30A - Final Reflection

The experience that sticks out in my mind the most was the Bug List. This was the first assignment of the semester and I had no idea what I was getting into. Before I read into it, I thought the assignment was actually about bugs. I’ll remember this years later because I have never had to list all of my annoyances before. I realized that I have so many but they are so hard to think of. I also realized that despite being annoyed by so many things, they are easy to brush off and I am generally happy. I felt proud after I recorded my first elevator pitch because it was the first time I had ever done one. I improved the pitch over time, but watching it back I was very pleased and felt confident in my speaking ability.

Now at the end of this course, I do see that I have the potential to be an entrepreneur. I have some of the skills you need, including creative and clear communication. However, I don’t think I see myself being an entrepreneur in the future. These skills are very transferrable and I would like to focus my efforts in a different sector. My entrepreneurial mindset has developed in that I see how you can apply it to so many different parts of life. It’s easier to get what you want when you apply entrepreneurial tactics trying to get it.

To students going down this path in the future, I recommend taking each assignment one step at a time. It is easy to get overwhelmed, but if you use time management and keep up a schedule for completing your assignments, you will do just fine. Take deep breaths and focus on your strengths. Everyone has them and you will be able to use them in this course one way or another!

29A - Venture Concept No. 2

My venture concept is a product that will revolutionize how we heat our homes. My heaters will contain motion sensors so they know exactly when to turn on and off based on whether the room is occupied. This product will mainly be used by people who live in cold places where heat is needed during the winter months. This product is perfect for homeowners who pay their utilities bill. People will want this product for several reasons. It eliminates the annoyance of remembering to turn your radiators on and off. I was in this bothersome situation when I got the idea for this product. This product is extremely efficient, so it will also reduce costs on utilities bills because people will not be using excess heating. Additionally, the efficient aspect is much better for the environment in terms of energy conservation. This product uses advanced technology to save money and keep people happy and warm!

Based on the feedback I have received this semester, I realized that it may be smarter to focus on the B2B market instead of the B2C market as I had originally intended. I might find more success by selling this product to contractors and creating partnerships with companies that are in need of efficient heaters. I could get into contact with home appliance stores and other salespeople specializing in air conditioning and heating. One commenter added that I might be able to break into the room insulation industry with this product as well. That is a great idea. It is also clear from my feedback that I need to have some grasp on how much money this product will actually save the consumers before I make it available to the public. I can’t sell this product on false promises, and in order to get the data I need, I will have to go through an extensive testing period. This feedback has pushed me in the right direction, and, above all, I think I now understand the full potential of my product. There are a lot of different directions this product could go that I hadn’t originally considered. This is an idea that I continue to be excited about.

28A - Your Exit Strategy

I think I do intend to sell my business in the near future. I would like to develop the business plan and strategy continuing a little bit, and then let the venture go. The reason for this is that I never intended to make this my life’s work, and while I do feel passionate that it is a good idea that could be fruitful, I do not think doing this for a long time will make me happy. I think there are either people who know this industry far better than I do and they could be much more successful with my product. They are willing to put in the hard work and energy needed going forward. This exit strategy has not influenced my decisions int he concept, but vice versa. In reaching out to experts and customers along the way, I have realized that the rest of the decisions might be better if they are made by someone else. This idea is strong enough on its own to sell, without me investing more of my human capital in it. It has influenced my growth intentions by slowing me down a bit more.

27A - Reading Reflection No. 3

For this reading reflection, I chose How to Fail at Almost Everything and Still Win Big by Scott Adams. This book is Adams’ memoir. He is a cartoonist. His story shows that life is not a straight path, and that your failures lead you to where you eventually are meant to be. His story is a lesson in keeping your head up and continuing along despite the failures you encounter. This book connected directly with my last post about failure. Failure is a big part of entrepreneurship. There are so many ways to miss the mark and not have a successful product. This book gives great guidelines on how to remain happy through the trials and tribulations of life. If I had to design an exercise for this class, I would have people map out three of their failures and write a reflection on how those could lead them to future success. This would be a good introspective way to turn failures into something positive. My biggest surprise is that Adams doesn’t think it is helpful to find your passion, but rather find your energy. He says you’ll be happy in life as long as you are energetic. This is an interesting take that has less to do with money and more with self fulfillment.

26A - Celebrating Failure

This semester I applied to over 40 internships that I didn’t get. The entire process was grueling and very disheartening. I began to doubt my worth and think that all the hard work I have done up until now hasn’t gotten me anywhere. I did countless interviews and got my hopes up so many times, just to be ignored by recruiters or turned down without any feedback. Eventually, I did secure an internship and I was very happy. However, I’m not sure if it is going to happen now because of the virus. This whole entire process has been a crazy learning experience. I learned how to handle rejection and how to conquer the job application process. I improved my resume and cover letter and my interview skills. I learned not to take things to personally, and that you only need one job to stick no matter how many you apply to! In the future, I am definitely more willing to take risks because I am familiar with this process and have learned how to keep trying even when I feel discouraged.

25A - What’s Next?

Existing Market

I think next I have to move to the actual technological development phase of my venture. I do not have the engineering knowledge or the physical resources to create this product my own. The next step for me here is to outsource these jobs. The three people I interviewed agreed that I need to begin working on this next step. They also said I should start mapping out a rough estimate of how much the product is going to cost. A lot of data analyzation is needed to determine how quickly this product will help people save money. Customers want these answers. This path makes the most sense for my venture. I need to outsource these jobs and beginning finding the right people to do them. I need to collect data on the average wholesale cost of a heating unit and the average cost of heating that na average home owner uses in the winter months. I will begin by mapping out a timeline and setting goals so the product can reach the market sometime before next winter.

New Market

A market I haven’t thought of is the B2B market. That could completely change this venture and I feel silly for not having considered it. My product could work for B2B or B2C. People who already sell heating and air conditioning may be interested in investing in my product. This product could be the whole future of this market if it is successful with customers. Once it gains popularity, it is possible that old models may become obsolete. The two people I interviewed said that I need to make ties with my competitors in order to meet customers who may be interested. These competitors know the customers very well and could be willing to make a deal or partnership with me. These interviewees think I might be even more successful in the B2B market and could catch the attention of some salespeople dealing with similar products. This would take a big chunk of the service aspect out of my hands so I could focus more on the product. I am surprised in general that I hadn’t considered this new market. On second thought, it seems nearly as attractive as my existing marketing, if not more attractive. This new market is definitely worth more of my attention.

24A - Venture Concept No. 1 (No Hassle Heaters)

I recognized the opportunity for my product when I moved somewhere cold for the first time in my life. I was suddenly renting an apartment with a radiator in it for the first time in my life. And this showed on the utilities bill. I was spending more on utilities than I ever had before. I didn’t think bills this high were normal until I realized it was because I was using so much heat. I think had to make a very annoying conscious effort to turn the radiator on and off constantly in order to use as little heat as necessary.  My most important resource is my close connection with this problem. This annoyance and waste of money is something that is in the lives of many people. So long as people use radiators and need to be kept warm in their homes, this opportunity will exist. The window of opportunity will stay open for a very long time. The market is mainly defined geographically. People who live in warmer climates and have no need for heat in the winter and other cold months will not be interested in this product. I don’t think people are currently loyal to their heating devices. I think that many are content as long as they are warm, even if their utilities bills are high because warmth is viewed as a necessity.

The product is a motion-sensing radiator. The radiators could be installed in main rooms and throughout homes. They detect all motion and turn on when the room is occupied and turn off when the room is emptied again. The radiators are highly sensitive in order to be as efficient as possible. This will keep people warm and cozy in their homes without worrying too much about the negative aspects of owning a radiator. People would also not have to worry about children and animals touching the radiator and manipulating the temperature.

This product will help people save money in the long term on their utilities bills. It will eliminate the frustration of worrying about turning your radiators off and saving money. It is also the most energy efficient it could possibly be to keep the customer satisfied and also conserve electricity. The only reason it would be difficult to convince customers to switch is because they have to be willing to pay the money up front and wait until they see themselves saving money and earning the money back on their utilities bills in the coming months. Once this point is emphasized, people may be willing to buy the product. The competitors are standard heating unit companies, but they lack this motion technology that this product has. This business must work very hard to market the product because this idea is breaking into an industry that works to some extent and has been established for a long time. The next step in this venture is to really fine tune the technology to be exactly how I envisioned it and product effective results. In five and ten years, I hope to continue updating this product and improving it to solve all of the problems at hand on a larger scale.

23A - Your Venture’s Unfair Advantage

1. Knowledge of Industry - This is very valuable as it is essential to breaking into any industry no matter what the industry is. It is imitable as this is a well-established industry. Other resources cannot provide same benefits.
2. Personal Connection - This is very valuable because I care about my product and I have a personal will to see it succeeded. This is rare because a lot of entrepreneurs only create products for the economic benefit.
3. High Speed Technology - This is easy to copy but an important value in order to make the product as top notch as possible. This will attract more buyers. It is non-suitable.
4. Highly Sensitive Technology - Same as being high speed. It is valuable for the product to work exactly how it is meant to as quickly as it can to be the best it can be. This is sometimes rare because a lot of products slow down or break over time.
5. Marketability with Different Groups - This is very valuable and sometimes rare depending on the product. A lot of diverse groups can benefit from this product and that will lead to wider sales.
6. Efficiency - This product is eco-friendly which is a very valuable asset to many people in this day and age. It is not rare in general but in this industry it is more rare than not.
7. Interpersonal Skills - This is valuable but definitely not imitable. Any entrepreneur needs this but it is just as important to have nonetheless. Other factors can add to this benefit.
8. Novel Idea - This is important because there is not currently wide competition for the product. It is non-suitable and it can be imitated but it is not at the moment.
9. Firsthand Experience - This idea was conceived from my own experiences and this is very valuable. It is inimitable because no one else has had my same exact experiences. It is not rare in general but can be unique to this product. Nothing gives the same benefit to an entrepreneur because I can really relate to the customer.
10. Understanding of Customer Base - This is extremely important for the actual sales of the product. I think this is imitable but over time I have understood the customer base even more widely and gotten great feedback that will allow me to know my target audience well.

My top resource is my own firsthand experience with the problem that my product solves. This has led me to be really in touch with exact how the product should function. I am able to clearly see the obstacles to creating a suitable product that would provide the best solution. I understand all of the benefits of my product.

22A - Elevator Pitch No. 3

The feedback from my last pitch was very helpful. One person said it looked like I was reading my pitch. I wasn’t, but I made sure to seem more natural and fluid in this pitch. I made my presentation more conversational and natural this time around. I also know my pitch better at this point. I tweaked my hook to relate to the audience a little bit more, but otherwise I kept it mostly the same and tried to keep my safe structure and describing the problem, the product and the solution. In my feedback I was told to dress more professionally, but I did not follow this advice. I feel that I am dressed appropriately enough given the environment I am in. I would amp up my wardrobe if I was giving this pitch in front of an audience.

21A - Reading Reflection No. 2

The book I chose was Thinking, Fast And Slow by Daniel Kahneman. The general theme of the book is that we must make an active effort to understand our thought processes and control our decision making in order to avoid errors and jump to conclusions. The book connects a lot to what we are learning in ENT3003 because it gives advice that is very helpful to the modern entrepreneur. He warns against going with your gut and he talks a lot about making the most economic decisions for yourself. He says to separate your emotions from your economic decisions, which could be very helpful in entrepreneurship. For an exercise in this class, I would present a bunch of logic questions and in the end students would see which ones they got wrong and reflect on why they got them wrong. Did they take the easiest and most available answer? Did they jump to conclusions or trust their gut too quickly? A part of this book that surprised me a lot was Kahneman’s on how lazy our brains are. He said people want to solve problems with the least amount of effort, regardless of the accuracy of the solution. This surprised me because I tend to think the best of peoples’ intellects but I suppose this may be naive. 

20A - Growing Your Social Capital

1. Domain Expert

I spoke to Melinda. She is an air conditioning contractor who works in Doral, Florida for HeatAndCool.com. She is an expert in this field and knows about identifying peoples’ needs for radiators. She has worked for the company for five years and quickly picked up on the ins and outs of the industry. I found the company online and simply called them. Melinda explained how she identifies the costumer’s needs and matches them with the correct product, which will help me identify my potential customers.

1. Market Expert

Emily is a technology expert at a firm called CB Insights. Her company sources information on technology and formats it into reports for the public. She has done some individual work on energy efficient household appliances. I met her through LinkedIn. We spoke on the phone and she gave me some guidance on how to start actually getting the physical product developed. This is an important next step for me.

1. Supplier

I had a quick conversation with Randy on the customer service line at Goodman, where they do wholesale air conditioning. I also find him and the company number through Google. He told me how they contact customers and about the kind of marketing strategies the company typically uses. He described the kind of people he usually comes in contact with in this industry. This will help me expand my customer base.

This experience was different than my other networking experiences because all of the people I spoke too were experts in similar topics. It helped me really concentrate on the questions I wanted to ask and the answers I needed to get. In the future, I will focus my networking conversations in more instead of asking general, getting to know you questions.

19A - Idea Napkin No. 2

1. I am a journalism major with boundless creativity and well-developed social skills. I know how to effectively communicate in writing and spoken word. I think this helps me keep in touch with consumers/the people I am helping. I aspire to help people in daily life through my innovation. This business could be the venture that takes over all aspects of my professional life.
2. I am offering radiators that turn on and off using highly sensitive motion detection technology. The radiators would sense people in the room and quickly warm it up. It will turn off abruptly when people leave.
3. This product is meant for people who live in cold places and have a use for this product. People who live in the south and rarely use heat or maybe don’t even have radiators have no use for this house. These customers are people who own their homes and properties. They have a reason to invest in a product that would lower their utilities bills and save them money in the long run.
4. They care mainly because their utilities bills will go down. They will be maximizing their use of all the heating and electricity they are paying for. This will be very helpful in the colder months when heat is a large expense. Additionally, the radiator will be hyper efficient in saving energy, so it will be better for the environment.
5. My main core competency in this project is that I can closely relate to the issue of being bothered by turning a radiator off and on and suffering the consequence of a high utility bill at the end of the month. By being so close to the problem, this makes me a good person to attempt to solve the issue at hand because it will improve my life as well.

I believe these elements fit together very well. The skills I possess are needed for an entrepreneur no matter what the product or service is. The element of customer outreach and receiving feedback is very important in formulating a good business idea. I can be successful in this aspect. The only part I am really lacking is the technological background to be able to actually develop the product.

My comments said that I am a good person for this project because it is obvious that I care about it. They noted how I am closely connected to the problem and the product at hand. I used this feedback to reflect even further on why I want this product to become a reality. I incorporated that into the napkin.

18A - Create a Customer Avatar

First and foremost, my customer avatar is someone who lives in a cold place and has the use for a radiator and heating technology. My customer is most likely someone a little older with an established career and the ability to afford the motion-sensor radiator. This is also someone who plans on staying in their residence — a homeowner instead of a renter. This person has children and spends time at home with them. They are middle to upper class people. They are most likely liberal because they care a lot about saving energy and helping the environment.

I have my values and life preferences in common with my avatar. I think we want the same things out of life and see why this product would be useful for a number of reasons. The main difference here is that the product targets an older age group that I do not fit in. I don’t think these similarities are a coincidence because I created this idea based on something that was actually inconveniencing my daily life.

17A - Elevator Pitch No. 2

The feedback I received on my last pitch was very helpful. I was told to sway less and use more effective hand gestures. By taking this advice into account, I think I look more professional in my second elevator pitch. I was also advised to explain my product in fewer sentences. This advice might be good, but I didn’t find it necessary in my case. I think it is important to completely explain the product, and it should be explained fully no matter how many sentences are used. That being said, I did try to be more concise in this pitch.

16A -What's Your Secret Sauce?

Ways I Am Unique:

1. I hate missing out. I love making memories and making the most of all of my time. It is important for me to live in the moment and be attentive.
2. I am enthusiastic. I encourage people to follow their hearts and I try to see the positive side of every situation. It is not hard for me to get excited about something.
3. I am patient. I rarely get annoyed waiting at red lights or in line. I understand that some things take time to achieve high quality.
4. I push myself to be the best. I am my own biggest motivator. I don’t like giving up or admitting defeat.
5. I don’t take things too seriously. I know that life shouldn’t be all about work and I value my personal life. I like to laugh and have fun.

https://soundcloud.com/molly-chepenik/sets/secret-sauce

I think most of the interviews are consistent with how I see myself. Some of the people mentioned qualities that I may possess but I don’t see as being specific to me. I think this difference exists because I present myself in certain ways to different people. The interviews about me are correct in their own ways and opinions. I don’t think I would change anything from my list.

15A - Figuring Out Buyer Behavior

Interview 1: I like saving money in general. I don’t typically shop for leisure, but for utility. I shop online only because usually I need really specific products. Because I like to save my money, I have a little more leeway to buy more expensive products. But in general, if there is a good cheap option for a product I don’t see why I wouldn’t choose that one.

Interview 2: I really value price when I am making a purchase. I like to online shop and a lot of the time I will list the products from cheapest to most expensive. From there, I will see which products suits my need. There is no value in spending little money if what I wanted in the first place doesn’t work correctly. I’ve only messed up a couple times by buying cheap things that barely worked.

Interview 3: I care a lot about quality but not if it means the product I want is going to be way too expensive. I like to buy things in person to make sure I am really getting what I think I’m getting. This way, i never have buyer’s regret. I can physically confirm my purchase and if something goes wrong with it, I’m the one to blame.

My interviews showed that people really care about price being low. In a perfect world, the best products would be the cheapest. Sadly, this is not how it is. Either way, most people value price over quality.

14A - Halfway Reflection

The most important thing you need to be successful in this course is time management. It is important to stay on top of assignments and always budget enough time to watch the lectures. Without good time management, it is very easy to miss assignments. It is also important to stay organized in keeping track of the assignments. There are many assignments and it is easy to get confused with them. I was pulled through by my own desire to succeed and do well. I am also very interested in the content in this course so it is easy to want to continue. I have been tenacious in this course and this has led to it! I have also enjoyed speaking to other students through the peer reviews. If you are taking this class next semester, I would advise that you never give up, make a work schedule for when you are going to do assignments and really just try to enjoy the content and apply it to your own life!

13A - Reading Reflection No. 1

I chose to read about Ray Kroc and the making of the famous McDonald's empire. What surprised me the most about this story is that the man behind the chain is not actually a McDonald. He ended up using the milkshake machine from the McDonald brothers and made it revolutionary. I admire Ray Kroc because he seems to be an insanely dedicated entrepreneur and he was always really honest. Most entrepreneurs are stereotyped to want to steal your money and con you into buying things. I least admire that Kroc let his business mindset take over his personal relationships. I personally value a good work-life balance and it seems like Kroc could not have success while maintaining his. He did encounter failure through several business ventures and struggled while selling paper cups before he came upon his success. His competency is that he was a very dedicated worker. The confusing part about this reading was that it seems like there are two sides to the story and that the McDonald brothers might feel very differently about the situation. If I was able to ask him two questions I would ask him what advice he has for a beginning entrepreneur and I would ask about his biggest regret in the making of the franchise. I think Kroc would say that hard work is the most important thing you need in life to be successful and happy. I disagree with this. I think that happiness can just as easily come from a satisfying personal life.

12A - Figuring Out Buyer Behavior No. 1

The three people I interviewed are all homeowners in cold places. They are all older and have steady sources of incomes. The interviewees expressed interest in lowering their utilities bills and said their bills are higher in the winter months. The unmet need here is smarter technology within their homes to save them money. One of them said he was unbothered by having to turn the radiators on and off and that it had just become a part of his daily routine at this point. The other two expressed frustration with this small annoyance. These two have children living with them and said it is difficult to remind them to be aware of how much heat and energy they are using. However, all three people are aware of their high bills at the end of the month.

The interviews show that people have not thought long and hard about how to address this issue, but they understand that the issue is there. This product would procure need awareness simply by existing and being advertised. Not many people search for information on this topic, but the information would become available once this product appeared on the market. 

11A - Idea Napkin No. 1

1. I am Molly and I am a journalism major at UF. I have experience doing reporting and writing. I have done many interviews in my past and I have the keen ability to identify people’s needs and ask the right questions. Regarding my business concept, I think I would benefit from it the same way other consumers would. This concept solves a problem that I have.
2. I am offering radiators with highly sensitive motion detecting technology to be put in people’s homes. The radiators will turn on and off depending on whether the room is occupied and heat is needed.
3. I am offering it to people who need heat in their homes. This is a large population but does not include people who live in mainly warm areas. The product will likely be the most beneficial to people who own property rather than those who rent or are only staying somewhere short-term.
4. The consumers should care because these radiators will save them money in their utilities bills in the long-term. By only being on when they are needed, these radiators will be as efficient as possible. Because of this, they are also more environmentally friendly. Consumers with concern for the environment will benefit here as well.
5. My core competency that will benefit me here is the fact that I care about this product.  I am the exact consumer that this product would be targeting, and this makes me the perfect person to develop this idea.

I think these elements do fit together well. Here I have a very clear problem and a very clear solution. The idea has been fleshed out over the last few weeks and I have a good idea of who my target audience here is. The only thing I am lacking is the technological knowledge to actual create this product. I would need to outsource some help for that.

10A - Elevator Pitch No. 1

9A - Testing the Hypothesis, Part 2

Who: These five interviews have shown that people who share a lot in common with people in the opportunity are those who are not homeowners or who are temporary residents in their homes. These interviewees are not willing to spend money on energy efficient appliances like radiators in order to decrease their utilities bills in the long run because they are not staying in their residences for a long time. They will not be able to economically reap the benefits of this opportunity.

What: This need to have a lower utilities and electricity bill is different from the need to use more energy efficient appliances in order to minimize environmental damage. My opportunity appeals more to the money side instead of the environmental side. Some interviewees were generally more willing to buy into an opportunity that will directly benefit them as opposed to benefiting the greater good which is, in this case, the environment. This opportunity may satisfies both needs, but is aimed more for the personal benefit of the consumer.

Why: The interviews revealed that there may be an underlying cause of outsiders’ needs being different than those inside the boundary and this could have to do with economic standing. The interviewees who do not have the funds available to invest in appliances that are initially expensive — but save money long term — are not willing to participate in this opportunity. Many times, people’s economic means determine what entrepreneurial endeavors they will take part of, and this factor has been at play here.

Inside the Boundary
Who: homeowners, landlords, people living in one residence for a long time, people living in cold places, people with high utilities bills
What: to help minimize the cost of utilities bills, alleviate financial stress
Why: hard to remember to constantly turn off radiators/lights etc., general annoyance, want to pay less

Outside the Boundary
Who: people living somewhere temporarily, renters, people living in warm places, people with low utilities bills
What: more energy efficient appliances that are better for the environment, benefit the greater good
Why: people don't want to spend the money up front, might not be affected by their bill

8A - Solving The Problem

The problem I have identified is the high utilities bills people receive due to wasted energy. People leave their heaters on when they are not using them at maximum capacity. This expounds unused energy and it contributes to high bills at the end of the month. This is cumbersome for the people paying the bills and for the environment.

Something that could help lessen these bills are radiators with built-in motion sensors. That way, they could turn on and off automatically depending on whether people are in the room. If the sensors were highly sensitive, they could make sure the radiators are as efficient as possible. This solution is sustainable and less expensive in the long-term.

7A - Testing the Hypothesis, Part 1

The opportunity I would like to pursue is the possibility of saving money on utilities bills in the long-run with technology to make homes more energy efficient. Most people pay some kind of utilities bill, so this could be something that could have wide interest.

The who: Homeowners, Home/Apartment Renters, Landlords, Anyone who pays a utility bill

The what: Money is being unnecessarily spent on water and electricity because appliances are not as efficient as they could be with advanced technology.

The why: This technology is not widely available, and some might be content with spending less money in the moment even if it means spending more in the long run.

Admittedly I do not know how it works when large property owners and landlords need to pay the government for utilities. The who could be expanded to these people who can profit much more than the individual homeowners. Boundaries needed here are the prices of the appliances and the exact cost of the appliances. People would need to know the exact logistics of the money they are saving in order to buy into this opportunity. The "why" is simple and can be related to on a large scale -- saving money.

Interview #1

Q: Do you wish your utilities bill was cheaper than it is now?

A: I would love to be spending less on utilities, but I guess I understand why I have to pay what I do. My utilities bill in the apartment I'm in now is pretty much the same as it has always been everywhere I've lived. In general, I'd like to pay less, but I don't think the price as it is is obscene or anything.

Q: Would you be willing to spend a large sum of money on your utilities now if it meant saving money long-term?

A: Right now I don't think I would because I don't see myself staying in this apartment for much longer. I guess it would depend on how quickly I earned than money back, but if it would take longer than a year I don't think there's any reason for me to be spending that much on this apartment.

Interview #2

Q: Do you wish your utilities bill was cheaper than it is now?

A: I can't imagine why anyone wouldn't want their bills to be cheaper. My utilities bill, especially now because it is winter, is much higher than it should be. It's just another boring, old monthly payment that I have to make. Just add it to the stack of other bills.

Q: Would you be willing to spend a large sum of money on your utilities now if it meant saving money long-term?

A: I think I definitely would do that now because I see myself staying in this house for a long time. If I chose to one day be saving money on utilities, that would be a very smart way for me to be planning for the future.

Interview #3

Q: Do you wish your utilities bill was cheaper than it is now?

A: My radiators and stove are pretty old and I find that my bill is higher than a lot of other people I know. I guess that's the price to pay when you find someplace where the rent is very low. Saving rent money is kind of pointless when you have to deal with old appliances and high bills anyway.

Q: Would you be willing to spend a large sum of money on your utilities now if it meant saving money long-term?

A: I think it would depend on how long the new and expensive utilities would last me. I would be willing to spend more now if it really meant that I wouldn't have to be paying for repairs, or that a new technology would emerge in the future that I wished I had bought. Spending a lot of money at once for a future promise is a big risk that I don't usually take.

Interview #4

Q: Do you wish your utilities bill was cheaper than it is now?

A: Most definitely. I find myself worrying about the utilities bill every month. The rent payment is set and I am happy with it, but I don't know why the utilities bill consistently surprises me. I try my hardest to save money but it doesn't work out.

Q: Would you be willing to spend a large sum of money on your utilities now if it meant saving money long-term?

A: I would, especially if I would be spending that money on more energy efficient and eco-friendly appliances. Not only would I be saving money, but I would also be helping save the planet, and that's something I feel really strongly about right now. This sounds like a win-win situation to me.

Interview #5

Q: Do you wish your utilities bill was cheaper than it is now?

A: Yes. I'm really in a tough spot on money right now and I am trying to save in every way I can. I almost forget about the utilities bill each month and then when it comes it makes my living situation even more difficult. When it's higher than expected, I always make a promise to cut it down for the next month.

Q: Would you be willing to spend a large sum of money on your utilities now if it meant saving money long-term?

A: I don't think so only because I don't really have the means to be spending a large sum of money on anything right now. This would be more intriguing to me if I did have that extra cash. I suppose I would have to know exactly how much a "large sum" is before I buy into it or write it off for good.

My interviews have shown me that there is a market for this opportunity. As with most ideas in their beginning stages, this needs development before consumers will fully commit to it. That being said, the problem is recognized widely and people are interested in this problem being solved.

6A - Identifying Opportunities in Economic & Regulatory Trends

Economic: Banning petrol cars
https://www.reuters.com/article/us-climate-change-accord/electric-dream-britain-to-ban-new-petrol-and-hybrid-cars-from-2035-idUSKBN1ZX2RY
-British government announced that starting in 2035 they will be banning creation of new petrol and hybrid cars in order to minimize air pollution. This is an easy opportunity to exploit because the market for electric and eco-friendly cars has been open for years. This information suggests an opportunity for car companies to be working on a car that is even better for the environment, but more importantly, even cheaper for customers. This is an opportunity that people need to get ahead of before the ban is put into place.

Economic: Halt in airplane industry affects economy
https://www.wsj.com/articles/boeings-woes-create-headwinds-for-u-s-economy-11580655600
-The Boeing 737 MAX crashes have put the large plane company at a standstill and it is projected to affect the GDP in the upcoming fiscal year. The opportunity here is for other transportation companies and airplane manufacturers to help alleviate this financial hardship. The opportunity here would be seized by these other companies really amping up their marketing tactics and doing everything they can to attract customers. This is a problem that can be solved and profited off of if the people with the correct expertise seize it. The Boeing issue has been going on for too long and something should be done about it.

Regulatory: There are way to travel more sustainably
https://www.nytimes.com/guides/travel/how-to-travel-sustainably?algo=identity&fellback=false&imp_id=653659910&imp_id=89342002&action=click&module=Smarter%20Living&pgtype=Homepage&redirect=true
-This NYT article gives tips and tricks to traveling more sustainably, but does not have any concrete influence over the traveler who is apathetic about the size of their carbon footprint. There are some companies that will help people travel more sustainability, but they must be sought out. There is an opportunity here to provide incentive to people to travel more sustainability by offering a rewards plan. This opportunity can be taken advantage of by the government or some other environmental entity that has a stake in this. I saw this opportunity because I have been traveling a lot recently, and I have been thinking about this.

Regulatory: News regulations being put in place due to Coronavirus
https://www.cnbc.com/2020/02/04/coronavirus-american-airlines-suspends-hong-kong-flights-amid-outbreak.html
-This CNBC article breaks the news about many flights to Hong Kong being canceled amidst the coronavirus outbreaks there. Pilots sued the airlines to cancel these flights so they would not be put at risk. There is an opportunity here that is bigger than just flights being affected by illness epidemics like this one. The opportunity is to help establish a better, less frantic plan of action for when something like this happens in the future. There needs to be stricter rules about what to do when peoples' physical healths are put on the line. The opportunity is right out in the open and can be tackled from many different sides. It is hard not to imagine there is some way to profit off of this.

5A - Identifying Local Opportunities

Powerful Caribbean earthquake shakes buildings in Jamaica, Cuba — even downtown Miami

https://www.miamiherald.com/news/local/community/miami-dade/article239725568.html

A magnitude 7.7 earthquake occurred north of Jamaica and its effects were felt in Cuba and all the way to Miami. The problem is that people are fearful of earthquakes and are becoming concerned about an earthquake so strong that it spans that wide. There is concern also linked to tsunamis and other natural disasters that put people’s lives at risk. The people who have the problem are the residences of these places.

Here’s when you can expect Uber, Lyft price surging in Miami during Super Bowl week

https://www.miamiherald.com/sports/nfl/super-bowl/article239751988.html

This article is advising people on when to use ride sharing services during Super Bowl week. The Super Bowl is going to bring a lot of tourists and there will be a lot of traffic. People want to limit how much money they will spend. The problem is for the people who will be trying to get to and around the Super Bowl with ride sharing services. They do not want to lose so much money doing this.

30 students, 3 teachers in South Florida tested for coronavirus after Yale conference

https://www.miamiherald.com/news/health-care/article239789388.html

South Florida students and teachers may have been in contact with a sick student from China at a conference at Yale. This problem is just a piece of the larger problem that is the coronavirus epidemic. In this case, the problem is for the students and teachers that are being tested for the virus. This is a health issue that nobody wants to be a part of for obvious reasons. The coronavirus has killed a significant amount of people in China.

A crash has shut down a stretch of the Palmetto Expressway during rush hour

https://www.miamiherald.com/news/traffic/article239788933.html

A car crash is blocking the Palmetto Expressway during Thursday morning rush hour. It will cause long delays. The problem is for the people involved in the car accident and for those who are stuck on the expressway or use the expressway to get to work or school. This traffic will inconvenience them and most likely cause them to be late. 

They were there to dispute a Miami doctor’s medical bill. Then someone called the cops

https://www.miamiherald.com/news/health-care/article239566083.html

A couple went to their neurosurgeon’s office to attend a legal mediation hearing over a lawsuit about medical bills. People called the cops on the male in the couple for loitering and holding a bag outside. Being involved in a tiresome and long legal battle is their problem. This is a problem for the three people involved in the story, but more so for other people who also have incurred medical bills that they were unaware of. There are many complex healthcare issues in this country right now involving insurance and the ability to pay for medical procedures.

4A - Forming An Opportunity Belief

I believe an opportunity exists to minimize the electrical cost of heat in places where it is cold in the winter. Heating is one of the most costly electrical expenses. I just moved to a cold place, and I am constantly having to be aware of turning the radiators on and off every time I leave the room and leave the house. In my apartment, there are five radiators that I am consistently having to adjust depending on when I am using the room. Right now, this is what most people have to do to stay warm and save money in their homes. The solution to this would be to create smart, highly sensitive motion detecting radiators that turn on and off based on the rooms occupancy. This need is not new. People need to turn their heaters on in the winter, and most just suck it up and allot the money needed to pay for their electrical bills each winter month. This system would ensure that people are not overpaying for heat they didn't actually enjoy. The prototypical customer is anyone who lives in a cold place and must use heat in the winter months.

20-year-old female living in Madrid, Spain with roommates

This person said her parents pay for her rent and utilities. She noticed that she really needs to keep an eye out for turning the heat off the first time her parents saw her December electrical bill. They were very upset and scolded her for spending so much money on heat. She said she is bothered by having to turn off the heat every time she leaves. This is a small annoyance for her, but it is constant. She addresses the need to save money by only turning on the heat when she absolutely needs to. She said she tries to layer when she is inside and she always wears pants. She said she could really benefit long term from having a motion sensor radiator.

Reflection: I am 75% sure that this need exists. Because this is the beginning stages of the idea, it is hard to be more sure than that. However, this interview has showed me that people are experiencing the same problem and it should be addressed.

48-year-old female living in Brooklyn, New York with family

This woman said her electric bill is absolutely ridiculous in the winter months. She lives in a mid-sized home with young children who do not have the awareness or responsibility level to turn the radiators on and off when they are in the different rooms of the house. For that reason, her family leaves all of the radiators on for the entirety of the time anyone is home. She said that they see this hefty electric bill coming when winter rolls around, so they save up and put money aside to be able to afford the heat. She said there is no way they could go without using the heat as much as they do, and a radiator with a sensor could be very useful for the family.

Reflection: I learned here that this product could be of use to more people than I thought. I had not considered that some families who need heat have babies or small children that need to be kept warm and will not adjust the radiators themselves. I think I have a large market size here.

27-year-old man living in Asheville, North Carolina

This man is living in a small cottage with his girlfriend that does have a couple radiators, but does not require much heating. He said that the electric bill is significantly more in the winter months and it's just an extra pain for the couple. He said that he might be interested in this product depending on how much it would cost and how quickly he would be saving money. He noted that North Carolina does not get nearly as cold and does not stay as cold for as long as it does in some other places.

Reflection: This interview reconfirms my belief that there is a solid customer base for this product. The unmet need is there and this product could help people save money. However, it might be difficult to convince people to invest in such a large product.

Summary: I think that there is most definitely a need for this product. Electric bills and cost of heat is another living expense that does not go away for people who live through long winters. The original opportunity is still there and would make sense to a lot of people. This product could be useful to so many people far and wide, and the interviews confirm this. The new opportunity involves more of the details here. I think price would be a big determinant for whether people buy this product. It also might be a different circumstance depending on how long someone plans to stay in a living space and whether they rent or own. These things would have to be determined through customer feedback. I think it's very important to rely on customer feedback as an entrepreneur because if customers don't respond well to the opportunity there is no way it is going to succeed. After all, the point is to make profit from customers and also better their lives.

3A - Your Entrepreneurship Story

My earliest memory of being an entrepreneur was in Ms. Lehman's class in fourth grade. I decided to open a school supply business with my friends Robbie and Alex. We called it RAM, which stood for Robbie, Alex and Molly. Super original.

RAM started when my mom told me she was about to throw away an old carton of school supplies and asked if I wanted anything from it. I got an idea to bring the carton into school and start a business. Because we were in fourth grade, we didn't sell the supplies for money, but we made trades.

Every day during recess we opened up RAM for business. I distinctly remember being very excited when another student wanted to trade in his erasable pen. This was a rare item. We received numerous inquires for a fourth partner, but RAM was an extremely elite group and a complex operation. We deliberated almost every transaction until we reached a unanimous decision on the deal. When one of us was absent from school, business would be closed for the day.

We also collected the broken tips of pencil graphite until we had a giant Ziploc bag full of them. I don't know what that was all about.

I enrolled in ENT because entrepreneurial skills are transferrable to almost all fields. To be a successful entrepreneur, one must have good communication, organizational and critical thinking skills. I hope to gain insight into the business world and use that to my advantage as I move forward with my life and into my career. ENT can give me the knowledge and training to keep up in a world of innovation and technological advancement.

Below is a photo of Alex (left) and Robbie (right) posing with my dad (middle). We have remained friends to this day.

2A - Bug List

BUG LIST

1. When my towel is still wet from yesterday's shower
WHY it exists: I do not have a dryer in my apartment, so I need to let my towels air dry. Some days there is not enough time between my showers for the towel to get completely dry again.

2. When my cat scratches me suddenly after we've been playing
WHY it exists: Cats are known to have short tempers and decide very quickly that they are fed up of being touched even though they seem to like it.

3. No windows in classroom
WHY it exists: Some classrooms are in central places that have no way of putting a window in them that faces the outside. Other rooms are simply built without windows.

4. Poor connection when I'm trying to FaceTime my family
WHY it exists: Either of the two parties on the call may be somewhere where the WiFi is not strong or data is not working at maximum capacity.

5. When people start talking about dinner plans while eating lunch
WHY it exists: Some people are food obsessed and like to plan things too far in advance.

6. Running out of computer disk space on my 5-year old Mac
WHY it exists: When people have a lot of work and assignments, they save it to their computers. Eventually after owning the computer for a while, the disk space runs out and nothing more can be saved.

7. Having to walk up 5 flights of stairs to my apartment
WHY it exists: There is no elevator in this building. This could be because the building is very small and tall. It's in a busy city.

8. Socks with holes in them
WHY it exists: I tend to keep socks for a long time and they get holes in them after years of wear and tear. Most of the time I am too lazy to throw them out, so I suffer through the pain.

9. Not being able to drink from the tap in Mexico
WHY it exists: Some places have bad pipes and poor water quality that makes the water undrinkable and you need to buy bottled water.

10. Overstuffed sock drawers
WHY it exists: The drawers aren't big enough and I have too much stuff that needs to fit somewhere and not just lie out.

11. When someone repeats the last word of every sentence you say
WHY it exists: This may just be a nervous tick or that person may be trying to impress and be relatable.

12. The feeling in my mouth from eating acidic foods like lemon
WHY it exists: Some people react more strongly than others to acidic foods. I like how the foods taste, but I get a pain specifically on my tongue.

13. Foot traffic when I'm walking to class
WHY it exists: There are a lot of people on campus in between the periods when people are switching. It is easy to get caught in a big crowd in campus' central areas.

14. When a nail breaks in the middle of the day while I am writing
WHY it exists: I do not like to cut my nails very often, so they will eventually break when I am doing something like writing and they have grown too long and weak.

15. Consistently being asked for the homework answers in my sociology classes
WHY it exists: Some people are lazy and never want to do the homework. They also have no shame so they feel comfortable asking others for answers.

16. Being told my nose ring is unprofessional by adults and extended family
WHY it exists: People have a mental image of other people who have nose rings as being wild, rambunctious and unintelligent. Some employers are predisposed against people with nose rings.

17. When my contacts break when I rub my eyes
WHY it exists: Some contacts are very flimsy and will break easily if they are tampered with. This is especially true of weekly contacts and others that have the opportunity to be worn in.

18. Eggshells breaking into the batter
WHY it exists: This happens when the egg is not broken with the proper form and too much force causes a mess that ends with eggshell in the bowl where it should not be.

19. Getting advertisements right after I talked about something
WHY it exists: Cookies and other web algorithms have gotten consistently better at very specifically targeting their advertisements on social media.

20. Having a test postponed that you just studied hours for
WHY it exists: Things get in the way of other things in life and sometimes tests, meetings, plans etc. are postponed for various reasons.


Reflection:

This assignment was difficult for the most parts until I got into the right frame of mind. I actually felt myself get more and more annoyed as I continued writing this assignment. At first, I couldn't think of a lot of things that annoy me because they vary so much. I am annoyed by small things and big things and I couldn't put my finger on any of them. Then, I simply began to look around the room and focus on the items I saw. They triggered little annoyances that I realized I experience frequently. Overall, I am glad I am not constantly recognizing the things that bug me. I would be bugged a lot of the time if I paid as much attention to them as I had to for this assignment.

Testing

Testing... 123 testing....

Is this thing on?