The segment I have chosen in my market, is the segment of people that enjoy drinking alcohol but still want/need to be productive the next day.
For my interviews, I made sure to interview those who specifically stated that their unmet need is wanting to be productive, but their productivity is slowed from being hungover from drinking too much the night before. From my interviews, I have found that this need a lot of the time, arises from drinking too much the night before, and that said person ends having work or class the next day. So, that means that the need is always in the morning, but in order to prevent that need, we prevent it by starting the night before. As for the information search side, the customer is aware of this need the following morning, once they feel the hangover. The first thing they do to try and solve their problems is drink water, eat food, and throw up. They don't really do any information searching through google except maybe like, search "how to cure a hangover" but if you are like me, probably didn't get anything good out of that.
In conclusion: I learned that people become aware of this need, once they wake up after a night of drinking and feel hungover, but they still have to go to class or go to work. They don't really search for any information on how to cure it, but they do try to cure it through various methods.
Monday, September 30, 2019
Assignment 11A
1) My name is Graham Woods and I am talented at analyzing and observing data, and drawing conclusions from these observations. I am very observant and am good at making sense of numbers and piecing together information. I have experience at this from last summer at my Internship at SEG. I was an asset protection intern and my project involved analyzing all produce customer accidents and developing a solution to minimize those accidents based off my analysis. My aspirations are just to be successful in whatever I end up doing, and to have a happy life and spend it with my family and raise my children to be great people. If I were to start my business of creating a hangover pack, it would help me be more productive after a night of drinking.
2) The product I am offering is a way to drink large quantities of alcohol, without feeling hungover the next day, so that people can enjoy drinking without the negative side effects, or so that they can be more productive from a day after drinking.
3) This one is pretty simple, this product is aimed at all people that enjoy drinking alcohol. One catch I might have to add is that it's aimed at all people that enjoy drinking alcohol but also do experience hangovers.
4) My product is valuable to customers, because most people don't enjoy feeling really sick/having a headache/having a stomachache. Also some people like to drink, but also live very busy lifestyles, so they would like this product because they can be more productive after a night of drinking.
5) This sets me apart from other people because I have this idea and most other people don't. What I have that other people don't is the ability to analyze all the important details about this opportunity and how to utilize those details.
I think that all of these things do blend well together for this opportunity. My opportunity is an opportunity as old as time, and I know plenty of people that would benefit from this product. I will say that my 1) section, the about me part, might not as blend as well with the others. This is because my skills involve analysis but my product is about hangovers. Still, overall I think most of these aspects blend well together.
2) The product I am offering is a way to drink large quantities of alcohol, without feeling hungover the next day, so that people can enjoy drinking without the negative side effects, or so that they can be more productive from a day after drinking.
3) This one is pretty simple, this product is aimed at all people that enjoy drinking alcohol. One catch I might have to add is that it's aimed at all people that enjoy drinking alcohol but also do experience hangovers.
4) My product is valuable to customers, because most people don't enjoy feeling really sick/having a headache/having a stomachache. Also some people like to drink, but also live very busy lifestyles, so they would like this product because they can be more productive after a night of drinking.
5) This sets me apart from other people because I have this idea and most other people don't. What I have that other people don't is the ability to analyze all the important details about this opportunity and how to utilize those details.
I think that all of these things do blend well together for this opportunity. My opportunity is an opportunity as old as time, and I know plenty of people that would benefit from this product. I will say that my 1) section, the about me part, might not as blend as well with the others. This is because my skills involve analysis but my product is about hangovers. Still, overall I think most of these aspects blend well together.
Tuesday, September 24, 2019
Assignment 9
Interview summaries:
For my interviews, I stood outside of Turlington and asked bystanders 1) if they drink 2) how often if they do 3) how bad of a hangover, if any, that they usually experience 4) if they would be interested in some type of "hangover protection kit" 5) if no, then why they wouldn't be interested in the product, or if yes, then why they would be interested in the product.
Who: Since my product is aimed at a group that is defined by either doing one thing (drinking) or not, it's pretty easy to define my boundary. Since the category of people that consume alcohol is a very wide and diverse pool of people, there very well could be others that don't drink but still have similar characteristics of drinkers. But my product is aimed at those who drink, so if you don't, then you won't be within the boundary.
What: The need of not experiencing a hangover could be synonymous with the need to feel not sick/have a headache/have an upset stomach or whatever hangover symptoms others feel. What distinguishes the need of not experiencing a hangover from those other needs is that experiencing a hangover is a directly cause of drinking alcohol while those other needs are not.
Why: Like I mentioned earlier, people within the boundary have a need that is a direct cause of drinking alcohol, while people outside of the boundary have a need that is not caused by that.
For my interviews, I stood outside of Turlington and asked bystanders 1) if they drink 2) how often if they do 3) how bad of a hangover, if any, that they usually experience 4) if they would be interested in some type of "hangover protection kit" 5) if no, then why they wouldn't be interested in the product, or if yes, then why they would be interested in the product.
Who: Since my product is aimed at a group that is defined by either doing one thing (drinking) or not, it's pretty easy to define my boundary. Since the category of people that consume alcohol is a very wide and diverse pool of people, there very well could be others that don't drink but still have similar characteristics of drinkers. But my product is aimed at those who drink, so if you don't, then you won't be within the boundary.
What: The need of not experiencing a hangover could be synonymous with the need to feel not sick/have a headache/have an upset stomach or whatever hangover symptoms others feel. What distinguishes the need of not experiencing a hangover from those other needs is that experiencing a hangover is a directly cause of drinking alcohol while those other needs are not.
Why: Like I mentioned earlier, people within the boundary have a need that is a direct cause of drinking alcohol, while people outside of the boundary have a need that is not caused by that.
|
Inside the Boundary
|
Outside the Boundary
|
|
Who is in: People that consume alcohol
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Who is not: People that don’t consume alcohol
|
|
What the need is: To not experience a hangover after a night of
drinking
|
What the need is not: The need to not feel tired/not have a sick
stomach/not have a headache
|
|
Why the need exists: Because alcohol dehydrates you and has toxins in
it, causing people to feel worse the next day
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Alternate explanations: Sometimes experience the symptoms of a hangover,
but it is not caused by drinking alcohol
|
Sunday, September 15, 2019
Assignment 8A
For my opportunity that I have selected, I have chosen the
problem of people feeling hungover the day after they drink alcoholic beverages.
The day after people drink, they experience multiple different symptoms such as
queasiness, headaches, and collectively these symptoms are what makes up a hangover.
This results from the toxins that are in alcohol and the fact that drinking alcohol
dehydrates you. I see this as an opportunity because sometimes people would
like to drink some nights, but don’t want to feel bad the next morning or maybe
they need to be productive that next day, and it’s harder to be productive when
you feel hungover. My solution to this problem would be some type of “hangover
pack.” The pack would consist of some type of pill that you take before you
start drinking that could react with the toxins in alcohol and counter it out,
a hydrating drink, and an IV because that is the quickest way to hydrate. I
would potentially include some type of food or food supplement because you aren’t
supposed to drink on an empty stomach. My hangover pack would mostly be a preventative
thing, as in you use it before you start drinking, besides the IV, which you
would only use if you were still hungover the next day.
Wednesday, September 11, 2019
Assignment 7A
1) My opportunity that I would like to pursue is creating a product that will get rid of hangovers whenever you drink alcohol the night before.
2) People that like to consume alcoholic beverages feel hungover the next day due to the toxins that are in alcohol.
The who: People that drink alcohol
The what: Feeling hungover the next day
The why: Because of the toxins in alcohol
3) Testing the who: There aren't any others that have this need, except there are some younger people that could have the need once they reach the legal drinking age.
Testing the what: Does all alcohol make you hungover? Do all people that drink get hungover? Since all alcohol has toxins, I believe that all alcohol makes you hungover and that everyone that drinks does get hungover at least in some fashion.
Testing the why: Some people will blame their need on lack of hydration, some people will blame their need on lack of eating, some people will blame their need on mixing different types of alcohol, some people will blame their need on their weight.
Overall hypothesis: Everyone that drinks any type of alcohol will feel some type of hangover the next day no matter why they may think of the reason.
4) For my interviews, I interviewed 5 of my fraternity brothers that all drink alcohol multiple times a week. I asked them questions like "how often do you experience hangovers?" "on a scale of 1 to 10 how bad would you rate your hangovers?" "what do you do to mitigate those hangovers?" and other questions like those. From my interviews I have found that everyone that drinks experiences some type of hangover, but those hangovers can vary greatly in how bad they are. A lot of them told me they get the worst ones whenever they mix different types of alcohol together. Some people described their hangovers just as feeling light headed and having a headache the next day, while some people would tell me that they fell extremely sick and throw up. I received a lot of different response when I asked why they experience hangovers so it seems that the "why" is varies greatly among all the users.
5) From my interviews, I learned that everyone experiences a different type of hangover. Before I thought that everyone got the same type of hangover. I also learned that sometimes peoples hangovers are a lot worse sometimes than others. I usually always feel the same when I experience hangovers.
2) People that like to consume alcoholic beverages feel hungover the next day due to the toxins that are in alcohol.
The who: People that drink alcohol
The what: Feeling hungover the next day
The why: Because of the toxins in alcohol
3) Testing the who: There aren't any others that have this need, except there are some younger people that could have the need once they reach the legal drinking age.
Testing the what: Does all alcohol make you hungover? Do all people that drink get hungover? Since all alcohol has toxins, I believe that all alcohol makes you hungover and that everyone that drinks does get hungover at least in some fashion.
Testing the why: Some people will blame their need on lack of hydration, some people will blame their need on lack of eating, some people will blame their need on mixing different types of alcohol, some people will blame their need on their weight.
Overall hypothesis: Everyone that drinks any type of alcohol will feel some type of hangover the next day no matter why they may think of the reason.
4) For my interviews, I interviewed 5 of my fraternity brothers that all drink alcohol multiple times a week. I asked them questions like "how often do you experience hangovers?" "on a scale of 1 to 10 how bad would you rate your hangovers?" "what do you do to mitigate those hangovers?" and other questions like those. From my interviews I have found that everyone that drinks experiences some type of hangover, but those hangovers can vary greatly in how bad they are. A lot of them told me they get the worst ones whenever they mix different types of alcohol together. Some people described their hangovers just as feeling light headed and having a headache the next day, while some people would tell me that they fell extremely sick and throw up. I received a lot of different response when I asked why they experience hangovers so it seems that the "why" is varies greatly among all the users.
5) From my interviews, I learned that everyone experiences a different type of hangover. Before I thought that everyone got the same type of hangover. I also learned that sometimes peoples hangovers are a lot worse sometimes than others. I usually always feel the same when I experience hangovers.
Assignment 6A
Economic Opportunities:
Opportunity 1: Create some type of meal replacement pill for cheap
A) https://www.thebalance.com/top-usa-future-economic-trends-3305666
This website led me to believe an opportunity exists
B) This information leads me to believe that an opportunity exists because it mentions that the world climate is rising and that when temperatures rise the yield of corn and soybeans decreases, therefore causing the price to dramatically rise. So if there was a cheap meal replacement, people could purchase that instead of spending money on high food prices.
C) The customer that would most likely purchase this would be people on the more poor side of the economic spectrum. I say this because those in poverty already have trouble purchasing healthy food options and if prices rise even more it won't be good.
D) This opportunity would be relatively difficult to exploit because people enjoy eating food, so they wouldn't necessarily be attracted to a meal replacement pill. Also there may already be something similar to this in the market.
I saw this opportunity because I have actually thought about this idea before because I thought not having to eat would save me a lot of time and I could be more productive during the day. So that is why even though others see the same information, I came up with the opportunity and not them.
Opportunity 2: Start a manufacturing plant in the U.S
A) https://www.thebalance.com/top-usa-future-economic-trends-3305666
This website led me to believe that this opportunity exists
B) This information leads me to believe an opportunity exists because it states that trade wars are likely to continue and I know that the U.S is currently in a trade war with China. The U.S also imports a lot of products made in China so if the trade war worsens, we potentially could have a deficit of a lot of products.
C) The customer that would most likely use this opportunity is any customer in the U.S that currently uses or buys products made in China.
D) This opportunity wouldn't be that hard to exploit because if the trade war were to worsen, then people would buy the products manufactured by me. The only difficulty is that I'm not exactly sure what I should produce in my plant.
I'm honestly not sure why no one else would potentially see this opportunity. Maybe because the U.S has moved to more of a service economy than a manufacturing one.
Regulatory Opportunities:
Opportunity 1: Buy a bunch of electronic nicotine devices and sell them after October 1st
A) I found out about this opportunity because I know that after October 1st, the laws in Alachua county state that you will need to be 21 years of age to purchase nicotine.
B) I believe this is an opportunity, because I believe a majority of electronic nicotine device sales comes from those under the age of 21. So I believe after October 1st, sales will drastically drop for those who sell electronic nicotine devices, and in order to cover those losses, they will raise prices on the ones they currently sell. So I could sell the ones I already have for a slightly lower price and make a profit.
C) The prototypical customer would be those who use electronic nicotine devices.
D) This opportunity would be relatively hard to exploit, because I would have to take an initial loss and hold that loss for a while, and eventually I might not even be able to make that loss back.
I was able to see this opportunity because I am under the age of 21, so I will be affected when this law takes effect.
Opportunity 2: Open a gardening store dedicated to lawn gardens and fruits and veggies
A) https://www.abcactionnews.com/news/state/new-florida-laws-that-go-into-effect-july-1-2019
This website shows that Florida residents are now allowed to grow fruits and and veggies in the front lawn.
B) I believe this is an opportunity because there are a lot of suburban moms and old people that are really fond of gardening, and now that you can grow fruits and veggies in your lawn, creating a store that caters to that could have some potential.
C) The prototypical customer would be whoever likes to garden/grow fruits and veggies.
D) This would be a relatively easy opportunity to exploit, because all you need to do is open up a garden store dedicated to fruits and veggies, but there is the problem of already established garden stores that have fruits and veggies already.
I was able to see this opportunity because my mom likes to garden and I think she would like a store dedicated to lawn gardening.
Opportunity 1: Create some type of meal replacement pill for cheap
A) https://www.thebalance.com/top-usa-future-economic-trends-3305666
This website led me to believe an opportunity exists
B) This information leads me to believe that an opportunity exists because it mentions that the world climate is rising and that when temperatures rise the yield of corn and soybeans decreases, therefore causing the price to dramatically rise. So if there was a cheap meal replacement, people could purchase that instead of spending money on high food prices.
C) The customer that would most likely purchase this would be people on the more poor side of the economic spectrum. I say this because those in poverty already have trouble purchasing healthy food options and if prices rise even more it won't be good.
D) This opportunity would be relatively difficult to exploit because people enjoy eating food, so they wouldn't necessarily be attracted to a meal replacement pill. Also there may already be something similar to this in the market.
I saw this opportunity because I have actually thought about this idea before because I thought not having to eat would save me a lot of time and I could be more productive during the day. So that is why even though others see the same information, I came up with the opportunity and not them.
Opportunity 2: Start a manufacturing plant in the U.S
A) https://www.thebalance.com/top-usa-future-economic-trends-3305666
This website led me to believe that this opportunity exists
B) This information leads me to believe an opportunity exists because it states that trade wars are likely to continue and I know that the U.S is currently in a trade war with China. The U.S also imports a lot of products made in China so if the trade war worsens, we potentially could have a deficit of a lot of products.
C) The customer that would most likely use this opportunity is any customer in the U.S that currently uses or buys products made in China.
D) This opportunity wouldn't be that hard to exploit because if the trade war were to worsen, then people would buy the products manufactured by me. The only difficulty is that I'm not exactly sure what I should produce in my plant.
I'm honestly not sure why no one else would potentially see this opportunity. Maybe because the U.S has moved to more of a service economy than a manufacturing one.
Regulatory Opportunities:
Opportunity 1: Buy a bunch of electronic nicotine devices and sell them after October 1st
A) I found out about this opportunity because I know that after October 1st, the laws in Alachua county state that you will need to be 21 years of age to purchase nicotine.
B) I believe this is an opportunity, because I believe a majority of electronic nicotine device sales comes from those under the age of 21. So I believe after October 1st, sales will drastically drop for those who sell electronic nicotine devices, and in order to cover those losses, they will raise prices on the ones they currently sell. So I could sell the ones I already have for a slightly lower price and make a profit.
C) The prototypical customer would be those who use electronic nicotine devices.
D) This opportunity would be relatively hard to exploit, because I would have to take an initial loss and hold that loss for a while, and eventually I might not even be able to make that loss back.
I was able to see this opportunity because I am under the age of 21, so I will be affected when this law takes effect.
Opportunity 2: Open a gardening store dedicated to lawn gardens and fruits and veggies
A) https://www.abcactionnews.com/news/state/new-florida-laws-that-go-into-effect-july-1-2019
This website shows that Florida residents are now allowed to grow fruits and and veggies in the front lawn.
B) I believe this is an opportunity because there are a lot of suburban moms and old people that are really fond of gardening, and now that you can grow fruits and veggies in your lawn, creating a store that caters to that could have some potential.
C) The prototypical customer would be whoever likes to garden/grow fruits and veggies.
D) This would be a relatively easy opportunity to exploit, because all you need to do is open up a garden store dedicated to fruits and veggies, but there is the problem of already established garden stores that have fruits and veggies already.
I was able to see this opportunity because my mom likes to garden and I think she would like a store dedicated to lawn gardening.
Wednesday, September 4, 2019
Assignment 5A
Opportunity 1: help students learn time management
Title: 'College isn't the endgame': Advice from UF's Gen Ed professors
Link: https://ufdcimages.uflib.ufl.edu/UF/00/02/82/90/07819/08-12-2019.pdf Page 3
Story: 3 Gen Ed professors from UF were interviewed about students, particularly first year students, that are failing/not doing well and what causes them to fail. The conclusion was that students don't do well in time management/don't pay attention in class.
Problem: Students are failing classes.
Who has problem: Students in college that don't pay attention.
Opportunity 2: Create a third party service (like consulting) that helps create student government budgets
Title: Student unions can’t fund welcome assemblies under 2019-20 budget
Link: https://ufdcimages.uflib.ufl.edu/UF/00/02/82/90/07818/08-08-2019.pdf page 1
Story: For the 2019-2020 school year, there is new breakdown for how student government will fund student organizations. This caused a problem because now sub organizations have to apply for funding where before they did not. Multiple committee members from multiple organizations came out to protest the new funding structure.
Problem: The new way that funding is structured has caused some groups to not receive money anymore.
Who has problem: Those who don't receive money in this new system.
Opportunity 3: Device that can prevent you from sleepwalking
Title: Wesley Chapel man charged in sleepwalking robbery
Link: https://ufdcimages.uflib.ufl.edu/UF/00/02/82/90/07815/07-30-2019.pdf page 5
Story: A guy slept on a bench and ended up sleepwalking and stealing a knife from an apartment. He got arrested.
Problem: The man didn't consciously take the knife, but was charged anyway because he did it in his sleep.
Who has problem: People that have sleepwalking problems.
Opportunity 4: Develop an invention used to stop cars without hurting the passengers
Title: Man charged after officer throws object at car
Link: https://ufdcimages.uflib.ufl.edu/UF/00/02/82/90/07817/08-06-2019.pdf page 5
Story: A cop tried throwing her flashlight at a mans car who was apparently driving recklessly because she was trying to stop him. The guy still got away but was later found at his house.
Problem: The cop needed to stop the car without hurting the passenger but didn't have adequate equipment.
Who has problem: Cops or anyone that needs to stop a car driving away.
Opportunity 5: Create a company that can incentivize people to donate blood
Title: LifeSouth in need of donors due to low blood supply
Link: https://ufdcimages.uflib.ufl.edu/UF/00/02/82/90/07814/07-25-2019.pdf page 3
Story: There aren't enough people that donate blood to Lifesouth and they issued an emergency need for all types of blood types.
Problem: Not enough people donate blood
Who has problem: people that have blood to donate
Title: 'College isn't the endgame': Advice from UF's Gen Ed professors
Link: https://ufdcimages.uflib.ufl.edu/UF/00/02/82/90/07819/08-12-2019.pdf Page 3
Story: 3 Gen Ed professors from UF were interviewed about students, particularly first year students, that are failing/not doing well and what causes them to fail. The conclusion was that students don't do well in time management/don't pay attention in class.
Problem: Students are failing classes.
Who has problem: Students in college that don't pay attention.
Opportunity 2: Create a third party service (like consulting) that helps create student government budgets
Title: Student unions can’t fund welcome assemblies under 2019-20 budget
Link: https://ufdcimages.uflib.ufl.edu/UF/00/02/82/90/07818/08-08-2019.pdf page 1
Story: For the 2019-2020 school year, there is new breakdown for how student government will fund student organizations. This caused a problem because now sub organizations have to apply for funding where before they did not. Multiple committee members from multiple organizations came out to protest the new funding structure.
Problem: The new way that funding is structured has caused some groups to not receive money anymore.
Who has problem: Those who don't receive money in this new system.
Opportunity 3: Device that can prevent you from sleepwalking
Title: Wesley Chapel man charged in sleepwalking robbery
Link: https://ufdcimages.uflib.ufl.edu/UF/00/02/82/90/07815/07-30-2019.pdf page 5
Story: A guy slept on a bench and ended up sleepwalking and stealing a knife from an apartment. He got arrested.
Problem: The man didn't consciously take the knife, but was charged anyway because he did it in his sleep.
Who has problem: People that have sleepwalking problems.
Opportunity 4: Develop an invention used to stop cars without hurting the passengers
Title: Man charged after officer throws object at car
Link: https://ufdcimages.uflib.ufl.edu/UF/00/02/82/90/07817/08-06-2019.pdf page 5
Story: A cop tried throwing her flashlight at a mans car who was apparently driving recklessly because she was trying to stop him. The guy still got away but was later found at his house.
Problem: The cop needed to stop the car without hurting the passenger but didn't have adequate equipment.
Who has problem: Cops or anyone that needs to stop a car driving away.
Opportunity 5: Create a company that can incentivize people to donate blood
Title: LifeSouth in need of donors due to low blood supply
Link: https://ufdcimages.uflib.ufl.edu/UF/00/02/82/90/07814/07-25-2019.pdf page 3
Story: There aren't enough people that donate blood to Lifesouth and they issued an emergency need for all types of blood types.
Problem: Not enough people donate blood
Who has problem: people that have blood to donate
Assignment 4A
Steps 1 and 2:
For my opportunity, I believe there is an opportunity in providing immediate recovery for people that are hungover. I know there are some solutions like that already but they aren't quite immediate. The unmet need is needing to feel better the next day immediately, after a night of drinking. This is a need for anyone who likes to consume alcoholic beverages. This need comes from the fact that your body feels worse after a night of drinking. Some things people are doing now to meet this need is drinking water before going to sleep or drinking pedialytes. I think realistically there's a 40% chance this opportunity exists because like I mentioned earlier there are already some ways to cure a hangover less quickly, so that might suffice for some people.
Step 3: For my prototypical customers, I interviewed 3 of my fraternity brothers that like to drink and have experienced hangovers before.
Step 4:
Customer 1:
Q: What is the exact nature of the need?
A: Whenever I wake up in the morning and I need to be productive but my hangover is hampering my productivity.
Q: When do you become aware of the need?
A: When I wake up in the morning hungover.
Q: How long have you had the need?
A: Ever since I started drinking in college.
Q: When did you first become aware of the need?
A: The first time I got hungover and a lot of assignments due that night.
Q: How are you currently assessing your need?
A: I make sure to drink a lot of water and nights that I know I am going to drink.
Q: How satisfied are you with the solution?
A: For the most part pretty satisfied.
Customer 2:
Q: What is the exact nature of the need?
A: I want to be able to drink without feeling hungover the next day.
Q: When do you become aware of the need?
A: When I wake up in the morning after drinking and feel utterly terrible the entire day.
Q: How long have you had the need?
A: Ever since I started drinking.
Q: When did you first become aware of the need?
A: The first time I had a hangover
Q: How are you currently assessing your need?
A: I drink pedialytes the morning after I wake up.
Q: How satisfied are you with the solution?
A: It works but it kind of takes a while, wish there was an instant solution.
Customer 3:
Q: What is the exact nature of the need?
A: I don't like feeling terrible when I wake up from drinking.
Q: When do you become aware of the need?
A: When I wake up feeling terrible
Q: How long have you had the need?
A: The first time I had a hangover
Q: When did you first become aware of the need?
A: The first time I had a hangover
Q: How are you currently assessing your need?
A: I eat a bunch of food and drink water before I go out.
Q: How satisfied are you with the solution?
A: It works sometimes but not all the time, wish there was a surefire way.
Step 5:
I learned that there is definitely a market for my opportunity. It might be smaller than I imagined because these people already have some solutions for the problem, but I could come up with a more effective and more quick solution. This most surprising thing that I learned is that everyone I talked to had at least some sort of solution.
Step 6:
already done
Step 7: My original opportunity is still definitely there. Wherever there are people that drink alcohol, there will be people that want a remedy to cure their hangover. My new opportunity is not more accurate though, it is actually less accurate because some people have solutions already, but those surveyed did not have a completely effective solution. For the last question, I believe entrepreneurs always adapt their solutions to the customer feedback because the customer is who decides if the entrepreneur will be successful. If you create something that the people want, you will be successful.
For my opportunity, I believe there is an opportunity in providing immediate recovery for people that are hungover. I know there are some solutions like that already but they aren't quite immediate. The unmet need is needing to feel better the next day immediately, after a night of drinking. This is a need for anyone who likes to consume alcoholic beverages. This need comes from the fact that your body feels worse after a night of drinking. Some things people are doing now to meet this need is drinking water before going to sleep or drinking pedialytes. I think realistically there's a 40% chance this opportunity exists because like I mentioned earlier there are already some ways to cure a hangover less quickly, so that might suffice for some people.
Step 3: For my prototypical customers, I interviewed 3 of my fraternity brothers that like to drink and have experienced hangovers before.
Step 4:
Customer 1:
Q: What is the exact nature of the need?
A: Whenever I wake up in the morning and I need to be productive but my hangover is hampering my productivity.
Q: When do you become aware of the need?
A: When I wake up in the morning hungover.
Q: How long have you had the need?
A: Ever since I started drinking in college.
Q: When did you first become aware of the need?
A: The first time I got hungover and a lot of assignments due that night.
Q: How are you currently assessing your need?
A: I make sure to drink a lot of water and nights that I know I am going to drink.
Q: How satisfied are you with the solution?
A: For the most part pretty satisfied.
Customer 2:
Q: What is the exact nature of the need?
A: I want to be able to drink without feeling hungover the next day.
Q: When do you become aware of the need?
A: When I wake up in the morning after drinking and feel utterly terrible the entire day.
Q: How long have you had the need?
A: Ever since I started drinking.
Q: When did you first become aware of the need?
A: The first time I had a hangover
Q: How are you currently assessing your need?
A: I drink pedialytes the morning after I wake up.
Q: How satisfied are you with the solution?
A: It works but it kind of takes a while, wish there was an instant solution.
Customer 3:
Q: What is the exact nature of the need?
A: I don't like feeling terrible when I wake up from drinking.
Q: When do you become aware of the need?
A: When I wake up feeling terrible
Q: How long have you had the need?
A: The first time I had a hangover
Q: When did you first become aware of the need?
A: The first time I had a hangover
Q: How are you currently assessing your need?
A: I eat a bunch of food and drink water before I go out.
Q: How satisfied are you with the solution?
A: It works sometimes but not all the time, wish there was a surefire way.
Step 5:
I learned that there is definitely a market for my opportunity. It might be smaller than I imagined because these people already have some solutions for the problem, but I could come up with a more effective and more quick solution. This most surprising thing that I learned is that everyone I talked to had at least some sort of solution.
Step 6:
already done
Step 7: My original opportunity is still definitely there. Wherever there are people that drink alcohol, there will be people that want a remedy to cure their hangover. My new opportunity is not more accurate though, it is actually less accurate because some people have solutions already, but those surveyed did not have a completely effective solution. For the last question, I believe entrepreneurs always adapt their solutions to the customer feedback because the customer is who decides if the entrepreneur will be successful. If you create something that the people want, you will be successful.
Assignment 3A Your entrepreneurship story
In all honesty, I haven't had much experience with entrepreneurship within my life. The only thing that I can really think of is that I used to try to come up with the next great idea and become an entrepreneur by selling that great invention that I came up with. For me this was always hard though, as it is so hard to come up with something that is effective and hasn't already been thought of yet. I also always struggled with thinking about even if I was able to think of a great idea, I would have no idea how to make the invention myself or how to get it copyrighted.
I enrolled in ENT3003 because I needed an upper division elective and thought to myself, why not take a class on entrepreneurship just in case I do ever think of a great new idea and want to know how to put that idea into action. So, what I hope to get out of this class is to know how to become an entrepreneur technically, as in what legal steps need to be taken.
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