Halfway Reflection

1) Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

I believe that the most important behaviors you need to use to keep up with the requirements of this course are time management, consistency, and having an open mind towards problems and possible solutions. This entire class is structure around identifying problems and coming up with solutions to these problems. Without an open mind, it is easy to get trapped into thinking a certain way and feeling defeated when someone criticizes your proposal. With an open mind, you are able to take the comments of others to benefit your solution and allow yourself to view different perspectives of others in order to create the best solution. In order to effectively succeed in this class you also need to be consistent with your work and manage your time properly. It is easy to procrastinate, however, in order to come up with creative proposals you need time to think and develop your ideas. 

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

This class is definitely mentally stimulating and challenging at times. The assignments make you take different perspectives and often require you to think outside the box. During these last two months I have been able to appreciate these aspects that I found frustrating at the beginning of the course. One of the times I felt like giving up was when I was analyzing who would actually be in the market for my product. What I realized pretty quickly was that my market was a lot smaller than I had originally thought and this reality made me feel discouraged at first. Even though my market wasn't as large as I hoped, this exercise also made me realize new markets that I would be able to target and this ultimately gave me some inspiration to keep developing my product. 

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

1. Try not to get discouraged if your original idea doesn't go exactly as planned. 

2. Don't get too caught up in the details, focus on the bigger picture in order to develop your idea from a higher perspective and then hone in on the smaller details. 

3. Start your assignments early so you have time to properly think about what is being asked of you and you have time to develop your ideas and do the proper research to support your idea. 

Reading Reflection No. 1

The Wright Brothers, David McCullough

1) What surprised you the most?

I think what surprised me the most was reading about the Wright Brothers upbringing and their education. Although they only had a public high school education they went on to create one of the most notable inventions in history and change the world as we know it. Growing up in a house with no electricity or indoor plumbing, they lived a simple life where they often read books and developed most of their knowledge through reading. This surprised me because it proves that where you come from does not define you or your intelligence and as long as you are passionate about your goals you can reach them, just as the Wright Brothers did.

2. What about the entrepreneur did you most admire?

What I admire most about the Wright Brothers is their persistence in their work. Whether it be running a print shop, a bicycle store, or their passion for flight, they never gave up even when the odds were against them. What is more admirable to me about the duo is that they continuously risked their lives in the name of science and innovation in order to develop their products. They understood how dangerous it was for them to perform research and trials but continued onward in pursuit of their invention. 

3. What about the entrepreneur did you least admire?

Something that I personally did not admire about the Wright Brothers was how even though they worked tirelessly to stay committed to their goal, it consumed their entire life. The author rarely spoke of accomplishments the two made outside of their aircraft aspirations. While I do believe it is important to stay committed to your goal, I also think there is value in being able to step away sometimes and focus on other important things in life such as family and friends. 

4. Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

The Wright Brothers faced adversity from the time they were born. They grew up in a small town where they had no electricity or indoor plumbing and only received a public high school education. Their family had little money and they didn't receive help from anyone of significance throughout their ventures- instead relying on passion and innovation. Also, Wilbur was in an accident before he was supposed to attend college that prohibited him from doing so. With all of these obstacles, the brothers did not allow themselves to be discouraged, instead they used adversity as an opportunity to pursue their passions and help motivate them. 

2) What competencies did you notice that the entrepreneur exhibited? 

3) Identify at least one part of the reading that was confusing to you.

One part of the reading that was slightly confusing to me was why the United States would not be interested in their aircraft and why there was criticism for their work at first. The idea that no man should fly is one of close-minded ideals that ran across America. It wasn't until they received publicity for trying to sell their aircraft to Europe that they received the credit for their accomplishment that they deserved. 

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

The first questions I would ask the entrepreneur would be about the risk of testing their planes for the first time and how they felt about the dangerous aspects of their research. Not many entrepreneurs would risk their life for their product but the Wright Brothers continued to do this time after time in order to develop their ideas. The second question I would ask these brothers would be how they felt about not being recognized for their work immediately in the United States. After working tirelessly to produce their aircraft, they received criticism for their work even though it would ultimately changed transportation and defense forever. This question would be interesting to me because they must have felt defeated in that moment and I would be curious to know how they overcame that disappointment. 

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I strongly believe that the Wright Brothers had the opinion that with hard work and an idea anything is possible. These brothers were hard working all their lives in anything that they pursued, whether it be a newspaper, a bicycle store, or creating an aircraft. Without the dedication to their work, their failures would have led them to stop but they continued to work hard and stay on the path toward success. I definitely agree with this opinion because it is easy to want to give up when something doesn't go your way but if you remain persistent you can always find success. 

Figuring Out Buyer Behavior

Segment: UF off-campus students

Interview 1:

For my first interview, I spoke with my roommate as I have previously discussed my business idea with her and know she has this unmet need. As a college student who lives off campus, eating out is one of the most popular options for student as a meal plan isn't as useful when you no longer live in a dorm where access is much easier to on-campus dining options. She expressed that since she is a full-time student it is most convenient to go to restaurants for a significant amount of meals. When asked how she typically finds solutions to her problems she discussed how she relies heavily on feedback from her friends and family. Hearing opinions from others allows her to get a realistic view on how to approach a problem and helps her to adjust her expectations.

Interview 2:

For my second interview, I chose to interview one of my classmates who currently lives off campus but since he lives in a fraternity house, he does not have access to a full kitchen and therefore relies on eating out to supplement his meals on weekends. He also expressed that most times when he goes out to eat she is crunched on time as he is very involved on campus and usually has meetings at night or has to go to the library to do work or study. Being on a time schedule, he often cannot afford to wait at a restaurant to be seated and was interested when I proposed my business idea to him. While he does rely on his friends and family to advise him on different problems, he placed a large emphasis on research he finds on the Internet, "You can find anything on the Internet, the good, the bad, the ugly, and most importantly, the honest." He spoke about how he looks more deeply into negative reviews compared to positive ones and considers if the concerns of other consumers are concerns he also values.

Interview 3:

For my final interview, I thought it would be a unique perspective to speak to someone who was actively waiting in a restaurant to be seated. While dining out and waiting for a table, I had the chance to speak to a group of girls who were also waiting and gathered their thoughts on my business proposal. Obviously, because they were actively waiting in a restaurant (and looked pretty annoyed about it) I knew they had my unmet need. I asked them if they dined out a lot and they all agreed it was their favorite thing to do as a group as it allows them to catch up over a meal. With all differing busy schedules, they find it difficult to all find a time to meet and having to wait for a table doesn't help when planning meal times. They joked about how it often takes them an hour to decide where to eat before they even leave the house, and they are always disappointed if they have to wait a significant amount of time to be seated or have to go to another restaurant because the wait is too long. While they all had unique perspectives on how they solved problems, it became clear that their group tackles problems together. Relying on each other as sources of information allows them to gather differing opinions while they are supported by those with their best interests at hand.

Conclusion:

My segment, UF off-campus students, is one that is often faced with my unmet need because they rely on restaurants to provide meals whether it be because they don't have access to a kitchen or because they enjoy a meal out with friends. There was a recurring theme of relying on the Internet and advice of others to help find solutions to their problems, one that I believe most students at UF would agree with. As a group, they are very aware of their needs and try to find instant solutions to almost every problem they are faced with.

Idea Napkin No. 1

1. You

I’m originally Orlando, Florida. Currently, I’m a sophomore pursuing an undergraduate and masters degree in finance. I’m involved in many organizations on campus. Right now, I work for Dr. Durant, a professor within the college of business who hired me to help with behavioral testing. This summer I’ll be studying abroad in Dublin, Ireland and next summer I hope to obtain an internship in investment banking. If I were to start this business, I think I would spend a considerable amount of time working to develop it further but I'm not sure that it would be something that I would take over as a full time job. 

2. What are you offering to customers? 

I'm offering a product that would be an interactive app for users and restaurants to update restaurant wait times in real-time. This app would show restaurants based on the user's location as well as their respective updated wait times that would allow consumers to be aware before arriving to dine out. Customers and restaurant managers would both have access to updating wait times for the most accurate time possible. 

3. Who are you offering it to?

I would be offering the app to any consumer who enjoys dining out and finds importance in knowing wait times before arriving to a restaurant in order to avoid waiting to be seated. I think this app would mostly be used by younger adults who are tech-savvy and place value in efficiency. However, any customer who would want to check wait times before dining out would be able to use this app. 

4. Why do they care?

I believe that consumers will use this product because in our day and age there is a huge importance placed on the value of time and consumers are constantly finding ways to enhance their experiences in the most effective and efficient way possible- something I think this product would do. 

5. What are your core competencies? 

This product is unlike any product or service that I have seen on the current market. While the trend of saving time and being efficient continues to grow, so will the value of this idea. Personally, I consider myself to be very detailed-oriented and I think this would set me apart while developing my idea further. 

I do believe that these aspects all fit together because without all of these aspects, your idea would never come to fruition or be successful. Knowing the "why" behind what you're doing only drives you more to develop your idea and work to make it the best it can possibly be. Who you are as a person and your strengths determine what you value in your business and play a role when molding your ideas into a reality. 

Elevator Pitch No. 1

Testing The Hypothesis, Part 2

Interview 1:

For my first interview, I decided to interview my grandma, who doesn't own a smartphone or engage with technology often outside of simple phone calls. When speaking to her, she gave me a lot of insight on how even though as someone who is younger and is constantly engaging with technology, this is not true for every person.  Without a smartphone, my grandma would not have access to this solution to the problem of dealing with wait times at restaurants, therefore she is outside the boundary. Although she goes to restaurants, she is not used to having the ability of technology to help her solve problems and therefore would not use this solution.

Interview 2:

For my second interview, I spoke with the manager of a small restaurant in Gainesville. I spoke to him about the issue of wait times and told him my suggested solution. His opinion was very insightful as he held a unique perspective as an owner who would have to dedicate time to update the wait times on the app. He explained to me that he probably wouldn't have the time or resources to dedicate to the solution I proposed and therefore would be outside the boundary. While he does care about his customers and their experience, he said that posting longer wait times might deter guests before they even arrive at the location, possibly driving away business.

Interview 3:

For my next interview, I discussed my problem and solution to my roommate, a college student who rarely goes to sit down restaurants. While I originally considered college students within my boundary, she explained that she most likely wouldn't use the app I proposed as she rarely goes to sit down restaurants and having the app wouldn't be worth it for the times she does, especially if she had to pay for the app. She also pointed out that if she was dining at a sit-down restaurant then it was most likely for a special occasion where a wait time would be considered before choosing a restaurant and arriving.

Interview 4:

My fourth interview I decided to speak to my brother, one of the most patient people I know and ask his opinion on my hypothesis. I knew before speaking to him that he most likely would be outside the boundary as he is someone who rarely cares about waiting and has an immense amount of patience. His thought process on the solution I proposed was that although it might be helpful for consumers who heavily consider wait times when selecting a restaurant, he personally does not consider this factor when dining out and therefore would not use the app. Even if he was to use the app, it would not really affect his decision as he doesn't mind waiting to be seated before dining out and considers himself a "go with the flow" personality.

Interview 5:

Finally, I spoke with a close family friend who I knew was notorious to only dine at restaurants that allowed reservations in order to avoid any wait and inconveniences. The original population that I thought was within my boundary was all customers who dined out, however, I am now realizing this is not true with this interviewing further proving that point. Although he often dines out, he chooses to make reservations every time because he believes it makes the whole process faster and it is the smart thing to do. He pointed out that, most sit-down restaurants allow reservations and if you know you''re planning to go out to dinner, why not just make a reservation? This interviewed really opened my eyes to the fact that even though my solution was intelligent, there was no guarantee that every consumer would think the same.


Inside the boundary:

Who: Consumers who are actively engaging with technology and who consider wait times an important factor in their restaurant experience so much so that they would use an app to view waits times for restaurants in their area.
What the Need Is: A way to actively view wait times for restaurants in order to avoid having to wait before their dining experience.
Why the Need Exists: The need exists due to the consumer culture within our country that has placed a heavy focus on speed and the overall experience of convenience.

Outside the boundary:

Who: Consumers who either do not attend sit-down restaurants or those who do not consider wait times at a restaurant an important factor in their overall experience.
What the Need Is Not: The need is not for consumers who simply do not care about waiting at restaurants or do not have to experience this often enough to be concerned with it.
Alternative Explanations: Purchasing a product requires a certain amount of discomfort or inconvenience in order for the consumer to find enough conviction to actually purchase a solution to their problem. Consumers who do not place that much importance on this issue would not be convinced to buy this product or engage with my proposal.


Reflection:

After interviewing consumers outside of the boundary, I was able to see a new perspective and reality on the problem and solution at hand. While composing a hypothesis in the previous assignment, I thought that my solution would be beneficial to almost every consumer, I know realize this was naive of me to think. While there are many convenient products on the market, not all of them are bought and used by consumers, even if originally meant for a larger population. Some of the valid points made during these interviews were that customers may not always remember to check wait times before choosing a restaurant and even if they do, it would only be useful during peak meal times where waits are typically long. Speaking with those I thought would be inside my boundary but were actually not was interesting and allowed me to see a new perspective on the problem at hand.