Friday, January 25, 2019

Economic and Regulatory Opportunities

1. Regulatory: Legalizing marijuana in Florida

"https://www.news-press.com/story/news/local/2018/07/06/john-morgan-pushing-legalize-recreational-marijuana-2020/759209002/"


I believe this suggests an opportunity exists because of personal observation but also the article states that, "support for legalization is at an all-time high nationally." It is already legal medically but only for very specific conditions and everyone can benefit from it. The prototypical customer is a marijuana smoker whether for medical reasons or not. I believe it is easy to exploit because the movement has already started and has good support and it is legal in 9 other states.


2. Regulatory: Cryptocurrencies being government regulated

"https://www.nytimes.com/2018/12/13/business/dealbook/sec-ico-bitcoin.html?rref=collection%2Ftimestopic%2FFinancial%20Legal%2FRegulatory&action=click&contentCollection=timestopics&region=stream&module=stream_unit&version=latest&contentPlacement=2&pgtype=collection"


Cryptocurrencies have blown up recently, especially with the rise of Bitcoin. However, with no government regulation, how is it possible that people are being paid in this way? I do not quite understand this form of currency but that leads me to believe that an opportunity does exist here. The prototypical customer here would be anyone who uses and/or accepts them and I believe it would be fairly easy to exploit.


3. Economic: Car sales have begun to drop

"https://www.automotivebuysellreport.com/auto-industry-trends-suggest-now-may-be-good-time-to-sell/"


This article talks about car sales hitting a record high in 2015 but have significantly dropped since.

It seems as if internet sales and the internet in general are to blame for the dropping dealership revenues. This leads me to believe that there is an opportunity here for more car sale websites and/or different ways to buy cars. The customer would be anyone in the market and I believe it would be easy to exploit as cars are a normal possession here in the US.


4. Economic: Oil and gas prices

"https://www.thebalance.com/us-economic-outlook-3305669"


This article speaks about many upcoming economic trends for the year and I found a section on gas prices. It is well known that they vary throughout regions but even in different cities which may be right next to each other. I believe an opportunity exists here somehow. The customer would be anyone who owns a vehicle and buys gas but I believe it would be very hard to exploit or it probably would have been done already.

Local Opportunities


1. New Rides Coming to Universal in 2019
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AORLB%21Orlando%2BSentinel%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0121%21January%2B21&f=advanced&action=browse&format=text&docref=news/17116938C9789750

This article is exactly as it sounds., talking about the new Star Wars expansion that is being built on 14 acres with two rides and is opening in late fall in Orlando. It focuses on generating jobs but the problem that immediately popped into my head was one they did not present. Growing up in the theme park capital I am all too familiar with the long wait times at rides, therefore, this got me thinking about a new system for the issue. Who has the problem would be theme park attendees.


2. City Plans Options for Parking Bikes
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AORLB%21Orlando%2BSentinel%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0121%21January%2B21&f=advanced&action=browse&format=text&docref=news/17116937ED2EC5C0

This article is about the rapidly expanding use of the public bikes in Orlando. We have several versions, ones that are racked at specific places that charge them and others that are used via an app and you unlock through your smartphone and do not have to be "racked" in a certain place. The city has come up with an idea to start putting bike parking spaces, more racks, etc throughout. The problem described is that of bikes being left all around town in the middle of sidewalks and sometimes even roads, creating hazards. Who has the problem is citizens of the city, mostly those who rely on walking or use these bikes.


3. Malls Are Fading, Making Way for New Entertainment
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AORLB%21Orlando%2BSentinel%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0121%21January%2B21&f=advanced&action=browse&format=text&docref=news/171169386BD6E298

Here in Orlando, malls are a dying fad. I am not sure if this is true for other parts of the country but the closest mall to me has many failing stores simply because people do not want to go anymore. The articles talks about companies taking over said malls and creating "entertainment districts" within to attract business. The problem is that malls are failing and who has the problem is the shop owners and customers who prefer to shop in person.

4. Economy is Expected to Keep Expanding in 2019
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AORLB%21Orlando%2BSentinel%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0121%21January%2B21&f=advanced&action=browse&format=text&docref=news/17116937B77B6268

This article is about Orlando's expanding economy but presents the problem of the jobs that are being expanded are all low wage. Orlando continues to break records in tourism with the number of visitors to our area, and it creates many jobs for residents, however they are often struggling to make ends meet because tourism is mostly a low wage industry. There are three major attractions opening and/or reopening this year and the city is hopeful they will break their record a second year in a row. The problem is the low wages and who has the problem and the tourism employees.

5. Sponsors Make Dog Park Special
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AORLB%21Orlando%2BSentinel%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0121%21January%2B21&f=advanced&action=browse&format=text&docref=news/171169385BF63FB8

This article reminded me of the example from the lecture of finding opportunities where someone came up with dog parks creating a mess of water! It speaks about a local dog park that had to have sponsors to make it nicer for citizens and their pets. The problem expressed here is that many dog parks, which yes are a luxury, are just fenced in areas of nothing so they can run. However, dogs need entertainment and mental stimulation. Who has the problem are dog owners who visit dog parks.

Friday, January 18, 2019

Opportunity Belief



        At first thought, there are many needs unmet in the world but when analyzed with an entrepreneurial mindset, solutions may not exist in the terms of a sell-able product or service. I currently work in management in the restaurant industry and personally face many challenges that, as a business, we are required to wait for corporate to solve. The opportunity belief I chose to focus on is that of an accurate and/or profitable inventory and food cost management system not yet existing. Every company has their own process and system in place for these things but with food cost being a company's biggest expense, besides labor, there is a vast opportunity to create a system or product to increase control and decrease error. The prototypical customer is obviously going to be other people in the industry, therefore, I interviewed a few within my company who I do not interact with on a daily basis. After doing so I got support from one that this problem was legitimate but I did have another person who disagreed and felt that the way we were doing things was adequate. The third person I spoke to honestly did not seem to care either way but supported my thought that there was space for improvement.

       I am a little confused on whether this is a valid opportunity, I think that because I personally deal with this I am going to be biased towards it in a sense. However, as someone who really enjoys what I do and wants to improve restaurant operations, I truly believe that an improved inventory tracking system would increase profitability and not only for my specific restaurant but for the whole company and others if sold and implemented all over.

       I definitely think that entrepreneurs should adapt their opportunities to customer feedback considering they are the ones that are, possibly, going to be purchasing said product regardless of whether they do so with their own money or contribute in another sense.

Thursday, January 17, 2019

Entrepreneurship Story


 My Story!

       When I was reading about this assignment I thought," Oh no, I'm going to have to make something up" but I have never been one to fib a story for anything, especially school. I read the examples given in the description and started thinking back to all the science projects and things of that nature we did when we were younger and then I remembered third grade. Third grade was one of my favorites, I have no idea how I remember that but I do, and I had a younger teacher who was creative and encouraged us to explore any ideas or inventions that we had. In Elementary school, classes are paired into groups the whole year to encourage socialization and I remember a kid in my group who was very smart and always coming up with crazy "inventions." One day, he came in with a small Tupperware container full of what I would consider a glob of slime. He claimed that he had invented something that could remove, gasp, permanent marker and to a group full of third graders if it can remove something permanent it must be magic! Everyone told him no way that was possible and then our teacher, Ms. Gormley, encouraged him to give us a demonstration. She actually allowed this student to draw on his desk with permanent marker and then attempt to wipe it off with his slime. We all stared in amazement that she was letting him do this and then to our surprise, it worked! From that day on I have been interested in new inventions and ideas that the average person does not think will work. It is crazy how something so simple at a young age can spark interest in a way of thinking!


Bug List!


Bug List

11.       My back yard faces my neighbor’s back yard and he owns a little, "yappy" dog who barks the whole time it is outside and usually very early in the morning.
-Why it exists: I can hear this annoying dog barking at early hours because sound proof fences do not exist.

22.       When people are glued to their phones while you are spending quality time together.
-Why it exists: The evolution of technology has succumbed us all to the constant need for contact. We cannot enjoy each other’s company one on one anymore.

33.       We do not recycle at work, besides cardboard, and could easily implement a system. For example, we could put bins for the public to throw water bottles and other items in as well as in our break room.
-Why it exists: It is too expensive for businesses such as fast food restaurants to profitably implement a recycling program. There is also not much space for it.

44.       When the recycling people do not accept certain items and will throw them into the yard and take what they need leaving a mess.
Why it exists: We are told that numerous amounts of items are recyclable but the companies who come door to door will only accept certain things while your average person is not aware.

55.       My boyfriend never turns lights off when he leaves a room. He will even close the door behind him and forget to turn the light off.
-Why it exists: We are told every day we need to conserve energy, but we were not taught this at a young age, it is a “newer” movement and therefore many of us do not think about it daily.

66.       Sometimes my car won’t start unless I turn the key multiple times and of course I start to panic, then it starts, and nothing is wrong with it.
-Why it exists: Nobody wants to deal with their car breaking down because it is so expensive. Automobiles are a much more common belonging than they used to be therefore prices should not be as high as they are for repairs.

77.       When my employees call out sick then post all over social media that they are out doing something with their friends. This happens all the time.
-Why it exists: Most people have done this once in their life but because social media is so big these days, they think it is okay to post and then get caught. There should be a class taught in school about the dangers of social media.

88.       When a piece of equipment at work breaks and instead of troubleshooting it, a manager calls for service and we have to pay for the service call when it could have been fixed in house.
-Why it exists: There is not a comprehensive list of phone numbers and/or ways to trouble shoot in the restaurant. If a manager has not been taught, they do not know what to do or if they have they often forget.

99.       My dog is full of energy and does not let me work on schoolwork. He runs around under my feet/the desk, gets into things he shouldn’t be, barks, puts his ball in my lap, etc.
-Why it exists: He is a very active breed and there are not many toys he can entertain himself with so he needs my attention.

110.   I hate when trash bags rip and then you must double bag it and waste another one. Also, when this happens to the trash people and they leave a huge mess all over the yard.
-Why it exists: Most trash bags are not heavy duty enough to handle more than a light amount of trash but not everything one throws away is light as a feather.

111.   My boyfriend tends to leave cabinet doors open. I didn’t think something like this would bother me but it drives me crazy. Close the door! (I sound like my mother).
-Why it exists: Self-closing cabinet doors do not exist as the drawers that can close themselves.

112.   I work on my feet all day for 9 hours or more and often my feet will hurt and not always the same part so I never know whether to wear an ankle brace, get new shoes, etc.
-Why it exists: Everyone’s foot is different so even expensive shoes that are said to be good for pain may not work for someone.

113.   When I’m trying to work and my dog gets tangled up in my phone charger so I have to quickly stop what I’m doing and untangle him before he rips everything down and breaks something. Thus, I loose my train of thought and have to start all over sometimes.
-Why it exists: Chargers and cords are everywhere with the increasing amount of technology one uses consistently.

114.   When you sit down on the couch to eat dinner and watch TV then realize the remote is all the way across the room once you settled and comfortable.
-Why it exists: No one wants to get up when they finally get comfortable and voice control TVs do not exist to the full extent.

115.   The turn lane traffic light at the intersection of Alafaya and Chapman in Oviedo takes forever to change in the morning but only let’s a tiny number of cars through and makes me late almost every day.
-Why it exists: The traffic pattern in the past probably was adequate to the way the lights function but currently it does not work anymore. The city needs to implement a new study or redo the grid system.

116.    When you think you lost your keys and find them still outside in the lock when you used them to get inside.
-Why it exists: Keys are easy to lose and automatic front doors on houses are not common.

117.   When you leave your bagel in the toaster too long and it burns.
-Why it exists: Toasters have timers but do not have sensors for degree of toasty-ness.

118.   When an employee breaks a company policy then states that they were not aware of said policy.
-Why it exists: My company currently does not have a formal way to introduce policies. New hires are told them verbally at orientation but most of the time they are forgotten right away.

119.   When I leave the house to go to work and forget to turn the air conditioning up and then my electric bill is high that month
-Why it exists: It is blazing hot in Florida and HVAC systems are not capable of changing the temperature for themselves.

220.   When you think you connected a device to charge, especially a phone, and it actually is not and you go to use it and it’s dead.
-Why it exists: Most devices must be plugged in to charge because wireless charging is not universal. It is only available on a very specific list of items.


Reflection: I very quickly came up with a list of items, however, with some of them I was not able to be specific or they played off another bug. Therefore, I chose to delete all of those and start over as the days went on and chose things that happened to me within the last week or so (as the explanation suggested). I kept notes in my phone throughout the day and sat back down to write the list and found it much more intriguing. Having to think about why a problem exists was challenging and really gets one thinking in the way of an entrepreneur!

Wednesday, January 9, 2019

Test Post

Testing, testing, 1 2 3!

Hi everyone, my name is Lisa! Good luck in the course!