Week 4 Reading Reflection

The most surprising part of the reading, in my opinion, came from the "Entrepreneurship in Practice" box titled "Terrorism Ignites Innovation." While a terrorist attack is an extreme instance for opportunity identification, what surprised me was that the government solicited ideas from its citizens. Moreover, in the wake of the attack, they received 12,500 proposals in one month which is 1389% higher than the average volume of proposals received in a year. I was slightly confused by the explanation of process needs as a source of innovative ideas. I would ask Kuratko what differentiates process needs from the general term, since no context clues allude to a difference. Also, expanding on my first question, I would ask what role venture capitalists play in addressing those needs as opposed to entrepreneurs. This textbook might be slightly old, but I don't necessarily agree that, as an economic trend, people have more disposable income. Although peoples' gross incomes have risen, the shrinking middle class and the increased cost of living are trends that offset this increase in disposable income.

Top 5 World Problems

Top 5 Most Serious World Problems
1. Crime
2. Trouble Seeing a Doctor
3. Carbon Emissions
4. Second-Hand Smoke
5. Childhood Obesity

Top 5 Most Implementable Solutions
1. Solution to second-hand smoke: reduce the amount of indoor spaces, such as bars, where smoking cigarettes is permitted while making it known that e-cigarettes are okay for indoor use
2. Solution to crime: set up text alerts for crime by zip-code, like UF Alerts, and make alert systems, like the blue lights on campus, in areas where crime rates are high.
3. Solution to childhood obesity: create more exercise-inducing video games that appeal to a wider audience.
4. Solution to trouble seeing a doctor: making a personal, virtual experience widely available, such as one provided by IBM's Watson (not WebMD).
5. Solution to carbon emissions: making energy efficient cars more affordable and aesthetically appealing.

I chose crime as the number one problem because I believe it is the most universally-shared problem. Not everyone has trouble seeing a doctor, or is regularly in an environment where second-hand smoke is prevalent, and not every child struggles with obesity. While carbon emissions are a huge problem felt worldwide, its effects are very gradual, and therefore not felt extremely personally on a day-to-day basis. Therefore, I placed the problem of carbon emissions below trouble seeing a doctor because its short-run implications aren't as large.

I ranked the solution to second-hand smoke as the most feasible because it doesn't require the development or implementation of new technology; it's simply a matter of changing what's permitted in relevant locations. Moreover, anti-cigarette campaigns have informed the public of the health implications of second-hand smoke, and e-cigarette use is on the rise. Although the solution to crime also doesn't require the development of "new" technology, these systems could take a long time to implement and be costly. However, seeing these systems in working condition on campus everyday is why I ranked it second. The last three solutions all require a great deal of technological innovation which can involve lots of obstacles and take a great deal of time, making them less feasible than the first two solutions I ranked.

Week 3 Reading Reflection

The thing I found most interesting from the reading was the rise of female entrepreneurs and feminist ideas, such as caring. The idea that caring can lead to a more "genuinely moral climate" is particularly intriguing because it could foster closer relationships, and help relieve the problem of loneliness common among entrepreneurs. One part of the reading that was confusing to me was the distinction between role distortion and role assertion. The examples provided weren't specific to either type of act. If I could ask Kuratko two things, I would first ask him to clarify and provide examples specific to role assertion and role distortion. Second, I would ask him for his opinion on whether or not moral acts tend to be more "against the firm" or "on behalf of the firm." Although I can understand the reasoning behind why entrepreneurs feel lonely, I still somewhat disagree. I'd argue that the personality of an entrepreneur is more extroverted, allowing them to make many friends. Someone with that kind of personality, despite investing most of their time of work, would most likely have close relationships with at least a few people that they could confide in.

Identifying Local Opportunities

1. Value-conscious, healthy meals
"To adapt to rivals, giants of fast food slowly evolve - With a premium now on healthier fare, chains change"
http://infoweb.newsbank.com/resources/doc/nb/news/15A88E9A1C4C1C30?p=AWNB
While major fast food chains, like McDonalds and Burger King have been offering more value deals. For example, Burger King now offers a five piece meal for $4. Despite the increase in deals among major fast food companies, "fast-casual" restaurants, like Panera Bread and Chipotle, are beginning to overtake marketshare in the fast food market. This is because people believe their ingredients are fresher and healthier. The biggest problem here is finding a happy medium between high quality ingredients and value. This problem falls on both the consumer and major fast food chains. Consumers are forced to choose between the more economical option and the healthier one. This is also a problem for fast food companies as they must adapt to the changing consumer tastes (literally). 

2. Increased availability of rented housing 
"Apartment demand proves costly"
http://infoweb.newsbank.com/resources/doc/nb/news/15A9366D47EFAD60?p=AWNB
The demand for homeownership has declined over the years, reflected by a homeownership rate at its lowest since 1967. Consequently, demand for apartments has been on the rise, making them more costly. Higher rents are increasingly becoming more difficult to pay, as 52% of renters are considered "cost-burdened," spending at least 30% of their income on housing. The problem is a combination of higher, demand-driven rent prices with only moderate increases in income. Prospective renters bear the burden of this problem as they are more likely to become cost-burdened.

3. On-demand packing and shipping for older, and/or Spanish-speaking consumers
"Shyp ships out of Miami"
http://infoweb.newsbank.com/resources/doc/nb/news/15A8E3CB04D9FD38?p=AWNB
Shyp is an on-demand packing and shipping service that just had to pull out of its Miami location. Initially, the Miami market seemed attractive, and Shyp received a lot of business during the Holiday season. However, due to their failure to provide a version of their app in Spanish, they had trouble meeting the demands of a large portion of Miami's consumer base. Moreover, Miami did not have enough tech-savvy consumers to sustain Shyp's success. Their other two locations, New York and San Francisco, probably have similar consumer bases, but Miami is a bit of a different story. While Shyp provided a good service, they did not adapt to the market they were in, resulting in their underperformance. This illustrates a problem for companies that do not adapt to the varying needs of consumers among different locations. This is also a problem for the consumers that would've benefitted from Shyp's services but could not because the means of attaining the service was unavailable to them.

4. High-energy pet toys, treat rationer 
"Is your dog a couch potato? Pet obesity is on the rise"
http://infoweb.newsbank.com/resources/doc/nb/news/15A72A27C8FD8768?p=AWNB
Pet obesity in the US has been on the rise in the last five years. This upward trend in weight-gain has many negative health implications for pets. The health complications caused by obesity, such as diabetes and heart failure, decrease life expectancy and can be very costly to treat. Therefore, this is also a very real problem for pet owners. Two ways to curb the rise in obesity among pets is to keep them active and to be mindful of how much food they're being given. 

5. Special stream-only TV channels, more streaming devices (e.g. Apple TV)
"Other options to cord cutting - Antennas bring additional channels to viewers' sets"
http://infoweb.newsbank.com/resources/doc/nb/news/15A9366D4D81A828?p=AWNB
The amount of people paying for monthly cable, satellite, etc. has declined. Although the decline was small, there is also a growing trend, especially among millennials, toward "cutting the cord" and paying only for certain streaming services, like Hulu. The problem here, is TV watchers don't want to pay the high cost of their monthly TV bill because they don't watch all of the hundreds of channels their subscriptions provide them with. As a result, they've been switching to antennas, which provide roughly between 65 and 95 channel options, or to streaming services. Devices that access these services, like Apple TV, is a growing market with lots of opportunities for innovation. 

Very Short Interview No. 1

Mitch Nelson is a graduate from Florida State University and participated in an entrepreneurship program. With the knowledge and skills he gained, he went on to start his own business called DivvyUp Socks. What makes DivvyUp unique is that for every pair of socks bought, another pair is donated to a Florida homeless shelter. I asked Mr. Nelson the following questions:

1. What inspired the idea for your business?
"I formed a group with other students in the entrepreneurship program with the intention of giving back to the community. My group and I visited a local homeless shelter and when we asked how we could help, the answer was simple: socks."

2. What was your biggest challenge and how did you overcome it?
"Being on a college campus at the time, we had a huge market we weren't necessarily prepared for. The idea was out and it was popular, but demand was pretty hard to meet. As a result, we finally decided taking our business online was the best way to reach and help the most amount of people."

3. What do you think I should take away from this course?
"Well, the most important thing I learned was how to identify opportunities. A common misconception people have is that entrepreneurs have to have completely original ideas or come up with "the next big thing," but really it's all about figuring out what people actually want and finding a way to give it to them in the best way."

Reflection:
I thought it was very interesting how this company arose out of a college entrepreneurship program. I was surprised that something as simple as asking what a homeless shelter needed could spur the development of a successful business.

World's Biggest Problems

1. Second-hand smoke. By now, we all know of the health risks of smoking cigarettes. Unfortunately, those risks, as well as the smell, are literally being passed onto non-smoking bystanders. A possible solution to this problem could be to decrease indoor areas where people can smoke cigarettes, such as inside bars, while simultaneously increasing marketing and approval of e-cigarettes. 
2. Spread of illnesses. In our busy, highly globalized society, travel is a a large part of the global economy in the forms of business and tourism. This not only brings people all over the world, but also the illnesses they may carry, increasing the risk of coming into contact with a virus. To impede the spread of these germs, more "hands-free" or automatic devices should be installed, especially in rest rooms. 
3. Carbon emissions. While the Toyota Prius may not be the most "popular" car, it has one of the highest MPGs. While most manufacturers may offer a hybrid option for a particular model, that option is usually much more expensive. By designing more fuel efficient cars that are more aesthetically appealing and more affordable, demand for these cars could increase, putting a dent in our carbon footprint. 
4. Elderly people driving. Driving is not an easy thing to give up, but eventually it becomes dangerous. As you get older, senses dull and reaction time slows. This creates dangers not only for elderly drivers, but others on the road, especially bikers. While this may seem radical, a possible solution would be to require those 80 and older to take another driving test. 
5. Forgetting where you parked. This a bigger problem for some than others, but can be a pretty big problem at large venues, for example. A possible solution for this would be to create a device that can attach to your vehicle and work with an app to give directions to that very spot. This would be more accurate and effective than "dropping a pin" on your smartphone's GPS app, as that only leads users to a general area that could be the size of the very lot their cars are located in.
6. Childhood obesity. Innovations in technology have been wonderful in many aspects, but has also made children very lazy, and possibly antisocial. While games for the Wii, like "Just Dance" are fun and give players a workout, it may not be a little boy's first choice. If kids aren't going to pick up a ball and go play outside, a more feasible solution is to create more active games that fit the needs and wants of children of all ages and attitudes. 
7. Getting sick from old/expired food. For foods we aren't very familiar with, it may be hard to determine whether it's expired until after we taste it. A possible solution to this problem is to create special storage containers that change color when the product has gone bad. For milk, the cap could change color. Or for storing other foods in your house, plastic bags with a special lining to detect mold or bacteria could be developed that change color in the presence of said mold or bacteria.   
8. Trouble seeing a doctor. Whether it be scheduling conflicts, or limited availability of appointments, getting an appointment with a doctor can be quite difficult. A possible solution is to create a virtual, interactive "doctor" that can be accessed from home, like IBM's Watson. Rather than Googling symptoms, only to read about the worst case scenarios of what their symptoms reflect, people can enjoy a more realistic and personalized experience, and stay healthy.
9. Identity theft. Now that chips are being put into credit and debit cards, identity theft is more difficult. But what happens if you lose that card? A stranger could just as easily swipe/insert your card into the card reader as you could. From personal experience, I am rarely asked to verify my identity, even less so since the introduction of the chip. A solution to this could be in biometrics, such a requiring a fingerprint. This way, if you lose your card, you don't need to worry about the dishonest stranger that could have picked it up.
10. Crime. Burglary, physical violence, and break-ins are a constant worry for citizen in areas where crime rates are particularly high. In these areas, it would be beneficial to install systems like the Blue Lights we have on campus. Also, alerts specific to a zip code, for example, sent out via text message can prompt those in potentially dangerous areas find safety. Both of these solutions could deter crime, as they make it more difficult for criminals to get away. 

Week 2 Reading Reflection

The biggest surprise from the reading, in my opinion, was that entrepreneurial failure rates are misleading. I always thought failure was a big part of entrepreneurs' ventures, at least much more than was pointed out in the reading. I liked that Kuratko included statistics from Kirchhoff to back this up because it quantified how off my assumptions were. One thing I found confusing was that gazelles typically don't receive venture capital. Since venture capital firms find gazelles attractive, I don't understand why less than 2% of them receive funding from these firms. If I could ask Kuratko 2 questions, I would ask which point of view, macro or micro, is more important, and I would also ask which school of thought he finds the best within each view. Although I agree that entrepreneurs and small businesses are different, I think they are more similar than Kuratko describes. Entrepreneurs may take bigger risks, but these risks are still calculated. Moreover, small business owners may have taken great financial risks to start their business, with possible unique aspects that give them a competitive edge over other businesses in their industry.

Bug List

1. 1.     Not being able to put read receipts on for specific people.
   This feature is not available on my iPhone.
   2.    Not being able to buy single portion servings of vegetables.
   It's probably cheaper to buy more, and people cooking for families need more food
   3.    The lint filter in the dryer doesn’t clean itself
   Where would the lint go if it were self-cleaning?
   4.    My hair takes forever to dry but blowdrying it makes it puffy 
   Not many styling products can be used on wet hair 
   5.    Parking in Gainesville; not enough, and spaces are really tight
   Building more housing is prioritized more than additional parking
   6.    Hearing the people upstairs walking around constantly
   My ceiling/their floor is thin
   7.    Rayon shrinks so much in the wash
   Looks and feels just like cotton so I think it’s safe to dry but drastically shrinks after being put in the dryer
   8.    Nature valley bars are just one big crumbly mess, but they still taste really good
   There's nothing holding them together (like a drizzle or coating)
   9.    Apple TV remote is designed to get lost easily
   It's very small, sleek, and thin, like Apple's other products
   10. When you buy a candle and it doesn’t actually smell like it’s supposed to
   Maybe the quality of the "perfume" in the candle is not very good
   11.  My weather app is never accurate
   The app developers are using bad data
   12. Wifi is slower than LTE so I have to use my data instead
   The router isn't very good or too many people are connected at once 
   13. Blisters from breaking in new shoes
   Friction
   14. Fluorescent lightbulbs are too bright/white
   Too many watts? Or the color of the bulb itself
   15. Buying super glue and it dries up in the tube after being used 
   The tube lets air in when it is open
   16. Buying alphabet letters/stickers/magnets etc and not having enough of a certain letter so you have to buy two packs
   They include more of the widely used letters, like vowels and certain consonants, which may not be what you need. Too cheap to buy by the letter.
   17. Bought a polaroid camera and film wasn’t included 
   Polaroid knows I have to buy both so they can make more money selling it separately
   18. If cold beer gets warm the taste changes 
   Ingredients in beer are sensitive to temperature changes 
   19. The RTS app doesn't update properly. For example, when the app says "5 minutes away" it could be more like 3 minutes, and then I miss the bus
   The GPS the app uses could be better; some of the older buses don't have them
   20. When you use up the eraser on a mechanical pencil so it’s practically impossible to change the lead 
   The eraser gets stuck at the top and is really hard to pry out

Reflection:

Coming up with this list was slightly difficult, given that these bugs are usually only thought of when encountered. However, walking through my apartment helped me remember these bugs. For example, I found some plastic letters from a project I was working on and remembered having to buy 2 packs just for an extra "G". Some of the things on this list that are more persistent issues, such as Gainesville parking or losing my Apple TV remote, were much easier to think of. 

My Entrepreneurship Story

I was first exposed to entrepreneurship in a grocery store. Not Publix or Winn Dixie, but Milam's Markets. Milam's Market is now a small grocery chain in Miami that my grandfather, Thomas James Milam, built from scratch. Why a grocery store, you may ask? Because people are always going to need to eat. Born in 1984, Milam's began serving the Coral Gables area. Over the years, more stores opened in Sunny Isles, Miami Springs, and Coconut Grove. Although a couple of the stores failed and had to close, my family was not discouraged. When I walked into the newly-renovated Coconut Grove store, I had a new appreciation for all of the work my family did to make this dream come true. Instead of folding, they let failures and obstacles inspire them, and that inspired me. 

I enrolled in this class to gain the skills to be self-sufficient in the business world. I wish to learn how to identify potential opportunities and take advantage of them, and to have the confidence to be motivated by my failures, like my family. 

Introduction

I'm Hayley Milam and I'm from Plantation, FL. I am a finance major and plan to go into financial analysis and investment banking. I'm an only child, but I have 32 cousins that I am very close with. I'm lucky to have traveled to Italy, France, and the UK, and a few states in the northeast, the south, and the west coast. Of those places, Yellowstone National Park in Wyoming was probably my favorite.

Entrepreneur's Mantra

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