13A – Reading Reflection No. 1

Grinding It Out - Ray Kroc

1) This book was about Ray Kroc, the man behind McDonald's success. What surprised me the most was the fact that Ray Kroc didn't start pursing the idea of franchising the McDonald's brand until his mid-fifties. From his teenage years, Ray was hustling. He started a lemonade stand, work at multiple grocery stores, and became skillful pianist. I admire his determination and unwavering spirit. His ego was the only thing I did not admire. He came off as abrasive and when others made mistakes, his short temper would get the best of him. However, I believe, and he says in the book, that his ego was somewhat responsible for the success. Ray encountered failures ever since he opened his lemonade stand. He sold paper cups for 17 years before realizing the demand was diminishing and was forced to take an entrepreneurial risk. After his time at Lily Tulip Cup Company, Ray invested his own time and energy to sell Multimixers (milkshake makers) to restaurants. His first attempt at opening a McDonald's was an absolute disaster; He faced legal issues and operational setbacks. Despite these failures, Ray remained focused on his goals and took each problem head-on one at a time.

2) Ray displayed tenaciousness more than anything else. In order to succeed like Ray did, you must fail like he did. Not once did his shortcomings alter his vision or goal. If anything, they motivated him to work even harder. After running into legal issues between him and the McDonald's brothers, Ray said, "So I said, 'let them try', and I plunged ahead" (Pg. 70).



3) One part of the story, when he first got started in McDonald's, was confusing to me because I didn't quite understand how Ray was able to work in the venture and support his sales company at the same time with minimal help. He mentions working long hours and commuting miles between the two businesses, but still I can not comprehend him doing that.

4) If I had the chance to question Ray Kroc, I would ask:

     - Did you ever regret not spending as much time with your family? Family-work balance is important for your health and well being

     - How are your able to manage your time and maximize it? Do you have a certain routine or practices? He has the same amount of time as everyone else, yet he accomplishes so much more.


5) I believe Ray's opinion of hard work would be, more or less, the foundation of success. If there is one thing I learned from this book is to set your ambitions high and go after them relentlessly. I truly believe in that mindset.

14A – Halfway Reflection

So you want to be an Entrepreneur

Reflecting on the past two months of this class and the semester in general, I have been pushed to my limits. Every day the little voice in my head is always reminding me of the easy route, "It's only one assignment its not going to affect your grade that bad" and "Just do it later". Being able to combat those thoughts and the negative words of others (during interviews) and simply grinding it out are a few skills I've built upon so far. During the early assignments of identifying opportunities and forming a belief, I felt like giving up. I have been conditioned to start solving a problem immediately when faced with one, but what the issues (needs) that are not well-defined or left open-ended? These assignments forced me to think from the perspective of a consumer and from my own experiences. The early weeks of this class lays the foundation for the rest of the class and hopefully your entrepreneurship endeavors as well; falling behind hinders your ability to build upon important concepts (and causes major stress). Here are three tips that I suggest you follow:

1) Schedule - Thinking ahead about future assignments and writing down what you hope to accomplish is one way to stay on track. The assignments and readings in this class can not be done the night before. Reviewing the assignment criteria as early as possible gives you time to connect your experiences and thoughts, producing better solutions.  Besides, if you schedule your assignments, you are less likely to push them off.

2) Rapidly test ideas - When you are identifying potential opportunities and creating your business concept, do not get attached to the first solution or potential need. That solution is probably your worst one and the need you have identified may not be as scalable as you first thought (after reflecting on your interviews). Rapidly testing ideas and keeping your mind open to new ideas will produce more elaborate and sustainable results. This process has greatly improved my tenaciousness. It took me many hours, trial runs, and interviews to narrow down on one concept, and there is still more refinement that needs to be done.

3) See it through - Once you have a plan to complete an assignment or a concept to pursue, see it through to the end. I guarantee that once you finish what needs to be done, you will have a sense of accomplishment and more importantly, you will have experience. Giving anything less than 100% effort does not and will not produce exceptional results or tenaciousness. The only thing that should remain constant is your willingness to learn and your drive to succeed.

12A – Figuring Out Buyer Behavior No. 1

Market Segment

My market segment is elderly people (65 and older) that live alone or independently (no caretaker).

Interviewee #1

Need Awareness

I interviewed an elderly woman at a laundromat that has an issue with robocalls and people claiming to be from the IRS. She was scammed a few hundred dollars from someone claiming to be a family member in jail. I asked her if she's become more cautious about phone calls when she's home since the incident. Her response was yes. She said it's a problem because now she misses phone calls from important people (she gave family members and doctors' offices as examples). She said after 8:00pm she ignores phone calls.

Information Search

I followed up asking her what she did immediately after the scam. She said she reported the incident to police and they told her about precautions to take. She also did some research on scams, but she felt overwhelmed with all the links and information. 

Interviewee #2

Need Awareness

I interviewed an elderly man that realized he had an issue with scams after his wife was a victim. He told me the story of how late one night his wife answered a phone call and immediately after told him to get dressed to leave the house. He remembers asking what the problem was, but she didn't give him a definitive answer - only that it was an emergency. He drove her to Walmart and she bought gift cards. Within the next hour, he said the money was gone. He was pretty frustrated that she didn't communicate with him or anyone else; she told him the person on the other end said to keep it to herself (which is a major red flag). He still feels sick thinking about that night.

Information Search

Following the scam, he contacted close family members and told them what happened. They recommended that he only answer phone calls from recognizable numbers. He said that's all they said about it and still feels exposed. 

Interviewee #3

I spoke to a woman that was a victim of an email scam. 

Need Awareness

She told me that one afternoon she was enticed by an email promising her good deals at her local grocery store. She clicked on the email and followed the directions to access the coupons. Her entire account was breached and she lost valuable rewards points and some personal information was exposed. She was very upset and questioned why google mail didn't filter the email to begin with. She admitted that something didn't feel right in her gut, but she went with it anyway. 

Information Search

After the incident, she called the grocery store and notified them what happened. Her account was deleted. She looked more into Gmail's features and set up a better spam folder. Also, she turned to her nephews that were more experienced for help. She hopes that the improved settings will prevent anymore email scams. 

Summary and Conclusion 

From these interviews, I was able to gather 3 key points. First, each interviewee felt terrible after being scammed. Second, the information search differed from each person, some contacted family and others searched online for trusted sources. Either way, the information search was almost immediate. Lastly, I learned that despite all of the useful information about scams online, these individuals found websites to be confusing and hard to navigate. These interviews were very informative and showed me how potential consumers and members in my target audience first encounter and attempt to solve the issue. Their personal stories and experience is invaluable knowledge that is helping me form my business concept. This specific segment, people over the age of 65 and live independently, is conscious about the issue and goes to great lengths to mitigate the risk of it happening again.

11A – Idea Napkin No. 1

The Business Concept

We help the elderly stay informed on current scam tactics so they will become less likely to fall victim.

About Me

I am a second year Information Systems and Operations Management (ISOM) major looking to specialize in cybersecurity. I am fluent in multiple programming languages and has experience in network security and fraud identification. Recently, my two grandparents were victims of a phone scam and almost lost thousands of dollars if it wasn't for the diligent cashiers at Walgreens. I believe this business concept will greatly impact my life, the relationships with victims of scams, and I hope one day the business' influence will spread nationwide. 

Value Proposition 

I am providing senior citizens with relevant and easy to understand information about scams, scammer tactics, and preventative measures via a subscription based service that delivers the materials to their home on a weekly or bi-weekly basis.  Unlike other companies what specialize in technical scam protection, my business will satisfy the heart of the need: a growing knowledge gap between the elderly and scams. 

Target Audience and Market Segment 

The target audience is people in the U.S. that are 65 years or older and live at home (with no caretaker). Also, this population must have access to a home or cell phone and/or a computer with internet. Here is the following break down of the customer psychographics: attributes, interests, and motivations.

A - caring, trustworthy, and impulsive individuals 

I - interested in protecting retirement and other funds, interested in staying informed

M - values family, wants to live in retirement worry-free, security. 

Elderly scam victims share one thing in common: They believe the scam and scammers are REAL.

What's in it for You?

You've spent decades working hard to provide for your family all while building your retirement nest egg. Why place your money, assets, and well-being at risk? Scammers have been exploiting people like you for years, but do you know them and their tactics? At a fraction of the cost of an average scam you can protect yourself and your retirement. 

What sets us apart ?

Your healthcare provider may already send you information about scams through magazines or emails, but do you know that scammers are known to use your healthcare provider and other familiar company names to take advantage of you? Also, scam related information may be combined with other unrelated topics making the important information harder to understand and find. Our approach keeps things simple. Our patented information kits are straightforward and easy to understand, accessible, and delivered straight to your door. 

Summary

I believe that overall the five elements of the business concept align well with each other to solve the customer's unmet need. With that being said, I do think the weakest element would be the "Why do they care?" (What's in it for you?) because convincing the elderly population to learn something new is no easy task. However, looking at recent data regarding scams, an average of $2.9 billion is being taken from the elderly population in the U.S. every year so the need is there. How do I convince them to see the same problem and turn to my solution?

10A - Elevator Pitch 1

Link

Its a work in progress. Please any feedback is appreciated.

9A – Testing the Hypothesis, Part 2

The Opportunity 

I have a strong belief that the elderly population in the U.S. is more susceptible to phone and email scams due to rapidly advancing technology causing knowledge gaps. 

The Interviewees 

1) Senior home care employee
Notes:
Scams sounded realistic. They use emotion to lure elderly. Family ties. Not answer phone - monitor call her if necessary. Keep elderly up to date about scam. Tries to but cant be there all the time. Age group matters. Keeping them connected to those who know and trust. Isolated not good support are more susceptible. Mental ability - dementia.  

2) Senior citizen with a technology background
Notes:
Has encountered many Facebook and other social media scams. Reports scams to social media platforms and notifies friends of recent scams. Has never been scammed before. Always on the lookout and always cautious. 

3) Single mother of two children
Notes:

Trust. Does not have any restrictions. Does supervise and monitor phone usage. As they get older need more restriction. Tendency to explore. Elderly are really trusting. Pop-ups susceptible. Teenagers are more tech savvy. Tech exposure. AARP has a scam notice and magazine/newspaper targets seniors. don't rely too much on internet.  Scammers use companies like AARP. 

4) Retirement home
Notes:
Dependent and independent, still have phone and internet access. More significant monitoring less of a need. Informed employees about scams. Assisted and one-on-one supervision. Connection is important and vigilant. 

5) Grandparent who lives with her son
Notes:

Rarely answers phone calls unless she knows caller. Doesn't have email access. Son has taught her about phone scams, what to look out for, to a certain extent. 

Summary

In this set of interviews, my who, individuals and organizations, are either very knowledgeable of scams, do not encounter scams enough to find them important, or have found another way to deal with scams. These interviews are still focused on the elderly and the very young (learned about this potential group in the previous set of interviews), but their responses highlighted different needs and reasons for those needs that set limitations on my target audience.

The senior care employee has worked with many elderly individuals, some have been victims of phone and email scams in the past. She has been trained to identify scams that target the elderly and assists her clients by teaching them about scams. When she is present, she monitors client's phone calls. I found some similarities between her responses and the responses from the retirement home. At the retirement home, seniors are monitored on a spectrum from total care to assisted living. Where the senior falls on the spectrum is important because those living in total care may not even answer phone calls without supervision. Also, information spreads relatively quickly between seniors and personnel in the home. A senior informed me that her experience on Facebook and other social media platforms helped build her knowledge of scam tactics. She remembers receiving email scams that claimed to be from the developers of the game she plays on Facebook. After receiving so many scam emails, pop-up scams, and phony calls, she believes that she will never become victim of a scam.

It appears that the more interaction and guidance the elderly receive the less likely they will fall victim to scams. The threats of phone and email scams are not fully diminished even with the assistance of someone knowledgeable, but their perceived need for an external solution (my solution) is greatly reduced. Seniors who are living with some form of assistance from family to retirement home would lie outside of my target audience. Also, some seniors may already believe their knowledge of scams is sufficient and would not consider themselves as potential victims. My solution would focus on seniors who live secluded and with little current knowledge of scams. From these interviews, their need was not more information about recent scams, one-on-one consulting, or an incentive to move away from technology. Instead, inclusiveness and being a part of  trusting community gave them the sense of security. My solution has to provide those within my boundary a similar or greater sense of security. 

Table

Inside the Boundary	Outside the boundary
Elderly who live alone Little knowledge about technology	Tech savvy individuals and Elderly with consistent monitoring
Consistent and relevant information about  scams	The need is not consulting or anti-tech
The need is awareness and a reliable way to deliver effective information	The cause of the need is more focused on inclusion

7A – Testing the Hypothesis, Part 1

The Opportunity 

I have a strong belief that the elderly population in the U.S. is more likely to fall for phone and email scams because communication technology is advancing faster causing knowledge gaps.

Who: The U.S. elderly population
What: More likely to fall for phone and email scams
Why: Due to rapidly advancing communication technology causing knowledge gaps of scam tactics

The Interviews

1-- Walgreens employee

2--Telecommunications student

3--Senior citizen

4--T-Mobile representative

5--Federal Trade Commission (FTC) representative

Summary

The individuals I interviewed were very knowledgeable of the issues surrounding phone, text, and email scams (aka phishing). Some were in charge of filing scam reports, and others were trained to identify individuals who might be potential scam victims. I asked similar questions for every interviewee, but I changed some key words to expand the scope of the who, what, and why categories. Here were some related questions I asked:

1) Can you recall a situation where you believed someone was being scammed?

2) Which demographics are more likely to fall for scams? Least likely?

3) How are these effected demographics learning about scams? Are they even aware about scams?

4) How have phishing tactics changed overtime? What might be the cause of these changes?

5)What kind of precautions can someone take to prevent scams? Are they effective against today's phishing tactics? 

 After reviewing the responses from all the interviewees, the end result was a complete change of perspective on the issue. I've learned that the elderly are more likely to fall for phishing tactics, supporting by hypothesis, but young children are also vulnerable to these types of scams too. I had not thought about the other end of the age spectrum. The FTC and T-Mobile warned that phishing techniques have become more advanced overtime. For example, some scammers can track which companies you visited (via cookies) and send fraudulent emails with company logos. Why phishing tactics have changed is partially due to advancing communication technology and more about other related innovations. Since email's creation, there have been great innovations in communication technology. Despite these rapid advancements, the core functions of phone and email, the two major avenues of phishing scams, have remained relatively the same. As companies started expanding their presence with the assistance of the internet, scammers were able to take advantage. There are precautions and actions to take regarding email and phone scams, but after listening to the experts I can see how the elderly could overlook them. The simple reason is the precautions and reporting process is more complex than it needs to be, which exposes another opportunity. Terms like "authentication" and "Cross-referencing" might be understandable for many seasoned tech users, but the elderly may have a harder time understanding. 

8A – Solving The Problem

The Problem

The Opportunity -

I have a strong belief that the elderly population in the U.S. is more vulnerable to phone and email scams because internet and technology is advancing faster causing knowledge gaps.

(I modified the opportunity to include internet innovations mentioned in the interviews)

The Solution

I believe a marketable and feasible solution would be a subscription service that sends the elderly emails and learning material about the most recent and common scamming tactics. This solution works on filling the knowledge gap between rapidly advancing scam tactics and those likely to be victims of them. Another part of this solution would be an email based service that scans hyperlinks in emails and warns the user of potential scams. 

Identifying Opportunities in Economic & Regulatory Trends

Economic Opportunities

#1-- Farming Opportunities Amidst Trade War

After reading many articles on the U.S. - China trade war  (The Global Economy 2020: A Positive Outlook Shadowed by China, Debt, and Trade Tensions), I believe there is an opportunity for more cost effective farming practices for farmers in the U.S. Midwest. Based on recent economic trends and trade policy between the two countries, farmers in the U.S. have been struggling to sell important goods: soybeans, corn, and wheat due to tariffs. These crops not only financially support the lives of farmers, but are the foundations of many other markets. The prototypical customer would be farmers. An opportunity on this scale would be difficult to exploit considering each individual farmer is producing a unique variations of crops. Also, finding ways to reduce the cost of farming without violating regulations would be a challenge. 

I saw this opportunity because improving international relations to allow farmers to sell their products is what politicians are trying to do. Also, there is uncertainty when relations would begin to heal. This opportunity to target the farmers themselves by improving their operating margins is difficult, but can be exploited far sooner than the former option. 

Source: https://foreignpolicy.com/2019/12/31/global-economy-2020-outlook-positive-china-debt-trade-growth/

#2--Consumer Spending Could hint at Job Opportunities

An article titled Economic Trends: Reflections on 2019, Predictions for 2020 ranked 2019's fastest growing jobs, and hinted that consumer spending is a great trend to watch going forward into 2020. Based on this article, I believe an opportunity exists in non-tech industries, more specifically, the fast-food industry which is being revolutionized by the tech industry. Many people are looking to profit off the next big technology, but what about the needs of the fast-food worker who got displaced by a machine? I believe exploiting this opportunity could be very difficult. Those looking for jobs after being replaced by machines normally don't have the necessary skills to make an easy transition into another sector. 

This opportunity was reinforced after hearing 2020 Presidential Candidate Andrew Yang speak about automation and job displacement. What he has proposed so far with the "Freedom Dividend" only goes so far. My opportunity would focus on building the skills for those who were displace so they can return to the workforce.

Source: https://www.payscale.com/data/economic-trends-2019-2020

Regulatory Opportunities

#1-- Fishing Opportunities in Hawaii

A proposed rule by the National Oceanic and Atmospheric Administration (NOAA) would reduce the number of interactions between Hawaii shallow-set pelagic longline fishery and the leatherback sea turtle from 26 to 16. If this regulation passes, I believe the fishery would need to find another location to fish, start fishing a different species, or a technology to reduce the harmful effects of interaction. The prototypical customer would be Hawaii shallow-set pelagic long line fishery and fisheries who must account for endangered species while operating. I believe this opportunity would be relatively simple to exploit and solutions could be implemented rapidly.

I formed this opportunity greatly influenced by a wildlife conservation class. In the class, I learned about endangered species and the devastating effects of human interaction on ecosystems. In this situation, the fishery needs to abide by the regulations to prevent further depletion of the leatherback turtle population. Money can be replaced, species cannot. 

Source: https://www.regulations.gov/document?D=NOAA-NMFS-2019-0098-0006

#2-- Regulations Open Opportunities on Indian Reservations

A proposed rule by the Environmental Protection Agency (EPA) would set new requirements on natural gas sources to improve the air conditions on Indian Country. The Federal Implementation Plan (FIP), I believe, would create a need for a method to accurately measure emission output to compare to new regulation standards. The prototypical customer would be operators and managers of natural gas drillers in the region. I believe this opportunity would be somewhat easy to implement. These facilities most likely already have equipment to measure emission output, but with this new regulation comparing output to standards currently lacks an efficient method of comparison.

My prior experience with changing protocols and routines shaped my opportunity belief. I used to volunteer for a food bank each summer in high school. It was a great experience, but each time I went there were new procedures in place or a new layout to follow. The changes did affect my productivity and I believe it will be the same for natural gas operators and managers if the rule takes effect.

Source: https://www.regulations.gov/document?D=EPA-R08-OAR-2015-0709-0001