are unknowingly putting chemicals in their body.

 

 

·       Shaky South Carolina dams haven't been repaired since 2015

·       https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=stp%3ANewspaper%21Newspaper/country%3AUSA%21USA&sort=YMD_date%3AD&page=2&maxresults=20&f=advanced&val-base-0=problem&fld-base-0=alltext&bln-base-1=or&val-base-1=trouble&fld-base-1=alltext&docref=news/16E6E18443424A20

·       This article discusses many problems associated with the condition that dams in South Carolina are in. “Potentially thousands of S.C. dams are vulnerable to damage or failure as Hurricane Florence approaches.” Furthermore, it says the “2015 flood exposed South Carolina as having one of the nation's worst dam oversight programs.”

·       The people of South Carolina have this problem because many dams in SC hold animal waste from entering the waterways. If that happened it would be detrimental to the environment and the water supply of SC.

 

 

·       Should Realtors’ ethics violations be revealed to the public?

·       https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=stp%3ANewspaper%21Newspaper/country%3AUSA%21USA&sort=YMD_date%3AD&page=8&maxresults=20&f=advanced&val-base-0=problem&fld-base-0=alltext&bln-base-1=or&val-base-1=trouble&fld-base-1=alltext&docref=news/16E6EEE082A49AF0

·       This article talks about problems associated with some realtors. It goes on discuss how there should be a way to check a realtors standing and see if they have committed any violations to effect their clients.

·       This is a problem for people buying and selling property with realtors and finding out after the fact that their realtor didn’t act in their best interest.

 

 

·       Legal battle brews over 2017 clean energy funding sweeps

·       https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=stp%3ANewspaper%21Newspaper/country%3AUSA%21USA&sort=YMD_date%3AD&page=12&maxresults=20&f=advanced&val-base-0=problem&fld-base-0=alltext&bln-base-1=or&val-base-1=trouble&fld-base-1=alltext&docref=news/16E6C8406ED5E9F8

·       This article discusses how there is inquiry into where funds designated for clean energy went. They mention that funds may have been improperly used to address the energy company budget deficit. 

·       This is a problem because part of the money that people paid to the energy company was supposed to go to clean energy implementation plans in the area.

6A – Identifying Opportunities in Economic & Regulatory Trends

The first opportunity related to regulatory change is the generic EpiPen market. (https://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm617173.htm) This topic is well reported on due to the lack of availability of name brand epipens.  (https://abcnews.go.com/Health/epipen-shortage-generic-version/story?id=57288176) These reports made me believe there is an opportunity here because the shortage needs to be filled. While I do not need epipens I have done research on generic epipens, for investing purposes, and found that the FDA has started approving generic epipens which will increase the opportunity in the market. The protypical customer for the product will be epipen users.

Another good opportunity related to regulatory change is the marijuana industry. With Canada set to legalize recreational marijuana in October, there have been many economic and regulatory opportunities associated with it. An example of this would be Constellation Brands heavily investing in Canopy Growth Corp since it is set to become legal. (https://www.forbes.com/sites/greatspeculations/2018/08/20/what-constellation-brands-massive-investment-in-canopy-growth-corp-means-for-both-companies/#6ced610373df) Furthermore, anyone can invest in marijuana companies on stock exchanges, giving people a great economic opportunity. I see the opportunity in this as well because it is a new market with massive potential to rapidly expand.

The second opportunity relating to economic trends would be the current bull market that we are in and should continue to be in. (https://www.cnbc.com/2018/09/11/jeff-saut-bull-market-should-have-another-7-to-8-years-left.html) This gives people a great opportunity to invest in stocks and take advantage of this economic opportunity. I know this opportunity exists due to my personal stock portfolio being up more than 60% in the last 10 months.

4A – Forming an Opportunity Belief

1.       I definitely believe that an opportunity exists in many fields including the local business IT field.

2.       The unmet need I will be writing about is technology services for smaller local business that don’t have their own “tech guy” for their business’s. The need comes from modernization of business, keeping digital records, running websites, the general need for technology upgrades, etc. This need has existed for the last 20 years or so and is continually growing as more and more people become reliant on technology. 

3.       The prototypical customer is a small local business owner that wants to modernize their operation.

4.       One prototypical customer I spoke with runs a commercial real estate company on Long Island.

What is the exact nature of the need?

They needed a customer logging software set up to keep a record of all the people they spoke with as they are always potential customers to buy commercial real estate.

When did they become aware of the need -- that is, do they experience their need all the time or only sometimes?

As the business grew they realized keeping all the people logged in the memo app on their phone was getting increasingly difficult and time consuming. Furthermore, every employee would have a different list of clients making it difficult to actually know the total number of contacts they had. That being said they need the customer relations software all the time to keep the business organized.

How long have they had the need?

They have had the need since their business has grown from a new business venture into the top realtor on Long Island.

When did they first become aware of their need?

According to Mr. Shane, the owner, they first became aware of their need for a CRM software when they tried making a shared document between the office for all their contacts to be put on and it turned into a giant disorganized mess.

Why? How are they currently addressing their need?

The current solution in place for the business is a cloud CRM software that is accessible for all employees and is cross platform so it’ll work on all devices.

How satisfied are they with this solution?

They are very satisfied with the CRM software that I set them up on and are continually adding new contacts to it. Furthermore, they were extremely happy with the email blast feature that automatically sends new listings to all their contacts.

5.       I learned that there is always something within a company that can be improved no matter what area it is in. The most surprising thing I learned is how desperately some companies need someone to just come in once in awhile and make sure all their computer systems are running smoothly.

7. How much of your original opportunity is still there?

                The original opportunity I mentioned is still there at the same level.

Do you believe that your new opportunity is more accurate than when you started?

                I mentioned a business I currently operate in so I believe my original opportunity is accurate.

How much do you think entrepreneurs should 'adapt' their opportunities based on customer feedback? (In other words, is there a trade-off between adapting and staying firm?)

Entrepreneurs should always listen to their customers’ feedback to constantly improve their service and make sure they are giving their customers exactly what they need.

3A – Your Entrepreneurship Story

There have been many times in my life where I have been exposed to entrepreneurship and been an entrepreneur myself. I have had many small business ventures myself and for this assignment I will mention one of them. While in high school I began doing computer work for my family and friends’ companies.  This what the beginning of my small computer consulting business. While I only worked for a hand full of local places I was able to help them with their technology needs. This included a range of tasks including building custom desktops to tackle a certain work flow, setting up new computers, setting up their local area network and servers, and on two or three occasions setting up CRM software to help them grow their business. The companies I worked for ranged from commercial real estate firms to steel manufacturing business which shows that there was a niche market that needed to be filled there. To this day, even being a thousand miles from home, I get phone calls with questions about how to get something working or set up. This may be a very small personal computer consulting business, but it is still a great example of entrepreneurship.

I enrolled in ENT3003 due to the simple fact that it was listed as one of the approved electives for my major and it is online making it fit my busy schedule.

Custom PC built for a client Summer 2018

2A: Bug List

1. Floridian Drivers (I’m from New York)

a. Not sure why this “bug” exists but it does. 

2. Assignments that are tedious with no purpose.

a. Professors feel they have to assign work even if there is no purpose to it

3. The cell data service on campus is slow in saturated areas such as the stadium on game day.

a. This bug exists due to the underlying cell technology. As a cell tower has more users connected to it, the service gets slower/worse for everyone using it. 

4. Going to a doctor’s appointment and having to wait awhile after your appointment time to see the doctor

a. This exists due to the overbooking of doctors to increase the bottom line

5. Going to the DMV because you’ll be the for hours and accomplish a simple task that should take 5 minutes

a. This happens because they are under staffed and the staff they do have tend to have no clue what they are doing

6. When your flight lands and there are no open gates to park at

a. Poor planning at the airport and by the airlines 

7. Driving somewhere and being stuck at a dead stop in traffic and you can see your destination

a. Overcrowding of the roadways and poor infrastructure 

8. Food delivery fees from restaurants

a. Not sure why it exists…maybe a lack of competition. In New York most places offer free delivery unlike Gainesville which has delivery fees up to $6.49

9. The chair lift stopping when you are on your way to the top and you sit there freezing

a. This exists because incompetent people fall while getting off the chair lift.  

10. Overpriced resale tickets for a sporting event. 

a. People buy up tickets at face value with no intention of going and then sell them for a profit. 

11. Tickets for rolling through a stop sign when no one is around. On Long Island stop signs are “stoptional”

a. This problem exists when people are very impatient. 

12. The weather is completely wrong and says it will be sunny out and it is a complete downpour.

a. There are many variables that are hard to predict making a weather forecast inaccurate many times. 

13. Waiting for people who were supposed to be ready at a certain time and can never actually be ready on time

a. Some people are terribly slow and can never be on time

14. The Gainesville busses never arriving at the time the app says they will

a. There are many factors why this happens

15. Working on a climbing route and the next time you are at the gym the wall has been re-set

a. Rock walls are re-set on a random unscheduled basis most of the time. Therefore you don’t know how long you have to work on certain routes.

16. Thinking of things that bug me definitely bugs me

a. This exists due to this assignment. 

17. Walking to the kitchen and finding out someone drank the last cup of coffee in the pot

a. Lazy roommates not wanting to make their own coffee

18. ProctorU technical difficulties during an exam

a. This exists because ProctorU is a terrible product 

19. When there are numerous checkout lines and only a few are open

a. Understaffing 

20. Ordering something on Amazon prime and it doesn’t show up in 2 days

a. Shipping logistical problems tend to cause this. 

I definitely found this assignment to be tedious and difficult. I never actually think of things that bug me until something actually happens and I decide it is bugging me.