30A Final Reflection

                                 



1. This has been a long journey in ENT3003. This was a class that I was hoping to attend in person at school. However, I still enjoyed this experience and believe I learned a lot. The Bug List was definitely one of my favorite assignments. It required intense thought and made me really pay attention to what I encounter each day. It was hard to come up with the last ten bugs. I enjoyed having to interview people about my venture because their feedback was extremely valuable.

2. The most formative experience would have to be the elevator pitch. I have not done that many times before and I think that by the time I got to my third pitch I became a pro. I will now feel comfortable the next time I have to speak in front of a group of people. I would definitely say that the bug list will be an experience that I will remember years later because I am now more cautious of things that bother me. The most joyous experience would have to be right now. I worked very far ahead in this course and all my hard work paid off. I am most proud of accomplishing a business venture that was very well-received by my peers.

3. I still do not have a real desire to be an entrepreneur. However, this class has made me develop more of an entrepreneurial mindset than before this class began.

4. One recommendation that I would make to students that are going to journey down this path in the future would be to plan and get ahead! Working ahead will make your life so much easier! To perform best in the course, I highly recommend watching the videos each week and taking notes. I think by making a full schedule for each week on Monday will help foster that mindset. Best of Luck!

29A Venture Concept No. 2

                  James and co- Hurricane protection at an affordable rate!

Opportunity- Residents of South Florida in Broward County have this need. They are my target market segment. Hurricane season is impactful each year in South Florida and everyone knows how important it is to prepare the exterior of their homes. I believe I have many people that are my potential customers whether they live in a house or apartment. Demographically speaking, my customers come from a variety of backgrounds and differ greatly in age. The nature of the need is urgent and somewhat hidden. We are still in the midst of the Corona Virus pandemic that began in March. Countless Americans have been laid off and are facing tight budgets. Thousands of people are still being affected and that is the only thing we hear on the daily news. Due to the whole country being preoccupied with the virus, I believe many people are forgetting that hurricane season is beginning. I think people will seek my service instead of competitors because of my extremely low prices. People will be looking to save as much money as possible. There are already some tropical storms forming in the ocean so I definitely think it is time for people to start preparing. Customers will satisfy this need by enlisting the help of services like mine to install their hurricane shutters. As previously stated in earlier assignments, this is only something my friends and I do when home for the summer each year. Therefore, the "window of opportunity" will be open for roughly three months.

Innovation- My innovation is a creative service that may be applied in the marketplace to address customer needs of protection and saving money. My innovation is hurricane shutter installations. My customers provide my crew with the shutters and we put them on each window of the home. This ensures maximum safety from dangerous hurricanes. There are different types of shutters but my employees are experienced with all of them. Homes with 7 or less windows will be charged $125. Homes with 8-15 windows will be charged $150. If the home is two stories, an additional $25 will be added to the total. Competitors usually charge anywhere from $300-500 for hurricane shutter installations. There is no doubt that putting up shutters is grueling work. However, I think the prices some people are charge are very unreasonable. As a result, I think many customers will seek out my service upon hearing my prices. I envision making a lot of money from this venture because I believe everyone will be trying to save money.

Venture Concept- The venture concept write-up guide defined one as the application of a specific innovation to address a specific opportunity. The main innovation my service incorporates is low prices and the opportunity for people to save as much money as possible. This pandemic has put countless people on a tight budget and I understand that. That is why the prices I am offering are so low. People want to be well-protected from hurricanes and will be more than willing to pay for it. On top of my attractive prices, customers will buy my innovation because my team has more than 5 years of experience. We do our jobs efficiently and effectively. Additionally, we are all South Florida natives. We understand how chaotic hurricane season can be and have experienced them firsthand each year. This will help us relate with our customers, form a real connection and ensure them that they are in good hands. I do not think it will be hard to get customers to switch contractors for this service because of the price they usually pay. I am offering the same service for more than half off what they normally pay. There are many competitors and their main weaknesses are not having enough employees and over-charging their customers. Essentially, I am saying that they "rip-off" their customers. The location is set in stone since I live in South Florida in a big county called Broward. My pricing plays a huge role in defining my business concept. We also send our customers a survey to rate the service upon completion of the job. I currently have 12 employees and that is more than enough. We are able to split up and work on multiple houses at once. I am the main communicator, set up the appointments and assign the crews to the homes.

The three minor elements- I think my most important resource will be my unbeatable low prices. This is my venture's "secret sauce" or "unfair advantage". Besides my actual innovative service, I have authentic employees who are born and raised in South Florida. This gives us firsthand expertise on top of our 5 years of experience installing shutters. This will make it hard for competitors to copy my success. The next step for the venture is potentially launching a shutter removal service. This is difficult though because all of employees are college students and sometimes go back to school before hurricane season is over. However, I definitely see a need for this service because my customers know that my prices will be the best. In five years, I want to be one of the most sought after people for hurricane shutter installations in the summer. I do not anticipate on this being my main focus or job. This is only something I would participate in on the side each hurricane season. This is exactly how I have been operating for the last 5 years. I am still a college student and have bigger aspirations. Lastly, I do not have any desire to be an entrepreneur in the next decade. All in all, I think I will continue to grow my business each year and attract more customers. I want to help as many people in Broward County stay safe and save money.


Feedback- I received very good feedback from my peers. They all think that offering a shutter removal package would be convenient for my existing customers and a great way to grow my venture. They understand that this is only a service my friends would be providing on the side as we all live busy lives as college students. Additionally, they agreed with me that having a strong online presence will allow me to reach many customers. Social media consumes a huge portion of our daily lives. The key for my business to grow is definitely marketing. I also received some constructive criticism feedback. They mentioned that some customers might not be able to afford shutters. Therefore, they suggested that my company purchases the shutters for them to give to them at a discount. I am not sure if that is feasible, but it is definitely something to consider. I did not really change my venture concept much because I believe I have a strong plan in place. However, I am now strongly considering doing the shutter removal package. 

28A Your Exit Strategy

1. Since my business venture is a service, I can not really sell it in the next five years for a large return. My service is seasonal because it is hurricane shutter installations each summer. Hurricane season usually is at its peak in the middle of the summer. I am not sure how much longer I will continue to run this service each year as I grow older and find a career path. However, as long as I am in college I think I will do it. I do not intend to protect this venture by passing it down to my children. I simply do it as a way of making solid money that will help pay for my college education.

2. I have selected this particular exit strategy because it makes the most sense and I am not sure exactly when I will be done with this venture.

3. This exit strategy has not really influenced the other decisions I have made in this concept. As I have already said, this is only something me and my friends do on the side. This has not really influenced my growth intentions or how I plan to acquire and use resources. Although, I did have fun going in depth about this service and I believe it will help it be more successful.

27A Reading Reflection No. 3

I chose to read "The Art of Social Media: Power Tips for Power Users" by Guy Kawasaki.

1. The overall theme of the book is how social media can be an effective way to build a strong online presence. There are many ways to implement marketing on social media on apps such as Instagram, Twitter, Facebook, etc. A main message from this book is to post with a purpose and strategy that will make your brand unique from competitors.

2. This book definitely related to the material in ENT3003. For example, the book puts an emphasis on knowing your target market. By having a precise group of people in mind to target, we can specialize our venture for those customers. It is important to have a very solid understanding of your market so that you can give them exactly what they want.

3. If I had to design an exercise for this class based on this book, I would require the students to describe their individual profiles on apps such as Instagram and Twitter. I would ask them to respond to the following questions:
How much thought goes into the pictures that you post?
Do you care about what people think about you?
Who are you trying to impress?

In my opinion, these are all valid questions because society is being controlled by social media. It is important to not be fake and show who you really are despite the "haters".

4. When reading the book, the biggest "aha" moment for me was a direct quote. "If you're not pissing someone off on social media, you're not using it aggressively enough". This did not really differ from my expectations but this quote resonated with me. I agree with this quote because as people in such a unique society we should not feel afraid to express ourselves.

26A Celebrating Failure

One memorable instance of failure for me this semester was when I did not do particularly well on one of my essays in my other class I am taking. I learned that leaving 1000 words for the last few hours of the due day is a bad decision. I also failed on this assignment because I did not watch any of the readings or videos that were required. I was lazy that week and watched way too much TV. I paid the price by getting a low score that hurt my overall grade. I learned that time management is super important and that essays require more than just a day of work. This has encouraged me to get ahead on assignments in both of my summer classes and relieved stress for me. I am very competitive in anything I do. Therefore, I take failure pretty harshly. I tend to need some immediate alone time to reflect. In the end, though, I learn from my mistakes and become a better person. This class has definitely changed my perspective on failure because taking risks are encouraged! I am definitely more likely to take a risk now than I was just a few months ago. I owe it all to ENT3003!

25A What's Next?

Existing Market
To provide an additional service to customers and make more money, I am contemplating adding a shutter removal package. The price would be the same amount that it cost for the shutters to be put up for each home. Prices may vary. All 3 customers I interviewed mentioned that they believe I should offer shutter removals. This would be convenient for the customers while being another way to generate quick and easy cash. They said that assuming my customers are happy with the shutter installation process, I would contacted by them to take down the shutters. Lastly, they really appreciated that I am looking to keep people safe and save them money. The feedback I received from my customers was similar to my expectations.

In terms of growing in my existing market, the first step would be to develop a strong online platform to promote my service to as many people as possible in Broward County.

A shutter removal service is another way my venture would grow in my existing market.


New Market
I do not think there is any other feasible market for my service. I put up shutters that are already purchased by homeowners. However, for the purpose of this exercise, I guess I could work for home depot and be an independent contractor. That would still be a B2C market though. I think I could create value for people in this market by reaching out to them at Home Depot when they are shopping. By initiating a relationship, I envision being contacted by numerous people regarding shutters. After interviewing 2 more people, I determined that my service will definitely help customers like them. They told me that they are always looking to save money on shutters and usually pay more than double the price of my service. To be successful in this market, they told me to get my name out to as many people as possible.

The market remained the same but a slightly different way of offering the service. Nothing really surprised me. I like my existing market plan better.

24A Venture Concept No. 1

         James and co- Hurricane protection at an affordable rate!

Opportunity- Residents of South Florida in Broward County have this need. They are my target market segment. Hurricane season is impactful each year in South Florida and everyone knows how important it is to prepare the exterior of their homes. I believe I have many people that are my potential customers whether they live in a house or apartment. Demographically speaking, my customers come from a variety of backgrounds and differ greatly in age. The nature of the need is urgent and somewhat hidden. We are still in the midst of the Corona Virus pandemic that began in March. Countless Americans have been laid off and are facing tight budgets. Thousands of people are still being affected and that is the only thing we hear on the daily news. Due to the whole country being preoccupied with the virus, I believe many people are forgetting that hurricane season is beginning. I think people will seek my service instead of competitors because of my extremely low prices. People will be looking to save as much money as possible. There are already some tropical storms forming in the ocean so I definitely think it is time for people to start preparing. Customers will satisfy this need by enlisting the help of services like mine to install their hurricane shutters. As previously stated in earlier assignments, this is only something my friends and I do when home for the summer each year. Therefore, the "window of opportunity" will be open for roughly three months.

Innovation- My innovation is a creative service that may be applied in the marketplace to address customer needs of protection and saving money. My innovation is hurricane shutter installations. My customers provide my crew with the shutters and we put them on each window of the home. This ensures maximum safety from dangerous hurricanes. There are different types of shutters but my employees are experienced with all of them. Homes with 7 or less windows will be charged $125. Homes with 8-15 windows will be charged $150. If the home is two stories, an additional $25 will be added to the total. Competitors usually charge anywhere from $300-500 for hurricane shutter installations. There is no doubt that putting up shutters is grueling work. However, I think the prices some people are charge are very unreasonable. As a result, I think many customers will seek out my service upon hearing my prices. I envision making a lot of money from this venture because I believe everyone will be trying to save money.

Venture Concept- The venture concept write-up guide defined one as the application of a specific innovation to address a specific opportunity. The main innovation my service incorporates is low prices and the opportunity for people to save as much money as possible. This pandemic has put countless people on a tight budget and I understand that. That is why the prices I am offering are so low. People want to be well-protected from hurricanes and will be more than willing to pay for it. On top of my attractive prices, customers will buy my innovation because my team has more than 5 years of experience. We do our jobs efficiently and effectively. Additionally, we are all South Florida natives. We understand how chaotic hurricane season can be and have experienced them firsthand each year. This will help us relate with our customers, form a real connection and ensure them that they are in good hands. I do not think it will be hard to get customers to switch contractors for this service because of the price they usually pay. I am offering the same service for more than half off what they normally pay. There are many competitors and their main weaknesses are not having enough employees and over-charging their customers. Essentially, I am saying that they "rip-off" their customers. The location is set in stone since I live in South Florida in a big county called Broward. My pricing plays a huge role in defining my business concept. We also send our customers a survey to rate the service upon completion of the job. I currently have 12 employees and that is more than enough. We are able to split up and work on multiple houses at once. I am the main communicator, set up the appointments and assign the crews to the homes.

The three minor elements- I think my most important resource will be my unbeatable low prices. This is my venture's "secret sauce" or "unfair advantage". Besides my actual innovative service, I have authentic employees who are born and raised in South Florida. This gives us firsthand expertise on top of our 5 years of experience installing shutters. This will make it hard for competitors to copy my success. The next step for the venture is potentially launching a shutter removal service. This is difficult though because all of employees are college students and sometimes go back to school before hurricane season is over. However, I definitely see a need for this service because my customers know that my prices will be the best. In five years, I want to be one of the most sought after people for hurricane shutter installations in the summer. I do not anticipate on this being my main focus or job. This is only something I would participate in on the side each hurricane season. This is exactly how I have been operating for the last 5 years. I am still a college student and have bigger aspirations. Lastly, I do not have any desire to be an entrepreneur in the next decade. All in all, I think I will continue to grow my business each year and attract more customers. I want to help as many people in Broward County stay safe and save money.

23A Your Venture's Unfair Advantage

1. Experience- We are efficient and experienced with all kinds of shutters for more than 5 years. Our service is rare because there are not many college kids doing what we do each year. It is not hard to copy, anybody can put up shutters. The price and quality of job would vary. The main substitute is wood to cover windows instead of shutters.

2. Unbeatable low prices- Our prices are valuable because it will save many people money. Our prices are rare as most competitors charge more than double what we charge. Anybody can attempt to lower their prices but most people are not willing to sacrifice that much money.

3. 10+ employees- The more people the better. This is valuable because we can attend to multiple houses at once. This is rare because most people work in groups of less than 5 to put up shutters. Anybody can assemble 10 or more people for the job so it is not hard to copy.

4. South Florida natives- This is valuable because we all understand the dangers of hurricane season and have experienced them first-hand. This is somewhat rare. This is hard to copy by competitors and this is non-substitutable.

5. Social media presence- This is valuable because this allows us to reach countless customers. This is rare because I have noticed most competitors only grow their businesses by word of mouth. This is not hard to copy and there are substitutes such as a business card that can provide the same benefits.

6.  Determination- This is valuable because I will not be satisfied until my service is the most successful in South Florida. This is rare because some people do not have the same drive as me. This hard to copy by others because each person is unique. This is substitutable as other character traits can be just as beneficial.

7. Instant communication- Once someone reaches out to us, I answer right away and set up an appointment within 2 days. This is valuable because the customers will appreciate the quality and quick service we provide. I think this is rare because I value fast communication. This is not hard to copy but sometimes people do not answer right away because they are busy with other things.

8. Word of mouth- Each year, my friends and I go throughout our neighborhoods and explain our service. Additionally, our customers from previous years always refer us to new customers. This is valuable because it grows our business. This is rare because sometimes people are not happy with how the job came out or the prices they paid. This is not hard to copy but it takes a lot of work and a quality service.

9. Flexible schedule- Since hurricane season is usually in the summer, we are all home from school and have relatively free schedules. This is valuable because we can help customers right away. This is rare because competitors have already busy schedules since hurricane shutter installations is mostly a side job. This is hard to copy and non-substitutable.

10. Customer surveys that are emailed to each customer after we finish installing their shutters- This is valuable because it gives the customers an opportunity to rate our job and give us feedback on how to improve. This is rare as I doubt competitors do this. This is not hard to copy. There are substitutes such as calling them after hurricane season and asking about how the shutters did.

My top resource is the low prices because that is what truly separates my service from competitors. Especially during this pandemic, everyone will be looking to save as much money as possible.

22A Elevator Pitch No. 3

https://vimeo.com/433733446

I made sure to project my voice loud and clear. I also made an effort to speak passionately about the service I am providing. I did not receive any surprising or silly feedback. My peers offered great support and encouraged me to keep up the good work. I spoke about my low prices compared to competitors. I did not change much compared to what I changed from Elevator Pitch 1 to 2. I had my pitch almost completely memorized and was more comfortable in front of the camera. Overall, I think my pitch is solid.

21A Reading Reflection No. 2

I chose to read "Cognitive Surplus" by Clay Shirky.

1. The main argument in the book is that new technology is impacting society in countless ways such as by making people interact with one another and come up with innovative solutions for the world. He talks almost exclusively about the internet and how we can make better use of our free time. 
2. The book definitely related to the material that I have learned so far in ENT3003. Shirky talks all about the results of collaboration through social media that have solved many unmet needs. I believe that by using our free time more wisely, we can drastically improve the world. 
3. If I had to design an activity for this class based on this book, the exercise would involve having students list 5 main things that take up their free time and why. Next, I would have them come up with 5 new ways they could better use their spare time. 
4. I had one "aha" moment when reading this book. I learned that Shirky rejected any non-passive activity and provided some examples that were really eye-opening. For example, this book has forced me to start watching less television and be more proactive with my spare time. This differed from my expectations because I was expecting to read all about cognitive surplus. I believe that some of the examples he provided are not valid for his argument. However, I certainly agree that social media and TV have taken over our lives. 

20A Growing Your Social Capital

1. Henry Sloan- 15+ years of hurricane shutter installation experience
2. Domain expert- He is engaged in the same business activity
3. I found the person by interviewing one of my neighbors who provided me with Henry's name and contact information. Some of my neighbors have had Henry put up their hurricane shutters in the past.
4. Henry gave me a few tips on how to have a successful business. He told me that word of mouth is key and that my low prices are very attractive. After hearing me out, he recommended that I offer a shutter removal package as well. This will allow me and my friends to make more money in a convenient way for my customers. The tips he gave me were very helpful and completely unnecessary considering he is one of my competitors. He enjoyed helping me and my friends out since we are college kids. 
5. I believe including Henry in my network will enhance my ability to exploit an opportunity because I can use his advice to grow my business. 

1. John Seyd- 6 years of hurricane protection for homes in South Florida
2. Market expert- John has been targeting my market for a long time. Instead of installing hurricane shutters, he puts wood on windows to protect homes from hurricane damage. He is offering a similar service. 
3. I also found about this person from one of my neighbors. They told me that John is excellent at what he does and doesn't charge as much as most people. I contacted him shortly after to talk about my business and we set up a call a few days later. 
4. He explained to me that he originally was in the hurricane shutter installation business but switched to wood because it was less competitive. Similar to Henry, John grew his business by getting his name out there to as many people as possible. John told me that with my prices I should have no problem bringing in customers. 
5. John provided me with valuable information at no cost, which will save me time and money and allow me to exploit my opportunity. 

1. Richard Lew- 11 years working at Home Depot
2. Supplier- He works for a very large company that sells wood and metal shutters to my customers.
3. Richard is one of my dad's co-workers. My dad provided me with his phone number and we spoke for about 10 minutes. 
4. Richard told me all about the different types of wood and shutters Home Depot has to offer. He also told me how much each type costs and the most popular choices. This information allowed me to modify my prices and get a good grasp on the amount of people who have actual shutters. 
5. I think that having Richard in my network will enhance my ability to exploit an opportunity by giving me a leg-up on my competitors. 

      Reflect:
This exercise about building my social capital was very helpful. This experience of "targeted networking" is definitely something I would like to participate in again. Additionally, this was the first time I ever did something like this. In the past, I had not contacted any of my competitors, experts, or suppliers in this market.

19A Idea Napkin No. 2

1. My name is James Klopman. I am a hard worker, organized and determined. I have taken rigorous courses in high school and throughout college so far. I always tried to work ahead and have made the necessary adjustments to succeed in each class. I worked at a movie theater for two years and gained valuable customer service experience. I do not know which specific career path I want to pursue. However, I know that I am interested in business and have a passion for sports. This hurricane shutter business would not play a major role in my life because it is seasonal and something that my friends and I would do on the side. 

2. I am offering customers inexpensive hurricane shutter installations in the Broward County area of South Florida. Many people are on a tight budget as a result of the Corona Virus pandemic. Customers will save hundreds of dollars using my service compared to others and of course remain safe from the storms.

3. My customers will all be located in Broward County. Additionally, they will be looking to save money because they can't afford high-priced shutter services as a result of the Corona Virus pandemic. They are also seeking protection from hurricanes. 

4. Customers will actually pay for my service because my friends and I have years of experience putting up hurricane shutters. We will be helping customers save anywhere from $200-400. We believe our friendly prices will attract many customers.

5. I believe my many years of experience and extremely low prices set my business apart from everyone else. I also believe I will be able to relate on a personal level with my customers. I have been a South Florida resident all my life and am aware of the pandemonium that comes with hurricane season. 

I believe all these elements fit together and will allow me to have a very successful business each hurricane season. I am a perfectionist and will never give up. My peers suggested that I come up with a shutter removal package as well. I took that into consideration and will soon be determining if that is feasible. Additionally, my peers raved about the low prices my business offers, so I continued to emphasize that. 

18A Create a Customer Avatar

Although there was a website available for me to create my own customer avatar, I did not feel that was necessary because there are countless people who look different that are prototypical customers for my service. This is because I am offering the service to anyone who has shutters and lives in a home with windows in South Florida. I am not sure if I can accurately say what my customers favorite hobbies are, what cars they drive, what shows they watch, what children they have etc. However, I can say that most of my customers are usually adults. I do not necessarily consider myself a prototypical customer for hurricane shutter installations because I do not own a home or have a steady income. However, my parents are definitely prime customers for this service. It is hard for me to say if I share any similarities with my customer avatar because my customer base is so broad. I hope that I can help solve my customer needs of saving money and staying safe!

17A Elevator Pitch No. 2

https://vimeo.com/428854775

I received very helpful feedback from my peers on my first elevator pitch. The main advice was to speak with more passion, which I believe I did in this second pitch. Additionally, someone recommended that I add in the amount of money that people usually pay for hurricane shutter installations. I thought that tip was very useful and insightful for my customers so I added that in this video. I did not receive any feedback that was outright wrong or silly. I appreciate all the helpful feedback that my peers gave me. I am eager to hear their thoughts about this pitch!

16A What's Your Secret Sauce

My unique human capital

1. Organized- I am extremely neat and organized in everything that I do. This allows me to be efficient and maintain order.
2. Bilingual- I took Spanish classes for 6 years from middle school to high school. I am fluent in the language and can communicate well with people who speak the language
3. Determined- Whenever I have a goal in mind, I do not stop until I achieve it. 
4. Athletic- I have played sports all my life and am in good shape. 
5. Great work ethic- Similar to being determined, I consistently put in the necessary work in anything I do in order to be successful.

Interview #1

https://soundcloud.com/user-346583800/interview-for-assignment-16a

This is my friend Nick speaking. I have known him since we played little league baseball together. He talked about my strong work ethic and my ability to speak Spanish. 

Interview #2

https://soundcloud.com/user-346583800/interview-for-assignment-16a-1

My friend David is speaking in this. He talked about my passion for sports and how I am always organized.

Interview #3

https://soundcloud.com/user-346583800/interview-for-assignment-16a-2

This interview was with my friend Eli, the funniest kid I know. He talked about my organizational skills and desire to keep everything clean. He also mentioned that I am determined. 

Interview #4

https://soundcloud.com/user-346583800/interview-for-assignment-16a-3

My friend Ben is featured in this interview. He talks about how I am funny and athletic. He also mentioned my hair makes me unique lol. 

Interview #5

https://soundcloud.com/user-346583800/interview-for-assignment-16a-4

My friend Jordan talks in this interview. He says I am a hard worker and very organized.

Overall, I would say that my friends view myself the same way I do. There were basically no differences in how we assessed myself. I had a feeling they would all talk about my organization skills. I think all my interviewees had accurate reports about me. I do not think that I would make any changes to my original list.  

15A Figuring Out Buyer Behavior No. 2

I continued to interview people that fit the segment of homeowners in Broward County. I interviewed three more of my neighbors who don't live as close to me. I would say each interview lasted roughly 10 minutes.

After providing them with alternatives such as prices that other people are offering to put up shutters, I realized that price mattered most to them. They all told me that my prices are over 100 dollars cheaper than what they usually pay. The quality and style of shutters are up to them since they are the ones who are providing me with the shutters to install for them. They mentioned that given these rough times, many people will search for the lowest possible price to save money.

My customers usually pay with cash. The people that I interviewed also said that they are more likely to pay with cash.

When my customers think back on the "rightness" of the service, they care most about getting their money's worth of what they paid for.  That is, they look at if the shutters were installed correctly and if their families and homes were protected. Essentially anyone can put up shutters, even though it is sometimes grueling work. My interviewees explained that they will definitely contact me to put up shutters for them this hurricane season and beyond if all goes well. Otherwise, they would have been circling around the same potential people who are charging unfair prices.

Based on what I know about this segment and the information I gathered from my interviews, my target market segment care most about saving money for this service. They will pay with cash and determine if the service was worth it using the same criteria. This exercise helped me practice opportunity assessment which allowed me to refine my plan for this service.

14A Halfway Reflection

                                       

1. To keep up with the requirements of this course, I have constantly been getting ahead. By the time a new week starts, I am already done with the corresponding assignments. I am already writing this post 18 days in advance of the due date.

2. I have felt like "giving up" multiple times because I have wanted to either watch TV, hang out with my friends or play basketball instead. My desire to get ahead and give myself more free time this summer pulled me through. A main reason why I have been getting ahead in this class is because I am also taking another class and have a job. I definitely feel like I have developed a tenacious attitude during the past two months.

3. Three tips that I would offer to next semester's student:

• Take advantage of every assignment being unlocked. Get ahead!
• Watch each lecture because the cupcake questions come directly from them.
• Set goals for yourself and plan a schedule that will keep you from falling behind.

13A Reading Reflection No.1

I selected to read "Shoe Dog" by Phil Knight from the first half of the Official ENT 3003 Reading List. This was a very interesting autobiography. I chose this because I have countless shoes, shirts and shorts from Nike.

1. I was most surprised to learn that he operated out of the trunk of his car the first year that he was given shoes to sell in America. I most admired the fact that he followed his dreams and did not let negativity from others get in the way. Additionally, I thought it was very cool that he called the CEO of the Tiger brand at such a young age. This showed that he had courage and knew the importance of being a "go-getter" in life. I could not come up with anything about Phil Knight that I did not admire. He was awesome. He overcame tons of adversity and struggles by being persistent and keeping his eyes on the prize.

2. I noticed a few competencies that Phil Knight exhibited. He had a knack for surrounding himself with great people that would propel the business. He also let his employees in on big decisions and it was this transparency that separated Nike from its competition. The employees of this company were also given freedom and creativity because of Knight's way of thinking. He was a genius.

3. I was a little bit confused about the original agreement that he came to with the Tiger brand and Mr. Onitsuka.

4. If I were able to ask two questions to Phil Knight:
If you could go back in time to any point in your journey, what would you change and why?
What sports brand is most likely to eventually de-throne Nike?

I would ask him the first question because I believe people always have regrets and desires to "re-do" certain things in their life. I would ask him the second question because currently there are tons of successful sports brands other than Nike such as Adidas and Under Armour. Nike is still the best. Although, it is only a matter of time before Nike is surpassed. I am curious as to who he would say would be the most likely to do it.

5. I think Phil Knight valued hard work in the highest regard. He had worked hard his whole life and turned nothing into one of the most successful companies of all time. He was a perfectionist and was almost never satisfied. He always searched for improvement! I do share that opinion and think that mindset is required in order to lead a successful business.

12A Figuring Out Buyer Behavior No. 1

The segment I picked for this exercise was homeowners in Broward County. I decided to interview three of my neighbors. I ended up interviewing 4 people because someone walking their dog overheard the conversation and joined in. I would say each interview lasted approximately 10 minutes.

Summary of what I learned in the interviews:
All 4 people had the unmet need and I told them about my solution. However, they said that they have not even thought about hurricane season because the COVID-19 pandemic has taken over the world and our attention. They mentioned that they become most aware of the need in July. This means that this is when they begin thinking about protecting their homes and families from hurricanes. July is when hurricanes start to be the topic of conversation for many news channels. They still want their shutters put up even if no significant hurricanes or storms get close. The first thing they do to find a solution to their problem is contact the people who previously put up their shutters. Another way they search for information when they first become aware of the need is by asking around amongst their friends for people who can do the job. Additionally, they were very quick to say that they usually get ripped off. When I told them my prices, they all took down my phone number and told me that they will be contacting me.

Conclusions:
After conducting 4 interviews on people who have the unmet need, I can confidently say that the majority of people are not thinking about hurricane season in the slightest right now. As time goes on in the summer, I know that many people will become aware of this need. The news and internet will be all over the formation of storms in the ocean that are bound for land. I think the best way to promote my business is to spread the word to as many people as possible. This will put me ahead of my competition.

11A Idea Napkin No. 1

1. My name is James Klopman. I am a rising junior here at UF majoring in business. My skills include having a great work ethic and being a good communicator. Throughout my 4 years of high school, I was on the basketball team. I learned what it meant to work together with a group of people to achieve a common goal. I am not sure exactly what career I want to pursue, however, I would love to be able to work in sports. If I were to start this business, it would not play a major role in my life. Hurricane season is only temporary and this is only something my friends and I would do on the side.

2. I am offering customers inexpensive hurricane shutter installations in the South Florida/Broward County area. Many people are on a tight budget as a result of the Corona Virus pandemic. Customers will save significant money and remain safe.

3. The main two things that my customers have in common are limited money and the desire to protect their homes and family during hurricane season. My customers will all be located in Broward County.

4. Customers will actually pay money for my service because odds are they already will be paying for someone to put up their hurricane shutters. The prices that they would pay for my friends and I to install them will save them hundreds of dollars. Additionally, we are experienced in shutter installations as we put them up for many homes each hurricane season.

5. In terms of this business, I think that being a South Florida resident all my life sets me apart from everyone else. I know how dangerous hurricane seasons can be and the precautions that need to be taken. I can relate with my customers and provide them with the lowest prices available.

Evaluation:
I believe that these elements fit together. I believe my business will succeed because my experience and prices will allow me separation from competitors.

10A Elevator Pitch No. 1

Elevator Pitch

9A Testing the Hypothesis, Part 2

For this assignment I interviewed some of my neighbors and family friends. I learned that although they probably should have the unmet need that I identified, they don't for a few reasons.

Who: There are certain people that share a lot in common with the others in my opportunity but fall outside the boundary. Some people either already have someone they trust to put the shutters up at a price they're happy with or have accordion shutters that can be done manually simply by sliding them across. Also, some homeowners use wood or other materials to cover their windows during hurricanes.

What: My idea is based upon the assumption that people want themselves and their homes to be protected during storms for a low price. However, some people might not have the money to be able to purchase the shutters in the first place and that creates a problem for them. If they buy the shutters and have them installed, they will be safe but they will have much less money to spend on other things. If they don't buy the shutters, they could have more spending money for necessities such as food and water but are at risk of losing everything from hurricane damage. Money is the main factor that would affect my idea.

Why: No, the underlying cause of the outsiders' need is the same as the people in the boundary. People want to be safe and secure during natural disasters such as hurricanes. Hurricanes are extremely destructive and unpredictable. People should have the urge to protect themselves and their homes no matter what. It is better to be safe than sorry. Available money and loyalty to other people who install shutters are going to limit the amount of customers I get.

This exercise helped me further practice opportunity assessment and determine the outer limits on my opportunity

Inside the boundary                                                       Outside the boundary
People who can afford this service                                  People who don't use shutters
People who are looking to save money                           People who have sliding shutters
People who have hurricane shutters                                People who already have someone for the job People who want to be safe


Safety and protection during a storm                               Affordable/free
Cheap labor that could potentially save lives                 


COVID-19 has decreased everyone's budget                  Homeowners can't afford this service
People want to be safe during a hurricane
People are always looking to save money

8A Solving The Problem

The opportunity that I have identified is affordable hurricane shutter installations for homeowners in South Florida. There are tons of people on a tight budget right now during this pandemic and many aren't even aware that hurricane season is coming up. Hurricanes on top of the already chaotic Corona Virus will create even more pandemonium. Most shutter companies and small businesses charge a ridiculous amount of money to install. My friends and I have put up shutters in the past for many homes and we believe residents will turn to us for our friendly prices and quality work. Our prices will not be based on the time it takes us to complete the job. Instead, the cost will be determined by the amount of windows on the house. Anything less than 7 windows will be $125. Homes with 8-15 windows will be $150. Lastly, if the home is two stories an additional $25 will be added to the total. The type of shutters don't impact the price because we are experienced with all kinds. We are aware of the current financial struggles people face and hope to make their lives easier. Most importantly, we want to help as many people as possible in Broward County stay safe.

7A Testing The Hypothesis, Part 1

Opportunity: The opportunity I would like to pursue is related to the upcoming hurricane season in South Florida. The Corona Virus has taken over all of our lives, leaving many unemployed. I believe that my group of friends and I can provide affordable and quality hurricane shutter installations. A few years back, we put up shutters for many homes across Broward County and made great money. We think this opportunity exists now more than ever.

The who: Homeowners in South Florida.

The what: They are unable to afford to have most companies/small businesses install the shutters.

The why: The Corona Virus has left countless people unemployed and on a tight budget. Additionally, some are unaware that hurricane season is approaching.

Hypothesis: Residents of South Florida will be searching for quick, quality and affordable shutter installations as hurricane season nears.

Testing the who: There are most definitely others who have this need, as hurricanes make an impact on more than just South Florida. However, my friends and I live in Broward County, so we will only be able to work in this area.

Testing the what: Many people have become unemployed as business have been forced to shut down due to COVID-19. I can test the validity of this opportunity by putting flyers around neighborhoods as hurricane season gets closer and post on social media to receive feedback.

Testing the why: Tons of people are preoccupied with Corona Virus and aren't preparing at all for the potential hurricanes and storms. This is an opportunity that pertains to everyone because without shutters all homes are in danger of getting destroyed. It is just a matter of if people want to pay any money at all to have the shutters put up instead of doing it themselves or through a different small business.

Interview #1: My mom shared some of her worst hurricane memories, specifically from Hurricane Wilma in 2005. She agrees that most people offering to put up shutters are charging way too much money. She said there is a Facebook group called "Weston and Beyond" that I could post my flyers on to gain customers. My mom said that she hasn't even thought about hurricane season until this interview.

Interview #2: My dad mentioned that he usually hires someone to put up shutters for my house but that the prices he usually pays are very unreasonable. He said that he thinks my friends and I can make a fortune as long as we charge the right price and get our names out there. Additionally, he talked about my experience with shutters a few years ago. I put shutters up for people every day for almost 2 weeks straight.

Interview #3: My sister talked about how hurricane season is a time where she is very scared. She thinks this business is a great opportunity to make money and protect people. She also offered to make the flyer for my friends and I.

Interview #4: My grandmother HATES hurricane season. She is afraid of the damage hurricanes cause and stated that her home usually loses power quickly. She also wasn't even aware of the looming hurricane season and said "This virus has made me lose track of what day and month we are in".

Interview 5: My neighbor loved this idea. She was very quick to talk about how stressed she currently is from the Corona Virus. She lost her job and can't afford the extreme prices most people usually charge for shutter installation during hurricane season. She said she'd gladly be my first customer.

Summary: Overall, everyone that I interviewed seems to think this opportunity exists and is a great idea. My belief that some people are unaware of the approaching hurricane season was confirmed. I believe my friends and I can put up shutters for hundreds of homes but it is going to take a lot of work. There will be tons of competition and having the most affordable prices will be crucial to our success.

6A Identifying Opportunities in Economic & Regulatory Trends

Opportunity #1- Health and Fitness
a. https://spy.com/articles/health-wellness/fitness/how-to-workout-at-home-237884/
b. Countless people who enjoy going to the gym can't go because they are closed due to the Corona Virus. Therefore, an increasing number of people are using workout bands and free weights at their homes. Additionally, even if gyms were to open up, a vast majority of its members would be skeptical to go back right away and choose to stick with their at-home workouts to be safe.
c. The prototypical customer is someone who is cautious about staying fit and wants to workout in Quarantine.
d. I think this opportunity is relatively easy to exploit because there are many people who would prefer to work out in the comfort of their home and not have to deal with the dirtiness and overcrowding at public gyms.

I saw the opportunity because at school I am constantly working out with my friends at Southwest Recreation Center. Since gyms are closed now, I have been working out at home. I noticed that I am more efficient and enjoy working out alone. My desire to stay fit and take care of my body helped me find this opportunity.


Opportunity #2- Unemployment
a. https://smartasset.com/financial-advisor/coronavirus-stimulus-package
b. This opportunity exists because the Corona Virus pandemic has forced many businesses to shut down and millions of workers have lost their jobs. President Trump launched this package hoping to financially assist people and businesses during this crisis.
c. The prototypical customer is someone who is unemployed and needs a source of emergency income.
d. This opportunity is relatively easy to exploit because there are countless unemployed Americans who are scrambling for money as a result of this virus. This is an opportunity for many people who need the money to gain a source of income that will keep them afloat.

I formed the belief that this opportunity exists because many of my friends' parents have lost their jobs and unemployment is a frequent topic on the news nowadays. It pains me to see so many people suffering as a result of the virus and I want the unemployed to receive as many benefits as possible.


Opportunity #3- Hurricane Season
a. https://www.usatoday.com/story/news/2020/04/02/hurricane-season-in-june-during-coronavirus-pandemic/5111024002/
b. This opportunity exists because we are still in the midst of the Corona Virus pandemic despite hurricane season quickly approaching. Most people are completely unaware of this as all attention is on the virus.
c. The prototypical customer is any resident in the state of Florida since it is a prime candidate to receive hurricane damage.
d. This opportunity is relatively easy to exploit because anyone who has lived in Florida during past hurricane seasons knows how dangerous it can be. However, with all the chaos surrounding this virus, many people are completely oblivious to the potential storms.

I formed the belief that this opportunity exists because I saw a news article recently warning Floridians of the approaching hurricane season. Additionally, I have lived in Florida my whole life and have experienced some bad hurricane damage. I just don't think many residents are going to be prepared for the hurricanes because they're preoccupied with the virus.


Opportunity #4- Increase in online shopping
a. https://theblog.adobe.com/how-covid-19-is-impacting-online-shopping-behavior/
b. I believe this opportunity exists because most stores are closed and people are skeptical to leave their homes.
c. The prototypical customer is basically anyone that owns a mobile device who needs to shop for products and necessities.
d. This opportunity is relatively easy to exploit because there aren't many physical stores open for any business currently. As a result, most companies are now offering all their products online.

I formed the belief that this opportunity exists because there is still a high demand for goods and services despite everyone staying at home. My family and I have online shopped numerous times throughout this quarantine and will continue to do so.

5A Identifying Local Opportunities

Opportunity #1

• Title- "Hair loss drug recalled for ingredient that can put users at risk for heart failure"
• Link- https://www.miamiherald.com/news/health-care/article242664821.html
• Description of story - MasterPharm had to recall a hair loss drug called Finasteride Plus because it received 33 customer complaints. The amount of minoxidil in the drug exceeded the FDA-approved amount and this wasn't even listed as one the ingredients. 
• Description of problem- Patients who used this drug were at an increased risk for developing heart failure or other heart damage. 
• Description of who has the problem- Both the customers and MasterPharm have the problem. The customers are putting their health at risk and now need to find another safe product on the market to treat their hair loss. MasterPharm as a result is going to lose a lot of business

Opportunity #2

• Title- "Quarantined South Floridians are paying more for groceries"
• Link- https://www.sun-sentinel.com/coronavirus/fl-bz-cpi-grocery-prices-rise-79-percent-in-south-florida-20200513-asggkc7vjbesnmj2rl6sme6ao4-story.html
• Description of story- Most restaurants are not open for business due to COVID-19. As a result, typical food items have increased in price by 7.9% across three counties in South Florida.
• Description of problem- Common food items at Publix have increased in price as the economy is currently in a recession.
• Description of who has the problem- Many families who can't afford to keep up with these rising prices should potentially seek out other grocery stores like Walmart that always have very low prices. Publix has no choice but to raise the prices due to the plummeting economy and business being affected.

Opportunity #3

• Title- "Marlins to furlough baseball operations employees amid coronavirus pandemic, report says"
• Link- https://www.sun-sentinel.com/sports/miami-marlins/fl-sp-marlins-furloughs-coronavirus-20200513-j3776i2igbfszfytesnib66pty-story.html
• Description of story- The Miami Marlins baseball organization had to furlough employees of their baseball operations and business operations departments due to COVID-19.
• Description of problem- Employees will soon stop receiving their salary and health benefits.
• Description of who has the problem- The employees who will soon have no source of income and have to file for unemployment. The Marlins as an organization are at the bottom and due to their low amount of revenue and absurd TV deal it was a no brainer to have to furlough its employees. The Marlins are not the only team to do this though. Teams across the MLB and in all sports are having to lay off workers from their organization because of the shutdown. 

Opportunity #4

• Title- "Miami Beach waits to open restaurants closed by COVID-19 but will add outdoor seating"
• Link- https://www.miamiherald.com/news/local/community/miami-dade/miami-beach/article242697641.html
• Description of story- On May 27, 855 restaurants will reopen and add outdoor seating to bring in a lot of customers and prevent them from being enclosed indoors. A decreasing number of COVID-19 hospitalizations and positive cases are providing city officials with hope that it is safe to begin to reopen many businesses. When open, these restaurants will be following strict guidelines and safety measures.
• Description of problem- Employees of these closed restaurants have been furloughed for the last two months and restaurant owners have had no source of revenue. Additionally, the city Miami Beach has had very little local revenue due to everything being shut down since March. 
• Description of who has the problem- The citizens of Miami Beach have this problem because once restaurants open there could be an overload of people which would allow the virus to spread. Also, city officials have to take full responsibility if this reopening goes poorly and makes things worse. Miami Beach citizens also have this problem because they need these restaurants to open up due to the rising food prices in Publix.

Opportunity #5

• Title- "Over 140 rodent droppings in a Domino's and roaches in a Subway among inspection failures"
• Link- https://www.miamiherald.com/miami-com/restaurants/article242642891.html
• Description of story- Numerous health violations were found at a local Dominos, a nationwide pizza chain. Employees were observed working without washing their hands and that isn't even the worst violation. There were over 100 rodent droppings around the establishment with a few dead and some roaming alive. The dumpster was overflowing with garbage and after coming back multiple days in a row there was still new sightings of rodent poo and activity.
• Description of problem- This local Domino's is potentially going to have to shut down due to their unsanitary store. 
• Description of who has this problem- The customers who recently ate at this Domino's might be at risk of getting sick or decide to sue Domino's for allowing this to happen. Additionally, fast food pizza customers may stop eating from not only this location but Domino's across the country. Hungry Howie's is an alternative. As a result, Domino's would lose a lot of business.

4A Forming An Opportunity Belief

1. Beginning Point- Yes, I have a belief that an opportunity exists. However, it is not related to any of the things I wrote about on my bug list. I believe air-filtering masks would be a solution for minimizing the spread of the Corona Virus. 

2. Describe My Belief- The unmet need is being able to leave home on a daily basis such as going to work and stores to get necessities without worrying about getting the Corona Virus. This need pertains to people of all ages, since everyone is at risk of this deadly disease. The need has not always existed and just began in the year 2020 from the Corona Virus outbreak. To meet this need now, many people have been wearing standard masks and gloves when out in public or staying at home because they don't feel safe. At this point, I'm 90% sure this opportunity exists.

3. Identify A Prototypical Customer- A father 

4. Iteration No. 1- I interviewed my father 
   
    What is the exact nature of the need? 
    "People need to be protected from fluids such as spray from people coughing and sneezing."

    When do you become aware of the need -- that is, do you experience this need all the time or only sometimes? 
    "When I go into any public place that requires wearing a mask such as a grocery store."

    How long have you had the need? 
   "Just recently, due to the Corona Virus. Prior to this, I can't recall wearing a mask."

    When did you first become aware of this need? Why? How are you currently addressing this need?How satisfied are you with this solution?
   "I first became aware of the need in March when the virus became a real threat. I'm protecting myself every time I enter a public facility by wearing gloves and a standard mask. I am satisfied with the precautions that I am taking. However, I would love to be able to wear an air-filtering mask. Whenever I get back home from being out in public, I wash my hands thoroughly and go straight in the shower."

5. Reflect- I learned that this opportunity really is something that everyone in the world is concerned about. Air-filtering masks would ensure more protection with cleaner air. The most surprising thing I learned about this opportunity was that most people never wore a mask in their life out in public before this pandemic.

6. Identify A Prototypical Customer- A mother

7. Iteration No. 2- I interviewed my mother

    What is the exact nature of the need?
     "The nature of this need is so that people don't transmit diseases."

    When do you become aware of the need -- that is, do you experience this need all the time or only sometimes? 
     "In confined public facilities. Basically whenever I leave my home I experience the need."

    How long have you had the need?
    "Since the Corona Virus started, about 2 months ago."

    When did you first become aware of this need? Why? How are you currently addressing this need? How satisfied are you with this solution?
    "I first became aware of the need after watching the news in early March and seeing how rapidly it was spreading. I am currently addressing this need by constantly using hand sanitizer and wearing a mask whenever I leave home. I am relatively satisfied with the safety measures I take however I still am worried about the disease. I think some people are not properly social distancing."

8. Reflect- I learned that this opportunity will provide many people with an extra layer of safety. The most surprising thing I learned about my opportunity was that masks are currently very hard to find in stores and people have been re-using some for extended periods of time.

9. Identify A Prototypical Customer- College student

10. Iteration No. 3- I interviewed my sister

      What is the exact nature of the need?
       "The nature of this need is to stay safe and prevent disease transmission during this pandemic."

       When do you become aware of the need -- that is, do you experience this need all the time or only sometimes?
        "I experience this need whenever I am out in public, specifically when I go to work. I work at a BBQ restaurant."

        How long have you had the need?
        "Since I came home early from school and got my job back in March. I leave the house everyday for work."

        When did you first become aware of this need? Why? How are you currently addressing this need? How satisfied are you with this solution?
         "I first became aware of this need in March when the Corona Virus really started to spread. I am currently addressing this need by wearing a mask and gloves when I'm at work. I am satisfied with this solution and I am getting tired of social distancing."

11. Reflect- I learned that this opportunity is centered around fighting this pandemic. The most surprising thing I learned about this opportunity was that it is now required by every store for its customers to enter with a mask.

12. Summarize- I think almost all of my original opportunity is still there. I believe that my new opportunity is slightly less accurate than when I started because it seems as if I underestimated the amount of people who are content with normal masks. There is a trade-off between adapting and staying firm. Customer feedback is important because it provides entrepreneurs with insight about the validity of the opportunity they're looking to solve. However, it is important to follow your gut.

3A My Entrepreneurship Story

I was exposed to entrepreneurship in the 7th grade when my mom and I decided to set up a homemade lemonade stand in our neighborhood. This idea was inspired by our love for lemonade, specifically the kind that we would make every weekend for our family. We enjoyed making the lemonade from scratch and getting refreshed after exercising outside. I made the sign for the stand by using a catchy slogan and vibrant colors to attract as many customers as possible. We anticipated on this little business being a success due to kids constantly playing sports outside. Our hours of operation were 10AM-330PM on weekends only. Over the course of the 2 months we ran this stand, we managed to raise a little over 450 dollars. The price was 50 cents for a large cup of lemonade. The kids loved the product and it was a bonding experience for my mom and I.

I enrolled in ENT3003 because I am interested in learning about the entrepreneurship process and becoming able to apply it. I consider myself a relatively creative person and I think that trait will allow me to flourish in this class. Additionally, a few of my friends recommended this class to me by saying it is a very engaging business elective.