30A- Final Reflection

#1- During this course I had quite an enjoyable experience developing a new product and developing idea to move that product along the steps required to get the product to market. It was a very interesting process that I found very informative. However, I also experienced several moments of dread throughout the course as I was concerned that I would not be able to complete some of the assignments for this course that ended up being close to exams I had in other classes, however I was able to complete the assignments and still do well on my exams.

#2- The most formative experience I had in this class was the assignments where we developed contingency plans in the event that our ventures ran into problems and the development of an exit strategy. These backup plans and learning how to develop them effectively will be invaluable in the future when I may need to rely on these skills on very short notice.

#3- While I do not see myself fully as an entrepreneur quite yet I certainly feel more in touch with the mindset of an entrepreneur. By developing a new product and conducting the research needed to see if the product would be viable and how to reinforce the product with consumer feedback I feel that I have developed a mindset that would be very valuable in conducting similar trials in the future.

#4- A recommendation I would give to future students would be to always do all of the assignments for this class even if you are unsure if you will have the time. I have had numerous experiences in this course where I had considered not completing certain assignments as they fell close to the exam dates of the other courses I was taking, however I was able to complete the assignments on time and not have it significantly impact the time I needed to study for other exams.

29A- Venture Concept No. 2

#1- My venture concept is a password protected, climate controlled lockbox that is designed to placed inside the refrigerators of consumers for use at home, in the workplace, and beyond to ensure that customers who order food or wish to not have certain food be eaten will not have to worry about this scenario.

#2- During this course I received feedback encouraging me to give the product a proper name and to develop mass customization options to make the product more personalized for each consumer giving them a greater sense of ownership of the product. I have taken most of this feedback into consideration and implemented it into the product.

#3- Based on the feedback during this course I gave the product a name- the ColdCase and have developed plans to create the ColdCase in many different sizes to fit the needs of consumers who could have less refrigerator space or smaller refrigerators, and set the foundation to give the ColdCase major sports branding in the future.

28A- Your Exit Strategy

#1- In the event my venture becomes successful I would likely develop plans to either sell the business off for a large pay out if it does not end up becoming a very large business, or if the venture does pan out and becomes a very large business I would likely make plans to stay with the business for many years before eventually retiring.

#2- I selected this plan to ensure that the business will generate a large amount of money in the long run should the business become largely successful or simply sell the business to a larger company for a pay out if the business does end up becoming very large and simply accept the large pay out.

#3- I had not considered an exit strategy before this assignment as I was mostly focusing on developing the product that I will be selling. As such my exit strategy has not had much of an influence on my decisions with the product as I have been working on developing a good product that consumers would enjoy before progressing further with my business plans.

27A- Reading Reflection No.3

The Book- How to Fail at Almost Everything and Still Win Big, Scott Adams

#1- The general theme of this book was discussing failure and how pretty much everyone fails at some point in their career or in their life, however this does not mean that you should give up and that you can still win big.

#2- This book connects with what I learned in ENT3003 because it seems that failure is somewhat built into the field of entrepreneurship itself. No venture is successfully instantly, it takes trail and error, failure after failure until you come across something that really works and begins to make a profit.

#3- If I had to create an assignment based on this book I would have students make contingency plans in the event their venture fails. By allowing students to formulate backup plans hopefully they will will be able to enhance these lessons in the future when their venture may depend on it.

#4- I was very surprised when the book began listing celebrities who had failed in their lives and who were not instant success, such as how Harrison Ford was a carpenter when he was 30 and did not become an actor until later in his life.

26A- Celebrating Failure

#1- During this semester I have experienced plenty of failure while struggling through FIN3403. The extraordinarily hard class has certainly provided many opportunities to experience failure as the class is just a nightmare to try and to get through. During the second exam this semester I experienced a heartbreaking failure as I missed my target score by one question, making the rest of the class much harder.

#2- By experiencing this failure I was able to gauge how much I need to improve my study habits to ensure that I do not make a mistake like this again. By learning from this mistake I was able to reform new and better study habits to better fit this insane class. By adapting to this new study pattern I was much more prepared for the final exam for finance that I took today.

#3- I am usually afraid of failure in general. I get very nervous and anxious at the thought of failing anything I have been assigned to do or goals I set for myself. However, I found that I was not nearly as fearful of this exam as I was on the last exam, possibly even helping me study better and perform better on the exam.

25A- What's Next?

Existing Market- #1- The next step for the ColdCase would be to pursue a contract with major sports teams in the NFL and NBA to bring an extended range of branding to the ColdCase to create a greater sense of individuality and mass customization to the ColdCase.

#2- I was unable to perform interviews for this assignment due to the Coronavirus.

#3- As I was unable to perform interviews, based on previous interviews for past assignments I believe it would make the most sense to prioritize more mass customization options such as the previously mentioned sports contract to bring more personality to the ColdCase and allow consumers to feel a greater sense of ownership of the ColdCase.

New Market-  #1 To expand the market of ColdCase I would like to introduce it to a global market and sell the product in many different foreign countries as I believe that this need could also remain unsatisfied in foreign markets as well as the domestic market.

#2- I believe that the ColdCase will be able to create value for foreign markets as the feeling of disappointment when you open your refrigerator to enjoy a particular meal and finding it has been taken is not limited to the domestic market as the many more individuals across the globe could have the same desire to see this need fulfilled.

#3- I was unable to perform interviews for this assignment due to the Coronavirus.

#4- While it would be very difficult to introduce the ColdCase to a global market I believe the increase in revenue due to the vastly extended range of the product would prove to be worth the cost of expanding the product. After reconsidering the product for this assignment on second thought it might be better to target particular counties with similar lifestyles to that of the United States, such as the United Kingdom and other European countries as I am not sure how well the ColdCase would fit in with different ways of life.

24A- Venture Concept No. 1

#1 Opportunity- I believe that there is a market for a climate controlled, password protected lockbox that consumers can use to protect their leftovers or other food from any individuals at home, work, or elsewhere that could potentially eat them while the owner is away or do not want their leftover food to be eaten. This product would allow users to safely contain food inside of their refrigerator without the risk of the stored food being eaten by other members of the household.

There are many consumers who could benefit from this product as the lockbox could be used in many different situations such as at home or work to ensure that consumers would have protection for their meals in any location. By creating a product with such versatility, it opens up a market for many different consumers that could have a similar need and would fulfill this need by purchasing the ColdCase. However, the most likely consumers who would purchase the ColdCase would be individuals who in live households with multiple other relatives or roommates.

As of now there is no product that currently satisfies this need of food protection. Many potential customers currently attempt to use solutions such as hiding their food in the refrigerator or buying smaller, separate refrigerators such as a mini fridge that is kept in a separate room, or attempt to put sticky notes on the food stating that the food is not to be eaten by others. However, none of these methods seem to be completely full proof and often result in the food being eaten regardless. Not only do these methods fail to protect the food the consumer would like to protect but purchasing another refrigerator or mini fridge to attempt to store food elsewhere could prove costly and still does not provide any protection should another individual discover the extra fridge.

Potential additional opportunities could be the ability to introduce this product to a global market as the product could be fairly easy to introduce due its lack of complexity and the potential for the same need of the protection of food to exist in multiple foreign markets. However, these new markets would require more research expenses to determine if these foreign markets do indeed share the same needs as the domestic market in the United States. Should these new markets end up sharing the same needs as the Unites States based markets after this research has been conducted it could certainly be a potential opportunity to bring the ColdCase to a global market.

#2 Innovation- The ColdCase is a password protected, climate controlled, mass customizable lockbox designed to be placed inside of a refrigerator to ensure that any food placed inside will not be taken without the knowledge of the owner. Due to the different sizes of the boxes despite being designed to be placed inside of a refrigerator the ColdCase could also be portable and double as a cooler for the event the user would need to simply grab the ColdCase carrying their food and leave their home or place of employment.

The ColdCase would be adaptable to many different markets due to its simplistic nature and lack of complexity in terms of how the device operates. By introducing it these new markets it could potentially bring much larger revenue streams and result In the ColdCase fulfilling the need of protecting the food of consumers on a global scale rather than only being a domestic product. However, to do this the ColdCase would likely need to partner with an international company or brand to develop new markets in foreign countries.

The ColdCase is an innovative product in the form of it being the only product that seems to fulfill this unmet need of preserving the leftovers or other food that consumers would like to have preserved and not be tampered with by others. Due to the current solutions being ineffective in solving this issue I believe that the ColdCase would be an innovative new product that would be the only effective solution to this problem on the market. As such this device would be sought after as the only available means of protecting food at home or at the workplace from other individuals who could potentially take food that is not kept safe.

#3 Venture Concept- As the ColdCase would be the only product available that could satisfy the needs of consumers in the case of protecting leftover food from other individuals I believe that consumers would be very likely to switch to this product over the traditional methods of either buying a new separate refrigerator to hide their food in, attempting to hide the food in the current refrigerator by trying to place items to block its visibility to other individuals in the household, or by attempting to place sticky notes on the food to deter people from digging into the food.

As discussed in previous assignments consumers are willing to switch to the ColdCase over these methods to ensure that the food is protected rather than gambling on whether family members or co workers will respect their sticky notes or simply that they will not attempt to eat their food. Due to the highly inconsistent nature of these methods it seems that consumers would be willing to try out the ColdCase as a guaranteed method that they will not be left without the food they are attempting to protect so that they may enjoy it at a later time without the looming threat of someone coming along to eat it.

#4 Three Minor Elements- #1- The most resource in my venture will be my connections to individuals in the business and accounting fields as they could help guide my venture through the introduction and growth phases of the new product life cycle. The help of these individuals will also assist me in gaining more connections in the business field.

#2- The net opportunity I would like to explore with ColdCase would be to create a contract with major sporting outlets such as the NFL and NBA to bring sports branding to the ColdCase to allow for more mass customization options to consumers.

#3- Five years after the launch of ColdCase should it prove successful I would like to explore the option of selling the ColdCase on a global market and sell the product in foreign countries.

23A- Your Venture's Unfair Advantage

For this assignment I have conducted a VRIN analysis on all of the resources my venture possess on a 1-10 scale. The results are listed below:

Resources-

    #1- Prior exposure to the business field: V:8 R:5 I:6 N:5

    #2- Connections in the business field: V:10 R:8 I:7 N:8

    #3- Management experience: V:9 R:7 I:7 N:9

    #4- Experience with business software: V:10 R:5 I:6 N:8

    #5- Saving account: V:10 R:3 I:7 N:6

    #6- Experience gained from ENT3003: V:9 R:2 I:8 N:8

    #7- Experience with electronics: V:5 R:3 I:7 N:7

    #8- Credit: V:4 R:4 I:6 N:3

    #9- Vehicle (Jeep): V:6 R:4 I:7 N:5

    #10- Connections to an accountant: V:9 R:2 I:6 N:5

Conclusion- I believe the most advantageous resources my venture has are my connections to individuals in the fields of business and accounting. The knowledge and expertise these individuals could provide to my venture would be invaluable in marketing and financing my product.

22A- Elevator Pitch No. 3

The Pitch- https://youtu.be/j90bAc6t6Ys

A reflection on the feedback I received from my last pitch- The feedback I received from my last pitch was mostly positive in regards to the new name of the product: The "ColdCase" and the addition of mass customization features. This positive feedback reassured me that potential consumers would like more personalized devices as well as the standard ColdCases. I received particularly positive feedback on the concept of potentially having sports team themed ColdCases in the future.

What did I change based on the feedback?-  For this pitch I redesigned the ColdCase to be more portable and rather than being a stationary device. This addition will allow consumer more freedom as to where and when they need their ColdCase and gives the device the mobility and flexibility to meet those needs. The addition of this feature to the ColdCase would also open the possibility of being a ColdCase to events and opens up opportunities for potential consumers who like to go to large gatherings to ensure that they will have food while they are that no other attendees will be able to take.

21A- Reading Reflection No. 2

Book: The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

#1: What was the general theme or argument of the book?- In the book Guy argues that we should treat our social media accounts as a business rather than a hobby. Specifically, Guy states that if you want to succeed that you should treat it as you are trying to go pro.

#2: How did the book, in your opinion connect with and enhance what you are leaning in ENT3003?- The book is a good way to learn how to manage a professional social media page that could directly benefit entrepreneurs in the form of free advertisement and coverage. By connecting the tips given in the book to the entrepreneur advice from ENT3003 future entrepreneurs can create a very solid starting point from which to promote their products.

#3: If you had to design an exercise for this class, based on the book you read what would that exercise involve?- If I were to create an assignment based on the topics discussed in this book I would assign students to create a professional social media account to practice strategies for managing a social media account for their business.

#4: What was you biggest surprise or "aha" moment when reading the book?- I was surprised when the book suggested that when creating social media accounts to decide on two platforms to use and then cross-promote both accounts. This surprised me because I had imagined that having as much social media coverage as possible would be the most beneficial strategy. However, in the book Guy states that this method becomes far too difficult to manage and recommends selecting on two such as Twitter and Instagram.

20A- Growing your Social Capital

#1- Dan (Market Expert)- My first interview was with Dan, a manager at Sears. Sears sells appliances and accessories such as refrigerators and freezers with which my product would be compatible and could be stocked. I initiated this interview by visiting the Sears in Tampa and asked to briefly speak with the manager about this topic. During the interview I questioned Dan about which appliances and accessories sell well and under what circumstances. This information will help me gauge how well my product would do in an appliance store environment.

#2- Lisa (Industry Expert)- My second interview was performed with Lisa, the manager at Best Buy in Tampa. Best Buy specializes in selling electronic devices such as the type of device my product would fall under. I also conducted this interview by traveling to the nearby Best Buy and asking to speak with the manager about this topic. Lisa provided me which very useful information about how well accessory products sell compared to other devices that I could use to gauge my products viability.

#3- Roger (Supplier)- For my final interview I spoke with Roger a customer service representative for Allied Electronics- an electronics parts supplier. Unlike the other interviews to contact Roger I called the Allied Electronics customer service number and spoke with Roger about the potential cost for the electronics materials such as the keypad to input the password on my device. Roger provided me with valuable information about the price of these materials.

Reflection- While I was unsure how to complete this assignment at first I was pleasantly surprised with the process and the value of the social capital I received at the conclusion of the assignment. This assignment was certainly very different from the previous networking experiences in this class as I have not thought of contacting other industry members in the past. However, the knowledge and experience I have gained during this assignment will certainly help with determining the viability of my product.

19A- Idea Napkin No. 2

You- I am a 21 year old student at the University of Florida. I am currently finishing a degree in Business Administration and have had previous exposure in the business field.

What are you offering to customers?- The ColdCase provides the customer with a climate controlled, customized , password protected storage device that can be placed within refrigerators or freezers to prevent any other individuals in the household or work environment from taking leftovers or other food from the owners without their permission or knowledge.

Why do they care?- Customers who do not wish their food to be taken without their knowledge do not have many other options to satisfy this need. The current option that customers employ is to place sticky notes onto their containers of food to attempt to ward off individuals who would steal their food.

What are your core competencies?- My product is able to satisfy the needs of consumers who tend to eat out often and have leftovers that they want to protect or individuals in the workplace who want to protect their lunch with a password protection system while also offering a customizable case to fit the personalization needs of consumers.

Evaluation- While I do believe the elements of the product do work well together I am still trying to come up with more customization options for the product that can fit the needs of a larger base of consumers who want a more personalized device.

Feedback- Based on the feedback I have received since the last idea napkin assignment I have given my product an official name- the “ColdCase” and have expanded its offering to include more mass customization and size options so that the device can fit in a larger range of refrigerators.

18A- Create a Customer Avatar

My prototypical customer would be a any individual who lives with multiple other relatives or roommates.  The hobbies of these customer could vary greatly as individuals who live at home with their family would have different needs and hobbies as an individual who lives in a dorm with a roommate instead. This person would likely be very sociable as they are living around multiple other people who they would interact with on a daily basis. This customer would likely also be interested in activities that take place outside of the home environment such as eating out at a restaurant to take a break from their home life. This customer would likely also be interested in watching television shows at home with the other members of their household as a fun activity to get together. The customer would likely also regularly exercise to stay fit and healthy. The customer would also likely order food or go to bars or restaurants frequently.

I would relate to this customer as I also enjoy to go out to restaurants occasionally and I do enjoy exercising at least a few times a week. I do not think that this is a coincidence as I developed the idea for the ColdCase due to the leftovers from the restaurants I visit being eaten by my roommate.

17A- Elevator Pitch No. 2

Pitch: https://youtu.be/09Z7X3LlcyA

Reflection: The feedback for my last posts was very insightful and allowed me to ensure that this product could move forward with new features and purchasing options for customers. The feedback for the product so far during interviews has been met with support as many interviewees stated they have the problem of roommates or relatives eating their food and that this device could solve this issue.

Feedback: Based on feedback during the previous assignments I have given the product a proper name: The "ColdCase." I have also noted the recommendation to provide more customization options and have such implemented many new mass customization options  such as sport logos that could be available for the "ColdCase."  I have also taken this opportunity to introduce options to either purchase a ColdCase with either a clear or solid exterior as I have had a few people either recommend that the ColdCase have a solid color exterior to prevent others from seeing the food inside as well as customers who recommended that the ColdCase be clear so they could see what food was actually inside. The implementation of two versions of the ColdCase should appease both sides of the argument.

16A- What's Your Secret Sauce?

#1- Describe five ways in which you think you have human capital that is truly unique:

      #1: I believe I have a good work ethic and am always pushing myself to complete my assignments in a timely manner.

      #2: I believe I am very tech-savvy and am able to adapt and troubleshoot issues with technology.

      #3: I have very good communication skills and I am able to receive and project messages clearly.

      #4: I am a very energetic person, I like to be active and perform my tasks with a good outlook.

      #5: I like to motivate other and ensure that everyone around me is feeling happy.

#2- Interviews:   (Note: I was unable to perform physical interviews due to the Corona virus being present in my town and was forced to contact my interviewees via phone and thus was unable to provide audio recordings of the interviews. I have provided brief summaries of the interviews I performed below.)

      #1 Cody- My first interview was with my close friend Cody, who stated that he values my optimism and enjoys speaking with me.

     #2 Charles- For my second interview I contacted my friend Charles who said that my positive outlook on life is very inspiring.

     #3 Diana- For my third interview I spoke to my mother Diana and she stated that my knowledge of computers is very helpful as I usually help her through any issues she has with her computer or other technology.

      #4 Jaycea- For my third interview I spoke with my friend Jaycea who said that positive outlook on life makes me a very easy person to talk to.

    #5 David- For my final interview I contacted my friend David who stated he admires how I tend not to procrastinate on my work assignments.

#3- Reflection:

  After performing these interviews it seems that the beliefs of my peers line up with my own beliefs of my human capital. Most of my interviewees stated that they value my positive outlook on life and how I always seem full of energy. These interviews have been very valuable to me as they validate my own beliefs that these are unique traits that are worth noting in my human capital.

15A- Figuring Out Buyer Behavior No. 2

Three Interviews: For this assignment, I interviewed three potential customers to determine their buying behavior in response to three different products: A $300 pair of Beats headphones, A $20 pair of JLab headphones, and a $10 pair of generic earbuds.

            Interview #1- Craig: Craig preferred the $20 pair of JLab headphones as they meet his minimum buying criteria – on-ear design – while not being too expensive. When asked if the style and/or quality of the product influenced his decision, Craig responded with indifference toward style and indicated that the quality seemed acceptable relative to the price. However, he was not particularly enthusiastic about the JLab headphones style nor quality.

Interview #2- Julie: Julie also preferred the $20 set of JLab headphones as a “middle ground” between the premium Beats and the low-cost generic headphones. According to Julie, “Beats are a bit pricy, and the JLab headphones would probably have the same function.” Julie also reported that she would probably buy the headphones in a retail store so she could physically evaluate the product before purchasing.

Interview #3 – Mike: Mike indicated that he would buy the generic earbuds. In his words, “I don’t use headphones very often, so if I needed a pair, I would probably buy the cheapest option.” Mike also voiced surprise that anyone would spend $300 on the Beats headphones; in his view, such a purchase would be extremely frivolous.

Conclusions: This segment appears to be very sensitive to price and moderately sensitive to quality. Based on Mike’s response, it seems that buyer behavior in this market is directly related to the frequency of the product’s use by the buyer. A buyer who uses his/her headphones daily may be more willing to pay slightly more for a better fit to their needs. However, while buyers may appreciate premium features and quality, they are generally not willing to pay a premium price for them.

14A- Halfway Reflection

#1- Tenaciousness is a competency- To keep up with the requirements of this course which include two blog posts, four replies, and one cupcake per week I usually set aside two days a week, one day to focus on the two blog posts and lecture videos, and one day to complete the replies and the cupcake. Using this method I have not encountered any issues with staying on top of the work load for this class as of yet.

#2- Tenaciousness is also about attitude- During the starting periods of this class before I adopted the two day strategy that I implement now I had difficulties thinking of solutions to ensure that I can complete each assignment for this class on time. I also experienced one week when I had multiple exams and still had to complete assignments for this class. I had considered giving up and simply overlooking the work load for this class to prioritize these exams, however with the tenacious attitude this class teaches I was able to pull through and complete the work load for this class and study for exams.

#3 Three tips-

#1- I would recommend setting aside one or two days a week to devote to the assignments and lectures for this course. This way you will not be bogged down by assignments as the due days creep up.

#2- I would recommend keeping up with the lectures for the course as they are very interesting and also cover all of the content you will be asked on the cupcake assignments.

#3- Do not underestimate the blog post assignments. Despite there only being two of them and there only being a 150 word assignment the level of understanding needed to complete can cause them to take a decent amount of time to complete.

13A- Reading Reflection No. 1

Book: 

• Grinding It Out: The Making of McDonald’s, Ray Kroc

#1A- What surprised you the most?- I was very surprised to learn that Ray Kroc started out his business career by selling paper cups. I had not imagined that the mastermind behind the McDonald's franchise would have started out selling something that seems so simple.

#1B- What about the entrepreneur did you most admire?- I admire Ray Kroc's dedication to franchising McDonald's. Without his perseverance and determination McDonald's would not be the instantly recognizable brand that it is today.

#1C- What about the entrepreneur did you least admire?- The factor I least admire about Ray Kroc was that he accepted a deal with his former paper cup company that allowed them to take 60% of his earnings despite knowing this was a bad deal. I feel that Ray Kroc could have worked out a better deal with the paper cup company to ensure a more profitable arrangement.

#1D- Did the entrepreneur encounter adversity and failure?- Yes Ray Kroc encountered manner setbacks along his venture as he accepted a deal that caused him to lose 60% of his earnings in his early career selling Multi-mixers.

#2- What competencies did you notice the entrepreneur exhibited?- Ray Kroc exhibited competency with his skills in entrepreneurship.  He was able to successfully market two products and was then able to take advantage of the opportunities he saw in the McDonald's restaurant and take it to new levels via franchising.

#3- Identify at least one part of the reading that was confusing to you- I was confused as to why Ray Kroc accepted the deal with the paper cup company that allowed them to take 60% of the earnings he made from the Multi-mixer sales. This seems like something Ray Kroc would not normally do.

#4-If you were able to ask the entrepreneur two questions what would they be?- 
#1- "What was it like established McDonald's as a chain of franchises?"
#2- "How did you manage so many franchises at once?"

#5- What do you think the entrepreneur thought of hard work? Do you share that opinion?- I think that Ray Kroc thought very highly of hard work and respected those willing to go above and beyond in the work environment. I also share this opinion as I feel that hard work is invaluable in the business environment.

12A- Figuring Out Buyer Behavior No. 1

Pick a segment- The segment for my product would be consumers of all ages who live in a multi-person household.

Three Interviews- 

    #1- Jack- My first interview was with Jack who lives with three other relatives in his household. After speaking with Jack and confirmed he does have this unmet need as he has constantly had his food stolen by his relatives. I spoke to Jack about what he does to prevent this and stated that he tries to hide his food in the back of the refrigerator, however this almost never works.
 
    #2-Rebecca- My second interview was with Rebecca a worker in a nearby office building. I confirmed that Rebecca does indeed have issues with coworkers pilfering her food during her shifts, preventing her from having lunch. I spoke to her about what she does to prevent this and she stated that she tends to put sticky notes on her food, but that they always seem to "disappear".

   #3- Matt-  My third interview was with Matt, a student at the nearby USF campus who lives in a dorm room with a roommate. I confirmed with Matt that his roommate does indeed steal the food he leaves in the refrigerator. When asked how he tries to prevent this Matt stated that he tried purchasing a second mini refrigerator in the hopes that his roommate would leave it alone. They did not.

The Findings- It seems that the current means to prevent the pilfering of food are not very effective and lead to further scavenging of the food left in the refrigerator. This coincides with the interviews in previous assignments that seem to result in similar situations.

The Conclusion- The results from these interviews seem to echo my interviews in previous assignments wherein interviewees indicate that their chosen methods to prevent their food from being stolen have not proven effective. This seems to confirm my hypothesis that current means of preventing this issue do not work and a new solution is needed.

11A- Idea Napkin No.1

You- My name is Aaron Hunt, and I am studying business administration at the University of Florida. I have had prior exposure to the business and entrepreneur environments through my father and hypothesize that the need for my product exists.

What are you offering to customers?- A password protected, climate controlled lockbox that can be placed inside of a refrigerator to ensure only the owner of the box can access the food, preventing others from stealing the owners food.

Who are you offering it to?- Individuals who live in households with multiple other relatives, Individuals who work in an office space with a shared refrigerator, and college students who live in dorm rooms with roommates.

Why do they care?- People who have experienced the frustration of returning home to relax and enjoy their leftover food from the day before, or workers who go to retrieve their lunch from the office refrigerator only to find it missing would have a desire to ensure this frustration does not continue in the future.

What are your core competencies?- While there are other methods to prevent the plundering of food such as placing sticky notes on the items none of these prevent others from taking the food regardless. By having a password protected lockbox it ensures that only the owner can gain access to the food.

Evaluation- While I do believe these elements fit well together there are weaknesses in the concept in the form of how the implementation of the password protected lock would be achieved and determining the size of the lockbox itself to ensure that it can fit inside a refrigerator while also allowing the protection of a sizable amount of food.

10A- Elevator Pitch No. 1

https://www.youtube.com/watch?v=VFKVJ4UumrY

9A- Testing the Hypothesis, Part 2

Who?- I have interviewed five members of the community who may not have the need for the automated breaking system I have described in the previous assignments. These individuals range from people who prefer to take public transportation to individuals who do not own motor vehicles.
        Interview 1: My first interview was with Mary, who although she owns a motor vehicle prefers to take the bus or carpool to work.
       Interview 2: The second interview I performed was with Jake a local student at USF who does not own a motor vehicle, and as he lives nearby takes his bike to classes every day.
       Interview 3: The third individual I interviewed was Peter who does not own a motor vehicle and instead prefers to take rides with services such as Uber and Lyft.
      Interview 4: The fourth interview I performed was with Margaret who works from home and such rarely uses her motor vehicle.
      Interview 5: My final interview was with Janet who is a stay at home mother that does not regularly leave the house so that she can take car of her young children.
What?- The need that I have identified seems to conflict with these the needs of these individuals as they do not regularly operate their own motor vehicles and either stay at home or rely on other modes of transportation.
Why?- The needs of these consumers seem to be different from those in the target audience due to their needs being based around not directly driving themselves.

Inside the Boundary	Outside the Boundary
Who? - Drivers who would like the peace of mind an automated braking system could provide.	Who? – Individuals who do not regularly use their own vehicles.
What? – Automated braking system that could be mounted on current and future vehicles to provide a safety net for drivers and pedestrians.	What? – People who do not use their own vehicles and prefer to use public transportation or other means of transportation would not have a need for this product.
Why? – By providing a safety net for drivers in the form of an automated braking system that could be mounted in all current vehicles it could reduce the amount of motor vehicle accidents and distracted driving deaths.	Alternative? – A potential alternative to this issue would be to develop a new version of the automated breaking device for use in public transportation vehicles such as buses.

Summary- The interviews performed in this assignment have provided invaluable information regarding the consumers who exist outside the boundary of the product.  This information will allow me to narrow down the target audience for this product and will consequentially ensure that the product becomes known to potential consumers who fit this need.

8A- Solving The Problem

#1: Selected Opportunity: The problem I have identified in the previous assignments was that many motorists become distracted while driving resulting in potential destruction of property and in some cases loss of life. This is an epidemic that has plagued the country for many years and deaths related to distracted driving continue to rise year after year seemingly without an end in sight. Currently there do not seem to be any solutions to this problem.

#2: The Product: My solution to this issue is a device that could be mounted on the dashboard or hood of any current or future automobile that could sense when a collision is imminent and automatically begin to stop the vehicle. This could prevent many accidents by having the device begin braking in the event that the driver becomes distracted and is unaware of the incoming object in the road. However, in the previous assignment, 7A- Testing the Hypothesis Part 1, I discovered through interviewing potential customers that this device could solve a larger range of problems than I had initially anticipated such as providing a safety net to already safe drivers in the event of unforeseen circumstances such as an animal darting out in front of the road while driving through the wilderness, or helping drivers react while driving through tight, unpredictable spaces such as downtown, or a university campus.  If this product were to become a success it could pave the way for safer streets and a much less stressful driving experience.

7A- Testing the Hypothesis, Part 1

The Opportunity: There are a large number of distracted drivers on the road that put others at risk with their disregard to their own surroundings.

The Who: Others who could share this need include: Pedestrians, Drivers, and Automotive Companies.

The What:  I hypothesize there is a need for a device that can be implemented in current and future automobiles to automatically detect and stop the vehicle if a collision is immanent. These sensors could be attached to current vehicles and detect when an object in front of the vehicle enters a range where a potential collision could occur.

The Why: Damages and tragic losses caused by distracted motorists have been on the rise for many years now and have no signs of slowing down. Without any braking devices or warning systems being implemented in many current vehicles there is simply not enough being done to stop this epidemic. By implementing this product into current and future vehicles it could severely reduce auto accidents while also saving drivers money on vehicle repairs and car insurance.

Testing the Hypothesis: To test the hypothesis I interviewed five potential customers for this new product:

1: James- The first interview I did was with James. James stated that this product would be very helpful while traveling through downtown Tampa as pedestrians very often walk across the street without looking for oncoming traffic, resulting in very close calls with drivers. James stated that he would purchase this product to ensure that he has plenty of time and opportunities to stop his vehicle in the event an incident like this happens in the future.

2: Rachael- My second interview was with Rachael. During the conversation I had with Rachael she indicated that as someone who typically traveled to walking trails around the state that this device would be invaluable while driving off road as it would provide a safety net in the event that a wild animal were to dart out in front of the car.

3: Chris: The third individual I interviewed, Chris is currently employed at a car dealership near Tampa. Chris stated that he believes this device would absolutely be a market for this new device in the form of dealerships that would be eager to supply this product as well as motorists who would like to have this device implemented in their vehicles.

4: Garret: The fourth interview I had was with Garret. While interviewing Garret he stated that while he would enjoy the safety net an automated braking system would provide he also brought up the suggestion to have a secondary device included with the primary device at the front of the car that could sense objects behind the car to prevent collisions while attempting to back out of a parking space.

5: Zoe: My final interview was with Zoe, a student at the USF campus near Tampa. Zoe was very enthusiastic about this product as she believes it would help alleviate the stress she encounters when driving around the campus as she believes the added safety net of an automated braking system would prevent collisions with unsafe drivers and unaware pedestrians around the campus.

Summary: After performing these interviews it has become aware to me that the "Who" of this product could be much larger than I had anticipated. While I had envisioned the product as an assistance tool for drivers that often find themselves distracted the interviews with Rachael and Zoe indicate that there could be a potential market in the form of outdoors drivers and motorists who travel in confined spaces that could give non distracted drivers a safety net to help them stop their vehicle in the event of extreme circumstances.

6A- Identifying Opportunities in Economic & Regulatory Trends

Economic Opportunity #1- 
     #1- The Opportunity: The rising demands of sanitary masks in China is resulting in a large scale shortage across the country. This could be an opportunity for an entrepreneur to develop a low-cost mask that can effectively prevent the spread of the Coronavirus. This provides the opportunity to enter a Chinese market as well as an opportunity to aid the containment of the virus.
      #2- Breakdown:
           A- https://www.scmp.com/economy/china-economy/article/3049170/why-china-grips-facial-mask-shortage-coronavirus-death-toll. by Elaine Chan, South China Morning Post.
           B- The current shortage in the Chinese market for sanitary masks has lead me to believe there is an opportunity for entrepreneurs to step in with a low-cost easy to manufacture yet effective mask capable of being produced at a rapid rate to aid in combating the Coronavirus.
           C- The prototypical customer for this opportunity would be consumers currently living in China who do not have access to masks to help prevent the spread of the Coronavirus. The new masks could be supplied to hospitals in the country as to further aid in the containment of the virus.
            D- This opportunity would be relatively difficult to exploit as the masks would need to undergo various testing to ensure their quality before being deployed to assist in the containment of the Coronavirus as well as issues that could be encountered when entering a foreign market.
        #3- Why did I see this opportunity: The spread of the Coronavirus is a tragedy that is taking China by storm and as a result is causing a vast shortage in the supply of sanitary masks. I see this opportunity as a chance to assist the Chinese effort to contain the virus by supplying the government, hospitals, and citizens with low-cost, effective sanity masks to relieve the shortage and help combat the Coronavirus while also giving the chance to enter a new foreign market.

Economic Opportunity #2-
    #1- The Opportunity: The need for clean energy in 2020 is becoming a huge opportunity for technology inventors as they create new technology to fill this gap.
    #2-Breakdown:
          A- https://www.cfr.org/blog/2020-presidential-candidates-race-renewable-energy-how-will-they-get-there by Zoe Dawson.
          B- This article describes the need for clean energy products to help replace older, more disruptive products to help combat climate change.
           C- The prototypical customer for this opportunity would be consumers looking to make a difference regarding the current issue on climate change, tech companies, and state and local governments.
          D- This opportunity could be relatively difficult to exploit as it requires products to meet very strict environmental regulations while also meeting the standards and expectations of customers.
    #3-Why did I see this opportunity: The climate change dilemma is one that affects everyone around the globe. By introducing new, cleaner products entrepreneurs can take advantage of this emerging market while also combating climate change.

Regulatory Opportunity #1-
    #1- The Opportunity: New security regulations that will punish companies for failing to protect data from hackers could lead to an opportunity for a more advanced internet security system.
    #2-Breakdown:
          A- https://www.forbes.com/sites/waynerash/2019/12/19/regulation-in-2020--new-ways-the-government-will-affect-your-business/#27cdb42b3f23 by Wayne Rash, Forbes.
          B- The article describes new security regulations that will be implemented in 2020 that will force companies to comply with a higher level of data protection. However, with the amount of data breaches companies have been experiencing it seems that there is certainly a market for new high security data systems.
           C- The prototypical customers for this opportunity would be businesses and government organizations that require a higher level of hacking prevention.
          D- This opportunity could be relatively difficult to exploit as it would require meeting these new regulations and require the product to always stay on top of new security threats.
     #3- Why did I see this opportunity- The increasing amount and cost of data breaches has been very concerning and with the implementation of forced regulation to ensure that these data breaches are brought under control I could see an emerging opportunity for new cyber security.

Regulatory Opportunity #2-
       #1- The Opportunity: New 5G technology could require new, faster, and adaptable network infrastructure technology to ensure that it will stay compliant with new regulations.
        #2- Breakdown:
                A- https://www.forbes.com/sites/waynerash/2019/12/19/regulation-in-2020--new-ways-the-government-will-affect-your-business/#27cdb42b3f23 by Wayne Rash, Forbes.
                 B- This article brings up the new emerging 5G technology and how it will have to be able to adapt quickly to new regulation designed around it. This brings with it the need for a new, adaptable network infrastructure that can be updated quickly as new regulations emerge.
                  C- The prototypical customers for this opportunity would cellular companies that are branching into the new 5G technology.
                 D- This opportunity could be difficult to exploit as the infrastructure will need to advanced and must be able to keep up with the demands of the customers and government regulations.
         #3-Why I see this opportunity- The new 5G market will bring with it a new need for infrastructure that can be easily modified to keep up with government changes and new laws applied to the brand new technology.