Economic Trends
Opportunity #1 Aging Societies
a). https://abcnews.go.com/International/wireStory/latest-aging-societies-posing-risks-economy-60619596
b). This article explains how aging societies, specifically in Japan pose large threats to their economy because they are still draining the resources from the country but they aren't park of the workforce because either businesses don't want to hire them or they can't work. However, I believe that there is still room for an opportunity because industry can grow around dealing with the growing aging society which will help give jobs to more people and boost the economy.
c). I think that the people that are most likely to be the customers of the opportunity are the elderly people in the growing elderly population that need to be cared for because they aren't an active part of the workforce. The prototypical customer would be an elderly person that needs to be cared for and can't become part of the workforce.
d). I think that this opportunity is relatively easy to exploit because there's a surplus of elderly people that need people to take care of them and there is a country that needs to fix its economy, if you have more people working and adding money to the circulation of wealth in the country, it will boost the economy.
Why: I thought of this opportunity because I watched an episode of a show where there were a lot of elderly people that didn't have anyone to take care of them and weren't part of the workforce, so I immediately thought of this.
Opportunity #2 Global Shipping Decrease
a). https://www.reuters.com/article/us-shipping-economy/global-shipping-rates-slump-in-latest-sign-of-economic-slowdown-idUSKCN1PJ0BQ
b). This article explains how a recent trend in shipping reflects an economic downturn. Recently, the shipping of dry goods, raw materials, finished goods, and other globally ordered products is decreasing. The economic experts say that dry goods are a leading economic indicator. The fact that global shipping is decreasing leads me to believe that there is an opportunity because that means that people are ordering products within their own countries because it's cheaper which means that domestic shipping is increasing which means that there is an opportunity in the domestic shipping industry.
c). The prototypical customer for this type of opportunity are people who ship things domestically such as domestic producers for all different types of products. This is a unique and temporary opportunity.
d). I think that this opportunity is relatively hard to exploit because creating a better domestic shipping industry is much harder than it sounds.
Why: I thought of this opportunity because as I was scrolling through news articles as I usually do to stay informed, I came across this and thought that if global shipping is decreasing, then people still need their products so it must come from domestic shipping.
Regulatory Trends
Opportunity #3 FDA regulations on Juul and other vape products
a). https://abcnews.go.com/Politics/fda-moves-tougher-regulation-cigarettes-juul-limit-sales/story?id=59186897
b). This article explains that the FDA is becoming way stricter on vaping products, specifically the juul. While this product has taken much of the world by storm, the FDA is imposing tough regulations, specifically the flavors of juul pods because they thin that they appeal to younger people. This leads me to believe that there is an opportunity in the nicotine industry. I think there is an opportunity to create more products that help people end their nicotine dependencies because all of the popular flavors of the highest selling nicotine product are being banned.
c). The prototypical customer for this type of opportunity is someone who is trying to end their nicotine dependency because their favorite flavor of juul pod is being banned.
d). I think that this opportunity is easy to exploit because people are always trying to stop juuling and now that the popular flavors of juul are being banned, people will be actively trying to curb their addictions.
Why: I have seen a lot of people try to quit juuling and I feel like there is a huge opportunity for someone to develop a product that enables people to quit juuling.
Opportunity #4 Regulations on types of bitcoins
a). https://cointelegraph.com/news/bitcoin-wallet-xapo-leaves-hong-kong-for-switzerland-due-to-opaque-regulations
b). This article explains that the recent regulations on bitcoin make it much harder to invest in bitcoin. I know that every time there are regulations on bitcoin, they develop a new type of cryptocurrency or blockchain currency. I think that there is an opportunity with this because it will leave room for tangible currency to grow back to its previous value.
c). I think that the prototypical customer for this type of regulation is someone who can buy the debt that people have from failed cryptocurrencies and help them switch their money into different types of accounts that are made up tangible currency.
d). I think that this opportunity is hard to exploit because switching types of currency always comes with lots of complications and it usually takes a very long time to settle.
Friday, 25 January 2019
5A - Identifying Local Opportunities
Opportunity #1
Title: Dog day at beach passes test in Boynton City officials pleased with cleanup efforts last month at Oceanfront Park
Link: http://bi.galegroup.com.lp.hscl.ufl.edu/essentials/article/GALE%7CA570445136/527108b4d00bcb309909346f063a79cc?u=gain40375
Description: This is a problem in my hometown that was actually solved very well but there is an opportunity to be had. There is a beachfront park in my area called Oceanfront Park. This beautiful park attracted all sorts of visitors, including ones that own dogs. People have been complaining for months that they keep walking in "dog poop", the city of Boynton finally addressed the problem by spending hundreds of thousands on renovations on finding a solution for the waste. However, this issue will persist until the renovations are finished.
Problem Description: There are lots of dog owners that bring their pets to the beach wind up leaving waste that causes lots of problems for other beachgoers.
Who has the problem: The beachgoers and residents of the Oceanfront Park area, there are lots of people who frequent the area and the constant presence of dog waste gives them reason for an issue.
Opportunity #2
Title: Police radio fans bemoan agencies' use of encryption
Link: http://bi.galegroup.com.lp.hscl.ufl.edu/essentials/article/GALE%7CA570445137/c5a710ae9bd4a0d5de352c7944e13b8a?u=gain40375
Description: This article is about people that like to stay well informed about the situations that occur near where they live. The way that these people stay informed is through using police radios and listening to the police scanners. They find that it helps them stay better informed because they hear the police reports directly. The police stations have started to encrypt their scanners which makes it so that the residents aren't able to interpret the messages. Their (the police dept.) feeling is that civilians shouldn't be listening to police reports.
Problem Description: Citizens in South Florida are listening in on police reports to stay better informed but the police departments encrypt the messages so that they can't listen in.
Who has the problem: This problem is endured by both the residents and the police departments of the areas where people use police scanner messages to stay better informed.
Opportunity #3
Title: In your community
Link: http://bi.galegroup.com.lp.hscl.ufl.edu/essentials/article/GALE%7CA570566872/759a415a3c39f83763796eff6b42f34a?u=gain40375
Description: Upon first glance, this article just seems like procedural information headlining a meeting that is going to occur soon. But as we look closer, it can be seen that there is a meeting about fighting the addiction problems that are occurring in Palm Beach County. It is written by the American Bar Association that this problem directly affects them because "According to the American Bar Association, because many lawyers and judges are overachievers who carry an enormous workload, the tendency to 'escape' from daily problems through the use of drugs and alcohol is prevalent in the legal community". This article shows the issue that is plaguing the legal industry and those who work for it.
Problem Description: Lawyers, judges and other legal professionals have large workloads and use drugs and alcohol to cope with the burdens.
Who has the problem: The lawyers have the problem of resorting to such measures because of the stress, the people that the lawyers represent have the problem of having drugged up lawyers that have issues because of their workload, and the city has the problem of this issue persisting in such a formal profession.
Opportunity #4
Title: Homeless woes persist downtown At last count the city had 434 homeless people, about 38 of them downtown
Link:http://bi.galegroup.com/essentials/article/GALE%7CA570566924/3e602b122f91c4f82160fea48c72fde8?u=gain40375
Description: This article is about the growing homeless population, especially in downtown south Florida which is a residential area. The article begins with a 70 year old woman who was walking her tiny dog in a stroller and it was stolen by a homeless man. She eventually found her dog after a long time. However the ordeal was very traumatizing. The article then moves to say that the city's efforts aren't enough to curb the homeless population and that it is a bad situation for all involved.
Problem Description: There is a growing homeless population in Palm Beach County area and it is causing more and more problems for the residents of the area.
Who has the problem: The residents have the problem of having a lot of homeless people that can disturb their day to day life, the city has the problem of trying to figure out how to curb this issue, the homeless people have the problem of not having anywhere to go.
Opportunity #5
Title: Trio of Palm Beach County restaurants shut down temporarily
Link: http://bi.galegroup.com/essentials/article/GALE%7CA570057465/a4e2a79481ac6381d89afb7bfc728446?u=gain40375
Description: This article describes how three well-frequented Palm Beach County restaurant were recently asked to close their doors due to failing health inspections. The reasons for the health inspections were everything from roaches to rodents and food being improperly stored. These restaurants have to change their ways in order to be approved by the department of health to reopen.
Problem Description: There are restaurants in South Florida that have been asked to close temporarily due to improper food practices and unclean environments.
Who has the problem: The restaurants have the problem of having to close because of unsanitary conditions and failing inspections, the people who eat at these restaurants have the risk of getting sick from eating the food.
Friday, 18 January 2019
Assignment 4A: Forming An Opportunity Belief
1. I have a belief that an opportunity exists to improve life. My belief is that a lot of students wind up missing assignments due to not knowing about their due dates. I think there should be a system that sends notifications to your phone to tell you about upcoming due dates.
2. The unmet need is that a lot of students find it difficult to keep track of due dates for assignments for certain classes that they are a part of. Although keeping organized and staying on track in school is part of becoming more mature, it can definitely be made easier to do so. This unmet need exists because most college students get caught up in smart phones and using/looking at them constantly. They become aware of this need once they see that their grade decreases due to them missing assignments due to distractions. What students currently do to meet this need is write down things in planners and whiteboards, but this leaves room for human error, which is very common in college students. In this day in age, the culture of being addicted to smart phones is part of life, instead of trying to change it, why don't we use it to our advantage? If there were a system where you could input a canvas course code into an app or software and it would upload all of the due dates of your assignments and when you should start them and send you notifications on your phone in the same way that social media does to motivate/remind you to complete your assignments on time.
3. The prototypical customer is a busy involved college student that has a lot of things on their plate and sometimes forgets about assignments.
4. Interview
Will, Sophomore, 20 years old
When did you become aware of this need?
Will is currently a 2nd year finance major and is very involved both socially and on campus, he has so many meetings throughout the day that he finds it very hard to keep track of everything he has to do, including school work. In his freshman spring, he missed an A in a class by just a couple of points because he forgot to complete a couple of homework assignments because he was so caught up in his activities.
How are you currently dealing with this need?
Will deals with this need now by trying to look at canvas once a day which helps him try to remember when his assignments are but sometimes he forgets to do so. He tries to add dates in a planner but usually forgets to look at it. He relies on friends to tell him when his assignments are due.
Are you satisfied with your temporary solution?
Will says that he is not satisfied with his temporary solution because despite his efforts, he misses assignments very frequently and knows that the completion of these assignments will help his grades greatly and enable him to do better at UF.
Jenna, Junior, 21 years old
When did you become aware of this need?
2. The unmet need is that a lot of students find it difficult to keep track of due dates for assignments for certain classes that they are a part of. Although keeping organized and staying on track in school is part of becoming more mature, it can definitely be made easier to do so. This unmet need exists because most college students get caught up in smart phones and using/looking at them constantly. They become aware of this need once they see that their grade decreases due to them missing assignments due to distractions. What students currently do to meet this need is write down things in planners and whiteboards, but this leaves room for human error, which is very common in college students. In this day in age, the culture of being addicted to smart phones is part of life, instead of trying to change it, why don't we use it to our advantage? If there were a system where you could input a canvas course code into an app or software and it would upload all of the due dates of your assignments and when you should start them and send you notifications on your phone in the same way that social media does to motivate/remind you to complete your assignments on time.
3. The prototypical customer is a busy involved college student that has a lot of things on their plate and sometimes forgets about assignments.
4. Interview
Will, Sophomore, 20 years old
When did you become aware of this need?
Will is currently a 2nd year finance major and is very involved both socially and on campus, he has so many meetings throughout the day that he finds it very hard to keep track of everything he has to do, including school work. In his freshman spring, he missed an A in a class by just a couple of points because he forgot to complete a couple of homework assignments because he was so caught up in his activities.
How are you currently dealing with this need?
Will deals with this need now by trying to look at canvas once a day which helps him try to remember when his assignments are but sometimes he forgets to do so. He tries to add dates in a planner but usually forgets to look at it. He relies on friends to tell him when his assignments are due.
Are you satisfied with your temporary solution?
Will says that he is not satisfied with his temporary solution because despite his efforts, he misses assignments very frequently and knows that the completion of these assignments will help his grades greatly and enable him to do better at UF.
Jenna, Junior, 21 years old
When did you become aware of this need?
Jenna is a junior and has been here since summer B before her freshman year of college. She knows that she has to complete assignments by their due date and that for some classes, completion of assignments is the difference between an A and a B. She became aware of the need to stay on track before college in high school, and knew that the key to being successful in college is staying organized.
How are you currently dealing with this need?
Jenna currently deals with this need by not only checking canvas for all her classes multiple times in the day but also keeping multiple planners (one for each class) that has due dates color coded and a schedule outlined of when she should start her assignments by. She leads a very organized and regimented life.
Are you satisfied with your temporary solution?
She is currently very satisfied with her temporary solution because she doesn't miss any assignments but does mention that she devotes a large amount of time to staying organized and wishes it was easier to do but understands that it is important.
Jeff, Freshman, 18 years old
When did you become aware of this need?
Jeff is a freshman in his second semester on campus, he hasn't had too much difficulty getting adjusted to life on campus and finds that it isn't too hard to keep up with his work. However, as he gets more and more involved at UF, he sees how it can definitely be a challenge to remember when your assignments are due when your head is full of dates for so many other things.
How are you currently dealing with this need?
Jeff, like many of his peers has experienced a fair bit of trial and error when trying to figure out what works for him. He has tried planners and explained that they were too much work and he sometimes would forget about writing in them. He tried setting alarms on his phone but that didn't work for him because he had to remember to set the alarm which he would sometimes forget to do. Right now he checks canvas and tries to do assignments as they come which he said is a good strategy but he's fearful for what will happen once his schedule ramps up.
Are you satisfied with your temporary solution?
Jeff says that he is currently satisfied with his solution but he understands that it won't work forever. He knows that as a freshman, his schedule in terms of coursework and involvement is not very tough. He is worried for what he is going to do once things start to speed up and his life gets far busier than it is now.
5. Reflect
After interviewing these 3 very different types of students, I was very surprised to hear the different ways that students stay on track or fall off track. From Will, I learned that a very motivated student might have trouble in some areas such as organization because he is so ambitious and does so many things that crowd both his mind and his schedule. I learned that very regimented students like Jenna don't really have a problem staying on track with their assignments. I learned that underclassmen like Jeff try many different things to stay on track before they find something that works well for them. I was so surprised to see how people adapt to their environments and schedules.
7. Summarize
I think that my opportunity is definitely still existent. While it might not work as much for students that are very on top of their schedules, it definitely will work for both unmotivated students that frequently forget about assignments as well as students that are involved in so many things that they become scatterbrained. It can work for multiple types of students, but not everything works for everyone (as I learned from my interviews). I believe that my new opportunity is more accurate than when I started because now I know exactly who to target. I think that there definitely is a tradeoff between adapting and staying firm when it comes to your opportunities. People change and are very fickle and if we can adapt to their needs as their needs change, it will be beneficial for both sides. However, it is also sometimes good to stay firm and let people grow around your concept.
Assignment 3A - My Entrepreneurship Story
The first (and most memorable) time I was exposed to entrepreneurship was when I was in my freshman year of high school and in one of my classes, the teacher showed us an episode of shark tank and I was amazed by the way that people were able to see parts of their daily lives that could be improved and then had the wherewithal to come up with a product to improve life that people actually used. I went home and watched 4 more episodes and I've been interested in the topic ever since.
I enrolled in ENT3003 because I wanted to learn more about entrepreneurship and how it was actually done. I've never really had experience with the topic in a classroom setting and I was very curious on the actual principles of such a large area of study. I want to gain a real understanding on how to monetize something while improving the quality of life.
<--- me on the first day of high school in the year when I first learned about entrepreneurship
I enrolled in ENT3003 because I wanted to learn more about entrepreneurship and how it was actually done. I've never really had experience with the topic in a classroom setting and I was very curious on the actual principles of such a large area of study. I want to gain a real understanding on how to monetize something while improving the quality of life.
<--- me on the first day of high school in the year when I first learned about entrepreneurship
Assignment 2A Bug List parts 1-3
20 bugs for my bug list
1. Hair gets frizzy in humid weather
Exists because: The warm, wet air causes hydrogen bonds to form in your hair making it curl
2. When there are thin walls in a house and it is hard to sleep
Exists because: Sound easily travels through the walls and distracts you from sleeping
3. When the plates and bowls don't fit in the dishwasher
Exists because: The shapes of the bowls and plates don't fit together in the tiny space
4. When there is bad traffic around 4:30-5pm
Exists because: Most people are getting off from work and it is rush hour
5. When the gym is super crowded in January
Exists because: People usually have new years resolutions to work out more which makes it crowded in the early months of the year.
6. When my hand cramps up from typing a lot
Exists because: Moving your fingers very fast can cause the hand to cramp
7. When the McDonald's order comes out wrong even though you ordered it the right way
Exists because: The fast food concept usually values speed over accuracy
8. When an Amazon order doesn't arrive when it was scheduled to
Exists because: Weather delays or other unforeseen circumstances cause the package to arrive late
9. When my phone automatically connects to the wrong wifi
Exists because: Most smartphones automatically try to connect to the first wifi network they find
10. When people stand in front of the TV during a game:
Exists because: People get excited and forget about being considerate
11. When people chew gum loudly
Exists because: Chewing this way allows you to get the most flavor out of the gum
12. When an uber driver goes to the wrong location
Exists because: There is a lot of unfamiliarity with uber drivers in certain areas
13. When you have to wait a long time for a piece of equipment in the gym
Exists because: Gyms get very crowded at certain times of the day which makes equipment scarce
14. When there are long lines to get into a venue
Exists because: More people go to the venue than there are capacity for
15. When the calculator runs out of batteries
Exists because: The technology of the calculator is cheap and doesn't use the battery efficiently
16. When the air conditioning breaks
Exists because: Overuse of the A/C makes it break down fast
17. When you can hear the music that people that people have in their headphones
Exists because: People play music loud and the headphones can only do so much to keep the noise in
18. When you try to have a conversation with someone and they have air pods in and you can't tell
Exists because: The headphones are small and you can't tell that people have them in
19. When the lead on your pencil breaks while writing
Exists because: The pencil lead is cheap and thin and breaks easily
20. When the bathroom steams up and the mirror fogs while you take a hot shower
Exists because: The hot water gives off steam which fogs up the reflective surface
Reflection
Some of the challenges that I faced while creating this blog post were remembering the things that bothered me in the past while I was not currently in the moment. I had to use my memory to think about what parts of my daily routine were inconvenient and could be improved. I also am a relatively relaxed person so I usually brush off a lot of things that would bother most people. This assignment has helped me to think about day to day life and how there are a lot of things that could be improved with simple adjustments.
1. Hair gets frizzy in humid weather
Exists because: The warm, wet air causes hydrogen bonds to form in your hair making it curl
2. When there are thin walls in a house and it is hard to sleep
Exists because: Sound easily travels through the walls and distracts you from sleeping
3. When the plates and bowls don't fit in the dishwasher
Exists because: The shapes of the bowls and plates don't fit together in the tiny space
4. When there is bad traffic around 4:30-5pm
Exists because: Most people are getting off from work and it is rush hour
5. When the gym is super crowded in January
Exists because: People usually have new years resolutions to work out more which makes it crowded in the early months of the year.
6. When my hand cramps up from typing a lot
Exists because: Moving your fingers very fast can cause the hand to cramp
7. When the McDonald's order comes out wrong even though you ordered it the right way
Exists because: The fast food concept usually values speed over accuracy
8. When an Amazon order doesn't arrive when it was scheduled to
Exists because: Weather delays or other unforeseen circumstances cause the package to arrive late
9. When my phone automatically connects to the wrong wifi
Exists because: Most smartphones automatically try to connect to the first wifi network they find
10. When people stand in front of the TV during a game:
Exists because: People get excited and forget about being considerate
11. When people chew gum loudly
Exists because: Chewing this way allows you to get the most flavor out of the gum
12. When an uber driver goes to the wrong location
Exists because: There is a lot of unfamiliarity with uber drivers in certain areas
13. When you have to wait a long time for a piece of equipment in the gym
Exists because: Gyms get very crowded at certain times of the day which makes equipment scarce
14. When there are long lines to get into a venue
Exists because: More people go to the venue than there are capacity for
15. When the calculator runs out of batteries
Exists because: The technology of the calculator is cheap and doesn't use the battery efficiently
16. When the air conditioning breaks
Exists because: Overuse of the A/C makes it break down fast
17. When you can hear the music that people that people have in their headphones
Exists because: People play music loud and the headphones can only do so much to keep the noise in
18. When you try to have a conversation with someone and they have air pods in and you can't tell
Exists because: The headphones are small and you can't tell that people have them in
19. When the lead on your pencil breaks while writing
Exists because: The pencil lead is cheap and thin and breaks easily
20. When the bathroom steams up and the mirror fogs while you take a hot shower
Exists because: The hot water gives off steam which fogs up the reflective surface
Reflection
Some of the challenges that I faced while creating this blog post were remembering the things that bothered me in the past while I was not currently in the moment. I had to use my memory to think about what parts of my daily routine were inconvenient and could be improved. I also am a relatively relaxed person so I usually brush off a lot of things that would bother most people. This assignment has helped me to think about day to day life and how there are a lot of things that could be improved with simple adjustments.
Monday, 14 January 2019
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