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.
Sunday, May 31, 2020
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.
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.
Wednesday, May 27, 2020
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
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
Monday, May 25, 2020
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.
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.
Sunday, May 17, 2020
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.
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.
Subscribe to:
Posts (Atom)