Reading Reflection #1

1) You read about an entrepreneur: Shoe Dog by Phil Knight
What surprised you the most?
The thing that surprised the most was the fact that Nike started out of the trunk of Phil Knight's car. Although not farfetched, it is still incredible that an idea and a goal can transform into a net worth of $30 Billion.

What about the entrepreneur did you most admire?
I admire the fact that Phil Knight simply let employees find their path to success. Rather than telling his employees what to do, he would tell them what his goals were. This allowed for each individual to work towards the goal in their own efficient way. I also admire the fact that Mr. Knight didn't take credit for everything regarding the company. For example, a college student designed the swoosh and his first salesman proposed the name "Nike".

What about the entrepreneur did you least admire?
Shoe Dog portrays Mr. Knight as a humble, admirable person. However, the least admirable aspect of the memoir would be the fact that Mr. Knight stole files belonging to Mr. Kitami. Although it may have been the correct decision at the time, it si the least admirable factor pertaining to Mr. Knight.

Did the entrepreneur encounter adversity and failure? If so, what did they do about it?
One of the obstacles that the entrepreneur encountered before his business even began was the fact that he was forced to wait over a year for the first shipment of Mr. Onitsuka's shoes. Mr. Knight also dealt with financial issues over the first years of Blue Ribbon, which is why he worked as an accountant roughly six days per week.

2) What competencies did you notice that the entrepreneur exhibited?
Phil Knight is hardworking, persistent, and goal-oriented. He knew what his goals were and broke through obstacles to achieve them. Moreover, his persistence and dedication is revealed in the risks he took to keep Blue Ribbon/Nike afloat.

3) Identify at least one part of the reading that was confusing to you.
The most confusing thing regarding Shoe Dog is the fact that Phil Knight worked with a variety of companies, representatives, and employees. Due to the amount of contacts Mr. Knight had, it becomes difficult remembering what each corporation or person does.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?
If you knew Nike would become a leader in sneakers, what would you have done differently?
I would like to see what Mr. Knight would have done differently if he knew his business would be successful. Would he have changed anything?
What are Nike's plans (if any) for the future?
Nike is one of my favorite companies, it'd be interesting to be able to see what's in hold for the future of the organization in regards to clothing and sports.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?
I believe Phil Knight loves hard work. Given that he is a competitive individual, the feeling of success drives him to work hard. I'm also a competitive individual which is why I enjoy working hard as well. Personally, success without hard work doesn't feel like success.

Buyer Behavior #1

Segment

The segment I have selected consists of undergraduate University of Florida students that live off-campus. The average age of said students ranges form 18 to 22.

Interviewees

Male, 19, Transfer Student, Third Year Student
Male, 21, Transfer Student, Third Year Student
Female, 20, Second Year Student

Need Awareness
Those that I interviewed stated that they would use parking services on campus from around 8am to 12pm if parking were to be expanded or if decals were more affordable. These students would use the services provided to arrive to class on time and/or use other campus facilities without risking fines or violations.

Information Search
Once the prototypical consumer is aware of the need, they tend to search for alternatives. In this case, given there is limited parking away from the center of campus, consumers may seek public transportation to get to their destination. In terms of researching online, two of those interviewed stated they searched for public parking garages near campus, such as those in Downtown.

Findings
From the interviews, I learned when and why consumers may use the services. Moreover I learned what consumers may do in order to compensate for the need. In regards to when undergraduate students that live on campus would use the services, the interviewees stated between 8am and 12pm. In terms of what consumers do when the need is unmet, they look towards other modes of transportation, such as public transportation or bike.

Conclusion
The segment I identified faces this need on a daily basis. They understand the need for parking and they know they would use expanded parking garages and/or more affordable decals to their advantage. From these interviews, and those from previous assignments, it is apparent this need exists.

Idea Napkin #1

You.
I am a third year Business Administration student specializing in Sport Management at the University of Florida. With the degree I am seeking, and the education I am gaining, I will pursue a career in Sport Marketing. My skills include communication, leadership, and determination. In regards to my business concept involving parking at the University of Florida, I do not believe it will play a large role in my life. However, this opportunity may be a critical step in strengthening the entrepreneurial mindset.

What are you offering to customers?
I am offering a location for undergraduate students living off-campus to park on campus and/or a price reduction regarding the "Park and Ride" decal. In regards to location, parking zones can be expanded vertically in terms of parking garages. 

Who are you offering it to?
I am offering this service to undergraduate students who live off-campus due to the fact that the current parking situation for them is inefficient. There are also complaints about parking on campus as a whole, meaning this service can be marketed to other consumers in the future.

Why do they care?
Consumers care about parking at the University of Florida because parking is disastrous on campus. Decals for undergraduate students living off-campus are relatively useless due to the location of said parking and the fact that after parking, students must find other means of transportation to get to the primary locations on campus.

What are your core competencies?
I have the dedication and willingness required to pursue a change in this opportunity.

Reflection
For the most part, I believe the elements listed complement each other. Due to the need for efficient parking services at the University of Florida, there is potential for expansion. The weakest link within my idea napkin is the offer regarding lower-priced decals. This concept may be weak due to the fact that profits may differentiate due to price change.

Elevator Pitch #1

YouTube Link: https://www.youtube.com/watch?v=X2O7aoubgU8

Testing the Hypothesis, Part 2

Who?
Although I expected most consumers I targeted to lie within the boundary of the opportunity, many landed outside of the boundary. I anticipated most undergraduate students living off-campus to want either an expansion of parking or reduced decal fees. Based on my interviews, however, some would rather not park on campus entirely. 
When questioning a prototypical consumer about the parking situation at UF, they stated they understood the problem. However, when asked about whether or not an expansion of parking or a decal fee reduction would influence their parking decision, they said no. The reason being is that they live directly on a bus route, meaning a parking decal would be a poor financial decision. 
Likewise, when interviewing another prototypical consumer, the interviewee stated any changes in the parking structure would not convince them enough to invest in a parking decal. Their reason was the fact that they believe there would still be an issue of limited space, as too many people would attempt to park at the same time each day. 
Two other interviews were conducted and both interviewees revealed that most of their classes were online, meaning they didn't need to be on campus most of the time. One of the interviewees stated that if they ever needed to be on campus, they would either take the bus or park after 4:30pm, which is when parking regulations are lifted.
The final interview regarded an undergraduate student that lives off-campus but lives close enough to campus where they simply walk. They stated they wouldn't purchase a decal if the ideas proposed were to be implemented. They stated they would only purchase a parking decal if parking for undergraduate students living off-campus were to be built near the east side of campus.
Although the purpose of these interviews was to find customers that appeared to be prototypical, but aren't, I was still shocked at the shear volume of people that are completely opposed to parking on campus.

What?
Although the issue I am targeting revolves around undergraduate students that live off-campus, many other students, such as those living on campus, have problems with parking on campus.

Why?
The underlying cause is the same in regards to parking on campus; parking for students is located inefficiently, decals are too expensive, or parking lots are at at capacity.

	Inside the Boundary	Outside the Boundary
Who?	·       Undergraduate students living off-campus that need to drive to class.	·       Faculty, staff, etc. ·       Undergraduate students living off-campus without personal transportation. ·       Students that rather use public transportation.
What?	·       Larger parking zones. ·       More parking lots. ·       Lower decal prices.	·       Eliminating other parking zones (such as “Orange” decal lots). ·       Providing parking to ALL undergraduate students living off-campus.
Why?	·       There is little parking for the aforementioned students. ·       The parking zones for said students are located far from primary points on campus.	·       The competition for limited parking may result in more revenue for UF

Solving the Problem

The opportunity I have selected regards parking at the University of Florida for undergraduate students living off-campus. The issue lies in the fact that parking for said students is limited to two parking zones located roughly two miles from most educational buildings on campus.

In order to satisfy this need, parking garages can be built and/or current parking lots can be expanded. Moreover, "Park and Ride" decals can be offered for a lower amount, rather than the standard $80 fee of parking decals. In terms of expanding parking areas for undergraduate students living off-campus, an example would be elevating and transforming the Commuter Lot a multi-level parking garage. In terms of parking decal fees, the "Park and Ride" decal can be lowered to roughly $50, thus making it more likely said students invest in parking.

Testing the Hypothesis, Part 1

Parking for Undergraduate Students Living Off-Campus

Opportunity
Undergraduate, off-campus UF students are unable to park on campus due to the inefficiency of the "Park and Ride" lot and the lack of parking in said areas

• Who: Undergraduate UF students living off-campus.
• What: They are unable to park efficiently on campus.
• Why: The "Park and Ride" decal is overpriced and the parking lots available to these types of decals are poorly located on campus.

Testing the Who: In regards to issues with "Park and Ride"decals, undergraduate students who live off-campus are the only ones facing this need. However, after speaking to multiple UF students, parking in general is an issue on campus.
Testing the What: I believe boundaries exist within this opportunity, as with most. One example may be the fact that the cost of creating and/or renovating parking lots may exceed the profit of decals sold.
Testing the Why: Although many reasons exist as to why "Park and Ride" parking is inefficient, the most prominent is the fact that many students living off-campus are located near bus routes. Because of this, the "Park and Ride" decal is unnecessary. However, if the decal were to drop in price or if new parking lots were to be built, then this need may disappear altogether.

Interview #1
Male, 21, Undergraduate Student
From this interview, it is apparent parking is an issue for undergraduate students living off-campus. The interviewee believes parking decals do not meet the needs of transfer students and that the only way to accommodate for said need is to expand the parking offered to undergraduate students living off-campus.

Interview #2
Male, 19, Undergraduate Student
The interviewee previously purchased a parking decal, however, returned once understanding the parking format at the University of Florida. This interview reveals that although many students would enjoy parking on campus, their needs are not met.

Interview #3
Female, 20, Undergraduate Student
This interviewee has never parked on campus since they do not drive. However, they explained that their close friends do not enjoy parking on campus. Even those that do not park on campus understand the issue regarding parking on campus. In order to satisfy this need, the interviewee recommended expanding the parking sections designated for undergraduate students living off-campus.

Interview #4
Female, Mid-40s, Parent of Undergraduate Student
This interview is from a parent of an undergraduate student with a car, but does not park on campus. The interview revealed the fact that parents would not allow their child to pay an absurd amount to park across campus. Moreover, the interviewee stated they were concerned in regards to their child needing to be on campus at night.

Interview #5
Male, 21, Graduate Student
When asked about their experience with parking on campus, the interviewee stated it was bad and there was not enough parking or it was hard to park without a decal. From this interview, in order to create a better parking experience for undergraduate students living off-campus, UF should lower the price of decals and/or rethink times for parking restrictions.

Summary
In regards to these interviews, all interviewees have similar views in terms of parking at UF. These individuals believe that the current parking situation does not accommodate undergraduate students living off-campus. If the university were to expand parking or lower the cost of the "Park and Ride" decal, then more students would be willing to invest in a parking decal.

Opportunities in Economic and Regulatory Trends

Economic Trends
Economic Trend #1: "Bitcoin value drops below $8,500"
This information is located on The Verge. Due to the fact that the cryptocurrency market continues to dive down, investors have the opportunity to predict future fluctuations and invest accordingly. The prototypical customer in regards to cryptocurrency investments would be college-aged individuals with disposable income. Because changes in the market are necessarily unpredictable, it is difficult to exploit this opportunity.
I formed the belief that an opportunity exists due to the hype that surrounded cryptocurrencies in late 2017. Unfortunately, due to international regulations, the price of Bitcoin has decreased. However, this opportunity does exist for those that are able to understand that market and data mine.

Economic Trend #2: "The economy added 200000 jobs in January"
This information is located on The Washington Post. An opportunity exists due to the increase in jobs and an increase in the average hourly wage. The prototypical consumer in this situation would have been individuals seeking jobs earlier in the year. I believe the job market is difficult to exploit due to the fact that individuals must seek requirements in order to obtain a job initially.
I formed the belief that an opportunity exists because of the added interest an increased wage creates for an individual. Likewise, an increase of 200000 jobs adds appeal to those seeking employment in the near future.

Regulatory Trends
Regulatory Trend #1: "Tallahassee Mayor Gillum supports legalizing recreational marijuana; other gubernatorial candidates weigh in"
This information is located on The Tallahassee Democrat. According to Gillum, an opportunity exists in the taxation of recreational marijuana. Gillum states, "Legalize it. Tax it. Use the revenue to fix Florida's public schools and move us up from 29th in the nation to #1." The prototypical marijuana consumer would be college-aged. Currently, marijuana is being exploited. Therefore, with the legalization of recreational marijuana, there may still be exploitation, but not as much.
I formed the belief that an opportunity exists because many of my close friends smoke. Due to current regulation, however, they are risking being charged criminally.

Regulatory Trend #2: "Uber, Lyft take pledge to help make cities 'livable'"

This information is located on Crain's New York. An opportunity exists for those associated with driving/riding apps such as Uber and Lyft. Moreover, the opportunity exists for commuters and other drivers. The reason being is that the regulation being imposed attempts will attempt to promote pooled-services over standard services. In turn, this will decrease city congestion leading to more efficient cities. The prototypical consumer will be individuals needing to get from point A to point B in the most efficient way. This opportunity cannot be exploited.

I formed the belief that an opportunity exists because of the number of people that can benefit from this regulation. Most of the congestion comes from individuals driving personal cars. However, if these companies manage to fulfill the regulation, congestion will drop and cities nationwide will become more "livable".