Adam Wolf 30A Final Reflection

The highs this semester were the later assignments when I started understanding the big picture of my idea.  My high assignments were the idea napkins.  I enjoyed the process of these posts and formulating new ideas.  At the same time, there were some lows.  One of the lows were the elevator pitches.  These were a low because these assignments were out of my comfort zone.  The fun moment was the post of creating your personal avatar.  This assignment was interesting and fun.  Moments of drudgery were cupcakes and reading reflections.  I did not look forward to these at all.

My most formative experience was the interviews I had with people who genuinely cared about my idea.  These experiences and their responses will stay with me for many years, especially if I continue to move forward with this idea.  My most joyous experience is completing this class with a good grade and I am also most proud of this as well. 

At the end of the semester, I don’t see myself as an entrepreneur yet because I haven’t invented the device.  However, I do see myself thinking like an entrepreneur.  I have developed my entrepreneurial mindset.  I didn’t realize all the complexities we must think about before starting a business, but this class helped my sequence the events and think in the correct order. 

I recommend that students starting this class to stay organized and don’t procrastinate.  First, they must stay organized to know when the assignments are due.  This class has a higher number of assignments than most other classes.  Keep a calendar of some type to record when upcoming assignments are due.  Also look at the Canvas calendar as guidance.  To foster this mindset, I recommend don’t procrastinate.  Each of these assignments is meant to teach you something.  You only get out the amount of effort you put in.  Not procrastinating will allow you more time to spend thinking and reflecting on assignments.  This will eventually lead to greater business success in the future.

Adam Wolf 29A Venture Concept No. 2

Opportunity

The news often covers problems related to global warming and other negative effects from climate change.  Oceans levels are rising as sea ice from the poles continues to melt at rapid rates.  Average earth temperatures are on the rise, resulting is strange weather events.  But most importantly, people are feeling the effects from heat.  Just this week, another deadly heat wave moved across the United States brining temperatures in excess of 100^oC to Washington DC, New York City, Philadelphia, and Chicago. 

Many residents own cars and few people never have their vehicle parked in the sun.  That means many of us can relate to entering a scorching car and having to wait outside until the interior cools off a bit.  What part of a car is metal and within reach?  The seatbelt, which is the part people are most likely to tough.  I see an opportunity to fix this problem.  Drivers and passengers show never have to worry about getting burned by accidently toughing the hot metal part of a seatbelt.  The market is defined geographically.  The opportunity is big and will last for at least a couple of years. 

Innovation

I have created a small rectangular device that attaches to the end of a seatbelt.  The object is powered by a rechargeable battery that is environmentally friendly.  The seatbelt must be clicked in and the car not running to activate the seat belt cooler.  It can be produced in 10 different colors to perfectly match the existing interior color.  This allows the cooler to be out of sight.  The electric motor is quiet and operates efficiently.  My invention would be produced in the USA using recycled plastic.  I would target recycling companies to purchase plastics in bulk at low prices.

Choosing production to take place in the United States would increase labor costs but transportation costs would be minimized.  The United States also has more regulations that foreign countries.  I would integrate mass production lines to increase potential output. 

The starting cost for a seat belt cooler is $25.  This reasonable price would target a variety of audiences and multiple classes.  My plan is to sell to auto parts stores at the wholesale level.  The stores would then sell it as retail, and I would receive a percentage of profits.  If the product advances and experiences further success, I would change my business strategy. 

My long-term goal is to integrate this product into large car company assembly lines.  This would ensure all cars produced would protect customers against burning themselves on hot seatbelts. 

Venture Concept

I think initially consumers will be hesitant to try my invention.  Hiring a specialized marketing employee will help solve this potential issue.  I will rely on customers who try my device to spread good reviews.  I hope word disperses with positive feedback and sales increase.  Customers will buy this product because nothing like this exists in the market.  My invention is truly unique, innovative, and most importantly solves a major problem. 

Because this is the only item of its kind on the market, therefore it is difficult to determine potential competitors currently.  Locations plays a major role, as I must place emphasis on areas that experience extreme heat.  I would start with 20 employees and expand as necessary.

Additional Elements

  My most important resource is location.  I live near numerous transportation methods including truck, ship, and train.  I can import raw materials and export the final product in a timely manner.  As mentioned above, I eventually want to integrate my invention into assembly production lines of major car manufacturing companies.  This will further increase profits and allow my business to continue to expand.  As an entrepreneur, I hope to be CEO of a public corporation in five years.  I hope to be making great profit in five years.  Most importantly, I hope to save people from burning their hands with hot seat belts and prevent them to deal with this problem anymore in the future. 

I got really good feedback from the first venture concept post.  One student commented how they see my plan expanding and understand the actions I plan to take in the future.  Another peer states a great suggestion that I incorporated in my venture concept no 2.  He said I should use a “rechargeable energy source instead of AA batteries to power my invention.  This is a fantastic idea and I included this in my revised plan. 

Adam Wolf 28A Your Exit Strategy

I would like to build and run the business for at least 15 years.  After this time period, I would seriously consider selling the business to a larger corporation.  My plan is to work very hard for many years and then relax and enjoy the money I earned.  When a business expands greatly, the necessary work can become a burden and continued stress can be unhealthy.  If the business is successful, I would like to retire by 40.  I have selected this particular exit strategy because I live by “work hard, play hard”.  I want to work hard the first half of my life and enjoy the benefits of this hard work the second half of my life.  Planning this exit strategy only effects how I create the foundation for my business.  Because I will not be passing on the business to family, I will spend more energy pitching the idea to major corporations to prepare for the big sale in the future. 

Adam Wolf 27A Reading Reflection No. 3

For reading reflection number 3, I chose to Grinding it Out:  The Making of McDonald’s about Ray Kroc.  I was most surprised that Ray Kroc was not the original founder.  The McDonald brothers were the ones who created the efficient operation.  Then this idea was expanded by Ray Kroc.   I most admire the creation of a nonprofit organization called the Ronald McDonald House.  I least admire that Kroc basically forced the brothers from retaining rights to their name.  Their new name, “The Big M”, had little chance of success.  Ray encountered many problems when working with the brothers’ regulations.  He fought their decision to maintain a small number of restaurants.  Kroc also had trouble obtaining formal, legal documents such as letters from the brothers. 

Ray Kroc had competencies when making innovative changes in the fast food industry.  The biography described how he had strict regulations for food preparation and customer service.  For example, he demanded each burger be made identical to the others and food must be delivered to customers within 5 minutes.  I was confused about the transfer of rights between Kroc and the McDonald brothers.  I didn’t understand many of the legal issues that occurred.  Question 1:  Do you think fast food is the solution to fixing long-term problems of a growing population?  Question 2:  What would you do differently if you could start over again?  I think Ray Kroc’s opinion of hard work is to devote at least 12 hours to his business each day.  Hard work is solving all issues before ending the day and advancing some aspect of the business each day.

Adam Wolf 26A Celebrating Failure

I have failed three times to learn another language.  I took three Spanish classes and have not improved in learning the language.  Each time, I start from the beginning with no knowledge of the subject.  For some reason, I can learn math, business, and science classes but language classes are a nightmare for me.  The information doesn’t click in my brain and I forget everything the next day.  I have learned a couple things from these repeated failures.  First, I am bad at learning Spanish.  Second, my mind has trouble processing different words but not numbers.  Third, I learned to keep trying and try to take more foreign language classes to improve this failure.

I think failure is healthy to an extent.  Failure teaches important lessons and develops maturity.  Failure is hard but it represents taking a step out of your comfort zone.  I handle failure as an opportunity.  Defeat one time is a chance to rise greater than ever the second time.  It builds character and makes us who we are.  My perspective on failure is more accepting, and I do see myself taking more risks in the future.  I see the rewards from overcoming numerous failures.

Adam Wolf 25A What's Next

Existing Market

What’s next in my venture is choosing a location to build my factory.  This location will eventually become my company headquarters.  It will consist of a manufacturing section and a management/corporate section. 

Customer 1 would like to see my product tested to extreme elements.  He wants to know the maximum conditions of temperatures where my invention will still function correctly.  Customer 2 would like to see the disclaimers and warranty policies.  Customer 3 wonders if my invention can be self-assembled or must be installed by a mechanic. 

To grow a successful business, I have solutions to satisfy each of these customers needs.  I will communicate with a laboratory to do professional testing of my product.  This will establish the limitations of my invention, which allows me to further develop my idea.  I need to write the warranty statements and clearly outline when a product will be accepted as defective.

New Market

I now want to target a market focused on environmental conservation.  First, I want to become a certified sustainable company through a well-known environmental organization.  I will get raw materials from recycled plastic.  Environmentalists will increase support for my product once they learn about my sustainable efforts.

Person 1 proposed that I provide discounts on my seat belt cooler for individuals who own electric cars.  People may be convinced to buy electric vehicles to receive deals and protect the environment.  Person 2 wants me to donate a portion of the profits to environmental events.  Once such event would be community beach cleanups. 

I was most surprised by the unique ideas presented to me during my interviews.  Some of my initial expectations were correct as I anticipated environmentalists would favor brand name recycling and sustainability.  Although the environmental market does appear to have potential, it is not as attractive as my initial market.  However, I will still pursue appealing to environmentalists because it will additionally help grow the success of my invention and business.  

Adam Wolf 24A Venture Concept No 1

Opportunity

The news often covers problems related to global warming and other negative effects from climate change.  Oceans levels are rising as sea ice from the poles continues to melt at rapid rates.  Average earth temperatures are on the rise, resulting is strange weather events.  But most importantly, people are feeling the effects from heat.  Just this week, another deadly heat wave moved across the United States brining temperatures in excess of 100^oC to Washington DC, New York City, Philadelphia, and Chicago. 

Many residents own cars and few people never have their vehicle parked in the sun.  That means many of us can relate to entering a scorching car and having to wait outside until the interior cools off a bit.  What part of a car is metal and within reach?  The seatbelt, which is the part people are most likely to tough.  I see an opportunity to fix this problem.  Drivers and passengers show never have to worry about getting burned by accidently toughing the hot metal part of a seatbelt.  The market is defined geographically.  The opportunity is big and will last for at least a couple of years. 

Innovation

I have created a small rectangular device that attaches to the end of a seatbelt.  The object is powered by four AA batteries.  The seatbelt must be clicked in and the car not running to activate the seat belt cooler.  It can be produced in 10 different colors to perfectly match the existing interior color.  This allows the cooler to be out of sight.  The electric motor is quiet and operates efficiently.  My invention would be produced in the USA using recycled plastic.  I would target recycling companies to purchase plastics in bulk at low prices.

Choosing production to take place in the United States would increase labor costs but transportation costs would be minimized.  The United States also has more regulations that foreign countries.  I would integrate mass production lines to increase potential output. 

The starting cost for a seat belt cooler is $25.  This reasonable price would target a variety of audiences and multiple classes.  My plan is to sell to auto parts stores at the wholesale level.  The stores would then sell it as retail, and I would receive a percentage of profits.  If the product advances and experiences further success, I would change my business strategy. 

My long-term goal is to integrate this product into large car company assembly lines.  This would ensure all cars produced would protect customers against burning themselves on hot seatbelts. 

Venture Concept

I think initially consumers will be hesitant to try my invention.  I will rely on customers who try my device to spread good reviews.  I hope word disperses with positive feedback and sales increase.  Customers will buy this product because nothing like this exists in the market.  My invention is truly unique, innovative, and most importantly solves a major problem. 

Because this is the only item of its kind on the market, therefore it is difficult to determine potential competitors currently.  Locations plays a major role, as I must place emphasis on areas that experience extreme heat.  I would start with 20 employees and expand as necessary.

Additional Elements

  My most important resource is location.  I live near numerous transportation methods including truck, ship, and train.  I can import raw materials and export the final product in a timely manner.  As mentioned above, I eventually want to integrate my invention into assembly production lines of major car manufacturing companies.  This will further increase profits and allow my business to continue to expand.  As an entrepreneur, I hope to be CEO of a public corporation in five years.  I hope to be making great profit in five years.  Most importantly, I hope to save people from burning their hands with hot seat belts and prevent them to deal with this problem anymore in the future. 

Adam Wolf 23A Your Venture's Unfair Advantage

1.       Location:  valuable, not rare, not inimitable, non-substitutional

2.       Knowledge in automotive industry:  valuable, not rare, inimitable, non-substitutional

3.       Social capital of networking with car manufacturers:  valuable, rare, not inimitable, non-substitutional

4.       Financial capital in the form of investments:  valuable, not rare, imitable, substitutional

5.       Provisional Patent application for device:  valuable, rare, not imitable, non-substitutional

6.       Close friends are entrepreneurs (social capital): not valuable, not rare, imitable, substitutional

7.       Local organizational culture:  not valuable, rare, imitable, substitutional

8.       Marketing, Management, and Economic capabilities:  valuable, not rare, imitable, substitutional

9.       Human capital of peers already willing to work under certain circumstances:  not valuable, rare, not imitable, substitutional

10.   Experience with negotiating large costs as practice

Additional VRIN analysis: 

The social capital resources are valuable because they provide key pathways for businesses to grow.  However, they are not rare because most entrepreneurs utilize networking.  With reference to capabilities, these are valuable but also not rare because people often share similar set of characteristics. 

Top Resource:

My top resource is location.  Location will help in numerous ways.  I live in Florida, a good location to base my product because Florida is one of the hottest states.  Also, Florida is great for crowdfunding due to the increased amount of an older population.  Living in Florida is certainly not rare because millions of people live in the state.  I have transportation resources contained within the location resource because ships come to port and trains pass by on their way across the country.

Adam Wolf 22A Elevator Pitch No. 3

Just FYI, I thank you for the feedback from my last elevator pitch.  I liked the feedback, but it will not appear in this elevator pitch.   I am out of the country thousands of miles away on vacation and none of the taxis would allow me to film.  The only transportation where I am are the metro and buses but those don’t relate to my product.  In addition, I didn’t pack any dress clothes on this trip which is why I am casual.  But I want to let you know, I agree with a lot of the advice and will remember the ways to improve my elevator pitch for future times. 

I got even more useful feedback from elevator pitch number 2.  People really like how my setting is in a car which directly relates to my product.  One person suggested I should dress in more professional clothes.  Another person suggested I should create a hook at the beginning of my elevator pitch to attract the audience attention.  A third person suggested I move back to the driver seat because it was easier to see. 

Here is the link in case the embedded video doesn’t work. 

https://www.youtube.com/watch?v=Ka_-5WjFaoA

Adam Wolf Reading Reflection No. 2

I read Innovation and Entrepreneurship by Peter Drucker.  The general theme of this book is similar to what we have been learning in class.  Drucker discusses how entrepreneurs see the world differently.  They view problems as opportunities rather than obstacles.  Innovation is only one part of the entrepreneurship process because it’s how you make that innovation come to reality that really determines success.  Entrepreneurs must have the qualities discussed in lecture.  Failure will continue to happen but they must recover and never give up.  I would create an exercise that is a short writing response.  The prompt would be:  How do you think you see the world differently from everybody else?  My biggest surprise while reading the book was some of the timelines for innovations to come to success.  Some took many decades of failure before success and this impressed and surprised me.

Adam Wolf 20A Growing Your Social Capital

Person 1 is an owner of a local car dealership.  He is an expert in the industry because he has been working with car sales for 27 years.  This person has many years of experience in seeing the success and failure of various car advancements.  He is involved in the industry because he has worked at multiple car companies, which means he has a well-rounded background in the industry.  I contacted this person by email, and he responded within 24 hours.  I visited his car dealership later in exchange for taking the time to talk to me.  This person will help give me advice on what he thinks should be improved about my design based on his prior observations in the car selling industry. 

Person 2 is a manager at a local auto parts store.  He initially worked as a cashier, then assistant manager, and now manager.  This person is a market expert because he is directly involved with selling car parts.  I contacted this person by meeting him at the store.  I bought some items from the auto store in return for our meeting together.  This person will help me because they have the contacts for their inventory managers and can assist in me marketing my product. 

Person 3 is a corporate manager at my country recycling plant.  They have worked in the recycling industry for 15 years and is an important supplier to my industry.  I called this person a left a message.  They called me back within 24 hours.  In return for our meetings, I offered to help advocate for increased recycling efforts.  This person can help me because the main material in my product is plastic.  Creating a deal with a recycling plastic company will decrease my costs of production.

I had a great experience networking with people who may help me in the future.  I enjoyed learning about their histories.  All three people were interested in helping me and I had a good time talking to them.  It was similar to my networking experiences in the past. 

Adam Wolf 19A Idea Napkin No 2

1.       I am a college student attending the University of Florida with talents in business administration.  This class is providing me with necessary skills for entrepreneurship.  I hope this business is a way to make income while working on my own schedule.  If the business became successful, it would become a major part of my life and require significant time dedication.

2.       I am offering customers a product that cools the metal part of seatbelts for cars staying in the sun.  My product solves the customer need to not burn themselves when they enter a hot car. The device would clip to the base of a seat belt and follow similar physics principles as air condition.  It would be battery powered and could be activated from an app on your phone.  Ten minutes prior to getting in your car, the device would start cooling the seatbelt.  When you grab the seatbelt, it will not burn of you accidently touch the metal.   In addition, my company could possibly expand in the future to offer other interior products.

3.       I am offering this product to everybody who has or uses a vehicle and parks their vehicle outside.  The demographics and psychographics of my intended audience are widespread.  All my customers use or own vehicles, and they all have in common a similar need.   People who will benefit most from the invention are those who live in hot geographic locations. 

4.       Much of the US heats to dangerous temperatures during the summer, especially in Florida and the desert out west.  People should buy my product because it will increase the safety of their vehicle.  Children will be less likely to injure themselves when getting into hot, parked cars.  Customers will feel the comfort of a cool seatbelt and will no longer have to dread getting into their vehicle during the day.  In the future, customers can experience the benefits of more interior accessories.

5.       What sets me apart from everyone else is my attention to detail.  I would ensure the design of this product is as efficient as possible, so it solves customer needs to complete satisfaction.  I would ensure no shortcuts in the production process to deliver the best quality.  My idea for this product is something no one else has.

I believe all five elements fit together.  I can see connections between all components of the idea and understand the list of priorities.  The components of this product seem to be consistent across multiple areas of interest, indicating the idea has potential.  I don’t see any out-of-joint elements and can visualize the next stages of the entrepreneurial process putting these elements in action.

I added about 4-5 sentences to my original post based on the feedback.  I really liked two comments.  One person suggested I expand the options and offer more interior accessories.  Another person inquired whether I would want to start up the business myself or join a firm to get the business going.  I have incorporated changes into idea napkin 2 after analyzing the feedback. 

Adam Wolf 18A Create a Customer Avatar

A prototypical customer for my seatbelt cooling invention is a middle-class male who is 31 years of age.  He drives a white Honda Civic and has a business job working at an office.  The work hours are Monday – Friday 9am-5pm.  He lives a simple lifestyle with average income and a medium house.  He has a wife and two young kids.  He doesn’t really watch TV shows but does watch sports all the time on TV.  He is Republican but is not extreme on conservative issues.  He likes reading innovation books because my customer is always interested in trying new products.  Overall, my prototypical customer lives a usual life and likes routine.  He is a customer for my product because his sense for curiosity allows him to try new products.  Working at the bank during the week, his car bakes and gets hot because my prototypical customer lives in Florida.  These environmental, social, and economic conditions help define him as my customer avatar. 

I have a couple things in common with my customer avatar.  First, I am also willing to try new products on the market.  I like to test new ideas knowing there is a chance it may not work because the product was recently developed.  Second, I like to routine as does my avatar.  I like a set schedule so I can expect how the week will go.  Lastly, I enjoy watching sports like my avatar.  I don’t think these similarities are a coincidence because I create a product that begins by solving a problem for me.  Thus, it is not unusual for there to be similarities between me and my prototypical customer.  We both could use the product because we both have a similar problem that needs to be solved.

Adam Wolf 17A Elevator Pitch No 2

Here is the link as well-   https://www.youtube.com/watch?v=j_-n-9wpoPQ


I really liked the feedback I got for the last elevator pitch.  The comments were positive and helpful.  I realized the strength of filming in a unique setting.  People liked how I spoke and how I described the idea.  Based on this feedback, I have made minor changes in this new elevator pitch such as trying to speak with more flow and include more information in the same amount of time to inform my audience even more.

Adam Wolf 16A What's Your Secret Sauce

First, what makes me unique is my personality.  I have a strong personality towards caring for others.  My mind is always looking for new ideas and this is a positive characteristic of entrepreneurs. 

Second, I have calm emotions when placed in stressful situations. 

Third, I have a skill for staying organized.  I have filing cabinets for all my school papers and keep everything in its own space where I can find it. 

Fourth, I have knowledge abilities in aviation which makes me stand out from most other business majors. 

Fifth, I have good abilities in professional communication skills.  What make me different from other people is I like public speaking. 

The people I interviewed were people who know me best including friends and family.  They stated a variety of different aspects that make me unique.  Two of the interviews focused a lot on personality.  They claim I can get along with people well.  Two of the interviews say my skills are what makes me stand out.  Some of the people said my hair makes me stand out yet this is not really considered human capital.  Overall, I got many different answers relating to personality, interactions, and skills. 

I didn’t realize one point that someone claimed I am good interacting with animals.  I didn’t see this as a characteristic that makes me stand out.  Overall, the interviews and my own view of myself were similar.  The animal relationship skill is the only change I would make to the list.  These differences are caused because nobody see themselves as other people do.  To get the full picture, we must talk to others.

Below I have included audio recording of short segments from my interviews.  The individuals I interviewed requested not to have more than a couple lines posted for privacy.  Therefore, the interviews were longer than what is recorded, and the recordings are only segments from my interviews. 

Adam Wolf 15A Figuring Out Buyer Behavior No. 2

Person 1 is a college student living in Florida and drives to work every day.  He is in the segment because he doesn’t have a garage and routinely uses his car for transportation.  I asked him about the seatbelt problem, and he believes price is most important.  Because he is a college student, he has limited money and therefore searches for alternatives that result in the least expensive option.   He says he is more likely to use cash to pay for the product because he saves his credit card for larger purchases.  He thinks the purchase is good if it lasts for at least five years with no problems and effectively cools seatbelts.

Person 2 is a doctor who lives in my town.  He is in the segment as well and owns a sports car.  Person 2 places most emphasis on style and quality when evaluating alternatives.  He doesn’t mind paying money for a new device if the quality is good.  He wants the device to not be noticeable for the appearance of his sports car.  Payment options are not a significant factor in his decision.  He likes the idea and feels the purchase is good if it works correctly. 

Person 3 is a teacher who parks their car in the high school parking lot every day for 8 hours. They fit in the segment and are very similar to person 1.  When evaluating alternatives, price is the most important factor.  She will choose the cheapest option if given the opportunity.  Person 3 thinks the purchase is a bad idea if it breaks within 1 year. 

Overall, I found the results to vary greatly within the segment.  For alternative evaluations, some individuals want quality while others look at price.  They result in different purchase decisions throughout the segment.  Most people in the segment will agree that the purchase was a good idea if my seatbelt cooling device works and a bad idea if it doesn’t properly function to cool. 

Adam Wolf 14A Halfway Reflection

Principles of Entrepreneurship is a great class to take but students must stay up to date on assignments to not fall behind.  The most important characteristic for this class is organization.  You must stay organized because there are many assignments.  Use the canvas calendar to receive updates on due dates.  This will help you not accidentally miss doing an assignment.  Second, stay focused during lectures to do well on the weekly quizzes.  Take extensive notes and pay attention to detail by listening closely.  The last behavior you should have to do well in this course is effort.  You will learn a lot from the assignments if you truly put thought into them.  Putting forth maximum will help you get the most out of principles of entrepreneurship. 

I felt like giving up after the first cupcake.  I listened to the lecture and took some notes, but it evidently was not enough.  As a result, I got a score on cupcake 1 that was very low.  This decreased my confidence in the class, and I started doubting my abilities to finish the course.  Instead, I developed a tenacious attitude and made a goal to improve.  I did not give up and as a result, I have done much better on future quizzes.  The quizzes and lecture videos have contributed most to me developing a tenacious attitude. 

Three tips to foster tenacity are: stay organized, keep a positive attitude, and stay on top of your work.  Three skills for developing the tenacious mindset are to give maximum effort, communicate with the teacher, and complete all work on time.  Attempting to maintain these skills will result in a tenacious mindset and will lead to a success in principles of entrepreneurship. 

Below I have included an image of my favorite quote about not giving up.

Adam Wolf 13A Reading Reflection No. 1

I read about the Wright Brothers.  I was most surprised that neither of the Wright Brothers attended college.  I most admire that Orville and Wilbur built the first powered airplane that could fly.  I least admire the numerous lawsuits involved with their invention.  The Wright Brothers did experience numerous failures.  They started with many different designs and began experimenting with gliders.  Model after model failed and crashed.  Most crashes caused them to start over from scratch.  They viewed every failure as an opportunity to build their adversity and improve their design.

The Wright Brothers were competent because they never gave up on accepting new ideas.  In addition, they fought many court battles as people tried to steal their great idea.  The lawsuits damaged their public appearance and set back progress.  Ultimately, the Wright Brothers prevailed and are honored by society for their advancements in aviation. 

I was a little confused about the end of their career.  Wilbur sold the company in 1915.  It resulted in competing claims.  The following individuals all made claims for successful airplane tests: Clement Ader, Giustave Whitehead, Richard Perase, and Karl Jatho.  I was confused on how their claims were unique and the process of how these conflicting claims were settled. 

Question 1:  How did you observe birds and translate their flight characteristics to a man-made design?

Question 2:  Where do you see your airplane invention in 100 years?

I would ask the first question because I am curious how they believed they could replicate birds.  I want to ask the second question because I wonder how much they predicted the expansion of aviation.

I think the Wright Brothers’ opinion of hard work is staying in the workshop for 12 hours a day 7 days a week and trying for years while still failing.  This is hard work and it eventually paid off because they were successful and continued to work long hours and exhaust efforts to improve their invention.  I agree with this opinion of hard work and strive to have similar qualities.  

Adam Wolf 12A Figuring Out Buyer Behavior No. 1

I am choosing a segment of people that live in Florida, own automobiles, and do not park their vehicle in a garage.  Person one works eight hours a day at a retail store in town.  He parks in a separate parking lot exposed to full sunlight during the day.  Everyday after work, he has the need to be able to get in his car without accidently touching the hot metal seatbelt.  He has this need Monday through Friday.  Person two is a mother who has three young kids.  She works at an elementary school where her kids attend school.  At the end of the school day, the children are excited and jump into the car.  They grab the hot seatbelt and often get burned on the hands because the vehicle has been siting in the school parking lot all day.  Person three is a friend who goes shopping on a regular basis, usually during the middle of the day.  Her seatbelts heat up to unbearable temperatures every time she comes out of a store. 

All three people had the same solution to their need; they turn the car on with full air conditioning at the lowest temperature to cool the entire car including the seatbelt.  In Google, they search solutions but cannot find accurate results because nothing like my products exists yet.  Two of the people I interviewed had previously talked to friends and family about this need. 

I learned from these interviews that a need certainly exists among this segment.  The individuals have a high recognition of need awareness. Their everyday lives prove the need is significant, but the information searches have not been successful.  As a result, the individuals I interviewed have become accustomed to their own solutions but are open-minded for new methods to satisfy their need. 

Adam Wolf 11A Idea Napkin No. 1

1.       I am a college student attending the University of Florida with talents in business administration.  This class is providing me with necessary talents for entrepreneurship.  I hope this business is a way to make income while working on my own schedule.  If the business became successful, it would become a major part of my life and require significant time dedication.

2.       I am offering customers a product that cools the metal part of seatbelts for cars staying in the sun.  My product solves the customer need to not burn themselves when they enter a hot car.  The device would clip to the base of a seat belt and follow similar physics principles as air condition.  It would be battery powered and could be activated from an app on your phone.  Ten minutes prior to getting in your car, the device would start cooling the seatbelt.  When you grab the seatbelt, it will not burn of you accidently touch the metal.

3.       I am offering this product to everybody who has or uses a car.  The demographics and psychographics of my intended audience are widespread.  All my customers use or own vehicles, and they all have in common a similar need. 

4.       Much of the US heats to dangerous temperatures during the summer, especially in Florida and the desert out west.  People should buy my product because it will increase the safety of their vehicle.  Children will be less likely to injure themselves when getting into hot, parked cars.  Customers will feel the comfort of a cool seatbelt and will no longer have to dread getting into their vehicle during the day.

5.       What sets me apart from everyone else is my attention to detail.  I would ensure the design of this product is as efficient as possible, so it solves customer needs to complete satisfaction.  I would ensure no shortcuts in the production process to deliver the best quality.  My idea for this product is something no one else has.

I believe all five elements fit together.  I can see connections between all components of the idea and understand the list of priorities.  The components of this product seem to be consistent across multiple areas of interest, indicating the idea has potential.  I don’t see any out-of-joint elements and can visualize the next stages of the entrepreneurial process putting these elements in action.

Adam Wolf 10 A elevator pitch number 1

Here is the link to my youtube video as backup.

https://www.youtube.com/watch?v=KxmtLznV18c

Adam Wolf 9A-Testing the Hypothesis Part 2

Person 1 should have a need for access to more water during wildfire season.  However, this person did not have this need because they have never experienced a close wildfire.  Because of this unique personal experience, person 1 feels no threat and therefore has their need met.  Person 2 just moved to a dry area but came from a moist climate.  He cannot relate to the dry fire season dangers.  As a result, this individual has no need to have a device to supply supplemental water.  Person 3 is a 10-year-old child living in their parent’s house.  While I initially thought person 3 would have this need, I learned they don’t coordinate with those types of responsibilities of the household.  It would be more of a concern for their parents.  Person 4 is a leader of a local hospital.  She claims the hospital already has a roof sprinkler system in case of a wildfire outbreak.  This explanation indicated to me that person 4 does not have my need.  Person 5 is a firefighter, a great example of someone I thought would have this need.  However, they don’t see the feasibility of the opportunity and claim there are more efficient methods that use upgraded technology to solve the same need. 

Inside the boundary	Outside the boundary
People who own areas in wildfire season locations an have been affected in the past	People who don’t have direct responsibility of their property or already have watering systems
Need to have a device that transports water quickly and saturates an entire property in the event of a fire emergency	Water supply is not a need due to lack of perceived threat or existing needs already met
The need exists because areas that have the greatest threat of wildfires also have the least supply of available water to fight and protect homeowner properties	I classify these people outside my need group because they would not be likely to search for solutions if the problem doesn’t exist.

Adam Wolf 8A-Solving the Problem

In earlier assignments, I discussed my bug of hot seatbelts and the possibly opportunities associated with this problem.  Florida and many other states have hot temperatures in summer, and cars heat up exponentially when sitting in the sun.  As a result, both children and adults are burned by the hot metal of a seatbelt when they first enter the car.  I see an opportunity to solve this problem by inventing and selling a car seat belt cooling system.  This product would attach to the base of a seat belt and circulate cool are around the metal component to decrease the metal’s temperature below burning temperatures. 

The product would essentially be a small air conditioning system and utilize similar components of a normal house AC system.  This device could be installed by auto mechanics, dealerships, and even customers.  It would include an easy installation set-up with clear directions.  I would primarily sell this product to auto parts stores such as Advance Auto Parts and Autozone.  The long-term plan is to integrate this opportunity into car manufacturing assembly lines. 

This product is a small and would be unnoticeable in automobiles.  The price would range from $20-$30 depending on various models of design.  Overall, I see an opportunity relating to people burning themselves on hot seatbelts in cars that stay in the sun.  This is a unique, efficient, and marketable solution to this problem and opportunity.

Adam Wolf 7A-Testing the Hypothesis Part 1

Residents in drought areas are unable to water their lawn effectively to prevent wildfires because there are water rations. 

The who?  People living in drought areas

The what?  Unable to water their lawn for wildfire prevention

The why?  Cities cannot route enough water to all areas due to water shortages

Interview 1

This individual lives in California and almost lost his property in last year’s wildfires.  His yard caught fire but firefighters were able to save his home from the flames.  Prior to the fire, he wanted to water the grass and house to prevent embers from catching but the city would not allow him due to water rations.  He believes all people living in the city should have equal, unrestricted access to water.  He says only areas with anticipated drought are affected by this need.  He blames the city for not pumping enough water from surrounding reservoirs. 

Interview 2

This person is a student who lives in an apartment in Florida.  Due to the many swamps, massive wildfires are rare in Florida.  She claims this need does not affect her because the apartment has insurance.  She has no knowledge on the apartment company’s utility use and therefore is not concerned with drought situations.

Interview 3

This individual is a battalion chief for fire rescue.  I explained the situation to him, and he realizes there is both a need and opportunity.  He proposed a new solution which is efficient and could be implemented.  He suggested against routing unlimited water to all drought areas.  Instead, construction water trucks should drive down roads watering dry lawns.  This will achieve the same goal of hydrating grass to prevent the spread of wildfires.  He believes this opportunity affects anyone who owns property in a drought area. 

Interview 4

This couple lives in rural Florida and lost their home to a wildfire a couple of years ago.  When asked about the need, they forcefully said that is a real problem.  This indicates there is still a strong opportunity.  They claim that before the fire, water supply was cut off because the water was being reserved for fire stations.  They had no other option but to watch the fire burn through dry grass.  The couple believes everyone who own property has this need.  One boundary of this need is their location, which is difficult to pump water. 

Interview 5

This individual is an engineer for the public works.  He is aware of the drought situation and the resulting water rations.  This person understands the mechanics of the water transport systems underneath cities.  He claims it is not possible to have enough water flow to supply all houses at one time with their demand for water to hydrate the grass.  The physics of pressure make it impossible to satisfy the high demand during a drought.  In addition, he realizes there is a problem, but the solution is not as simple as just routing more water to houses.   He agrees there is a major opportunity for this need.

Summary

After interviewing five people, I reinforced previous hypotheses about this opportunity but also learned new components of the need.  I know there is a need to have more water during times of drought to prevent the spread of wildfires.  However, this need only applies to household owners.  Apartment and condo residents don’t particularly care about this need because they don’t directly work with the problem.  Most interviewed people agreed there is an opportunity because no one has a definite solution. 

Adam Wolf 6A-Identifying Opportunities in Economic and Regulatory Trends

Opportunity 1 (economic)

I found an economic opportunity last year while talking to classmates at the University of Florida.  I believe there is an opportunity to help college students with finances and debt independent of the government.  Students explained to me how difficult it is to pay back student debt and the troubles they must go through with finances.  I could create some type of private investment program that raises money for college students and the student have an easier task of removing student debt.  The typical customer is a college student paying for their college education.  This opportunity would be difficult to create because investment firms are a risky business to start.  The permits and requirements would also be hard to obtain.  I think my attitudes helped me see this opportunity over others because I always look for solutions.  I only realized this opportunity after reflecting on the past school year to make those connections. 

Opportunity 2 (economic)

I discovered an economic opportunity last year while cleaning this summer.  There is a need to implement a used school supplies renting program.  After talking with middle, high school, and college students, most wish for a program where they can rent binders and calculators without having to purchase these materials.  This opportunity would be like a textbook rental program but would include all school supplies.  Students, teachers, and professors would be typical customers of this opportunity.  This opportunity would be easy to exploit because the costs would be minimal.  People can check out their supplies for a specified time at a low cost and return the items when done for another individual to rent.  I developed a belief for this opportunity when I was cleaning out old school supplies that I no longer needed but was still in great condition.  My interviews with students of all levels strengthened my belief that this need exists. 

Opportunity 3 (regulatory)

A regulatory opportunity exists in my county and the surrounding counties as a result of the current environmental conditions.  For the past month now, we have been in a severe drought.  Grass is brown and dead, and the forests are dry.  These conditions can lead to explosive fire growth; therefore, agencies have enforced burn ban restrictions.  I am seeing piles of yard debris because residents are not allowed to burn their trash.  There is a need for low cost additional trash collection during dry times to prevent fires and reduce the number of sitting yard trash piles.  The typical customers for this opportunity are people who doing their own yard work and have yard debris.  This opportunity would be easy to exploit because the logistics are not too complex.  I saw this opportunity because many people in my neighborhood are affected by this drought and I questioned why their branch piles were accumulating.  In other words, I was directly exposed the need, which help me realize the opportunity. 

Opportunity 4 (regulatory)

A regulatory opportunity exists on the coasts of Florida due to the red tide.   The red tide is a toxic algae bloom that deprives sea creatures of oxygen because the algae uses it up.  Red tides decrease fish populations, thus causing agencies to regulate fishing rules to preserve species.  For example, red drum on the west coast of Florida are currently catch and release only.  This problem affects the fishing industry because people choose not to spend money if it’s guarantee they can’t keep any fish.  There is a need to solve the red tide problem by target the sources of runoff pollution from land.  The likely customer of this opportunity is fishermen, county officials, and tourists.  This opportunity would be difficult to exploit because it would require passing new regulation laws, which is a long process.  I realized this need in the news by understand the extent of this opportunity because it affects my community directly.  I firsthand see the impacts and desires to solve this need.