14A – Halfway Reflection

1) I learned to not only work ahead, but also plan out my work ahead of time, so that it would be easier for me to go back and just edit and complete what was missing. This really allowed me to stay on top of all the assignments due in this class and not feel too overwhelmed. Prior to this class, I did not feel confident enough to go up to random people and interview them about my entrepreneurship idea. However, having to do this for this class, really sharpened this skill and I can say that I now know how to professionally approach someone and ask them the right questions that would evoke the most noteworthy answers.

2) Out of all the assignments so far, I feel like I struggled the most with my Bug List. There was a moment where I thought I could not come up with the last 5 bugs and was just about to give up and ask others what they thought I should write. But after taking a little break, and then returning to the assignment, I was able to write out the rest of the bugs almost instantly. This showed me that sometimes you really just need to take a break and experience the different perspectives that life has to offer before you can continue to work on anything else.

3) Work ahead on the assignments and don't just try to crank it out all in one go. If you start a little bit of an assignment one day, you can go back and edit it the next day. Your best ideas will come out if you've given yourself a few moments to sit and think about it.

Really try to put the effort into those interviews. Plan a few questions ahead of time, then allow the conversation to take its course. Do this by asking questions that are thought-provoking and don't require just simple, one-word responses.

Start going out of your comfort zone and talking to larger crowds than what you are normally comfortable with. This will really help you when it comes time to conduct your interviews and deliver your elevator pitch.

Two more months till graduation :'(

13A – Reading Reflection No. 1

The Wright Brothers, David McCullough

1) About the entrepreneurs:

• I was most surprised at the fact that the Wright Brothers received very little attention and fame even during their most groundbreaking discoveries. This was due to the Wright Brothers intentionally avoiding the limelight whenever possible, this was not something I would expect from people that created such a life-changing invention.
• I admired the Wright Brothers' determination the most out of everything. They were continuously mocked and laughed at, even called "bluffers," yet they did not let the doubt of the public get to them. They worked long and hard to show the world what they were capable of and with their innovative discovery, they helped change the world forever.
• To me, there wasn't much to dislike about the brothers after reading about their lives. The only thing that I could possibly think of is the fact that the Wright Brothers worked in harsh conditions and did not really allow themselves to participate in any other "fun" activities, which I think they really deserved to do.
• There were several occasions during which the Wright Brothers experienced mechanical failures, specifically when the brothers were attempting to follow the findings of other aviators. The brothers later learned that they could not follow those previous findings, so they decided that the best way to go about this was to conduct their own experiments and make their own findings. This would eventually lead to their successful innovation.

2) The Wright Brothers were extremely competent at working with their hands. They were mechanics in addition to their aviator jobs. They often repaired bicycles prior to their innovation. This allowed them to develop a great skill at constructing and putting things together with their bare hands.

3) Something confusing to me was that the Wright Brothers really struggled to sell flyers, which I don't really understand why this was an issue when they had so many potential buyers that seemed interested.

4) I would like to ask the Wright Brothers these questions: "How many crashes have you guys experienced?" and "When did you come up with the first thought of creating the airplane and what influenced it?"

5) The Wright Brothers worked extremely hard to make their ultimate discovery. They had several failures, yet continued to work tirelessly. So I would think they definitely valued hard work. This goes along with my beliefs and work ethic, because just like the Wright Brothers, I too have one big goal in mind and I am trying to work as hard as I can to reach it, despite the frequent mishaps.

12A – Figuring Out Buyer Behavior No. 1

My Segment:
For my interviews, I chose three students at UF that shopped at the grocery store at least once a week.

My Findings:
From my first two interviews, my interviewees expressed that they find themselves often complaining about the length of checkout lines and the time. They even expressed that there are times where they forego getting what they came to the grocery store for as soon as they see how long the lines are. They stated that they could benefit from shorter wait times in checkout lines as they could be spending that time studying, going to the gym, or just hanging out with friends. So they expressed that my business idea was something they wished to see in grocery stores. My last interviewee expressed that he did not really find an issue with the current state of the checkout lines, as he rarely went grocery shopping and instead buys most of his meals out. Because of this specific finding, I may have to analyze the customer demographics a bit more and incorporate my business idea accordingly.

My Conclusions:
From my findings, I can conclude that my business idea would actually benefit customers that frequently shop at grocery stores. I may have to adjust this product availability based off customer demographics and also analyze the times of the day and year for which this product might actually be the most beneficial. After these adjustments, this product can have the potential to be very successful.

11A – Idea Napkin No. 1

1) I am a senior at the University of Florida, graduating this spring. I am a Biology major on the pre-med track and I hope to eventually become a physician, for which I will be applying to medical school this summer. Next year, I will be spending my gap year at home in South Florida working and doing research. I hope that my business idea to speed up the checkout process at grocery store might make the process a little more convenient for me and allow me to focus my time in other important tasks, such as studying.

2) I plan to have cashiers posted with smartphones that are equipped with scanning and paying ability. This will minimize the time spent in checkout lines.

3) My customers will be college students and working adults especially parents (male or female), because these are the customers that I encountered that go grocery shopping and often complain about the long checkout lines.

4) Customers find this product of mine valuable, because it will save them a lot of time in the grocery store and allow them to spend time doing other tasks in their busy schedule.

5) This solution can help to tackle two issues at once, which not many can do. It not only minimizes the time spent at the grocery store, but also minimizes some of our plastic waste by encouraging customer to not bag certain items.

10A – Elevator Pitch No. 1

https://drive.google.com/open?id=1B7MycCILogPaasdT1jTs4Te7JTHyyHFL

9A – Testing the Hypothesis, Part 2

Who: After conducting my interviews, I have found that my solution to putting an end to long wait times in checkout lanes can really only be implemented during peak times of the day and year. This means that more cashiers will be staffed during each shift and equipped with smartphones with scanning and paying ability only during peak hours of the day, during the weekends, and during holidays. Those that I interviewed all agreed that this could solve the issue with long-checkout lanes. The individuals that I interviewed that are or have been cashiers at retail stores have expressed that this could eliminate the long lines and also allow companies to schedule more cashiers when actually needed. Some people that I interviewed expressed that this solution might actually frustrate the customers that want to bag some of their items, as they would have to wait to get to the front for them to be bagged.
What: The current and past cashiers that I interviewed have expressed to me that bagging is what can make the checkout process longer than it needs to be. So by having only some of the items be bagged, we can reduce our plastic waste and have shorter checkout lines. This differs from stores that do not bag any of your items at all and stores that bag absolutely everything.
Why: If stores do not implement this solution, then it may be because they do not have the resources to invest in the technology, the funds needed to pay additional cashiers, or they simply are not busy enough.

            Inside the Boundary:                              Outside the Boundary:
Who: Busy retail stores (Walmart)                 Companies that do not have enough
                                                                            capital to invest in this solution

What: Can reduce wait times in                         Can make the wait time longer
           checkout lanes and make them            for customers wanting items bagged.
                            shorter.       

Why: Retail stores are not staffing                Some stores are not busy enough to be
          enough cashiers during shifts             staffing more cashiers, making it unprofitable
          creating long checkout lines and                    to add them to the payroll.
                        wait times.         

8A – Solving The Problem

1) The opportunity that I am attempting to exploit is the checkout lanes at grocery stores. The checkout process has become really inefficient and time-consuming. This is due to too few cashiers being scheduled at a time. As a result, only a few checkout lanes are open and available for customers to access. Many stores have implemented self-checkout registers, however, these machines often malfunction and require employee assistance. In addition, these registers are only efficient if customers have less than 10 items and is not meant for a large grocery haul. Frustrated customers are demanding that this checkout process be changed and improved.

2) The product that I am hoping to implement to solve this issue is smartphone scanners.

Employees of grocery stores would be equipped with smartphones that have scanning and paying abilities (via car). This would be in addition to the existing self-checkout lines and cashier lanes. Similar to the Chick-fil-A drive thru, there would be 1 or 2 floating cashiers for each lane that would essentially just go through and check out card-paying customers using a smartphone provided to them by the company. And once the customer gets to the front of the lane, the items that need bagging or boxing will be brought to the cashier at the register and they will bag them. If implemented, this product will speed up the checkout process and keep customers a lot happier.

7A – Testing the Hypothesis, Part 1

1)    Smartphone scanners

2)    Opportunity: A vast majority of working Americans get off of work at 5pm. This mass exodus of individuals is what causes rush hour. This is also the only time that most people are able to go to the grocery store, or during the weekend. As a result, grocery stores also experience rush hours during the early evening on weekdays and during the weekends. If you have ever been to the grocery store during these times, checkout lines can be extremely long and frustrating. I see an opportunity to have extra grocery store employees checkout individuals via smartphone scanners or even possibly having an app for the customer to scan it themselves as they put the item from the shelf to their cart. This reduces wait times and frustration levels during a time where everyone is just trying to get home.

-       Who: Grocery store consumers

-       What: Unable to efficiently check out customers during peak hours

-       Why: Not enough employees at the grocery store or unable to design a secure scanning app

3)    Hypothesis:

-       Testing the who:

a.     All grocery store customers would like to get in and out as fast as possible. 

b.     Quicker check out lines may also entice customers to come in more often as they will not view going to the grocery store as a “burden.”

-       Testing the what:

a.     Major grocery store chains are the ones that would benefit the most from this opportunity. Smaller stores often do not get as many customers and checkout lines are not an issue.

-       Testing the why:

a.     Individuals go to the grocery store because they have plans outside if the grocery store. Having customers wait in line is not a good business practice, especially if it can be reduced for minimal cost.

b.     https://www.supermarketnews.com/retail-financial/customers-waiting-hardest-part

c.     This article shows that customers are willing to switch grocery stores if it means they will be checking out faster.

4)    Interview summary:

a.     All 5 of my interviewees agreed that a faster checkout will make their grocery shopping experience much more enjoyable.

b.     Several interviewees also mentioned that they would be willing to make more small trips to the grocery store, rather than a weekly trip. This way they could enjoy fresher produce.

c.     All 5 of my interviewees preferred the app idea where the customer can scan the barcode as they shop. This way they can walk out of the grocery store when they are done. 

                                               i.     One suggested having several employees near the exit checking to ensure that the customers actually paid for their food as stealing could become an issue with this idea. The employee can randomly scan one of the customers items and see if they actually paid for it.

d.     One interviewee said that the idea with additional employees having mobile scanners would be hectic because there would not be a designated checkout lane for them.

6A – Identifying Opportunities in Economic & Regulatory Trends

1. Malls are taking a big hit and struggling to stay "relevant" as brick-and-mortar stores are closing faster than ever before.
a) https://biztimes.com/economic-trends-malls-seek-right-mix-of-relevant-retail/
b) Many stores are failing and closing due to the rise of big e-retail landscapes causing malls to suffer in the process. Part of this is due to the fact that many of these stores offer only one thing instead of combining "relevant retail."
c) Prototypical customer - Store owners and worker; mall corporations and worker
d) This may be difficult to exploit since Amazon is huge competition, as they provide a variety of products that can be delivered in as soon as a day.
I see that this opportunity exists because I am seeing that several of the stores I once used to shop at are now closing and now I can never find anything I like at the mall, so I just resort to online shopping.

2. In just one day, Elon Musk lost $6 billion due to a 17% drop in Tesla shares.
a) https://markets.businessinsider.com/news/stocks/tesla-stock-price-slip-cost-elon-musk-nearly-billions-lose-2020-2-1028881542
b) Although very expensive, the demand for a Tesla has been increasing. Many people are purchasing a Tesla now because of the advanced technology and futuristic look it gives off, also because it is highly energy efficient. However, at the moment, demand is exceeding supply and due to the recent outbreak, production at Tesla plants particularly in China has declined.
c) Prototypical customer - This is directly affecting Elon Musk, but may indirectly affect Tesla employees as they may start to experience a pay cut.
d) This may be difficult to exploit as there is a hefty price that goes into manufacturing a Tesla.
I see many people are driving Teslas now than ever before, because they have released a more affordable line, so it was a surprise to me that shares have sank to this extent.

3. Possibility regulations to emerge as FDA warns consumers of the possible risks of consuming CBD products.
a) https://www.wsj.com/articles/cloudy-regulation-slows-cbds-seep-into-food-and-drinks-11578574807
b) Many companies are producing and selling large amounts of CBD products because of the apparent healing properties CBD provides, however, due to the lack of research, the FDA is now urging consumers to consider the risks that are associated with consuming these products.
c) Prototypical customer - Consumers of CBD products and CBD production companies
d) Depending on how you look at it, this might be easy to exploit, as these regulatory changes may force consumers to find other, safer alternatives to CBD and companies will then shift their production to reflect that.
I see many food and drink products containing CBD being sold at several stores, so I'm interested to see how this may change if the FDA issues new regulations that would ban these products.

4. Unregulated commercial fishing is destroying the shorelines
a) https://www.gastongazette.com/news/20200206/paws-urges-support-for-coastal-fishing-regulation
b) Over-fishing of coastal areas is damaging the shorelines and ruining the ocean ecosystem. Because of this, conservationists are urging for state regulations that would keep commercial fishing to a minimum. This is necessary to preserve the ocean ecosystems and to prevent any drastic environmental changes.
c) Prototypical customer - Large-scale fisheries
d) This may be easy to exploit because the ocean has an extensive ecosystem that is vital for all life on earth, so regulations may emerge to preserve the oceans.
I have seen first-hand the damage to shorelines caused by over-fishing, so I recognize that this is an important regulation to enforce.