30A – Final Reflection

1) One of the best moments of this semester was being able to interview my friends about my business concept and being able to learn how to network through all of these interviews as well. I also really enjoyed finding a specific market and learning how to use my own market as an advantage to reach others like me through business ventures. One of my low moments were probably my elevator pitches. I have pretty bad social anxiety, even if I am alone talking to a camera, and it was a little hard doing the elevator pitches for this class.

2) One of the most formative experiences was being able to not only learn how to network, and succeed at networking, but being able to sit down and read about things such as mindfulness. I really enjoyed that read and thought it was good for my growth as a person.

3) From the beginning semester, I do believe that I have changed a lot as a person, and not only because of this class. However, regarding my entrepreneur skills, I do also know that I have a lot to learn and do not consider myself one yet. I definitely believe that I have moved closer to becoming an entrepreneur and will keep working on myself and my skills in the future.

4) If I were talking to someone wanting to pursue entrepreneurship in the future, I would tell them to work on themselves and their confidence. Entrepreneurship involves selling yourself to consumers, and in order to do that you need confidence within yourself so that people trust that you're telling them the truth. I would also highly recommend those individuals to take this class if they want to learn and grow as an entrepreneur.

29A – Venture Concept No. 2

Venture Concept #2

Opportunity

The opportunity that I am exploring in my business venture originates deeply within the culture of American service expectations and the customer expectations that come with it. The expectation of the average American citizen to tip their servers when they are out to eat is the opportunity that I am exploring in this venture, and although I do not have the one-fits-all solution to this opportunity, I am going to be exploring possible catalysts that can spark change in this cultural organization that has been embedded in American culture.

Specifically, most middle-class working Americans citizens who go out to eat often fit the market segmentation of this opportunity. Also, the range of age of the market segment includes American citizens from 18-40 years old. The nature of the need is not more situational rather than vital, not an intense need, but can be vital when the situation arises. This is why the market segmentation is extremely important to set up for the environment in which the opportunity would arise.

To set up this opportunity, we have to put the market consumers in the environment in which it will occur. In this case, imagine an average, working class American family going out to dinner. This particular family has a lovely meal, served to them by a waiter/waitress who was not extremely nice to them during their time at the restaurant. However, at the end of the meal, the family feels the need to still tip this server who was not necessarily deserving of the gratuity. If this scenario was flipped, the server would most likely be mad at the family for not tipping her/him, making the situation extremely uncomfortable for both parties involved. This type of scenario, by the way, would also have to take place in a rather populated area, preferably a city or a strip of town that has a lot of business. Anyhow, another issue with this awkward scenario is that the main driver is the wage of the workers and the sympathy given by the consumers to the workers. From my experience, I have learned that most servers rely on their tips rather than the wages that they are given per hour, mainly because they are paid below minimum wage; corporations assume that these servers will account for the lost wages in the tips that they will supposedly make. This creates an issue with the dynamic of the customer and the workers, making the environment and situation uncomfortable and maybe making some customers not come to the establishment again.

Unlike some, customers who are wealthy enough to tip servers do not come across this issue as often, but from experience I have learned that even the wealthiest of people can show signs of greed. Consumers bite the bullet most of the time and just tip servers to avoid such awkward interactions, which is also an issue that aids in making the whole process of eating out more uncomfortable. The opportunity itself is quite large, spanning across the country at all different restaurants, cafes, and diners that allow tipping. Thankfully, unless things start to change, this window of opportunity will always be open.

Innovation

            Amidst this broad spectrum of this opportunity, I have come up with a startup/catalyst business idea that could solve both workers and customers problems with tipping and gratuity by creating a new innovation restaurant that would no longer allow tipping, paying workers higher wages and leaving both parties satisfied. This innovated restaurant will make money by attracting more customers by not only being new and unique but also creating a more comfortable experience for them. Rather than selling a specific product or service, I am selling an experience that is familiar, yet different in one aspect that can change the dynamic entirely. I would not change many aspects of the prices of certain menu items, or even charge for the experience, however giving the workers a higher wage would require some extra spending that would need to be accounted for.

Venture Concept

            Because of how this innovated experience will make customers and service workers feel, it will completely solve the opportunity I described previously by eliminating tension between workers and consumers and alleviating the pressure of having to add gratuity at the end of a check. I do not think that it would be hard at all for consumers to switch to this new service. Not many things would change, and the location would be even more convenient for consumers to possibly just wander in and be pleasantly surprised, leading them to spread the word. There would not be many competitors, however in a different point of view every other restaurant could be a competitor. In this case, their main weakness would be that they enforce gratuity and my establishment would not. Customer service is the main proponent of my business concept, and I would organize my business and advertisement around the production of this unique service exchange.

What’s Next?

            The most important resource in my venture is going to be my social capital and learning how to network in the large service industry market. I would have to learn how to not only provide exceptional service, but also make it prevalent and make consumers aware in some way that is not invasive that they do not have to tip the serves because they are being appropriately compensated for. Next, I would love to tackle a new market and give an opportunity for people of lower incomes to consume my services. This poses a new problem, though, considering that people of lower incomes most likely do not go out to restaurants as those with higher incomes. In this case, I would try to adapt my business idea and turn it into a more mobile service, and even giving people of lower incomes a chance to make their own meals with the food that I serve at my restaurants. I would also provide delivery services with the same rules that come with my first venture concept.

Feedback

The feedback that I received was mostly positive, and the only true criticism that I got was regarding my “What’s Next?” portion, stating that it was rather contradicting that I would switch my market to poorer individuals when poorer individuals do not go out to eat often. It would be more logical to offer a sort of mobile food industry business that can appease to all markets with different incomes, or even try to create an at-home business that can involve delivery or DIY. In summary, I decided not to change any of my Venture Concept but the What’s Next portion, making it more specific and giving lower expectations to the new market.

28A – Your Exit Strategy

1) As an exit strategy, I definitely intend on selling my business when it becomes lucrative in the end, whether it be five years or ten years down the road. I believe that buying property, making money with it, then selling it for much more than what you bought it for is a great idea.

2) I have selected this exit strategy because I am a very indecisive person, and I know that if I chose a specific business with a specific market, somewhere down the road I would have to change and find a new passion. So, looking at this strategy in a business perspective, I would do it for a decade or so and move on to do something else with the money that I have earned in this first business.

3) This exit strategy has made me less emotional attached to the concept, but it has not diminished how I sell myself to customers or contacts. I know what it takes in order for people to take interest in your business and for experts to help you start your business: passion. If you do not have passion, people take less kindly to the idea, thinking that less work will be put into the business if the owner is not passionate about it. I would definitely be passionate about this business, but I would not shy away from the fact that I would want to move on to make more money after my time comes with however many years owning the business.

27A – Reading Reflection No. 3

The book I chose to read for this assignment was Thinking, Fast and Slow by Daniel Kahneman.

1) The theme of this book deals with the functions of our brain and how we necessarily react to certain situations and how these reactions can foster good or bad consequences.

2) Although the book is dealing with more psychological and scientific aspects of the mind, I still believe that it coincides with what we are learning in class. When we describe ourselves to potential employers or potential customers, we are using our mind to determine what our market segment is and who we are to potential customers as well.

3) If I were going to design an exercise for the class based on the foundations of what this book is written, it would be similar to the exercise I designed in the last assignment for reading reflection. I would have students describe who they are to potential customers of a certain market segment, relating to them in a way that mirrors their characteristics, Then, I would have the student sell themselves to a completely different market segment to see if they can change the way they see themselves in order to lure customers in by relating to them even if they are nothing alike the market segment they chose.

4) What I was surprised by the most while reading this book was the negative connotation that comes with the workings of our brain and how our brain can be working against us sometimes. I have witnessed this first hand, sometimes I feel myself become more lazy than when I should be, and then I realized after reading this book is that our brains work against us at times and there are parts of our mind that fight over and try and take control versus the other parts.

26A – Celebrating Failure

1) Ever since I came to study at UF, it was a hard transition from where I was studying before coming here. I was previously an Electrical Engineering major, and I learned very quickly in my educational career that this was going to be a hard first semester, and my grades showed that. I was consistently getting bad grades, losing motivation, and changed my majors more than once. It has been a hard journey here at the University of Florida, but I am trying to do better.

2) What I have learned from this experience so far is that I need to be motivated to do work and study even if I am not motivated. I have to realize sooner or later that school is imperative for me and I need to treat it like a job, whether I like it or not. Obviously, no one necessarily loves going to school but we all need to in order to pursue or passions, if that passion requires school.

3) Failure, for me, is more about shame and how I feel about myself rather than what others feel about me when I fail. Although I realize that failure is good, when it happens to someone so many times its hard to feel like you can actually succeed when the ratio of failure to success is so high. However one may see failure, I believe that it is important to keep getting back up every time you do fail and try and do better. This course has taught me that it is important to fail, and if you don't ever fail then you still need the experience in order to learn and achieve success in your life.

25A – What’s Next?

Existing Market

      In terms of what is next for my business venture, I really wanted to specify my market and narrow the ranges of certain prospects of the market as well. Considering my current market segment, consisting of more middle class Americans that go out to eat, I believe that I want to focus on a specific service in the restaurant industry that can also appease to another opportunity. An opportunity that I notice about restaurants is that the marketing aspect of the services that they provide is quite unclear and hard to lock down on what exactly restaurants do to promote their business. If the business is local, it may be easy to access local consumers, but I believe that attracting consumers from all over to be able to expand your establishment is one of the biggest problems that restaurants face. The next step in my business venture would be to discover new ways to advertise the business and the service it provides while also trying to expand to different markets.

(No interviews)

New Market

      Considering that my current market segment is mainly middle class Americans that are employed, I was thinking that maybe I could find a way to appease to people who may not be as well off as my current market segment is. One of the main necessities of all people is: food. Unfortunately, the poor demographic obviously does not have the privilege of having as much food as most middle class Americans have. If I could figure out a ways to possibly correlate the price of my services to the social and financial status of my consumers, maybe I could translate my services to people who are not as well off as my current market segment.

24A – Venture Concept No. 1

Venture Concept

Opportunity

The opportunity that I am exploring in my business venture originates deeply within the culture of American service expectations and the customer expectations that come with it. The expectation of the average American citizen to tip their servers when they are out to eat is the opportunity that I am exploring in this venture, and although I do not have the one-fits-all solution to this opportunity, I am going to be exploring possible catalysts that can spark change in this cultural organization that has been embedded in American culture.

Specifically, most middle-class working Americans citizens who go out to eat often fit the market segmentation of this opportunity. Also, the range of age of the market segment includes American citizens from 18-40 years old. The nature of the need is not more situational rather than vital, not an intense need, but can be vital when the situation arises. This is why the market segmentation is extremely important to set up for the environment in which the opportunity would arise.

To set up this opportunity, we have to put the market consumers in the environment in which it will occur. In this case, imagine an average, working class American family going out to dinner. This particular family has a lovely meal, served to them by a waiter/waitress who was not extremely nice to them during their time at the restaurant. However, at the end of the meal, the family feels the need to still tip this server who was not necessarily deserving of the gratuity. If this scenario was flipped, the server would most likely be mad at the family for not tipping her/him, making the situation extremely uncomfortable for both parties involved. This type of scenario, by the way, would also have to take place in a rather populated area, preferably a city or a strip of town that has a lot of business. Anyhow, another issue with this awkward scenario is that the main driver is the wage of the workers and the sympathy given by the consumers to the workers. From my experience, I have learned that most servers rely on their tips rather than the wages that they are given per hour, mainly because they are paid below minimum wage; corporations assume that these servers will account for the lost wages in the tips that they will supposedly make. This creates an issue with the dynamic of the customer and the workers, making the environment and situation uncomfortable and maybe making some customers not come to the establishment again.

Unlike some, customers who are wealthy enough to tip servers do not come across this issue as often, but from experience I have learned that even the wealthiest of people can show signs of greed. Consumers bite the bullet most of the time and just tip servers to avoid such awkward interactions, which is also an issue that aids in making the whole process of eating out more uncomfortable. The opportunity itself is quite large, spanning across the country at all different restaurants, cafes, and diners that allow tipping. Thankfully, unless things start to change, this window of opportunity will always be open.

Innovation

            Amidst this broad spectrum of this opportunity, I have come up with a startup/catalyst business idea that could solve both workers and customers problems with tipping and gratuity by creating a new innovation restaurant that would no longer allow tipping, paying workers higher wages and leaving both parties satisfied. This innovated restaurant will make money by attracting more customers by not only being new and unique but also creating a more comfortable experience for them. Rather than selling a specific product or service, I am selling an experience that is familiar, yet different in one aspect that can change the dynamic entirely. I would not change many aspects of the prices of certain menu items, or even charge for the experience, however giving the workers a higher wage would require some extra spending that would need to be accounted for.

Venture Concept

            Because of how this innovated experience will make customers and service workers feel, it will completely solve the opportunity I described previously by eliminating tension between workers and consumers and alleviating the pressure of having to add gratuity at the end of a check. I do not think that it would be hard at all for consumers to switch to this new service. Not many things would change, and the location would be even more convenient for consumers to possibly just wander in and be pleasantly surprised, leading them to spread the word. There would not be many competitors, however in a different point of view every other restaurant could be a competitor. In this case, their main weakness would be that they enforce gratuity and my establishment would not. Customer service is the main proponent of my business concept, and I would organize my business and advertisement around the production of this unique service exchange.

What’s Next?

            The most important resource in my venture is going to be my social capital and learning how to network in the large service industry market. I would have to learn how to not only provide exceptional service, but also make it prevalent and make consumers aware in some way that is not invasive that they do not have to tip the serves because they are being appropriately compensated for. Next, I would love to tackle a more specified product that can be packaged and narrowed down to a very specific market. But, in the next ten years, assuming that I would have launched my business venture, I would love to have more than one establishment practicing this type of service and possibly influencing others to follow my lead in this endeavor.

23A – Your Venture’s Unfair Advantage

For the VRIN analysis of these resources, I gave them a rating of 1-10 at the end of each description to help me identify the top resource.

Resources

1. Intelligence (High GPA)
1. Value: It is quite valuable for a business to have an intelligent employee with the grades to back it up. (8)
2. Rarity: It is not very rare out of the many students in the world to have a high GPA. (3)
3. Inimitable: Considering it is a resource that can be learning and improved upon, it is quite inimitable, giving it a low rating. (4)
4. Non-Substitute: There are many resources that can produce intelligence: tutors, study sites, TA's. (3)

Total: 18

1. Sociable
1. Value: Not very valuable (2)
2. Rarity: Not very rare (2)
3. Inimitable: Can easily be imitated (1)
4. Non-Substitute: Not many resources can teach people how to be social, however. (4)

Total: 9

1. Important Contacts (Possible future employer and Production manager)
1. Value: Very valuable when starting a future business. (9)
2. Rarity: Rare, not all experts are the same, can provide unique insight (8)
3. Inimitable: Cannot be imitated unless you have the same contacts (8)
4. Non-Substitute: Cannot be substituted with another resource (10)

Total: 35

1. Want to change tipping culture in America
1. Value: Not extremely value, only an idea (5)
2. Rarity: Quite rare, not many people I have seen, at least, want to change this (6)
3. Inimitable: Can be imitated, just need the passion for it and knowledge to start the business (3)
4. Non-Substitute: Not very applicable, but growing up in the country can lead someone to have this mindset (4)

Total: 18

1. Access to Scholarship Funds to use for Startup
1. Value: Pretty valuable to have finances set aside for future endeavors (7)
2. Rarity: Not very rare (4)
3. Inimitable: Quite inimitable, relates back to intelligence resource (4)
4. Non-Substitute: Intelligence and sociable resources can be used to gain this resource (3)

Total: 18

1. Empathetic
1. Value: Valuable when working with people or trying to change organizational culture (8)
2. Rarity: Not very rare (4)
3. Inimitable: Can be imitated (4)
4. Non-Substitute: Some resources can be used to reproduce, but can be easily learned (4)

Total: 20

1. Summer Marketing Internship
1. Value: Very valuable for my specific business knowledge (9)
2. Rarity: Pretty rare, but many college students do internships (5)
3. Inimitable: Not very easily inimitable, unless someone is doing a very similar internship in the same field of expertise (7)
4. Non-Substitute: Can be gained with resources involving social capital, but difficult to obtain (7)

Total: 28

1. Attending one of the best Business Colleges (in country)
1. Value: Very valuable, it used to one's advantage (7)
2. Rarity: Not very rare (50,000+ students) (5)
3. Inimitable: Can be inimitable by many other students if accepted (5)
4. Non-Substitute: Can be obtained with some other resources such as intelligence, social capital, etc. (4)

Total: 21

1. Parent owns on personal business
1. Value: This can be very valuable in gaining knowledge about a field of expertise and not necessarily having to work for that knowledge (9)
2. Rarity: Not extremely rare (5)
3. Inimitable: Cannot necessarily be copied unless someone has a parent who owns their own business (5)
4. Non-Substitute: Since this is an effect of an outside person on you, then it is out of your control and cant be changed using your own resources (1)

Total: 20

1. Training in Accounting Work
1. Value: Very valuable in regards to field of accounting (8)
2. Rarity: Not very rare, there are many accountants (4)
3. Inimitable: Can be inimitable and copied easily (4)
4. Non-Substitute: Using human and social capital, this training can be received by anyone with a strong desire (3)

Total: 19

Top Resource

Looking at my VRIN Analysis, I have observed that my most valuable resources regard social capital and the contacts that I have acquired throughout my life and through this course. I believe that this is important in any aspect of life when it comes to wanting to start your own business, because not everything can be done on your own and it is extremely important to have insight and even help along the way.

21A – Reading Reflection No. 2

The book I chose for this assignment is "Mindset: The New Psychology of Success" by Carol Dweck.

1) The general theme or argument of this book is that our mindset determines the way we can change in our lives and how we can change our qualities to become better people in the entrepreneurship universe. It also touches on how our mindsets can grow, or remained fixed. Both ways describe different kinds of people, those being stuck in their ways and those who are aware that people can grow and learn.

2) Based on what we have been learning in this course, I believe that this book relates closely to what we have been studying recently, especially what we have been doing in these past few assignments involving selling ourselves and our qualities as entrepreneurs. If an entrepreneur has a mindset that is open to change and growth, then the entrepreneur themselves will be much more desirable to potential customers. If we have mindsets fluid and relatable to our customers, which is what we are learning about in class, it will be easier to appease to the market segment.

3) If I were to design an exercise in the class based on the book, I would ask students to try and describe themselves as someone completely different than who they are personally. Each student would be given a specific market segment and then be asked to describe themselves as if they were apart of that market segment. This would help the students be able to broaden how they think and also be able to put themselves in the shoes of consumers from market segments other than themselves.

4) What surprised me most about this book was that it was about the human mind and how it can be broad and complicated and change the way people think about others and the way people think about themselves. However, the book itself tries to de-complicate this concept by separating the "mindset" into two segments. Simplifying the idea of the "mindset" is somewhat contradicting of the author to do, considering that you would have to have a more fixed mindset to believe that there are only growth and fixed mindsets. This statement may be confusing, but I just thought that it was odd how talking about something so broad (the human mindset) can even be simplified into segments.

20A – Growing Your Social Capital

1) The first person I selected is a family member of mine who owns a small restaurant in St. Petersburg, making them an expert in my domain. I knew that they owned a business, and not previously using them in any other assignments, I decided to utilize this opportunity to get more insight from them, considering that they have accomplished what I am talking about doing.
      Considering that this was a close family member, they willingly gave me information on the subject without any exchange of favors, which I was grateful for. By knowing this expert in my domain, I will be able to freely consult and gather more insight as time progresses if I were to ever start this business.

2) The second person that I selected is someone who my father is close friends with that sells and distributes products while being head of a warehouse. I discovered this individual just by asking around if any of my family members were aware of someone who sells products and is aware of who market segmentation works. I am offering to help this person out over the summer, doing an internship that will last three months, and in return maybe one day he would be useful in helping me get my business started. Also, having these contacts for insight and information is also an extremely useful tool in making connections with people/experts in your domain and market.

3) The final person I contacted was a little difficult to find, but after locating the second individual, he led me to a contact that delivers supplies to restaurants, business, etc. It was hard to find a certain time to talk to this person, considering that they travel a lot around the country, but I believe that having this person's information will be useful in the future. Maybe I will be able to exploit this person's services to get my concept started and get the necessary materials needed in order to do so.

Reflection
Considering that I have never "networked" in the past, this experience was very useful, even if I never talk to these people again. It was interesting finding the individuals that I contacted, going through so many people in order to find certain experts in different fields to just get someone's phone number for the future if I ever need their help. I do believe that it will one day be very helpful to have the skill of being sociable and being able to offer something to certain experience people to get something from them in return. The most difficult part about this, however, is having something valuable enough to offer people in order to get something valuable from them when you have no experience in their fields.

19A – Idea Napkin No. 2

1) I am a very sociable person, and always get things done as soon as possible with as much effort as I can. It is very hard for me to procrastinate so when assignments or due dates are announced I strive to to complete them as quickly as I can. I have aspirations of being able to make change in the world for the betterment of people who are struggling in their lives, even if the change is minimal. If I were to start my own business in the restaurant industry I believe that it would be a very unique and interesting change that would be made to my own life, however I would feel very complete and satisfied if this business did become a reality.

2) The need I am helping to satisfy for customers is the urgency or uncomfortable exchanges between servers/service workers and average customers with their loved ones. Almost every interaction I have with servers at restaurants starts out well, but in the end comes the stress of having to deal with whether or not to tip and how much is an "acceptable amount". It is hard for college students especially to be expected to give extra money after a meal, and it is also hard for college students who are working for tips to have to rely on them to make a living.

3) The segmentation of my market can range from ages 20-40, and specifically people who love to go out and eat with friends or family. These people are sociable, and often try to be as generous as possible, even if deep down that is something they do not want to do. They will be generous in order to avoid any awkward situations, worrying about the consequences more than the heftiness of their wallets.

4) I believe that customers would be served at this establishment casually and professionally, and the whole point being that they can just enjoy their meal with no strings attached. The point of the restaurant itself is not to be interesting and cause attention, it is to create a very normal and comfortable experience for the customers, so comfortable that it is in fact a rarity in the United States.

5) The majority of the country enforces tipping and gratuity, which in my opinion is a very big flaw in the development in the country's culture. I believe that starting this business concept would obviously not change the whole serving industry in itself, but maybe it would inspire others to pay their workers more and strive to give their customers a more comfortable experience. Obviously, most companies try to do this themselves, but as stressful as most server jobs are, I believe that there should be some sort of solution to make both the customers of the establishment and the consumers of the service more financially safe.

I truly believe that the elements stated in my "idea napkin" fit together, although they may be somewhat broad. That is really the only issue I sense within this whole concept, is that it is so broad that it may not be successful. This is when a certain setting or city would be appropriate to inhabit a business like this, which I have not researched yet.

Feedback Memo
In the first idea napkin, I literally made a napkin like the one in the first assignment, not knowing that I was supposed to thoroughly explain the five elements and not just draw them on a napkin...That was the major change I made since the first assignment, doing this one correctly and specifically stating the five elements of the metaphorical "napkin".

17A – Elevator Pitch No. 2

https://youtu.be/P3Joy6ZGCNI

After my previous elevator pitch, I was aware or thought I was a little nervous. I tend to get very anxious before doing anything like what I did in the first elevator pitch assignment, even though I was alone in my kitchen...I tried my best to keep eye contact with the camera and not to act as nervous as I was before. Obviously, it is going to take a lot of practice to get over my "stage fright" and anxiety, because I can only imagine how I would feel in front of actual people! I also tried to make my pitch more to the point, swiftly giving a brief on some slight flaws in my idea, but also giving major support to the idea while keeping it brief.

18A – Create a Customer Avatar

My avatar is a 22 year old college student who enjoys hanging with friends, going out and doing exercising with the time he has left when he is not studying or working. He is single and has no kids, but wants to one day. He wishes he had more leisure time but definitely enjoys working as much as he can, it feels as though working and keeping busy gives him more purpose rather than just sitting at home doing nothing, which he thinks is how one's mindset should be in a productive lifestyle. He doesn't follow politics too much, and has little strong opinions, making him open to learning new things and keeping an open mind about topics that he may consider divisive.

Conclusion
I believe that I have a lot in common with the avatar that I created in my mind. I like to think that most of the ways that my customer thinks are the ways I think, and the things I want are outlined in the things that my customer wants. I do not think this is a coincidence, considering that I outlined the main characteristics for the person, and coming from my mind I would want to relate to them in a way to better reach them when finding a solution to a problem.

15A – Figuring Out Buyer Behavior No. 2

Introduction
      I used two of the same people that I interviewed for the last assignment while choosing a third new individual who also fits the same market segmentation that I used for the last assignment.

Alternative Evaluation
      Out of the three people I interviewed, all of them stated that price and quality matters when buying a product, however one of the three people, that being of the younger market segment, stated that she may choose price over quality only when it is a matter of convenience or time is of the essence. All of them however did not see style as a large factor when buying products that they need or enjoy using, however I was not really asking questions that regarding "fashionable" items that would be purchased, mostly just talking about necessities or things they buy regularly.

How? Where?
      Two of the people I interviewed were close to my age range, and they said they do most of their shopping online, however needs are done out of convenience in-stores. They both said that they only use cash when they have it, but mostly use cards. The other person I interviewed is 42 years old, and does most of their shopping in stores, and only finances when it is something expensive. The two younger people I interviewed do not buy many things in which they needed to finance for.

Post-Purchase Evaluation
      This question was pretty unanimous in that my interviewees all agreed that they are very mindful when they purchase items and most of their thought process is based on need and saving their money, which I think is a "rightful" way to go about spending anyways. However, they also stated that when a purchase was a "bad idea", it is when they bought something that was expensive, not good quality, and not something that they needed at all.

Conclusion
      Considering that my market segment is quite broad, I thought that these interviews helped narrow down the age ranges of the segment. The younger customers pay more attentiveness to what they are spending and how much they are spending, while the older customers have the money the spend so spend a little more freely every now and again. I think that this makes sense since some college students are focused more on money and saving it, and other adult middle-class citizens who have full-time careers feel the right to treat themselves more.

14A – Halfway Reflection

1) Some behaviors that I have used to keep up with the assignments in this course are discipline and scheduling. Considering that most of the assignments are due at 12pm I have to remind myself that they are not due at 12am, so this requires me to never sleep in, especially on days that assignments are due.

2) In the past two months, I have not really felt like giving up, however I have been a little discouraged when I miss one or two assignments accidentally, but it is up to me to learn from my mistakes and do better next time when assignments are due. I feel like these experiences have allowed me to learn and to know better for the next time so I will not allow them to happen again.

3) Three tips I would offer to next semester's students would be to manage your time efficiently, don't worry if you are late on one or two assignments, and do not give up if you are feeling discouraged in not only this class but any other class you are taking.

13A – Reading Reflection No. 1

1)  What surprised me most about the Wright Brothers is that they were in their mid-30s when they began on their quest to build the first aero-vehicle, and it took them ten years to do so. What I most admired about them was their determination and perseverance even after so many years of working. There were not many flaws I could think of with the Wright Brothers. They had encountered adversity and failure, but in these tough times they picked themselves back up and kept on going.

2) Both of the brothers loved the idea of aviation, and both were extremely intelligent, which made them such experts in their field. Knowledge and determination is what allowed them to achieve their goal.

3) In the book, I did not understand why government officials were unresponsive to the Wright Brothers, as they had such a brilliant idea but no one would really take them seriously enough.

4) What sparked the idea to create the world's first vehicle that can travel in the air? What kept you from giving up after all of these years and failures? I believe these questions are imperative to ask because it is so inspirational how these two men thought of the idea in the first place, let alone stayed determined after a countless amount of failures.

5) I believe that the Wright Brothers believed that hard work was solely based on whether or not you believed you succeeded or not, but somewhere down the road they needed to everyone else to believe in them too. I believe in this philosophy, however I also believe that it is enough to just try and succeed on your own and if you fail to get back up again and do not give up.

12A – Figuring Out Buyer Behavior No. 1

Pick a Segment: In order to segment my market, I decided to demographically separate my potential customers by age and by circumstance. In this case, I will choose people broadly from ages 18-45 that go out on a regular basis to local restaurants in the United States.

Interviews: I interviewed three more people, from ages 18-45 that go out frequently and are current residents in the United States.

Out of the three people I interviewed, I made sure that each of them had the unmet need I described in my previous posts. From here, I moved on to ask questions about the setting in which each of these people find that their need is being unmet, and with all three cases, I learned that they find themselves at an establishment that requires them to tip or suggests them to tip the workers. All three of the people I interviewed go out to dinner often, so their time of day was afternoon to later at night.

Surprisingly, the first thing that the younger people I interviewed said they do when they find themselves in the uncomfortable gratuity situation, they usually just tip approximately 20% to their server. The older person I interviewed (45) stated that when they find themselves in this situation they just do not tip altogether, which is OK, but obviously leaves the server not satisfied and bitter. The younger people I interviewed usually just find a place in which they don't have to tip as much so they look online via a maps app to find such an environment. The older person I interviewed simply continues to not tip when they feel uncomfortable. This situation makes the friends and family uncomfortable, leading to both sides being unhappy at all times.

Findings: What I have learned from these interviews is that although the younger members seemed to be more courteous and subjective to the tipping environment, they still had the need and were unhappy when the situation became uncomfortable or if they felt that they were being disrespectful had they not tipped enough. On the other hand, the older person I interviewed seemed to stand their ground more, and not be upset as much, but this is a perfect example for why the servers are the ones who receive the short end of the stick in this situation because they are not getting paid. These three people obviously do not represent all of the American population, but we could make an inference that they represent some if not most.

Conclusion: After reflecting and summarizing what I have learned from my interviews, I can say that this specific market segmentation is appropriate for my current opportunity. I could specify more on age, but I believe that all ages and opinions are a major factor when it comes to whether or not the customer or worker is experiencing an unmet need. When these interviewees search for information to help ease the pain of their situations they find themselves in at gratuity establishments, they probably do not find much helpful information considering that most of the American restaurant industry involves tipping and lowering the wages of servers. This is also why I believe that this opportunity still holds strong for the most part, although it may be too broad and I may need to specify my market segmentation more, or even change my opportunity altogether.

11A – Idea Napkin No. 1

I believe that this idea could work not only because customers have a need for a great dining experience and a comfortable environment to spend time with their loved ones in, but because servers are desperate for a consistent wage rather than a waxing and waning one that relies heavily on gratuity. This idea, however, could face a downfall not only because there could be potential competitors that I am unaware of, but most national restaurants pay their services below minimum wage, and most customers that come to America and see this find it unnatural and uncomfortable. Also, some servers may enjoy the tips they receive at their current establishment and not want to risk that, but from what I have learned, there is a necessity on both ends of the spectrum.

10A – Elevator Pitch No. 1

9A – Testing the Hypothesis, Part 2

Interview Reflection
      Before conducting the five additional interviews regarding my opportunity, I tried to find ones who would not necessarily hold the same views as the five people that I had interviewed before, but some of the responses were surprisingly similar. Considering that the first five interviews that were conducted were with people who had experience in the industry that allows them to make tips, not the ones who were in management or have never made tips before, I tried to interview people who were either managing a tip-based work environment or people who had never worked/worked a tips job in their life.

Who: There are certain people who share the same opinions with those who have difficulty working with companies that limit their pay rate, however if they do not have the experience working or working where they would receive tips, the fall outside of the boundary of unmet needs. The people that I did interview that had no working experience at all for the most part shared the same concerns and opinions with those I interviewed first, but they did not meet the criteria simply because they had lack of experience.

What: This need can vary from desirable to a true need just depending on the person you are asking. From my interviews, 2 out of the three people in the first set stated that they wanted extra money and a steady pay rate so that they could buy things that they want or go out with friends more, while the rest of the interviewees stated that they would love the extra pay to be able to live a better life and be able to take care of themselves independently. This made me realize that the opportunity itself varies greatly and can cause some issues since it is very broad.

Why: The outsiders' needs are quite different from those inside the boundary, mainly because the ones who are within this boundary actually need this change to happen, while the ones outside are unaffected by this change. This is precisely why change does not occur, because the outsiders' needs are too plentiful and overshadow those who really need change to happen in the service industry.

The Second-Most Important Part of Entrepreneurship

Solution
        My previously stated problem was the issue in the service industry that servers, and customers, face when it comes to tipping after paying for a service. Most people I interviewed had a common theme, that being how tipping causes problems not only for workers, but also customers. The main problem is rooted in American culture, which would make it somewhat hard to find a solution. When it comes to whether a product or a service is needed to solve this problem, I would say for now a service would be appropriate. In this case, the problem itself is within a service, so rather than introducing a new service, it would be ideal to reconstruct and implement new regulations to the service industry itself. For example, certain service companies could implement new rules, where servers' wages could be raised, however customers would not be required to tip. It would obviously take time and an important exchange and understanding between customers and workers, but new regulations and procedures and a change of culture would be the most appropriate, yet complicated, solution to this opportunity. As I do more research, I may find that an introduction of a product or service into the industry could benefit the problem.

7A – Testing the Hypothesis, Part 1

Opportunity
Many American workers in the restaurant and service industry rely heavily on the act of tipping by American consumers, resulting in a lower minimum wage, which is legal for employers to give out.
Who: American service workers
What: Rely heavily on tips to make most of their wages
Why: Culture implemented over many years makes tipping seem moral, but service workers most of the time suffer from this cultural impact.

Hypothesis
Testing the Need: The service workers who receive tips are the main subject of people who share the need.

Testing the What: The boundaries of this need are whether or not all American workers feel this way, because some may be happy with their wages. Also, it depends a lot on the specific industry in which they are working, because some consumers tip more in specific areas rather than others, which makes this situation dependent on setting, and more of a problem.

Testing the Why: Some workers may not believe that tipping is an issue in America, and some may believe that they make way less than they should and should not have to be fully reliant on tips. Some customers may even not want to tip servers, or would rather avoid the situation in which they feel obligated to tip. Either way, customers and service working suffer from the cultural idea of tipping.

Interview Reflection
Considering that the subject here is any American who works in customer service or restaurants, I just interviewed five people who have had experience working as a server or someone who receives tips. I also interviewed people whose pay rate is affected based on whether tips are accepted or not. After the interviews, I concluded that the majority of workers interviewed felt that the main issue is the drop in wages, but also acknowledge that the lower wages are affected by the tipping ideology. Some, however, had no problem with tips or the difference and wage, but I noticed that this was also because the average tips a night that these people would make were much higher than those who had an issue and the opportunity.

Conclusion
After learning about my opportunity and extensively interviewing five subjects who are affected by this opportunity, I can conclude that the opportunity of tipping in America still remains an opportunity, but it can vary between each individual in question. I realized that more people than I thought believe that tips have a bad affect on their working lives. Usually, when I thought of tips, I thought of them as a good thing, but if consumers do not feel the need to tip, then the worker suffers. I believe that this opportunity could be solved so that customer and workers are equally happy.

6A – Identifying Opportunities in Economic & Regulatory Trends

1) Customer Needs Analysis Elevates Sales and Productivity for a Food Industry Client - Infiniti Research's Latest Success Story
a) https://www.businesswire.com/news/home/20190228005765/en/Customer-Analysis-Elevates-Sales-Productivity-Food-Industry
b) This article states how competitive the fast food industry is and how the unmet customer needs are extremely important.
c) The customer in this situation is the people who eat at fast food restaurants
d) The opportunity in this article is stating how certain fast food industries need to meet customer needs in order to grow and beat their competition. The opportunity itself is easy to accomplish, but the customer need needs to be specified for each restaurant.

Considering I found this article about the opportunity, it is safe to say that it does exist and that I did not make it up, however, one could believe that the opportunity does not exist and fast food restaurants are doing good on their own without needing to keep changing their services for customers so rapidly. I believe that the unmet needs of customers are always opportunities and places that offer services, such as fast food restaurants, should constantly change in order to meet the needs of a growing economy and population.

2) Like Apple, these firms satisfy unmet need: Cramer
a) https://www.cnbc.com/2014/09/10/like-apple-these-firms-satisfy-unmet-need-cramer.html
b) Opportunity in this location reveals that some customers do not prefer to take out their credit card every time they pay for something, so Apple took this opportunity to create Apple Pay.
c) The customer in this situation is anyone with a credit card.
d) The opportunity is relatively hard for someone with no prior experience or funds to pull it off, however, Apple is a very large company with the resources to meet the need of it's customers.

I do believe that this need is unmet (now met) because I, myself, have hated taking out my card every time I pay for something and pulling out my phone to pay is so simple, especially since most everyone has a phone. People who do not have phones or who do not care about taking out their cards may not see this as an opportunity, but Apple must have seen enough complaints to label it as an opportunity themselves.

3) The Future of Data Privacy in the United States
a) https://www.cpomagazine.com/data-protection/the-future-of-data-privacy-in-the-united-states/
b) New regulations regarding internet and data privacy are currently being passed in the United States, like CCPA. The opportunity here is taking what most people value (privacy) and allowing them to keep their privacy as technology develops exponentially.
c) The customer is all Americans who have access to the Internet and data.
d) The opportunity is going to be hard to take advantage of, considering that technology is growing so fast and laws take time to pass. So, if the government takes privacy extremely seriously, they should try to keep up with the protection of it's citizens.

I believe that this opportunity is extremely important, and if someone were to think that it is not an opportunity, it would be because they do not value privacy. Everyone values their privacy to a certain extent, as do I, so I believe that this opportunity is very important and should meet the needs of its customers.

4) Here's a better way to do compliance and risk management
a) https://techbeacon.com/security/heres-better-way-do-compliance-risk-management
b) Constant laws and regulations are being put into place dealing with ethical and business issues that some companies cannot keep up with all of the regulations, which makes them extremely vulnerable to getting in legal trouble because of their lack of knowledge of regulations.
c) The customer is any company that has regulations
d) The opportunity here is that companies should be more knowledgeable about the regulations of their company and the federal regulations, but some may not be able to keep up with all of them. It may be hard to implicate a strategy to help these companies better prepare for rules and regulations, but I believe that reaching out and collecting sources that will give them the information they need will keep them out of financial and legal trouble.

Some may believe that companies should already be knowledgeable about the rules and regulations of their own company, but there are a lot of federal regulations that are passed every year, so there must be a way to make it easier for large companies to enforce the regulations rather than get in trouble for not knowing they even exist.

5A - Identifying Local Opportunities

Another chicken sandwich clash? McDonald’s is making two new dishes available nationwide
https://www.gainesville.com/zz/lifestyle/20200128/another-chicken-sandwich-clash-mcdonalds-is-making-two-new-dishes-available-nationwide

• The fast food industry is one of the most competitive in the country, and McDonald's and Chick-fil-A are two of those powerhouses in the industry. The presence of competition is a problem for McDonald's, so one of their solutions is to introduce a chicken biscuit and a chicken sandwich, items that are similar to those on the Chick-fil-A menu. This could be a temporary to McDonald's problem with Chick-fil-A's large presence in the fast food industry, but not be a lasting solution.

Do people like working in the School District of Manatee County? It surveyed employees

https://www.bradenton.com/news/local/education/article239566353.html

• This local article is stating the unmet needs of almost 50% of students in Manatee County who believe that they are underpaid and undervalued in their district. The problem here is that these employees are doing work that is a necessity in the country, however, they feel as if they cannot keep doing this work if they are treated the way they are. The Board of Education in the county has taken consideration of the survey results and will implement a solution moving forward.

Possible solution to slow down drivers on Valley roadways

https://www.abc15.com/news/operation-safe-roads/possible-solution-to-slow-down-drivers-on-valley-roadways

• Most accidents in Phoenix, Arizona are caused by speeding, which is not only careless but dangerous for other drives. The problem here is speeding well over the speed limit (approx. 20-30 miles) and the people who are being directly affected are the citizens of Phoenix. The people of Arizona have issued that the counties issue more speeding clocks around the city and be much more strict when it comes to speeding laws and fines.

Starbucks' results top estimates but coronavirus slows sales

https://komonews.com/news/local/starbucks-results-top-estimates-but-coronavirus-slows-sales

• The problem in this article is that 10% of Starbucks' revenue comes from China, and since the outbreak of the coronavirus, their sales have dropped significantly. The solution to this problem is clearly out of the company's hands, so they will most likely have to wait until they start gaining customers back.

Nike’s online store sells out of Kobe Bryant merchandise

https://www.gainesville.com/zz/news/20200128/nikes-online-store-sells-out-of-kobe-bryant-merchandise

• Nike is he company that is affected by the act that they have sold out of all of famous athlete Kobe Bryant's merchandise quickly following his untimely death. This is a problem, mainly because most of the people who have bought these items plan to profit off the the tragic death of Kobe Bryant, so Nike has planned to stop selling his merchandise to prevent people from profiting off of his death. This will clearly affect Nike's profits, but I believe that they are more concerned about the morality of the situation rather than how much money they will make.

4A - Forming an Opportunity Belief

First Point

       Many students at the University of Florida (UF) have been accepted under the assumption that they can exceptionally multitask their social life, work, and maintain a great GPA in order to get their degrees. This is obviously what is expected of extremely intelligent individuals, or else they would not have been considered to come to such a great school. However, from experience and research, I have learned that the constant juggle of life's objects comes with a very heavy price for most students at the University of Florida. Good grades and clocking as many work hours as possible during the week is what may be defined as a "successful student" but unfortunately at the expense their mental health. I have also gathered that the University of Florida has a Wellness Center for individuals whose mental health has suffered from being in school or even personal situations that they cannot deal with on their own, however, I believe that the system at UF is flawed and there is an opportunity here to fix a serious problem.

Description of My Belief

       Given that an opportunity involving mental health is very broad and could possible representation the population of the world, I have narrowed it down to a sample population of the students at UF, roughly between the ages of 18 and 30. I believe that the need for better counseling has always existed, and the main obstacle at the University of Florida is that 141 student to counselor ratio at UF, and that is just counting the students who have gone to the Wellness Center and received help. Out of the 50,000 students at the University of Florida, there are definitely much more students who need assistance. Also, the Wellness Center at UF Health is completely free of charge to UF students, which is also an obstacle posed not only for the employees but for the school itself. Of course, the counselors who work at the Health Centers are phenomenal at what they do and practice, as well as a diverse team that can speak 14 different languages so that basically any student can be involved and be helped, but there is still an unmet when it comes to not only the process of getting help, but the ratio of students that need help quickly but have to wait to get it because of the high number of clients. This need is clearly trying to be met as fast as possible by the University of Florida, but I am 100% sure that it still exists and could be improved upon greatly, starting with broadening the spectrum of counselors, funding, and advertisement for the Wellness Center.

Opportunity Test and Q&A's

       I am going to be talking to three prototypical customers today, of those being people that I am close to and consider good friends. For personal reasons, I will refer to them as Customer 1, Customer 2, and Customer 3.

Customer 1 (Q&A)

This customer has never sought out the UF Wellness Center but has the need for it.

What is the exact nature of your need?

"I think that, because of school and work I have a lot of confidence that I can do it all myself. But I realized that maybe I need to go back and see a counselor, even if its just a checkup. I had one once before, back home, but I moved away and didn't think a lot about it until I realized that maybe I needed to do it again."

When did you become aware of the need -- that is, do you experience your need all the time or only sometimes? 

"I feel like I've always had the need, even when I was young, but life kind of gets in the way and you forget about these kinds of things, so it's always been in the back of my mind but I thought I could handle the stress on my own."

How long have you had the need? 

"I have always needed some extra help, mentally, ever since I was young, and it really does help, but like I said, I haven't done much to meet this need since I have moved to Gainesville to go to school."

When did you first become aware of their need? Why? 

 "I work a full-time job and go to school full time, and I realized that I'd been going through the motions and I've always been bottling things up, but that doesn't work forever. It's only been a couple weeks since I realized I needed something, and hearing about the UF Wellness Center I thought that I would give that a try soon."

How are you currently addressing your need? 

"I looked up a few resources online, but most of them are quite expensive and I have been looking for something cheaper but good quality as well. I heard about UF Wellness Center but it takes a while to male an appointment so I'm not sure if I'll go there, yet."

How satisfied are you with this solution? 

"I think your solution is a great idea, but it seems like a big challenge since there are so many people at UF and there is only so much money and help that a group of people can give to thousands of students. With enough help and awareness I think that it could work, though."

Customer 2 (Q&A)

This customer is in the process of waiting for the UF Wellness Center

What is the exact nature of your need?

I have been very stressed about life lately and need some sort of help pretty soon.

When did you become aware of the need -- that is, do you experience your need all the time or only sometimes? 

A couple weeks ago I thought I need some help, but it hasn't always been this way.

How long have you had the need? 

Like I said, about a couple of weeks. Off and on my whole life but coming to UF can be stressful.

When did you first become aware of their need? Why? 

My workload and social life was a lot, so I thought that it'd be a good idea to maybe reach out to someone, and I knew about the Wellness center on campus but never thought I could get an appointment until recently when I needed it.

How are you currently addressing your need? 

 I tried to make an appointment with the Wellness Center but it's going to take about a month for them to get me in. I really wish it could be sooner but I guess they just don't have enough people to please everyone.

How satisfied are you with this solution? 

Since I've been waiting a while to get in, I'm pretty satisfied. I just wish that it was easier to access and the wait wasn't so long. Maybe if people payed more attention to how many of us needed it as soon as possible things would change.

Customer 3 (Q&A)

This customer has accessed the UF Wellness Center and has been a recurring consumer.

What is the exact nature of your need?

 I've been going to the Wellness Center for a few weeks now and it has helped me greatly, but the need that started it I guess was me needed some help with my mental health and how I could learn to deal with my stress more efficiently.

When did you become aware of the need -- that is, do you experience your need all the time or only sometimes? 

A little while ago, and only sometimes, really. I guess that's why it was easy for me to wait to get helped at the office, it wasn't a truly urgent thing for me, but I'm sure its hard for someone who really needs it but has to wait.

How long have you had the need? 

Only about a year, but the Wellness Center and the people there have helped a lot, maybe I wish there were more sessions, rather than just six.

When did you first become aware of your need? Why? 

I really liked going to the Wellness Center, but I guess it just felt transactional at times. There are just so many kids and only so many people that can help.

How are you currently addressing their need? 

I am about to be finished with the sessions at the wellness center, so far it has helped, but maybe at the end of the course I can apply for more sessions.

How satisfied are you with this solution? 

They are doing a really great job over there, so I think that I would be satisfied with the solution, but I've gotten the things I needed from the Wellness Center so I think that it is beneficial for anyone who goes to them, I guess its just a matter of how urgent and how personal you want it to be.

Reflection

       From talking with everyone, I can conclude that maybe the need is not really about the quality of the University of Florida Wellness Center, but rather the time that it takes and the spectrum of which students who need it compared to students who don't need it as much come into play. I was surprised to hear specifically from the second customer how long it took for them to get an appointment, especially noticing that they thought they needed it more than any of the other customers.

Summary

       What I can say now from having interviewed and researched the ins and outs of the Wellness Center at the University of Florida is that mental health is an extremely hard problem to solve, and the solutions can range from urgent to simple so quickly, especially with such a large volume of students compared to counselors. I still believe though, that about 50% of my opportunity still remains, and can be profited off of but in a more moral way than just monetary. Considering that the unmet needs themselves are located more within the students than with the Wellness Center system itself, I would say that the opportunity is not as accurate as what I thought first going into this. The system itself is doing all that it can to meet the needs of the students, and while it can improve and broaden its reach towards students, it is also up to the students to look out for themselves, since they are among thousands of others who need the same assistance. I believe that adaptation is apart of everything that we do and if a business or an entrepreneur cannot adapt then they will not be successful. They must be able to gather information based on an opinion they once had and interpret this information to form a conclusion that may or may not change their minds completely, but the entrepreneur him/herself must be open to the idea that their minds can be changed.

3A - My Entrepreneurship Story

My Entrepreneurship Story

Ever since about four years ago, my father and stepmother had hopes to form their own restaurant in the heart of St. Pete, Florida. However, this deemed to be a very risk-filled challenge considering they both had full time jobs. Also, another challenge arose when they discovered that they needed a building and resources to get this restaurant started, which were two things they did not have. They only way for this idea to work out was for one of them to devote all of their time on this idea rather than try to juggle two jobs at once, which is what my stepmother did. This was a large sacrifice but I realized how admirable it was to take such a big risk to do something that you love while making the world a better place. Ever since I bared witness to the determination I thought that I would take some classes at the University of Florida and educate myself on what it takes to be a professional in business who is also independent on their own. I also wanted to measure the risks and rewards of what being an entrepreneur entails and what affect this course may have on my path.