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.