Customer Interviews No. 1

A very popular method of transportation is using cabs.  These allow people to not have to worry with all the hassles of driving, such as finding parking.  While these may be great alternatives, they also can put a dent in your wallet.  My opportunity fine tunes this problem.  Creating a monthly or yearly subscription service to these modes of transportation would be a great opportunity that an entrepreneur could make.  This would allow for the seller to collect a prepayment for a certain time period and in exchange offer the buyer access to the transportation free of charge as part of the service.  This could allow discounts to happen because of bulk time period purchases that would save the buyer money as well as help the seller collect payment ahead of time.

Here are the questions I asked students during my interviews with them:

1. What is your name?
2. Do you use a cab service? If so, how often do you use it in a month?
3. Have you ever wished for a service that would allow for monthly subscriptions to cabs?
4. Do you think this would make your cab experience better?

Here's what they responded with:

After interviewing potential customers, I think this would be a great opportunity to implement.  All but one of the five I interviewed were in agreement that this service would be useful and help them out for when they use that form of transportation.  With that I can confirm that this is a great idea for an entrepreneur to implement.

When first reading the details for this assignment I was a bit nervous about having to interview random people.  After interviewing them, I can now say that it was not as hard as I had thought it would be.  People at UF are great and are always willing to help out one another.  I think that is one of the biggest things I took away from this assignment.  In all, I thought this was a great assignment that pushed the student a bit out of their comfort zone, but allowed them to get used to this type of experience.

Week 4 Reading Reflection

I found this weeks reading to be enlightening.  Something that stood out the most to me was how they discussed the process of how an opportunity goes from an idea to actually being implemented.  I had not realized how exactly the process works, other than just the general concept that everybody has.  One thing that I found confusing was when he discussed how different parts of the brain have different skills.  I think this was confusing for me because I'm not that good at psychology, so this could most likely be easier to understand for those that are good at that.  I agreed wth all of what the author said in this chapter.  I think he does a fantastic job at going over what all is and happening during the process of starting with an idea and ending with a reality.  Also, I felt that he also did a good job in discussing the misconceptions as well as "idea killers" that may occur during the process.  In all, this week contained another good chapter read that left me with much to reflect on.

Some questions I have for the author are:

• Do you think that there could be other types of innovation other than the four you mentioned that we could categorize entrepreneurs into?
• I think that this question could open up for a discussion that could determine if we are generalizing a group of entrepreneurs into one type when they should actually be in two different types.
• How big of a role do you think "idea killing" plays a part in affecting an entrepreneurs solution to an opportunity?
• I think this is an important question since those that are just starting the innovation process would want to know this answer so that they can prepare for it in the future.

Top 5 World Problems

Top 5 Problems:

1. Nuclear Threats
2. Terrorism
3. Global Warming
4. Political Correctness
5. Lack of Government Transparency

I feel that these are in the correct order.  I think that nuclear threats are the biggest issue since they can affect the whole world at once in major ways.  Also, global warming and terrorism were pretty close when trying to order this list, but I feel that terrorism is more important as it can cause problems for millions of people at once.  Other than those three, I think the rest are in their correct places for this ranking.

Top 5 Solutions:

1. Increase prevalence of "green" energy options throughout the world and reduce our dependence on oil
2. Pass laws requiring the government to keep its citizens more informed and be more open
3. Work to create legislation with other countries to reduce the threat of nuclear weapons
4. Increase military presence in known areas of these organizations and work with other nations to unite under the need to eradicate this problem
5. Encourage people work towards understanding and respecting other's opinions

I feel that this list is also in the correct order.  I think that increasing the prevalence of green energy options is one of the easiest things to do because we already have so many advertisements for and alternatives available to the general public that continuing to increase the prevalence would not be much more difficult to do.  Through doing this we could work to promote a cleaner world and help the environment around us.  The other items on this list are also relatively easy to implement, but I feel that increasing the prevalence of green energy options is the easiest.

Week 3 Reading Reflection

I found this weeks reading to be very interesting.  Something that really stood out to me was how in depth they went with the entrepreneurial mindset.  I had not thought about the psychological side to the mindset until reading this.  One thing that confused me in the reading was why they consider there to be a "dark side" to entrepreneurship.  I feel that the term "dark side" gives a negative connotation to what they are trying to describe, when rather it is just a normal part of entrepreneurship that most entrepreneurs will not be able to avoid.  One thing that I disagreed with in this weeks reading goes along with what I said in the previous sentence pertaining to the "dark side" of entrepreneurship.  I really don't think that it is a "dark side", and instead just another normal thing that happens.  In all, I thought this weeks readings truly gave a different and more in depth perspective into the minds of entrepreneurs and the thought processes they have.

Some questions I have for the author are:

• Do you think that there are any other characteristics for the entrepreneurial mindset that we may just overlook?
• How do you think ethics should be handled when you have businesses in countries with various ethic codes?

Identifying Local Opportunities

Opportunity 1:

• Support Blood Drives
• http://infoweb.newsbank.com/resources/doc/nb/news/15A860A8E206B568?p=AWNB
• Gwendolyn Westlund and LifeSource have partnered during the month of January to promote donating blood in the Chicagoland area.
• There is not enough blood being donated to help the needs of all those who need it.
• People that go through surgery as well as those with life threatening illnesses need this.

Opportunity 2:

• The Antidote to Trial by Netflix
• http://infoweb.newsbank.com/resources/doc/nb/news/15A860AADACA0840?p=AWNB
• It discusses how real life trials can inspire TV shows and cause the audience to give a "trial" of their own for it and may not fully see the big picture of what went on during the time of the actual trial.
• People may not look at all the evidence of a real life trial, and instead just watch what's shown on the TV show.
• Everybody is affected by this as it can influence a nation's opinion on certain trials.

Opportunity 3:

• Marvel Comics-Themed Party Canceled
• http://infoweb.newsbank.com/resources/doc/nb/news/15A860AA8A361AF0?p=AWNB
• Due to a low enrollment, a Marvel Comics-themed party for special-needs children and families was canceled.
• The party was canceled for the special-needs children and families.
• The special-needs children and families are affected by this.

Opportunity 4:

• What does "Free at Last" Really Mean?
• http://infoweb.newsbank.com/resources/doc/nb/news/15A860A2361A1CE8?p=AWNB
• It discusses what "free at last" really means and what that can mean for different aspects of our society such as racially as well as with presidential pardoning.
• Deciphering what exactly "free at last" really means and how we've progressed.
• Everybody in the nation is affected by this as it can demonstrate how far we've come since those words were first said by Martin Luther King Jr.

Opportunity 5:

• Batavia Restauranteur Eyeing Vacant Store for Microbrewery
• http://infoweb.newsbank.com/resources/doc/nb/news/15A860A6B407CB30?p=AWNB
• It discusses the information regarding the hopeful purchase of a vacant store in Glen Ellyn and turning it into a "farm to table" and microbrew restaurant that could add to the town's great eating and entertainment.
• The city has not approved the purchase yet, so people can only imagine what the restaurant will be like until it is actually open.
• The city of Glen Ellyn and the hopeful restaurant owners.

Very Short Interview No. 1

For my interview with an entrepreneur, I chose to talk to a close family friend.  He has started his own successful financial advising firm and managed it for over 15 years.  He is also one of the main people that is there daily making sure all of his clients receive top quality service.

Q & A with an experienced entrepreneur:

1. What does it mean to be an entrepreneur?
• I think it means to not be afraid of going into the unknown.  Having the ability to not be afraid of starting something whether or not it will succeed.  It also means to take the initiative, to think for yourself, and to want to do something that is unique regardless of what others think.  That is what I think it means to be entrepreneur.
2. What do you wish you had been taught in school before setting out on your own path as an entrepreneur?
• I wish I had been taught that it's okay to fail.  Throughout school, you're taught that if you don't get an A in class then you're doing bad.  Rather than that teaching style, they need to help the kids understand why they got it wrong and let them learn how to improve.  It just makes sense because it allows you to grow.
3. What do you think I should learn in an entrepreneurship course?
• I think you should learn the mindset of an entrepreneur.  It is one that allows you to be open to new things as well.  It also is one that has the courage to be bold and try new things.  If you can accomplish learning that, then you are ahead of most people that try to be an entrepreneur.

I feel that what I learned through my interview is a lot of what we have been told in class and through the exercises we do online.  The part about it being okay to fail really stood out to me.  I remember in the first day of lectures for this class we were told that it's ok to fail, so long as you learn and grow from it.  I feel that this interview has confirmed a lot of what we learn in class as being true to the real world.

World's Biggest Problems

What I believe to be the world's biggest problems:

1. Global Warming
• People are unaware of the affects greenhouse gasses cause.  This allows the polar ice caps to melt and raise the water level.  A solution would be to work to increase prevalence of "green" energy options throughout the world and reduce our dependence on oil.
2. Political Correctness
• People are constantly being offended over opinions of others.  This has caused protests that result in people losing their jobs or hurting others.  A solution to this could be to encourage people work towards understanding and respecting other's opinions.
3. Terrorism
• This is an issue that affects the whole world in the same way.  People are afraid of the threats made and actions caused by terrorist organizations.  A solution to this would be to increase military presence in known areas of these organizations and work with other nations to unite under the need to eradicate this problem.
4. Lack of Government Transparency
• The information that the government doesn't share with the citizens of a country is alarmingly high.  People are not as informed as they should be and this is something that needs to be changed.  A solution would be to pass laws requiring the government to keep its citizens more informed and be more open.
5. Social Media
• Social media consumption throughout the United States is at an all time high.  People are becoming addicted and dependent to it.  A solution to this problem could be to encourage people to limit their use on social media sites daily.
6. Unequal Distribution of Money Throughout the World
• The spread of wealth throughout the word is very extreme between the wealthy and those in poverty.  A solution to this issue would be to work to encourage third world countries to promote capitalism and follow that legislation.
7. World Hunger
• People throughout the world go hungry everyday.  This affects more than just people in certain locations in the world and has to be addressed.  A solution to this would be to increase the budget that the charitable organizations that combat this issue as well as to teach people in those areas how to grow their own food and be self sufficient.
8. Chronic Dieseases
• Chronic diseases plague the people of the world.  These diseases can often be prevented yet the lack of information available to all doesn't allow for it.  A solution would be to increase health education about the prevention of chronic diseases.
9. Nuclear Threats
• With many new countries increasing their prevalence with nuclear weapons, the world is becoming a dangerous place.  This can affect the safety of millions of people with these threats.  A solution could be to work to create legislation with other countries to reduce the threat of nuclear weapons.
10. Drug Warfare
• Drug usage and availability is becoming an alarming issue in the world today.  More an more people are purchasing and using the drugs without even knowing how they will affect them.  A solution could be to increase resources and people dedicated to fighting this issue as well as inform the public of the effects that the different drugs can cause.

Bug List

The 20 things that bug me:

1. Looking at the bus app at UF and it not having the right times for busses
• The busses and app must not be connected to each other perfectly allowing for it to give its real location constantly
2. Being stuck in traffic on Archer road during rush hour
• The traffic lights don't correctly line up to handle traffic with the most efficiency
3. The Chipotle line being out the door during dinner time
• They don't have enough workers to handle that much traffic at one time
4. Chipotle having an E Coli outbreak during the school year
• They did not take proper care of food for meals and allowed it to catch virus
5. Never being able to find a seat to study in with an outlet nearby at Marston during reading days
• Did not anticipate such high traffic during reading days to have more outlets installed in building
6. The Starbucks in Marston always having a line out the door
• They don't have enough workers to handle that many people buying drinks at one time
7. When Panera Bread changes their menu with new food
• They may not realize that some of their best selling items get removed from the menu
8. When the UF Bookstore runs out of textbooks that are available for rent so instead you have to buy the textbook
• They underestimate how many people get their textbooks at the UF Bookstore
9. When an iPhone charging cable breaks after only having it for a few months
• They have a design flaw that has not yet been addressed
10. Jeep having to recall parts on their cars every few months
• They did not test out their cars for long enough before putting them on the market
11. Publix taking forever to make a pub sub, when it could be done very quickly
• They don't have enough employees working at that section of the store
12. Gator Suyaki bringing out each person's food individually and not all at once
• They don't realize that people all want their food brought out together
13. New Scooters 4 Less being so slow with maintenance and repairs on scooters
• They underestimate how long it takes for them to do repairs and maintenance
14. Amazon not offering "Prime Shipping" on all of their items for sale
• They may not have thought of the item as needing "Prime Shipping"
15. Potato Chip makers only filling half the bag with chips, leaving the other half with just air
• They don't have their machines set to dispense enough chips in the bags
16. Netflix not having every season of a show available to watch
• They haven't worked out a deal yet with company that owns show in time to have it available when people want it
17. Hulu forcing you to watch commercials even with a paid membership
• They are more focused on making money than user's satisfaction
18. UF raising the price of football tickets starting next season
• The school not thinking about the impact of raising prices on students who don't typically have jobs to afford the increase
19. The McDonald's on 13th Street having bad customer service
• Not training their employees enough on how to act towards customers
20. BurgerFi on Archer road having such small portions of food, yet charging so much for it
• Not realizing customer's expectations for what they should receive given how much they pay

I thought this list was difficult to come up with.  I am not one to get annoyed by small things so I had to put in a lot of thinking to come up with some of these "bugs".  With that, the more that I thought, the more that I realized what annoyed me with many places that I go to and things that I use often.  This has definitely made me consider a lot more about the companies that I go to and the "bugs" they have.

My Entrepreneurship Story

Being able to know an entrepreneur can be a great thing that can expose you to what entrepreneurship completely entails.  For me, one of our family friend's was an entrepreneur.  He owned his own financial advising business and has had it for over 15 years.  I've been able to talk to him and learn a lot on how he works and manages his company.  While there are many great things such as setting your own work schedule and not having to report to a supervisor, there is also a lot of pressure on you since you oversee it all and make sure every client being taken care of to the best extent.  After learning how much work is put into being an entrepreneur it can sounds a bit daunting, but the rewards of it definitely outweigh it.  After hearing his stories from doing that, it has definitely inspired me to be more open to being an entrepreneur rather than just going to work for someone else.

I would like to get a larger perspective on entrepreneurship while taking ENT 3003.  I have had an interest in the area of work and when I saw this was a class, it definitely looked like something for me.  I hope to learn much more of what it takes to be an entrepreneur and gain some of the skills and mindsets of one.

Introduction

Hey everybody!  My name is Matt Thompson and I am a second year finance major here at UF.  I am from Chicago, Illinois.  I play baseball and golf recreationally as well as am involved in greek life.  After school I would like to work in investment banking and maybe even start my own company doing that type of work.

The Entrepreneur's Mantra

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