Final Reflection

As our time comes to an end in this semester of Principles of Entrepreneurship, like anything you do in life, it is so important to reflect on your time. I used to not be a good self-reflector. During my time here at UF I have made it a goal of mine to do everything with the intention of learning, growing, and adapting. So reading back on all of my posts from this semester was a great way to do this, and even gave me a bit of nostalgia (even though its only been a few months). Anyway, there was one particular experience that really stood out to me from this course, and that was the Secret Sauce assignment. This one was particularly enjoyable, not because I got a lot of my friends and family to speak nice about me, but it really gave me a confidence boost. One of the things I struggle with the most is my confidence, and this assignment really forced me to look at the experiences, talents, and characteristics that I bring to the table in any situation. It really increased my idea that I am able to do anything I put my mind to and rather than inflating my ego, I think it humbled me even more.
At the beginning of the semester we wrote about having an entrepreneurial mindset. When I was first posed with this question, it was difficult for me to come up with an answer, but after working through this course and its various assignments, I think I have a grasp on what it means to be an entrepreneur. I don't have to be the next Elon Musk or Steve Jobs, but it is all about the way I think. There are opportunities surrounding us in our everyday lives, and people who have needs and wants that can be exploited. This course has helped me to open my eyes wider to the world we live in, and got me out of the little bubble that I live in. For incoming students to this course, my biggest recommendation would be to try. Give this class a good effort and you will be surprised as to what you can get out of it. Stay on top of your assignments, get out and talk to people, and give this class your best shot. The grade will be there at the end of the semester, so if you really want to gain something from your time at UF other than a degree, you owe it to yourself to give it your all, it won't kill you.
 

Venture Concept #2

Opportunity:

Throughout this course, and more so towards the beginning, we worked a number of assignments that assisted in the opportunity identifying process in order to begin with a venture idea. After analyzing my own needs by identifying the things in my life that bug me the most, or that I wish there was a solution to, I was able to identify an opportunity based on these realities. Simply put, through these activities, I identified that there was an opportunity with students who are currently seniors in high school and getting ready to go to college, as well as first and second year college students who are taking out student loans. It was easy to identify this need because it is something that is close and personal to my heart, considering I am a current college student who has to take out student loans to pay for my higher education. I identified that this particular group of people have this need because I am familiar with the process of obtaining student loans and paying for school. The process is very confusing with terminology that nobody has taught us, and when asked to explain, we get a vague answer that doesn’t really make things any clearer. This customer market also is not aware of the alternatives. When entering college, we are presented with the idea of FASFA and accepting the federal government’s loans they have for us as really the only option as to how to pay for school. The nature of this need can be described in part by the forces in the environment that are really creating this opportunity. The force of the rise in tuition and expenses of college is what is making this need more evident in more and more student’s lives. Statistics show that the average cost of attending college is increasing each year, with no signs of slowing down, which creates the opportunity now more than ever for this customer market. This market has a very large demographic and geographic market, given there are colleges and universities all across the country and the world in which students are taking out loans in order to attend. The customers in this market are currently satisfying this need by seeking advice from the universities financial aid departments, as well as any information they are able to find online regarding their questions and concerns. I believe this opportunity is very large given the amount of people that could benefit from a service that is focused on this need that is affecting the lives of millions of people not just in college, but beyond their college years. As long as the cost of attending a university like the University of Florida continues to be as high as it is, the window for this opportunity will remain open.

Innovation:

As you can see, there is a clear opportunity in the area of student loans for students who are just about to enter college, or who are already in college, looking to salvage any hope that they have for a debt free future. So where do I come in with this opportunity? Well the innovation or business idea that I have developed, and proposing is a simply an advising service, that meets with the students and their families, informing them of the exact information, details, processes, and alternatives that come with taking out federal student loans in order to pay for school. From personal experience, I know that there is a lot more information available for this opportunity than what is presented to the students, as well as alternatives that can save these students thousands of dollars in debt after college. How it works is my service will gather all information that is unique to our customers’ situation. I have learned that not all student is in the same financial situation and they are different variables that can be taken advantage of if done so properly. This is why we will look at each person’s situations separately, assess the potential alternatives and processes, and advise each student on what the best plan of action is for their remaining years in college. What this will do is give each student a holistic view of their financial situation and how they can utilize them to their full potential in college, while not being stuck with thousands upon thousands of dollars in student loan debt. The tricky part with this service is how I am going to make money. Since it is a service attempting to help students save money, it will be difficult to make money. A positive is that there is low cost in order to fund this business. Because of this, I will be able to charge my customers a low price of $10/hour of meeting time, along with a flat rate of $25 for the research, analysis, and preparation of a financial plan/guide for each student.

Venture Concept:

Simply put, I believe this service will address the opportunity identified, because it provides a personalized assessment that is not easily available, if available at all, in the alternatives or current methods for satisfying this need. Because of this personalization, I truly believe student will be willing to pay the low price in order to save themselves potentially thousands of dollars in future debt. It is clear that the main competitor to this service is the already established financial aid departments within the colleges. These are typically free departments that are willing and able to provide similar advice, but I believe they do not provide ample information and it is too vague and not personal enough. My most important resource for this venture is my personal experience within this subject and the information that I already have available. I will be able to connect with my customers and provide them with information that will actually be useful to them and their financial situations. In order to kick start this service, I will first do a little trial run on people I already know have this need. From there I will be able to assess and revaluate and hopefully turn this into a full-scale business, helping students across campus and across the country.

Feedback:
The feedback I received from my first venture concept was generally positive. It is clear that there are a few things that I need to be aware of and adapt my business idea to these things. I also asked some people outside of this class to provide feedback on my venture, and the results were similar. I believe I am on the right track with this business idea, but there is still a lot of customer market research that needs to go into it as well as a lot of other information gathering if I want to make this thing legitimate.

My Exit Strategy

It is interesting to be thinking about an exit strategy for a company that is really in the beginning stages on even being started, but it is clear that knowing a potential exit strategy largely effects the way that you make decisions for your business. For my company, I think it is something that I can have control of for a very long time. As far as I know, student loans are going to be an issue for a very very long time. I also believe that my business idea has the potential to grow larger and can even branch in to other financial advising services as it relates to college students or young professionals. I believe this is an industry that will show no signs of coming to an end, and may even get larger. So for my exit strategy, I plan on being in this business for the long haul, with the intentions to grow and expand my services, impacting more than just University of Florida students. It will take a lot of time, hard work, and effort, but I see this as something that not only can I do for a long time, but something I would want to do for a long time. I also think this is the best exit strategy for me because it is a business that does not require a lot of start up funds, and will not have a high operating cost as it grows. Of course, if the company is expanding that means revenue is as well, which gives me more room for other costs, like hiring employees and spending money on other industry essentials. I think this exit strategy has influenced my concept development up to this point, because from the very beginning I felt this is something that can have a long burning flame, rather than a venture that is short and sweet. I also believe it may take a while to see very high returns, but like I mentioned, the investments aren't breaking the bank, so it may be worth it to ride it out and see where it can go.

Reading Reflection #3

For this Reading Reflection assignment,  I chose to read the biography of Steve Jobs. Given my age, and the era that I grew up in, Steve Jobs is someone that everyone knows, and certainly knows the success that he has had and the quite literal effect his company has had on most, if not all of our lives. So I was really interested to take a dive into the biography about Steve Jobs that was written by Walter Isaacson.
1. There was something that really surprised me about Steve Jobs while reading this book, and that was the fact that he had worked for so long in the technology industry so to speak. When I think of the emergence of technology in our world, and specifically Apple, I think of it being something that has come about in the last 20 years. In fact, Steve Jobs was working in this industry in the 70's and 80's which really surprised me. I admired this while reading this about Steve Jobs. I respect someone that has spent so much due diligence on something and turned it in to what he envisioned it. This work ethic is something that is proven to take you far in life so I definitely admired that about Steve Jobs. As far as something that I didn't admire about Steve Jobs, that is hard to point something out. I did not see much in this biography that made me not admire that particular trait or quality. I think everyone has their flaws and makes their mistakes, so I do not think it is fair to have an opinion on those. One of the things that we just recently wrote about what the importance of failure in an entrepreneurs journey. Steve Jobs was not excluded from this adversity and failure. He faced adversity all throughout his life and his work ethic brought him out of it and made him a better entrepreneur for it.
2. I have mentioned it a few times already, but Steve Jobs had a work ethic that I believe really sets him apart from others. This is a competency that doesn't take any prior knowledge in order to develop and demonstrate, rather it takes simple heart and determination, and it is clear that Steve Jobs had that. Steve was also an extremely intelligent man, which certainly helped. His industry knowledge and education proved to be a big factor when it came to his success with Apple.
3. Other than the technology industry as a whole being confusing to me, there wasn't much about this book that was confusing to me. Walter Isaacson did a great job and provided the readers with a ton of information about the life and the work of Steve Jobs.
4. If I were able to have the opportunity to ask Steve Jobs two questions, I would simply ask him what advice he had for someone like me trying to find their passion in life and turn that into a career, and I would also ask him what he believes is his most important quality in being a successful entrepreneur. I think these two questions could spark meaningful conversation that can be applied in various different aspects of my life, and I would certainly be enthralled to hear what he had to say.
5. I have covered this, but it is clear that Steve Jobs would speak volumes about hard work. This is the one thing you can control in a world of unknowns. I think I would have very similar outlooks on hard work as Steve Jobs, as I am sure many other people do as well.

Celebrating Failure

It is a cliche thing to say, but I have learned quickly during my time here at UF that you can't be afraid to fail because failure is an inevitable part of life. I think if I think real deeply I can think of many times where I have recently failed, but for this assignment I will focus on one particular aspect of my time here at the University of Florida and the failure that has come along with that. One of my main goals heading into this fall semester was to land an internship for this upcoming summer. With this main goal of mine, I made a concentrated effort to make this a reality by attending a number of networking events, including perhaps the largest of them, the Career Showcase that was held in September. Being a transfer student, this was my first Career Showcase experience, so I went into it with nerves and excitement for what was ahead of me. Long story short, nothing really came of my time at Career Showcase and the companies and recruiters that I talked to. While I am not counting it as a complete failure yet, this was a big disappointment for me, especially after hearing about students who had a lot of success. From this failure, I learned the importance of being prepared. In an event like Career Showcase, when you think you are prepared, prepare more. I also learned that there is always more that can be done. I could have talked to more recruiters, I could have followed up with them quicker or in a better way, I can be more persistent, I can seek out other companies I am interested in. There is always something that can be done if you really want to accomplish a goal. Failure is funny because it is something I believe is necessary and inevitable when on your way to achieving your dreams, yet it is such a difficult thing to handle. Personally, my confidence was shook, and I was doubting myself, but it is so important to recognize that each experience you have is valuable in growing and learning, to make sure that the same failure doesn't continue to occur. 

What's Next?

Existing Market: 
Through the activities and assignments throughout this semester, we have identified a market for the product or service that we have developed. It is easy to identify what is in the immediate future for my business service idea, and that is to hit the ground running and advise customers on the details, processes, and alternatives in their student loan situations that personalized to themselves. Beyond that, I want to think about what is next after hopeful successful implementation of this venture idea. How can I make this service even better, target even more customers, and get the most out of this business for myself as well as the people that I aim to help and assist. What comes to mind first and foremost is to be equipped with the most up-to-date, the most useful information possible to deliver to my customers. I need to make the world of student loans my life and know the insides and outs of the processes so I am confident in my ability to help my customers. As far as what else is next for this venture idea, I asked a few potential customers what they think I should do in order to improve and advance this service. First, I asked the three people I interviewed their thoughts on the ideas for what I had next for my business idea. The overwhelming response from all three interviewees was that they think I need to implement something that involves technology and the convenience that comes with effective technology use. After all, I am targeting college students, and people my age often look for what is most convenient. These customers want something that will be easy for them to digest in short, easy to understand methods. After hearing this feedback, it helps me develop more of a plan for my business idea. I think it is clear that before I worry about implementing any sort of technology into my business, I need to establish a customer base and establish success with them. I think there is a value to face-to-face interaction and conversation when it comes to this need, so while my customer base is just being developed and is still small, this is the way to get the business started. After exponential growth and success, that is when technology can be implemented, in a way that will allow my customers to receive my service without needing to meet up with me and have that face-to-face interaction. This will enable my service to reach a much larger customer base at a much more frequent pace.
New Market:
Throughout this course, we have been tasked with focusing on one particular customer market and being as specific as possible in that identification. For my service, my customer market is first or second year college students at the University of Florida who are needing to or who are already taking out student loans in order to pay for school. A market that would be radically different from that is people in high school, or just recently out of high school who aren't even going to college or not planning on going to college at all. I believe my venture idea may be able to reach these people because the reason for not attending college for many of them may be because they did not want to get in the thousands of dollars of debt that it would require in order to go to college. So perhaps, with my service I can show them that is fiscally possible, and the benefits outweigh the negatives for attending a college or university. I spoke with two people who I know that do not go to college and are my age, so not too far removed from high school. The consensus was that one of the main reasons they did not go to college was because of the financial impact, and they had the opportunity to make money with a job rather than owe money by going to college. They both agreed that by receiving more information prior to making their decision, it may have affected what they decided to do. This process of identifying a new market really surprised me. I never thought of the possibility that my service idea could positively affect people that are not even in college or thinking about college. I think there may be a real opportunity with this market as well, which just expanded the potential of my business idea that much more.

Venture Concept No. 1

Opportunity:

Throughout this course, and more so towards the beginning, we worked a number of assignments that assisted in the opportunity identifying process in order to begin with a venture idea. After analyzing my own needs by identifying the things in my life that bug me the most, or that I wish there was a solution to, I was able to identify an opportunity based on these realities. Simply put, through these activities, I identified that there was an opportunity with students who are currently seniors in high school and getting ready to go to college, as well as first and second year college students who are taking out student loans. It was easy to identify this need because it is something that is close and personal to my heart, considering I am a current college student who has to take out student loans to pay for my higher education. I identified that this particular group of people have this need because I am familiar with the process of obtaining student loans and paying for school. The process is very confusing with terminology that nobody has taught us, and when asked to explain, we get a vague answer that doesn’t really make things any clearer. This customer market also is not aware of the alternatives. When entering college, we are presented with the idea of FASFA and accepting the federal government’s loans they have for us as really the only option as to how to pay for school. The nature of this need can be described in part by the forces in the environment that are really creating this opportunity. The force of the rise in tuition and expenses of college is what is making this need more evident in more and more student’s lives. Statistics show that the average cost of attending college is increasing each year, with no signs of slowing down, which creates the opportunity now more than ever for this customer market. This market has a very large demographic and geographic market, given there are colleges and universities all across the country and the world in which students are taking out loans in order to attend. The customers in this market are currently satisfying this need by seeking advice from the universities financial aid departments, as well as any information they are able to find online regarding their questions and concerns. I believe this opportunity is very large given the amount of people that could benefit from a service that is focused on this need that is affecting the lives of millions of people not just in college, but beyond their college years. As long as the cost of attending a university like the University of Florida continues to be as high as it is, the window for this opportunity will remain open.

Innovation:

As you can see, there is a clear opportunity in the area of student loans for students who are just about to enter college, or who are already in college, looking to salvage any hope that they have for a debt free future. So where do I come in with this opportunity? Well the innovation or business idea that I have developed, and proposing is a simply an advising service, that meets with the students and their families, informing them of the exact information, details, processes, and alternatives that come with taking out federal student loans in order to pay for school. From personal experience, I know that there is a lot more information available for this opportunity than what is presented to the students, as well as alternatives that can save these students thousands of dollars in debt after college. How it works is my service will gather all information that is unique to our customers’ situation. I have learned that not all student is in the same financial situation and they are different variables that can be taken advantage of if done so properly. This is why we will look at each person’s situations separately, assess the potential alternatives and processes, and advise each student on what the best plan of action is for their remaining years in college. What this will do is give each student a holistic view of their financial situation and how they can utilize them to their full potential in college, while not being stuck with thousands upon thousands of dollars in student loan debt. The tricky part with this service is how I am going to make money. Since it is a service attempting to help students save money, it will be difficult to make money. A positive is that there is low cost in order to fund this business. Because of this, I will be able to charge my customers a low price of $10/hour of meeting time, along with a flat rate of $25 for the research, analysis, and preparation of a financial plan/guide for each student.

Venture Concept:

Simply put, I believe this service will address the opportunity identified, because it provides a personalized assessment that is not easily available, if available at all, in the alternatives or current methods for satisfying this need. Because of this personalization, I truly believe student will be willing to pay the low price in order to save themselves potentially thousands of dollars in future debt. It is clear that the main competitor to this service is the already established financial aid departments within the colleges. These are typically free departments that are willing and able to provide similar advice, but I believe they do not provide ample information and it is too vague and not personal enough. My most important resource for this venture is my personal experience within this subject and the information that I already have available. I will be able to connect with my customers and provide them with information that will actually be useful to them and their financial situations. In order to kick start this service, I will first do a little trial run on people I already know have this need. From there I will be able to assess and revaluate and hopefully turn this into a full-scale business, helping students across campus and across the country.

My Venture's Unfair Advantage

My Resources:
1. Location - My location is valuable because I am on a college campus, making my customer base vast and my ability to reach them very easily. I can not say it is particularly rare because there are thousands of college campuses within the United States, but for my sake it is rare to have so many thousands of students located on one campus. This resource is imitable because anybody can be on or close to a college campus, but I do not believe there is a substitute for being at such a great location with access to this many students who are taking out student loans.
2. Personal Connection to the Service - This is valuable because I am living in the situation that I hope to help other students out with. I know first hand what it is like to be in a student loan situation in the most current climate of higher education. This is somewhat rare because I believe most students who are in this situation are looking for help not looking to be the help. This resource is not necessarily imitable because nobody is going to intentionally put themselves in a student loan situation if they don't actually need the money for college.There is also no substitute to this resource because it comes from my own experience that I have had and my knowledge and feelings that I have gained.
3. My Connections on Campus - Through previous activities I have established a network of potential customers, "leads" you could call them. This is valuable because it almost gives me a starting point with my service. It is rare in the sense that nobody else has talked to the students I have and asked them the questions about their needs and their wants when it comes to student loans. I'd say this resource is not easily imitable because I have already laid that ground work. While others can talk to other students, I just don't think anybody else is out there doing that. I think there are other resources that can provide similar benefits, but none as much as knowing potential customers by name, not just a generic group of people.
4. My Determination - This resource is valuable because it is what drives me to help other students out that are in similar situations to myself. I think this is rare because it is a culmination of who I am as a person along with the experiences that I personally have had that lead me to this point. Sure, this resource is imitable because anybody can have determination, but it is all about how it is used. I do not believe any other resource provides the same benefits as my own personal determination does.
5. Low Financial Barriers - This is certainly a valuable resource because I do not have to worry about funds in order to get this service on the ground. I am relying on readily available information and my own analysis in order to provide this service. This resource is rare because many products and services have high financial barriers that may prevent them from reaching a customer market. This resource is imitable however, because anybody looking to provide the same service has access to the same information I have access to. This resource does provide benefits that not many resources do, because the financial aspect of a company is so crucial.
6. Knowledge on the Topic - This resource is very valuable because I do not have to do a lot of startup research, because I have a lot of knowledge that can be useful to others at the moment. This is not necessarily rare because anyone who starts a company or a service has knowledge about what they are going into. This resource is imitable to a degree, but there is something to be said from the knowledge on the subject that I have gained from my own personal experiences. This resource provides a benefit that I do not believe is not available in other resources.
7. The Current State of College Tuition and Expenses - This resource is valuable because it means my service will be needed for a long time, not just for a short period of time. The cost of college keeps rising, so students will always need to take out student loans. This is not necessarily rare, because there are a lot of services and products that do not have to worry about the longevity of their market. It isn't imitable however, because you can not create a need. The benefit to this resource is great, and not culminated from any other resources.
8. My Work Ethic - My work ethic is a valuable resource because I will work tirelessly to deliver the best to my customers, meaning I will stay on top of the information and alternatives to provide the best advice and plans. This is rare because I believe not everyone has what it takes to work as hard as business requires. My work ethic is not imitable. It is unique to me and provides benefits as large as I am willing to work.
9. My Age - Oddly enough, I think my age is a valuable resource because I am able to connect with the market of customers that I am targeting. It is rare because not many services are run by 20 year old college students, especially in the financial planning/student loan industry. You can't imitate age and the evident advantage that comes with being able to connect in this way yo your customer market.
10. Room for Error - I think it is a valuable resource that with my service, I can't really make a student loan situation worse. I won't have to worry about the growing pains of a company in this way because the students will already be coming to me with the worst possible situation. This is rare because I believe there is not a lot of room for error in other companies and services. You cannot imitate this resource, being it just comes with the nature of the idea and the customer market. This benefit could prove to be one of the most important ones, that you can't get from other resources.

My Top Resource: 
Of these 10 resources and by doing a VRIN analysis of them all, my top resource is my personal connection to the subject matter. This resource is the most important to my venture because it means that I get exactly what my customers are going through, their needs, their wants, and what they are looking for in a service like mine. It encompasses many of the most crucial aspects of any venture, and I have an advantage in this way.

Reading Reflection No. 2

The book that I decided to read for this reflection assignment was "How to Fail at Almost Everything and Still Win Big" by Scott Adams. This book was a very interesting read and I highly recommend it.
1. The general theme or argument of this book was the idea that by creating and implementing "systems" into your everyday life and practically all that you do, you will eventually get to a point with these systems that will prove to be successful. This idea of systems was being compared to the idea of goal setting, and how setting all of these goals for yourself may not be the way to "win big." It was very interesting to read this perspective on these topics as it is almost opposite of what I hear in the environment I am in right now. Being in college and specifically the business school here at UF, goal setting seems to be the key to success. Of course, you have to implement these goals and the actions to achieve them, but without setting goals you have no direction for your life, so they say.
2. In my opinion, this book is very relevant to the material we are learning in this course. Specifically with the idea of developing systems, I believe it may be beneficial for myself as an entrepreneur to think systematically when it comes to the world around me. I say that not meaning to have a closed mind and think only one way, but to go through a process in your mind when it comes to identifying opportunities to potentially solve. I believe it is great for an entrepreneurial mindset to include goal setting, but I also believe there is a point to what Scott Adams talks about with creating systems.
3. If I had to create an exercise for this class that relates to this book, I would have the students create a post that forces them to develop a system for their lives. It doesn't necessarily have to be anything related to a business idea or anything professionally, but to create a system that they can implement in their everyday lives. I would then have them reflect on the outcomes of these systems weeks or even months after its inception to draw conclusions on what they believe to be the best course of action in their particular situations.
4. This book was very surprising and almost enlightening to me. I very much enjoyed reading about Scott Adams' perspective and his way of approaching the sought after "success." The "aha" moment came for me when I realized it may be a combination of both that will lead you to success. Goal setting and systems development can be used in collaboration with each other, and it is really about identifying the situation and adaptability that will lead you to the best you can be.

Elevator Pitch No. 3

https://www.youtube.com/watch?v=5ofW9S9TBI4&t=8s

Third time is a charm! After the second elevator pitch I was a little surprised by the feedback I received in a positive way. I have received some very positive feedback about my elevator pitches and I have also received some very valuable constructive criticism. One thing that really felt different to me this time around, was how well I felt I knew the content. At this point it feels almost memorized and it makes me feel much more comfortable in front of the camera. This elevator pitch I tried to be a little more convincing with my tone and my body language. By doing so I believe it gives a better impression to my viewers.

Growing My Social Capital

1. The first person that I made contact with was Mark McMurray who works for Wells Fargo. Mark is fulfilling the domain expert slot for me as he is a wealth management adviser for Wells Fargo, and has done so for the past 20 years. I found this person through mutual connections. My family has an old friend that is coworkers with Mark, so he was able to put me in touch with him for the sake of this assignment. I received Mark's email address and sent him an email explaining who I am and if we could chat over the phone. During our conversation he provided very valuable information and insight into the advising profession and what that may look like for someone like me trying to get a business idea solidified. By including Mark in my network, I will be able to create a better connection with him, and he could point customers in my direction for the very specific need of student loan advising.
2. The next person I reached out to for this assignment was Janet White who works for Discover Bank in Jacksonville, Florida. I was able to make contact with Janet by simply reaching out to Discover bank because I knew that they provided student loans, through research of my own. By explaining who I am and what I was looking to do, Janet was more than willing to speak with me. Her and her team are looking to target the same customer market as I am with a very similar service so she fulfilled my market expert contact. The favor Janet did for me was that she provided me with a glimpse into the market research that they have done up to this date and gave me advice on how to kick start a business. By including Janet in my network I will be able to check in and see how her project is going and compare it to my service as well.
3. The final person I contacted fulfilled the supplier role of this assignment. This person was harder to get in contact with because there aren't many suppliers of this type of service for students who are taking out student loans. There is a company that assists students in receiving more scholarship money as well as appeals to the government to be awarded more in federal grants. I reached out to this company and was able to speak with Michael Little who was on the appeals team. He was able to provide great information as to what it takes in order to make money in a service like this, as well as which market to target. Adding Michael to my network will be beneficial to me if I ever am looking to switch up the direction of my business.

This assignment was a very interesting networking experience. It required that I step outside my comfort zone and seek out people that fit a specific billing. This will change the way I network in the future as I will be more comfortable with seeking others out and making conversation.

Idea Napkin #2

Me: Throughout this entrepreneurial journey I have done a lot of reflection. In the beginning I thought this business concept generation was going to be just that. Little did I know I would be digging beyond the surface, and little did I know understanding who I am may be just as, if not more important than the business idea itself. So who am I? I am a 20 year old college student just trying to find my way in this life. I care about the people that are closest to me in my life, and I am constantly trying to build new relationships and friendships with those I interact with. I love sports (maybe to an unhealthy degree), but that is how I grew up. I believe that is what fosters my competitive nature, and that comes out in me in everything I do. I don't want to finish second. I am also a hard worker. Everything I do and put my mind to I will give it 110%. I know that is cliche to say, but I truly believe that about myself, and I am hard on myself if I give anything less. Another one of my best skills is my ability to stay organized and structured even in the face of adversity and change. I think in any situation, especially professionally, it is crucial to be able to have a flexibility that is complemented by your organization and routine. I have experience in customer service, operations, fundraising/sales, and grunt physical labor. Although I sometimes feel I am too young to have experiences that are worthwhile up to this point in my life, I have to remind myself that each event and experience in my life is a learning and experience, and I believe I have learned a lot in my short 20 years. Specifically to this business concept, I have aspirations of it helping people. One thing I know I want to do in my career is work with people. This is one way to do so, and it would mean the world to me to impact students and families who are in my exact position right now. This is just the very beginning stages of this business idea, but I aspire to make it something that truly makes an impact.
What am I offering to customers?: I have identified an unmet need for those who are current or incoming college students who are unable to afford tuition and living expenses, hence forced to take out student loans. The service I am offering is an advising service that informs these students and their families the exact details, effects, and alternatives to student loans. I want to personalize this service so that each customer is getting the holistic view of their situation, not some cookie cutter answer from a financial aid office that leaves them still confused and worried.
Who am I offering this to?: To be very specific, to start, I will offer this service to incoming college freshman, as well as current first or second year college students who are taking out federal student loans at the University of Florida. The thing all of my customers have in common is the fact that they simply believe there is no other alternative then to accept the student loans the federal government has to offer, and rake in thousands on top of thousands of extra dollars in interest rates and payment plans.
Why do they care?: Simply put, they care because this is their livelihood at stake. Anybody who has to pay upwards of $80,000 with an entry level job right out of college is going to be significantly affected by this. This is their future at stake. Their potential families at stake. I believe many people will try and do what they can to minimize this debt.
What are my core competencies?: One thing that first comes to mind is my experience with this exact situation. Being a current junior who spent my first two years in my hometown attending a community college while working 40 hours a week to pay for my school, I understand the effects the expenses of college has. I also understand the alternative solutions and the important aspects of these loans as I know am having to take out loans for the University of Florida. Another thing that sets me apart from others is the personal connection I have to many other students in my position. Being a student myself, I am able to connect with the concerns and the problems when it comes to money and the brains of 18-22 year old's.

After analyzing all of these different elements of my business idea, combined with my own competencies and skills, I believe they are all starting to mesh together. In the beginning I believe there were many more holes and weaknesses to my idea than there are now. While there are still some things I need to identify, such as how I am going to make money with this idea, I believe some of the crucial components are starting to work together and form a more complete idea.

Feedback Memo: From my first idea napkin, one of the key takeaways from the feedback I received was that I needed to be more specific. I believe I really have narrowed down my customer market and it is a good starting point for this business. Another feedback point that was made was the concern of how this is going to make money. I addressed that it still needs to be worked on and developed and that may be my biggest obstacle in the way of really having a solid idea. 

Elevator Pitch #2

https://www.youtube.com/watch?v=5ofW9S9TBI4

Here is the link to my business idea elevator pitch. This whole semester we have been working with the idea of opportunity development and identifying customer needs. As I personally have been working with this particular business idea, the elevator pitch is a key component to getting it off the ground. After the first elevator pitch I posted, I received some great feedback. One thing that I could improve on and wanted to make sure I did so in this video was the tone of my voice. In the first elevator pitch I was fluctuating my voice and it sometimes sounded unnatural. I also received feedback regarding the content of the elevator pitch. So this time around I made sure to refine the content that I was presenting and really studied up on what I wanted to say to where it wasn't memorized, rather I simply know the topic I am talking about.

Customer Avatar

Up to this point in our opportunity identification, and our proposed resolutions to these opportunities, we have wrestled with the idea of what our customer market/segment is. After conducting a handful of interviews and refining our search, it is time to really picture and imagine what our prototypical customer will be. Just to recap, for my particular service,  I want to go into high schools and colleges and advise the students and families of the exact processes, details, and affects of student loans. Through these previously mentioned interviews, I have identified my specific customer market as incoming freshman, or first or second year college students at the University of Florida who are taking out student loans to finance college and are required to pay it back themselves (no help from parents/relatives). It is very interesting to think about how I picture this given customer segment. Here is what I imagine them to be like:
These people who I want to target with my service are bright eyed and bushy tailed. What I mean by that is they are full of hope, joy, excitement. They are either just entering college or have been here for a short time, and the possibilities are endless of where their future might lead. For many people, the University of Florida is their dream school. We have just recently became a Top 10 Public University so it is harder than ever to get into UF, and they've done it. They have worked hard ever since they entered high school at 14 years old, knowing it would pay off for them in this way. But who really are these people? They are young, that's for certain. 17, 18, or 19 years old, and just entering adulthood. They like to go to sporting events, they like to hang out with their friends when they aren't studying, and go to the library when they need to study. These people LOVE coffee. It is what fuels their all day and all night studying. These people love music as well. Our generation really enjoys the latest and next best technology, whether that's the newest music, the newest iPhone, anything that makes our lives more convenient, that is what we are all about. These people are smart, too. There is a reason they are not only at this University, but willing to fork over thousands on thousands of dollars to be here. They have a vision for their lives. Unfortunately, there is just one thing that could be holding them back - their student loans.
I have a lot in common with this "customer avatar." In fact, I think many of the things that I just described, describe me perfectly. I do not think this is a coincidence, considering I developed this opportunity belief from my own problem. 

What's My Secret Sauce?

One of the things that I had mentioned in my halfway reflection for this course was the idea that I feel I have improved in my own self-reflection. For a majority of my life,  I didn't really spend a lot of time really getting to know myself. As odd as that sounds, when it came time in a situation like an interview, I truly didn't know what my strengths and weaknesses are, and I hadn't reflected on how my experiences make me unique. This is something I feel I have improved on, and look to continue improving. For this particular post, I will highlight five traits/characteristics/experiences about myself that make me unique and gives me an edge.

• To start, I believe I have a knack for building relationships. No matter the situation or the person, I love to get to know people on a personal level, and connect with them. In my experiences, whether it be sports, school, or work, I have found that this strength of mine creates positive environments for teamwork, collaboration, and trust. 
• Another core strength of mine that I really pride myself over, is my dedication. Give me any task, and I am going to treat it meaningfully and with purpose. When my mind is put to something I am going to do it to the best of my ability, and won't be able to sleep at night if I know I did something at half-speed. 
• Next, I want to mention how I feel my experiences give me a unique edge over others. In just my short 20 years of life, I have had a variety of different work positions, ranging from working in a kitchen at a fast food restaurant, to customer service, to leadership, to logistics. I have made it a point to take something valuable away from each experience I have, and knowing how I can apply them in my current and future positions. 
• I also want to touch on the emotional part of myself and how I feel it makes me unique. I am a passionate person. This relates to my dedication, but there are many situations where I find myself truly passionate about something I am involved in, and it reflects in the work I do, and the relationships I create. I believe this is a trait that can rub off on others and positively affect a group or team environment. 
• Finally, I believe my competitive nature is a strength that can be utilized. I do not like to finish last. Heck, I don't even like to finish second. If there is something that I can do better than the person next to me, I am going to do what I can to make that happen. This stems from a lifetime of competing in team sports. It is the foundation of my childhood and has carried over with me into adulthood. 

https://youtu.be/doAamC6GVIE (Courtney's Recording)

This recording is from my sister Courtney. She is someone who has seen me at my best and most definitely at my worst, and in many different situations. Being just one year apart in age, and spending our whole lives together, I really value her opinion. 

https://youtu.be/Vne6Ttm9UCc (Dad's Recording) 

This recording is from my dad Mark. As you can tell, he has a lot of very kind things to say about me. I have to say, a lot of those traits come from him and have been instilled by both of my parents. He is a realist and very level-headed.

https://youtu.be/ycfk7xK-vVI (Lily's Recording) 

This recording is from my girlfriend Lily. She has been with me for about the last three years and has definitely seen me progress personally and professionally. I also think a lot of her endearing qualities have rubbed off on me since we have spent so much time together. 

https://youtu.be/KwNZslS69AA (Siana's Recording)

This recording is from my stepmom Siana. She is the one who I think has the most unbiased opinion of me, given that she came into my life at the beginning of my teenage years, and with kind of a fresh start. She has always been honest and I respect her opinion.

https://youtu.be/KwNZslS69AA (Mom's Recording)

This recording is from my mom Janet. She has always been my biggest critic and my biggest supporter. Her opinion means a lot to me and she has seen me develop throughout my whole life. 

After taking some time to reflect on the way I see myself, and hearing from those closest to me on how they see me, it was definitely an eye-opening experience. My friends and family said things to and about me that I would have never expected, things that I would not have described about myself. I also think the original list of reflections that I made is pretty accurate. For the most part I feel as if I assessed myself the way others see me, and it was reinforced with the words of those closest to me. I also was able to identify through this assignment, things I can work on as well. I know there are different qualities that a successful entrepreneur have, that I just don't quite possess. This was a great learning experience. 

Figuring Out Buyer Behavior #2

Previously, I had identified a customer segment that I wanted to focus on with my business idea, and I conducted interviews in order to gather more information about their buying behaviors. The information gathered provided some valuable insight to this opportunity and some things that may need to be focused on or refined. This time around, I am focusing on the alternatives that this particular customer segment may utilize. To reiterate from the last post, the segment I have decided to focus on is students in their first or second year at the University of Florida who are taking out student loans to cover the cost of tuition and living in college. I found three more students who fit this categorization, and focused on the alternatives as it relates to student loans, and the information needed to fully understand student loans. Since I am proposing a service that is aimed to advise and inform students of the details, processes, and effects of student loans, I wanted to ask the interviewees where they go to get this particular information. The most common first response was the financial aid office at the university. Expecting this answer, I wanted to inquire about the type of information they gathered and if they found it to be satisfying to their needs. The overwhelming response was that they felt they were given helpful information but walked away still confused about the whole process. The next alternative was the internet. All three of the students I interviewed stated they typically take to Google whenever they have a questions, which leads them to a variety of different websites and services that provide a touch of information. Again, the consensus seems to be that this is not all encompassing either. A final alternative seems to be people who have been through college and took out student loans before and know a little about the process. For this particular opportunity and the identified need, the main "picking" factor isn't price, or quality, rather it is convenience and amount of information gathered and absorbed.
It was important for me to also ask in these interviews about the idea of paying for services that will satisfy all of their needs as it relates to student loans. Given this is not something that students typically pay for, like financial aid advisers or the internet, I need to gather information to determine if this is something that they would pay a small amount for. In these three interviews, two of the three expressed interest in paying for a service that would provide all of the necessary information. The other student expressed it is really dependent on the price of the service and just how helpful it would actually be. This leads into the next topic I discussed with these students, what matters most to them when they think back on the "rightness" of the purchase. The overwhelming response to this question was that each student cares about the fact that the service will actually do something to help their financial situation now, as well as in the future.
In conclusion, it is clear that this particular customer segment has alternatives when it comes to their student loans. It also is very evident that these alternatives are not exactly meeting their full needs, and it is something that these students feel passionately about being fulfilled.

Halfway Reflection

Sitting here reflecting on my time in this course at the halfway point of the semester, I am surprised to know that I feel I have learned more about myself in just this little amount of time than I have in many other courses/experiences.
1. The behaviors that I have used or developed during my time in this course to keep up with the requirements has mainly been "think outside of the box." In order to complete the assignments it is necessary that you take a step outside of your comfort zone and look at the world in a way you may not normally look at it. It will be extremely difficult if you do not step out of your normal thinking because you won't be able to recognize the worlds problems that need to be solved.
2. I think I felt like giving up in this course very early on. As soon as I was introduced to the idea that we'd be developing a business idea as a semester long project so to speak, I counted myself out because "I don't have any good ideas," or "I don't even know where to begin." What pulled me through this doubt was the structure of the courses and assignments that have been laid out by Dr. Pryor. The assignments and lectures have really walked me through the process and I feel I really have a good idea that I can at least take experience with me for my future. Because of this, I definitely believe I have developed more to my tenacious attitude. I recognize that I will encounter situations that I feel like giving up or I have doubt but the grass is greener on the other side.
3. For this course as it relates to tenacity, the most beneficial tips I can suggest are:

• Give yourself a chance from the beginning. Have confidence in your ideas and your knowledge.
• Do not back down from feedback, ESPECIALLY negative feedback. This is the best way you are going to learn. Embrace comments from others and make adjustments. 
• Take the assignments seriously. Actually go out and interview people. You will be surprised the amount of knowledge you can take away and you might even surprise yourself. 

Reading Reflection #1

For this assignment I decided to read the biography of Phil Knight, the man who started Nike. I chose to read this simply because of the name recognition as well as the fact that I am very interested in the world of sports and Nike in particular.
What surprised me the most: I went into this reading experience with a preconceived notion that these people like Phil Knight who are so successful in the businesses they have started, that they did so with ease because they are geniuses with genius ideas and were destined to start this company. What I learned and what surprised me the most was just how difficult it was for Phil Knight and it wasn't an overnight success.
What do I most admire: This one is easy to me. Phil Knight throughout his life has displayed a persistence, perseverance, and an ingenuity that is unmatched. One thing I am learning is that in order to want to be successful like Phil Knight, you have to be willing to work for it, and he was. He overcame obstacles and came out on the other side with one of the worlds most recognizable brands.
What did I least admire: I can't particularly say there was something about Phil Knight that I didn't admire. Like I mentioned, he contains traits that I admire and strive to have myself.
Did he encounter adversity/failure: I touched on this a little bit before, but yes, Phil Knight came across many challenges and failures on his rise to the top. Instead of letting these defeat him and give up, he decided to learn from these and adapt and change to the his ever-changing environment.

As an entrepreneur, it is essential to display a certain set of competencies in order to one day be successful. Phil Knight displayed resilience, adaptation, and forward-thinking, on top of the other skills and strengths I had previously mentioned. As far as something that was confusing to me in the reading, I didn't really come across anything that had be confused. The biography was very clear and touched on many aspects of Phil Knights life. If I ever had the chance of meeting Phil Knight and had the opportunity to ask him two questions, I would simply ask him, "what is your advice to someone like me, or anyone who is looking to kick start their career in any particular industry?" I would also ask him "what is one regret you have, if any, during your career?" 

Figuring Out Buyer Behavior

I have been stewing with this opportunity that I have identified for a couple weeks now and I have learned so much and my opinions and views have changed since the inception of the idea. However, the most important thing I must identify revolves around my potential customers. I must know exactly who I am targeting, why their needs fit into the service that I am offering, and what is the best way to solve their needs. For this exercise, I decided to choose the particular customer segment of students that go to the University of Florida, take out student loans, and are in their first or second year of school. This is a segment that I believe will fall into my target market more than any others so I was really curious to speak with some people who met these qualifications, and really dive into their unmet needs when it comes to student loans. I was able to easily find three people on campus that were willing to sit down with me and talk about their potential unmet needs. For this particular exercise I needed to focus on need awareness and when exactly the target customers understand and recognize their need. What I found out that was uniform across the three people that I interviewed was that their need was at its peak during the beginning of semesters. This is when the expenses of school are really at their forefront and must be addressed. At the beginning of semesters students are stressed about their financial aid and there are often times some issues that come from the financial aid department. So given this information, my next questions were regarding how each person addressed this particular need. Again, the consensus was that they contact in person, online, or over the phone the financial aid department at the school. Each person expressed that this is not what they prefer to do however, as there can be some difficulties at times with trying to gain the correct information regarding their financial status, but they feel it is their only option, as there is not much pertinent information available online for them. After my conversations with these three individuals, it became evident that the need is there and is there for more than just these three as well. These are important matters that are being dealt with that these students feel is not being handled correctly, and there is nowhere to go for help.

Idea Napkin #1

In order to continue on with my opportunity belief and concept that I have developed over the past few weeks and are highlighted in my previous blog posts, it is essential for me to take a deeper look into some very important aspects of this potential business idea. As challenging as it may be sometimes, I need to analyze all aspects of this opportunity, and it starts with myself.
Who am I?: I think it is important to know a little bit about my background and how I grew up, and how that is translating into this business concept. I grew up in a middle class family with a stay at home mom and a dad who went to work everyday. By all definitions of the word, I would describe my family as the "average" American family. Then there were some sudden changes in my life. A move from Maryland to Florida and my parents getting divorced. These two events I believe have shaped who I am today. One thing that has always been instilled in me by my parents is hard work. If I want something, it isn't going to be handed to me and I have to work for it. So that is what I have done since I was 16 in order to pay for my car insurance and any leisurely expenses. This is what I believe to be one of my biggest strengths, my work ethic. I will put my mind to any task that I have and work to the best of my ability in order to achieve a goal. Another strength of mine is relationship building. This is a big part of how I operate and work, as I value the relationships that I can make and the benefit that comes from that in a work environment. I have experience in customer service, logistics, fundraising (which I can relate to sales), and a ton of experience working in a team. As far as my aspirations go, I want to do work that will make an impact on people. I don't want to sit behind a computer and plug away at work that isn't going to make a difference. That is why I feel this is a legit business opportunity, as I feel I can make an impact on many young adults' lives.
What am I offering to customers?: As I have described in previous posts, what I am offering is an advising service to graduating high school students and current college students who are taking out student loans in order to pay for college. What this service will do is provide detailed information regarding all there is to know about student loans and the debt and effects that will come from it. I will inform my customers of specifics such as interest rates, unsubsidized vs. subsidized, payback periods, as well as alternative options.
Who am I offering this to?: It is easy to say that I am offering this service to all students who are taking out student loans but that is not the case. I will be offering this service to high schools in low income areas where many of their students going to college will need to take out loans. I will also offer this to students already in college in their first or second year who still have time to make an impact on their total student debt. All of my customers will have in common the fact that they are not aware or have not been told the information that I will have for them with this service.
Why do they care?: My customers care because this is their livelihood that is at stake. As I described in my elevator pitch, the amount of student debt per person in the United States is approaching $40,000. This is at such a crucial point in your life as you are trying to begin a career, begin a family, or just start a life for yourself on your own for the first time. The more debt you have the more challenging and even impossible this can be.
What are my core competencies?: It can easily be said that my service is similar to services such as financial aid on college campuses. The difference with my service is that I am not out to take advantage of the students. I simply want to help these people as I know from personal experience just how confusing this stuff is. I am also currently living this, so the information is fresh and up to date, which will be invaluable to my customers.

After analyzing and determining these specifics about my business idea, I do believe there are some loose ends that need to be tied up and some further information that needs to be gathered. With that said, I truly believe there is a real chance to do something with this business idea. I believe all of these components come together and I think there is a real need for this service in our high schools and colleges.

Elevator Pitch No.1

https://youtu.be/5ofW9S9TBI4

Testing the Hypothesis Pt.2

In my previous posts, I have identified an opportunity for students in college who are needing to take out student loans. The opportunity lies in the fact that these students who are entering college without the money needed to pay for college, are blindly accepting the federal student loans that are offered to them without fully understanding the consequences of doing so and the effect that it will have on their lives for years to come. I previously conducted 5 interviews with students who fall under this opportunity category and would be a target market for my service. For this post, I found 5 more students who I originally thought might have this unmet need that I have identified, but turns out for some reason they do not. 

Who: After these interviews, I learned that there are some people who have a lot in common with the students who have the unmet need that I identified, but do not fit the boundary. The overwhelming consensus that I found was that these students are very well aware of all the aspects of the student loans that they are taking out. Factors such as interest rates, subsidized vs. unsubsidized, and payback periods. These students that I talked to all were very well educated on the topic and consciously made the decision to accept the loans and attend the university. 

What: For this particular need, it is important to understand and identify that not all students with student loan debt fit this need. Many students have made these decisions knowing full well the consequences so therefore do not need an advising service, rather need tuition assistance or loan forgiveness. 

Why: I have already touched on it briefly, but through these interviews I found that the underlying cause for these "outsiders" needs is different. The cause for their need is that simply tuition is a lot of money, rather than they are uneducated about the entire process like those who fit the need for my service. 

Inside the Boundary:                                                                            Outside the Boundary:

WHO IS IN - Students of colleges and universities                       WHO IS NOT - Students who are 

                       who are uneducated about the process/                    very educated and aware of the 

                       effects of student loans and their                              effect and process of student loans

                       alternatives                                                               WHAT THE NEED IS NOT - 

WHAT THE NEED IS - Assistance and advising                           Tuition assistance and support

                                        with the student loan process.                  ALTERNATIVE EXPLANATION

WHY THE NEED EXISTS - Lack of education and                      Perhaps some counties of high

                                                advising in high schools                   schools do better in educating

                                                and colleges about student                about this topic than others

                                                loans

Solving the Problem

The opportunity that I am choosing to explore deeper is the fact that college students all across America are graduating college with more student debt than ever before, and while this is partly due to the incremental increase in tuition each year, it is in large part due to the lack of education regarding the details and process of taking out student loans. Given this information, the service that I plan on providing is an advising service for parents, students, and education systems like high schools and prep schools of the student loan process, the various options when it comes to paying for college, and the overall affect it will have on each students' lives. This will be drastically different than financial aid services at colleges and universities, because one of my main goals will be to catch the students before they enter college so they have a solid foundation of what exactly they are getting themselves into, as well as this service will fully educate these parents and students of the details of the federal loans that I feel is not given through financial aid services. My target audience will obviously be students, their parents, and various high schools and colleges that could benefit from this advising.

Testing the Hypothesis

It has been very interesting to begin the process of identifying opportunities around me. I have learned a lot about myself as well as my environment by thinking of these problems and how they can potentially be solved. With that being said, there is one opportunity that strikes home with me and I believe with many people around me.
College students all across America, and specifically here in Gainesville, are graduating college with more student loan debt than ever before. Aside from the fact that college tuition is incrementally rising each year, this is happening because there is too little education taking place about the process of student loans and the various options that these students have entering higher education.
Who: College students and high school seniors getting ready to go to college.
What: More student loan debt upon graduation than ever before.
Why: There is not enough systematic education of the details and process of student loans including federal student loans, private student loans, as well as outside options for funding like grants and scholarships.
Testing the Who: At first, it is easy to think very broad about the audience that this opportunity is affecting. By diving deeper, I realize that my scope can be narrowed and focused more on more specific groups of college students. Maybe there are certain universities that have higher rates of student debt per capita. Also, there may be particular groups of students that come from particular high school districts that end up owing more money after graduation. I think there is a great opportunity here to do research to figure out exactly who to target in the beginning before widening the scope.
Testing the What: This is where I need to ask the question, "are all students who have large amounts of student debt after graduation uneducated about the topic?" In many cases, it may be true where students willingly and knowingly take on large sums of student debt because there cost-benefit-analysis of getting there degree was a conscious decision. I think this is what I may find in some of my interviews. Personally, I am willingly taking on student debt to get a degree from the University of Florida.
Testing the Why: This is similar to what I mentioned earlier, but do all of these students have a lack of education when it comes to student loans and finances? Does a certain portion of students have a little bit of knowledge regarding the subject? Are there certain services that have proven to be helpful for students? These are the questions that need to be answered through interviewing as well as research.
Interviews Conclusion: I went on campus and asked a few different people to speak with me about this topic. It was not very difficult to find 5 people that were taking out student loans and were willing to share their knowledge on their particular situations. Some examples of the questions I asked were, "How long have you been in school/needing to take out student loans?" "Are you aware of certain factors such as interest rates and payback periods?" "How much do you expect your total student debt amount to be after graduation?" "What kind of assistance have you received regarding financial aid and student loans?" "Have you explored/heard of different student loan options?"
The results I got from these interviews were actually more varied than I was expecting, so it came as a surprise. In general, it seemed as if the students I talked to had a solid idea of what would happen to their total student debt as time went on. Not to my surprise, most of the students I talked to were not aware of other options that are different than borrowing money from the federal government. This is where I believe the opportunity exists the most. It was very interesting to hear from these students and I feel I was able to strengthen my view of this opportunity and how I can move forward with it.

Identifying Opportunities in Economic and Regulatory Trends

1. For this first opportunity, it comes from a story that is a positive story but is what I feel allows for opportunity within. I found this story on CNBC and the the title is "Homeowners are sitting on $6 trillion in available cash, but they're not tapping it." Basically, this story highlights the fact that homeowners equity is at an all-time high, but nobody is really doing anything with it. I believe there is an opportunity lying in this given information simply because there is $6 trillion that is not being used that can potentially be put to work. I also think it is clear who the potential customer for this opportunity is and it is the homeowners who are compiling records amount of equity overtime on their homes and properties. I think this opportunity will be relatively difficult to exploit because when you are dealing with people's money I think people can become very hesitant and protective. This is also different from typical consumer purchases as we are dealing with larger sums of money, and as the article states, larger sums than ever before. I personally see an opportunity in this particular situation perhaps because of my greed. I think many people will see that they now have more untapped money than ever and see it as a good thing and never think twice about it. I think this is a good change to multiply your money and take advantage of the prospering house market.
2. For this next opportunity, it comes from a more broad economic trend in 2018. Throughout many periods over the span of 2016-2018 the United States has seen the unemployment rate decrease to very promising rates. This is where I believe it pays to be cautious but also continue to exploit these positive trends. I think there is an opportunity to help people who are unemployed secure jobs as there are more jobs in the economy now. This information comes from various sources and general knowledge, as many reports have come out showcasing the lowering unemployment rate. I think an opportunity exists here simply because the economy is a topsy-turvy thing and the unemployment rate will never be 0 so there will always be opportunity there. The most likely customer would definitely be unemployed people in the U.S. I think this opportunity is relatively easy to exploit because people will always be looking for jobs.
3. This opportunity comes from a regulatory change as of earlier this summer, when it was ruled that e-businesses, those without a physical presence in a particular state, may be subject to sales tax. I found this as a part of an article on businessnewsdaily.com. I think this can lead to an opportunity because now there are an entire segment of businesses that are needing to deal with an aspect of business, and a very important aspect being taxes, that they have never had to deal with before in this capacity. The most likely customer is obviously e-businesses who are affected by this tax change. I think the circumstances makes this opportunity a relatively easy one to exploit, however I feel there are already many businesses and services that handle this aspect. I see the opportunity because I believe whenever there is an obstacle, there is always a way to get through that obstacle and come out better and more prosperous on the other side.
4. A very relevant topic and trend in the news today is the United States and their role in international trade. There have been many reports and conversations of varying trade talks, especially with China. As a result, there may be new trade regulations or policies that are put into place that will affect businesses both in the United States, and globally. I think this is where the opportunity exists, and I believe so because many companies rely on trade and the unpredictability of these particular rules and regulations. The most likely customer for this opportunity is definitely business that rely heavily on international trade. I think this opportunity will be difficult to exploit as there a lot of hoops to jump through when it comes to international trade and the current political climate that is coming with it.

Identifying Local Opportunities

1. Title: "1 Dead, 4 from Duval in in Custody After 11-hour Manhunt in St. Johns."
Link: http://www.jacksonville.com/news/20180913/1-dead-4-from-duval-in-custody-after-11-hour-manhunt-in-st-johns
Description of Story: In the middle of the night and into the early morning on Thursday, there was a full force manhunt for suspects as a result of a shooting that left one man dead in St. John's county. The manhunt lasted until about 1pm that afternoon and it came to a conclusion thanks to a call received by a citizen who had an idea of where the suspect might be.
The Problem: The problem is very clear in this story. It is that there was someone with a gun who was willing to use that weapon to bring harm onto others.
Who Has the Problem?: The citizens of St. Johns county, the victim, the St. John's County Police Department.
2. Title: "Baltimore Commutes Again Among Nations Longest, Census Data Show"
Link: http://www.baltimoresun.com/news/maryland/bs-md-baltimore-commute-20180913-story.html
Description of Story: Data was just recently released from the 2017 American Community Survey and it ranks Baltimore in the Top 10 worst cities for commuting. This means the citizens of Baltimore are spending longer, on average, commuting than all but 7 United States major metropolitan cities.
The Problem: It is taking people longer than the national average commuting from point A to point B. Traffic is a huge problem. Car accidents are a byproduct of bad traffic.
Who Has the Problem?: Citizens who have daily commutes from work, businesses who may be missing out on customers because of the longer commutes, drivers who's safety may be at a higher risk.
3. Title: "A Desperate Place Left Far Behind in Rick Scott's Economy"
Link: https://www.tampabay.com/florida-politics/buzz/2018/09/14/a-desperate-place-left-far-behind-in-rick-scotts-economy/
Description of Story: This story highlights the long lines of people that are waiting in line at a local food pantry in Marianna county. The story emphasizes that this may be the result of a not-so-great economy that is contrary to what Governor Rick Scott boasts about.
The Problem: The problem highlighted in this story is that there are less jobs in certain areas of Florida than there were when Rick Scott first took office in 2011. One of Scott's promises was a better economy and more jobs, and this article states he may have failed on delivering that promise.
Who Has the Problem?: Citizens of Marianna county who are unemployed, businesses that are failing due to a lack of disposable income in their community, the food pantry that is running out of food due to an increase in traffic at their location.
4. Title: "City of Akron, Akron Community Foundation Announces Grants to Help Residents Improve Neighborhoods"
Link: https://www.cleveland.com/akron/index.ssf/2018/09/city_of_akron_akron_community_1.html#incart_river_index
Description of Story: This story highlights the $203,840 grant that was just awarded to the communities of Akron, Ohio in order to "beautification, placemaking, recreation, outreach and youth-based initiatives that aim to enhance residents' lives."
The Problem: While I believe this is a very positive story, I think there is an underlying problem here. In order for a grant to be given there needs to be a reason and the reason for the Akron communities is that there is some issues that need to be taken care of.
Who Has the Problem?: The citizens of Akron communities, the city of Akron, the Akron Community Foundation, the police department of Akron.
5. Title: "Costs Keep Apartment Development Slow Here as It Booms in Jacksonville"
Link:  http://www.staugustine.com/news/20180911/costs-keep-apartment-development-slow-here-as-it-booms-in-jacksonville
Description of Story: This article highlights the recent struggle for people looking to rent apartments in St. Johns county, as the production of these apartments have been minuscule compared to the booming production in nearby Jacksonville, or Duval county.
The Problem: The problem in this story is that citizens who are looking to move to St. Johns county or stay in St. Johns but live in an apartment, are having to look elsewhere as the costs of building new apartment complexes and buildings are too high, whereas new buildings are popping up all over the place in downtown Jacksonville.
Who Has the Problem?: People looking for apartments to live in St. Johns county. Realtors in St. Johns county who have customers looking for apartments.  

Forming An Opportunity Belief

As I was going through and working on my "Bug List" as well as just thinking of everyday opportunities around me, it was kind of challenging to come up with something that I really thought would be a worthwhile opportunity to take on. This made me re-evaluate and think a little harder about what I am trying to accomplish here. That is when I wanted to think about my own experiences some more and think about some areas where I really felt like more could be done. I tried to think outside of the box a little, and in the end, I have a very strong belief that there is not enough being done in the Student Loans and Finances area of high school and college campuses. Being in college for two full years now, and not having any financial assistance other than my own and what the federal government is offering me, I feel like I have a pretty good idea of the hardships and confusion that students like myself experience in the student loan department of their college career. With this being said, I believe there is an opportunity to go on various high school and college campuses to consult and educated students about their upcoming decisions as it relates to student loans. Now I do understand colleges have their Financial Aid offices, but my experience with these professionals is that they do not provide the big picture for you. They give you the facts straight up and you decide what to make of your situation. This is a great thing to have, but I believe it can go deeper. I believe there is an opportunity to look at students personal, and unique situations, look at their goals financially and for the future, and really dive into what they hope to accomplish in college and beyond and how their financial situations relate to this. To break it down, I will answer some of the few crucial questions.
What is the unmet need? Simply put, I believe this unmet need is students who are entering college with little to no financial assistance from their parents who are blindly accepting federal student loans when there are potentially better options out there. I believe these students, like myself, NEED someone to look at their personal situation, break down into simpler terms what they are accepting or denying, and clearly lay out how it will affect them.
Who has the need? Current and incoming college students who are taking out loans to pay for their education.
Where did this need come from? I believe this need has always been present as college for a long time now has been expensive, but I believe it is becoming even more relevant as the social stigma is shifting to where college is almost a necessity for a successful career, and the student debt is at a higher total than ever before.
What are people doing to meet this need now? As I mentioned before, there are people like Financial Aid offices that do offer some assistance as it relates to this opportunity. There are also services that will provide information relating to student loans. In these cases I have found that these services will also try and offer you their particular student loans and propose it as a better option. While it might be a better option I still believe students and families are not getting the proper education.
How sure am I that this opportunity exists? I am about 90% confident that this opportunity exists in some fashion. Speaking on personal experience I believe there is more that can be done in this department.
Who is the prototypical customer? The prototypical customer is anyone who is taking student loans out for their education! This means there is an abundance of these people, including myself. I went and talked to a few students who I thought might be the prototypical customer and asked them a few questions. Each student is taking out student loans and each student feels like they could be more educated on the subject.

Bug List

1. It bugs me when drivers are in the right lane of a two lane road and they stay in the right lane when approaching a red light. This always happens when I am wanting to turn right on the red light but have to wait for the light to turn green for the person in front of me to go straight. This bug exists because people do not have much knowledge and acknowledgement of their surroundings.
2. It bugs me when people do not use their turn signals when changing lanes or making a simple turn. This bug exists because people are lazy and are only thinking of themselves when driving.
3. It bugs me that Apple phone chargers break so easily. The life span of a charger for me has to be somewhere around 4 months, and that is if I am lucky. This bug exists because it is another source of revenue for apple and other companies producing phone chargers. Why fix it if people are still buying?
4. It bugs me that no matter where I put my headphones and just how neatly I place them, the next time I want to use them they will be tangled up like nothing I have ever seen before. I think this bug exists because I have yet to jump on board with the wireless headphones.
5. It bugs me that a cup of coffee will be too hot to drink for the first 15 minutes, but then I only have a 2 minute window to drink the entire cup before it is too cold to drink. This bug probably exists because I can not find the right cup to drink my coffee out of to keep it at the right temperature.
6. It bugs me that the condensation from any water bottle, iced coffee cup, or any cup that is holding a cold liquid is impossible to avoid, creating a pool of water enough to fit in an entire other water bottle itself. This bug exists because of basic scientific principles.
7. It bugs me that I cannot find a stylish, good looking clothing brand that creates clothes for those who sweat a lot and therefore the material does not show the sweat. This bug exists because I struggle with perspiration and can't wear specific clothes because of how self-conscious I am about the sweat. And it is hot in this state!
8. It bugs me that it is nearly impossible to shop for shoes that are size 14. Unfortunately, this is the size of my foot and it is very challenging to find a shoe that I like in my size. This bug exists because shoe brands and manufacturers will not waste their resources on making size 14 and up shoes when that is a minority of shoe shoppers.
9. It bugs me when the toothpaste tube gets blocked with excess toothpaste that has hardened over time and created a shield for the remaining toothpaste. This exists, probably because I am simply too lazy to clean the tube after each use.
10. It bugs me that people listen to their music so loud through their headphones that I can hear it very clearly as a bystander. This bug exists because people like to listen to their music loudly and nobody has created headphone technology that keeps the noise from projecting outward.
11. It bugs me that no matter how often I clean the lenses of my glasses, they will get dusty and dirty in a matter of minutes stepping outside. This most likely exists because I wear my glasses often so I notice it more and because glasses lenses technology has not allowed for a protecting outer layer that keeps dust and dirt off.
12. It bugs me at the gym when people do not put their weights away after they are done using them. Many times I will want to use equipment but I will see it on the ground next to someone and assume they are using it when in reality they have been done with it for a while. This exists because people are lazy and often unaware of their surroundings.
13. It bugs me when it is raining and I am using an umbrella, while I am trying to get into my car without getting wet, it is very challenging to close the umbrella and wrap it up securely without getting soaking wet in the process. I almost would be better off not even using the umbrella. This bug exists because there is nowhere else for the rain water to go off the umbrella after I wrap it up. There needs to be a way to get all the water off without getting wet from the rain in the process.
14. It bugs me when I cut my face shaving and I end up bleeding forever. Then I have to wear a band-aid that is clearly visible and awkward. This bug exists because I feel like there isn't a razor that exists that won't cut me, and there isn't a band-aid out there that is actually inconspicuous enough to go unnoticed.
15. It bugs me when my favorite pen runs out of ink in the middle of an assignment or notes, so then I have to use a new pen and then the ink on the page doesn't match. This exists simply because pens have a limited amount of ink and I can never prepare for when my pen is about to go dry.
16. It bugs me when I am watching TV on DirecTV and it is storming and the signal goes in and out. This always seems to happen in the middle of something that I really want to watch. This bus exists because DirecTV operates with satellite dishes (maybe?) and they don't do well with signal in storms.
17. It bugs me when my WiFi at home is so inconsistent. The service will always disconnect in the most important times when I am doing an assignment or quiz. This bug exists most likely because the WiFi service I have just isn't the highest quality, and maybe also because there are many devices on the network.
18. It bugs me when I put my clothes in the laundry machine and when the are all done some clothes mysteriously have this weird stain on them that wasn't there when I first put them in. Maybe this is because I do not know how to do laundry correctly, but I really feel like this happens often and I do it correctly.
19. It bugs me when I look at the weather forecast for the day and the radar suggests no rain at all, so I make plans revolving around the notion that it will not rain, but sure enough, it rains. I think this exists because Florida specifically is extremely random and unpredictable when it comes to weather but also because weathermen don't really know how to predict the weather and they are just taking a somewhat educated stab at it. No offense to weathermen I love weathermen and women.
20. It bugs me that today's society encourages going to college so much, but does not educate the families and more specifically the students about student loan process and just the kind of effect it will have on their lives. The federal government offers students these federal loans and in many cases the students have no choice but to accept the money without fully understanding all of the details. I think this exists simply because there isn't enough educating and advising that goes on in these situations.

Reflecting on this assignment, it was difficult for me to look at the world surrounding me in this way. I usually like to look at things in a positive light, and not saying I didn't for this assignment but I really had to dig deep in myself and understand what really bugs me. I am happy with the results however, as I feel I found some real opportunity hidden in my bugs.

My Entrepreneurship Story

It is interesting to look at my life in an entrepreneurial mindset, as it is a mindset that I have seldom had before. In my life, with the advancement of technology and consumer information, everything I have done has been in the consuming mindset. What I never realized is that everywhere around me, and in everyday situations of my life there are entrepreneurs, and opportunities to make myself an entrepreneur. As this course has kicked off, I have found it difficult to think of opportunities and situations where I can be an entrepreneur. For brainstorming purposes, I felt it would be best for me to begin by thinking of and observing people around me that are entrepreneurs. I immediately thought of an acquaintance of mine who I went to high school with, his name is Spencer, and I would consider him to be an entrepreneur. Spencer began his own lawn care service as a side job for a source of income back before I knew him in high school. From what I gathered, Spencer just really liked to work outdoors and looked for a way to make money doing something that he loved. He capitalized on this as he worked with more and more "clients" who were the families around our community who needed their lawns maintained. Now this was not a foreign concept by any means. Driving down the streets I see an array of lawn care businesses throughout the neighborhoods. What I didn't realize is just how wide of a market a lawn care business can reach, and just how successful it could be. Spencer grew his service into a company, with logos, and trucks, and trailers, and advanced equipment, and he even began hiring fellow classmates as he had too many clients to handle just by himself. Spencer has turned this lawn care business into a career and he is expanding his services to things like irrigation and is servicing places like golf courses instead of just community homes. It has been interesting to observe the ways Spencer birthed an idea, put it into motion, and adapted with his market and his acquired skills and knowledge. A lawn care business is not unique by any stretch, but what is unique is Spencer, and his ability to grow it into something that not many others could have.

Pictured is Spencer with his truck and trailer.

This is why I enrolled in this course. By no means do I think this course is going to automatically make me a successful entrepreneur, but the main thing I hope to get out of this class is the mindset that I referenced earlier. I hope to have the mindset of an entrepreneur, where I can see a problem, and just as easily see a potential solution. It's not even that I want to start my own business or I have a great idea I want to run with, but having this mindset I feel is a crucial skill to have to take with me in my professional and even personal life.