Identifying Local Opportunities

Assignment 5a - Identifying Local Opportunities

1.     “Mortgage Rates Friday: Rising and There are Fewer Homes to Buy” by Hal M. Bundrick, CFP, Gainesville Sun.

-       http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/169921A115911E40?p=WORLDNEWS

-       Story: This story was about how mortgage rates have been trending up, and that there are predictions that short-term interest rates will rise. The story focused on how if people wanted to buy houses, they should do it as soon as possible. Comparisons between 2016 and this year showed that fewer houses are for sale, and trend is continuing. The high demand for homes, along with the more limited supply also means that home values rise too, according to Aaron Terrazas, a senior economist for Zillow. Construction is also behind the demand for houses.

-       Problem: The problem presented in this story is that mortgage rates are going up and that the available homes for sale are decreasing, meaning that if people want to buy houses, they might miss out if they do not buy now.

-       People: Home buyers and owners.

2.     “Bob Simons: Destruction of vines threatens forest ecology” by Bob Simons, Gainesville Sun.

-       http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/169921A17886E6C8?p=WORLDNEWS

-       Story: This article was about how two ecologists visited from Poland and searched for hardwood forests and found San Felasco Hammock. They noticed the diverse forest life here, especially the vines leading to food for mammals and birds, as well as habitat. However, in April, it was noticed that vines in this region were being cut down. This has been especially noticed in areas of high-quality hardwood forest. Other areas have also experienced vines being cut. In regions where vines had been extensively cut, hooded warbler birds were no longer found. Although park managers and the Florida Park Service have been looking to discover who cut the vines, they have had no luck.

-       Problem: Vines are being cut down but park managers have been unable to discover why or by who. This is effecting the wildlife and growth of the forest in this area.

-       People: Ecologists, park managers, people that visit the forest to enjoy the wildlife.

3.     “Strict regulations leave no space for adult stores in Gainesville” by Aaron Albright and Justin Ford, Independent Florida Alligator.

-       http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/163DC461ED5EE9F8?p=WORLDNEWS

-       Story: This story is about how there are strict zoning laws about adult entertainment businesses. This came about in 1994 and restricted these businesses from being within 1,000 feet from regions such as schools, parks, and residential areas. This results in the available sites for these stores going down due to the zoning restrictions by the ordinance. There are similar laws about adult businesses around the country. This ordinance was written in order to reduce the crime rates. However, Gary Edinger, an attorney representing adult establishments in Florida, stated that the crime rates around adult businesses were not any higher than any other facility. Although case studies have been brought forward in lawsuits in Florida, proving this, they have been lost. Some businesses are looking for ways around the ordinance, including how they are technically labelled and the floor space they occupy.

-       Problem: There are many restrictions on where adult entertainment business can be located, making it difficult for them to have store fronts.

-       People: Florida adult entertainment businesses, customers of these stores.

4.     “Macy’s at Oaks Mall is closing” by Daniel Smithson, Gainesville Sun.

-       http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/1696293B73579DA0?p=WORLDNEWS

-       Story: The Macy’s store in Oaks Mall in Gainesville is shutting down. There are also other Macy’s stores closing down. This is in correlation with belief that there will be more online sales. These have grown to 22% of entire sales and is continuing to increase. The company plans to decrease from 700 department stores to 550 stores, a number where the company will receive the most profit. Employees that cannot work or be placed at other locations, qualify for severance packages.

-       Problem: The Macy’s at Oaks Mall is shutting down, along with many other Macy’s stores, meaning that some customers must go online in order to purchase Macy’s products.

-       People: People that shop at Macy’s stores, particularly the one in Gainesville, and employees that either have to move to other locations or find another job.

5.     “Step up local enforcemet of traffic laws” by The Gainesville Sun editorial board.

-       http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/168CF3F505BF5810?p=WORLDNEWS

-       Story: New bills have been introduced to do with traffic laws but according to this article, more needs to be done to reduce fatal car incidents. State Sen. Keith Perry proposed bills to do with texting while driving, car seats for children until 6 years of age, and helmets being worn for scooter riders under 21. In the past four years, there has been a slight increase in the car crashes but the slight increases are a lot when comparing with the population growth rate. Car crash incidents have increased in Alachua, coinciding with traffic enforcement resources being reduced during the recent period. However, this could be due to increases in distracted driving, as well as the decrease in enforcement. Some of the enforcement has gone to schools due to the Sandy Hook Elementary School shootings. This article states that if crash fatalities want to be reduced, enforcement needs to be strict with violations correlating with crashes.

-       Problem: Incidents of car crashes and car crash fatalities have increased. This coincides with decreased law enforcement in traffic units, and increased distractions with phones.

-       People: The whole state due to the State Sen. introducing bills, people that drive cars, mopeds, or scooters, pedestrians, bikers, law enforcement officials.

Reflection: There is a lot more going on locally than I would have thought. Although some of these problems do not seem solvable at the moment, there are still many problems that exists and effect a wide variety of people. Some of the local problems seem to range in severity also, with some only affecting a small portion of people, compared with the article about fatal crashes, which affects a very large part of the population in Florida.

Forming an Opportunity Belief

Assignment 4a - Forming an Opportunity Belief: A Twist on Opportunity Identification

I believe that there is an opportunity with customers and servers at restaurants. I believe there is an unmet need with wait times in restaurants, there needs to be quicker wait times. I think that servers do not know how long each customer wants to order, or when they want their check, or if there are protocols at certain places about when to approach customers. I think this need is both for customers and servers. I think this need has always existed but feel like people these days are always rushing around, whether it is for work, or children, and so time has become more and more important. To meet this need now, I believe there may be protocols in place for servers, such as regularly coming around and checking on customers, and that some customers signal servers when they want something. However, the regular checking can irritate some customers. I am about 70% sure that this opportunity exists.

Prototypical Customer no. 1:

A 21 year old female student athlete, originally from England.

1)    How often do you eat out at restaurants?

“2-3 times per week.”

2)    Do you ever get annoyed by the wait time? Why?

“Yes, because sometimes they take too long. Sometimes I’m very hungry, the initial wait can be 30 minutes, which is sometimes quiet long. And yes, I get annoyed waiting for check at end. But it is better in America than in England.”

3)    When do you normally become aware of it? Why?

“When people I’m with become agitated, or if they comment on it. Or if its been over 20 minutes, then its been too long. Or if we know what we are ordering then have to wait like 10 minutes for them to come.”

4)    Does this bother you all the time?

“Most of the time, because I have a busy schedule, and usually I need to be somewhere.” Ever since I started eating at restaurants, when older, not with parents. When with parents don’t really care.”

5)    Has it changed over time?

“I think most places are aware of it, some restaurants are quite good at the wait time now days but there a still a few places that are quite slow. It is not as bad as it used to be. But, it affects me more now I am older and not with parents. When I’m with/ was with my parents I don’t/ didn’t really care.”

6)    How do you currently handle this problem?

“I just ask for the waiter or how long the food will be, or ask the server again for the check, get their attention. Or I got to restaurants where you can go up and order at the counter, so you do not have to wait for someone to take your order. Then when you are finished, you can just leave as you have already paid.”

7)    How satisfied are you with this?

“Fairly satisfied, 7/10. The only issue is that you can’t guarantee how long the food is going to be, but you have already guaranteed that you’ve paid food bill too. So it is a lot quicker.”

8)    Have you ever been to a restaurant with a solution?

“Yes, I have. Like I said before, restaurants where you go up to order at the counter so you do not have to wait for someone to take your order. I tend to go to restaurants where go up to counter to order and pay before you eat.”

9)    How would you feel about a more direct approach to tackle wait times, such as a button to call over the server when you need something?

“That would be nice. Save me time.”

Reflection: Students are already in a rush as they have many things on, and athletes in particular are concerned about fueling, which is why I chose to speak to a student athlete. I found it interesting that she purposely goes to food places where she can order and pay at the counter in order to reduce waiting time. She also made me think about wait time before you even sit down.

Prototypical customer no. 2:

Middle aged man.

1)    How often do you eat out at restaurants?

“2-3 times a week, mostly weekends.”

2)    Do you ever get annoyed by the wait time? Why?

“Yes. Usually the wait time to get the check takes longer than wait time to get food. When you are done eating, getting the check is the only thing keeping you there.”

3)    When do you normally become aware of it? Why?

“At 10 min mark, after I have finished eating, and when they haven’t come back to get check. Sometimes, they come and give you the check, then you’ll give them your card, then you’re left waiting a while for them to come back.”

4)    Does this bother you all the time?

“All the time, I’m very impatient.”

5)    Has it changed over time?

“I’ve gotten less patient as I’ve got older. Some restaurants are okay. Metro diner has an electronic check out. Restaurants are only bad because of their set up.”

6)    How do you currently handle this problem?

“Not well, I just sit there and get agitated, or I’ll flag down the server.”

7)    How satisfied are you with this?

“Not very.”

8)    Have you ever been to a restaurant with a solution?

“Metro diner does great job, they bring the check out whenever you want through the tablet and you can complete it on own time.”

9)    How would you feel about a more direct approach to tackle wait times, such as a button to call over the server when you need something?

“I think it would be great. In today’s society, especially in big cities like New York, time is valuable, people don’t want to waste time. I would be in favor of this and other people might too.”

Reflection: He was very agitated by waiting time. He mentioned before the interview that he was picking up food on the way home for his family and I wondered whether that had to do with the ease of eating at home or to do with how long it could take waiting at a restaurant. He really appreciated metro diner and how they have a tablet for paying, however, they do not address the wait at the start while waiting to order.

Prototypical customer no. 3:

Young adult female, has worked as a server.

1)    How often do you eat out at restaurants?

“I often eat restaurant food as I work at a restaurant, but I will only go and sit down at a restaurant once a week maybe.”

2)    Do you ever get annoyed by the wait time? Why?

“I never do, because been on other side. I only mad if they are clearly not trying, or if they have attitude, or if they are not working hard. Because I know got other stuff going on.”

3)    When do you normally become aware of it? Why?

“The only time I get annoyed is when I can tell they’re not super busy and still being slow. Or even if they are busy, they are not nice about it, as if they are putting off their bad mood on to you.”

4)    Does it bother you all the time?

“No, not really.”

5)    Has it changed over time?

“Yeah, I’ve always been super patient but now I’ve been a server, I will not get annoyed. When I was younger if they hadn’t refilled my drink, I would get a bit annoyed, but now not so bothered.”

6)    How do you currently handle this problem?

“I usually just wait, look at my phone, or chat with someone, which definitely helps. If the wait is too long to sit down at first though, I’ll go somewhere else if I’m starving.”

7)    How satisfied are you with this solution?

“Usually pretty satisfied. But if I go to another place and that’s a long wait too, then I get annoyed, but usually its fine.”

8)    Have you ever been to a restaurant with a solution?

“At Ballyhoo we use Ipads as the servers to put orders in more efficiently. Therefore, it doesn’t take 10 minutes to put in. I know some places have a tablet or machine at the table that you can order more drinks off that.”

9)    How would you feel about a more direct approach to tackle wait times, such as a button to call over the server when you need something?

“Maybe that would be helpful. Sometimes its hard to judge people but usually you can tell if they’re in a hurry. I know Chilli’s had a pay at the table when you’re ready. But that’s only if you’re paying with a card, and that does help, if you’re ready to go.”

Reflection: I wanted to interview someone who had been on the other side of serving people. I wanted to see her reaction and patience to wait time considering she had been the one serving customers. It was clear that she had more sympathy for the servers. She was more concerned about the servers’ attitude rather than the wait time.

Summary:

How much is your original opportunity still there?

After interviewing three prototypical customers, I believe the opportunity is still there as two of my prototypical customers said they get agitated or very much dislike wait times at restaurants. Prototypical customer 1 had to purposely change the places that she eats to satisfy this. Prototypical customer 2 was not satisfied at all with his method of tackling wait time. However, from interviewing prototypical customer 3, it is evident that there are some people that are not as bothered by wait time.

Do you believe that your new opportunity is more accurate than when you started?

I believe it is more accurate as I am more aware of when the time bothers people, mostly it is waiting for the check. However, talking to my prototypical customers introduced the idea that wait time before sitting down also bothers people. There are different methods that people have to cope with long wait times, some are more satisfied than others.

How much do you think entrepreneurs should ‘adapt’ their opportunities based on customer feedback?

I think that you should adapt a lot, because otherwise you are not satisfying your unmet customer need. However, I think that keeping your main idea in mind, also helps you to stay on track. I think maybe people should focus more on developing and adapting an idea rather than completely changing it.