16a

1.       Five ways in which my human capital is unique: One thing that makes me different from others is the fact that I am a very easy-going person, but I am also very motivated to perform well in life and succeed. Another thing is the fact that I can talk to almost anyone; I enjoy talking to many different kinds of personality types. I am also good with numbers, which is funny because I am dyslexic. Another trait I have is the fact that I am a very curious person and like learning new things. The last thing that is unique about me is the fact that I actually really like working in teams of people. I believe it is more interesting and motivating.

2.       Interview five people who know you best: I interviewed some of my friends that I am studying abroad with. They all said the same thing for the most part. That I am a motivated, open person and that I work well on a team due to my personality traits. 

Interview Recordings:

https://youtu.be/KUxHGoYAvDQ

3.       Reflect on the differences: Some of the differences included the fact that I thought I was that a lot of people said I am very open. I didn't think I was that open, because I consider myself a rather private person who will talk to anyone. I think I need to work on being a more decisive person in my everyday activities. 

15a- Figuring out Buyer Behavior No. 2

1.       Find three people in the segment different from last time: The people I decided to choose for this set of interviews were people who travel regularly and understand how airports operate. They are three people from my study abroad program. I interviewed two girls and one guy. Their names are Janet, Adrianna, and Mike.

2.       Begin with alternative evaluation: Janet said that price matters the most to her and that she would rather wait longer in order to pay less so that she can use that money elsewhere. She doesn’t care as much about quality or style in her normal, everyday purchases. So what I gather from Janet is that she wouldn’t be as interested in going to a more expensive airport just because it is more efficient. Adrianna said that she greatly values her time and would pay to save it. In her mind ‘time is money’ so why not pay to have more time to do other things rather than wait in line. She also values quality in her everyday purchases. Mike said that we would rather save time as well, but it greatly depends on the price. He is a reasonable guy and like quality in certain areas of his life.

3.       How/where do they buy: Most people who book airline tickets do it online so this wasn’t the best question for my specific market, but I did ask them what they usually pay for on their travels and I believe that gave me some insight into their consumer behaviors. For instance, Janet said that she usually buys whatever has a deal and this is usually buy the deals online because they are cheaper than buying in person. Adrianna said that she like to be spontaneous and buy at the store. So that is not business-to-business because she is buying directly form the store. Mike will usually look at the product online and then go in-store to check the quality, and then buy online with a deal. He is a window shopper.

4.       Post-purchase evaluation: Janet says that she believes it was a good purchase when she got a good deal out of it. She always feels good when she is saving money. Adrianna says that she feels good after a purchase when the purchase was quality and really benefitted her life. Mike thinks that it was a good purchase when he makes a good tradeoff and used his money wisely.

5.       Summarized findings: In summary, these interviews showed me that people are very different in their buying decisions. Some people are also very stuck in their own ways and money is a very touchy subject with most people. What I have observed is a narrow market of travelers that value saving time and would pay to fly through a more efficient airport so they could see more things.

6.       Draw conclusions: In terms of alternative evaluation, I found that some people in this market won’t go for the more efficient route because they would rather save money instead of time. In terms of purchase decision, most travelers would choose the most efficient option as long as it makes sense to do so. And in terms of post-purchase evaluation, most of the segment would feel good about a purchase if it brought them more of a benefit than a loss.

14a- Halfway Reflection

1.       Some of the behaviors that I have used throughout this course so far include the ability to stay organized and know when all of the assignments are due. Due dates are very important in order to succeed in this class and I believe I have been able to start the assignments in a sufficient manner. A behavior that I have developed includes the ability to focus in my bedroom. Since it is summer, I have no library and have developed the ability to do homework in my apartment. I don’t usually do that.

2.       There were a few times I felt like giving up because I believed that my entrepreneurial was bad and that I was stuck with it, but I ended up pulling through. What kept me going was the fact that I did have some good leads. There is a small market for it. All you need is a little bit of potential and a lot of hard work. An experience that contributed to this was when I read about those inspiring entrepreneurs who defied all odds to succeed and make their idea work.

3.       In order to foster the skills to be an entrepreneur, I would tell the next semester student to organize a calendar in order to stay on top of all the due dates. This is because you could get very behind if you don’t keep track of the due dates. In order to develop a ‘tenacious mindset,’ I would say to read about the inspiring entrepreneurs’ stories. They faced some serious upsets and will make you believe that anything is possible if you set your mind to it and are tenacious.

13a

1.       I was really surprised by his story and how he was working at an accounting firm. I think I was expecting him to not be into numbers and be more of a words kind of person. I admire his drive and confidence. It never wavered and he wouldn’t stop for anything. I least admire the fact that the name of the book was Shoe Dog. I don’t think that is a very good name. He for sure encountered adversity and failure. All the great ones do. He didn’t stop when he encountered it. He kept going.

2.       Some competencies I noticed were his skillful business habitats. He knew what to do and how to do it. He was also very good with people. This is how he started such a profitable business. His accounting skills came in handy. He also had an incredible artistic ability in order to create those shoes.

3.       I was confused by how he wasted so much money at first but then it eventually worked out.

4.       I would ask him: “Did you almost give up at any point?” I would also ask him: “What was the lowest point?” I would ask these questions because I want to know how he stuck with it after all the struggles he faced.

5.       I think he really valued hard work because it was his hard work that launched one of the biggest companies to this day. Without his hard work we wouldn’t have the tennis shoes we have today. There also might not have been as much competition in the shoe industry in general. And because of that we might not have all had the quality of shoes we have now.

12a

1.       The segments I will be targeting are students my age that are trying to travel the world in a timely manner. So they should be about in their twenties with a desire to see the world.

2.       3 people who fit the segment interviews:

a.       The first person

                                                               i.      How long does it usually take for you to get through security at the airport?

1.       It feels like it usually takes a while. Like I am standing there looking at my phone long enough to scroll through everything.

                                                             ii.      Do you think you are wasting your time?

1.       Yes.

                                                            iii.      Should it be improved?

1.       Yes, I believe that the airports could really improve their operations.

b.      Second person

                                                               i.      How long does it usually take for you to get through security at the airport?

1.       It’s not too bad; they are just doing their jobs. It is honestly comforting to know that they are taking our safety seriously.

                                                             ii.      Do you think you are wasting your time?

1.       No, because it is something you have to do so it’s okay.

                                                            iii.      Should it be improved?

1.       I think it could be improved, but it is always going to take a good amount of time because of the human factor.

c.       Third person

                                                               i.      How long does it usually take for you to get through security at the airport?

1.       It usually takes a good amount of time to get everyone through. I think it also depends on which airport I’m flying out of. For example, the Tampa airport is pretty fast but the Orlando airport takes forever.

                                                             ii.      Do you think you are wasting your time?

1.       Yes, but it’s something you have to go through.

                                                            iii.      Should it be improved?

1.       Yes, I believe it really could be improved.

3.       Findings with need awareness and information search:

a.       I have observed that there is a need to cut down on time in the security line and that when they are bored they do information searches on their phone to see if any other airline would be faster. I also learned that there are some people that really don’t care about the wait time and don’t see it as a problem.

4.       Conclusion:

a.       I would describe this segment as being very small in the industry. There are not as many people that are bothered by it that I thought there would be. So I would just have to narrow my search further on them. My concern is that the airports won’t want to buy this new system though because the customer satisfaction wouldn’t increase enough.

11a

1)      Talents, skills, and experience: My name is Mary Sigmon and I am good at analyzing trends In data and creating lasting work relationships. I am skilled in Excel, SAP accounting software, and word. I have experience with public speaking and marketing techniques. One of my aspirations is creating a business of my own that helps people live through their everyday tasks. I want to be my own boss and make myself a profitable company. It will be a role in my life by providing for a family.

2)      I am offering a more efficient way to get through the airport security. I am essentially selling more time to travelers. Time is very important in this day and age. Their unmet need is the time they are losing to do other things like get home to see their families. It may not seem like a lot at first but after a while it becomes a lot.

3)      I am offering it to the airports that need to reduce their wait times and increase customer satisfaction. The customers all have the fact that they are travelers in common. They also like the fact that they will be saving time.

4)      They care because they care about their customers. The airports will pay for this type of product because it is essential to customer satisfaction and keeping ticket sales up. Ticket sales go down when passengers have to wait in line for long periods of time.

5)      The thing that sets my idea apart from other ideas similar to it is the fact that my idea is on a loop. The bin brings itself back up and never has to leave the belt. I haven’t seen something like that yet.

I believe these elements really fit together because there is an opportunity to increase customer satisfaction by increasing efficiency through a simple solution. That solution is a belt that carries the bins through security so you don’t have to.

9A - Testing the Hypothesis Part 2

Continuing Your Opportunity Research Part 2

Who: There are people who may fall outside the boundary, such as people who don’t like to fly or travel because they wouldn’t be exposed to this. However, most people have to fly eventually so an efficient security system would be beneficial to them. The direct customer would be the airports. They would be the ones to pay for the new systems.

What: There is a difference in the desire to be efficient and the desire to be fast. Speed doesn’t account for the quality of the security check. Security checks are important. We are just trying to make it more efficient without reducing the quality in order to keep the passengers safe and happy.

Why: The need is not necessary different between people outside the boundary and inside the boundary. It is just that they may not have the need if they don’t fly to travel.

Interviews:

1.       My first interviewee thought that there was totally a market for this opportunity because of the high annoyance people feel when they are standing in a backed up security line.

2.       The second person I interviewed said that while it is a great idea, there may not be enough people in the market to buy this product. The only direct customers are the air ports.

3.       Joe said that he doesn’t think this idea will work because he has already seen it somewhere and if the other air ports haven’t gotten it that means that they are not interested in the product.

4.       This person said it could work but I would have to really be able to sell the product and why they desperately need it. It’s all about the marketing.

5.       My last interviewee said that there really could be an opportunity here but that there isn’t enough market segmentation.

Table:

Inside the boundary	Outside the boundary
Who is in: Airline passengers	Who is Not: People who don’t fly
What the Need is: More efficient security lines	What the Need is Not: Faster lines
Why the Need Exists: Because they are very inefficient right now with how the bins are designed.	Alternative Explanations: Efficiency and speed are very different in this context. Efficiency preserves the quality of the check.

8A - Solving The Problem

The problem I chose to focus on in this class was the inefficient amount of time it takes to get through the security check at airports. I believe that most of the time wasted is really unnecessary. I understand that some of it is vital to our security, but there is a lot of time wasted just by fumbling around with the bins and trying to take them out and then throw them back into their place. It really doesn’t have to be this difficult and could be a lot easier. So what I thought airports should do is create a more efficient bin belt where the bins go in circle and you don’t have to move them from the belt. You just place your items into the bin and take them out when you are done. This product could benefit a lot of people; however the customer would be primarily the airports with inefficient security systems and a lot of foot traffic. Buying this product is beneficial to the airports because it increases customer satisfaction and makes this airport experience more enjoyable so that they come back again.

7a

1. Identify the Opportunity to Pursue:

The opportunity I see is to make a more efficient security system for airports. Thousands of people pass through there every day and it always seems to be a hassle. For example, my idea was to make a self-sufficient tray belt so that when people go up to set their bag in the tray it will roll up by itself out of the shoot so you don’t have to rush to pick one up. It will then roll through the belt and drop down after your bag is out to the beginning like a circle.

2. Clearly State the Opportunity:

a.       Who: Travelers

b.      What: Efficient security tray belt

c.       Why: To reduce the time spent waiting in line to get through security at the airport

3. Hypothesis (statement of your belief related to the opportunity):

a.       Testing the who (who else shares the need?): I believe everyone else going through an airport shares this need. They don’t need to be waiting that ling in line when there is a more efficient way to speed up the system. The airports would be the customers buying this technology to increase customer satisfaction.

b.      Testing the what (Are all airports a challenge or just some airports?): I would say that most airports are a challenge. Most of the airports I have been to are very slow and get very clogged up around the security area because people drop bins take a long time to get their stuff situated.

c.       Testing the why: The range of whys is behind the reason how we do what we do and how our thinking is different from each others. 

4. Interview 5 people (summarize), (capture the variations in the whos, whats, and why):

a.       Overall, these people agreed that it was a good idea but the cost of it may be too high for the benefit. One person said  that they never thought security speed was a problem, they said that it is their job to keep us safe. Another person did not agree because it made them feel better that the security team was being critical with their work. The other three interviews were in the gray area but all mostly leaned toward the fact that the security lines should be faster, and at the very least most efficient. Now I know that people can have very different perceptions and someone might think a faster security check could mean a insufficient security check. 

6a

Economic Trend Opportunities:

1. One recent economic trend is that baby boomers aren’t retiring. This is largely due to the recession. Even some baby boomers that can afford to retire continue working in some capacity. They do this because the Great Recession scared them into keeping their cash inflows greater than their cash outflows.

There is opportunity that lies here for start-up tech companies looking for millennials. Since the baby boomers are still taking up a lot of jobs in the economy, this is a good way to attract the millennials and create a workforce for your up and coming business.

a)      Source of Information: https://www.thestreet.com/story/13474521/1/why-baby-boomers-are-not-retiring.html

b)      What leads me to believe an opportunity exists here: What lead me to this conclusion was that when I began reading the part about baby boomers staying in the workforce, my first thought was how I was going to get a job if the baby boomers still occupy a lot of them.  So then I thought that these millennials have to work somewhere, and what better company than a technology company.

c)       Most likely customer: Millennials

d)      Difficulty of Exploitation: Getting the word out.

e)      Why do I see this opportunity?: Because I am young and see more opportunities for younger people than I would for older people. I have also seen how fast technology can improve and see the possibility there.

2. Another economic trend is the strengthening global demand. This is great for everyone, especially those looking to solve problems globally or enter their company into a new market. It is particularly booming in Europe and Japan.

This is an opportunity for these small start-up companies looking to expand or looking for a specific market segment where their new product might fit.

f)       Source of Information: https://www.un.org/development/desa/dpad/publication/world-economic-situation-and-prospects-2018/

g)      What leads me to believe an opportunity exists here: Recently I have noticed that there are a lot of chain restaurants in Florida in general. So when I saw a few cute ones downtown by the beach, I loved it. There is a need for more differentiation in shopping and eating. People like individuality and uniqueness. It makes them feel like they haven’t been there before and are really experiencing something unique.

h)      Most likely customer: The people looking for a mom and pop shop. 

i)        Difficulty of Exploitation: The fear of being pushed out by the big guys. 

j)        Why do I see this opportunity?: It is because I would like to run a small business one day. 

Regulatory Change Opportunities:

1. 

k)      Source of Information: KPMG’s Ten Key Regulatory Challenges for 2018; https://assets.kpmg.com/content/dam/kpmg/us/pdf/2018/02/728013-nss-fs-top-10v5-web.pdf

l)        Cyber Security and Data Privacy: There has been an uproar recently about maintaining users privacy so that big companies don’t try to use ads that are specific to targeting the customer. Some key actions that are coming up that involve this topic include: conducting data protection impact assessments and perform internal and external threat assessments.

m)    What leads me to believe an opportunity exists here: I believe an opportunity exists here because people want to be protected when they are online and they don’t want to be subjected to targeted ad placement. The use of this information is powerful. With the recent publicity in this area the time is now to act on internet security ideas.

n)      Most likely customer: cautious internet users, probably younger

o)      Difficulty of Exploitation: One of the difficult parts is going to be what gives your security an edge and makes it better than everyone else’s.

p)      Why do I see this opportunity?: I see this opportunity because I am young and have first-hand experienced the targeting ads online.

2.         

q)      Source of Information: KPMG’s Ten Key Regulatory Challenges for 2018; https://assets.kpmg.com/content/dam/kpmg/us/pdf/2018/02/728013-nss-fs-top-10v5-web.pdf

r)       Risk Management Governance and Controls:

a.       Some key actions include: Conducting enhanced risk identification and scenario analysis, and developing demonstrable processes and evidence to document issue management identification, escalation and remediation, inclusive of critical challenge. These actions will mean stricter regulations for businesses. 

s)       What leads me to believe an opportunity exists here: The opportunity here is the fact that these businesses will need more knowledgeable employees to refer to these rules. There with soon be a market for this. 

t)       Most likely customer: the government and administrative companies

u)      Difficulty of Exploitation: The difficulty lies in finding people who know the rules well. 

v)      Why do I see this opportunity?: I see an opportunity here because I have a background in accounting. 

5a

   1. Title: Reading scores for Brevard third-graders dip slightly in 2018:

a.       Link: https://eu.floridatoday.com/story/news/2018/05/25/reading-scores-brevard-third-graders-dip-slightly-2018/645690002/

b.      Story Description: This is an article from my local county back home. It discusses the slight decrease in third graders Florida Standards Assessment language arts exam. They decreased from 65% last year to 63% this year.

c.       Problem Description: The problem is that education has dipped slightly I my community. An opportunity lies here for new teaching methods and maybe some type of tutoring service.

d.      Who: Kids and their education

    2. Title: Starman stars in new Space Coast summer tourism marketing campaign

a.       Link: https://eu.floridatoday.com/story/news/local/2018/05/25/starman-stars-new-space-coast-tourism-marketing-campaign/640742002/

b.      Story Description: This story is about new marketing efforts on the space cost. They have come up with a new figure for the area to increase tourism. This figurehead is called Starman. Starman is kind of like a mascot. He is just an astronaut. There is a picture of him on the beach relaxing in his suit.

c.       Problem Description: The problem was trying to get more exposure to the space coast.

d.      Who: Tourists

     3. Title: Children show off talents in Business Fair Expo

a.       Link: http://www.vieravoice.com/May-2018/Children-show-off-talents-in-Business-Fair-Expo/

b.      Story Description: This story is about young children already being exposed to the business world and have their ideas heard. They have an entrepreneurial spirit at such a young age and there could be more workshops like this for them, so that they can get into the right mindset.

c.       Problem Description: The problem is that kids are learning valuable business skills way too late in their academic career. It really helps to learn that entrepreneurial mindset as early as possible. I really never thought like this until this semester in this class.

d.      Who: Kids and their parents

    4. Title: Cheers Seafood and Grill offers fresh food and friendly service

a.       Link: http://www.vieravoice.com/January-2018/Cheers-Seafood-and-Grill-offers-fresh-food-and-friendly-service/

b.      Story Description: This story is about a restaurant back in my home town of Rockledge that keeps customers coming back because of their friendly service and good seafood. I saw an opportunity here for the need of a restaurant that makes you feel more at home. 

c.       Problem Description: People need friendly service to create a good atmosphere in order to enjoy their meal. They also need good seafood by the water.

d.      Who: Residents and tourists

    5. Title: Space Coast Realtors open new building

a.       Link: http://www.vieravoice.com/March-2018/Space-Coast-Realtors-open-new-building/

b.      Story Description: This article is about a new building that was built for a realtor association on Pineda Causeway. It is used to host events and other special occasions. It is very useful when the public wants to hold community events.

c.       Problem Description: The problem is that there usually isn’t a venue like this that the community can openly share, but with this new development the community can grow closer together to create a better place to live for everyone.

d.      Who: Members of the community