Elevator Pitch No. 3

The Pitch.

Based on my most recent feedback, I added information on how I will be able to track parking in my app. Thanks to one of the comments, I was able to include a part where I explain that I will be using satellite information in order to locate parking. I kept everything else relatively the same because of the positive feedback that I received last time. It's hard to change a lot when your pitch can only be a minute so I kept it short and simple. I explained what it did and who it was for.

The Amazon Whisperer

My revenue will come from selling my app and the price that I sell it for. I believe the next thing that my customers would want is parking reservation. The closest thing I could find on Amazon was this. This will help my app by giving me another revenue driver. It will also improve user experience by creating way for customers to get what they want. Not only will they be able to see available parking, paying customers will be able to reserve them. The reviews on Amazon for the similar product was great. There were only 2 reviews but they both said that it was a reliable service and did what it said it would do.

Idea Napkin No. 2

1) My name is Kalvin and I'm a student at the University of Florida. As for skills and experiences, I am fluent in two languages and am currently studying business. I've worked a variety of part time jobs and am currently looking to go into law school. If I were to create this app, it would play a very big role in my life. I would be able to revolutionize parking for everyone and I believe it would create a lot of revenue. I wouldn't have to look for any part time work and could invest all my time and effort into this app.

2) The customer's unmet need is that they are spending too much time looking for parking. This is not only a huge waste of time, but also very unnecessary. I believe that with the technology we have today, we can eradicate this waste of time by implementing the right technology together. I would provide a way for users to locate parking quickly through the use of their phones, eliminating the need for them to look for parking physically.

3) My customers all have this in common; they need to park and they need to do it quickly. The beauty of my app is that it can reach out to a variety of different demographics. Ideally, I would begin with people in their 20's and 30's who are comfortable using their smart phones and who have places to park. This age range has a good balance of being technologically hip and also going to places that require parking such as school, work, airports, amusement parks, etc.

4) My customers care because this is a real problem that I believe we can all relate to. With the feedback I've received already, I had no problem convincing people that this was an app that they would purchase and use. In fact, they were hoping that an app like this would be developed soon so that they could try it.

5) My core competency would my product's uniqueness. I have yet to find an app that can do this and I'm confident that if created well, it would dominate the market for parking. I would have a head start and it would be very easy for people to try my app since there's nothing like it.

Hypothetically speaking, I believe that my business concept fits together very nicely. What makes it easy is that it's a very simple solution to a very common problem. The weakest element would have to be myself. I'm no app designer and I don't have the first clue to how I could come up with the technology to make this possible. I would have to talk to a lot of people who are much more experienced in these fields in order to get a better idea of how this can come to life.

Feedback Memo
My feedback was very positive and encouraging. Everyone could agree and share a time where parking was a hassle. Someone did ask me how I would be able to make all this happen and I had to be honest in this Idea Napkin that I really didn't know how due to my lack of expertise. I really enjoyed reading how people were able to relate to not only my idea, but also my life experiences such as moving a lot when I was growing up. Feedback is essential to any idea because it can really encourage one to continue pursuing their idea. It also helps them to see things from different perspectives that they wouldn't have been able to do before.

Elevator Pitch No. 2

1. The Pitch
2. So on my last pitch, I only got one comment and it didn't have any criticism so I kept my pitch the same. It was encouraging for me to read and I was glad to see that I wasn't the only with this problem.
3. Like I said, I didn't add any changes to my pitch except some different wording.

My Secret Sauce

1. Five ways that my human capital is unique:

• I can adapt to my environments quickly. I was exposed to a lot of different people and places growing up so I enjoy being able to approach things from different ways. This helps me to assimilate to new places quicker than other people.
• Networking and talking to people are my strengths. I do alright with public speaking, but I'm much better at being able to connect and relate to people on a personal level. This helps me build strong relationships with those around me.
• I have a genuine care for people. I make it a priority that I'm always doing something to make a difference in someone else's life. Whether it's being a good son or brother or a good employee, I want to use my skills to better those around me.
• I thrive thinking on my feet. Planning is important, but when things don't go the way they were expected to, I excel in pushing things through. My quick thinking and creativity is what helps me find solutions when I need to.
• I'm a man of God. When you live for people and what they think of you, you'll always be changing never realizing who you really are. That's why for me Christianity is so vital. I know how hard it is when things are always changing to be yourself, but that's why my relationships with God has always been the anchor that I looked for. I've gone through a lot of ups and downs and that's why I really appreciate stability when I can find it. My stability comes from my relationship with God and how He's always lead me through every hardship. I wouldn't have been able to enjoy anything that I have if not for Him and that's why I make it a priority to live my life for Him. I'm so far from perfect and I've failed more than anyone, but for as long as I live I don't want to give up in this pursuit for a life that shows my thankfulness for what He's done. This is ultimately what helps me make the right decisions even when I don't want to and nobody may appreciate me for it.

2. Interviews

• Brian Do - What touched me the most about what Brian said was how my drive made me excel and how I take care of people if they are willing to take that risk and put their trust in me. I'm thankful to know that he sees these qualities in me and how as a friend he felt that I was reliable.
• Dad - I was reluctant to interview my dad at first because English isn't his first language, but he blew me away with what he said and I have to say that this was my favorite interview. Of the many kind things he said, what I appreciated the most was when he said that when trouble times come, I'm someone that will be there and help you find a solution. Growing up, we always had a language/culture barrier so I never really got to hear how he thought of me. Even if someone else said the same thing, it wouldn't mean nearly as much as when he said it because he's someone that raised me and knows me better than anyone. 
• Hannah Kim - This was a funny interview to do because my little sister is only 14 so I didn't expect much. I was pleasantly surprised though when she told me that I was a forgiving person. I was such a bad brother to her when we were much younger and that's why recently I've made such an effort in being a much better brother to her. This meant apologizing to her first and setting a good example as an older brother. This helped us grow much closer and now she's one of the closest person to me.
• Sam - Sam and Brian are my two closest friends because we've stayed in touch for such a long time which is really hard to do. Again, he said a lot of things that I didn't expect and what I liked the best was how he noticed that I'm not scared to be a leader and a follower. When a group needs someone to lead he said I'll do it, but if I need to step down and let someone else take charge I'll do that too. This is something that I didn't even notice about myself and I'm not sure that it's completely true. Now that he did point it out, I want to make it something is completely true because I think it's a very admirable quality.
• Young - Young is one of my more recent friends but still someone close to me. We met through church and have gone on missions together so have gotten to know each other pretty well. He's someone that saw first hand how I interact with people and so when he acknowledged my people skills it was definitely encouraging. 

3. I think it's funny because I didn't expect any of the things that people told me during my interviews. For me, I always work hard towards becoming a good person, but I never like acknowledging that I am one because then I stop trying as hard. I think for the most part what my interviewees said are true. The differences though from how they assess me and how I assess myself come from my insecurities. Often I'm much better at pointing out my flaws than my strengths so I tend to focus on them more. It's honestly not a healthy habit, but it keeps my humble when people say nice things because I know I have so much more to work on. I wouldn't make any corrections from my first list.

Customer Avatar

When I think of my market and imagine my prototypical customer, I think of a college student with a car. As a college student, he has a lot of freedom that he can use for himself. This means when he's not at school studying, he's away having fun, traveling with friends. The most important part about my customer is that he has a car, he's young, and he's able to attend "fun" places. This could be concerts, theme parks, and even airports as a means of transportation. His youth and familiarity with technology is ideal and is where the most exposure for my product will come from. What do I have in common with my customer? I am one! I think this isn't coincidental at all because as a college student myself, I was able to identify a need that my community could use. My idea came from the thought that I couldn't be the only one who had this problem. Being a part of the market, I'm able to understand and appeal to them in a much more practical way with similar experiences to share.

Halfway Reflection

1) So far, this course has been a unique experience. To be honest, I didn't have the best start to this semester and there were many times where I contemplated giving up. Due to some unfortunate events, I ended up becoming way more distracted from school that I wanted. Nevertheless, I really didn't want to give up and through this class, I was able to continue develop my tenacity for school. I can't say that school was ever my strength, but I'm definitely learning that it's something that you can't give up on no matter how bad it may get.

2) After the first two weeks, I really wanted to give up. I had missed a lot of assignments and there were other things that I needed to focus my attention on. What pulled me through was a reflection on how I handled school during hard times in the past. I realized that this was definitely not the first time I had wanted to give up, but every time I somehow pushed through and ended up okay. Someone close to me once told me that character isn't revealed in your success, but in how you handle your failure. Even if I don't receive the grade that I had hoped for, I wanted to show myself that I didn't give up. I definitely think that I'm developing a tenacious attitude for school. It's always easier to not give up, but when it comes to something that you're not good at or maybe not interested in, it can seem so much harder to find the motivation to not stop. Hopefully this experience along with many others will help me find a tenacious attitude not just for school, but in life.

3) Three tips that I would give to any student interested in taking this class would be:

1. Start your assignments early. Even if you don't get to do all of them in one sitting, it's good to gauge how much time you will need for each assignment throughout the week. Some will take 5 minutes while others could take more than a day.
2. Reach out to your TA and professor. It's important to keep them updated on anything that you may have going on or any questions you may have. Being able to form relationships are a key role to success in this class.
3. Be creative and have fun. The class gives students a lot of room for their own creative expression. You should take advantage of this opportunity to be able to try new things that you couldn't have done before and make it a positive, learning experience. 

Idea Napkin No. 1

1)    My name’s Kalvin and I’m a 21 year old college student at the University of Florida. As for talents, I would say that I’m good at engaging people and creating relationships. In my lifetime, I went to countless different schools. From 3 high schools to 4 different colleges, staying still was definitely not a talent of mine. On the other hand, my frequent moving helped to develop skills in areas that were once my biggest weaknesses. I was a shy kid growing up and putting myself out there was always a big challenge. This soon changed when I was forced to be in new environments and I had to find new ways to thrive by overcoming my fears. My aspiration in life is simply to be able to help those around me. It sounds very vague and cliché, but to me it’s something that has kept me going through all of life’s ups and downs. Everyone goes through hardships and I figured we all have a choice to make. We can either let them get to the best of us or we can allow it to better us. For me, there is no better aspiration than to use my gifts and talents to help those less fortunate. Whether it’s being a good older brother or a neighbor who cares, I realized that life for myself was no life at all. The true beauty and joy of life came when I was able to lay myself down and put others before me. My business concept is a small step toward my aspiration. My idea would help create the capital necessary to make the difference that I would want to make. I saw an opportunity that I could help others with and also make money from and it would help make other opportunities more visible.

2)    My product will basically eliminate all the time wasted looking for parking. It’s so simple, yet we waste so much of our valuable time on it. How much more efficient could we all be if we knew the future? My product isn’t psychic, but it will be able to tell you where the available parking spots are. That means you don’t have to go up and down the floors anymore or stalk a potential leaver who you’re hoping is parked nearby.

3)    All my customers have this in common – they hate looking for parking. My market will be aimed at places where parking is essentially the worst. This includes concerts, theme parks, schools, malls, etc. It includes young and old and people of all races because parking isn’t racist.

4)    Customers will pay me money because they all know what my product aims to accomplish. They all know too well the problem that I’m trying to address and they’ll think why we haven’t done something about it sooner. Someone that I interviewed actually shared that she wasted 2 hours looking for parking at Universal Studios. I asked why she didn’t just turn back, but it was because she had drove all the way to Orlando from Tampa and it would’ve been a waste if they did. Imagine how much she would’ve paid for an app like mine in that crucial moment. 2 hours is a lot of time and that’s just one day out of all the days we spend looking for parking.

5)    My core competency is that I’m the only one! As far as I know, I’m the only app that will be able to provide a specific parking spot for a specific place.

My five elements fit very well together, but if there were an area that I would have to admit was a concern, it would be my core competency. Of course being the only app is a tremendous advantage, but I know that as soon as that door opens, there will be so many different competing applications that I would have to find another core competency to make sure that my product stands out.

Tweaking the Innovation

1) My revenue drivers are:

• The app itself
• How much I charge
• People that purchase and download it 

2) The app itself is the tangible level of my product.

3) One way that I can introduce innovation is by changing the core benefit by introducing other services that I could provide other than helping the user find parking. Another innovation that I could introduce is by changing the tangible product itself by providing my product individually to different places like theme parks or universities rather than to the general public. By doing this, it would be a lot easier to make the product more personal and useful toward its designated use. 

Elevator Pitch No. 1

https://youtu.be/YlNu-TWa9tM

My opportunity comes from a very common issue that we can all relate to. How many times have you struggled with finding parking whether on campus or at an amusement park? It's such an overlooked problem, yet so many people face it. In a day and age where technology has dominated almost every part of our life, how come parking has remained the same? Think of all the time and stress that goes into looking for parking. My solution is Parked. The name comes from its ability to locate all the parked cars to help the user avoid looking and also in its ability to get you parked. It's a simple solution to a common problem. Stop looking and start parking!

Testing the Opportunity Hypothesis Part 2

So this was the first time that I was finally able to do an interview and it was awesome. It was definitely an experience that pushed me out of my comfort zone and though my questions weren't perfect, I was able to meet some extraordinary people. The most difficult part about this specific activity was talking for 10 minutes about something that they weren't supposed to be interested in because they were "outside of the boundary". Other than that, I think I really got the point of this assignment because the people I interviewed helped me to see the different markets out there that really were outside of my boundary. These people included those who may use public transportation, work or go to school from home, or even people who were either too young or too old to drive.

I didn't really have a script when I did these interviews which led to some awkward pauses, but it's also what led to the awesome input that I would never have thought of asking for if I didn't let them speak their mind freely. To be honest, I'm not the best interviewer and I'm still in disbelief that I was able to just approach complete strangers without coming off as a complete creep.

Essentially, the biggest difference between those who were in my boundary and those who weren't were there accessibility to a car. It turns out that I have a pretty wide market for my idea which can be both a good and bad thing. Below I have a table that illustrates the main differences further:

Inside the boundary                                 Outside the boundary

People who can drive a car                      People who can't drive

They need parking                                   They don't need parking

Overcrowding of parking                        They don't drive so they don't have to worry about parking

In conclusion, I found a new appreciation for feedback from strangers. As intimidating as it was at first, I realized that these people had a lot to say and were able to see things from a perspective that I or my like-minded peers may have missed.

Here's the playlist containing all 5 of my interviews:

https://soundcloud.com/user-594772577/sets/testing-the-opportunity-hypothesis-part-2

Looking for Opportunity

Economic Trends

India’s economic growth

(a)  http://fortune.com/2015/12/28/global-economy/

(b)  This presents an opportunity because since India is still a developing country, there are a lot of needs that can be met through different businesses. Their economic growth will help create plenty of job opportunities and markets for companies to take advantage of.

(c)   The customers are all the businesses and consumers in India that will be affected by this growth.

(d)  This opportunity is relatively difficult to expose because it’s in another country and will require a lot of time to research and develop ideas pertinent to India’s economy. One would have to understand their culture, beliefs, needs, and many other variables in order to exploit their economic growth.

Increased consumer spending from confidence

(a)  http://www.forbes.com/sites/brucemccain/2016/01/03/five-key-economic-trends-to-watch-in-2016/#5f1712d5f177

(b)  This presents an opportunity because as American citizens gain more confidence in the economy, this will allow them to spend more rather than save.

(c)   The most pro-typical customer is probably the middle class.

(d)  This opportunity should be relatively easy to exploit because increased consumer spending should help the overall market.

Regulatory Changes

“In 2009, President Barack Obama announced a new national fuel economy and emissions policy that incorporated California's contested plan to curb greenhouse gas emissions on its own, apart from federal government regulations.

The combined fleet fuel economy for an auto manufacturer of cars and trucks with a GVWR of 10,000 lbs or less will have to average 35.5 mpg. The average for its cars will have to be 42 mpg, and for its trucks will be 26 mpg by 2016, all based upon CAFE Standards."

(a) https://en.wikipedia.org/wiki/United_States_emission_standards#Phase_3A:_2010.E2.80.932016

(b) There will be an opportunity for eco-friendly cars because of the new regulations under this policy. It will rule out all cars that no longer meet this standard and will push for cars that have higher mpg ratings.

(c) The person to be the most likely customer is anyone who drives a car that doesn’t meet this standard. I would say the majority would fit this standard because people are still transitioning into eco-friendlier cars.

(d) This opportunity is relatively hard to exploit because of the competition that already exists in the car industry. Many of the brands have already recognized this new shift and begun working toward releasing cars with higher mpg than power.
      

      Legalization of marijuana

(a)  http://www.drugpolicy.org/marijuana-legalization-and-regulation

(b)  This is a big opportunity for rising entrepreneurs. The legalization of marijuana will give way to a market that already has a huge demand.

(c)   The person most likely to be the customer is anyone who consumes marijuana both recreationally and medically.

(d)  This opportunity is relatively easy to exploit because there are still so many places that have yet to legalize it. This means that if they do legalize it, it will create an opportunity for people to enter into the market and because it’s still new, there shouldn’t be too much competition

To be honest, I don't feel like there was anything in particular that allowed me to see these opportunities differently than anyone else would have.

Bug List

It bugs me when:

1. Whenever you move, you have to update your address and it’s hard to remember everything that needs updating. You could be having important information be mailed to the wrong house. This bug exists because the only way for people to keep track would be by writing it all down, but usually they're too lazy too.
2. I’m using a mechanical pencil and the lead gets too small so I have to toss it. This bus exists because after a piece of lead gets too small, the mechanical pencil can't use it anymore.
3. Restaurants throw away so much leftover food. This bug exists because they can't sell leftovers and it's too much of a hassle to do anything else with it than toss it.
4. You have to change the water on the water dispensers because they're a pain to change. This bug exists because water dispensers have to be manually changed and the water is usually at the top so it requires some heavy lifting.
5. I travel and I have to bring nice clothes, but it’s hard to keep them from wrinkling. This bug usually happens because suitcases tend to be stuffed with other clothing and ends up wrinkling everything.
6. I get stains on my clothes when I eat or go out. No matter how careful I am, sometimes I eat soup or pasta and I always end up splashing some on my shirt. This bug exists because usually people don't wear bibs when they eat unless the restaurant calls for one.
7. I get into my car and it’s either too hot in the summer or too cold in the winter. This especially sucks in the summer because I have black seats and everything I touch ends up burning me. This bug exists because there's no way for me to turn the car on before I get in and I have to usually wait 5-10 minutes for the car's air conditioning or heater to bring the temperature back to normal.
8. I have a warranty on something and I either don’t know about it or end up forgetting about it when I need it. This bug exists because I'm too lazy to write down everything and I don't think about it at the time because I don't need it.
9. I have to haggle with car salesmen. This bug exists because dealerships still use this method to sell their cars. 
10. Places can get away with charging ridiculous prices for food or water like at a movie theatre or theme park. This bug exists because usually these places have rules where you can't bring food or drinks in and so they have the freedom to charge whatever they want since people have no other option.
11. I forget that I’m doing laundry and I leave my clothes in the machine or drier for too long. This bug exists because I'll be doing something else to pass the time and I don't always hear the buzzer so I end up completely forgetting about it.
12. The traffic light is green for literally 3 seconds, even during rush hour. This bug exists because I guess usually cars don't get that backed up for that lane.
13. I'm on an airplane and there's a baby that won't stop crying. This bug exists because babies can't control their emotions and I'm limited to where I can go on the plane.
14. I wear sunglasses on the beach and the sand messes them up. This bug exists because between the lens and the frame, there are small cracks that allow sand to get in and usually you can't get it out by blowing on it.
15. After going to the beach, your car gets sandy and it smells like the beach. This bug exists because even though people shower after, there's always still sand in your hair or other areas and it ends up all over the car seats.
16. I come back to my apartment late and I have to park 2 miles away from where I live. This bug exists because the good parking spots are limited and are usually first come, first serve.
17. My friends and I are trying to play basketball outdoors, but when we get there there are already people playing. This bug exists because we don't have a way to check to see if the courts are open so we have to take a gamble every time.
18. Homeless people don't know about the services/help available for them. This bug exists because it's harder for homeless people to find out since they don't have a lot of resources.
19. My car's headlight goes out and I don't even know unless someone else points it out or I get pulled over. This bug exists because there's no indicator on your car to alert you when your headlights aren't working.
20. You go to the gym and there are so many people there that you have to wait for every workout that you want to do. This bug exists because people tend to go all at the same time and usually the times they don't go are either too early or too late.

Reflection:

Coming up with the bug list was a little challenging because it required a lot of recalling. Usually when I notice these bugs, I don't really think twice about it and usually just deal with it. It was an interesting exercise to try and go deeper as to why they exist. By identifying the core issue of the problem, it's easier to come up with a solution or product to help people. Hopefully in the future, when I come across more bugs, I'll be able to try and fix them rather than not do anything or complain about them.

My Entrepreneur Story

They say that some of the biggest obstacles can create the best opportunities. Our family was hit pretty hard by the recession that took place back in '07 and we were forced to look for new business ideas. That's when my dad took a gamble and started his own kimchi business. It required our family to work long, arduous hours, but it was what got us through those hard times. While my parents lost almost everything and managed to barely get by, it was their quick thinking and tenacity that allowed us to stay afloat. Their entrepreneurial spirit is what saved our family not just that one time, but in all moments of adversity. To start their lives in a country that didn't speak their language, let alone understand our culture, was just many of the difficult decisions they had to embrace. They taught me so much, yet what sticks out from looking at their lives is the importance of being able to make a decision and sticking with it. Hardships are inevitable, defeats are only natural, and failure is just a part of success. The difference that stands between someone who makes it and someone who never does could ultimately come down to just one more attempt. This isn't to take away from the importance of careful planning and being open minded, but at the end of the day, you need to stand up for what you believe in and continue trying until you get to where you want to go. I believe this is where the entrepreneurial spirit starts. Not just with an idea, but with the confidence and determination to see it through. This is what my parents have not only taught me, but shown me through their own hard efforts in raising a family where all the odds were against them. Entrepreneurship is more than just an idea, it's a lifestyle.

I enrolled in ENT 3003 because I needed a business elective and it was something that I knew I would be interested in. I'm not sure how this class will end up, but rather than a grade, I want an experience. I want to be exposed to the things that are out there and the ideas that will help me create my own path. Money is secondary, passion is necessary. I'm not a very conventional guy and I have a feeling that this class isn't very traditional either so hopefully it'll be a good experience.

Test Blog Post

This is a test.