Friday, January 25, 2019

6A: Identifying Opportunities in Economic & Regulatory Trends

Economic Trend 1: Financial Markets Control Oil, Gas, and Foods Prices

There is an opportunity here because oil, gas, and food prices are some of the most important needs that people use.  Now the prices are not being set by simply supply and demand but rather by the investors and traders.

The prototypical customer is anyone that uses their car a lot to commute to different places.  Oil and gas prices are very important to customers and people are always monitering the change in gas prices.

This is not an easy market to exploit because of the billions of dollars invested into these prices.  There are many people overseeing these oil, gas, and food prices and they will not let it being exploited by outsiders.

I saw this opportunity because of the importance of oil, gas and food prices.  These three prices are very important to the community and can cause immediate effects if the prices change rapidly.


https://www.thebalance.com/top-usa-future-economic-trends-3305666



Economic Trend 2: Interest Rates Are Rising

There is an opportunity here because interest rates effect everyone.  On one hand this shows how well the U.S. economy is doing right now considering the Federal Reserve is nearing its goal of a 2% inflation rate and 4% natural employment rate.  On the other hand this will cause a raise in loans for almost everything.

The prototypical customer is someone who needs a loan to purchase an item like furniture or an automobile.  It means that the cost for these needed loans will increase and continue to be more expensive.  This helps the people that make deposits because they will be gaining money from this increase.

This is not easy to exploit because the Federal Reserve will be organizing these prices.  They realize the effects of their actions and know that if it is exploited there will be billions of dollars at stake.

I saw this opportunity because I know interest rates are a big part of my parents life.  They have a couple loans that still need to be paid off and if they are increasing the prices that is not good for them.  This is an opportunity for others though who can monitor to changes in prices and plan out their economic future.

https://www.thebalance.com/top-usa-future-economic-trends-3305666



Regulatory Change 1: Sales Tax

An opportunity exists here because now there will be a sales tax on e-commerce businesses.  This is a big change because it helps the brick and mortar stores compete with the online businesses because they both now have a tax.  This change will cost e-commerce businesses a lot of money because they now have rearrange their economic plan when dealing with all 50 states and their independent state laws.

The prototypical customer would be anyone who purchases items online.  This effects almost everyone because in today's age e-commerce is trending, so it makes no surprise that the government decided to finally tax them.

This should not be exploited by companies as they have to send their tax reports back to the government.  It will be interesting to see if companies try to cheat out on paying the new taxes, but other than that this plan will not be exploited.

I saw this opportunity because I knew how much I shopped online.  It made me think about all of the businesses that are dreading this regulatory change because it will now cost them millions of dollars in taxes per year.

https://www.businessnewsdaily.com/7671-regulatory-issues-changes.html


Regulatory Change 2: Tariffs and trade policies

An opportunity is present because this international trade policy could effect more people than initially expected.  Trump recently ordered a multitude of tariffs on close U.S. allies like Canada.  This effects a lot of people because the prices will be going up which effects all of the customers.

The prototypical customer is anyone who is interested in buying essential goods and equipment because now the prices for those items will be rising.  It is important for the customers to know so they can prepare now before the increase in prices cause large economical effects on different people/companies around the world.

This will be difficult to exploit because the government is responsible for organizing the tariff prices.  There may be third party people that come into play to try to help the customers by providing lower prices, but this will be difficult as the government will be clamping down hard on their newest policy.

I saw this opportunity because I thought about how much I and other people purchase items that are not from the United States.  This should raise some red flags for people who want to buy items before the effect of the tariff changes directly effect them.

https://www.businessnewsdaily.com/7671-regulatory-issues-changes.html

5A: Identifying Local Opportunities

Title:  

An angry Dion Waiters vents about playing time after lopsided Heat loss


The Story: Miami Heat player Dion Waiters ( who has been sidelined since last January with an ankle injury) is back and ready to play, except things are not working out like he'd like.  He has not been getting much playing time the last couple games and is starting to lose his patience with the team.  Waiters is used to being a starter in the game as he started 73 of 76 games the past two seasons.

The Problem:  The issue here is that Dion Waiters was an impactful player for the Heat and now he is back after the injury but is not receiving the amount of playing time that he would like.  Waiters had some expletive comments about the game after they lost to Milwaukee Bucks by a large deficit.  Having players angry like this is not healthy for the team and definitely does not promote a winning mentality.

Whose Problem?:  This is Erik Spoelstra's problem because he is the head coach of the Miami Heat.  It is his responsibility to determine the number of minutes each player will get to play.  Now that Dion Waiters is unhappy with his playing time it is up to the coach to be able to find a way to balance the team.

Link: https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0115%21January%2B15&f=advanced&action=browse&format=text&docref=news/170FD029771AC020





Title: 

Workplace hazards that include amputation will cost Doral printing company $42,600


The Story: The compnay Nupress of Miami is recieving $42,663 in Department of Labor fines as 12 serious voilations were exposed during the inspections.  Some of the violations had to do with the fact that the workers were not being protected as they were working near dangerous equipment.  For example, one of the amputation hazards brought up was that the only safety of the companies large cutting tool was by the use of cardboard and velcro.

The Problem: The issue here is that the safety regulations in companies are being overlooked by the companies themselves.  These inspections exposed multiple regulations that were broken by the company and could have caused serious injuries if it was not taken care of sooner.

Whose Problem?: This is a problem for Nupress of Miami because they are the ones being charged with these alarming violations.  It is important for them to learn from this and take the proper precautions when working with/near dangerous equipment.  

Link: https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0115%21January%2B15&f=advanced&action=browse&format=text&docref=news/170FAD0774ABA868




Title:

More than 68,000 pounds of chicken recalled after wood was found by some customers


The Story:  Three customers from Perdue said that they found pieces of wood inside their chicken nuggets.  These nuggets were supposed to be organic and gluten free nuggets, but customers received an unpleasant suprise after biting into them.

The Problem: The issue here is that a very large amount of chicken had to be recalled.  The fact of the matter is that people finding wood in their chicken nuggets is extremely alarming and should be taken very seriously.  It was said that the company traced back the nuggets and found a best-by date of 10/25/19.  

Whose Problem?:  This is a problem for the Simply Smart Organics brand.  They made the error of using those chicken nuggets that included wood inside them.  This is be a setback for the company as they will try to attempt to regain the trust of their consumers.

Link: https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0119%21January%2B19&f=advanced&action=browse&format=text&docref=news/1710FDC49C6E2AF0





Title:

This company kept it simple in trying to cheat workers out of almost $50,000 in pay


The Story: The Stone World Imports and Manufacturing company simply did not pay their employees even if they completed an overtime shift.  They said that they only pay for straight time rates/hours and did not entertain the option of paying people who worked extra.  They now have to pay thousands of dollars in back wages.

The Problem: The issue here is that the company tried to cheat its own employees.  Their plan definitely backfired as they are now paying 21 employees in back wages.  This will definitely hinder the owners economic standings as it should because refusing to pay workers is a large red flag.

Whose Problem?: This is a problem for Stone World Imports and Manufacturing because it is now getting publicity as being the company that did not pay its employees.  In particular it is a direct problem for the president, Nivaldo Ribiero, who is responsible for fixing this issue.

Link: https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0117%21January%2B17&f=advanced&action=browse&format=text&docref=news/171024899DDD85E8






Title:

Brickell hotel ordered to pay former dishwasher $21.5 million - for retaliation over her religion


The Story:  A Brickell hotel had to pay up $21.5 million to an ex-employee who got fired because she was unable to work on Sundays.  The reason for this was because of her religion, and although the kitchen manager knew this he still scheduled her on Sunday.  For a couple weeks she had other workers take her Sunday shift, but soon the kitchen manager (George Colon) demanded her to work on Sunday.  When she couldn't work the hotel fired her.

The Problem: The issue here is that the hotel knew her religion and that she couldn't work Sundays, yet still scheduled and fired her.  It was wrong for the kitchen manager to schedule someone when he knew she couldn't make it for religious reasons.

Whose Problem?: This is a problem for the Brickell hotel and George Colon because they are both responsible.  It was Colon who continued to schedule her even though he knew about the relgious circumstances.  The fact that the employee was later fired makes the situation even worse and the hotel should be working hard to regain trust from their workers.

Link: https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3AMIHB%21Miami%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2019%212019/mody%3A0117%21January%2B17&f=advanced&action=browse&format=text&docref=news/171055B9B2E05678

Friday, January 18, 2019

4A - Forming an Opportunity Belief

There is definitely an opportunity at UF regarding scooter parking.  Considering the amount of tickets that are getting handed out to scooter users for parking in the wrong place or outside the boundaries there is definitely an opportunity to try to help this situation.  Even though everyone has a parking decal for their scooter it still doesn't mean they can park their scooter whenever and wherever they want.  The problem is that there is not enough space for people to park their scooters on campus and the tickets that people receive are $35.  All scooter users can attest that this is an issue.  This need has been around as long as I can remember because of the many people that attend UF.  My idea is to create different decals for different prices so that people can always have a place to park.  For example, if someone were to purchase the more expensive scooter decal they could have the ability to park their scooter in any available parking location.  This idea is similar to the way that different car decals can allow the cars to park in certain locations.  People are not doing anything to help this need because right now everyone will just try to fit their scooter in near the designated area.  I'd say there is a 60% chance that this opportunity exists.

1)  22 Year Male Senior w/ scooter

What is the exact nature of this need?
"There is never enough parking spots when I try to use my scooter.  Whenever I go to Library West it is always a fight to try to find a way to squeeze my scooter into a spot.  It is the worst when I have class and I have no choice but to leave my scooter outside of the designated area and pray I do not get a ticket"

Have you ever received a ticket because of lack of parking?
"Yes...and more than just "a ticket.  In my four years at UF, I have probably a received more than 20 parking tickets because there is just not enough room for all of the scooters"

How often do you experience this need?
"Not as much anymore, but when I was a sophomore and junior I remember I was struggling to find a spot a couple times a week"

How are you currently addressing this need?
"I don't normally use my scooter anymore, but I remember just having to move other peoples scooters to try to make room for my own"

Are you satisfied with this solution?
"I think this could be a great idea because I know I would pay extra if I could guarantee a parking spot for myself"

2) Freshman Male w/ scooter

What is the exact nature of this need?
"It's only been one semester and I already have 2 tickets that I have to pay off"

Have you ever received a ticket because of lack of parking?
"Yes I've received a couple and my mom is going to be mad after she finds out because she did not even want to buy me a scooter in the first place"

How often do you experience this need?
"Whenever I go to class I always have to go early to ensure I get a spot.  The same goes with whenever I go to the library"

How are you currently addressing this need?
"I'm not really doing anything to address this, I'm still learning the roads and what places are the best to park"

Are you satisfied with this solution?
"I think this could be a good solution, but I don't think I would purchase the more expensive decal because I am trying to save money"
 

3.  Junior Female w/ scooter

What is the exact nature of this need?
"There is not enough scooter parking in general"

Have you ever received a ticket because of lack of parking?
"Yes, of course just like everybody that has a scooter"

How often do you experience this need?
"Not too often, but sometimes it can be annoying to have to wait on someone to leave before I can park"

How are you currently addressing this need?
"I arrive to my destinations earlier to account for potential problems like no parking.  I also park at strategic locations that have more spots although it is a short walk"

Are you satisfied with this solution?
 "I think this is an interesting idea, but I don't know if people are willing to pay extra on top of already buying a parking decal"

Reflection: 
 I learned that although my opportunity sounds good, it may not be for everyone.  Since people are paying for parking decals they may not want to purchase a more expensive parking pass.  I think that there is still a large number of people that would be willing to purchase a better pass.

Summary:
After speaking with people about my potential opportunity I think that there is a majority that would appreciate an alternative way to parking.  Although I found that some people are content with the current situation there is definitely something that needs to be done about scooter parking.  I think that my opportunity is still a great idea, but perhaps a small bit of tweaking could help it become a truly fantastic opportunity for the campus.  I believe customer feedback is very important to the success of an idea because those are the people that are buying the services at the end of the day.















 

3A - My Entrepreneurship Story

Ever since I was a little kid I have always been doing small entrepreneurship ventures.  I remember my neighbors and I would set up lemonade stands near the park so that we could make enough money to buy ourselves a pizza for dinner that night.  We would create a big sign that would put our fresh lemonade prices on display.  I remember we would always try to find a way to make a couple dollars so that we could buy ourselves something after we were done.  It was a super fun experience as a middle schooler and I didn't even realize until now that we were little entrepreneurs in the making.

I enrolled for ENT3003 because I have always wanted to be a type of entrepreneur.  I am currently a Finance major, but I know this class is very important for the business world.  Almost all of the successful business people in the world today have used entrepreneur tactics to get to the place they are today.  I believe this class will give me a good base to take with me throughout my career and hopefully I can use some of the information I learn in this class in the next stage of my life.
Image result for lemonade stand

2A - Bug List

1.     Long lines in Midtown
There are a lot of people going out trying to take a break from school work

2.     Ordering food and not receiving what I ordered
Food delivery people don’t care about my order as long as they get paid

3.     Trash bags leaking
Some trash bags are not able to withstand a lot of trash and are made with lower quality material

4.     Not enough parking near UF campus
There are a lot of people that go to UF and many parking permits, but not enough spots for everyone

5.     Airport security takes a long time
Airport services have to be careful and ensure the safety of their customers as there has been bad experiences in the past (9/11)

6.     Cold scooter rides
While moving at fast speeds on the scooter the wind-chill effect makes the ride much colder

7.     Xbox Controller batteries dying quickly
This is due to some batteries being created weaker than the others in the package

8.      People driving under the speed limit on an open road
Some people just aren’t paying attention or like to be overly cautious when they do not realize people are behind them in a hurry

9.     Having to wear flip-flops in the shower
The people I live with do not care about cleanliness, thus leading me to protect my feet from fungus infections

10.  My iPhone battery does not last long anymore
iPhone battery always deteriorate as time goes on and slowly runs out of battery faster and faster

11.  Social media showing me ads for items that I looked up
Social media keeps track of everything you search and uses that information to try to sell you new items

12.   Publix Subs line is always very long
This happens because Publix subs are very popular and the sandwich makers are very slow


13.  Traffic on Museum Road
Museum road is a busy road as people are going to and from classes all throughout the day

14.   Receiving multiple calls a day from 1-800 numbers
Random automated calls constantly spam people to try to get as much business as possible

15.   When a person does not hold the door for the person behind them
Some people are not taught some of the most basic life rules of courtesy

16.  Having my scooter run out of gas in the middle of the road
I always wait until the last possible opportunity to fill up my scooter with gas

17.   Southwest gym is always packed at the beginning of the new year
People make “new years resolution” about going to the gym when in 2 weeks it will start to thin out

18.   Expecting to take a hot shower only to realize that there is no hot water left
My roommates used up all of the hot water and I was the last to shower

19.  Scooter repairs cost way too much money
There are only a couple of scooter places in Gainesville, so they have the ability to charge a high price

20.   When my #2 pencil breaks
The led in the pencil is weak thus leading to easy breaks while writing


Reflection

This assignment was a lot different than any other assignment I have done this year because it required me to think outside of the box.  This required me to look back at my everyday life and try to pinpoint the small things in my life that annoy me the most.  After I did that, I quickly rattled over around 10 bugs, but after that it took me a longer time to brainstorm.  I enjoyed this assignment because it made me think in a different mindset.  I usually just get annoyed about these bugs but never really think about why or how they affect me.  It is also interesting to think about the perspective of why these things happen which gives me more peace of mind if these bugs were to happen to me again.

Monday, January 14, 2019