30A - Final Reflection

This class was very interesting. For one, I have never had a class that utilized a blogging platform in order to turn in assignments. I thought it was pretty interesting and worked well with what we were assigned to do. The drudgery for sure was the Cupcakes and how difficult some of them were for absolutely no reason. It seemed that the goal was really to trick the student which seems a bit unfair. The fun moments were some of the interview assignments for sure because I was able to pitch my idea to some of my friends. A formative experience was the fact that I had to record elevator pitches. I noticed that I gradually got much better as I progressed through them and the course in general. I see myself as a potential entrepreneur for sure and am excited to see where my new entrepreneurial point of view takes me. One large recommendation that I would suggest to new students is to just watch the lectures and take very detailed notes because that’ll be the way to get a good grade on the cupcakes. I am definitely most proud of accomplishing an entire idea and venture concept in general because I had never really had to do something like that before. 

29A – Venture Concept No. 2 - Student Loan Advice Service (SLAS)

The idea I am pursuing is a service that will provide people with information about student loans and will build them a personalized plan to ensure that they are not being ripped off by student loan companies. We will analyze their financial situation and determine how quickly they want to pay these loans off in order to break down what they should be paying monthly for their student loans. They can then take this plan and send it to their student loan provider to ensure that they are able to efficiently and comfortably pay off their student loans.

This opportunity is created because recent information has come out that has proven that student loans companies are screwing over thousands of students and former students in order to make more money. There is really nothing these people can doe specially because the customer service for these companies is awful. They are forced to scour the internet for information that may not always be accurate and may not be related to their specific situation. Therefore, my service has a large potential market of people that need a problem solved. The market is defined as former and current students that are still dealing with paying off student loans. Customers are currently trying to satisfy this need themselves which is difficult especially because many aren’t knowledgable in student loans and personal finance at the level that they need to be. There is no loyalty to this system because they know they don’t have enough information. This opportunity is huge seeing that hundreds of thousands of people need to pay off their student loans AND make ends meet at the same time, giving this product an infinite window of opportunity.

In terms of innovation, this service hits the mark. Nobody has done something like this before and been successful despite the huge market. We will be radically different in that we will be able to provide completely personal information and only charge a small monthly fee of $20/month. We are able to use this money to innovate even more and scale the company. Since we don’t have very many maintenance fees, all the money can be poured into growth. Even then, we could use the extra money to build a fund for people that aren’t as fortunate to pay for their student loans are college tuition to help them make ends meet.

This service will without a doubt decrease overall student debt because the largest problem many people face is that ability to gather and understand the vast amount of information all over the internet about student loans. Customers will buy this product because there is nothing like this that currently exists so there is no difficulty in getting them to switch from their current situation. There are also no competitors which gives me the entire market to play with. Ultimately, all the money will  be poured into customer support and experience since that is the whole idea for our service. These costs are not high relative to other companies, meaning we can charge a cheaper monthly fee and still do extremely well. I would initially start off with few employees, around 2-3, and scale when we have more customers. Ultimately, the goal is to have a service that can help millions with student debt will providing a personal, friendly conversation to show our dedication to the customer.

Our venture’s secret sauce is that fact that nobody has done this before. We are then allowed full creativity to build the service and not have to rush out something because we are worried about competition. We will get that edge and once people see our success and try to imitate it, we will already be way ahead of the curve and outperform them by simple innovations.

Once we are able to significantly help solve the problem, the next idea would be to build a foundation and have a large amount of our earnings go to the foundation which is dedicated to offering scholarships and providing tuition to children that may not be financially well off.

Overall, the idea is still in its beginning stages and I am looking forward to continuing to tweak and innovate the idea before releasing it to the public. This is something I am extremely interested in and would love to hear anyone’s opinion and advice in order to make the product even better.

I received a few comments, however I did not actually receive any criticism. Instead, I shared it with the people around me and one of the larger criticisms I received was that it would be difficult to hire employees that would be highly educated in student loans. I decided we would have to provide some sort of course or teaching program that will allow the people we hire to be up to date and educated on student loans. What I changed as a result of this criticism was that I realized I could not hire people without educating them and testing them on their own personal knowledge of student plans because we want to ensure that everyone is getting good information when they are using my service. 

28A – Your Exit Strategy

Ultimately, my exit plan is to pour all profits the company makes into a foundation that is dedicated to helping to pay off student loan debt all over the country or preventing it in the first place. This could be in the form of providing scholarships as well as working with colleges to make college cheaper entirely. I intend to find a way to make the business pretty much fully on autopilot so that I am freed up to work on another entrepreneurial venture. I have selected this exit strategy because I want to start this business to help people and the best way to do that is to pour the money into helping people. I think the exit strategy influences the other decisions I make in the sense that it helps me realize that every decision I make should be to help others and not just make us more and more money. It motivates me to want to grow quickly so that I can use the resources acquired to help as many people as I can.

27A – Reading Reflection No. 3 Submit Assignment

The book I read for this assignment was Shoe Dog by Phil Knight. Phil Knight started Nike back in the 1960s. I found it very interesting that he was basically one of the original drop shippers. What he would do is mass buy shoes from Japan and try to sell them to anyone who was willing to buy them. Shoe stores didn’t work so he was forced to try other places until he eventually started Nike with an old coach. I admired his extreme confidence in his idea and his determination to will his idea into fruition. I am not sure there is much to not like about Phil Knight in the sense that he was very passionate about his idea and really did not let much stop him. He encountered a lot of adversity from trying to sign with athletes to shoes stores not wanting to hold his shoes. He pushed forward and pivoted to get those shoes sold. One of his great attributes was his ability to build a team that was able to see his perspective and his view and see the same passion that he had. I think it was a little confusing how he managed his people. I understand that his way of doing it allowed creativity to take effect, but there had to be many times where the guidelines were not given well enough and the final product was not the way it should be. If I were to ask Mr. Knight two questions, one would be about his role as a father and if and how he would change things to be a better father and if that would have affected Nike negatively. I would also ask him whether he liked the small startup feeling of Nike or if he enjoys being the originator of a Fortune 500 company. I would ask these questions because I truly want to know the answer and I am curious whether he would’ve prioritized family more. Also, the final question is a relatively easy one. Knight’s opinion of hard work is that if you want to be successful, hard work is vital but he also feels that luck plays a huge role in it as well. I share this viewpoint completely and agree how important hard work is to success.

26A – Celebrating Failure

In the last semester, I have failed REPEATEDLY on the Cupcakes. At first, I thought that I could get away with playing the lectures in the background while I do other things. I learned pretty quickly that that was not going to work. I got a .4 on that Cupcake. Then, the next week I thought I could watch the lectures at 2x while paying attention. That didn’t work too well either because that week I got a .2. This kept happening for two more weeks until I gave up and decided that I had to take notes. Now, I take notes while I watch the lectures at 1.5x and that helps me do it efficiently and get about a .8 average on the Cupcakes. I learned that if I want to get a good grade on the Cupcakes, I have to actually put in the work and actively take notes while I watch the lectures. I think failure is really just the most effective way of learning something because every time you fail, you know what doesn’t work and you have this motivation to get it right. I see failure as a chance to try again and get it perfect so it is more of a feeling of motivation. This class has changed my perspective on failure in the sense that I now see failing in entrepreneurial ventures is going to happen and it just means you have to find another solution that will work. I am more likely to take risk because either way I will learn something.

25A – What’s Next?

The way I did my interviews this time, I got three of my friends together and we all sat in a room together and basically just had a conversation about what they idea would be and its potential. I started off with my idea and what it could hopefully turn into one day and I got some useful feedback. One of them added that I could even use the extra money to raffle off scholarships to current customers. Another added that maybe instead of making it a service that you pay for monthly, I could even have a one time flat rate that will allow you a years worth of calling or 6 months, etc. This was because she said maybe most people will only need a few calls to fully grasp their student loan.

In terms of my venture, I think makes the most logical sense to initially dump all of the money back into growing the business, but once we become highly profitable, something like giving back money would be ideal to attract more customers and help people at the same time.

A radically different market than my current would be to target the student loan companies themselves and offer to cover their customer service for them. This will lead to happier reviews for them and more people willing to take out loans from their company. Not only that, but these people will have a better understanding of how the loan works so they can pay it off efficiently and easily. It was tough to actually interview companies, so I watched a couple videos and documentaries on this topic and I found that these businesses will have employee competitions to see who can answer the most calls. This would mean that they are rushing people off the phone which means these people aren’t getting the service they need. My solution could solve this problem and make both parties happy.

I find it interesting how these student loan companies work and how they really don’t care about the people they are offering loans to as long as they are able to make money off of them. It is a problem that needs to be solved soon because of how fast student debt is growing.

24A – Venture Concept No. 1 - Student Loan Advice Service (SLAS)

The idea I am pursuing is a service that will provide people with information about student loans and will build them a personalized plan to ensure that they are not being ripped off by student loan companies. We will analyze their financial situation and determine how quickly they want to pay these loans off in order to break down what they should be paying monthly for their student loans. They can then take this plan and send it to their student loan provider to ensure that they are able to efficiently and comfortably pay off their student loans.

This opportunity is created because recent information has come out that has proven that student loans companies are screwing over thousands of students and former students in order to make more money. There is really nothing these people can doe specially because the customer service for these companies is awful. They are forced to scour the internet for information that may not always be accurate and may not be related to their specific situation. Therefore, my service has a large potential market of people that need a problem solved. The market is defined as former and current students that are still dealing with paying off student loans. Customers are currently trying to satisfy this need themselves which is difficult especially because many aren’t knowledgable in student loans and personal finance at the level that they need to be. There is no loyalty to this system because they know they don’t have enough information. This opportunity is huge seeing that hundreds of thousands of people need to pay off their student loans AND make ends meet at the same time, giving this product an infinite window of opportunity.

In terms of innovation, this service hits the mark. Nobody has done something like this before and been successful despite the huge market. We will be radically different in that we will be able to provide completely personal information and only charge a small monthly fee of $20/month. We are able to use this money to innovate even more and scale the company. Since we don’t have very many maintenance fees, all the money can be poured into growth. Even then, we could use the extra money to build a fund for people that aren’t as fortunate to pay for their student loans are college tuition to help them make ends meet.

This service will without a doubt decrease overall student debt because the largest problem many people face is that ability to gather and understand the vast amount of information all over the internet about student loans. Customers will buy this product because there is nothing like this that currently exists so there is no difficulty in getting them to switch from their current situation. There are also no competitors which gives me the entire market to play with. Ultimately, all the money will  be poured into customer support and experience since that is the whole idea for our service. These costs are not high relative to other companies, meaning we can charge a cheaper monthly fee and still do extremely well. I would initially start off with few employees, around 2-3, and scale when we have more customers. Ultimately, the goal is to have a service that can help millions with student debt will providing a personal, friendly conversation to show our dedication to the customer.

Our venture’s secret sauce is that fact that nobody has done this before. We are then allowed full creativity to build the service and not have to rush out something because we are worried about competition. We will get that edge and once people see our success and try to imitate it, we will already be way ahead of the curve and outperform them by simple innovations.

Once we are able to significantly help solve the problem, the next idea would be to build a foundation and have a large amount of our earnings go to the foundation which is dedicated to offering scholarships and providing tuition to children that may not be financially well off.

Overall, the idea is still in its beginning stages and I am looking forward to continuing to tweak and innovate the idea before releasing it to the public. This is something I am extremely interested in and would love to hear anyone’s opinion and advice in order to make the product even better.

23A – Your Venture’s Unfair Advantage

I am a College Student

• V - I am going through the situation which gives me motivation to solve it
• R - It is rare in the sense that many other college kids aren’t interested in starting a business
• I - It is relatively easy to copy
• N - Other resources could provide the same benefits

I have access to all of UF’s resources

• V - This is very valuable as they have a multitude of resources that I can use such as the patent office
• R - This is only available to other UF students
• I - It could be copied potentially
• N - Other colleges could provide the same benefits

It is a “Zero to One” idea

• V - Highly because nobody has done it before
• R - This is rare because there are not many markets that are totally untouched
• I - It is inimitable in the sense that nobody has tried yet
• N - It could be done but has not yet

I am committed to making the idea work

• V - This is valuable because it ensures more commitment to the job
• R - This is not too rare
• I - It could be imitated
• N - It could be provided by others

Connections to Student Loan Professionals (High School Guidance Counselor)

• V - This is highly valuable because I have access to a multitude of information and help 
• R - This is very rare
• I - It can’t be imitated because not many have this much information
• N - It is non-substitutable because he has really world applicable information 

Time

• V - This is extremely valuable
• R - This is not too rare because every one has time 
• I - This could be imitated if someone else had enough time
• N - This cannot be substituted

Little to No Maintenance Fees

• V - This is valuable as I could start a business with small initial costs
• R - This is rare because most businesses require heavy entry fees
• I - This cannot be imitated because not many other fields can achieve this
• N - If there are no fees, I can get started without investors

High Earnings to Cost Ratio

• V - This is extremely valuable because I can poor more money into improving
• R - This is rare which allows for exponential growth
• I - This could be imitated if another business was to join the market
• N - Other businesses could do the same

Very Large Potential Market

• V - Many people to sell to
• R - Not so rare
• I - Could be imitated
• N - Could becomes smaller if other businesses come

No current competitors

• V - Highly valuable, no competition
• R - Extremely rare, could scale quickly before others join
• I - Cannot be imitated
• N - Cannot be substituted

Overall, my most valuable asset right now is that there is no one else in the market as of right now which means I have the opportunity to scale and grow quickly before others could try to copy my service. By that point, I would hopefully be able to outperform them.

22A - Elevator Pitch No. 3

I have reflected on my recent critique and definitely lengthened my pitch as some had said. I had difficulty making the camera lower but I tried to make better eye contact and ensure that I am keeping good posture. I have noticed that by this third pitch, the words almost come naturally and I don't have to re-record too many times.

21A - Reading Reflection No. 2

The book I read from the list was called “The Art of Social Media: Power Tips for Power Users”. The general theme of the book was tips to improve your social media accounts as well as gaining a larger platform in which to speak to. For example, the author discusses how asymmetry in a profile picture can be more appealing than one that is dead on. Another tip was to what he called “cover the Earth” which basically meant that if you want to promote your blog, share it to Pinterest and tweet a couple times about it on Twitter and basically get it out there for people to see. It really was beneficial and connected with what I learned in ENT3003, especially on the idea of SEO and how you can attract more people to your blog or your website through clean titles and search terms and promoting with other social medias. If I had to design an exercise for this class based on what I read, it would be something along the lines of setting up a LinkedIn profile and creating a nice profile pic and promoting your LinkedIn on your other social medias. The biggest ‘aha’ moment while reading the book was that you’ll never get a following if the content you are producing is not of good quality. If you want to build a brand, you need to engage with integrity, be enchanting, and share content that people would actually like to watch. This, although was not something totally new, it seems to be something that people don’t understand.

20A - Growing Your Social Capital

I talked to the scholarship and student loan guidance counselor at my high school Mr. Green when I went back this week. He was the only domain expert I could find in the area and provided me with some extremely useful information in terms of my idea. He said that the problem is that there is no one place to go if you want to find all of this information and by putting it in one place, we could save customers a ton of money and allow them and their families to be a little less stressed. He said that search engine optimization would be the best way to get my business out there because many search up solutions and are bogged down by useless results. Including him in my network will benefit me as he can give me insight about my service and where to find the right information 

I talked to a Wells Fargo Representative that came to Student Finance Group about the market and her own personal expertise and how I would go about conducting customer research. What they are doing is they are targeting college students to open up student accounts and even apply for credit cards so that they can begin to build credit for themselves. She said that because I am a college student, I am in the best position to conduct research because not only do I know what attracts others like me, but I am in the same position as my customers which would make it an easier plan to execute. We connected on LinkedIn and I may pick up a job their because of this new connection. She offered me the option of emailing her for help to build my idea which was very helpful.

This one may seem odd, but I talked to an Uber driver in Gainesville in order to fill the “important supplier to your industry” person. His name is Demetrius and has a 4.97 star rating. He has only been an Uber driver for 5 months and also struggles with paying off student loans. he fills this spot because he drives students in my industry around Gainesville in exchange for money. I pitched him my idea and he thought it was awesome. He said that many students come into his car and talk about how broke they are and how little money they have and he thought that if they had a little guidance, they would be able to have an easier life in his words. I connected with him on Instagram and I feel that he will be useful because he has had thousands of college kids in his cars all day and can provide a good census of what is going on and how people are dealing with their student loans since he has to talk to new people all day.

This assignment was extremely difficult. For one, it was hard finding the specific people that would meet each category but it did provide me a lot of useful information and connections for which I can build my idea. This experience showed me how much people are willing to help you with your ideas if you just reach out so from now on, I am reaching out if I feel that someone could help me with an idea. This is different from what I used to do, which is no networking whatsoever and not collecting information to reach out to them later.

19A - Idea Napkin No. 2

For one, when I am interested in something, I make it my number one goal to see it through and ensure that it is successful which will help me make this idea successful to. Also, I have a interest in giving back and helping the greater good and this idea is something that combines those two talents which is why I pitched it to begin with. I have experience in student loans and have read enough on them to have a pretty good idea of how they work and how one can make them work for their lifestyle. I see this business playing a large role in my life seeing that it helps me give back to the world while earning an income and saving others thousands of dollars. I am offering customers a way to navigate their student loans through 24/7 calling for a personalized plan that works for their exact financial situation and time plan. This service is open to anyone that is applying for or currently has student loans that they have been struggling to pay off and need assistance with to make ends work. All of my customers are having financial troubles when it comes to their plans or are just trying to optimize their plan and save some more money.These people care because these student loans are putting many out of houses and unable to move forward in life because they are bogged down by these payments they are forced to make. Most of the time, they are being ripped off as well. This idea could potentially save them thousands.My core competencies are that I am dedicated to seeing this idea come to life because I also have to struggle with these student loans. I need to do everything that I can to pay off these loans before I graduate or else I will have to deal with them just like everyone else and not be able to truly excel right after college. I have this vested interest that makes me want more than anything to make this idea work.

I feel like these elements fit together beautifully which makes it even better for the idea. I want this as much as anyone else and there is a large group of people that would happily pay a small fee monthly to save thousands and thousands of dollars and time. This, paired with the fact that I have to deal with it too gives me a vested interest to make it happen. It connects all my interests and allows me to make a living as well.

I was not given any feedback other than that it was good that I have a financial background and I should pursue an MSF degree which I have taken into account and plan to do to move my future and education forward.

17A - Elevator Pitch Practice! (Part 2!)

Still working on the timing and slowing down, but it's getting better.

Ollie gave me great advice and I further attended to my pitch to fix the problem with forgetting about the price. I also made sure I kept eye contact and tried to be a little more dynamic rather than standing completely still the entire pitch. All the advice given was entirely useful with no silly or random advice.

18A - Create a Customer Avatar

I would describe my customer avatar as a college freshman that has just gotten into college. They don’t have a car, they don’t have much money, but they are looking to get an education to further their career and need to find a way to pay for it. They came from a family that didn’t always have money but was focused entirely on their child going to college. They were able to put up enough money to last a year, but they were’t able to make the rest of the money so they had to just hope and pray that it would all come together. The student doesn’t know much about student loans so they pick any random company and hope it works out and that the company will take care of them, however they are being screwed and they don’t even know it. I have in common with the avatar that I had to look for a way to pay for college and could not find any good information on the student loan websites. I was lucky to have gotten bright futures but not many others are lucky and so my service would help those that are less fortunate when it comes to paying for college. I do not like to see people get screwed for no reason, and this is one of those situations where many are getting screwed.

16A - What’s Your Secret Sauce?

This was a particularly difficult assignment because I feel that there are many generic responses and it is really hard to differentiate from the main qualities that everyone says. I made an effort to be different but still had some trouble.

For one, I’d like to seem myself as hyper-productive. If I am not always doing something that is productive or beneficial to me and my time, I don’t feel good doing it so I tend to avoid anything that isn’t beneficial. In that way, I feel like I set myself apart because I am willing to stay focused because if I don’t I can’t even enjoy the day.

Second, I am dedicated to anything that I find interest in and seeing that this project was an idea I found interesting, I am willing to give it my all to make sure it becomes successful.

Third, I am level headed when it comes to stressful situations. I work well under pressure and am able to perform even when it becomes difficult.

Fourth, I am extremely organized and I feel like especially with a company dealing with very specific services, you have to be organized to ensure that you are giving the most personal information and ensure that that information is accurate.

Fifth, I am confident and although that may not seem beneficial at first, it is something you need to have especially when going into an entrepreneurial venture where almost everything is uncertain and everything is stacked against you. My confidence in my abilities will help me weather the storms when they come.

For the purpose of this assignment, I conducted the interview, and then recorded an overview to make the information more concise.

https://youtu.be/uzusMVH_7MI

Amanda’s interview went well and was focused mostly on setting goals and achieving them. I was happy to see that other’s thought of me as the person that creates goals and sticks to them through thick and thin. Lyndsey discussed my work ethic and confidence which she regarded as key topics that an entrepreneur must align themselves with. She also said that I was open minded which was nice to hear, especially because an entrepreneur must be always ready to pivot or change things in order to be successful. Asha discussed being dependable which was different from the rest of the interviews. She also said passionate which is one of those generic entrepreneur traits. My mother defined me as a constant learner which I would think is vital to be an entrepreneur. Her interview was the longest coming in at 14 minutes. My father called me detail-oriented and resourceful which are crucial to becoming an entrepreneur. He also defined me as a risk-taker which is an absolute requirement.

I was happy to see what others said about me and I would agree with most of them to some extent. I do not think I would change my list except for maybe adding risk taker because I feel like that is mandatory to being a successful entrepreneur.

15A - Figuring Out Buyer Behavior No. 2 Submit Assignment

Based on my extensive interviews with Brian R., Julia Cesare, and Matthew W, there didn’t really see to be any alternatives other than scouring the web for the answers to their questions or calling up the companies that are running their student loans and trying to get some information from them. They all agreed that calling the student loan companies was incredibly difficult because they did not provide adequate information needed to determine how much they should be paying and how long they should be paying for it. The main issue was the people on the phone did not want to take the time to delve into the specific client’s information and wanted to just give them general answers to move on to the next call. The other alternative was to look online which did provide more information but still was not personalized to each person’s specific plan. They did not buy anything to fix this problem and instead just hoped they were given the correct plan and information. They did however get student loans so that they all had in common. In terms of the student loan, none of them really felt good about their purchase and often had many unanswered questions which is perfect fo ray service because my service would fill this hole in the market. I would describe the segment as one that has virtually no competitors but would be highly sought after by consumers in order to make their lives easier. Ultimately, I feel that my initial service still stands!

14A - Halfway Reflection

If I were to tell someone who is taking next semester’s course, I would encourage them to enjoy the class and really take as much value from it as they can, especially if they are trying to pursue something entrepreneurial. I have developed a schedule of watching the lectures and determining what I think is valuable and taking notes on that and I feel like that is vital for keeping up with the work. I did feel like giving up when I got a .2 on one of the Cupcakes. I really watch these lectures and take good notes, but sometimes the Cupcakes are tricky and almost meant to trick you in a way that I don’t totally think is fair. It also makes it tough when you are required to select multiple answers and you only miss one so you don’t get the credit. However I pushed through and still continue to write my notes in a way that will benefit me and help me get the max amount of points. This was mostly attributed to low Cupcake grades. For tips, I would definitely say to watch the lectures but also take notes to ensure that you are understanding the information. Sometimes the Cupcake questions don’t always seem relevant to information that should have been absorbed and kept, so it is important to just take notes on everything possible rather than what you feel is important. Another tip I would say is to push though regardless of the Cupcake grade you may get. It does really suck, but it’ll teach you to study a little harder for the next one. My last tip would be to try to apply the information to your life as much as possible. I have found myself to really try to point out everything that bothers me in some way and see it as an opportunity and I feel that if someone is able to incorporate that into their daily lives, they will eventually find a problem that they would like to pursue more deeply and it could turn into a business venture for them. 

13A - Reading Reflection No. 1 Submit Assignment

I read about Steve Jobs in the book authored by Walter Isaacson. I was very surprised as to his very different approach to entrepreneurship but also how horrible is emotional attitude was. He seemed to always be lashing out in a way that was almost childish, but I mean he was extremely successful at what he did so who am I to critique his ways. I admired his ability to see something that could be monumentally successful and stick to what he believes in order to make it successful, no matter how much pushback he gets from anyone around him. I least admired his emotional attitude for sure and the way he would treat people he did not like. He encountered plenty of adversity in his life, especially his initial products such as the Lisa. one competency I noticed that the entrepreneur exhibited was leadership. Although it was pretty far from a democratic style, it was one that was able to make Apple wildly successful. His style in DreamWorks seemed to be a lot more democratic which allowed that company to thrive as well. One part of the reading that confused me was how his reality distortion effect on people. I just am really curious as to how people could be that manipulated into really thinking they could do something that was pretty much impossible. However, it really did pay off in the end in terms of innovation. I would ask him first if he had regret with the way he handled his cancer and would he go back and undergo chemotherapy even though it went against all his personal values. I would also ask him how he feels about his relationship with his daughter and if it was something he wishes was a stronger connection. Steve Job’s opinion of hard work was that it was something that was expected and required and anything less was not even tolerated. He only wanted A players and anything less was seen as inferior in every way to him. I share the option that hard work is expected and should be a non-negotiable, however I would not totally disregard people that weren’t what he defined as A players, however I would not hire them either.

12A - Figuring Out Buyer Behavior No. 1

After conducting 25 minute interviews, I was able to gather a good amount of information based on their needs in comparison of my service. I interviewed, Amanda, Lucas, and Tyler. All 3 people have applied for student loans and are using that money to pay to go to college. The need is the most prevalent in college students and people who have recently graduated from college and that was mirrored by their responses. The main context which they all shared is they had to pay out of state tuition and were not covered by certain scholarships such as Florida Bright Futures like in state kids are. The need becomes the most salient for the people that aren’t able to get extremely high paying jobs straight out of college, which is basically all of us. Amanda’s situation was a little bit better as she was planning to apply to the MSF program, which would almost guarantee her a really high paying job out of college, but this is an extremely selective program so it would be hard to really know. When Amanda first became aware of her need, it was right before college and she was able to do a lot of research online to determine which loan service would be right before and how much she would have to pay later on based on interest and other expenses. Lucas was about the same, except he just picked any student loan service based on eligibility and hoped for the best and does not really have a clue about how he is going to pay them back. Tyler on the other hand, has not gotten a loan yet but plans too. He says he paid this semester’s tuition out of pocket and plans to apply next semester so that he can be covered. He is very stressed and is worry about getting ripped off which is why I think my service is a really good idea. They all talked to family for it and Amanda was the only one who did serious deep research on what would fully work for her. I think the largest issue is most don’t do the research required and my service would help to fix that issue because we would do the research for you and make it as simple as possible.

11A - Idea Napkin No. 1

1. My name is Jaiden Patel. I am a freshman studying Finance in the hopes of being placed in the MSF program and graduating with a master’s degree. I’d like to think I am a natural born leader and I have a lot of experience in analyzing financial information. I aspire to one day be in private wealth management and ideally solely managing my own wealth. I see this business as an entrepreneurial venture that helps give back to society in a way and see it playing a large role in my life.
2. I am offering a service that is able to help anyone dealing with student loans a way to perfect their plan based on their financial needs and time frame in order to ensure they are paying what they should be.
3. I am offering it to anyone that has had to take out a student loan and is in need of a way to make the plan easier for them and more digestible so they are able to live their daily life without constantly stressing about them. All of them are still working to pay these loans off and are struggling in some way.
4. Customers care because the student loan companies most are using are screwing them and they have really no way of determining what they should be paying. My service will give them peace of mind and potentially save them loads of money and time.
5. I will have a master’s degree from one of the best MSF programs in the nation and the ability to see these problems and find solutions that are outside the box.

I believe that these five elements fit together pretty well and in a way that will increase the chance of the business venture working. I am sure that millions of people have this need which gives me a great target customer and I believe that many need a service like this to even stay afloat and not have to worry about being totally ripped off. I think my skill set paired with the need is perfect to ensure the success of the service.

10A - Elevator Pitch No. 1

9A - Testing the Hypothesis, Part 2

The first person I interviewed was my Mom. She did not have to worry about college debt and having to pay back this debt because her parents were able to pay for her to go to college, leaving her debt free when she graduated. She was able to totally avoid college loan companies and therefore doesn’t have to deal with this problem.

The second person I interviewed was my Dad. He did not have to deal with college loan companies because he worked multiple jobs throughout college in order to pay it all out of pocket as he went. In doing so, he did not have to take out any loans and ended up debt free by the time he graduated college.

The third person I talked to was my cousin Ajay. He did not have to pay tuition at all because he qualified for Florida Bright Futures which ended up paying his tuition for all four years because he maintained a certain GPA. He graduated free of any loans and did not have to deal with the college loan companies.

The fourth person I talked to was my friend Amanda. She is currently enrolled at UF, but does not have to pay tuition what so ever because she also qualified for Florida Bright Futures. It is currently paying for her classes as long as she is able to keep a high GPA, or else she would have to take out a loan from one of these companies in order to make ends meet.

The fifth person I talked to was another friend named Lucas. He was able to be covered by many different scholarships on top of FAFSA and did not have to pay anything to go to college either. He was actually paid to go to college and made a good amount of money for himself. He was able to avoid taking out any loans and therefore did not have to deal with the companies.

WHO: The people that fall outside the boundary are the college students or graduates that were able to pay for college in some other ways whether it be parents, scholarships, or financial aid services. Although most of them did not have their own money to pay for college like everyone else, they still found ways to avoid the college loan companies.

WHAT: The need I identified as information services so that people can navigate college loan services differs from the similar need of college kids just needing money to go to college. A service that connects students with scholarships would not be a bad idea either.

WHY: The outsiders do not have the need at all because they were able to avoid the companies entirely by finding other ways to pay for college.

Inside the boundary
Who is in	Students that can’t afford college and need to use college loan services.
What the need is	Information that will allow the students to ensure they are using the most effective and cheapest plans for their specific needs.
Why the need exists	College loan services purposely screw over college graduates in order to make more money

Outside the boundary

Who is Not

Students that have found other ways to pay for college.

What the need is Not

A way to get more money to pay for college.

Alternative Explanations

These kids were able to find alternative ways to pay for school such as scholarships and financial aid services.

8A - Solving The Problem

The solution that I am proposing is a service that one can subscribe to and will provide you with the exact information that you are looking for. This service will be call based and and will fully analyze your income, financial plan, and your time allocation to determine exactly how much you should be paying in order to get the most out of your student loan service. This will prevent these student loan services from taking advantage of the customer and will allow them to be financially stable much sooner than they would be without the service. If we were to add a product as well, this could be information in the form of a book to ensure the consumer has full comprehension of how their plan should work. The subscription would allow the consumer access to personalized calls based on their specific financial situation and payment plan and how they can use the student loan service to their advantage.

7A - Testing the Hypothesis, Part 1

Former students in the United States are unable to pay their student loans off in a reasonable amount of time because student loan services are providing misleading information in order to make more money.

The who: Former Students

The what: They are unable to pay their student loans off in a reasonable amount of time

The why: Student loan services are providing misleading information in order to make more money

Testing the who: Everyone who is in my current who shares this need because they have to deal with the same companies that continue to screw people over such as Navient

Testing the what: The boundaries of the need are the people that have to deal with companies that are misleading their clients

Testing the why: The need is rooted in the information required is not being given and instead is being misled in order to make more money off each client.

After doing 6 interviews with UF alums, I learned that they had to really go out of their way to get information from the companies that were in charge of their student loans. They all had to call many times just to get even the slightest answer and instead had to turn to random websites and other ways of getting information in order to make sure they were paying off their debt as efficiently as possible. A couple said they were encouraged to go on a forbearance plan rather than an income-based repayment plan when the former was the right option for them. The company wanted to make more money off them by charging them extra interest later on.

I had no idea how serious of an issue this was until people in my own family had to deal with the exact same problems. It is very interesting how widespread of a problem this is and how there is nothing that is being done about it.

6A - Identifying Opportunities in Economic & Regulatory Trends

https://www.wsj.com/articles/how-to-get-rid-of-carbon-emissions-pay-farmers-to-bury-them-11568211869

The opportunity that is being proposed is that by paying farmers to sequester carbon dioxide into the soil, not only do businesses benefit by managing their emissions credits wisely, but also farmers are also able to have healthier soil that will allow them to grow healthier crops and turn a better profit. The customer with the opportunity is any business that needs to counteract their carbon footprint in order to be a healthier company for the planet. These companies can put farmers on payroll who’s job is to sequester metric tons of carbon dioxide into the soil at a time. The opportunity is extremely easy to exploit because companies really need this in order to not have to pay fines for having such a large carbon footprint and farmers can benefit because they are finally getting paid for something that will improve their crop yields and soil health anyways. Up until now, if farmers were to sequester carbon dioxide into their soil, they had to do it on their own good will. I saw this opportunity because I have a passion for having a small carbon footprint and I know many companies struggle with this issue. Rather than them having to actively work to make it smaller which many of them won’t do, they can just hire farmers to do it for them in order to counteract their large footprint.

https://www.wsj.com/articles/retail-sales-increased-0-4-in-august-11568378025

The opportunity being proposed is a service that is able to find the absolute best deal on the exact car a consumer wants. This opportunity exists because spending is up in the last quarter despite us being in a trade-related state of uncertainty. The customer with the opportunity to use the service is anyone who wants to spend money but also wants to be smart about it because of all the uncertainty going on. The opportunity is extremely easy to exploit because many people would love to use it and it is not too hard to actually create. I saw this opportunity because I like to always know that I am getting the absolute best deal and I feel like many share that idea with me.

https://www.wsj.com/articles/in-new-york-gov-cuomo-moves-to-ban-flavored-e-cigarettes-11568587066?mod=searchresults&page=1&pos=4

This information leads me to believe an opportunity might exist because now many people who want flavors for the e-cigarettes are not able to have access to them. The customer would be anyone who is looking for a flavor for their e-cigarettes. This opportunity is difficult to exploit because now there is a ban so it will be harder to gain access to these flavors. I saw this opportunity because many of my friends use flavored nicotine products and probably would try to find some kind of a work around if they didn’t have access to them anymore.

https://www.the-scientist.com/news-opinion/trump-administration-overturns-clean-water-regulation--66429

This information leads me to believe an opportunity might exist because many people like to know that the water they are drinking is entirely clean and free of any pesticides and fertilizers. The customer would be the 30% of people in the United States who rely on that water for drinking purposes. This opportunity is going to be difficult to exploit because we won’t know whether the farmers are using chemical pesticides and fertilizers due to the regulation change. I saw this opportunity because I have taken numerous environmental management classes throughout my high school experience.

5A - Identifying Local Opportunities

Farmers Brace for Dorian’s Worst - Sugar cane, citrus, rice all at risk of devastation should hurricane hit region

https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3APBPB%21Palm%2BBeach%2BPost%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0902%21September%2B02&f=advanced&action=browse&format=text&docref=news/175B4A79FA800360

With Dorian inching closer by the day, farmers and crop owners are worried that they are going to lose hundreds of thousands of dollars of crops which could destroy businesses, especially smaller ones.

The problem is that the winds will uproot any crop not sturdy enough to handle them, which is not many.

The people who have to deal with the problem are farmers and crop owners but also anyone who wants to by crops at a fair price.

Storm survivors arrive - to relief and uncertainty

https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3APBPB%21Palm%2BBeach%2BPost%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0908%21September%2B08&f=advanced&action=browse&format=text&docref=news/175D45F8AAA3D908

Dorian has uprooted many families and destroyed homes all over the Bahamas. Many look for supplies while others flee to the US to find somewhere to live either temporarily or permanently because they have lost everything.

The problem is that many families are facing issues they have not had to deal with before and are being forced to start new somewhere foreign to them.

The people facing this problem is the ones in the Bahamas whose houses and lives were destroyed.

Drug rehab facilities shut down, lay off more than 200

https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3APBPB%21Palm%2BBeach%2BPost%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0907%21September%2B07&f=advanced&action=browse&format=text&docref=news/175CEFD2458F5700

Watershed is a drug rehab company that was forced to shut down after not having enough funding to continue. Many lost their jobs and many more were denied the help they need because the company cannot afford to stay afloat.

The problem is the company could not find enough money to stay in business.

The people facing the problem is past employees who were laid off as well as anyone who was at the rehab center looking for help.

Fire Rescue: Take down your shutters

https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3APBPB%21Palm%2BBeach%2BPost%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0907%21September%2B07&f=advanced&action=browse&format=text&docref=news/175CEFD2390E4AF0

The story discusses the importance of removing shutters shortly after the hurricane as they pose as a fire hazard in an emergency. The shutters make it hard for people to escape in the chance there is a fire and for firefighters to get in to help.

The people who have the problem are those that are caught in a fire and their shutters are still up as well as firefighters trying to help

Gardens day care wants more classrooms, bigger playground

https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3APBPB%21Palm%2BBeach%2BPost%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0906%21September%2B06&f=advanced&action=browse&format=text&docref=news/175C9BD9EB17B918

Currently the Gardens day care is doing very well and many kids are coming in each day and having fun. However, the playground can only comfortably allow 170 kids and that is not enough to meet the large amount of children that attend the park. The day care is facing issues with fitting people in the facilities so now they are expanding to make it more welcoming to all that want to come.

4A - Forming an Opportunity Belief

I believe there is a serious opportunity, however I am not sure how possible it is with the current technology. My opportunity is a machine that basically replaces the washer and drier. This machine would be able to wash and then dry your clothes without you having to use two entirely separate machines to do laundry.

I think there is multiple reasons this is a good idea. For one, it saves space. With that space being saved you could even buy a second one and be able to do laundry twice as fast. Also, this need has always been there because many people leave their laundry in the washer too long and then have to deal with that “stale laundry” smell. Not only that, but having two separate machines seems inefficient if you aren’t there to be switching them from one to the other constantly.

The prototypical customer is anyone who does laundry and people that need to save space because they live in a smaller space such as an apartment in New York City. I am about 90% sure that this is an opportunity that exists.

I first talked to my mother. She had a lot to say about the idea. She agreed that the current situation was inefficient, but she didn’t think it was a big enough deal for her to entirely switch over to a new machine. She did however say that the idea of saving space would be phenomenal as she would be able to get laundry done twice as fast. She said it would make her life easier each week on laundry day and that it was a need she didn’t know she had but after realizing she said this is a problem she has dealt with her whole life. She isn’t currently addressing the need, but she said that because there is two separate machines, you can have one drying while the washer is setting up the next load which was convenient.

I then talked to my roommate. He said that this idea was revolutionary. His main concern was that on campus, it is really hard to wash clothes to begin with because of the limited amount of machines and that this could maybe allow the school to put in double the amount of machines because they are able to save space. He also added that having to stress out about what time your next load will be done so that you can quickly put it into the drier was a huge concern that would be totally erased with this machine. He found the machine to be perfect because then he wouldn’t have to deal with the weird stale clothes smell when he forgets to load the laundry into the drier immediately. He also added that this would be perfect because then he wouldn’t have to walk out to the machines to see his wet clothes on the ground and that at least with this machine they would be dry.

Finally, I asked my sister. She thought the idea was absolutely stupid. Her point of view was that it would technically be less efficient because then you can’t start another washing load while your clothes are drying. She said that 95% of people have no problem washing their clothes and that it is a problem that does not need to be fixed. She posed a couple questions that would arise such as where to put the drier sheet and how exactly would the clothes be able to dry in a machine that was initially filled with water. She also said that it would be cluttered with buttons and overwhelming and that the machine would probably cost more than a washer and drier combined so not many people would even buy it.

         I learned that although this is a useful opportunity and it has some upsides, ultimately the regular washer and drier is the convenient way to go. I learned that the target audience is mostly people that are just kind of lazy or are college kids and that the rest of the world really has no problem washing and drying there clothes like I previously thought. My opportunity isn’t really there any more, however I do have a lot of ideas for how to improve washers and driers such as a notification feature that would let the user know on their phone that their clothes are done washing or drying. I think entrepreneurs should definitely adapt their opportunities based on customer feedback because initially an idea may seem revolutionary, but your viewpoint could totally change once you get the opinion of some potential customers.

3A - Your Entrepreneurial Story

My first entrepreneurial experience happened in the 6th grade. During that time, the big thing among all the guys was paracord bracelets. They were these heavy duty army bracelets made out of a cord that was able to carry 550 pounds of anything in an emergency. Ultimately, this meant nothing to us, they just looked cool and heavy duty. The only issue with these bracelets were that they could cost upwards of 10 dollars, and none of us had that kind of money. When I asked my mom if I could have one, she said, “How about you make it yourself.” After researching it, I found out that you could buy 100 feet of paracord for 10 dollars, the price of ONE bracelet. My parents let me have a hundred dollars to buy paracord with the understanding that I would pay them back as soon as I was able to turn a profit. I started making these bracelets for hours at a time and sold them at school for 5 dollars each. They sold insanely quick and I was able to make 200 dollars in 2 weeks. I continued to make them until I ran out of cord and I ultimately made about 800 dollars.

Ultimately, I am in this class because I hope to one day start my own business and I want to do it in the most effective and efficient way possible. I am hoping this class will teach me exactly what I need to know to get started as an entrepreneur. I am looking to get a broader perspective on the world and the business industry so I can find a spot for myself. 

2A - Bug List

1. The bathroom doors at Hume Hall lock from the inside both ways so when a suite mate forgets to unlock both doors, you are locked out.

Why it exists: This system ensures that the person inside has complete privacy.

2. The Herman Miller chairs at Marston Library have no armrests.

Why it exists: This makes the chairs a little easier to access and may accommodate for people that do not fit into the chairs that have armrests.

3. My phone continues to disconnect from eduroam WiFi all around campus.

Why it exists: The eduroam WiFi does not cover every corner of UF campus

4. The SW Rec Center is always packed unless you go at 5:30AM

Why it exists: This is the best and one of only two gyms near and on campus that are free to use for all students. Most students also have classes that are at the same time leaving the only time for them to go to the gym be all at the same time.

5. The Hume Hall Ground floor is always extremely cold to the point where it is unbearable to go out into the commons without a hoodie.

Why it exists: Gainesville is extremely humid and keeping the facilities cold prevents mold from growing and also provides relief to people that have been outside all day.

6. The roof of my Jeep leaks if it is opened before the roof has enough time after it rains to evaporate all the water in the cracks.

Why it exists: The top is electronically retractable and they did not test the roof enough to ensure this doesn’t happen. Another potential reason is my Jeep needs to be serviced.

7. When you lost your AirPods, they are unable to be tracked whatsoever until they are opened and you are close enough to connect to them through Bluetooth. They show a last used position that isn’t always accurate.

Why it exists: There is no GPS tracker isn’t the AirPods leaving them confined to this as the only solution for losing them.

8. My hands are constantly extremely dry since I’ve moved to Gainesville.

Why it exists: The water quality may be different and I haven’t adapted yet. Also I refuse to lotion because then my hands feel greasy.

9. With each credit at UF estimated to require about 4-5 hours of work per week, a 15 credit semester would require 60-75 hours of commitment a week to get done. This is almost double a 9-5 job and about 8-11 hours per day of work.

Why it exists: UF is a rigorous school and expects highly of its students in order to push them to succeed in life.

10. The line to get into the Gator Corner dining can get extremely long at times.

Why it exists: Each student is required to scan their card in order to enter or pay with cash which may take even longer

11. The Boosted Electric Skateboard is extremely heavy

Why it exists: It is really difficult to decrease the weight of motors and still have the same power output.

12. It is hard to get a drink at the Starbucks by Marstons when classes change.

Why it exists: Everyone is trying to get a quick drink before their next class starts.

13. The parking garage at Hume Hall become filled extremely quickly during week days.

Why it exists: Faculty and off-campus students use it as a place to park for the day as they go to class.

14. The water fountains at Hume Hall are very low pressure meaning it is hard to fill up a standard water bottle fully.

Why it exists: Hume has not updated their water fountains to be on par with he rest of campus which has the bottle refill option. This may be because of funding or time required to install.

15. The older versions of the Apple Watch begin to slow extremely quickly once the newer models came out

Why it exists: Apple wants to make more money by requiring my processing speed for the same apps, making the product more functional on newer devices.

16. The battery on the AirPods runs out extremely quickly, especially when in constant use.

Why it exists: Apple has to fit an extremely small battery in the AirPods to make them work and small enough to be easy.

17. Marston’s library can get extremely loud at times, especially between class changes.

Why it exists: There is no rule in place that this library must be silent, which does allow for conversation and working together.

18. Stock Emulators on the internet such as Best Brokers are often delayed and limited.

Why it exists: It is hard for these companies to put out a free product that is able to run off fast enough servers to output live data.

19. The walls at Hume Hall are thing and everything can be heard in and outside of the dorms. 

Why it exists: Hume may not have had the funding to build high quality walls only for students to pay relatively low prices for housing.

20. The Marston’s security bars near the entrance cause Bluetooth headphones to bug out and emit really high pitches noises

Why it exists: The frequencies given off by the bars react with the AirPods frequency in a way that isn’t normal. The bars need to be a certain frequency in order to do their job.

Reflection: I didn’t find this assignment too challenging, however I did find it time consuming. I found it to be easy when I walked around and really looked at the world around me and analyzed what is useful and what could be improved upon. It is an approach I do every once in a while, but not as often as I had to when doing this assignment. It really helps to build ideas as to how to improve my daily life or even everyone’s lives through solutions such as the ones to the problems above. I think this approach is extremely important in order to maximize efficiency and even just improve the daily happiness of everyone who works at solving these “bugs” in their lives.