Final Reflection

1) When looking back on my posts from throughout this semester, I realized how many different assignments were completed. I also noticed the tangible progression of my business concept and how I was able to grow as an entrepreneur. One of my favorite, but most frustrating, assignments would definitely have to be the "Bug List." This was an assignment that was difficult because I had never really been so focused or intent on identifying things that bothered me, but it was also so significant because it introduced me to a very powerful truth: problems are opportunities waiting to be solved. Another dreadful, yet super rewarding, experience would have to be the elevator pitches. I am not the most comfortable at public speaking so this assignment presented a few personal challenges for me. However, through multiple trials, I was able to develop the confidence necessary to deliver a powerful business pitch.

2) The thing that sticks out to me as the most formative experience would definitely be the development of my venture concept. My venture concept, however, was the final product of a culmination of assignments---including "Identifying Local Opportunities," "Idea Napkins," and "Figuring Out Buyer Behaviors." All of these different assignments had various components and some even had multiple iterations. If I had to identify the one defining aspect of these different assignments, it would have to be the interviews. Despite an ongoing global pandemic, the fact that I was able to secure and conduct multiple interviews throughout this semester is something I am truly proud of. These interviews provided great experience in terms of networking and building rapport, while encouraging me to often step outside my comfort zone. 

3) Taking the time to now reflect on my journey in this course, I can now affirmatively say that I see myself as an entrepreneur. While there will always be room for improvement, I believe that I have cultivated an entrepreneurial mindset that allows me to identify problems (or opportunities) with a new perspective. I am also a lot more familiar with the process that it takes, including the amount of time and energy, in order to truly develop a successful business venture. 

4) One recommendation I would make to the students who are going to journey down this path is to "start early." In order capitalize every learning opportunity in this course, I believe it is pivotal to always start early and effectively manage your time. By doing so, you are able to secure interviews well in advance and position yourself for academic success. As for recommendations for fostering an entrepreneurial mindset, the biggest thing I would suggest is to "be cognizant of your environment." We are surrounded with problems and varying deficiencies in our life---these are all opportunities that can be capitalized on. If you can identify these local opportunities by tailoring your mindset to be more observant, you are already one step closer to becoming an entrepreneur. 

Venture Concept No. 2: Protective Roofing Headgear

PART 1:

Opportunity: The business concept I am suggesting is creating protective headgear equipment for roofers that would protect them from potentially hazardous weather conditions, like lightning. Thus, the need that I am addressing is the need for safety and security for manual laborers that perform their daily tasks outside and on elevated surfaces. As briefly mentioned, this product would primarily pertain to roofers. Roofers are susceptible to lightning strikes and other lethal injuries because lightning tends to strike taller objects, such as roofs, as they provide upward streamers to connect with downward lightning streamers. There are currently over 50,000 corporations engaged in roofing work and installation work valued at a total of $31.4 billion. Further, the United States has 75 million single-family homes and on average, about 7% re-roof each year. Demographically, the average male roofer in the industry is 36.8 years old and the average female roofer in the industry is 37.3 years old, with the most common race for roofers being white (non-Hispanic). Despite there being general guidelines as to the type of clothing a roofer should wear (depending on the type of roofing system he or she is working on), there exist no standard protective roofing equipment for these workers. Thus, customers are not adequately satisfying this need or are simply not aware of this need because it has become almost normalized to have no protective equipment for roofers. While other manual laborers, like general construction workers, wear hard-hats as a form of headgear, this would not be sufficient to protect against lightning strikes and hazardous weather conditions. With the market size of the roofing industry having grown 2.7% per year on average in the United States between 2015 and 2020, there is a clear market and opportunity for this product. Until someone else devises a form of protective headgear that is both functional and practical to the daily demands of a roofer, this "window of opportunity" will remain open.

Innovation: The product that I am offering would be considered radically innovative because there currently exists no standard protective equipment for roofers on the market. The product itself will be composed of durable metal material. Contrary to common thought, since metal is a strong conductor of electricity, metal provides lightning a low-resistance path. (Compare this with poor conductors of electricity have have more resistance: these material cause electrical energy to be converted into heat---making it conducive for fire or even explosions. This product would also remain relatively light-weight and practical in order to adhere to the working conditions of roofers. Roofers already often experience excruciating levels of heat, so the headgear could not be too intrusive or overbearing on their working conditions. By developing a product composed of durable metal material, I would be offering an innovative product that has the potential to alter safety protocols in the roofing industry. With around 188,000 individuals employed in roofing, if we priced this protective headgear at $35 a piece, we would generate at least $6 million in revenue on a yearly basis.

Venture Concept: This protective headgear composed of durable metal material would address the problem I identified by providing a tangible piece of equipment that offers both protection and safety. My targeted customers will be compelled to purchase this product simply due to the fact that there is no other product that is really similar in the functional purpose that it serves. By being composed of metal and still remaining light, this headgear may be similar in nature to other general helmets in that they serve the purpose of protecting one's head. However, the functionality of the helmet I am proposing is completely innovative and radical compared to, for example, a hard-hat worn by general construction workers. Since this would be a radically innovative product, I do not believe it would be hard to get my customers to "switch" to this product. The main thing would be to make roofers aware of this inherent need that they have that they may have suppressed and ignored for so long because the roofing industry has normalized a lack of safety standards. As mentioned, the main competitors to this product are other forms of general headgear equipment and helmets. These products' weaknesses and vulnerabilities lie in the fact that they cannot adequately withstand or protect against perilous weather conditions. In organizing a business to support the ongoing production of my new product, the team I would be working with would initially be rather small. The main components or roles in the venture would be research and development (in order to construct the product), and supply-chain management (in order to establish a strong relationship with a supplier that can provide the necessary materials for constructing the product), and marketing (in order to analyze the specifics of market demand).

Secret Sauce: In pursuing this business concept, my most important resource will be human capital---specifically my business administration degree that I am receiving through higher education, communication skills and ability to demonstrate emotional intelligence, experience and background in leading teams and collaborating with individuals, natural tendency to have an optimistic approach, creativity and desire for continuous innovation, and ability to provide constructive criticism and receptiveness to feedback. Having these human capital traits will allow me to facilitate a culture of passion, understanding, and withstanding success.

What's Next For Venture: The next action item for the venture would be to engage in feasibility screening and concept testing. Feasibility screening would entail undergoing a critical examination of my product concept to ensure that the idea does not go beyond the scope of practical capabilities. In other words, I would run perform research and data analytics to see how much production costs would be and whether it is feasible or not to actually pursue the product. If it is deemed feasible, I would then perform concept testing to gauge the interest among potential customers. An actual product or prototype would not yet be produced, I would simply describe the concept of my product to consumers and see if it is actually a desired product. 

What's Next for Me: Assuming I've launched, in five years, I would like to continue running this venture if successful. Depending on the profitability of this business, I would use it as my primary form of occupation. Based on the level of stability within the business, I would also seek to either expand the line of products within the product category of protective headgear or target a new market (such as B2B markets). If later focusing on business to business markets, I would consider bulk shipments to large retailers like Home Depot or industry corporations like Duke Energy---deciding which business to target would simply depend on the available profit margins. This would obviously create more responsibilities on my end, but I would properly address those by creating a larger network and expanding my team to support the different business functions.

PART 2:

Based on the feedback I received, I realized that it may be rather too soon to develop a prototype and engage in research and development. Prior to developing a prototype, I was advised to focus on more preceding goals and gather more information first. This would allow me to get a better idea on what the market price of product should be. Further, it was brought to my attention that expanding my target market to focus on business to business (B2B) markets would be a profitable move in the future. When I initially proposed the idea, I was unsure whether it would be a logical decision. However, according to the feedback, expanding into B2B markets would allow for bulk transactions and potentially more profitable gains. 

PART 3:

Based on what I learned from the feedback, the aspects of my venture concept that I changed were primarily under "What's Next for Venture" and "What's Next for Me"---the rest of venture concept remained the same. Rather than discussing the next step for the venture as being prototype development along with research and development, I decided to change it to feasibility screening and concept testing. These intermediate steps would allow me to determine whether my business concept is practical and desirable in the first place. I also altered my plans for what's next for me by discussing the expansion of business into B2B markets. I particularly discussed the possibility of expanding my target market to include large retailers, as well as industry corporations. This was an idea that was initially proposed in the "What's Next" exercise, but I have now incorporated it into my venture concept. 

PART 4:

My Exit Strategy

1) Going forward, I would hope to grow my business venture large enough so that I can stay with the business for several years and then retire. This would require sustainable growth and a stream of income that is sizable enough for my desired retirement plan. 

2) I have chosen this particular exit strategy because I personally am one to develop sentiment and attachment towards something I really care about. So, unless the offer is utterly irresistible, my main prerogative would not be to sell the business. I would continue my venture with the expectation that I can grow and enhance it under my guidance and supervision. However, with that said, I would not intend to protect the family venture as a family business and pass it down to my children. I would not do so because I am also a strong believer in the idea that everyone has their own passions and desires. Thus, I would never want to force my children to continue a passion that was mine. If my children happen to say that they want to continue my venture on the basis of their own will, that is a different story (but I do not intent nor expect my children to continue this business). 

3) I have always had a desire to establish a business with longevity in mind. This exit strategy has definitely influenced other decisions I have made in developing my business concept. For example, understanding that the roofing industry has grown 2.7% per year on average in the United States between 2015 and 2020, I strategically chose to enter an industry that has growth potential far into the future. With this in mind, I also purposefully stated that I would want to expand my product line to provide other equipment and materials to roofers as a growth strategy going forward.

Reading Reflection No. 3

1) The book I chose for the third reading reflection is Mindset: The New Psychology of Success by Carol Dweck. The general theme of the book was about defining and establishing a growth mindset so that you can channel any failures or setbacks into vessels for growth. In contrast to a growth mindset, a fixed mindset inhibits your brain from evolving---this mindset sees certain traits, such as intellect and skills, as being inherently fixed. In determining which mindset you adopt, perspective plays a vital role. The way in which you perceive your mind and brain ultimately dictates whether you seek new opportunities in life or are content with simply being stagnant. 

2) The book, in my opinion, connected with and enhanced what I am learning in ENT3003 because this course has emphasized the importance of adopting a growth mindset. Through different assignments, like the Bug List and Identifying Local Opportunities, we have been taught to constantly seek challenges or problems that can ultimately be turned into opportunities for success. Rather than being discouraged or resentful of the challenges in our life, we have approached these problems with the perspective that we can capitalize and solve them. Further, through multiple iterations of the same assignment, we have learned to seek points of weaknesses and ways to enhance our current understandings (as it pertains to our business concept). Thus, I feel as if the assignments we have completed throughout this course have embodied and exemplified the exact lessons that were conveyed in the book.

3) The book emphasizes the notion that a fixed mindset can be modified to become a growth mindset. It all depends on awareness and perspective. So, if I had to design an exercise for this class based on the book, it would be to have students make a list of experiences in which he or she exhibited a fixed mindset. Based on those experiences, I would then ask the students to explain what they would have done if they used a growth mindset instead. By asking students to reflect on their past decisions, and then to envision a different course of action, we would be conditioning students to identify what a growth mindset looks like and instances in which a growth mindset can be utilized going forward. Thus, this assignment would teach ways to be proactive, rather than reactive, in the future.

4) The biggest surprise or 'aha' moment that I had when reading the book was when Dweck mentioned that a growth mindset allows a journey to be worthwhile, regardless of whether you win or lose. In essence, even if you fail, a growth mindset will see that failure as being meaningful and worth it. Rather than this statement being a difference from a prior expectation, this was an 'aha' moment because I realized that this statement perfectly conveyed a sentiment that I had always felt towards failure. I have always perceived failure as an opportunity for growth, but I never realized that this understanding was attributed to something known as a "growth mindset." 

Celebrating Failure

1) Over the summer, some friends and I have engaged in creating an online startup company centered around health and recovery products. This business is separate from the one that I have been planning throughout the duration of this course (which is a business centered around providing protective headgear equipment for roofers). There are currently six total members within our team, and I have been delegated the financial tasks and responsibilities of the company. After filing an LLC to be recognized as an official business within the state of Florida, I was assigned the responsibility of applying for a corporate bank account. Since our business functions online as an eCommerce store, I had sought out an online banking institution. After collecting all of our relevant information, I diligently filled out the banking application online (with the assumption that it would be processed and accepted rather immediately). Much to my dismay, seconds after receiving an email verifying that I successfully submitted my application, I received another email stating that my application could not be further reviewed. I was utterly distraught and did not know the reason for the rejection. After doing some research, I learned that some common reasons for why an online bank would immediately deny your application include the following: lack of credit history, a complex business structure, or troublesome banking history. However, none of those applied to my situation. When I tried to receive further clarification, the banking institution would not specify the reasons for why my application got denied and referred me to the screening agency (ChexSystems) that was used during the review process. ChexSystems, however, had an automated phone system that would not allow me to communicate with a live person and the only way to send mail was via physical mail at the post office---they had no email for communication purposes. Needless to say, I was utterly frustrated and confused with the entire process. 

2) After my disappointing experience with the online bank's customer service, I found myself reading a bunch of reddit threads in an attempt to self-diagnose what the problem exactly was. Ultimately, I decided that a traditional brick-and-mortar banking institution would be a lot more helpful in opening a corporate bank account. A few days later, I went to a traditional bank and worked with an associate to fill out an application. I explained to her all my grievances and told her about the complications I faced when attempting to use an online bank. She was able to provide a lot more clarity and answered all the questions I had. When it was time to fill out the application at the brick-and-mortar bank, I was also more prepared and had all the necessary paperwork and information with me. This caught the banking associate by surprise because she said that most of her clients have little to almost no knowledge of how to properly fill out an application. Her remark made me realize that my initial failure in opening a bank account allowed me to be much more prepared and ready for the second go-round. The second attempt felt a lot more seamless and smooth. Thus, based on my first experience, I learned that failure can allow you to be more prepared for the next opportunity or chance you receive (so long as you allow yourself to learn from that failure). 

3) Failure can be super frustrating, complex, and unexpected. It can cause immense stress and disappointment, but it is not useless. If you can take your failure as a learning experience and find ways to adapt, failure can actually be a purposeful tactic in allowing you to be successful. When I am faced with failure, I become very determined to understand why I failed. I seek for reasons and clarity so that I do not repeat the same mistakes in the future. Taking ENT3003 has also reiterated my perspective on failure based on the different assignments we were assigned throughout the year. By completing multiple iterations of the same assignment, I was forced to re-evaluate my decisions and understand why certain things did not work out the way I had expected. Thus, via trial and error, this class has equipped me with the understanding that failure is an uncomfortable, but necessary, part of the process. Since the only way to fail sometimes is by taking chances and leaps of faith, I am definitely more likely to take a risk than I was a few months ago.

What's Next?

Existing Market

    I believe that the next step is is actually developing the proposed product, or research and development. Since I have constructed the market research and demand for protective headgear equipment, the next step would be actually construct the product and test for functionality. This would involve creating a prototype and running different tests and simulations to gauge the overall effectiveness of the product. My product will be composed to durable metal materials, so finding the right balance in product composition will be crucial to the efficacy of the helmet.

    After interviewing three customers and explaining to them my business, all three actually asked if I could demonstrate or showcase the product to them. They were interested in actually seeing the tangible product so that they could visualize my proposed business concept. However, I had to express that a product was not yet created and this led them to your suggestion of what the next step of my venture would be: creating a model product that can be conveyed to target consumers. All three interviewees alluded to practicality and wanted to ensure that the protective headgear would not be too stifling or heavy for manual laborers. One interviewee did also mention the suggestion to perform more market research to ensure that the business model can truly be sustaining and successful. Since their suggestions were similar to what I thought would be the next step, we were in agreement in terms of the direction of the venture and what actions ought to be taken. 

    Based on my expectations and the feedback that I received from customers, I believe the next step would be create some tangible representation of what my product is. Even if it is not the actual product itself, having a model or representation of some sort would be super helpful in conveying my business concept to target customers. While it is easy to hear the many benefits and advantages of a product, it is often more difficult to actually visualize what that product is. Thus, by creating a model or prototype, customers can better understand the vision and feel compelled to try the product in the future. In creating a prototype, product testing can also be done to ensure the effectiveness of the headgear. It is vital that a product actually does what it advertises, so running tests and simulations would be an integral process in ensuring the legitimacy of a product.

New Market

    My target market has been primarily end-consumers (manual laborers who their daily tasks outside and on elevated surface, such as roofers). Thus, a completely new market would targeting B2B or offering my proposed product to another business. 

    My radically different market, which I describe as being a business market now, would create value for people in that market by providing them a product that they can wholesale to their already existing customers. In this business model, I would essentially be serving as a manufacturer who supplies my protective headgear equipment to retailers and other business. If these businesses already have an established customer market, then providing them a new product will allow them to address more of their customers' needs. For instance, consider a home improvement store like Home Depot. I would provide my products to Home Depot and they would subsequently offer it to their customers. 

    In this section, I interviewed two employees from Home Depot. When I expressed my business concept to them, they both felt as if my product would fit in their overall product offerings. Since Home Depot specializes in home improvement, including construction products, protective headgear for roofers fits their overall store theme. This was something that was stressed during my interviews: compatibility and theme. Both interviewees explained that my product could be adapted for any business retailer as long as it fits the scheme of the overall products they are selling. For example, one interviewee provided an example and explained that my product would not be suitable for a place like PetCo, a company that specializes in pet products. However, in stores specializing in home improvement and hardware, like Lowe's and Ace Hardware, my product could definitely fit under their product offerings.

    Upon conducting this portion of the assignment, I realized that there is a totally new market that I had never really considered before (B2B). I had always thought only about the end-consumer, but never about selling my product to other businesses. This new target market definitely seems just as feasible and there exists a clear opportunity to find success. In my Venture Concept assignment, I had talked about wanting to potentially expand the services of my product by creating additional items within my product category. However, I now realize that an alternative approach would be to simply expand my target market by offering my product to a new set of customers.

Venture Concept No. 1: Protective Roofing Headgear

Opportunity: The business concept I am suggesting is creating protective headgear equipment for roofers that would protect them from potentially hazardous weather conditions, like lightning. Thus, the need that I am addressing is the need for safety and security for manual laborers that perform their daily tasks outside and on elevated surfaces. As briefly mentioned, this product would primarily pertain to roofers. Roofers are susceptible to lightning strikes and other lethal injuries because lightning tends to strike taller objects, such as roofs, as they provide upward streamers to connect with downward lightning streamers. There are currently over 50,000 corporations engaged in roofing work and installation work valued at a total of $31.4 billion. Further, the ted States has 75 million single-family homes and on average, about 7% re-roof each year. Demographically, the average male roofer in the industry is 36.8 years old and the average female roofer in the industry is 37.3 years old, with the most common race for roofers being white (non-Hispanic). Despite there being general guidelines as to the type of clothing a roofer should wear (depending on the type of roofing system he or she is working on), there exist no standard protective roofing equipment for these workers. Thus, customers are not adequately satisfying this need or are simply not aware of this need because it has become almost normalized to have no protective equipment for roofers. While other manual laborers, like general construction workers, wear hard-hats as a form of headgear, this would not be sufficient to protect against lightning strikes and hazardous weather conditions. With the market size of the roofing industry having grown 2.7% per year on average in the United States between 2015 and 2020, there is a clear market and opportunity for this product. Until someone else devises a form of protective headgear that is both functional and practical to the daily demands of a roofer, this "window of opportunity" will remain open.

Innovation: The product that I am offering would be considered radically innovative because there currently exists no standard protective equipment for roofers on the market. The product itself will be composed of durable metal material. Contrary to common thought, since metal is a strong conductor of electricity, metal provides lightning a low-resistance path. (Compare this with poor conductors of electricity have have more resistance: these material cause electrical energy to be converted into heat---making it conducive for fire or even explosions. This product would also remain relatively light-weight and practical in order to adhere to the working conditions of roofers. Roofers already often experience excruciating levels of heat, so the headgear could not be too intrusive or overbearing on their working conditions. By developing a product composed of durable metal material, I would be offering an innovative product that has the potential to alter safety protocols in the roofing industry. With around 188,000 individuals employed in roofing, if we priced this protective headgear at $35 a piece, we would generate at least $6 million in revenue on a yearly basis.

Venture Concept: This protective headgear composed of durable metal material would address the problem I identified by providing a tangible piece of equipment that offers both protection and safety. My targeted customers will be compelled to purchase this product simply due to the fact that there is no other product that is really similar in the functional purpose that it serves. By being composed of metal and still remaining light, this headgear may be similar in nature to other general helmets in that they serve the purpose of protecting one's head. However, the functionality of the helmet I am proposing is completely innovative and radical compared to, for example, a hard-hat worn by general construction workers. Since this would be a radically innovative product, I do not believe it would be hard to get my customers to "switch" to this product. The main thing would be to make roofers aware of this inherent need that they have that they may have suppressed and ignored for so long because the roofing industry has normalized a lack of safety standards. As mentioned, the main competitors to this product are other forms of general headgear equipment and helmets. These products' weaknesses and vulnerabilities lie in the fact that they cannot adequately withstand or protect against perilous weather conditions. In organizing a business to support the ongoing production of my new product, the team I would be working with would initially be rather small. The main components or roles in the venture would be research and development (in order to construct the product), and supply-chain management (in order to establish a strong relationship with a supplier that can provide the necessary materials for constructing the product), and marketing (in order to analyze the specifics of market demand).

Secret Sauce: In pursuing this business concept, my most important resource will be human capital---specifically my business administration degree that I am receiving through higher education, communication skills and ability to demonstrate emotional intelligence, experience and background in leading teams and collaborating with individuals, natural tendency to have an optimistic approach, creativity and desire for continuous innovation, and ability to provide constructive criticism and receptiveness to feedback. Having these human capital traits will allow me to facilitate a culture of passion, understanding, and withstanding success.

What's Next For Venture: The next action item for the venture would be to actually try to develop and construct the proposed product. This would require further research and development, and involve prototype testing of my protective headgear. I would have to ensure that the headgear is composed of the right specific materials so that it can achieve optimal performance and function.

What's Next for Me: Assuming I've launched, in five years, I would like to continue running this venture if successful. Depending on the profitability of this business, I would use it as my primary form of occupation. Based on the level of stability within the business, I would also seek to either expand the line of products within the product category of protective headgear or create a new business as an entrepreneur (to have multiple projects running at the same time). This would obviously create more responsibilities on my end, but I would properly address those by creating a larger network and expanding my team to support the different business functions.

Your Venture's Unfair Advantage

1) $5,000 saved up from working that can be used towards initial investment. 

• This is a form of financial capital. This resource is very valuable, however, not very rare, inimitable, or non-substitutable. 

2) Connection to an expert who has a lot of experience selling protective headgear and equipment. 

• This is a form of social capital. This resource is very valuable, rare, and inimitable. However, this is not non-substitutable.

3) Connection to an individual who works within the supplier domain of my industry.

• This is a form of social capital. This resource is very valuable, rare, and inimitable. However, this is not non-substitutable.

4) Connection to an individual who specializes in selling mechanical tools to my target audience.

• This is a form of social capital. This resource is very valuable, rare, and inimitable. However, this is not non-substitutable.

5) Business Administration degree that I am currently seeking through higher education.

• This is a form of human capital. This resource is very valuable, rare, inimitable, and non-substitutable.

6) Communication skills and ability to demonstrate emotional intelligence.

• This is a form of human capital. This is a form of human capital. This resource is very valuable, rare, inimitable, and non-substitutable.

7) Experience and background in leading teams and collaborating with individuals.

• This is a form of human capital. This is a form of human capital. This resource is very valuable, rare, inimitable, and non-substitutable.

8) Natural tendency to stay optimistic and approach life with a "glass half full" mentality.

• This is a form of human capital. This is a form of human capital. This resource is very valuable, rare, inimitable, and non-substitutable.

9) Creativity and desire for continuous innovation.

• This is a form of human capital. This is a form of human capital. This resource is very valuable, rare, inimitable, and non-substitutable.

10) Ability to provide constructive criticism and receptiveness to feedback.

• This is a form of human capital. This is a form of human capital. This resource is very valuable, rare, inimitable, and non-substitutable.

After conducting my VRIN analysis, I came to the conclusion that my top resource is human capital. This seemed to be the only resource that is valuable, rare, inimitable, and non-substitutable. While it is true that anyone is capable of exhibiting some of the aforementioned human capital traits, it is a different story when considering whether people truly do embody them. For this reason, I did consider human capital, such as the ability to provide constructive criticism and receptiveness to feedback, to be rare.  

Growing Your Social Capital

1) The first person I networked with was a domain expert within my industry. This individual, Dae, is someone who has a lot of experience with protective headgear and equipment. He is my friend's father and used to run a helmet shop in downtown Jacksonville for over 20 years. While his headgear equipment was more tailored to sporting activities, like skateboarding, he still understands the core necessity for safety products. In my conversation with Dae, he provided a lot of knowledge regarding how his helmets were constructed and why they were sculpted in their particular manner. He explained the different parts of the head that are more sensitive to damage than other parts, as well as the different supplies that went into creating his different helmets. This information was super valuable because he could be a potential partner who would provide lots of experience and knowledge regarding protective headgear equipment. 

2) The second person I networked with was an expert on the market. The individual I interviewed, Tom, is a direct seller who specializes in selling mechanical tools to roofers and general construction workers. While he does not sell protective headgear equipment in particular, he does offer many of the other supplies (i.e. gloves, digging bar, drills) necessary to perform manual labor jobs. He was once a general construction worker himself and had a brief stint within the roofing industry as well. After noticing the constant necessity of hardware supplies, he decided to capitalize on the opportunity to begin his own business. My family is currently undergoing renovations on our house, so I was able to contact this person by asking the current contractors who supplies their tools and inventory. Upon speaking to the workers, I was able to get in touch with Tom. After conversing with Tom, I felt as if I established a reliable connect who has extensive knowledge on the roofing and construction market. I explained my business concept to him and we agreed to stay in touch---in the event that I pursue this idea, he would be a potential partner to work with in designing protective headgear equipment for roofers. Thus, including Tom will enhance my ability to exploit an opportunity because he provides years of experience and a breadth of knowledge.

3) Lastly, the third person I networked with an important supplier to the industry. The individual I interviewed, Cathy, is a corporate employee for Home Depot. While she is not directly involved in the manufacturing process of hardware supplies, she does have a solid understanding of business transactions are done with construction firms within the industry. Cathy is actually my mom's friend, so I was able to get in touch with her by way of my mom's social network. When I conversed with her on the phone, she explained a lot more of the logistical side of a business, particularly within the industry that I am targeting. While Home Depot may be a supplier to other firms, she also explained that large corporations would not use Home Depot as an intermediary in order to obtain their supplies. Rather, they would have a more direct supplier from whom supplies would be received. This is to minimize the cost structure of their business model. In return for all this information, Cathy simply expects me to keep her updated on this potential project of mine. Including Cathy in my network will be super beneficial because she provides insight into the more transactional aspect of businesses, a sphere that I am not too familiar with.

Reflection: This networking experience taught me how to target specific individuals who may be of value to me and my business concept. It was definitely different than past experiences of networking, where I would vaguely connect with anyone who I thought could provide me professional connections. In this assignment, however, I was very intentional with who I reached out to and communicated with.

Elevator Pitch No. 3

1) https://youtu.be/Li6s_mP1knQ

2) Based on the feedback, I received positive reviews on my updated introduction. In my second elevator pitch, I decided to insert a segment in the beginning where I introduce my name---I was told that this made it more personable and attention-grabbing. Other feedback that was stood out as important to me was regarding the end portion of the pitch. I made the change to ask for "another meeting" rather than for them to "join me" because the latter expression made it seem like I already had a product configured. Lastly, I was told that my delivery (tone and pace) and statistical information really aided in solidifying the pitch overall. 

3) According to the feedback, it was suggested that I elaborate more on the risks posed to roofers who are struck by lightning (and scale down the information regarding pricing components at the end). Since this is only my elevator pitch, I was told that it seemed to premature to include details about pricing already. So, on this third attempt at my pitch, I made sure to focus more on the problems that roofers face due to hazardous weather conditions. Aside from this feedback, I was told that the pitch overall seemed really strong!

Reading Reflection No. 2

1) The book that I chose for my second reading reflection is How to Fail at Almost Everything and Still Win Big by Scott Adams. Adams is the founder of the infamous American comic strip "Dilbert," known for its satirical office humor. The general theme of the book was about the different theories and lessons that Adams has learned throughout his life regarding how to maximize one's likelihood for success. He talks about his many personal experiences and how they have all contributed to his profound understanding of failure---in particular, how failure and can be optimized in order to eventually discover your winning ticket in life.

2) The book, in my opinion, connected with and enhanced what I am learning in ENT 3003 by reinforcing the many misconceptions that individuals have regarding entrepreneurship. For instance, we have learned that entrepreneurship is a developed skill---success and a million dollar idea is not cultivated over night. It takes patience, understanding, and multiple trials. Throughout this class thus far, we have engaged in various assignments more than once and for good reason: you learn something new each time. In the book, Adams discussed about the importance of learning from past endeavors (and mistakes), and leveraging those experiences in order to keep yourself motivated and closer to success. 

3) If I had to design an exercise for this course, based on the book I read, it would be about how to strategically manage one's energy. Adams explained that at different parts of the day, we as humans, have different energy levels. Thus, it is essential to match our activities to the mental energy we have. For instance, Adams talked about how he draws in the morning because that is when he needs to have the most creativity (and he has the most energy around 6 AM). However, Adams engages in "busy" or less stimulating work in the afternoon (around 2 PM) because that is when he has less mental energy. By following this routine, he is able to maximize his productivity in any given day. Therefore, I would design an exercise in which students would create an outline of their day, detailing at which parts they exhibit peak energy and low energy. Based on this outline, students can decide when would be the most appropriate time to engage in certain activities that are either more or less stimulating than others. 

4) My biggest surprise or 'aha' moment when reading the book was when Adams talked about how "success creates passion more than passion creates success." At first, I was utterly confused by this statement. I have always been under the assumption that passion is the ultimatum that eventually propels you to reach your goals. While true to a certain extent, Adams explained that passion is not always everything. In fact, individuals have a tendency to develop passion after an idea becomes successful. This even applied to the "Dilbert" comic strip---it was just merely another one of Adams's hopeful ideas to make it big, but never did Adams become passionate about comic strips and sketching until it became successful. Thus, rather than passion, a simple desire to work hard and an idea that looks promising is more of a telling indicator for whether someone will be successful or not. 

Elevator Pitch No. 2

1) https://youtu.be/GA9bhHrnBBU

2) Based on my peer reviews, I received a lot of positive feedback on the research and statistical information that was provided---the market size, how much revenue is generated within the market, and the material composition of my proposed product. I was also told that using an anecdote at the beginning of the pitch really made it captivating from the get-go. Further, it was expressed that my hand gestures were appropriately used in accordance with my points, and the pace at which I was speaking was very helpful in allowing the information to be conveyed effectively. Thus, insights on my delivery and content proved to be the most helpful.

3) Based on my feedback, I was recommended that I introduce myself in the beginning so that my audience knows who I am. I incorporated this aspect into my new elevator pitch. Further, at the end of my first pitch, I asked for my "investors" to join me in my endeavor to protect roofers. However, I was told that this implied that I already had a product made and ready to be sold. Thus, in my new elevator pitch, I instead ask for another appointment so that I can further discuss my proposed business concept. 

Idea Napkin No. 2

1) I am a rising third year student at the University of Florida, majoring in Business Administration and Philosophy, and minoring in Sociology. My skills lay in analytical and critical thinking and I have strengths in emotional and social intelligence. My aspirations are centered around doing good for society---whether it be through daily acts of service or through a business model. If this business were to gain traction, it would play a significant role in my life. Since I am the type of individual that gets very engulfed in things that I am passionate about, I would allocate a substantial portion of my time to bringing this business concept into fruition.

2) I am offering a product that is a form of protective headgear equipment for laborers within the roofing industry. This protective headgear is to protect roofers from often unpredictable and perilous weather conditions, like lightning strikes. It will be composed of durable metal material. Since metal is a strong conductor of electricity, it provides lightning a low resistance path---preventing the potential for explosions or fires.

3) This product is essentially being offered to any worker who finds him/herself primarily working outside on elevated surfaces. Thus, this can appeal to general construction workers, satellite installers, and even architects. However, those that are consistently exposed to the aforementioned conditions are individuals within the roofing industry. Based on demographical statistics, the average male roofer in the workforce is 36.8 years old and average female roofer in the workforce is 37.3 years, with the most common race/ethnicity for roofers being white (non-Hispanic).

4) Customers will pay to use my product because it provides a fundamental benefit: safety and protection. This protective headgear will aid in increasing the longevity of these workers and help prevent any fatal injuries from occurring. Thus, this product will essentially protect the wellbeing of potential customers---incentivizing them to make the investment to purchase my proposed equipment.

5) My core competencies revolve around the fact that there is not a product like this on the market yet. While there are standard hard hats and helmets that exist, there is no form of protective equipment that serves to protect individuals from the risk of lightning strikes. By developing my product by using components of durable metal material, I will be providing an innovative product that can hopefully alter the safety protocols within the roofing industry.

Overall, I still believe that all of these elements fit together in a harmonious manner. There does not seem to be any aspects of the business that are out of sync with one another. Since I am targeting a more niche market (i.e. roofing industry), the aspects of my business are more tailored and specialized towards customers within that field. Thus, I am currently content with the prospect of potentially pursuing this business concept in the near future.

Based on the feedback I received, I was told that there was a common understanding that the work performed by roofers is very hazardous. In fact, one peer reviewer explained that he knew someone who had actually just started a roofing business in North Carolina and wondered if his friend had ever considered protective gear for his fellow coworkers. This reinforced the relevancy of my idea and that it may have very practical applications for individuals within the roofing industry.

Create a Customer Avatar

         

 

My prototypical customer is a 5'7'" 144 pound man who is currently 36 years old. He has very short hair to save himself from any extra heat in the scorching Florida sun and maintains slight stubble around his chin. He is never the type that is too concerned about appearance, he is more focused on himself and simply living each day with the intent of fulfilling his responsibilities. His mantra is and always has been "work hard now to live the dream later." He currently has no children or spouse---pursuing a family or a relationship has never been a desire nor a priority for him. He drives home after each work day in his dark blue 2012 F-150 truck. His truck has endured some bumps and bruises because of all the materials it has carried over the years: asphalt shingles, stone-coated steel, and rubber slate to name a few. Once he gets home, he goes to the living room, turns on the television, and tunes into the sports channel. He is an avid fan of baseball and watches his team, the Cleveland Indians, whenever time permits. Watching television has always been a routine aspect of his schedule after work, and for good reason: it requires very little to almost no stimulation. After a day full of taxing labor, he looks forward to his nightly television time---winding down on the sofa and enjoying America's past time. Although only 36 years old, he feels as if the intensive labor of his job has taken a toll on his body---his youth feels like a thing of the past. Despite the rigors of his job, he never flinches when the sun rises and a new day begins. He feels lucky and appreciates the essence of hard work. Since he was a young child, he always applied the lessons from his favorite book, "Little Britches: Father and I were Ranchers." This book was given to him by his late father, and details the importance of respect, hard work, and a strong family structure---all of which he hopes to fully embody in the future.

After creating my prototypical customer, I realized that I do not have too much in terms of the external traits of my avatar. For example, I do not have stubble or super short hair. However, I did find some of the internal character traits to be similar, especially regarding the importance of hard work and determination. Just like my prototypical customer, I always appreciate the little things in life and try not to take anything for granted, even with situations get tough. Thus, I do not think having these similarities was a coincidence. Rather, it seems that I projected my own values and convictions into the avatar I created. However, I also did take into account the rigorous demands of an occupation such as roofing and used that to mold the narrative of my prototypical customer.

What's Your Secret Sauce

1) Five ways in which I think I have human capital that is truly unique are in the following ways:

• Ability to listen. I am very receptive and welcoming towards different opinions and perspectives. I am able to keenly listen to anyone who is speaking, which makes individuals feel valued and empowered.
• Ability to analyze. I am very strong in my analytical skills and in my ability to critically analyze situations. This allows me to identify solutions and effectively solve problems.
• Ability to communicate. I am very vocal and express my ideas in a productive manner. In doing so, I am also able to relay information amongst others in an efficient manner.
• Ability to maintain positivity. I am always approaching life with a "glass half-full" mentality, and attempt to see the benefits in any situation. This allows me to uplift the morale in all settings.
• Ability to delegate responsibilities. I am very effective in distributing tasks among a group of individuals. This allows for goals to be completed in a timely manner, while actively engaging every member of a team.

2) https://soundcloud.com/user-771777434/sets/ent3003-interviews

• The first individual I interviewed was my best friend. He expressed that my ability to empathize with others is what makes me different. This quality allows me to better relate with the individuals that I interact with.
• The second individual I interviewed was my college roommate. He expressed that my academic pursuits have allowed me to develop a unique perspective regarding individuals. My philosophy studies have equipped me the knowledge to understand that people think and express themselves in their own way. 
• The third individual I interviewed was my soccer teammate from high school. He expressed that my ability to understand cultural differences is what makes me different. My cultural appreciation allows me to properly interact with individuals from different backgrounds.
• The fourth individual I interviewed was one of my close colleagues. She expressed that my team-oriented and selfless mentality is what makes me different. This quality allows me to brighten the mood in any setting.
• The fifth individual I interviewed was my college mentor. She expressed that my ability to be receptive to others is what makes me different. I keenly listen to what people have to say, making them feel valued and understood.

3) Based on my five interviews, the way I perceive myself and the way others perceive me is pretty similar. Of these similarities, the most notable attributes are my ability to listen and my ability to maintain positivity. I feel as if my assessment of myself was more professionally oriented (i.e. ability to analyze, communicate, delegate responsibilities), while my interviewees' assessment of me was more personally oriented (i.e. ability to empathize with others, ability to understand cultural differences). However, I believe that both assessments are accurate---just focusing on different aspects of my character. Thus, I would ultimately not make any corrections to my initial list from part 1.

Figuring Out Buyer Behavior No. 2

1) The segment I am focusing on consists of individuals who regularly perform their occupation on elevated surfaces outside. Thus, I chose to interview two general construction workers who specialize in scaffolding and one roofer for this assignment. I have chosen this segment because these are the individuals who are most susceptible to lightning strikes and dangerous weather conditions. (Reminder: the product I am focusing on is weather-protective headgear for manual laborers).

2) The two general construction workers I interviewed explained that their alternative evaluation process is rather simple. Since they are accustomed to the standard hard hat that they are provided, this is usually the alternative they opt for. However, if possible, both did explain that they seek lighter options or hard hats that don't feel as suffocating. For example, one of the scaffolders explained that he prefers white hard hats over yellow hard hats because he feels that it attracts less heat. Other than that distinction, the style and quality of these hard hats were explained to be relatively consistent, with a price range of usually under $15. Since these workers are used to this form of equipment, they explained that they do not explicitly seek out weather-protective headgear, but would definitely welcome the idea. As for the roofer I interviewed, he explained that he had not considered protective equipment until recently. He has been working in the roofing industry for the last 7 years and explained that he has recently noticed the frequency in which roofers get struck by lightning. Interestingly enough, he explained that he initially sought after protective headgear that resemble the hard hats of general construction workers. However, he soon realized that those helmets would not provide much protection against hazardous weather conditions. The reason for why he considered a hard hat was because it is lightweight and rather inexpensive. More than the money, he emphasized the importance of comfortability intertwined with durability---similar to the scaffolders, he did not want any gear that would feel too stifling.

3) As for where these interviewees went in order to make these purchases, the scaffolders explained that their construction company provided their hard hats for them. Thus, they did not need to seek an external vendor for the protective equipment. As for the roofer, he explained that he went online when searching for different protective headgear. However, he expressed that there weren't any vendors that sold weather-protective equipment designed for roofers specifically. As a result, he did not end up making any purchases (or, at least not yet). When asked where he would like to make such a purchase, the roofer explained that he would prefer to try on any specific headgear before finalizing a transaction. This would be to ensure that the equipment is comfortable and practical for the demands of his occupation. Therefore, he expressed interest in buying equipment from a store. As for the method of transaction, he explained that he would probably use credit because that is how he makes most of his purchases (whether it be big or small).

4) The two general construction workers and the roofer I interviewed did not have to purchase a new product in order to fulfill their need. As previously mentioned, the scaffolders received their hard hat from their company, and the roofer did not end up purchasing protective headgear yet. However, in order to assess the 'rightness' of a purchase, all three workers expressed the idea of expectations. If an order was able to fulfill expectations, the workers explained that a purchase becomes deemed as a good idea. If an order was able to exceed expectations, then a purchase becomes deemed as a great idea. However, if a purchase does not fulfill or meet the previously held expectations, the three interviewees expressed that a purchase becomes deemed as "disappointing" or even "worthless."

5) Based on my interviews, I was able to conclude that my interviewees do not engage in a specific alternative evaluation. This is simply due to the fact that the scaffolders I interviewed do not necessarily engage in seeking a different alternative aside from the hard hat they are provided by their company. As for the roofer, I realized that he did engage in an alternative evaluation---however, the alternative he sought after was a product similar to that of a hard hat because that was the only available option on the current market. All three workers, however, expressed that they would welcome the idea of a product that provides protection from perilous environmental conditions, like lightning strikes. The roofer was especially adamant of a more weather-protective headgear because of how his occupation makes him particularly susceptible to potential lightning strikes.

6) Based on my interviews, I believe I have to engage with more potential customers in order to make a conclusive decision in terms of how my segment perceives alternative evaluation. This is because of the sheer fact that only one of my three interviewees (the roofer) expressed experience in engaging in the alternative evaluation process. However, one of the most significant realization I was able to make is that the potential product I offer (weather-protective headgear) will need to sufficiently address my customers' expectations. This is one of the primary determinants in regards to how a customer engages in post-purchase evaluation.

Halfway Reflection

1) With ENT3003 being offered as an online course, I think the most important thing is having discipline in order to keep up with the requirements of the course. In any online course setting, there are no set lecture dates or daily assignments due, making it easy to fall behind. This can ultimately lead to procrastination or cramming of information. Thus, I believe it is imperative to create a schedule that one can strictly adhere to when taking this class. I have implemented this technique and it has allowed for better time management and completion of tasks. Rather than rushing to finish all my assignments the night before, I am able to progressively work on them throughout the week. This has also allowed for better retention of the information being learned.

2) There have a been a couple instances throughout the semester thus far when I felt as if it was going to be very difficult to arrange the different interviews for some of the assignments---especially with the current health climate with COVID-19. When having those doubts, I felt rather discouraged and believed that I would not be able to sufficiently complete the assignments required for this course. However, I was able to combat these doubts by starting early. I would approach each assignment early in the week so I had ample amounts of time to plan and arrange my different sources and interviewees. Through these endeavors, I feel as if I have definitely developed a more tenacious attitude during the past two months. These experiences have further re-emphasized the importance of effective time management. Now, I am confident that I can tackle any task as long as I plan accordingly.

3) Three tips that I would offer next semester's student about fostering the skills that support tenacity and developing the tenacious mindset are the following:

• Acknowledge that there will be challenges. Understanding that there are obstacles is imperative in developing a tenacious attitude. This will ensure that you are not completely disheartened when faced with an unexpected challenge.
• Always plan early. Planning early provides you the flexibility to adapt to any unforeseen circumstances. It teaches you how to be proactive rather than reactive.
• Reflect and learn. It is essential to take the time to reflect on your past behavior or tendencies. By doing so, you will be able to identify areas of weaknesses and take advantage of them in order to grow.

Reading Reflection No. 1

1) The book that I chose to read was Shoe Dog, an autobiography by Phil Knight. Phil Knight is the founder of Nike and the book detailed his eventful journey as an entrepreneur. From selling shoes out of his trunk to establishing one of the most prominent athletic brands in the world, Knight explains the different lessons he learned along the journey---all of which contributed to the business man and person he is today. While reading this autobiography, the thing that surprised me the most was how ambitious Knight really was. Entrepreneurs are usually characterized as having extreme faith in their own ideas, but Knight really demonstrated unwavering faith like no other. For example, Knight explains how he ordered thousands of shoe shipments from a Japanese manufacturer despite lacking the necessary funds, and how he aggressively exhausted cash reserves and pursued banks so that they would lend him some money. Although this would be considered reckless or even illogical by most, Knight never had any doubts in his methods. Rather than worrying about the damaging consequences that could ensue, he was always focused on the opportunity at hand. On this note, the aspect of Knight that I admired the most was his unwavering mentality. When he initially proposed his business idea of creating an athletic shoe brand to his classmates in college, he was met with boredom and uninterested feedback. When he proposed his idea to his family, his dad was very reluctant to believe his vision. However, Knight was never once discouraged. He had "faith in faith" and relentlessly pursued his idea---even while working as a teacher to make ends meet. As for the aspect of Knight that I least admired the least, it was probably how unorganized his ambitions would seem at times. He was always running around trying to configure different aspects of his business, but sometimes it almost appeared as if he had too chaotic of an agenda. I believe that having an organized plan ultimately allows for greater efficiency, so this was an aspect of his character that seemed rather overwhelming. As mentioned above, despite the different obstacles Knight faced (i.e. financial stability), he never questioned his convictions and always remained committed to his vision.

2) From perseverance to ambition, Phil Knight exhibited many different competencies. The one competency that really stood out to me is his ability to assemble an effective team. When he first began to hire employees, Knight sought out individuals who were just as passionate in his vision as he was. Many of these individuals were former runners and athletes, just like Knight, and could truly relate to the problem that Knight was trying to address. By assembling a team filled with passionate individuals, he was able to surround himself with a strong support system that was genuinely vested in bringing this business into fruition.

3) One part of the reading that was confusing to me was when he talked about his leadership style. He explained that once he assembled a functioning team, he wouldn't really tell them how to do things. Rather, he would present a problem and allow people to figure things out on their own. In this sense, he provided his employees a lot of autonomy and free-range. I was a bit confused by this mentality at first because I always thought that an effective leader is responsible for teaching subordinates or providing explanations for how things ought to be done. However, I realized that Knight's hands-off approach allowed for more creativity and provided his employees with a sense of empowerment. Therefore, I learned that rather than telling everyone what to do, a true leader is concerned with putting his or her team in a position that best allows them to be successful.

4) If I were to ask Phil Knight two questions it would be the following: Why did you initially oppose the Nike logo? How much do you perceive the logo to currently affect your business? I would ask these questions because he explained in the reading that he was not content with the Nike logo when it was first submitted to the shoe factory. This is a really interesting proposition to me because the logo has become should a staple in society throughout the world---I personally could not imagine Nike without the swoosh logo.

5) I think Phil Knight had a very enjoyable outlook on hard work. For him, pursuing a deeply held passion was not hard work, but rather a reward. Since he was ultimately pursuing his passion for running, he never despised the long hours and stress that he endured. Rather, it was exhilarating and exciting because he had a genuine interest in what he was doing. This allowed him to also excel in the work he was performing. I, too, share this opinion because I am a strong believer that if you are doing what you are really passionate about, you will never work a day in your life---work will not feel like "work" in the traditional sense. Rather, your endeavors become challenges that you eagerly accept.

Figuring Out Buyer Behavior No. 1

The segment that I identified that exists in my venture market are individuals who perform manual labor outside and on elevated surfaces. The individuals that primarily compose this segment are those employed within the roofing industry. This manual labor segment is rather prominent within the workforce---the roofing industry, alone, generated $47.1 billion in revenue in 2020. I interviewed three individuals to better understand the needs of this segment. Of the individuals I interviewed, two are roofers and one is a general construction worker. I will further summarize the findings from these interviews below. These interviews provided me invaluable insight in terms of the awareness that my potential customers may have. Upon conducting the interviews, I realized that the three individuals reiterated similar sentiments when explaining when their need becomes the most salient. All three expressed that they realize a need for further protective equipment when whether seems unpredictable. This concern often arises before actually going to the work site---when the forecast is cloudy or murky. The individual involved in general construction also explained that this need may become apparent on the job (while working) when overcast weather unexpectedly emerges. When asked about the frequency of this concern, the two roofers explained that this concern is rather inevitable and utterly impossible to completely prepare for. This is due to the uncertain nature of weather. As one of the roofers put it, "Mother Nature simply has a mind of her own... you may think it's sunny one second but then it begins raining." When it comes to information search, the general construction worker had a different response than the two roofers. The general construction worker explained that he already has a hard helmet for his occupation. Thus, when he becomes aware of this need, he tends to opt for the helmet he already has because "it's better than nothing." He did acknowledge, however, that the helmet provides a rather false sense of security when it comes to protection against weather conditions, like lightning strikes. As for the two roofers, they expressed that they do not wear any protective headgear---even when the forecast appears cloudy. Their reasoning for this was two-fold: 1) there is no protective equipment for roofers out there and 2) they fear that any added equipment will hinder their comfortability when it comes to working. Thus, they have not taken any substantial measures to find a solution to this problem. However, after hearing more and more about lightning accidents from colleagues within the industry, both of them did express growing concern for added safety and protective gear.

After conducting the interviews, I learned more about the nature of the need for weather protective headgear---particularly when it exactly becomes relevant. All three interviewees explained that this need arises when the weather looks cloudy or potentially stormy. However, the problem with this is that weather can be often unpredictable. Therefore, the protective headgear needs to be constructed in a manner that allows workers to feel comfortable in always wearing it, regardless of what the current weather may look like. Further, it was reaffirmed that this headgear will have to be constructed in a manner that does not hinder or cause obstruction to the workers' task at hand (i.e. it cannot be too heavy or cause uncomfortable levels of heat). Overall, I would succinctly describe this segment as manual laborers who are easily exposed to hazardous weather conditions and are never wanting to sacrifice efficiency. Although they recognize the need to protect themselves from dangerous weather, they will only use protective equipment if it is deemed comfortable and practical for the demands of their job. Practicality was an essential component of the interviewees' information search.

Idea Napkin No. 1

1) I am a third year student majoring in Business Administration and Philosophy major, and minoring in Sociology. My strengths lie in analytical and critical thinking. I believe these skills will allow me to effectively evaluate data and execute data analysis, which will be helpful for forecasting different market trends. In doing so, I hope to be able to adapt the business model so that it can be both sustainable and relevant in the future. I have a lot of experience working in team settings and collaborating with others---this has allowed me to develop valuable interpersonal and communication skills. My main aspiration in life is to understand people better and provide assistance whenever I am able to do so. If I were to pursue my business concept, a considerable amount of monetary funds would be needed towards research and development. Thus, I would allocate a considerable amount of time and energy to bring this business into fruition.

2) The current product in mind is protective headgear equipment for roofers that would protect these workers from lightning strikes and other hazardous weather conditions. This helmet would be composed of durable metal material. Contrary to common thought, since metal is a strong conductor of electricity, metal provides lightning a low-resistance path. Materials with higher resistance cause electrical energy to be converted into heat---making it conducive for fires or explosions. Thus, although this metal helmet will not be able to completely prevent lightning from striking roofers, it will aid in protecting the workers and minimizing the potential damage that is caused.

3) I will be offering this product to individuals within the roofing industry. Thus, this is more of a rather niche product. This product primarily applies to roofers because of the elevated surface in which they usually perform their work. Since lightning tends to strike taller surfaces, roofers are often at risk when it comes to unforeseen weather hazards. The current market size, measured by revenue, of the roofing industry is $47.1 billion in 2020, and the market size has grown 2.7% per year on average in the US between 2015 and 2020. Therefore, there is definitely a strong market for this product. This product does not have to be exclusive to roofers, however. Any worker who finds him/herself outside and on elevated surface while working (i.e. general construction workers) will find this product particularly useful.

4) Customers will be interested in this product because it provides a very essential value: safety. There are currently no standard protective equipment for roofers on the market---especially when it comes to weather conditions. Roofers are often susceptible to lightning strikes and experience severe injuries such as cardiac arrest and even death. Therefore, providing these workers with protective headgear will be very helpful in preserving their safety and wellbeing. This will be the main appeal in purchasing or using this product.

5) In terms of what sets my product apart from everyone else, one of my core competencies lies in the fact that there are not many existing competitors. In fact, there are no standard protective roofing equipment on the market currently. Since this problem has not been properly addressed before, my product has the opportunity to penetrate a very profitable niche market with little to no competition. Further, while there are helmets that may protect manual laborers from standard head injuries (i.e. the type of helmets that construction workers often wear), the headgear I am proposing is different since it addresses the danger of lightning strikes.

Overall, I believe all five of these elements fit together. Since my product is targeting more of a niche audience, I was a bit reluctant at first. However, after doing some research, I learned that the roofing industry is very profitable and still growing. Thus, there is a clear market for this product. This was only reaffirmed when I realized that there are very little competing products when it comes to the problem that I wish to address. I believe that the main obstacle will be in actually configuring and developing the product.

Elevator Pitch No. 1

https://www.youtube.com/watch?v=xEtETKkgD2Y&feature=youtu.be

Testing the Hypothesis, Part 2

I conducted five interviews and determined the following information regarding the boundaries of my opportunity:

Who? After conducting my interviews, I learned that there are certain occupations that are very similar to roofers, yet fall outside the boundary. I interviewed three individuals employed within the general construction industry, one individual involved in masonry, and another individual whose occupation deals with installing solar panel systems. All of the five individuals are similar to roofers in that they deal with manual labor involving infrastructure of some sort. Of the five, the individual who seemed to best identify with the safety hazards of roofing was the solar panel installer. This is because his occupation often deals with installation projects on top of roofs or buildings. Thus, he is often exposed to heights that may put him in danger. As for the four other individuals, they all expressed that while lightning strikes may be a concern in any construction or building industry, this is not a pertinent concern in their field of work. The distinguishing factor between general construction and masonry workers and roofers was the level of elevation in which they perform their tasks. While general construction workers may work on projects that involve great heights, they are not consistently working outside or always on an elevated platform. The same goes for masonry workers---who often find themselves working on projects at ground level.

What? Based on my interviews, I also realized that the need I identified (the need to protect roofers from lightning strikes) differs from a more broader general need (the need to wear protective equipment) that many manual laborers have. In fact, general construction workers already have standard equipment gear that is worn at any construction site---this, however does not address the particular problem that roofers face. Further, the five interviewees all mentioned the need to wear protective equipment that does not hinder the efficiency of their work. This was also a need that was mentioned by the roofers, as they work long hours and often in scorching heat. Thus, within the roofing industry itself, there is a fine line between providing protective equipment and causing obstruction to one's ability to fulfill his or her responsibilities.

Why? The underlying cause of the outsiders' need is not significantly different from the people inside the boundary. Once again, the underlying cause for all parties (in wearing protective equipment) is to the preserve their safety and well-being. However, there lies a discrepancy between roofers and outsiders simply due to the job description. Roofers are required to consistently work on elevated surfaces and are more readily exposed to the dangers of lightning strikes. Thus, protective equipment that a roofer wears (i.e. a helmet made of metal materials) would be better catered to workers specifically within the roofing industry.



            Inside the boundary                                 |                           Outside the boundary
_________________________________________________________________________________
Who is in:
Roofers who consistently work on elevated                 Those who also work in the manual labor
surfaces outside, all of whom are exposed                   industry (i.e. general construction, masonry)
to lightning strikes and severe weather                         that are not always working on elevated
conditions.                                                                     platforms outside.

What the need is:
The need to protect workers from lightning                 The need to provide general protective
strikes and other perilous weather conditions.              equipment, while maintaining efficiency in
                                                                                      completing the occupational task.

Why the need exists:
Roofers are more susceptible to lightning                    The need exists to preserve general safety and
strikes than many other occupations because               well-being, such as protection from debris or
they work on taller surfaces (and lightning                  fall from platforms.
tends to strike taller objects, like roofs, as
they provide upward streamers to connect
with downward lightning streamers).

Solving the Problem

(1) The opportunity I have identified is a need for protective equipment for roofers that would protect these workers from potentially hazardous conditions. Roofers are often susceptible to lightning strikes and other lethal injuries because lightning tends to strike taller objects (i.e. roofs). This is due to the fact that taller objects provide upward streamers to connect with downward lightning streamers. 

(2) Therefore, I would address this need by devising a protective helmet product for roofers. This helmet would be composed of durable metal material. Although metal is a strong conductor for electricity, a strong conductor gives lightning a low-resistance path. On the other hand, poor conductors have more resistance to electricity, which allows electrical energy to be converted into heat---this increases the possibility for fires or explosions. For more information on this phenomenon, one may reference a "faraday cage." In essence, while a metal helmet would not completely prevent lightning from striking a roofer, it would minimize the damage caused.  

You Have An Opportunity, Now What?

(1) The opportunity that I would like to pursue is creating protective equipment for roofers that would protect them from potentially hazardous weather conditions. (2) Roofers are often susceptible to lightning strikes and other perilous injuries because lightning tends to strike taller objects (i.e. roofs) as they provide upward streamers to connect with downward lightning streamers.

(3) I believe that an opportunity exists because it addresses a real-life concern that is applicable to individuals who work within a prominent industry. There are currently over 50,000 corporations engaged in installation and roofing work valued at a total of $31.4 billion. In addition, the U.S. has 75 million single-family homes and on average, about 7% re-roof each year. While general guidelines are provided as to the type of clothing a roofer should wear (depending on the roofing system that he or she will be working on), there are no standard protective roofing equipment or gear that can be purchased. My current "who" captures an audience of individuals that all share this need because I am targeting a very particular market sector. As for the "what," this is somewhat dependent on the conditions in which a roofer finds him/herself in. I addressed earlier that the concern was regarding lightning strikes that may strike roofers due to their point of location, in terms of an elevated surface. Thus, the boundaries of the need could be considered limited by weather conditions---but weather conditions are not always predictable or accurately forecasted. This is therefore a rather loose limitation on the need. The reason for this need, or the "why," is prominently described in terms of scientific explanation. Since the basis for this need is rooted in science (higher platforms, like roofs, provide upward streamers that are more likely to connect with downward lightning streamers), there is a uniform "why" that holds for everyone who has this need.

(4) After interviewing five individuals who work within the roofing industry, I received some clarification regarding this opportunity. When asked why standard equipment is not offered for roofers, the general consensus was that variance within working conditions (some places may be extremely hot, while others extremely cold) prevent a particular uniform from being common-place for all roofers. Further, a primary concern among roofers, particularly those in southern states, is that the heat they work under can often be unbearable. I was told that wearing protective equipment would be very uncomfortable and stifling when working in the scorching sun for 8+ hours a day, making light-weight clothing often the preferred choice for these workers. The roofers did acknowledge the concern, however, regarding lightning strikes and potentially dangerous weather conditions. This was agreed to be a universal problem for all roofers, although protocols may be taken to avoid such problems. For example, all five individuals explained that their team would not perform roofing repairs during a thunderstorm or if the weather forecast implied dangerous working conditions. At the same time, it was also acknowledged amongst the interviewees that weather can often be unpredictable, offering some unforeseen circumstances. Of the five individuals, only one has experienced a serious injury after having fallen off a roof during an unexpected storm.

(5) After conducting the interviews, I better understood the perspective of the roofers and why standard protective equipment is not readily offered. As previously mentioned, heat was a primary concern. However, if protective equipment can be designed to be lightweight and airy, I still believe that this opportunity exists. For individuals performing work in colder conditions, he or she can wear multiple layers beneath the protective equipment. Although the exact specifications of protective gear, or what that would exactly look like for roofers is not yet known to me, I learned that there definitely is a need for such equipment due to the uncertainty of weather. 

Identifying Opportunities in Economic & Regulatory Trends

1. Amid the COVID-19 pandemic, the mobile phone accessories market is projected to grow by an estimated USD $29.6 billion. This opportunity was found on ReportLinker, a search engine for economic and industry statistics. As COVID-19 has reinforced social distancing practices, society has become more digitized with many practices, such as meetings, being held via online platform like Zoom. Technology has also been a source of distraction for many consumers throughout quarantining periods. This has led to an increased usage of smartphones and influenced the mobile phone accessories market. I believe this information suggests that an opportunity exists because as mobile phone usage exponentially increases, there will be a greater need to supplement these devices with different accessories that make them more user-friendly and interactive. For example, a particular phone accessory would include protective cases. Since technology is so prevalent in society, particularly among younger ages, the prototypical consumer would be centered around the audience of consumers aged 15 to 24, who already spend an average time of four hours a day on their mobile phones. This opportunity, however, would relatively difficult to exploit because there are a lot of existing competitors and strong barrier to entry in the technology market.

I formed the belief that this opportunity exists due to personal experience. Throughout the current pandemic, I have found myself susceptible to societal trends, spending countless hours on my phone. Thus, I found this economic trend to be both relatable and realistic.

2. The global telehealth market is expected to reach USD $16.173 billion by 2024. This opportunity was found on Medgadget, a website about medical technologies. Although telehealth was already gaining traction among healthcare providers and patients due to the streamline of modern technology, this market has only substantially increased due to the current pandemic. As federal mandates have required non-urgent healthcare providers to close their offices and provide treatment to patients remotely. This has led to an increased demand for telehealth services. This information suggests that an opportunity exists because many healthcare providers will seemingly need to modify their business system in order to incorporate telehealth practices as part of their routine system going forward. I think the prototypical customer in this case would be most individuals employed within the healthcare industry, particularly therapists and counselors. This opportunity would be relatively difficult to exploit because this involves healthcare and technology, two industries that have a lot of competition and government regulations.

I formed the belief that this opportunity exists due to my sister-in-law, who is a licensed marriage and family therapist. Throughout the pandemic, she has primarily worked from home through telehealth and expressed to me that this will surely be more prevalent in the future. Having been exposed to this information first-hand made me recognize the implications of this trend.

3. The U.S. Food and Drug Administration has recently allowed minor ingredient changes without label disclosures amid the COVID-19 pandemic. This opportunity was found on Eater, a food and dining website that provides news about the restaurant industry. The FDA recently announced a new policy that allows food manufacturers to make minor ingredient substitutions without having to disclose such information on the ingredients list. This policy change comes amid the current pandemic and is meant to provide some flexibility to manufacturers in lieu of potential product limitations caused by COVID-19. This information suggests that an opportunity exists because many consumers will now need to further inspect their foods as such policies may allow for concerns among certain food communities. I think the prototypical customer would be individuals suffering from extreme dietary restrictions, such as food allergies, because minor ingredient changes can lead to serious health implications. This opportunity would be relatively difficult to exploit because this involves the FDA and different legal barriers.

I formed the belief that this opportunity exists because my roommate has serious dietary restrictions due to a peanut allergy. Since I have personally witnessed the severity of such an allergy (i.e. hives and swollen airways), I realized the ramifications that such a regulatory change could hold.

4. There appears to be an expansion in the definition of "personal information." This opportunity was found on RadarFirst, a management platform that explains data breach laws. The scope of what qualifies as personal information continues to expand, as many states are continuing to incorporate online credentials or biometrics to their legal definition of personal information. The manner in which a regulation defines personal information has influence on what may be considered a security breach---ultimately impacting privacy and security teams. This information suggests that an opportunity exists because many companies will now need to modify their privacy and security terms in order to avoid privacy risks or illegal security breaches. I think the prototypical customer would be individuals within the privacy sector of businesses, because they will be the ones facing the greatest scrutiny when it comes to handling of personal information. This opportunity would be relatively easy to exploit because increased legal services or consultation can be provided to properly advise companies when it comes to the handling of sensitive data.

I formed the belief that this opportunity exists because I have a strong fascination with the legal environment and how it affects the corporate world. I have also been particularly weary when it comes to providing personal information to online platforms or businesses, which made me interested in exploring this regulatory trend.