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.