After interviewing a new set of people that fit under my segment, I have found out that they value price as well as convenience above all else. When it comes to the possibility of struggling to find a parking spot on campus, they are willing to forgo their original plan of driving their own vehicle and instead rely on private services as Uber or Lyft as long as the price isn't too high. This is all attributing to their plan of getting to their destination as soon as possible.
In the case where they did go with the plan of using a service and paying for the transaction and trip, it's all paid through credit/debit cards. After the transaction, most of the people I interviewed said their decision to use private transportation services are usually good decisions and rarely viewed back on as a poor choice. There are some instances where this person I interviewed said that after ordering the service, it showed that the driver was completing a trip prior to picking her up and that took way longer than the estimated time. It ended up taking more time with the combination of waiting for her driver and the actual trip than if she had took her own car or even take the bus route. As a result, she viewed that as a poor choice.
The interviews provided me more in-depth perspectives on what the though process is of people, specifically college students, in dealing with the difficulty of parking on campus. This assignment shed light on the fact that convenience and time-saving is the number one factor for them and they are willing to pay for services that get them their destination as soon as possible.
Friday, June 22, 2018
Wednesday, June 20, 2018
Halfway Reflection
2. I felt like giving up when we were asked to do a third set of interviews about our opportunity idea. At that point I was quite bored with asking people if they have time for an interview and I was running out of people that I can interview. However, I pulled through because I thought about the possibility of my opportunity actually becoming reality, as well as the fact that the grading system in this class is entirely dependent on me so I shouldn't slack off. This experience has definitely helped me gain a sense of tenaciousness.
3. The three tips I would offer future students of this class are to keep an open mind on things you think you know, listen to the opinions and advices of others, and to work smart.
Friday, June 15, 2018
Reading Reflection
The book that I chose to read for this assignment is "The Wright Brothers" by David McCullough.
1. The thing that surprised me the most about the entrepreneur brothers is that they had successful businesses prior to creating their famous flyer. It is curious to wonder what would happen if the Wright Brothers were just content with what they have done in terms of entrepreneurship and didn't pursue their passion.
I admired the cohesiveness and how well the two brothers worked together. Having a brother myself, we always never agree on a topic much less work together on a project.
I didn't really like the fact that they were so eager to give up on their businesses. When their printing business were being edged out by a larger newspaper, they just willingly gave up. I feel like when you're an entrepreneur, your business is something you take pride in and fight for.
The two entrepreneurs did encounter adversity. When they had successfully invented their flyer, their invention and idea were disregarded by the U.S government as well as the general public. They responded to this failure by pushing forward and taking their creation to France where the invention as well as themselves were formally recognized.
2. The competencies that the two brothers exhibited was their ability to think outside the box, the willingness to be unorthodox. They were able to incorporate the flight pattern as well as the physical shape of the birds that they observed to their creation, and that was a major point in the creation of their flyer. In a time where people believed traveling is only two dimensional, the Wright Brothers truly had to think outside the box to show the world that it can be more than that.
3. One part of the reading that I found confusing was the part of the book where the brothers first creating the flyers and had to pick a location to a a test fly. It said they were did research to find out which locations had the best conditions for their flyer. I was curious as to how such research existed at that period of time and how do they know what qualifies as "good" conditions for flying an object as no aircrafts have been present then.
4. "Do you think you would've been as successful if you did not have your brother by your side?"
"What went through your mind when the government ignored the idea and creation that you guys worked so hard on?
5. I think the two entrepreneurs opinion on hard work is perseverance. They faced multiple obstacles with Wilbur's accident and being ignored by the government as well as the media. It is with their determination and how they truly believe they have an incredible invention on their hands and they continued to work towards recognition. I believe that persistence is crucial for any businesses to become successful.
1. The thing that surprised me the most about the entrepreneur brothers is that they had successful businesses prior to creating their famous flyer. It is curious to wonder what would happen if the Wright Brothers were just content with what they have done in terms of entrepreneurship and didn't pursue their passion.
I admired the cohesiveness and how well the two brothers worked together. Having a brother myself, we always never agree on a topic much less work together on a project.
I didn't really like the fact that they were so eager to give up on their businesses. When their printing business were being edged out by a larger newspaper, they just willingly gave up. I feel like when you're an entrepreneur, your business is something you take pride in and fight for.
The two entrepreneurs did encounter adversity. When they had successfully invented their flyer, their invention and idea were disregarded by the U.S government as well as the general public. They responded to this failure by pushing forward and taking their creation to France where the invention as well as themselves were formally recognized.
2. The competencies that the two brothers exhibited was their ability to think outside the box, the willingness to be unorthodox. They were able to incorporate the flight pattern as well as the physical shape of the birds that they observed to their creation, and that was a major point in the creation of their flyer. In a time where people believed traveling is only two dimensional, the Wright Brothers truly had to think outside the box to show the world that it can be more than that.
3. One part of the reading that I found confusing was the part of the book where the brothers first creating the flyers and had to pick a location to a a test fly. It said they were did research to find out which locations had the best conditions for their flyer. I was curious as to how such research existed at that period of time and how do they know what qualifies as "good" conditions for flying an object as no aircrafts have been present then.
4. "Do you think you would've been as successful if you did not have your brother by your side?"
"What went through your mind when the government ignored the idea and creation that you guys worked so hard on?
5. I think the two entrepreneurs opinion on hard work is perseverance. They faced multiple obstacles with Wilbur's accident and being ignored by the government as well as the media. It is with their determination and how they truly believe they have an incredible invention on their hands and they continued to work towards recognition. I believe that persistence is crucial for any businesses to become successful.
Figuring Out Buyer Behavior
Segment: People that are frequent drivers on campus, whether it is to class or to other locations such as grocery stores or restaurants.
Need-awareness: After interviewing three people that fit the segment, I learned that the need exists more frequently around noon, where the campus is the most busy. This makes sense as there are going to be more parking spots early in the morning or at night where not as many people are on campus. I also have found out that the need exists more in popular places on campus. One person told me from the interview that it is almost always harder to find parking going to the gym or the bookstore compare to classrooms.
Information search: The three people I interviewed didn't really have a direct source of information which they looked up how to solve their unmet need. The closest thing that came to an information search was one of the people asked his older sibling who also attends the school where parking are usually easier to find and less packed.
Summary/Conclusion: After the interviews, I was generally surprised to learn about the information search aspect of the need. I realized that although difficulty finding parking spots on campus is an annoyance for everyone, people usually just put up with it and keep looking around without thinking or searching for a viable solution to the need. That is why I think my service would work because it fits into the process and provide something that would save people time.
Need-awareness: After interviewing three people that fit the segment, I learned that the need exists more frequently around noon, where the campus is the most busy. This makes sense as there are going to be more parking spots early in the morning or at night where not as many people are on campus. I also have found out that the need exists more in popular places on campus. One person told me from the interview that it is almost always harder to find parking going to the gym or the bookstore compare to classrooms.
Information search: The three people I interviewed didn't really have a direct source of information which they looked up how to solve their unmet need. The closest thing that came to an information search was one of the people asked his older sibling who also attends the school where parking are usually easier to find and less packed.
Summary/Conclusion: After the interviews, I was generally surprised to learn about the information search aspect of the need. I realized that although difficulty finding parking spots on campus is an annoyance for everyone, people usually just put up with it and keep looking around without thinking or searching for a viable solution to the need. That is why I think my service would work because it fits into the process and provide something that would save people time.
Wednesday, June 13, 2018
Idea Napkin
Thursday, June 7, 2018
Testing the Hypothesis, Part 2
After conducting new interviews, I've discovered:
Who: The people that have most characteristics as people that have the need of finding parking spots faster on campus, such as owning a car and driving to class, but does not have the actually need itself are ones that usually have purchased a parking spot in a particular location on campus (fraternity/sorority houses).
What: The need is the goal of minimizing the amount of time spent searching for parking spots around campus. The need isn't just the ability to be able to park the vehicle and go to your destination, but to do it in a efficient and fast manner
Why: For someone who isn't in the parameter of my opportunity, the causes for this need are still similar to my boundaries. The lack of parking spaces and the abundance of people driving.
Who: The people that have most characteristics as people that have the need of finding parking spots faster on campus, such as owning a car and driving to class, but does not have the actually need itself are ones that usually have purchased a parking spot in a particular location on campus (fraternity/sorority houses).
What: The need is the goal of minimizing the amount of time spent searching for parking spots around campus. The need isn't just the ability to be able to park the vehicle and go to your destination, but to do it in a efficient and fast manner
Why: For someone who isn't in the parameter of my opportunity, the causes for this need are still similar to my boundaries. The lack of parking spaces and the abundance of people driving.
Inside the Boundary
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Outside the Boundary
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People that drive on campus but have a hard time finding public parking spots.
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People that drive on campus but have a designated parking spot.
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The need to save time and find parking spots easily.
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The need isn’t just the ability to park the car and get to the destination.
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The limited amount of spots and the exceeding amount of people driving.
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The cause isn’t because there are no parking spaces.
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Wednesday, June 6, 2018
Solving the problem
The opportunity I want to pursue is the vigorous process of finding an open parking spot on college campus. The product that could potentially solve this issue is a phone application that registers each parking spots on campus, and users that download this app have the ability to see which spots are open. The mechanics behind this app is to have it be user-driven. Those who download the app would be able to mark down the spot that they are parked in as taken, and mark it back to vacant when they leave. The app would potentially reward the users for doing so as an incentive. Possibly a point system where if the user accumulate a certain point, they are able to redeem a free drink at a certain coffee shop, or a coupon at a popular restaurant. The app would be catered towards college students, as almost every one of them has access to a smart phone, and they also would enjoy the award system that provide free products/coupons.
Friday, June 1, 2018
Testing the Hypothesis, Part 1
1. I would like to further pursue my opportunity of creating a way, such as an app, that makes the process of finding parking spots on college campuses easier.
2. The who: College students that drive
The what: The difficult and often time consuming process of finding an open spot to park in order to get on campus.
The why: The limited amount of parking spots on campus and the abundance of students driving.
3. Testing the who: Other people who might have this need are staff/faculty members that also drive, or in general people that drive into an location with limited amount of parking spaces.
Testing the what: The boundaries of the need can be extended to parking spots in other populated areas, such a big cities, the places near stadiums before an event, etc.
Testing the why: The range of whys for people that have this need are limited, as it is mostly due to the fact that there are more students driving than parking spots available.
4. After interviewing, I have realized that the boundary of my opportunity is wider than I thought. A person I interviewed brought my attention to the fact that the problem of limited parking spaces not only exist on campus, but also in the grocery stores and markets by campus, such as Publix and Target. This showed me that the extent of my opportunity is not only limited to on campus. I also discovered a solution to the need that I haven't thought of previously, that there are students that utilizes private transportation companies, like Uber and Lyft, to get around campus.
2. The who: College students that drive
The what: The difficult and often time consuming process of finding an open spot to park in order to get on campus.
The why: The limited amount of parking spots on campus and the abundance of students driving.
3. Testing the who: Other people who might have this need are staff/faculty members that also drive, or in general people that drive into an location with limited amount of parking spaces.
Testing the what: The boundaries of the need can be extended to parking spots in other populated areas, such a big cities, the places near stadiums before an event, etc.
Testing the why: The range of whys for people that have this need are limited, as it is mostly due to the fact that there are more students driving than parking spots available.
4. After interviewing, I have realized that the boundary of my opportunity is wider than I thought. A person I interviewed brought my attention to the fact that the problem of limited parking spaces not only exist on campus, but also in the grocery stores and markets by campus, such as Publix and Target. This showed me that the extent of my opportunity is not only limited to on campus. I also discovered a solution to the need that I haven't thought of previously, that there are students that utilizes private transportation companies, like Uber and Lyft, to get around campus.
Identifying Opportunities in Economic & Regulatory Trends
1. White House looks to impose metal tariffs on E.U, Canada, and Mexico
I found this opportunity in the business section of the New York Times.
I believe an opportunity exists because once the tariffs is in place, it is going to be more expensive to import metal. As a result, consumers such as production companies will look for other alternatives to get their metal.
A costumer for this opportunity will be domestic metal producers that won't be affected by the tariffs.
This opportunity will be fairly easy to exploit as the consumers of metal will naturally look for cheaper options, and leading them towards domestic producers.
I noticed this opportunity because I had experience researching about tariffs and the impacts of it when I did debate during my high school years. I retained the information I had learn and realized what raising the tariffs on metal will do.
2. How marijuana businesses pay taxes
I found this opportunity in the entrepreneur section of the New York Times.
I believe an opportunity exists because the article articulates the struggles and obstacles weed dispensaries in states where it is legal are going through to pay federal taxes. The article uses an example where the owner of a weed dispensary has to carry bags of cash to a governmental building and that's how he pays his taxes. The opportunity would be an easier way for these stores to pay their federal taxes
The costumer for this opportunity will be the weed dispensaries that currently struggle with paying taxes for their business.
This opportunity will be tough to exploit as there are going to be changes and new laws put in place with the federal regulations that align with the new marijuana businesses.
I noticed this opportunity because I am a firm believer in the benefits that legalizing marijuana businesses will bring to both the economy as well as the society. So I think by cooperating with those businesses and making it easier for them to follow the law will make the industry better.
3. Public pushing for more affordable tax-funded drugs
I found this opportunity in the politics section of the New York Times.
An opportunity exists because the article explained that new drugs and treatment are being approved by the FDA that targets cancer and other illnesses. However, the problem is that those drugs are currently priced extremely high. The opportunity would be for the government to lower the prices on those drugs which their research is being funded by the taxpayers.
The costumers for this opportunity will be people that need those newly approved drugs.
This opportunity will be hard to exploit as the major pharmaceuticals companies as well as out government is very profit-driven, so to advocate for lowering the prices of drugs that would cut the profits for companies will be tough.
I noticed this opportunity because I've read the news about Martin Shkreli, the person who spiked the prices of a drug that cancer and AIDS patients uses. Ever since them I've noticed the problem of high prices of drugs that make them sometimes extremely inaccessible for patients.
4. Teachers as well as public pushing for higher wages for teachers.
I found this opportunity in the politics section of the New York Times.
This opportunity exists because as more tragedies happen on school campuses and more teachers are being remembered as heroes, a national movement started advocating that teachers are not being paid enough for the important job that they are doing of raising our youth.
The costumers for this opportunity will be teachers across America.
This opportunity won't be hard to achieve as the public opinion for raising teachers' wages has already reached around 70% according to the article, which will eventually be reflected in the voting booth as they are going to vote for officials that stand with teachers.
I noticed this opportunity because my aunt is a teacher at a technical college and I believe that teachers are such an important job for the future of the nation, and their salaries should reflect that.
I found this opportunity in the business section of the New York Times.
I believe an opportunity exists because once the tariffs is in place, it is going to be more expensive to import metal. As a result, consumers such as production companies will look for other alternatives to get their metal.
A costumer for this opportunity will be domestic metal producers that won't be affected by the tariffs.
This opportunity will be fairly easy to exploit as the consumers of metal will naturally look for cheaper options, and leading them towards domestic producers.
I noticed this opportunity because I had experience researching about tariffs and the impacts of it when I did debate during my high school years. I retained the information I had learn and realized what raising the tariffs on metal will do.
2. How marijuana businesses pay taxes
I found this opportunity in the entrepreneur section of the New York Times.
I believe an opportunity exists because the article articulates the struggles and obstacles weed dispensaries in states where it is legal are going through to pay federal taxes. The article uses an example where the owner of a weed dispensary has to carry bags of cash to a governmental building and that's how he pays his taxes. The opportunity would be an easier way for these stores to pay their federal taxes
The costumer for this opportunity will be the weed dispensaries that currently struggle with paying taxes for their business.
This opportunity will be tough to exploit as there are going to be changes and new laws put in place with the federal regulations that align with the new marijuana businesses.
I noticed this opportunity because I am a firm believer in the benefits that legalizing marijuana businesses will bring to both the economy as well as the society. So I think by cooperating with those businesses and making it easier for them to follow the law will make the industry better.
3. Public pushing for more affordable tax-funded drugs
I found this opportunity in the politics section of the New York Times.
An opportunity exists because the article explained that new drugs and treatment are being approved by the FDA that targets cancer and other illnesses. However, the problem is that those drugs are currently priced extremely high. The opportunity would be for the government to lower the prices on those drugs which their research is being funded by the taxpayers.
The costumers for this opportunity will be people that need those newly approved drugs.
This opportunity will be hard to exploit as the major pharmaceuticals companies as well as out government is very profit-driven, so to advocate for lowering the prices of drugs that would cut the profits for companies will be tough.
I noticed this opportunity because I've read the news about Martin Shkreli, the person who spiked the prices of a drug that cancer and AIDS patients uses. Ever since them I've noticed the problem of high prices of drugs that make them sometimes extremely inaccessible for patients.
4. Teachers as well as public pushing for higher wages for teachers.
I found this opportunity in the politics section of the New York Times.
This opportunity exists because as more tragedies happen on school campuses and more teachers are being remembered as heroes, a national movement started advocating that teachers are not being paid enough for the important job that they are doing of raising our youth.
The costumers for this opportunity will be teachers across America.
This opportunity won't be hard to achieve as the public opinion for raising teachers' wages has already reached around 70% according to the article, which will eventually be reflected in the voting booth as they are going to vote for officials that stand with teachers.
I noticed this opportunity because my aunt is a teacher at a technical college and I believe that teachers are such an important job for the future of the nation, and their salaries should reflect that.
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