Final Reflection 30A

1. The experience I will remember for years will definitely just be the process of this whole class. The way we started off with a simple product idea and expanded it into so much more. My most joyous experience was probably just the finishing product. After all the work and interviews and knowing that this is a legit idea and possible product. The experience I’m most proud of is probably just the fact that I created a whole business model based off a simple idea.

2. I don’t think I have a complete entrepreneurial mindset yet, however I do think it’s has moved me closer to it. We have gone over every step thoroughly and it has definitely helped me understand how to think like an entrepreneur and how to make a complete business model.

3. I would recommend to just stay positive. Not every idea is going to work out, but continue to work on it and everything will work out. To do well in this course, just do the assignments honestly, they aren’t that hard, just put solid effort and time in and it will work out. To foster that mindset, I think a good way is to just try and think about making the most money, like a seller and how the best way to sell a certain item.

Venture Concept No. 2 29A

1. I believe there is an opportunity for a product that is able to serve as a filtration water bottle, and people can literally scoop up water from the ground and with .01 infiltration, it becomes drinkable and safe. Furthermore, with the price being comparable to regular water bottles, it is far more superior, not even including the idea of creativity and how the designer will stand out more.

The people who are in most need of a product like this are people who are often involved in outdoor activities or people in general who don't trust public places water fountains. This is a regular water bottle that is able to make you feel comfortable drinking from wherever you are. For example, people who hike and camp, are able to pick up water from a stream and once filtrated, are able to drink it. This also allows people to not have to worry about binging their own water, as long as they have the bottle. They also don't have to drink their water thats been in the heat all day, when they can scoop up fresh cold water from the river.

What is helping this product is it is also good for nature and the environment. No more plastic water bottles, which also helps with the littering problem and getting the rivers and streams polluted with garbage. This market is defined geographically and demographically by people who are most likely in their 20s or 30s. People who are active a lot. The best part about the product though, is that anybody can use it. It is literally a water bottle, it just has features that others don't such as the .01 infiltration. Customers are currently satisfying their needs with regular water bottles or a brita, but britas are not made to be walking around with. It is more for at home and sitting in the fridge. Also, it does not have the ability to pick up ground water and make it healthy and clean. The opportunity is pretty big, as their are no other products like it. The customers are also loyal if the product is high quality. A prime example is the company yeti, they are the high quality water bottles on the market, but they also do not have the ability to filtrate water from the ground and make it drinkable. The window of opportunity is most likely going to be open for awhile. While technology is increasing at a devastating rate, this product will take multiple attempts to perfect. With that in mind, it does sound quite impossible to be able create a product with this ability with no imperfections. And with that being said, there is a great chance this product will not be available for a long time.

The product is essentially your typical water bottle. Take it to class, take it to the gym, take it when you just leave the house. The product however, is also special in the way it is able to scoop up ground water and make it perfectly healthy and clean and drinkable. I would most likely try and sell it online and through sports stores. Stores that sell not only stuff for sports but also outdoor and recreational activities. The goal is to sell it comparable to the other water bottles in the market. That way, not only is the price relative to what they would buy anyway, but my product is superior and provides more functions and would therefor be the best option on the market.

My product solves the opportunity I have identified because it is a multipurpose product that can be used for anything. There will no longer be a need to prepare water for when you leave the house. As long as you have the bottle with you, you will be able to obtain fresh water wherever you are, that is unless you are in a desert. Customers will buy my innovation because it will be the most superior product on the market, with a fair price. When comparing the price to other products, and then factoring in the benefits and features my product provides, it is an easy choice. The reasons customers would switch is because there is no product like it. Like I said, it would be the most superior product on the market, and if I am able to hire a great design person, and the designs on our water bottles are also better, it would be quite easy to make the switch. The competitors are people who sell water bottles. While there are none that sell products with the same features,  there are loyal customers to companies like yeti. Their weakness would be that they do not sell filtration water bottles. I believe price distribution will be huge, because no matter the product, people will always look for the cheapest outlets. In the end though, I believe customer service and support will be most important, making sure customers are getting what they are saying for. I would need employees to help manage online sales and some to manage in store sales. Also, employees to help with creativity and innovation ideas and also people with just organizing and helping keep the profits on track.

My "secret sauce" would be my connections. I have very bright people with very high educations that would be able to help get me started and also run the business. Through them, I know many people who would be interested in helping with the business or people that would give my product a try. Also they have connections who may even be interested in investing in the company. The next thing I would like to tackle would be the the design and creativity. I believe creativity is very important in this market. Assuming the launch, I would like to continue improving the product, but also innovating on other products in the same field so I would be able to sell family products that all attract the same audience, that way customers would be lying more than one item from the company.

2. I didn't receive much feedback, only one person commented on that post, but they stated how such a product will be very difficult to create and actually produce, but overall, if the idea is able to come to fruition, it would be a one-of-a kind product.

3. Basically, the only thing I changed, was the window of opportunity. This product has a quite simple concept, it is just a matter of how hard this product will be to create. I received feedback on how hard it may be, and it made me realize, this window will probably be open for awhile, considering how hard it may be to actually create the product. 

Your Exit Strategy 28A

1. My exit strategy would be to sell in the next 5 years and to hopefully get as much money as I can from it.

2. I have selected this exit strategy because my goal has always been to go to law school. That is something that is more important to me and my family has multiple lawyers in it. To be able to sell this and gain money that would be able to put me through law school would be a dream come true.

3. It probably has made an impact on the way I have thought about it. I subconsciously have had it in the back of my head the whole time that this is just something small in the grand scheme of things, and that this would be a fantastic way to just boost my career from the start.

Reading Reflection No. 3 27A

The Reading I chose was Innovation and Entreprensurship by Peter Drucker

1. The general theme of this book is obviously about innovation and entreprensurship  but also how it involves discipline and the best ways to practice them.

2. This book has connected with this ENT class in the ways we think. This whole class has been about innovation and ways to make our product better. Combine that with the entrepreneurship part and learning how to market products and classify them is literally what this class is about.

3. An exercise would be at the end of the class, describe how the original product has been innovated and changed, and how the original market and target audience has changed over the course of this class.

4. I think part 2 was where the "aha" moment hit me. It wasn't necessarily a particular moment, but it talks about the managerial strategies and entrepreneurship strategies. From what he was saying, it seems as if he almost think entrepreneurship competence may be even mire important than the product and innovation itself. Obviously the product must be quality, but without any entrepreneurship skills, the product is worthless.

Celebrating Failure 26A

1. The time I have failed this past semester has been in another class. I am currently working full time and have an internship as well, while managing two classes. In the other class, which has exams, it is hard to find time to study a lot. So for the first two exams, I was a bit too confident in how easy the exams would be and with work and whatnot, I did not find myself studying a whole lot. That first exam did not end up too well. The second exam, I found myself studying more but still, not enough. That exam ended up just alright. With that being said, for the third exam, I found myself studying a lot to prepare myself for the exam. Even bringing in study notes to work to look at for when I'm on break. And the result was much much better.

2. I learned that it just takes time and patience. Everything will come with time. I also learned that failure doesn't mean you're bad or not as smart or worth less than others. It is just a lesson we learn from and that helps make everyone better.

3. Failure is just a lesson. How will we ever learn anything if we don't fail? The best way to handle failure is just to encourage yourself, stay confident and know you will learn from it and do better next team. This class has helped me realize to embrace failure. Use it to motivate yourself, and also to continue and strive to do better. I have always been a risk taker, but this class just encourages it even more because you should never be sacred to fail.

What's Next? 25A

Existing Market:

What is next for my products and services would be to put my product in stores and also have them available to order form online. Hopefully if it becomes popular enough, I could have them sold through mass distributors such as Amazon.

After speaking to the three interviewees, what they suggested I do next is to be planning for what customers might want next. They said my product is a great idea, but what about when something goes wrong and say someone gets sick, I will need to be ready and prepared to defend the product not just to potential customers, but also to make sure it is safe and able to keep being sold. They also said customer may next want products in the same field with benefits. Like for example, someone who may hike and use this water bottle, may want a different product they can use for hiking such as some sort of knife or any object that can be potentially innovated and made better. That way, the customer can shop my brand and that also expand my company.

Based on my own expectations, I would hope to be one of the top selling water bottles in stores. The idea would be to place them in stores that sell sports equipment but also outdoor and recreation activities. An example of a store would be like a place near me named "Modell's" which sell sports stuff but also stuff for hiking, hunting, etc. Another thing I would hope, is to sell enough through my website, that I would be able to start mass distributing them to companies like Amazon.

New Market:

A radically different market would be to try and introduce products that would be specific to certain audiences, such as sporting equipment. I think it would allow me to branch out and to attack a certain audience with new products.

After interviewing two people, I found that is is probably not the best idea. I have no clear product that would be able to stand out in a specific market like sports equipment. Because the market is so big, sure, there is opportunity, but it will require something special. Both interviewees explained how it is pretty pointless to attack a specific audience like that because my product is so universal and that market probably isn't the best market to begin with. They both agreed that customers from that department will most likely not be my best customers in terms of sales.

I have learned that it would be a bad idea to try and adapt my product to a specific department such as sports. With them not being my main customers to begin with, it would be hard to get them to buy more. My product is more designed for outdoor actives, not so much team sport activities. That is what gatorade bottles are for, where teams carry like 12 of them for the team. My product is designed more for people to use in recreational activities. I realized the existing market is the market to continue to try and impress.

Venture Concept No. 1 24A

I believe there is an opportunity for a product that is able to serve as a filtration water bottle, and people can literally scoop up water from the ground and with .01 infiltration, it becomes drinkable and safe. Furthermore, with the price being comparable to regular water bottles, it is far more superior, not even including the idea of creativity and how the designer will stand out more.

The people who are in most need of a product like this are people who are often involved in outdoor activities or people in general who don't trust public places water fountains. This is a regular water bottle that is able to make you feel comfortable drinking from wherever you are. For example, people who hike and camp, are able to pick up water from a stream and once filtrated, are able to drink it. This also allows people to not have to worry about binging their own water, as long as they have the bottle. They also don't have to drink their water thats been in the heat all day, when they can scoop up fresh cold water from the river.

What is helping this product is it is also good for nature and the environment. No more plastic water bottle, which also helps with the littering problem and getting the rivers and streams polluted with garbage. This market is defined geographically and demographically by people who are most likely in their 20s or 30s. People who are active a lot. The best part about the product though, is that anybody can use it. It is literally a water bottle, it just has features that others don't such as the .01 infiltration. Customers are currently satisfying their needs with regular water bottles or a brita, but britas are not to be walking around with. It is more for at home and sitting in the fridge. Also, it does not have the ability to pick up ground water and make it healthy and clean. The opportunity us pretty big, as their are none like it. The customers are also loyal if the product is high quality. A prime example is the company yeti, they are the high quality water bottles on the market, but they also do not have the ability to filtrate water from the ground and make it drinkable. The window of opportunity is most likely closing. With technology these days, it probably will not be long before someone is able to invent it.

The product is essentially your typical water bottle. Take it to class, take it to the gym, take it when you just leave the house. The product however, is also special in the way it is able to scoop up ground water and make it perfectly healthy and clean and drinkable. I would most likely try and sell it online and through sports stores. Stores that sell not only stuff for sports but also outdoor and recreational activities. The goal is to sell it comparable to the other water bottles in the market. That way, not only is the price relative to what they would buy anyway, but my product is superior and provides more functions and would therefor be the best option on the market.

My product solves the opportunity I have identified because it is a multipurpose product that can be used for anything. There will no longer be a need to prepare water for when you leave the house. As long as you have the bottle with you, you will be able to obtain fresh water wherever you are, that is unless you are in a desert. Customers will buy my innovation because it will be the most superior product on the market, with a fair price. When comparing the price to other products, and then factoring in the benefits and features my product provides, it is an easy choice. The reasons customers would switch is because there is no product like it. Like I said, it would be the most superior product on the market, and if I am able to hire a great design person, and the designs on our water bottles are also better, it would be quite easy to make the switch. The competitors are people who sell water bottles. While there are none that sell products with the same features,  there are loyal customers to companies like yeti. Their weakness would be that they do not sell filtration water bottles. I believe price distribution will be huge, because no matter the product, people will always look for the cheapest outlets. In the end though, I believe customer service and support will be most important, making sure customers are getting what they are saying for. I would need employees to help manage online sales and some to manage in store sales. Also, employees to help with creativity and innovation ideas and also people with just organizing and helping keep the profits on track.

My "secret sauce" would be my connections. I have very bright people with very high educations that would be able to help get me started and also run the business. Through them, I know many people who would be interested in helping with the business or people that would give my product a try. Also they have connections who may even be interested in investing in the company. The next thing I would like to tackle would be the the design and creativity. I believe creativity is very important in this market. Assuming the launch, I would like to continue improving the product, but also innovating on other products in the same field so I would be able to sell family products that all attract the same audience, that way customers would be lying more than one item from the company.

Your Venture's Unfair Advantage 23A

1. Money Available
V: Will be what helps me get started and set up the company
R: I am fortunate to have money readily available because not everyone does
I: It is something that either you have or you don't
N: Not directly substitutable but can be helped out by others to get started

2. Very smart people in my family willing to help
V: Can help with great business ideas but also just in general running the company
R: Not rare, but everyone in my family has a college degree and lots with higher degrees such as law degrees
I: Not really something you can "copy"
N: There is the internet, which can help you with pretty much anything but its not first hand help

3. Connections
V: Through family and friends I know lots of people, which may either want to help, or may be interested in the product
R: It is hard to make connections, not all people have great connections with power or the willingness to help
I: Easy to "copy" lots of people know other people so its pretty easy
N: All you have to do is get lucky once, but experience is the only thing that can really replace connections

4. Experience in helping customers
V: I know how to handle customers well, which is big in getting them interested
R: Not everybody has experience taking care of customers
I: Many people on the other had have probably had a job or two where they interact with customers often
N: A substitute would be something like just being good with people

5. Friends that sell similar products
V: They know what customers look for in the product and what interests them
R: Pretty rare,  I just si happen to know someone who sells sports equipment and specifically products like mine
I: Not something you really "copy" its almost like a connection
N: Connections are the biggest substitute because they may know someone who knows someone

6. Personable and easy to relate to
V: I am good with people and that may lead to customers taking an interest in my product
R: Some are outgoing and some are shy, so its kind of rare but not entirely
I: This cannot be copied
N: A substitute would be to have an exceptional product, second to none that way no interactions re necessarily needed

7. Knowledge about the target audience
V: I know what people look for in this product
R: Not everybody has experience in the field they work
I: This cannot be copied
N: Once again just a phenomenal product because then it already has what they want

8. Drive to be successful
V: It is needed to succeed and get through the ups and downs
R: Not rare
I: Cannot be copied
N: No substitute, either you got it or you don't

9. Location
V: I live in a populated area, also near Annapolis and D.C.
R: Pretty rare, its near the capital of the USA
I: Can be copied, anybody can choose a location
N: No real substitute, location isn't permanent

10. Superior Product
V: It would be the best product on the market
R: Very rare, it doesn't exist where you can scoop up ground water and it filtrates to be drinkable and safe
I: Can be copied but my father is a patent attorney and I would be able to get a patent
N: A similar product, but it would still be inferior

I think my top resource would be connections. Through my dad and my other family members with grad school degrees, they know lots of powerful people and people with money and great careers. I am a firm believer that connections are the most important resource for everything.

Reading Reflection No.2 21A

1. I would say the theme is just never give up. Scott Adams talks about all of his failure and how it is better to just embrace them and continue striving to get where you want.

2. This book is related to this class in the way it encourages you to keep going. Not every product or company is going to work out, but keep working at it until it does. It also relates in the ways to express being different and creativity.

3. An assignment I would make after reading this would be to think of an idea or product in several different areas such as Scott Adams did with his inventions, investments and computer programming to even owing restaurants. So to think of different ideas in different fields would be interesting.

4. I guess the biggest “aha” moment is just when you realize how many failures Scott Adams has actually gone through and to still see him becoming famous off of his comic strips in just a few years. So it just goes to show, you just have to push through the failures and eventually you will break through.

Growing Your Social Capital 20A

Domain Expert:

1. Steven Detwiler, he currently works as a mechanical engineer at the Ft. Meade military base. He graduated from Penn State with a mechanical engineering degree. He had an internship there in high school, all the way through college, until he was offered a job straight out of college.

2. I am filling him as the domain expert because he would be able to help with anything technical, whether it be creating a website, to just producing advertisements on the web. He also would be able to give advice on the creation of the product.

3. He is my cousin, so it was simple just shooting him a text and asking when he is free, and we got together for lunch one day and I was able to complete the interview then.

4. There was no real exchange because we are quite close. We are family, so he was genuinely interested in helping me and hearing my idea.

5. He is very good with computers and everything online and I know having him on the team would be beneficial with everything technology related, and with the bond we share as family, we obviously get along very well and he would be a great addition.

Market Expert:

1. Jay Stelacone, is a patent attorney based out of Arlington, Virginia. He currently works for Oliff Plc. He graduated from Penn State with an aerospace engineering degree. Then went to The University of Nebraska for law school.

2. I am filling him as the market expert because of his ability as a patent attorney to search the market for any competition, and he would also be able to help with patenting the product.

3. He is my father, so it actually difficult to get his interview because of the long hours he works, and then when he comes home, he has deadlines, but it was also as easy as getting him in some of his free time to sit down.

4. There was no exchange because he is my father, and he wants to see me succeed in everything.

5. He is able to patent my product, so nobody else would be able to "think" of the same idea. also part of his job is looking to make sure that no item exists, and he would be able to find products similar to my idea and find the differences so that we can advertise our strengths compared to other companies. At the same time, if you look at his credentials, he is quite brilliant and would be able to help in multiple other fields.

Supplier:

1. Jacob Buhaj, he is a student at the University of Maryland. He has worked at Modell's Sporting Goods for two years now.

2. I am filling him in the supplier role because of his expertise in all sports and outdoor products. His job is to be able to describe these products to customers to suite their needs.

3. He is a friend from high school that I hang out with when i am home from school. It was quite easy connecting him and just casually interviewing him while were hanging out.

4. There was no exchange because we are friends and he said it was no big deal and that I could just ask some question while we hung out.

5. Because of his interest and expertise in such products, he knows what is most important to customers, and also knows how to sell products and communicate with customers as to which are the best.

Reflection: While these people were only friends and family, it was interesting to see how people that actually work in such fields can help to plan, create and sell these products. These friends can also use their connection to help gain more outside ideas from their co workers. This was just the first step in building a network.

Idea Napkin No.2 19A

1.) Once again, My name is Nick Stelacone and I am entering my 3rd year at the University of Florida. I am a sports management major with a minor in business administration. I am also a member of the fraternity Pi Kappa Phi. My strengths are that I am personable and relatable and that I have experience in many different fields. I have worked in the restaurant industry as well as the landscaping industry, which is extremely hard work. My aspirations are to work in the sports field in some way, and the idea of a cheap, portable brita water bottle that can use ground water would be perfect for sports and other recreation activities. I don't really see this playing a major role in my life, its just an idea and it would be pretty hard to actually invent with .01 infiltration, but at the same time, it is something I myself would use often and I know friends that would also.

2.) I am offering a portable, brits water bottle that only has .01 infiltration and can use ground water straight to fresh water that is safe and consumable. The idea is for it to be cheap for the market, so that many kids my age and even younger can afford it so they can experience it when they do recreation activities and play sports.

3.) It is literally offered to anyone, of any age. That is why it is so uniques, it can be used as a normal water bottle for some who say just don't trust the water fountains at school, so they bring that and filter the water out and have a fresh clean bottle of water, to someone who is hiking and can pick up water from a stream and then minutes later have a fresh clean water bottle. 

4.) Customers will pay for a product that actually works and is able to preform what it says it can. They will pay for uniqueness as you can customize how your bottle looks and the designs in it. They will also pay for price as it will be the cheapest product of that nature on the market.

5.) What I have is the uniqueness and price that nobody else can match. It is also of higher quality being that you can go from ground water straight to fresh drinking water on the go. 

I believe these elements do all fit together as one. The idea is to have a product that can perform in a way that none others can, and going from ground water to drinking water is just that. It also offers the best price as well as uniqueness because customers can customize them in any way they want. And the best part, is that anyone can use it for any reason. They are not customarily built for one specific purpose. 

Feedback Memo: I took away that it is good I am involved with sports and that I can think of ways to market it rather than just a matter bottle and how else it can be used. I also took away the fact that I should focus on design, hence the idea of customization from the customer. I incorporated these into this post by adding the uniqueness to the benefits as well as explaining how it can be used for literally anything.

Create a Customer Avatar 18A

As you can see below, my customer is wearing a tank top, it is it symbolize the fact that they go out a lot, and are active, whether it be in the gym or if they do stuff like hiking and jogging. They are of any age really, but its probably best to symbolize young people as that would be the main target audience. Their car is probably just something black without a roof that they can drive around with and just feel the fresh air and enjoy beautiful weather as that is what they live for. They spend time watching action movies and sports whenever it is on. They have most likely been enjoying the world cup this summer. Their favorite things to read consist of magazines with cool places to visit and places to travel to. You will most likely catch them at the gym 5 days a week and jogging around campus. 

Final Question: I do have many of these things in common, I pretty much only watch sports if they are on, it doesn't even matter what sport, and I have been waiting for the world cup for like a year now. I pretty much based the avatar off my self because I enjoy going to the gym and doing stuff that involves nature and because it is my age sector, it is easy for me to relate and think of ideas that others my age would enjoy and appreciate. 

Figuring Out Buyer Behavior No. 2 15A

Interviews: Out of the three people I interviewed two of them said that their top priority for a product like this is style and they way it looks. Things such as color and design are what attracts them to these items. On the other hand, the other person said their top priority is price, as they will not over pay for this type of product. All three said quality is also of importance because if the product does not work the way it is put out to, then they will not buy it. Two people also mentioned brand name is important because they "know what they are getting". All three interviewees said that a product of this type is pointless to go into a store looking for and that thy would buy it online using a debit or credit card. One person said they evaluate the "rightness" of their purchase based on how often they used the product. If it is good and works well and they use it a lot. Another person said they base it off how well it works and if it lives up to what it says it provides. The last person said they base it off how much they use it, but also if it looks unique compared to others they see around. What they would use to determine if the purchase was bad would be if the product doesn't work the way it says it can, they don't use it a lot because it is similar to others and may get it mixed up, or if they find other alternatives for a lower price.

Conclusion: What I learned from these interviews is that when it comes to filter water bottles, the style plays a big role because it should stand out and it should not be able to get mixed up often. Another factor is price, it should be a reasonable price compared to others in the market and obviously quality, so if it says you can pick up ground water and make it clean with .01 infiltration then that is what they expect. Lastly, they expect to use it often, so it should be a product that is durable and can last long.

Halfway Reflection 14A

1.)  What I have done to stay on top of this class is to watch the lectures the day they come out so that I do not fall behind and I stay up to date with what we are learning. I also set a reminder on my phone  to make sure I complete all the assignments on time. Also, I look through the assignments and what they require way in advance so I can think of ideas for the assignment.

2.) These assignments are due on Friday nights so sometimes it is hard to want to finish an assignment when your friends are going out and everything but when it is all said and done, I know this class is important in terms of learning about how to sell products and improving creativity.

3.) Tips:

• Know that what you learn may play a huge role later in life
• Really challenge yourself in terms of wanting to learn and writing good blogs
• Have fun with this class, as it supports thinking outside the box

Figuring Out Buyer Behavior No. 1 12A

Segment: I would like to start by researching people of young age, anywhere from 18-26 whom either play sports or enjoy other outdoor activities such as hiking and camping.

After conducting my three interviews, which consisted of two former athletes and another who just enjoys outdoor activities and exercise all between the ages of 18-26, it it clear when the need "pops out".  The need wasn't necessarily clean water because anyone ca just go and buy water bottles, but it is the idea that at any time or place, and there is no clean water, if you have this product, you can obtain healthy, fresh water. They all said that the need comes in to play when they either had forgotten to bring water to practice, or wherever they were practicing didn't have any fountains. The other interviewee answered from his point which is hiking, and when maybe he didn't bring enough water, or it is so hot that his water was no longer cold, it would be nice to just carry this matter bottle and be able to scoop it up straight from a stream or river. They all said that the need can exist anywhere, from your home, to a local park, to a mountain, a lake, basically anywhere. It is such  universal product in that it can be used to just obtain clean drinking water wherever you are at.

All three had similar responses to when they become aware of the need, they will typically ask a friend or simply search for a nearby water fountain. The problem is, sometimes friends don't want to share, or maybe that could lead to them running out of water themselves, and not everywhere you go has water fountains. When they search for water bottles on googles, they all said the same thing, and that is that they see the typical water bottle that just carries water, maybe the find a filtration bottle here and there, but nothing that promises .01 filtration and certainly nothing they feel comfortable with picking up water from the ground. They all said they have never really talked to friends or family about it because it isn't something need to have to live, but that it would definitely be beneficial to all of their activities.

Overall, the need awareness is exactly what I thought it would be for this segment. At a young age, it is easy to maybe forget to bring a water or just share with a friend. The point though was that people in this age segment are typically the most active, and so this would one of the bigger audiences I would try and market to. Their answers have reflected what i have said in the past regarding how universal the product is and how it can be used for almost any specific reason at any time.

Idea Napkin No. 1 11A

1.) My name is Nick Stelacone and I am entering my 3rd year at the University of Florida. I am a sports management major with a minor in business administration. I am also a member of the fraternity Pi Kappa Phi. My strengths are that I am personable and relatable and that I have experience in many different fields. I have worked in the restaurant industry as well as the landscaping industry, which is extremely hard work. My aspirations are to work in the sports field in some way, and the idea of a cheap, portable brita water bottle that can use ground water would be perfect for sports and other recreation activities. This idea could play a minor role in my life because I don't exactly plan on inventing any products, but at the same time, if it happened I could make money to help pay off college and even use it to make innovations to that product.

2.) The product I would be selling would be a cheap, portable water filter bottle that can take water from the ground and make it purified water with .01 infiltration. This product would then be perfect to just leave in the car and if you forget a water for a sports practice, you have that and you know that whatever water you use to fill it, you won't have to worry about it not being safe or harmful. It would also be nice to have this item when performing other activities such as hiking or camping and you can find a river or stream and use water straight from there.

3.) The ideal customer would be of any age and would pertain to people who are involved in sports or other outdoor activities such as hiking and camping. It is basically perfect for anyone who is interested in performing outdoor activities and may ever be out of water or forget water, and they can use this item to hydrate.

4.) People will pay to use this product because it is unique in that anyone can use it, from filling it up at a school water fountain because they think that the school water is gross, to people who go camping and will need fresh water while outside. All you have to do is find any source of water and fill up the bottle and it will only have .01 infiltration and will allow the customer the relief that they know they are drinking healthy and fresh water from any source.

5.) What sets this product apart is the infiltration is .01. That is unheard of even at in-home britas, so the idea that they can use any water source to fill the bottle and it be healthy and fresh is automatically a plus.

I believe that there is a market for this product and that these elements do match up for the most part, but I believe the weaker concepts are the "why will people buy this" and "what sets this product apart". This does not mean people won't buy it, it just means I will need to find and describe other details about it to entice others to buy it. It could be something as simple as a design to maybe a price that is cheaper than the competitors. And what sets it apart will have to be something other than the filtration. The other aspects of it, do create a market and appeal to a certain group of people.

Testing The Hypothesis, Part 2 9A

To further determine the "inside" and "outside" of the boundary, I interviewed a couple student athletes and a few neighbors, one in which had children who currently play youth sports. I summarize their responses in the who, what and why below.

Opportunity: Should student athletes be paid?

Who: The criteria I used to determine if the people are "inside" or "outside" is how involved they are in sports and even better collegiate sports. The two that I interviewed that were current student athletes would obviously be inside. The two neighbors that do not have kids would obviously be outside and the neighbor with kids in the youth sports would be considered outside, even though they share a lot in common with the sports world.

What: When I consider the people inside the boundary and outside the boundary, they share different needs from each other and that is where the line is drawn. The thing is with this topic, everyone has their own opinion, and whether they are involved in sports or not, plays a major role. While that is the case, participation in sports ultimately does not determine their opinion, as proven with my interviews, one of the neighbors with no relevancy to sports said they should be paid. While a student athlete himself, said that it is not necessary to pay athletes because they already have other benefits.

Why: The needs of the insiders and outsiders is very different. They both have different opinions, yet at the same time, their opinions could be very similar. I believe that participation in sports certainly affects their opinions, but does not ultimately determine their opinion.


Inside The Boundary                                                   Outside The Boundary
Participation in sports, family in sports                         Non-athletes, no family inspirits

Paying student athletes in college                                  Continue with not paying student athletes

Athletes feel they bring in the most revenue                  College sports is a job and they should be paid
to school and should be rewarded

Solving The Problem 8A

I believe there is currently an opportunity for me to start selling life insurance in Calvert County, MD. It is actually already in the process, as a group of hometown friends and I get started, we are being given a budget to open an office in Calvert County. It is more than just life insurance, it extends to other things such as 401K, investments, and etc. We found out this opportunity through referrals within the company in a different county, but there was no office opened in that area. So that is where we come in, when the office is opened, we will be able to provide all of those services to people in that area that are in need of those particular benefits.

Testing the Hypothesis, Part 1 7A

1.) College athletes being paid

2.) The opportunity I am exploring is the idea that college athletes should get paid for all the revenue they bring in to their respective schools and that their lifestyle is more towards sports than school anyway

• The Who: College athletes and colleges
• The What: Getting paid for the revenue they bring in to their schools
• The Why: Athletes bring in the most money for their schools, and the work they do for sports all while keeping up with school is extremely demanding

3.) Testing 

• The Who: There are many other who have this need, basically everyone in 'the who' share this need because all college athletes know the work they put in for their sports all while trying to keep up in school
• The What: I think all college athletes want to get paid for the way they bring in money to their schools, and that goes for mostly all schools. Athletics brings in the most money, like for example UF football brings in millions and millions and the players don't get paid any of it, while the school just profits off all their hard work, although the players are attending the university for free. 
• The Why: There are two sides to the why, many people believe the players do deserved to get paid because why free education is nice, they bring in millions of dollars and should get some sort of compensation. On the other hand, many others think that getting a free college education is easily enough for them, along with all the free gear and other benefits they receive. 

4.) Interview summary

What I have found from performing these interviews is that there is more to it than just college athletes and the colleges that are affected. Others affected are professors, who are paid from the money the colleges make, also affected are other students, because they will be given less money for scholarships and those who are in need, while other students pay full price and are given zero benefits. Considering the what, it really is a mix of opinions, as a couple people i interviewed thought that paying players was a necessity because it will only bring in more revenue. With high powered programs such as UF, they can offer their recruits more money to play than other schools and will result in a better program and ultimately even more sales. On the other hand, I found that the other three interviewees were not interested in paying the players because they already get enough as it is. They believed that a free college education was enough to already go along with their free gear and all the extra free benefits along with the publicity they receive and college training they get so they can go professional. Continuing with they why, I found that there is no way to justify a clear decision, and that no matter what, there will be controversy. A couple people mentioned that it could lead to players abusing their benefits and creating more havoc.

5.) After conducting the interviews, I have found that the opportunity affects more than just the players and colleges, and that it affects the whole surrounding community of people and other students. I also figure before that there would be no clear, definite answer, and that strengthened my belief, that no matter the result, there will always be disputes and controversy. This has been a topic for years now, and I expect it to only get more publicity over the years, and will be looking forward to a decision in the future, and the reactions of both parties.

Identifying Opportunities in Economic & Regulatory Trends 6A

Economic:

1.) The Next Industrial Revolution Is Rising In Japan

a.) https://www.forbes.com/sites/japan/2018/05/21/the-next-industrial-revolution-is-rising-in-japan/#19b009353034
b.) With all the increase in technology over the years, it is very possible. Everyone has phone nowadays, even elementary school kids are walking around with iPhones, and with the the future looking even more technological, it is very easy to see how this may exist.
c.) The prototypical customer would be anyone with technology. With everything being technological already, most people would already be prepared for this.
d.) I think it would be very easy to exploit because science and technology are in everybody lives so you don't have to create a market for it, it is already there.

I saw this as an opportunity because I use technology everyday from my computer, to phone to T.V. and with Japan rising in science and technology, I have always been interested in seeing how far technology can take us.

2.) The Unemployment Rate in the U.S. Just Hit an 18-Year Low

a.) http://time.com/5298560/us-gains-jobs-unemployment-low/
b.) I believe an opportunity exists because people are motivated to get a job right now. With unemployment at an 18-year low, people need work to make money and the only way to create more work is to create an opportunity.
c.) The most likely to be a customer is anyone in need of a job. With the rest of the population finding jobs for money, the market for material good will increase as people will more money to buy things, leading to others in need.
d.) The opportunity is relatively easy to exploit because in todays society, you need a job to be able to survive, so with the unemployment decreasing, other goods will become more expensive, so when they need goods, they will realize they need a job to pay for it.

I saw this as an opportunity because I am currently out searching for a job, and with both my parents working hard to be successful I know how important it is that everyone works for what they want and deserve.

Regulatory:

1.) Billionaire Couple Promises $20 Million To Fund Gun Violence Research

a.) https://www.forbes.com/sites/luisakroll/2018/06/01/billionaire-couple-promises-20-million-to-fund-gun-violence-research/#303f681e4279
b.) The opportunity exists because with all the gun violence going on and all the school shootings, there is clearly an opportunity for this money to make an impact.
c.) The customer of this would be any kind of  psychiatrist or research department and also people against gun violence. This will be used to potentially regulate guns in the future.
d.) The opportunity will be relatively hard to exploit because there is so much controversy going on around the topic but with $20 million donated towards it, it can definitely have an impact.

I saw this as an opportunity because with all the gun violence going on, it is clearly a topic of interest to everyone at the moment but for me specifically because with my little brother in high school, I would be devastated to see it happen to his school.

2.)  The Largest U.S. Banks Shouldn't Expect Much Regulatory Relief Anytime Soon

a.) https://www.forbes.com/sites/greatspeculations/2018/05/31/the-largest-u-s-banks-shouldnt-expect-much-regulatory-relief-anytime-soon/#c2176f03c0db
b.) The opportunity exists because everyone is apart of a bank, and when banks are allowed to use all their money, they make themselves billions and billions but when they are regulated, they are restricted on how much they can do.
c.) The prototypical customer is anyone that uses a bank and anyone that uses banks to make more money
d.) The opportunity is relatively hard to exploit because it is hard to find enough power to complete with banks because they literally control all money flow.

I saw this as an opportunity because I have opened a couple bank accounts over the past few years and I know how important the bank is in terms of money flow and the economy.

Identifying Local Opportunities 5A

1.) Grown Hillsmere diamondback terrapins released back into the wild

• http://www.capitalgazette.com/news/schools/ac-cn-hillsmere-terrapins-released-0601-story.html
• Hillsmere elementary students were given these turtles last fall and raised them. They take these baby turtles out of risky areas near the Chesapeake bay, and give the turtles safety and the kids learn about the bay. Now all grown up, they release the turtles back into nature.
• The problem is that it is crab season in Maryland and often times crabbers will catch turtles in their crab pots and the turtles drown. Not only that, but if these turtles are to lay eggs, there is a good chance a predator will come in and eat them.
• This problem concerns obviously the turtles because they can easily be attacked or wind up in a fish net and drown, but it also affects the people who have crab pots because they don't want to catch turtles, and often times the find a crab in their pot.

2.) Jimmy DeButts: Crossed fingers not enough to protect Annapolis against sea threat

• http://www.capitalgazette.com/opinion/ac-cm-debutts-column-0603-story.html
• Ellicott city was recently undergoing the second flooding in the past two years and it sent Annapolis into worry because if another Hurricane Isabel came, the same thing that happened to Ellicott city would happen to Annapolis. Annapolis plans to spend $10 million to help prevent water going up the pipes and causing a flood.
• The problem is that Annapolis Historic District is right on the water and is right near the Naval Academy, along with all the other businesses right on the water. If another bad hurricane Hurricane were to hit, Annapolis would be under water just like back in 2003 when Hurricane Isabel hit.
• The people who have this problem are the ones who live near the area, all Naval Academy students and all the businesses that are right there on the water.

3.) Maryland weather: Flooding threats diminished, for now — but more rain still in forecast through Sunday

• http://www.baltimoresun.com/news/weather/weather-blog/bs-md-rain-forecast-20180601-story.html#nt=oft13a-3gp1
• The month of May recorded 8 inches of rain at BWI Airport. This is a problem in the Ellicott City area, as they are never use to so much rain. There was a flash flood warning last weekend, and they are expecting to get more rain this weekend which will cause even more tragedy. 
• The problem is that Ellicott City is not used to getting so much rain and last weekend there was rain all down the streets, moving cars and causing so much damage. But its not getting better, with more rain expected this weekend.
• The people affected by this are all the owners of owns or businesses in Ellicott City as they were unable to leave their homes last weekend, and may be in for the same this weekend, as well as all the damage to their vehicles.

4.) Accused Shoplifters Pull Knife On Walmart Employees: Police

• https://patch.com/maryland/annearundel/accused-shoplifters-pull-knife-walmart-employees-police
• Walmart employees tried to stop two people from leaving the store with stuff they did not pay for. The two then pulled out knives and ran away.
• The problem is that there really isn't too much violence in the Annapolis area, and when something like this happens, its pretty alarming. Along with that, both accused shoplifters were of African American decent, so that could also arise some problems just because of their skin color.
• The people affected by this are the people in the area who spot at that Walmart, the owners and managers of that Walmart and the employees. When that happens, they are sure to lose some business.

5.) Annapolis officers deny beating, using racial slurs in wrongful detainment suit

• http://www.capitalgazette.com/news/for_the_record/ac-cn-towhee-sparrow-trial-201800601-story.html
• Towhee Sparrow was arrested and claims he was beaten by the officers and they also used racial slurs towards him. The Sgt officer claims he never saw any unjust doing and didn't hear any racial slur.
• The problem is that if the officer is lying to defend his officers and even his job, then he is being unjust towards the defendant and that this could lead to further unjust acts by the officers who did it. They will have the mentality that because they got away with it, they can keep doing it.
• The problem affects any person of African American decent because then they will fear the police officers in the area, and will not feel safe around them. It could also lead to more acts like this towards African American people in the area.

Forming an Opportunity Belief 4A

An opportunity I will explore is a job opportunity that currently exists for me to sell life insurance. I was recently offered the job and am actually considering it, so this assignment is perfect to analyze it. The unmet need is first of all, a job for me, and for everyone else, is more available life insurance. The need is mostly for those who have graduated college and are looking for coverage, and the ones who are in great need, are adults with families. The need for me is more recent as i got home from college and am looking for a job. The need for life insurance for others has existed for a while depending on the age of the customer. People who are in need of this have probably reached out to multiple companies searching for a compatible plan that they like. I am 100% confident this opportunity exists because I have been offered the job, and everyone that is an adult needs life insurance.

The prototypical customer is someone who just got out of college and is starting to look into saving money for the future, as well as getting extra coverage. Along with that, many customers have families with wives, and often times children to make sure they are well off in case an emergency happens.

All three people I interviewed had a family with wives and kids. The first person said everyone who is out of college needs life insurance and should be covered. They became aware of the need right out of college and experience it all the time. They have had the need since they were out of college. They became aware of the need right after college. Currently addressing it by having coverage. They are currently satisfied with their coverage.

The second person I interviewed said everyone who is out of college and has a job needs life insurance. They experience it all the time, because you never know what may happen. They needed life insurance right out of college. They became aware of their need after college when they were moving out. Currently addressing it by having coverage. They are satisfied with their coverage, but may want to increase their plan.

The third person I interviewed said the same thing as person two that everyone with a job out of college should have life insurance. They don't really "experience" it, but in case of an emergency it is needed. They needed life insurance when they got their first job. They became aware when they landed their first job and needed insurance. Currently addressing it by having coverage. They are satisfied with their coverage, but would like to find better coverage for a better price.

So, what I got from the interviews was that everyone needs life insurance and most people should start to look into saving money straight out of college. Most people become aware of the need when they get their first job and realize they should have extra coverage. But especially when they have families because it is security for the whole family. The people I have interviewed were adults with kids and families so they have had the need for a long time now. They all became aware once they got out of college and got their jobs and could afford it, and when they started to become adults and realized it was a necessity. They are all addressing the need currently by making sure they are covered and all have life insurance. They are all currently for the most part satisfied with their current coverage, as it stands.

What I learned about this opportunity is that it is a need millions and millions of people have, so it is a great opportunity for me to get in the business and make good money. The most surprising thing I learned is that sometimes people don't know exactly what there coverage actually consists of, so it would be my job to inform them on the best coverage for others in their certain situations.

The opportunity still exists for me, as I have a job offer and can help people make sure they are covered correctly. My new opportunity is more accurate, as I now know what others are primarily looking for in life insurance and what I can do, to increase my sales. Entrepreneurs should adapt their opportunity to the feedback of the customers, because satisfying their needs is the primary goal and that is the only way to make sure the needs are met.

Entrepreneurship Story 3A

My Entrepreneurship Story

It wasn't the first time I was exposed to entrepreneurship, but it is one of my favorite movies, "The Wolf of Wall Street." Jordan Belfort, although a convicted criminal, was a fantastic entrepreneur. He started his own company and took non educated people and made them millionaires. Originally what he was doing was illegal and he ran a very successful company. Although they eventually started to get involved in illegal acts of basically camping people for money, he had ivy league graduates flooding his building in hopes of landing a job at his company. It just made me think, if these degenerates could run a highly successful business, so could I.

While the main reason I signed up for this class is because it was an option as an elective for my class schedule, it is still something I am interested in. I would rather come out of college and run a business  than being bossed around by someone everyday, year after year. I hope to gain knowledge on what it takes to run a successful business and the proper ways of managing it to make sure it is stable and can thrive for many years.

Bug List 2A

20 things that "bug" me

1. When someone near me smells bad
This could be because they forgot to put on deodorant or maybe they had a gym class

2. Slow internet connection
This could be because there are a lot of people on it, or the area you are in may also affect it

3. When someone chews with their mouth open
This may be because they just don't realize they are actually doing it, and how loud it is

4. Spam phone calls to my landline
This is probably because they just call number after number and eventually they call my house phone

5. Spam email
This is my fault for sharing my email with so many sites which adds up to me getting random emails

6. People who drive slow
This is because some people are super cautious, especially when it comes to driving

7. When my mom nags me to do something a thousand times
My mom will want me to do something and it has to be immediately

8. When I'm trying to read a sports article and a spam ad pops up
This is just another one of those spam things that just won't ever not pop up

9. When someone cuts a line
They may know someone in line so they just skip and hop in with them

10. At a desk and all of a sudden you accidentally touch gum on the bottom of the desk
Someone stuck gum there and its just an unfortunate situation

11. When someone takes up the whole sidewalk and walks super slow when you're late to class
They just don't realize you're trying to pass and are just oblivious to the fact that you're in a hurry

12. When my dad calls me and I don't answer and I call him right back and he doesn't answer
He may have gotten another call or distracted by something else

13.Having to wear contacts
They easily get messed up and having to put them in everyday all because I'm blind and can't do anything else about it

14.When my dog barks when I am trying to sleep
He has to go to the bathroom or maybe thinks he sees something outside

15. People who think everything is about race
They aren't educated and have no other argument so they go straight to the race defense

16. When math teachers teach the basics and then on the exams its problems 100x harder
They think because it is an exam it must be impossible

17. Girls that wear too much makeup
They think it makes them look prettier or maybe they feel they need to try and impress others

18. When my phone charges super slow
Maybe its a bad charger or the outlet isn't very good

19. People on twitter who think others care about their opinion
They think other people actually read their tweets and care about what they think

20. When staying in a hotel room, and my dad snores and I tell him to stop and he starts snoring again immediately
He sleeps with his mouth open and is super tired so theres no hope


Coming up with this list was a little difficult. It was easy to come up with the first 10-15 then after that it slowed down a little bit and I had to really think about what bugs me a lot. The last 5 or so bugs were quite difficult to think of so I had to think about a typical day of waking up until I went to sleep.

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