Friday, September 27, 2019
Thursday, September 26, 2019
Testing the Hypothesis, Part 2
Interview Conclusions:
The few high schools and colleges that do teach investing are outside of the boundary in this case. They are outside the boundary because they are already fulfilling this unmet need. These institutions are in the minority. According to those i interviewed, this need is different from basically every other need. It is closely linked to the need to save and accrue money but it is different because it involves the teaching of investing not the practice of it. The need of those outside the boundary is not the same as those inside because those outside the boundary do not have the need at all.
Inside the boundary
Who is in:
Educational institutions that do not teach investing
What the need is:
Teaching students about investing
Why the need exists:
Investing is an important part of financial stability and therefore needs to be taught
Outside the boundary
Who is not in:
Educational institutions that teach investing
What the need is not:
Not teaching students about investing
Alternative Explanations:
These educational institutions already fulfill the need because they are practical and progressive in teaching.
The few high schools and colleges that do teach investing are outside of the boundary in this case. They are outside the boundary because they are already fulfilling this unmet need. These institutions are in the minority. According to those i interviewed, this need is different from basically every other need. It is closely linked to the need to save and accrue money but it is different because it involves the teaching of investing not the practice of it. The need of those outside the boundary is not the same as those inside because those outside the boundary do not have the need at all.
Inside the boundary
Who is in:
Educational institutions that do not teach investing
What the need is:
Teaching students about investing
Why the need exists:
Investing is an important part of financial stability and therefore needs to be taught
Outside the boundary
Who is not in:
Educational institutions that teach investing
What the need is not:
Not teaching students about investing
Alternative Explanations:
These educational institutions already fulfill the need because they are practical and progressive in teaching.
Thursday, September 19, 2019
Solving the Problem
Problem: High schools and Colleges do not teach students enough about investing.
The solution I have come up with is to create a curriculum to sell to high schools and colleges so that they can begin to teach students about investing. The first step in creating a curriculum would be to write a textbook. I would hire a team of equity professors and investors to make a balanced textbook about investing, teaching students topics such as:
- Why investing is important
- How securities and bonds work
- How much money you need to start investing
- How to start investing (Which firms, apps, and websites are ideal for beginner/intermediate/ and advanced investors)
- What to look for when buying a stock (indicators such as volume, EPS, MACD, and RSI)
- How compound interest works
- How to invest during a recession
- What percent of your income you should invest
The textbook could be updated every 3 years to include new information about indicators and stock trading platforms. I would also create a homework plan for each chapter of the book with answer keys available online.
If it is too difficult to get high schools and colleges to adopt this curriculum, my backup plan would be to offer the course online and partner with educational institutions so that they could endorse the class to their students.
Testing the Hypothesis
1. The opportunity I want to pursue is that Colleges and Highschools fail to teach students the importance of investing because they focus too much time on teaching other things that have less value in the real world.
2. Who: Colleges and Highschools, students
What: They do not teach students about investing
Why: They spend too much time teaching other subjects with less importance
3. Hypothesis: I believe that teaching students about investing will have a larger impact on their future then subjects such as foreign language and history. Although those subjects are important and have their place in the curriculum, investing is relevant for all people.
Testing the who: There are a select amount of highschools that teach financial literacy however the vast amount do not. The same could be said about colleges. All students should have the benefit of knowing about investment so they are prepared later in life.
Testing the what: High schools do not talk about equity or debt at all unless they offer a financial literacy course. Colleges offer courses about equity and debt however most of them don't go past basic definitions and concepts. It would be more helpful if they offered advice and walked students through how they could actually begin investing.
Testing the why: Educational institutions have always focused on the 4 basic subjects of learning. Math, Social Studies, English, and Science have always dominated school. These provide a well-rounded view of the world but they do not offer much real life value unless you work in one of these fields. These subjects should continue to be taught, but room should be made for more practical subjects such as investing.
4. After interviewing five people about this subject, I found that the results were very consistent. All five people agreed that there is a lack of teaching about investment in High school and College. They also agreed that educational institutions focus too much on the core 4 subjects. While these are important, there are missed opportunities to teach more useful things. Two of the five people had financial literacy class in highschool but it was only for one half of one year. It seems everybody i talked to is in agreement that this is an opportunity.
5. The interviews reinforced my beliefs about this opportunity. Investment should be a bigger topic in education as it has the power to change people's lives for the better.
2. Who: Colleges and Highschools, students
What: They do not teach students about investing
Why: They spend too much time teaching other subjects with less importance
3. Hypothesis: I believe that teaching students about investing will have a larger impact on their future then subjects such as foreign language and history. Although those subjects are important and have their place in the curriculum, investing is relevant for all people.
Testing the who: There are a select amount of highschools that teach financial literacy however the vast amount do not. The same could be said about colleges. All students should have the benefit of knowing about investment so they are prepared later in life.
Testing the what: High schools do not talk about equity or debt at all unless they offer a financial literacy course. Colleges offer courses about equity and debt however most of them don't go past basic definitions and concepts. It would be more helpful if they offered advice and walked students through how they could actually begin investing.
Testing the why: Educational institutions have always focused on the 4 basic subjects of learning. Math, Social Studies, English, and Science have always dominated school. These provide a well-rounded view of the world but they do not offer much real life value unless you work in one of these fields. These subjects should continue to be taught, but room should be made for more practical subjects such as investing.
4. After interviewing five people about this subject, I found that the results were very consistent. All five people agreed that there is a lack of teaching about investment in High school and College. They also agreed that educational institutions focus too much on the core 4 subjects. While these are important, there are missed opportunities to teach more useful things. Two of the five people had financial literacy class in highschool but it was only for one half of one year. It seems everybody i talked to is in agreement that this is an opportunity.
5. The interviews reinforced my beliefs about this opportunity. Investment should be a bigger topic in education as it has the power to change people's lives for the better.
Identifying Opportunities in Economic and Regulatory Trends
Opportunities in economic trends:
I found both of these economic trends at this website- https://www.thebalance.com/top-usa-future-economic-trends-3305666
1. With global warming becoming more of an issue, natural disasters are becoming more common. Each year there are at least a few major hurricanes. These hurricanes decimate communities and end lives. I know this is an opportunity because I have seen the damage that hurricanes have done within our country. Science has shown that global warming exists and that it affects the variability of our weather. My solution would be to install a 5-10 foot waterproof retractable seawall in areas that suffer from frequent hurricanes. This seawall would possibly prevent and at least delay the influx of water that comes with a hurricane. The typical customer would be a community on the coast that has to deal with a lot of hurricanes. This solution sounds good on paper but may be a bit expensive to employ. A cheap yet sturdy material for the wall would have to be found.
I thought of this opportunity because I have seen countless horror stories in the news about communities being destroyed and lives being lost. It seems that no matter how much people prepare, they are never quite ready. I want to set up an extra wall of defense against hurricanes.
2. Another economic trend is the fact that people between age 45-75 are not retiring as early as expected. The main reason for this is the life expectancy rate is increasing which means people have to work longer to be able to support themselves throughout retirement. This is making it harder for younger people to find jobs out of college because many jobs are taken by this older population. The solution I have to this problem is to create a company that hires older workers to do cheaper and less intensive work. They can be employees of this company during their transition from full-time work to retirement. This would allow them to continue to make money while beginning to adjust into a more relaxing lifestyle. It would also open up more jobs for students coming out of college. I am still unsure of what kind of work the company would do. Customers of this opportunity would be 60-75 year olds that want to start living more comfortably while still making money. The most difficult part to this opportunity would be to come up with a meaningful purpose for the company that allows workers to work part time and still be productive.
I thought of this opportunity because I have heard a lot about people having to work later into their lives in order to fund their retirement. Not only does this negatively impact them, it negatively impacts young adults that want to begin working. This idea would help both parties.
Opportunities in regulatory trends:
I found regulatory trends at this website-
https://www.workcompwire.com/2018/11/partner-post-4-current-regulatory-trends-and-what-they-mean-for-pharmacy-management/
1. One very large regulatory trend is the legalization of marijuana. Many states are decriminalizing and legalizing medicinal and recreational marijuana. However even in areas where marijuana is becoming legal, dispensaries can be very scarce. My solution is to create an app where customers can pick different strains and have the marijuana sent to them. In the age of convenience I feel this idea would have a lot of success. Customers would be marijuana smokers that do not live near a dispensary. This opportunity would be difficult to implement because of the legality of shipping marijuana. If that barrier could be worked around, this would be successful in my opinion.
I thought of this opportunity because I know people that have medicinal marijuana cards. If no dispensaries are nearby it can be a hassle to drive all the way there.
2. Another big regulatory trend is the lack of privacy Americans are experiencing in the last few years. Many scandals related to hacking and consumer privacy have surfaced recently. The solution I have is to create a company that charges a fee for services related to privacy. The company could provide vpns for secure browsing, robot call blocking, firewalls, and other things. Although companies like this exist they are usually specialized into one of the aforementioned categories. Having a go to company for all cyber security needs would likely be a profitable enterprise. Customers for this opportunity would be any American that feels unsafe using the internet. This opportunity would not be difficult to implement because all of these services already exist.
I thought of this opportunity because I have heard a lot about cyber security and hacking. Being around the internet and computers constantly, securing your information and identity is very important.
I found both of these economic trends at this website- https://www.thebalance.com/top-usa-future-economic-trends-3305666
1. With global warming becoming more of an issue, natural disasters are becoming more common. Each year there are at least a few major hurricanes. These hurricanes decimate communities and end lives. I know this is an opportunity because I have seen the damage that hurricanes have done within our country. Science has shown that global warming exists and that it affects the variability of our weather. My solution would be to install a 5-10 foot waterproof retractable seawall in areas that suffer from frequent hurricanes. This seawall would possibly prevent and at least delay the influx of water that comes with a hurricane. The typical customer would be a community on the coast that has to deal with a lot of hurricanes. This solution sounds good on paper but may be a bit expensive to employ. A cheap yet sturdy material for the wall would have to be found.
I thought of this opportunity because I have seen countless horror stories in the news about communities being destroyed and lives being lost. It seems that no matter how much people prepare, they are never quite ready. I want to set up an extra wall of defense against hurricanes.
2. Another economic trend is the fact that people between age 45-75 are not retiring as early as expected. The main reason for this is the life expectancy rate is increasing which means people have to work longer to be able to support themselves throughout retirement. This is making it harder for younger people to find jobs out of college because many jobs are taken by this older population. The solution I have to this problem is to create a company that hires older workers to do cheaper and less intensive work. They can be employees of this company during their transition from full-time work to retirement. This would allow them to continue to make money while beginning to adjust into a more relaxing lifestyle. It would also open up more jobs for students coming out of college. I am still unsure of what kind of work the company would do. Customers of this opportunity would be 60-75 year olds that want to start living more comfortably while still making money. The most difficult part to this opportunity would be to come up with a meaningful purpose for the company that allows workers to work part time and still be productive.
I thought of this opportunity because I have heard a lot about people having to work later into their lives in order to fund their retirement. Not only does this negatively impact them, it negatively impacts young adults that want to begin working. This idea would help both parties.
Opportunities in regulatory trends:
I found regulatory trends at this website-
https://www.workcompwire.com/2018/11/partner-post-4-current-regulatory-trends-and-what-they-mean-for-pharmacy-management/
1. One very large regulatory trend is the legalization of marijuana. Many states are decriminalizing and legalizing medicinal and recreational marijuana. However even in areas where marijuana is becoming legal, dispensaries can be very scarce. My solution is to create an app where customers can pick different strains and have the marijuana sent to them. In the age of convenience I feel this idea would have a lot of success. Customers would be marijuana smokers that do not live near a dispensary. This opportunity would be difficult to implement because of the legality of shipping marijuana. If that barrier could be worked around, this would be successful in my opinion.
I thought of this opportunity because I know people that have medicinal marijuana cards. If no dispensaries are nearby it can be a hassle to drive all the way there.
2. Another big regulatory trend is the lack of privacy Americans are experiencing in the last few years. Many scandals related to hacking and consumer privacy have surfaced recently. The solution I have is to create a company that charges a fee for services related to privacy. The company could provide vpns for secure browsing, robot call blocking, firewalls, and other things. Although companies like this exist they are usually specialized into one of the aforementioned categories. Having a go to company for all cyber security needs would likely be a profitable enterprise. Customers for this opportunity would be any American that feels unsafe using the internet. This opportunity would not be difficult to implement because all of these services already exist.
I thought of this opportunity because I have heard a lot about cyber security and hacking. Being around the internet and computers constantly, securing your information and identity is very important.
Friday, September 13, 2019
Identifying Local Opportunities
Article 1
Title: Settlement money won’t restore Ohio city upended by opioids
Link: https://www.gainesville.com/ZZ/news/20190912/settlement-money-wont-restore-ohio-city-upended-by-opioids
Akron Ohio had a large opioid problem in 2016. 340 people overdosed and died that year from the widespread drug use. The city of Akron is set to receive a settlement from the creators of oxycontin. However, the money that Akron will receive could not possibly remedy the situation. Akron is unsure what it will do with the $3.7 million it gets from the Purdue Pharmaceuticals settlement.
The problem in this story is the widespread use of opioids. Akron was experiencing almost one death a day to hard drugs in 2016. No amount of settlement money will fix that issue, it must be prevented in the first place. This problem was experienced by all the residents in Akron. Those that weren't directly impacted still felt the aftermath within the community.
Article 2
Title: Vaping-linked lung problems surface in Florida
Link: https://www.gainesville.com/news/20190910/vaping-linked-lung-problems-surface-in-florida
Vaping has become an epidemic in Florida and across the nation. With reports coming out that people are being hospitalized for vaping, there is now a sense of urgency around reducing and regulating their use. 450 people have become ill and 5 people have lost their lives because of vaping. Many people have begun calling the vaping problem an epidemic.
The problem in this story is that vaping has now been uncovered as a dangerous alternative to smoking. The whole purpose of vapes was that it was a healthier way to consume nicotine. Now people are addicted to vaping nationwide and it is proven to be a dangerous consumption method. This problem affects teens across America. Many people including myself are addicted to vaping which may have detrimental affects on our health. It also affects the family members of the people that vape.
Article 3
Title: High-priority violations: Alachua County restaurant inspections (Sept. 2-7)
Link: https://www.gainesville.com/photogallery/LK/20190910/NEWS/910009985/PH/1
Many restaurants in Alachua County were found to have major health violations. While some of the violations were minor, a good deal of them present real health issues to anyone that would decide to eat at one of these restaurants. Issues like the presence of rodents and improper storage of food are unacceptable from a place that serves food to the public.
The problem in this story is that many restaurants lack the proper level of health safety. Many restaurants become lazy and let their kitchens because cesspools for germs, rodents, and unsafe food. This problem affects anybody that lives in Alachua County. Anybody that visits a restaurant like this is in danger of becoming sick.
Article 4
Title: Tomorrow is Hunger Action Day, a day to help those who go hungry
Link: https://mycbs4.com/news/local/tomorrow-is-hunger-action-day-a-day-to-help-those-who-go-hungry
50,000 people in Alachua County don't have proper access to food. Many children in Alachua County go to sleep without knowing when there next meal will be. Many people help out through donations but that is only a temporary solution.
The problem in this story is that many people in Alachua County are dealing with hunger. When tens of thousands of people are going hungry every day, there is a pretty sizable poverty issue. This affects any of these 50,000 people that have to go to sleep hungry each night.
Article 5
Title: GPD: Steady uptick in car break-ins in Gainesville
Link: https://mycbs4.com/news/local/gpd-steady-uptick-in-car-break-ins-in-gainesville
Recently, there has been a rise in car break-ins in the City of Gainesville. People have been walking through parking lots and apartment complexes checking doorhandles looking for open cars. The best and only way to prevent this is to lock your car.
The problem in this story is that people have resorted to stealing items from cars or stealing cars themselves. This is a sign of a deeper poverty issue in the City of Gainesville. This problem affects anybody in Gainesville that owns a car.
Thursday, September 12, 2019
My Opportunity Belief About Investing
I believe that an unmet need is the lack of knowledge people under the age of 25 have about investing their money. This is caused by the lack of teaching about investment in high schools and colleges.
The unmet need I have found is a lack of knowledge about investing money among young adults. This need has existed for decades but is more prevalent today then ever before because of how expensive student loans currently are. This need affects any young adult that has a savings account or plans to have a savings account in the near future. A well put together stock portfolio returns an average of 8% per year, which is much higher than the interest you receive from having a bank account. This need is being met by a very niche group. Young adults are forced to teach themselves how to invest if they are interested in it. This typically includes individuals who study finance, when in reality everybody can benefit from investing. I am 95% sure this opportunity exists. My proposed solution to this unmet need would be to sell an investing curriculum to private high schools and colleges. That way students would have an opportunity to learn about investing in school which would benefit the students while also stimulating the economy.
A prototypical customer would be a 20 year old college student that works during the summers and has a few hundred to a few thousand dollars in their bank account.
Interview 1: I talked to my friend Nick about this opportunity. Nick said that he agrees more young adults should learn about investing. Being a finance student, Nick has a good knowledge of how investments work. However, he was never taught in school how to create a portfolio. He was never taught what to look for when picking a stock to invest in. When asked how often he notices this need, he said pretty often. Nick said he realized there was need of investment teaching in high school since he was 16. He has been addressing this need by teaching himself about investing. He joined the Florida Wealth Management Association in hopes of learning what he did not learn in school. He thinks this was a good solution for him but he agrees that it would be beneficial if all students learned about investing.
Interview 2: I talked to a journalism student named Brett about this opportunity. Brett has very little knowledge about investing because he was never taught about it. He realizes often that this is an unmet need and he has the desire to learn about investing, however he has never gotten around to it. He realized around age 18 that he should learn to invest and he agrees that investing is neglected in high school and college curriculums. He has yet to address this need but he plans on doing his own research at some point.
Interview 3: I talked to my friend Ryan about this opportunity. Ryan is a general business major. He has learned about equities in class but just the basics. He has limited knowledge and no experience with investing his money. He is aware of the need for young adults to learn more about investing. He agrees that young adults would be better off down the road financially if they knew how to invest. He realized when he was 16 that learning about investing was important. He doesn't think often about his need to learn about investing though. He said it would be a good idea to have high schools and colleges teach students how to invest.
Reflection: After interviewing three people, I have learned a lot more about this opportunity. Out of the three people that I talked to, all of which are intelligent individuals, none of them have experience with investing. I also learned that many people don't even realize that learning to invest is a need because they do not know about it's potential benefits. This tells me that it is even more of a need then I originally thought. If people do not even know what investing can do for your financial security, they will never teach themselves. We need more teaching about investment in high school and college.
Summary: My original opportunity still exists after interviewing those 3 people. The one thing that changed about my original opportunity/solution is the fact that the investment curriculum should also be sold to public high schools and university's. I truly believe that all people should be more knowledgable about investing especially in their young adult lives. Investing when your young is paramount because of how compound earnings work. Investing at age 24 instead of investing at age 34 can result in hundreds of thousands of dollars of realized gains that you would have otherwise missed out on. I think it is very important for entrepreneurs to change their ideas based on the feedback they receive. Although, i believe you should consult over 50 potential customers before changing your business plan. Three people is not a large enough sample size to warrant changing your ideas.
Tuesday, September 10, 2019
My Entrepreneurship Story
I have always looked fondly upon entrepreneurship. Ever since I could remember, the thought of creating something new and unique excited me. The thought of having no boss and no ceiling to the amount of money you could make was another aspect that drew me in to entrepreneurship. However, I didn't act on this desire to create something and monetize it until freshman year of college.
My first experience with entrepreneurship was when i decided to create my own website. I had gotten ACL reconstruction surgery during the Summer going into Sophomore year of college. I wanted to get a job but I was immobile, so I thought of a way I could be productive from home. That is when I decided to take my passion for investing and turn it into something tangible. Using the service Wix, I created a website aimed at educating beginners on the topic of investing. After designing the website and picking the color scheme, I began to post articles about investing. Some examples of articles I wrote include "The Importance of Investing Early" and "Building Your Investment Knowledge". My grand plan was to monetize the website through Google Adsense which is when I hit a roadblock. My website had to meet specific criteria to be eligible for Google Adsense, which it did not fulfill. Instead of changing my website to meet the requirements, my focus was drawn away from the website. Since then, I have made a couple more posts on the website but that original fire I had about the idea has dissipated. I would like to eventually get back into building the website, as I am still passionate about investing.
If you would like to visit my website, the address is www.invest-a-bit.com. Here is a picture of the front page.
I am very glad I enrolled in Principles of Entrepreneurship as there are many things I wish to learn. One of the main things I want to learn more about is how entrepreneurs stay motivated and stick with one idea. With the amount of effort that goes into bringing an idea to fruition, how do you know it will be worth the time. That doubt is part of what held me back from going all in on invest-a-bit.
Another thing I want to learn more about is how to come across more ideas. The bug list assignment provided a great basis of information on that topic but is there anything else that will facilitate the creation of worthwhile ideas?
I am very excited to learn more about these topics.
My first experience with entrepreneurship was when i decided to create my own website. I had gotten ACL reconstruction surgery during the Summer going into Sophomore year of college. I wanted to get a job but I was immobile, so I thought of a way I could be productive from home. That is when I decided to take my passion for investing and turn it into something tangible. Using the service Wix, I created a website aimed at educating beginners on the topic of investing. After designing the website and picking the color scheme, I began to post articles about investing. Some examples of articles I wrote include "The Importance of Investing Early" and "Building Your Investment Knowledge". My grand plan was to monetize the website through Google Adsense which is when I hit a roadblock. My website had to meet specific criteria to be eligible for Google Adsense, which it did not fulfill. Instead of changing my website to meet the requirements, my focus was drawn away from the website. Since then, I have made a couple more posts on the website but that original fire I had about the idea has dissipated. I would like to eventually get back into building the website, as I am still passionate about investing.
If you would like to visit my website, the address is www.invest-a-bit.com. Here is a picture of the front page.
I am very glad I enrolled in Principles of Entrepreneurship as there are many things I wish to learn. One of the main things I want to learn more about is how entrepreneurs stay motivated and stick with one idea. With the amount of effort that goes into bringing an idea to fruition, how do you know it will be worth the time. That doubt is part of what held me back from going all in on invest-a-bit.
Another thing I want to learn more about is how to come across more ideas. The bug list assignment provided a great basis of information on that topic but is there anything else that will facilitate the creation of worthwhile ideas?
I am very excited to learn more about these topics.
Subscribe to:
Posts (Atom)