Friday, January 25, 2019

Identifying Opportunities in Economic & Regulatory Trends


Here are a few of the opportunities I've noticed!

Opportunity 1 (Economic Trend): The Gaming Industry

  1. https://www.forbes.com/sites/jeffseiner/2018/08/14/fortnites-1-billion-success-delivers-critical-blow-to-gaming-consoles/#298a223d7515
  2. Fortnite, a relatively new game (made popular in late 2017), is a 1 billion dollar industry at the moment.
  3. The prototypical customer would be mainly the younger gaming community, however there are no limits; many people jumped into gaming once hearing solely of Fortnite.
  4. This is difficult to exploit; it is difficult to make a game successful both with visuals and gameplay.

Why did you see the opportunity?

I was there for the beginning of the game's rise to fame, and I never would have guessed how successful it would be. The key to success was that the game was free, so anyone could play, but you could buy things (like costumes) for pure cosmetic joy. I actually remember when this factor was implemented, and this style of gaming hasn't been in many other games yet. For this reason, I think my idea could flourish.



Opportunity 2 (Economic Trend): Natural Disaster

  1. https://www.thebalance.com/top-usa-future-economic-trends-3305666
  2. The US Forest Service spent 1.4 billion in 2016, and nearly 2.5 billion more in 2017. Miami has launched a 500 million dollar public works plan to cope with flooding, and these major spending increases indicate the potential for a business opportunity.
  3. The prototypical customer would be anyone living in areas prone to natural disasters or effects from climate change.
  4. I think this could be easy to exploit, considering assistance is a necessity once a disaster has occurred.

Why did you see the opportunity?

I saw the opportunity first hand through a friend's parent; he owns a disaster relief company, one of the only in our area (on the coast, known to be hit by hurricanes), and his business has picked up substantially. I don't think that this idea is any secret, however. Like I mentioned, I saw the opportunity through a company already in the field. Yet this doesn't mean that I don't think money is there to be made, I think the demand suggests more companies could become successful in the domain.



Opportunity 3 (Regulatory Change): Cigarette Changes

  1. https://www.scientificamerican.com/article/watch-for-these-7-u-s-science-regulations-deregulations-in-2018/
  2. The tobacco industry is a profitable domain, but experiences criticism for their addiction and other drawbacks. With a product using extremely low amounts of nicotine that is unlikely to create addiction and uses less of the chemicals and additives, there could be a market to be "re-tapped".
  3. The prototypical customer would be those looking to cure their addiction (by using these substitutes), or those 18 and older looking to smoke without addiction.
  4. This may be difficult to capitalize on due to already established tobacco companies.

Why did you see the opportunity?

I saw this opportunity while reading online, but I think that this may be a difficult opportunity to capitalize on for the reasons mentioned above.



Opportunity 4 (Regulatory Change): Marijuana Legality

  1. https://www.wbur.org/news/2018/03/06/massachusetts-marijuana-regulations-approved
  2. Legality has been continuously popping up in various US states and surrounding countries, and the potential to legalize federally and tax the plant could be an extremely intelligent economic decision.
  3. The prototypical customer is anyone enjoying the buzz of the marijuana flower. There are few other distinctions, as a huge variety of society dabbles with the product.
  4. This could be difficult, but I do not have the experience. If a unique product or service was offered with the product could be offered, than it may be easier to attract clientele.

Why did you see the opportunity?

I've observed the country change regulations firsthand, and I know people who have made successful businesses when moving out west to legal states. I don't think people are unaware of the potential money to be made, but that doesn't deem it unprofitable. Bars are not a new concept, but a new bar can still make money.
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Local Opportunities!

These are just a few local Volusia County issues that need fixing!

1.       Title: “Denser Population Means More Pollution”


In the city of Ormond Beach, Florida, residents have found black mud oozing on the banks of the Tomoka River; in the words of the article, these “catastrophic effects are caused by poor building practices and population density.” In a river area that harbored oyster beds and plenty of other marine life, fertilizer and oil runoff has destroyed what was once a beautiful ecosystem.

              The problem here lies on humanity in a general sense, but more specifically the article blames officials for ignoring the problem for decades. This problem falls back on residents, who now cannot enjoy the beauty and activities that the once healthy ecosystem offered.

2.       Title: “Rants & Raves - Are they hogging parking?”


              In Daytona Beach, residents are complaining about those who continuously leave their cars in beachfront parking lots without ever moving them. There are often over 20 empty cars when residents enter the premises.

              The problem is that people leave the cars in these lots for days on end, and it falls onto those who would like an actual parking spot. Now, these citizens cannot park at the expense of empty cars left in the spots.


In Port Orange, residents are frustrated with stores such as Winn-Dixie that have been routinely overcharging customers for items that should be on sale.

The problem here is that customers at these restaurants trust employees to abide by the deals, but instead they have been spending more money than they want to or may have. This leads the problem to fall on the customers, considering that their pockets are being punished.

4.       Title: “A bit of turtle (and beach) history”


              In various beaches along the coast of Volusia County, sea turtles are common and loved members of the community that share the beach with residents. The article gives a brief insight of how sea turtles use the Volusia County beaches, and many of sea turtle issues; for example, beach driving kills the occasional hatchling and the lights of condos distract hatchlings from the moon which is supposed to give direction.

              The problem is that the presence of people is a threat, but communities also make predators that eat these turtle eggs decide to stay away from coastal habitat. This is a problem for the sea turtles, because while they die from predators, humans do some damage as well. With the driving beaches shrinking constantly, people are unsure how this may affect the sea turtle.

5.       Title: “Rants & Raves - In response to: ‘At almost a complete standstill’”


              In Deland, Florida, developers are allowed to destroy any trees, even if they are completely mature, in order to pave roads or construct buildings. In fact, they only need to plant a few dwarf oak trees to make up for this.

              This is a problem because raptors (hawks, eagles, owls, etc.) cannot nest in these small trees. It lies on the birds, because without habitat, they are bound to experience declines in population. This is also a people problem, because raptors function as natural exterminators, ridding the surroundings of vermin such as rat and mice that residents dislike.
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Friday, January 18, 2019

Forming an Opportunity Belief


1.       Beginning Point

Marijuana legality is on the horizon, and potential profit could be following close behind.

2.       Describing the Belief

In this day and age, marijuana has become a hot topic for people all around the country; with this increase in support for legalization, and success with countries such as Canada who have undergone federal legalization, it is only a matter of time before legality is out of the question. This arises a variety of new questions, one of the most important being is there money to be made here?

I’m aware that this could be beating a dead horse, but I think marijuana’s integration into society could prove extremely profitable in the future, and I think it would be a loss to ignore this and not try to capitalize. Think about the tobacco industry? It’s known that these companies have all made riches on the tobacco leaf, so why is marijuana any different?

My idea pertains to the restaurant industry. Think about how important alcohol is to not only the consumer, but the restaurants; companies get rich on people buying drinks, and consumers love a buzz while eating at a dining establishment. My idea is that when legality becomes a reality, federally, I could potentially sell marijuana “samples” (whether it be bringing a filled smoking apparatus to the table before the meal or giving baked marijuana goods for desert) at dining tables that could enhance the users experience at the restaurant. I think that this idea would appeal to a large audience that recognizes the way marijuana can change a food experience, and that franchising restaurants (or localizing a specialty location) to do this could rake in revenue.

Currently, people all around the globe feel the need to experiment with the substance, and millions feel the need to go eat at restaurants (whether that be for food, socializing, or consuming legal substances like alcohol). These needs have always been around, and to currently meet this need, people will smoke marijuana before they head to the restaurant. However, people often complain that a high can wear off and this would eliminate the issue in a fun and fresh way.

3.       The Prototypical Customer

61% of the United States currently favors marijuana legalization, which suggests that 61% of the United States could potentially be open to the concept of these restaurants that serve the substance. I think that marijuana branches into all of society, similarly to alcohol where it can’t be defined to one group. I also however think that those who have already been introduced to the substance would be even more excited to the idea of a place you can go get high and eat at.

4.       Iterations

a.       College Student

Q: What is the exact nature of the need?

-          Getting high and eating would be awesome! Sometimes you don’t want to go out and drink at dinner, but smoking would be better, especially in the way that it would enhance your eating.

Q: When do they become aware of the need -- that is, do they experience their need all the time or only sometimes?

-          Well I don’t think this is really a need. But that’s not a bad thing, are restaurants and bars a need? Of course not, but that doesn’t mean they’re not profitable.

Q: How satisfied are you with this solution?

-          This is honestly a great idea. Some people like to be high but don’t want to buy all of the equipment and just want to make an experience form it. I’m never going to buy a bong, but if you brought it to me at a restaurant and offered me a bowl for $5, even if it’s only worth $2 or $3, I’d be much more inclined to participate due to the convenience.

b.       Restaurant Owner

Q: What is the exact nature of the need?

-          People love to consume substances and go eat, it’s part of the fun of it! Now when people smoke, you always hear of people getting “the munchies” so I guess the need of eating would be satisfied.

Q: When do they become aware of the need -- that is, do they experience their need all the time or only sometimes?

-          Well, when they get high, I’d assume? I think people for the most part usually want to eat when they’re high most of the time so this would definitely be a smart idea.

Q: How satisfied are you with this solution?

-          Not very satisfied yet! Hahaha that’s just because it’s not legal yet, then I’ll be satisfied if I can do this. I guarantee that if you served joints at happy hour instead of drinks, right before you asked what people would like to order, my sales would go up. I know people would feel the effect of the drug and they may order more than they had before, making themselves and me mutually happy.

c.       Student Athlete

Q: What is the exact nature of the need?

-          I think people have always felt the need to try substances, in one of my classes I learned that they’ve found charred marijuana plant remnants dating back thousands of years; it’s just a thing people do. And then eating? Well I don’t think I need to explain that need to you.

Q: When do they become aware of the need -- that is, do they experience their need all the time or only sometimes?

-          I guess maybe when they try it for the first time? They realize hey, this is nice, about the same time they realize hey, I could use some food. I’d say pretty much all the time, it wouldn’t be so universally recognized if this wasn’t the case.

Q: How satisfied are you with this solution?

-          I think restaurants that featured this would definitely be a good market to try and tap into; I haven’t heard of the idea yet. I don’t know if it’s because you can’t or something, but it would definitely bring in money. To me, it’s a good solution. I enjoy smoking after a basketball game but before eating, and this would give me a place for that. I think people might be against it but they just won’t be going, I think the support would outweigh any criticism.

5.       Reflect

I was surprised to find that everyone I asked seemed immediately as excited and open to the idea as I was. I believe that this is the mindset that most of America may share, and I was solidified in my idea of success and possible profit.

The most surprising thing to me was that the restaurant owner told me I should get on that idea sooner than later. I thought it was interesting to hear from a member of the field that he believed my idea could have some potential. I learned that people in the US may be open to more radical ideas than I thought they may have, I was a little worried that people would be swayed away from my opinion as soon as I began to mention the substance.

6.       (The steps were repeated)

7.       Summarize

I believe that the original opportunity is certainly still there, if anything it was strengthened by the customer feedback.

I think that my idea changed very little throughout the process.

I personally believe that consumer feedback is one of the most crucial parts of an entrepreneur’s creative process, because if the public doesn’t enjoy the product, how can it sell? I don’t however think one person’s idea should deter you, confidence is key to an extent, because everyone has different interests. However, I think it is still vital in determining if the idea is worth your time, effort, and funds.
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My Entrepreneurship Story

My story of exposure to Entrepreneurship is not an exciting one, just rather that my parents both started their own company together. My father was a stockbroker, and he didn't like the way big investment firms were more focused on making money than ensuring smart investments and client relationships that could lead to more business. He decided to start his own financial investment firm, Inlet Securities, with the help of my mother.
I decided to take this class because I'm not exactly sure what I want to do in life, but I feel that learning some skills in respect to making my own business and establishing myself could be very beneficial in the long run. An idea I always had was to open a location that functioned as a skate park, but also a music venue. If the idea was successful, I could even incorporate other aspects such as a bar or a skate shop as well, but nonetheless, Entrepreneurship skills would be very helpful to know.
See the source image

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Bugs!


Bug List

While I use words other than “bug” (just to spice it up and avoid sounding like a robot), these are the things that bug me, bother me, and get on my nerves.

1.     It frustrates me that I had to buy my own router for my apartment complex, but the wi-fi is still terribly slow at all hours.

a.     This is because I’m not in a fancy living situation and didn’t buy a great router most likely.

2.     It bothers me that, being a guitar player, I always lose my guitar picks.

a.     This is because I am often playing guitar in many places and am carless with the picks.

3.     I hate that, as a surfer, I’m always losing my wax, or don’t know where to put the sticky necessity.

a.     This is because I don’t know where to place it.

4.     I hate that people fail to recognize the importance of integrating sustainable mentalities into their lifestyles in order to ensure a future for my kids’ generation.

a.     This is because people are uneducated or stubbornly selfish.

5.     I hate that people often think I’m not going to be the brightest bulb, because I have long hair, surf, and skate.

a.     These hobbies and looks are often associated with a less successful lifestyle, which is incredibly judgmental and untrue.

6.     I get frustrated by current music trends.

a.     This is because I’m into music genres that aren’t “trap rap” or other things I don’t like, most likely my own problem.

7.     I hate that Kanye West gets so much respect in the world of music and pop culture.

a.     This is because this narcissistic jerk thinks he is so important because people give him this sense of righteousness; he is a rap musician, he doesn’t own the domain of music like he seems to think.

8.     It bugs me that I’m not exactly sure what I’m supposed to be writing on this assignment.

a.     This bugs me because I’m not sure what is okay to write about, for example am I supposed to rant against famous people that bug me, and it is getting me heated at my computer thinking of the things I don’t like.

9.     It bugs me how naïve society can be to think that meat is a staple of living.

a.     This is because capitalism, a twisted culture, and the government has drilled into our minds that we need three sources of meat (with each meal) when, this is a major contributor to obesity epidemics (which then contributes to pharmaceutical abuse) and global warming (more gas emissions than all of Earth’s transportation use). 

10.  It bugs me that adults fail to recognize the importance of fostering creativity.

a.     This is because the school system focuses more on things such as Math, Science, and History than artwork and music, two crucial components of humanity that should not be ignored but stimulated.

11.  Sororities and Fraternities bug me out.

a.     This is because I feel as if the organizations resemble nothing more than a cult that fosters alcoholism. I have had friends that seem so fake after joining Greek life.

12.  It bothers me that my friend Bobby thinks he’s so cool just because he’s rich and likes to surf.

a.     One of the best parts of being a surfer is this sense of community, intensity, and passion you share with a group of water addicts that all itch to ride the perfect wave. Bobby bugs me because he cares more about the image of being a surfer than the actual surfing; he only wants to surf where there’s a photographer, his parents are both doctors so he flies all around the world, he wears wetsuits even when the water is warm just because he thinks he will look cooler for his Instagram, and this sense of fakeness gets on my nerves.

13.  It bugs me that I’m not sure what I could do for a career that would be financially plentiful, but also possible to live a fun and stress-free lifestyle.

a.     This is because the thought of working for the man is stressful but I’m not sure what I could do in terms of establishing my own practice with a sustainability degree.

14.  It bugs me out that I’m not in a band.

a.     Music is a huge passion for me, and I play all sorts of guitars. The fact that I have this drive and talent but have not yet pursued it is what bugs me out.

15.  It bugs me out that I live so far away from the beach.

a.     This is because I live to surf, and while I compete for the UF Surf Team and get out in the water every so often, the 2-hour drive to the water is difficult, especially when I lived a 5-minute walk from the water.

16.  I’m extremely annoyed that people can be stupid enough to believe that Rhinoceros horns can be an aphrodisiac or healing ailment.

a.     This is because science has proven that a Rhino horn is nothing more than what our finger nails are made of, so the poaching and hunting to extinction of the rhinoceros is heartbreaking and idiotic.

17.  It bugs me that my shower is shorter than me when I stand up.

a.     I’m not even tall! I’m 5 “10, so it bugs me because I can’t understand why they would make it so short.

18.  It bugs me out that I must work out daily in order to keep my figure.

a.     This is because my metabolism is slow, and I can’t afford to get drunk and eat a burrito at 3 AM without gaining all the calories.

19.  It bugs me out when people act like they know more about music than they do.

a.     This is because the other day I was wearing a t shirt for a band called Cake, and a girl said she liked them, but they just released this new song called “Rock n Roll Lifestyle” that didn’t really hold up to how good their other older and original songs are. Now, this would be no problem if it was an opinion but the song she referenced was from the band’s very first album, actually, proving she didn’t really know what she was talking about.

20.  It bugs me that music editing software online is incredibly challenging, difficult, and frustrating to learn and understand from scratch.

a.     This is because, being into music, I’ve been trying to record my own things but I cannot because the software’s are too confusing to a beginner.



In terms of reflection, this assignment was definitely difficult to get the ball rolling on; at the beginning, it was almost as if I had writer’s block and did not know what to write on the screen. However, that being said, I felt that it got easier once I started to come up with the first few things that bugged me. I think this can be a really effective way to think of company ideas, because you can use these “bugs” as motivational forces to developing a product.
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Monday, January 14, 2019

Test

Hey this is my first post, just testing out my skills!
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