The most formative experience in this class this semester was identifying local opportunities. this helped me see that there are so many opportunities for change around me every day. The experience that I will remember years later is how much my venture has taken form throughout this semester. It went from an idea with no background to everything from finding a target market and looking forward into the future. I am most proud of writing down my failures from this semester and what I have learned from them.
I do think that I have more of an entrepreneurial mindset. Although I never acted upon it, I basically created a whole business model from scratch. I have also started to take a more entrepreneurial mindset in everything I do. I try to take ownership on the projects that I am assigned for work and make them my own by going above and beyond what is asked of me.
I would recommend staying on top of the work in this class early. All the assignments are very constructive and do not take that much time to do. If you start to let a few slip, like I did, it will be hard to keep your grade at the score that you want because there isn't much room for error.
Friday, April 24, 2020
Venture Concept 2
Introduction
- My idea for a venture is to create an app that allows customers to track the wait times at their favorite restaurants, from the average fast food joint, to the most extravagant luxury restaurants. This will allow customers to find the restaurant with the right wait time to satisfy their needs.
Opportunity
1. The ideal customer
a. The ideal customer can ideally be anyone. Everyday people eat out and wait in lines at restaurants to get their food. The main people with this need is those who work and only have a limited amount of time for a lunch break, as well as students in college who may only have a limited time in between classes to go grab a bite to eat.
b. The initial focus of my business will be to target university students as I have a large network of friends in college at the University of Florida and have access to so many more.
2. The need
a. The two main aspects of this need are convenience and efficiency. With anything, most people get irritated when something isn’t running efficiently or does not meet their expectations of efficiency. I personally have experienced this when waiting at Chipotle. After waiting for twenty minutes, I finally got to the front of the line to order my food only to find out that the restaurant had run out of chicken and it would be another five minutes before they had a new batch out. Already irritated, I settled with steak in order to maximize efficiency and get out of the restaurant faster. When walking past Tijuana Flats, I noticed that they had no line and realized that I could have gotten Mexican food from there instead and not have had to wait for 25 minutes just to get something that I really didn’t want.
b. Customers are currently satisfying this need by placing online orders and calling restaurants ahead of time to see how long the wait in the restaurant is. Unsurprisingly, people are very loyal to online ordering because of its efficiency.
c. I personally think that this is a big opportunity that can span to many different cities around the country. This need is present from big cities to small college town around the nation.
Innovation
1. My innovation
a. My innovation involves developing an app that tracks the number of people in a restaurant at a time and the customer turnover rate that restaurant has. The customer turnover rate is the amount of time it takes from the customer entering the restaurant to the customer finally receiving their food. The average wait time at the restaurants could then be looked up on the app of the customer so that they can compare wait times and factor the time it will take them to wait for their food into their day.
2. Incrementally Innovative
a. This innovation is incrementally innovative. This is because the customers will not have to learn any new skills in order to use this product. It will be exactly like any other smartphone app and no new technology would need to be developed in order to make the business idea work.
b. The way this innovation will make money is through the use of advertising throughout the app. There will be banner ads that will be paid for by businesses to promote themselves. The app will be free to both restaurants and customers. There may also be a later version that charges a monthly fee for extra features once customer loyalty has been built.
Venture Concept
1. The innovation of the app meets the opportunity of people’s need for efficiency and their lack of time throughout the day. The customer that I am targeting is not directly generating revenue for this business. However, it’s their use of the app and the traffic that they generate that will be the selling point to companies to advertise on my app.
2. Customers would switch to this product because it is easier to use and gives you real time updates to how long wait times are at restaurants. It is very convenient and will give customers an opportunity to choose where to eat based on how long they have to wait.
3. I think the current competitors are online pickup ordering as it is a way to completely avoid a line at all and gives you the ability to set a pickup time. Another competitor are the food delivery services because people can use them so they don’t even have to leave their house to get food.
Other Elements
1. The secret sauce of this business is the relationship with restaurants and response to customers needs. Businesses that usually have short lines because less people eat there will start to get more attention due to the fact that they may be the fastest option when going to get food. Building this trust with restaurants will continue to their want to be represented on our app and will increase the number of users that we have. The higher the traffic the more attractive it is to advertisers.
2. I think the next opportunity for this venture is to expand to other places such as grocery stores. I think that the app could also be further developed to have a review page for customers to review restaurants and rate the accuracy of the wait times. It could also later be transformed to allow customers to make reservations similar to Open Table. Expanding my business to allow dinner reservations as well will help appeal to an older crowd who rather nice dinners than fast food lines.
3. In five years, I want this venture to have expanded to every major college town in Florida, Georgia, and Alabama. Depending on the success, I would also want it to be in all the major cities in these states as well.
The thing that I changed in my venture concept was specifically stating that I plan on expanding to an adult target market in the future, and what things I would add to my business in order to go after this new target audience.
Friday, April 17, 2020
Reading Reflection No. 3
- The general theme of the book was, in order to gain a large social media following, start treating your social media account like a business rather than a hobby that you do to just pass time. It also touched on how it is important to create content that other people want to see, and that it isn't all about what you want to share. Obviously you are supposed to create content that you enjoy and that you want to share, but it isn't about writing rants on different topics that no one cares about.
- One big thing that this book connected with this class on is the idea of getting more people knowledgable about your product or your brand. In this class we create a venture based on an opportunity that we see in the market. Since social media is such a large part of our everyday life, knowing how to effectively promote your brand through social media is important if you want your business to grow.
- An exercise that I would design for this class based on this book would be a mock social media post. In this assignment, the student would create an account, and write all the details about their account such as a username, profile pic, and bio. They would then create a mock up of a post that they would make on social media.
- The biggest surprise to me was that you shouldn't try to create too many social media accounts because you will get quickly overwhelmed and won't put enough time into each of them. This surprised me because I assumed the more accounts that you have, the larger the audience that you could attract.
Your Exit Strategy
- My exit strategy is to sell my company in five years.
- I selected this strategy because I think after five years, my business will have grown enough for me to receive a nice return from it. Although I do think running this venture will be enjoyable, I don't see myself running it long term and I'd rather work in the finance industry. I think that running this venture will give me a perspective on the business world that a lot of people won't have an opportunity to get at such a young age. Although it would be great to make money off of this venture through the years that I am running it, and when I sell it, I think that the learning experience in of itself will be more valuable to me.
- My exit strategy definitely influenced how I saw my opportunity. Since I knew that I wanted to be pursuing this venture for the short term, I knew that I was only going to pursue the most readily available customer base, which is college students. This will insure quick growth for my company and then maybe a few years down the road, in year 3 or 4, I would expand to working adults as well. Most of the ideas for my company were formed on a short-term, quick growth basis.
Celebrating Failure
- This semester, I have had multiple interviews for summer internships for this upcoming summer. Through the interviews, I would always make it to the second round or further, but I was never able to actually secure the big internships that I wanted. Although I do have an internship for this summer, it is not the one that I was hoping to get or the one that I believed I would learn the most from.
- There are a lot of things that I learned from this experience. One of the main things that I learned through trial and error and research was the type of questions that are most commonly asked in interviews and what they interviewer is usually looking for in an answer and how to tie the answer back to the position that I am applying to.
- Failure is very tough, especially when you fail at something that you want to be good at or you fail to get something that you really wanted. However, it teaches you what you did wrong and you quickly learn how to adjust yourself to better obtain your goal the next time. The biggest thing that failure has taught me, at least in this sense, is that preparation is key. Before, I would go into an interview blind and wing all my answers. I know have 5-7 skeleton stories that I can change around for specific questions that are asked, and it has made me a much stronger interviewee.
Friday, April 10, 2020
What's Next
Existing Market
- The main venture for my product is to develop an app that shows the wait times at restaurants. On this app I want to give users the ability to rate accuracy of wait times and give feedback of what in the app can be improved upon.
- What makes the most sense to grow in my current market is to first secure a couple of popular restaurants that will want to be included in the app if a certain number of people download the app. Once I secure this, I will start advertising to students at my school of this new app that shows wait times at restaurants. I would continue to advertise to new freshman classes to get more students interested in the app as there will be a quick four year turnover of people who use this app. It makes the most sense to target college students first because of the ease of access and the very smartphone app centered society that is college students.
- To continue to grow, I should start providing ways to review restaurants that people ate at in order to increase the use of the app and the types of customers that it would reach. Also, once a loyal customer base has been achieved, I may roll out a subscription based upgrade to the app for people to access more features and for the app to be ad free.
New Market
- My main target in the existing market is college kids who usually eat at fast food restaurants. I think I will expand to cater to people who are more affluent or may want to eat at nicer restaurants. I would add in the wait time to be seated at these restaurants and give the ability to users to place reservations straight from the app.
- This will create value to these people because (1) they will have an easy and convenient way to make reservations to some of their favorite restaurants, and (2) they will have the ability to find restaurants with the shortest wait time if they did not make reservations at a restaurant.
- I think that people in this market would be happy to hear about the ability to know the wait times at nice restaurants. Many people either decide that they want to go to a nice sit-down restaurant at the spur of a moment, or just never think of making reservations. This app could help them find restaurants with short wait times as well as help them make reservations.
- This venture could also be expanded to super markets and grocery stores such as Walmart, Target and Publix. This app could be the one-stop shop for anyone's wait time needs.
Venture Concept No. 1
Introduction
- My idea for a venture is to create an app that allows customers to track the wait times at their favorite restaurants, from the average fast food joint, to the most extravagant luxury restaurants. This will allow customers to find the restaurant with the right wait time to satisfy their needs.
Opportunity
1. The ideal customer
a. The ideal customer can ideally be anyone. Everyday people eat out and wait in lines at restaurants to get their food. The main people with this need is those who work and only have a limited amount of time for a lunch break, as well as students in college who may only have a limited time in between classes to go grab a bite to eat.
b. The initial focus of my business will be to target university students as I have a large network of friends in college at the University of Florida and have access to so many more.
2. The need
a. The two main aspects of this need are convenience and efficiency. With anything, most people get irritated when something isn’t running efficiently or does not meet their expectations of efficiency. I personally have experienced this when waiting at Chipotle. After waiting for twenty minutes, I finally got to the front of the line to order my food only to find out that the restaurant had run out of chicken and it would be another five minutes before they had a new batch out. Already irritated, I settled with steak in order to maximize efficiency and get out of the restaurant faster. When walking past Tijuana Flats, I noticed that they had no line and realized that I could have gotten Mexican food from there instead and not have had to wait for 25 minutes just to get something that I really didn’t want.
b. Customers are currently satisfying this need by placing online orders and calling restaurants ahead of time to see how long the wait in the restaurant is. Unsurprisingly, people are very loyal to online ordering because of its efficiency.
c. I personally think that this is a big opportunity that can span to many different cities around the country. This need is present from big cities to small college town around the nation.
Innovation
1. My innovation
a. My innovation involves developing an app that tracks the number of people in a restaurant at a time and the customer turnover rate that restaurant has. The customer turnover rate is the amount of time it takes from the customer entering the restaurant to the customer finally receiving their food. The average wait time at the restaurants could then be looked up on the app of the customer so that they can compare wait times and factor the time it will take them to wait for their food into their day.
2. Incrementally Innovative
a. This innovation is incrementally innovative. This is because the customers will not have to learn any new skills in order to use this product. It will be exactly like any other smartphone app and no new technology would need to be developed in order to make the business idea work.
b. The way this innovation will make money is through the use of advertising throughout the app. There will be banner ads that will be paid for by businesses to promote themselves. The app will be free to both restaurants and customers. There may also be a later version that charges a monthly fee for extra features once customer loyalty has been built.
Venture Concept
1. The innovation of the app meets the opportunity of people’s need for efficiency and their lack of time throughout the day. The customer that I am targeting is not directly generating revenue for this business. However, it’s their use of the app and the traffic that they generate that will be the selling point to companies to advertise on my app.
2. Customers would switch to this product because it is easier to use and gives you real time updates to how long wait times are at restaurants. It is very convenient and will give customers an opportunity to choose where to eat based on how long they have to wait.
3. I think the current competitors are online pickup ordering as it is a way to completely avoid a line at all and gives you the ability to set a pickup time. Another competitor are the food delivery services because people can use them so they don’t even have to leave their house to get food.
Other Elements
1. The secret sauce of this business is the relationship with restaurants and response to customers needs. Businesses that usually have short lines because less people eat there will start to get more attention due to the fact that they may be the fastest option when going to get food. Building this trust with restaurants will continue to their want to be represented on our app and will increase the number of users that we have. The higher the traffic the more attractive it is to advertisers.
2. I think the next opportunity for this venture is to expand to other places such as grocery stores. I think that the app could also be further developed to have a review page for customers to review restaurants and rate the accuracy of the wait times. It could also later be transformed to allow customers to make reservations similar to Open Table.
3. In five years, I want this venture to have expanded to every major college town in Florida, Georgia, and Alabama. Depending on the success, I would also want it to be in all the major cities in these states as well.
Your Venture's Unfair Advantage
- Relationship with Restaurants
- This resource is very valuable when developed. It ensures that competition will not undercut you to take some of your marketshare. It is also rare, and once the relationship has been implemented and is strong, it is hard to imitate. It is also non-substitutable
- Network- UF Students
- This is a very valuable network because it will provide customers to get my business up and running. I think it is rare as well because not many people have access to a large college network of over 50,000 students. At this scale, I don't think it will easily be imitated or substituted.
- App Development
- This is a resource, but it seems to be one of the weaker ones. Although it is valuable for its ease of access, it is not rare as there are already so many apps out there. It is also easily imitated by other app developers and easily substituted by other forms of media like websites.
- Problem Solving
- This is a very valuable trait and is rare in some senses. It also can't be substituted easily. However, it can be imitated.
- Location
- The location of my business is strong because there is a high density of people living in a small area. This is valuable and rare, but not non substitutional or inimitable.
- Marketing
- My particular business will have an easy marketing effort because of the demographics surrounding where my business is located. This is rare, valuable, and non substitutional. However it is imitable.
- Demographics
- The demographics of my customers is strong. They all use their smartphones a lot and have a lot of use for phone apps as well as them eating out a lot. This is valuable and rare, but also substitutional and imitable.
- Financing
- The financing for my company will mostly come from banner ads and promotions running through my app. This is valuable because it makes sure that the company actually makes money and allows the app to be free to customers. However, this practice is not rare and it can be imitated and substituted.
- Convenience
- Not only will this be a convenient service as it will tell you wait times at different website, it will also be convenient for its ease of access. This is valuable, rare, and non substitutional as convenience is very important. But of course, it can be easily imitated
- Customer Service
- Another strength of my business is the ability to communicate with customers and address their problems directly through the app. This is valuable, however not rare, non substitutional, or inimitable.
Overall, I think the relationship with restaurants factor is the most important part. A strong relationship ensures lower costs, and more efficiency in the service. It is also a way to make the barrier to entry higher for competitors.
Friday, April 3, 2020
Elevator Pitch 3
- https://youtu.be/0311Yh6rkAk
- The thing that stood out to me as most important was to try and make my pitch seem less scripted.
- I attempted to memorize the pitch better so that it didn't seem as scripted and made sure to use pauses to emphasize certain points.
Reading Reflection No. 2
Thinking Fast and Slow
- The general theme of the book was that people make decisions in an irrational way, even when attempting to be rational, and that their is two decision making systems in your brain, an automatic one and a conscious one.
- The book enhanced what I am learning in ENT3003 because this class deals with solving a lot of problems. Now I will start to think twice before I make decisions knowing that my brain is naturally lazy and attempts to take short-cuts when solving problems.
- An exercise would involve people answering a couple of questions that seem easy but require more conscious decision making. This way people will see the action of their brain taking short-cuts to solve problems and how it can hurt them in the long run.
- The biggest 'aha' moment for me was learning how all human brains like to cut corners and look for the easiest way to solve a problem even if it inhibits the solution that is uncovered. Because of this, people aren't able to use all of their intelligence.
Thursday, March 19, 2020
Create a Customer Avatar
My Prototypical customer is a college student. They spend more time in the library cramming for their exams than they do talking to people during exam week. Their preferred method of transportation is a bike, scooter, or bus. Some of them may even live close enough to campus to walk everywhere. They love eating out, especially at Chipotle because it is so close to one of the main libraries at the University of Florida, however they hate how long the line gets around exam season. They range in age from 18-24 and can be anywhere from a brand new undergrad who thinks they took hard classes in high school, to a seasoned masters student who learned very quickly that UF exams are nothing like those in high school. They've probably watched The Office more than once and have no regrets about it. They drink Starbucks late into the night and have a messed up sleep schedule.
I relate heavily to my customer avatar because my business idea stemmed off of problems that I have personally experienced as a UF student and throughout life. Therefore there is absolutely no coincidence that we have things in common.
I relate heavily to my customer avatar because my business idea stemmed off of problems that I have personally experienced as a UF student and throughout life. Therefore there is absolutely no coincidence that we have things in common.
Elevator Pitch No. 2
- https://youtu.be/a1xtrOfoDJo
- My responses to my video were generally positive. The main thing that stood out to me was that I should create more detail about what my idea was with my business proposition.
- I decided to add more detail about the user interface of the app for my business and state the different things that you can achieve on the app.
Friday, March 13, 2020
Figuring out Buying Behavior 2
The segment that I interviewed last time and will interview again is college students at the University of Florida.
Two out of three of my interviewees stated that when choosing alternatives, price is the first thing that they look at. Usually if they are going to choose between two products that are very comparable to another and when brand loyalty isn't a factor, they almost always choose the cheaper product over the more expensive one. My other interviewee has a strong sense of brand loyalty when buying products. So for this customer, he values quality higher than price and has had success with a specific brand of products so he is willing to pay a premium for the brand name product.
All of my interviewees state that it depends on the product for whether or not they buy it online. Products that they have to consistently buy, such as household products like toiletries, kitchen products, and groceries, they will buy in person. However clothes and technology they prefer to buy online. They all state that they rarely use cash to make a purchase. One of my interviewees, who is a graduate student that lives in a house off campus, said that they use cash when making large purchases such as furniture because when they walk into a furniture with a wad of cash, the company is more inclined to give them a better deal because the money is much more tangible and the company doesn't have to pay credit card charges.
My interviewees state that they always have expectations of the products that they purchase before they actually make the purchase. The way that they evaluate whether or not the purchase was worth it is if those expectations are met or not. They all state that when the expectation is matched with reality, they are neutral on the purchase and may or may not make the purchase again in the future. When their expectations are exceeded, they are satisfied and very likely to make the purchase again in the future. When their expectations are not met, they will never make the purchase again in the future unless there are no alternatives. They also claim that they make sure to tell their friends how bad the product was. This is why it is so important to exceed expectations to bring back repeat customers. Meeting expectations won't get it done and not meeting expectations can be detrimental to your customer base.
I would evaluate my segment as having high product diversity in that they are not loyal to a specific product and care most about price. Their choice of whether or not they should buy online depends on the product they purchase and their post purchase behavior depends on if their expectations are met.
Two out of three of my interviewees stated that when choosing alternatives, price is the first thing that they look at. Usually if they are going to choose between two products that are very comparable to another and when brand loyalty isn't a factor, they almost always choose the cheaper product over the more expensive one. My other interviewee has a strong sense of brand loyalty when buying products. So for this customer, he values quality higher than price and has had success with a specific brand of products so he is willing to pay a premium for the brand name product.
All of my interviewees state that it depends on the product for whether or not they buy it online. Products that they have to consistently buy, such as household products like toiletries, kitchen products, and groceries, they will buy in person. However clothes and technology they prefer to buy online. They all state that they rarely use cash to make a purchase. One of my interviewees, who is a graduate student that lives in a house off campus, said that they use cash when making large purchases such as furniture because when they walk into a furniture with a wad of cash, the company is more inclined to give them a better deal because the money is much more tangible and the company doesn't have to pay credit card charges.
My interviewees state that they always have expectations of the products that they purchase before they actually make the purchase. The way that they evaluate whether or not the purchase was worth it is if those expectations are met or not. They all state that when the expectation is matched with reality, they are neutral on the purchase and may or may not make the purchase again in the future. When their expectations are exceeded, they are satisfied and very likely to make the purchase again in the future. When their expectations are not met, they will never make the purchase again in the future unless there are no alternatives. They also claim that they make sure to tell their friends how bad the product was. This is why it is so important to exceed expectations to bring back repeat customers. Meeting expectations won't get it done and not meeting expectations can be detrimental to your customer base.
I would evaluate my segment as having high product diversity in that they are not loyal to a specific product and care most about price. Their choice of whether or not they should buy online depends on the product they purchase and their post purchase behavior depends on if their expectations are met.
Friday, February 28, 2020
Reading Reflection No. 1
- The thing that surprised me the most about Andrew Carnegie came from a very poor immigrant family and literally had to work his way up from poverty to become one of the most successful businessmen of all time. The thing that I admired the most is that Carnegie was very frugal with his money early on. He realized the key to getting rich was to live below your means early on in order to have money to save and invest to make more money. The thing I least admired about Carnegie was that a lot of the ways that he made money later on were shady and unethical. Carnegie encountered failure when he bought two English Patents to make strong railroads. After costly implementation, it turned out that these patents were actually useless and didn't help him.
- Carnegie was very successful at making money no matter what it took. He was also very good at structuring deals to his favor so that he would profit the most from his endeavors. A lot of the things that he did would be illegal today, such as insider trading, but Carnegie was able to find inefficiencies in the market and loopholes in laws and exploit them for profit.
- There was no part of this reading that was confusing to me. Based on the character of Carnegie, many of the things he did to exploit people and the businesses aligned with his values and were not confusing at all.
- What do you think the main thing that sets you apart from other entrepreneurs?
- If you could go back in time, would you do everything you did exactly the same?
- I think that Carnegie's vision of hard work was that of natural selection. Those who worked the hardest and tried to learn as much as they could about a certain industry would be the most successful people. And those that weren't able to put their head down and do anything they possibly could to be successful would quickly fail and be weeded out. I share his view in that hard work is very important.
Tenacity and Paying It Forward
- This course has a lot of work so you have to stay on top of it. I use time-management and organizational skills to make sure that I meet the deadlines.
- I have developed a tenacious attitude in the past two months. I have felt like giving up multiple times because I had other obligations and other things that I wanted to do other than write blog posts. However, it is nice to take a break from the complexities of life to self-reflect and look at the world in different ways and to look for problems in everyday life that no one has thought to find solutions for. This semester, I have had a heavy course load so I had to buckle down to get all my work done. Thus, tenacity was born.
- The three tips I would suggest is to
- Stay organized and keep a planner
- Keep a positive mindset
- Never give up no matter how much you want it
Friday, February 21, 2020
Figuring Out Buyer Behavior No. 1
- Interview 1: The first person that I interviewed was a freshman student at UF. This student notices their need to know wait times at restaurants when they are on their way to class and need to grab a bite to eat beforehand. Usually they are in a hurry and don't have time to wait in line for their food because they might be late to class. This person usually tries to call the restaurants ahead of time to find the restaurant with the shortest wait time, but this is usually a time-consuming process.
- Interview 2: The second person I interviewed was a second year student at UF. This student says that they can't stand waiting in lines at restaurants. Their need stems from the social anxiety aspect of waiting in line. They get anxious when they have to wait in line especially at places like Chipotle where the line is bordered on both sides keeping you restricted to the line. This person also calls restaurants ahead of time to figure out if there is a significant line. They also have taken notice when the busiest times are for their favorite restaurants.
- Interview 3: The third person that I interviewed was a graduate student at UF. This person's need arrises after studying at the library for a while. After studying late in the night, they get hungry and there is only a few restaurants open. They need somewhere where they can get in and get out and go back to studying or go home and get some sleep before waking up early the next day to study again. They usually combat this need by checking Google to see how busy specific restaurants are during different times of the day. They have also called these restaurants in advance to see how long the wait is.
Conclusion: It seems like the need for this segment usually stems around needing to know the wait times to save time so that they can study or so that that can make it to class in time. The most common way for these people to meet this need is by calling the restaurant ahead of time and judging the wait time by how long the restaurant employee thinks it will take. This seems to be an inefficient task that can be exploited.
Idea Napkin No. 1
- My name is Patrick Schreiber and I am a second-year finance student at the University of Florida. One of my main talents or skills is that i am very analytical. Whether it is a math problem or a societal problem, I enjoy analyzing all possible solutions and outcomes. This analytical drive assists me in my internship where I conduct a lot of data analysis. I aspire to get a job in investment banking out of college and then proceed to a more analytical role that revolves around market analysis in finance. If I were to truly pursue this business idea, it would take a large part in my life because I pride myself in putting in my all to run the business. However, I believe that there are so many opportunities in life and so much to learn from failure that if the idea doesn't take off as I would hope, I would have no problem moving on to the next project.
- This product will give customers a real-time prediction of the wait time at different restaurants through simple access on their mobile device.
- This product will truly be offered to everyone. However, there are some people that never eat out at restaurants, so they would not be included in the target market.
- As the old saying goes, time is money. Therefore, I believe people would be willing to pay money to save time. Also, the app will include discounts at the different restaurants whose wait times are being monitored.
- I have a drive that sets me apart from others. When I see an opportunity, I put my best into it. In high school when I saw a lack in the youth involvement in lacrosse, I took it upon myself to start a summer lacrosse camp that would increase the exposure of lacrosse to the kids in my community.
I think that these elements all mesh well with each other. I think that my personality as well as my skills make this product strong and an attainable one. The only problem that I currently have is how to monetize this product. I could make customers have to pay for the service, but it seems hard to make them commit to that. I could overlay ads throughout the product, but ads ruin the consumer interface. That is the only element of this product that I am currently having trouble with.
Friday, February 14, 2020
Thursday, February 13, 2020
Testing the Hypothesis Part 2
Who: Through my interviews, I found that there is a number of people who do not have the need of knowing how long a line is before arriving in a restaurant. One person in particular even told me that they enjoy waiting in the line. It gives them time to talk to friends and socialize before having to go study. It is a study break for them and if they flew through the line then they wouldn't have time to relax and enjoy a study break. Another of the interviewees said that they usually order delivery food so there is no reason for them to need an app that tells them how long of a line there is to get food.
What: One of the interviewees brought up the point that even if they knew how long a line was, it wouldn't eliminate the fact that they still have to wait in the line. Most people have 3 or 4 restaurants that are their go-to for food based on convenience, price, and quality. If all of these restaurants all have long lines then knowing how ling the lines are is useless because they will have to wait in the line anyway.
Why: The need does not seem to be different. Some people, like myself, hate having to wait in lines because they make you wait for something that you really want. Others see a line as an opportunity to take a break from the fast paced life that we usually live and cool down and chat with their friends.
What: One of the interviewees brought up the point that even if they knew how long a line was, it wouldn't eliminate the fact that they still have to wait in the line. Most people have 3 or 4 restaurants that are their go-to for food based on convenience, price, and quality. If all of these restaurants all have long lines then knowing how ling the lines are is useless because they will have to wait in the line anyway.
Why: The need does not seem to be different. Some people, like myself, hate having to wait in lines because they make you wait for something that you really want. Others see a line as an opportunity to take a break from the fast paced life that we usually live and cool down and chat with their friends.
Inside the Boundary
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Outside the Boundary
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Who: People in a rush or people that do not have the time
to wait in a line
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Who: People who enjoy waiting in line as a way to take a
break or clear their head
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What: A way to predict how long the wait is at a
restaurant before showing up
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What: They do not have a need to know how long the wait is
at a restaurant
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Why: Line are inevitable when trying to buy food and some
people don’t have the extra time to wait
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Why: They enjoy waiting in line as a way to take a break from
the fast-paced lives that we live and to socialize with friends.
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