- Economic trend: Florida unemployment rate for December holds steady at 3.3 percent
- I believe that an opportunity might exist here because there is factual evidence citing the unemployment rate in Florida, which is much lower than the nationwide unemployment rate of almost 4%. The number of jobs in many sectors, such as education, business, health, and construction have seen massive growth throughout 2018, creating job gains in Florida.
- The prototypical customer are those who are out of work somewhere in Florida or possibly throughout the nation that are looking for jobs. Since Florida has a lower unemployment rate than the nationwide rate, individuals may find more success getting hired here rather than other places.
- I do not think exploiting this opportunity would be difficult because labor employment opportunities exist in many sectors, as mentioned above, so individuals with a range of specialties can find employment.
- I saw this opportunity because I am interested in the state of the job market currently as I am going to be graduating soon and am concerned about entering the job market.
- Economic trend: Raising the minimum wage
- I believe there is an opportunity here because there is current discussion about raising the minimum wage, in addition to economic studies of its potential repercussions.
- The customer with this opportunity to make more money would be current minimum wage salaried employees, while businesses everywhere would be those suffering from repercussions of this if it is made law.
- I think this opportunity will be difficult to exploit because there are many potentially harmful impacts on the economy and arguments against it.
- I saw this opportunity because I have been interested in the argument against/for raising the minimum wage and wanted to educate myself more about it.
- Regulatory changes: State funding for the arts
- I believe there is an opportunity here because there was a cite studied by the nonprofit Americans for the Arts that showed legislators that for every dollar in funding that was granted by the state of Florida for arts-related activities, there was a nine dollar boost in the economy.
- The customer with this opportunity is artists, who can be employed by the state of Florida to create pieces for the state.
- I think this opportunity will be difficult to exploit because Florida current sits at number forty-eight for per-capita government funding.
- I saw this opportunity because obtaining funds for the arts is a controversial topic right now, as demands for STEM majors are on the rise.
- Regulatory changes: Allow marijuana-associated businesses to be clients of Florida financial institutions
- I believe there is an opportunity here because Democratic Agriculture Commissioner candidate Nikki Fried and other cabinet members support changes in the regulations of federal banks to be associated with the marijuana industry.
- The customers with this opportunity are the federal government and marijuana businesses.
- I think this opportunity would be easy to exploit given the rising popularity and legalization of marijuana.
- I saw this opportunity because I am a supporter of the legalization of marijuana and wanted to learn more about the federal government's next steps in assimilating this business into society.
Friday, January 25, 2019
Opportunity Identification in Economic & Regulatory Trends
Local Opportunities
- “UM medical teams teach new ways to respond to mass shootings” David Goodhue, Miami Herald
- Mass shootings are becoming increasingly more common in America. Therefore, law enforcement officials, emergency medical technicians, and firefighters need to become more knowledgeable on treating wounded victims in these types of scenarios. The medical team at the University of Miami assisted local law enforcement officials in simulated experiences in order for them to get experience and knowledge.
- The problem: Mass shootings are becoming an increasing issue for first responders throughout America. There needs to be a more coordinated effort amongst the police department, emergency medical technicians, and fire fighters in order to save as many lives as possible. Additionally, EMT’s and firefighters needed to be educated on the possibility of having to enter a building when the scene is not 100% clear in order to save more lives instead of spending time waiting for clearance.
- The people: The people that have this problem are police officers, emergency medical technicians, fire fighters, and any individual that finds themselves in a situation involving an active shooter.
- “Charters? Fix public schools instead” Lauren Ritchie, Orlando Sentinel
- This article discusses how the Florida public school system is broken and in need of a creative solution and dedicated efforts in order to change. It also touches on the fact that many Republicans support the creation of more charter schools in order to decrease accountability of poor education on the state. Additionally, the article addresses the education crisis going on in New Orleans, as their government has moved towards eradicating public schools and is now suffering a financial and academic crisis.
- The problem: Elected government officials do not know how to fix the broken education system in Florida. In order to decrease accountability, legislators are pushing towards the addition of charter and voucher schools throughout the state in order to have a scapegoat when parents are unsatisfied with the quality of their children’s education. Additionally, legislators are focused on passing bills that focus on micromanaging educators rather than developing plans that improve the education system.
- The people: All Florida public school students, legislators, and parents are victim to this issue.
- “What's behind Haiti's gas shortage and blackout? $80 million in unpaid bills - Haiti has an ongoing fuel shortage that is affecting everything from cell phone service to drivers to business operations.” by Jacqueline Charles of the Miami Herald
- In this article, written on January 20th, 2019, the author states that Haiti is having a massive diesel oil crisis, resulting in blackouts and spotty cell phone service throughout Haiti. Three of the main gas companies are out of stock of diesel gas, and Digicel has only six to seven days of fuel left in their reserve system.
- The problem: The main issue in the article is that Digicel, Haiti’s largest mobile phone provider, burns through 650,000 gallons of diesel fuel per month in order to keep their cell phone towers running as well as the lights in all of its buildings. Their clients will be unable to use their phones to make calls and blackouts will occur throughout the city as a result. Additionally, Haitians are unable to pump gas into their cars and diesel-operated generators.
- The people: All Haitian residents, workers, and companies are currently plagued with this problem.
- “In My Opinion- Decluttering has become a big business, but I’m not sold on it” Ana Veciana-Suarez, The Miami Herald
- This article discusses the rising interest in the business of decluttering. With decluttering entrepreneurs experiencing fame, such as Marie Kondo who stars in her own Netflix series, the business of decluttering is on the rise. The author expresses her opposition to this recent obsession, though, stating that she loves collecting all of her objects.
- The problem: Everyone has too much stuff. Warehouses are becoming filled, hallways of homes are lined in storage units, and garbage is piling up everywhere. We need to control our mess and manage our impulse to buy new things. This is where decluttering businesses come in.
- The people: Everyone with too much stuff, decluttering companies.
- "2,200 Florida teacher jobs remain unfilled" Leslie Postel, the Orlando Sentinel
- This article touches on the shortage of Florida public school teachers, which is wreaking havoc on the Florida education system as it does not have an adequate supply of educators to properly educate their children. Florida needs to develop a system that attracts and retains highly educated individuals to teach at public schools throughout the state.
- The problem: Florida public schools need 2,217 more teachers in order to fill vacant positions throughout the state. Florida needs to develop a better funding plan for schools in order to attract and retain highly educated individuals. Additionally, the pay of Florida teachers is among the lowest in the country, which adversely affects student performance on academic tests. This causes more teachers to leave before retirement.
- The people: Teachers and students throughout Florida.
Friday, January 18, 2019
Opportunity Belief
I believe there is an unmet need in regards to encouraging individuals, particularly Americans, to exercise daily. There needs to be a system in place that gives individuals sizeable rewards, financial rewards for exercising/ remaining active. I believe that a health insurance company can be formed that partners with gyms around the country and creates their own branch of health centers that provides sizable deductions for individuals that go to the gym three/four times a week. Similar to Orange Theory, each individual can be given a personalized band that monitors their heart rate and calories burned during their workout and throughout the day while on walks/runs. This information is forwarded to the insurance company, who discounts their prices based on different tiers of exercise. This would address the obesity problem in America, as well as provide individuals with opportunities to access cheaper insurance.
#1: Twenty year old female who is not very active.
- How many times a week do you exercise?
- “I exercise maybe three times a month because I do not feel I have the time to dedicate to exercising because of school work.”
- What satisfaction does exercising bring you?
- “I love exercising, but I don’t feel that I get a lot out of it besides the fact that I feel good about myself for a few days.”
- Do you currently own a Fitbit/ apple watch/ any other device that tracks your exercise for the day?
- “Yes, I own a Fitbit, which tracks my calories and heart rate.”
- How do you feel that owning one of these devices has affected your life?
- “I think my Fitbit has encouraged me to go out and exercise more. I feel like my day isn’t finished until I reach my 10,000 steps a day.”
- Would you want to exercise more if it would give you a positive financial benefit?
- “Yes, I would. I would definitely exercise a lot more if it would allow me to have more spending money on activities with my friends or family.”
Reflection: There are individuals that enjoy exercising a lot, but do not actively participate because they do not believe it has enough of a positive impact on their life.
#2: Mid-fifties female who is not active at all.
- How many times a week do you exercise?
- “I never exercise at all. I don’t think exercising has such a positive effect on me, I’d rather eat less/better than go to the gym. Additionally, I am so busy with work that a lot of times I just can’t go to the gym.”
- What satisfaction does exercising bring you?
- “Exercising makes me feel great and relieves a lot of the back/knee pain I have. But, it’s really hard to stick with it long-term. I find myself burning out after a few days of working out and lose the sense of purpose I had when I started.”
- Do you currently own a Fitbit/ apple watch/ any other device that tracks your exercise for the day?
- “I own a Fitbit, but I never wear it. It’s hard to keep up with the charging schedule when I have so many other devices that need to be charged for work.”
- How do you feel that owning one of these devices has affected your life?
- “When I used to wear my Fitbit, I used to be encouraged by the calorie count and how simply I could burn a few calories just by walking around the office more. I am fascinated with the Apple Watch but I have no real reason to wear one all of the time.”
- Would you want to exercise more if it would give you a positive financial benefit?
- “Yes, absolutely. As I mentioned before, I really struggle with sticking with exercise long-term and if I had a financial benefit in mind, I think I’d be more driven to exercise more often.”
Reflection: There are some people that enjoy exercise, but struggle making time for it in their daily lives. Maybe idea is catering too much to a niche market and will not be financially beneficial long-term.
#1: Thirty year old male that goes to the gym daily.
- How many times a week do you exercise?
- “I exercise every single day. I don’t feel like I’ve successfully finished a day unless I’ve had a good workout in.”
- What satisfaction does exercising bring you?
- “I love exercising. It makes my body feel amazing. I sleep better and feel better because of it, and it teaches me good time management skills with balancing my gym, work, and social life.”
- Do you currently own a Fitbit/ apple watch/ any other device that tracks your exercise for the day?
- “Yes, I own an Apple Watch that I keep on me every single day to track my heart rate and calories. I even compete against my friends to see who can walk and work out the most in a day.
- How do you feel that owning one of these devices has affected your life?
- “I think my Apple Watch has encouraged me to be more active while at work more than anything else. It reminds me to get up if I’ve been sitting down for too long. I’d go to the gym regardless, but it encourages me to keep myself even more active.”
- Would you want to exercise more if it would give you a positive financial benefit?
- “I do not think I’d change my routine just because I am already at my limit of exercise I think. But, maybe I’d be encouraged to not skip a day or two here and there because of the potential financial gain.”
Reflection: This idea would not necessarily cater to people that exercise daily. The only way these individuals would be attracted to this concept is through extensive marketing to this audience, which is not our target audience, and even then might only attract individuals that are attentive to the rates of return on their investments.
Summary:
I think the opportunity is still there, but it’s not as widespread as I thought it would be. I thought it would cater to all sectors equally, but it is not particularly attractive to already healthy individuals. I believe that through this assignment, I found out the potential issues in my idea and it is more accurate than when I started. I 100% believe that entrepreneurs should adapt their opportunities to customer feedback because a company will not be successful unless it specifically addresses the unmet need of the client/consumer.
My Entrepreneurship Story
The first time I was exposed to entrepreneurship was through my childhood best friend Sydney Kennedy. Sydney has a grandmother and mother that have Multiple Sclerosis disease, and her father is not present in her life. Sydney decided one day in high school to start her own jewelry company making bracelets, anklets, earrings and rings in order to help her family pay bills and donate a portion of the profits to Multiple Sclerosis research. She experienced much success as an entrepreneur, and her bracelets were even sold online on her website and in a few shops around Staten Island, New York. Additionally, she was nominated to attend a New York State Young Entrepreneurs challenge in Rochester, New York where she took home second place and got a sizable donation to her company. Her experience encouraged me to explore my own business ideas for the future.
I enrolled in ENT 3003 because I wanted to learn more about the process of identifying opportunities to create a successful business. My parents have both worked for a boss their entire life and have encouraged me to start my own business and be my own boss even though my chance of success is a lot lower. I would love the opportunity to start my own business, make my own hours, be successful, and be able to dedicate enough time to my family.
Bug List
- When people stand too close to me in line at stores and I feel them breathing on me.
WHY it exists: There usually isn’t adequate room to wait on line at places, which causes most people to bunch up together in order to avoid being in the way of other patrons.
- When the bathrooms on campus are not properly maintained and are very dirty.
WHY it exists: UF does not want to pay for hourly maintenance of the bathrooms, especially during overnight shifts in the library.
- When the Burger King on University doesn’t maintain their soda machine and the soda is more seltzer than syrup.
WHY it exists: There is not an adequate system in place for cleaning the machines or a specified individual to clean the machines.
- When the Starbucks on Archer serves you burnt/old coffee after you paid $5 for your latte.
WHY it exists: There isn’t a routine with a specified time period by which you have to throw out and remake the coffee and give away/throw out the rest of it.
- When people drive recklessly and risk hurting everyone else on the road.
WHY it exists: People are in a rush to get to things and there aren’t enough police officers on the road to dissuade people of speeding.
- When I have to constantly update apps/my phone for “bug fixes.”
WHY it exists: Developers release new updates in order to make their applications the best they can be, but many of them have to release updates for “bug fixes” because they do not have an adequate testing process in place.
- When people ask questions that they already know the answers to just to play dumb or instead of participating in a stimulating conversation.
WHY it exists: People have a hard time being confident enough to engage in stimulating conversation. This might be because there are no classes in childhood and throughout our life that challenge us to speak publicly about our thoughts and feelings.
- When the Publix on 13th does not have enough parking spots.
WHY it exists: The employee parking lot was taken away by landlords, causing employees to have to take up most of the parking lot, which leads to patrons not having enough spots.
- People using their phone during sets at the gym.
WHY it exists: People get distracted on their phone once they get the notification that they got a text or a call. They end up spending more time on their phone then actually working out, which leads to longer wait times for equipment at the gym.
- When customer service representatives follow you around in the store.
WHY it exists: In most stores, specifically small businesses, there isn’t an adequate way of monitoring customers for stolen goods rather than intently watching them.
- When waiters forget to refill your beverages at restaurants.
WHY it exists: Restaurants do not want to hire more waiters then the minimum amount that they need, which leads to waiters being too busy to thoroughly check in with the needs of their table. There is no automated system to page waiters to tell them that one of their tables needs something.
- When classes require high levels of public speaking for a grade and refuse to accommodate individuals with anxiety in these settings.
WHY it exists: Public speaking is an essential part of a individual's success, but there is no system in place to teach people how to be confident when speaking publicly. UF also struggles with creating smaller, more intimate environments for their students in larger majors (such as business majors) that may be more comfortable for those who struggle.
- When people slack off in group projects.
WHY it exists: There are not adequate systems in place that divide the group work equally and track each individual's effort and progress.
- When customer service workers are not friendly.
WHY it exists: Businesses do not have an adequate customer service training system that teaches individuals how to interact with customers.
- When the speaker at the drive thru is not good quality so you can barely hear what the employee is saying.
WHY it exists: There isn’t a maintenance schedule in place where corporate offices ensure the quality of their drive thru experience.
- When people talk loudly on the quiet floor of Library West during finals week.
WHY it exists: UF does not have the budget to pay for floor monitors that will address individuals that are being too loud.
- Having to use ProctorU for exams, which serves as a distraction for those sensitive to other people watching them in times of stress.
WHY it exists: Professors do not want their students cheating on exams, so this is the only current alternative they have to prevent cheating.
- When stores have bad return policies.
WHY it exists: Stores want to ensure that their goods are returned unused and in good condition, but might not have an adequate system in place to ensure that their product was unworn and not damaged.
- When stores like Forever21 leave damaged goods out for people to buy.
WHY it exists: Forever21 does not have a good quality assurance program in place that ensures employees are monitoring the clothes out for purchase.
- When restaurants do not have an adequate place for people to sit while waiting for a table.
WHY it exists: Restaurants have a lot of expenses and are more concerned with optimizing the amount of tables than the number of chairs they have for waiting guests. But, this might dissuade people from waiting for the restaurant and therefore they lose business.
Reflection:
This exercise was particularly easy for me to complete because I am an individual that is very much aware of my surroundings at all times. Additionally, I am a very thoughtful person and have never grown out of that inquisitive two year old stage where I constantly ask why something is happening. This has benefitted me immensely in my life because it has allowed me to become a very patient, tolerant patron as well as an understanding friend.
Saturday, January 12, 2019
Subscribe to:
Posts (Atom)