6A - Identifying Opportunities in Economic & Regulatory Trends

·     Economic Trend: Federal Reserve Lowering Interest Rates

o  Source:https://www.cnbc.com/2019/09/16/fed-decision-expectations-rising-that-rate-cut-might-not-happen.html

o  This leads me to believe that an opportunity exists to diversify investment portfolios since the Federal Reserve is continuing to decrease interest rates on its bonds. With many speculating that interest rates could potentially reach the negatives, this provides an opportunity for investors to diversify their portfolio through the stock market, real-estate, mutual funds, or alternative investments.

o  The prototypical customer to take advantage of this opportunity would most likely be middle-upper class Americans with disposable income to invest for the future. I do not think the opportunity is that difficult to exploit, especially with how easily accessible resources are to learn how to invest and diversify into these different asset classes. Also, there are a variety of services such as “Robinhood” that make it easy to track stock prices and invest so this economic trend provides an opportunity for people to learn about these different assets and how to invest in them.

o   I saw the opportunity because I am currently taking FIN3403 and I have been learning more in my free time about investing in the market and identifying arbitrage opportunities. With interest rates continuing to get cut, this makes treasury bonds a less attractive investment option, providing an opportunity to learn more about different investment types and to find other ways to continue to grow their wealth.  I am a finance major so I find it interesting to analyze these economic trends and identify ways to profit off of them.

·     Economic Trend: Rising Oil and Gas Prices

o  Source:https://www.thebalance.com/us-economic-outlook-3305669

o  This leads me to believe that an opportunity will exist in terms of developing alternative energy sources. The US Energy Information Administration energy outlook predicts the price of oil will rise through 2050. This provides an opportunity to take advantage of the growing emphasis on climate change and develop sustainable and renewable energy sources.

o  The prototypical customer to take advantage of this opportunity would be entrepreneurs or energy companies that are looking to grow economically and develop a product that could become a cornerstone in US energy usage within the next 50 years. If the prototypical customer can take advantage of this opportunity, they will have no issue selling their product to every homeowner or car owner in the US and beyond.

o   I think that it is still mildly difficult to exploit, however it is becoming easier. The media’s coverage on climate change is placing more stress on developing sustainable energy sources and with oil projected to rise, this is the perfect opportunity to capitalize. Companies like Tesla and Sono Motors are working on developing solar paneled cars so it will not be too long before we start to see this opportunity grow even further.

o   I saw this opportunity with how much climate change is being covered in the media today. The media is placing the spotlight on this controversial issue and I think this creates the perfect environment to develop and create a product that is energy-efficient and sustainable, minimizing the carbon footprint we are leaving on this planet. The news of Tesla and Sono Motors working on developing solar paneled cars has me interested in the future of energy efficiency and I think looking at hydro-power or even wind power and solar power provides some opportunities to exploit this need for sustainability.

·     Regulatory Changes: Legalizing Marijuana in the United States

o  Source:https://www.forbes.com/sites/mikeadams/2019/09/03/two-things-happening-right-now-that-could-force-us-government-to-end-marijuana-prohibition/#4c671485433e

o  This leads me to believe that there is an opportunity to begin to create and develop marijuana products as all the issues with vaping continue to get exposed. Over the past decade, the government has continued to relax its view on marijuana, as a whole, and this leads many people to believe that soon marijuana will be legal everywhere in the United States. Also, the issues with vaping and illegal marijuana vaporizers that contain harmful chemicals may push the government to legalize marijuana and become more regulatory of the industry, similar to tobacco.

o  The prototypical customer to take advantage of this opportunity would be current marijuana producers, tobacco companies, or entrepreneurs looking to expand and capitalize upon the marijuana industry. The tobacco industry in the US is worth $750 billion so there is no reason that marijuana can’t reach that worth, especially considering that marijuana is seen to have less dangerous side effects associated with usage.

o  This opportunity is still difficult to exploit, as it is still unclear when/if marijuana will be fully legalized in the United States. As long as marijuana remains illegal, issues will continue to grow associated with products not being tightly regulated. When marijuana does become legal, the opportunity will be extremely easy to exploit as there is already a market of people who would like to smoke and who do smoke consistently and making it legal will make it easier to purchase/consume products.

o   I saw this opportunity with how much I see vaping occurring on a daily basis. In recent news, the Juul and other vaping devices have been heavily criticized as people are starting to die or experience serious health issues as a result of these products. This leads me to believe that there will be an increase in regulation within the smoking/vaping industry, but that the government may decide to turn to marijuana since it is a more natural product. I also see that the market for marijuana has continued to grow, increasing tourism in areas like California and Colorado where recreational marijuana is legal, and that by legalizing it everywhere, this will make it much easier for consumers to access these products.

·     Regulatory Changes: Regulation of Cryptocurrency 

o  Source:https://www.cnbc.com/2019/09/19/heres-why-regulators-are-so-worried-about-facebooks-digital-currency.html

o  This leads me to believe that there is an opportunity to invest in cryptocurrency as the value will rise if the United States take a pro-crypto approach and decides to regulate the market. The regulation of cryptocurrency in the US will reaffirm the value and recognize it as an official asset. Currently, cryptocurrency has mixed reviews resulting from the lack of regulation within the market and the fact that some companies have yet to decide whether they want to acknowledge the presence of crypto within the country.

o  The prototypical customer would be middle-upper class Americans with disposable income to invest or eventually every American with income. Crypto could become the future of currency and there could come a time in the future where paper currency is completely removed and we get by paying for goods in stores with crypto on our cell phones.

o   I think it is still difficult to exploit this opportunity as crypto still has to get accepted and recognized in the US. Another difficulty may be that there continues to be a growing number of different cryptocurrencies that makes accepting them difficult. If cryptocurrencies can eventually be consolidated to a few and become regulated, this will certify their value and allow them to rise.

o   I saw this opportunity as I have friends that have invested/traded cryptocurrency like Bitcoin and have made a lot of money. I think the opportunity is there to invest in crypto as the value will rise if the US decides to step in and regulate the industry. The growing coverage on cryptocurrency allows it to start gaining recognition in people’s mind, but without government validation the value is quite limited.

5A: Identifying Local Opportunities

·     “Bahamians booted off Florida – bound evacuation ferry. Feds are blaming ferry company” by Monique O. Madan and Taylor Dolven of the Miami Herald.

o  https://www.miamiherald.com/news/local/immigration/article234873727.html

o  In this article, written September 9, 2019, the author is discussing how 119 people evacuating from the Bahamas right before Hurricane Dorian were forced to leave the ferry headed to Florida, despite having proper documentation.

o  Problem: Lack of viable transportation from the Bahamas to the United States. One of the primary reasons the ferry kicked these people off was that they were going to have to wait on a dock for all the passengers to clear customs, whereas the ferry company did not want to wait and did not feel the value in fulfilling the trip. All the customers were confirmed to have proper documentation prior to boarding, however the ferry company did not want to waste time sitting in a dock until everyone had been processed. The issue that this article exposes is the lack of transportation from the Bahamas to the United States, specifically during times of forecasted natural disasters. Perhaps if there had been alternative and more reliable forms of transportation to the United States from the Bahamas, there would have been less casualties than there were.

o  People: Residents of the Bahamas and tourists would directly be affected by this problem, especially during a natural disaster like Hurricane Dorian. When a natural disaster is forecasted to strike in the Caribbean, there has to be more reliable forms of transportation to get them to safety.

·     “SCR begins next steps of King’s Bay Restoration Project” by Buster Thompson of the Citrus County Chronicle.

o  https://www.chronicleonline.com/news/local/scr-begins-next-steps-of-king-s-bay-restoration-project/article_8409c344-d347-11e9-8a47-07a85e155889.html

o  In this article, written September 9, 2019, the author discusses restoration efforts for King’s Bay in Crystal River, Florida.

o  Problem: Pollution and contaminants in the King’s Bay in Crystal River, Florida. This article discusses the problem of pollution and contamination in one of the larger bodies of water in the county and also gives insight into the problem of removing the contamination and restoring the bay. The Fish & Wildlife Commission is aiding in the restoration which has removed gunk and pollutants from the bay and is pumping water through filters to remove nitrogen and phosphorous from the water, which helps algae grow even faster.

o  People:Homeowners with waterfront properties on the bay, the Florida Fish & Wildlife Commission, and honestly all of the people living in Citrus County are affected by this problem. While the restoration effort is currently focused on King’s Bay, the bay is connected to the river so any pollution that negatively impacts the bay will be sure to impact the river as well. Homeowners with waterfront properties want the bay to be healthy so that their properties retain value, the Fish and Wildlife Commission is concerned with the health of the plants and animals living within the bay and river, and all of the people in Citrus County are affected because this could negatively impact tourism within the county which revolves around its beautiful springs and nature preserves.

·     “Manatee, calf trapped in Daytona marina cove” by Eileen Zaffiro-Kean of the Daytona Beach News Journal.

o  https://www.news-journalonline.com/news/20190909/manatee-calf-trapped-in-daytona-marina-cove

o  In this article, written September 9, 2019, the author discusses how raised water levels during Hurricane Dorian caused a manatee and her calf to be stuck behind a retention wall in the Halifax River.

o  Problem: Rescuing the manatee and her calf and also preventing further wildlife from getting stuck during periods of increased rainfall/natural disaster. Daytona Beach Officials and the Florida Wildlife Commission are facing the problem of how to rescue the manatee and her calf that are currently stuck behind a retention wall in the Halifax River. The issue is especially concerning as the manatees are stuck nearby boat docks and the goal is to get them out of the river safely and back into the ocean. 

o  People:Florida Wildlife Commission, Daytona Beach Officials, and boat owners nearby the Halifax River are all being affected by this problem. The Florida Wildlife Commission is trying to safely rescue these animals without causing distress/injury to the animals. Daytona Beach officials are affected as they must save the animals to avoid bad publicity. Boat-owners along the Halifax River are also affected as they are unable to drive their boats or go fishing until these animals are safely removed from the cove.

·     “Students and activists make posters ahead of blue light protest on Fraternity Row” by Jordyn Kalman of the Independent Alligator.

o  https://www.alligator.org/news/students-and-activists-make-posters-ahead-of-blue-light-protest/article_6c882e9c-d4e9-11e9-a8c9-83afa3c1f69c.html

o  In this article, written September 11, 2019, the author discusses the recent outrage and protests on UF campus surrounding the lack of blue safety lights located around Fraternity Row on campus.

o  Problem: Lack of blue-lights around UF Fraternity Row has people feeling unsafe. Many people are protesting and outraged after discovering that there are zero blue-lights around fraternity row. This has people, especially women, feeling unsafe and wondering why there are no lights in this area. This problem is worsened by statistics reporting that a quarter of the sexual assaults at UF happen in on-campus fraternities (linked within the article). With two reported counts of rape/sexual assault within the last month and a half, the problem is considered very large and needs to be addressed.

o  People:UF students, faculty, and the National Women’s Liberation Office here in Gainesville are all affected by this problem. UF students want their safety to be ensured here on campus and the lack of blue-lights is counter-intuitive to that. UF faculty wants the school to be highly-ranked, yet this is difficult when the school can’t even take full precautions to keep their students safe. The National Women’s Liberation office in Gainesville is impacted as they aim to prevent sexual assault/rape and with the lack of blue-lights in an area that has statistically shown higher percentages of sexual assault, this problem is of high concern.

·     “Boil water advisory issued after water main break on Beach Boulevard” by Nick Jones of News4Jax.

o  https://www.news4jax.com/news/local/jacksonville/boil-water-advisory-issued-after-water-main-break-on-beach-boulevard

o  In this article, written September 11, 2019, the author discusses how a water main line break has now caused a boiled water advisory in the Jacksonville area.

o  Problem: A main waterline in Jacksonville is broken, allowing the water to become contaminated. With the main waterline breaking, some residents in Jacksonville face a clean water issue as they now have to boil their water before using it until the break is fixed. The article presents an opportunity in terms of creating a better water filtration system or creating a clean-water backup for residents so that in cases such as these, they are not left having to boil their water.

o  People:Residents in Jacksonville surrounding the area of the waterline and the Water/Sewage company that has to fix it are impacted by this problem as they are now without clean water until the line is fixed. They are now left with having to boil their water to clean, cook, and bathe. This problem also impacts these residents as some of them may have been unaware of the advisory and may have drank the contaminated water. The water/sewage company is impacted as they must now fix the mainline and ensure that water is not contaminated.

4A: Forming an Opportunity Belief

I believe that there is an unmet need regarding on-campus parking at the University of Florida. When analyzing this issue, I focused on on-campus parking for off-campus students. From 2015 to 2019, the amount of Park & Ride designated parking lots/spaces has slowly decreased as a growing number of students begin to transition to off-campus housing. While it would be easy to just say “Let’s build a giant new parking lot”, I wanted to try and find a more creative and cost-efficient solution. My belief is that UF could place cameras facing each parking lot on campus (similar to what already exists with gym live cams) and create an application that allows students/faculty to look at the availability of parking in real-time. UF students that live off-campus mainly would have this need as they are the ones who need to travel the farthest to get onto campus. This need has already existed; however, it is only growing larger as the UF student population continues to grow. Currently, most UF off-campus students utilize the RTS bus transportation system to get onto and off campus. I would say that there is at least a 60% chance that this opportunity exists because there are a large number of UF off-campus students that have Park & Ride decals that are unable or afraid to use them because they are unsure if they will be able to find parking on-campus. By placing cameras in each of the UF parking lots (for cars & scooters), UF students will be able to check on the availability of parking in real-time and be able to more efficiently find a parking spot.

#1: Off-Campus UF Junior with Park & Ride Decal for Car

·     How long have you had a UF Park & Ride decal for your car?

o  “This is the first year that I have purchased a Park & Ride decal since I am now living in an apartment off-campus.”

·     How often do you utilize your decal and park on-campus?

o  “I use it on the weekends mostly, it is very hard to find parking on campus during the week and I do not have the time to continue to scour the parking lot to find an available space.”

·     When did you first realize that there was an issue finding parking?

o  “The first day of school when I drove my car onto campus and could not find parking at 7am. I spent almost an hour looking for parking and ended up just paying to park at the Reitz Union because I did not want to be late to class.”

·     On the days that you do not utilize your decal, how do you get on/off campus?

o  “I use the RTS bus system pretty much every day during the school week to get to and from campus.”

·     How satisfied are you with your back-up method of transportation? Are you happy with this solution?

o  “No, it takes me much longer to get on-campus and I have to wake up much earlier to make sure that I do not miss the bus and make it to school on time. I also tend to spend much more time on campus than I would like as I feel like I have to schedule my whole day around when the buses arrive/leave where I want to go.”

·     How likely are you to purchase a Park & Ride decal in the future if changes are not made?

o  “I probably will not purchase a Park & Ride decal next year honestly if changes are not made. I would rather take the money that I spent on the parking decal and utilize that to just live in one of the apartments that are closer to campus.”

·     Would you be more willing to utilize your decal if you could see the availability of UF parking in real-time?

o  “Yes, I probably would be more willing just because I would have a better sense of how full the parking lots are on any given day. I wouldn’t have to spend so much time looking for a parking spot and might be able to actually get my money’s worth out of this decal.”

REFLECTION: After this interview, I learned that there is some truth to my belief about the inadequacy of on-campus parking for off-campus students. The RTS transportation system seems to be a fair alternative, however if improvements are made in allowing students to view parking availability in real-time, that seems to be the more attractive option.

#2: Off-Campus UF Sophomore with Scooter Decal

·     How long have you had a UF Parking decal for your scooter?

o  “This is actually the first year that I have had my scooter so I just purchased the decal this year.”

·     How often do you utilize your decal and park on-campus?

o  “I pretty much take my scooter to school every day. It is sometimes difficult to find available scooter parking, but I can imagine that it is much harder to find parking for cars.”

·     When did you first realize that there was an issue finding parking?

o  “My freshman year, I knew a few friends that purchased a decal and would attempt to drive to school. They ended up barely using the decal because it was so hard to find parking on campus. After seeing their experience, I decided to just leave my car at home and ride my scooter pretty much everywhere.”

·     On the days that you do not utilize your decal, how do you get on/off campus?

o  “Well, I mainly take my scooter to campus just because it is more convenient to me. On the days that I don’t take my scooter, I end up just taking the bus because it’s only like a 20-minute ride to campus and I won’t get as wet when it rains here in Gainesville.”

·     How satisfied are you with your back-up method of transportation? Are you happy with this solution?

o  “The bus is okay I guess, I would rather take that then try and bring my car on campus. The parking lots here are pretty tight so the odds of finding a spot with how many students go to school here is nearly impossible.”

·     How likely are you to purchase a Park & Ride or Scooter decal in the future if changes are not made?

o  “I would probably buy another Scooter decal for next year, but definitely not the Park & Ride. I feel like I would get better use out of the scooter decal because they take up less space than a car and the spots are better located closer to campus.”

·     Would you be more willing to utilize your decal if you could see the availability of UF parking in real-time?

o  “For sure, definitely! I think that could help scooter parking as well, as there are some days where I have to park in a different lot because it gets too full. Seeing the available parking would help save me some time.”

REFLECTION: After this interview, I learned that scooters are definitely trending upwards in terms of methods of transportation to get on/off campus. The implementation of cameras to view availability of parking can be applied to scooter parking as well, which would be beneficial to scooter riders. I also learned that maybe the implementation of my belief may be difficult as it may entice more people to purchase a decal, which would then create a higher demand for an already limited supply of parking on campus.

#3: Off-Campus UF Junior with no Park & Ride/Scooter Decal

·     How long have you had a UF Park & Ride decal?

o  “I currently do not have a UF Park & Ride or a Scooter decal, but I did have one two years ago when I was a freshman living off-campus.”

·     How often do you utilize your decal and park on-campus?

o  “When I was a freshman, I would utilize my decal probably around 4 times a week. Over time, it just became too much of a hassle to try and find parking on campus so that is why I did not purchase a decal last year and why I do not have one this year.”

·     When did you first realize that there was an issue finding parking on-campus?

o  “When I could not find parking on-campus right before my class and ended up having to park in a different colored parking lot. I ended up getting ticketed for it and just decided that the pain of having to drive to school was just not worth it on a daily basis.”

·     On the days that you do not utilize your decal, how do you get on/off campus?

o  “When I would not utilize my decal, I would take the bus to school. It wasn’t exactly the most efficient mode of transportation, but at least I knew that I was going to make it from/to school at a reasonable time every day.”

·     How satisfied are you with your back-up method of transportation? Are you happy with this solution?

o  “It was alright, if I lived closer to campus I would probably choose to walk though. The bus just takes a bit longer than I would like and I have to make sure that I check the RTS app continuously to make sure I make it to class on time.”

·     How likely are you to purchase a Park & Ride decal in the future if changes are not made?

o  “I definitely won’t purchase it again next year as I do not think it is worth it to pay $160 to just end up taking the bus to school. It just isn’t worth driving to campus and ending up not finding a spot.”

·     Would you be more willing to utilize your decal if you could see the availability of UF parking in real-time?

o  “Yes, I would be more likely to purchase a decal if I could see the availability of parking in real time. I would be able to just look at the app and then decide by how full the parking was if I want to drive or take the bus to school. At least it would give me an alternative option than just continuously taking the bus to school.”

REFLECTION: Not all off-campus students are open to the idea of driving their car to school again. After interviewing this student, it is clear that some students have given up on the idea of parking on campus as there just isn’t a high enough supply to meet the demand and to some students, paying the $160 for a decal is not worth the hassle and difficulty of actually finding a parking spot.

SUMMARY: I think about 60-75% of my original opportunity is still there, from what I originally believed to exist. The main issue that I found with my belief is that it will definitely make finding parking a bit easier, however it won’t solve the issue of the lack of enough parking on campus for these off-campus students. In fact, maybe implementing my belief will actually place more stress on the issue as more students could be enticed to purchase a parking decal, increasing the overall demand. My new opportunity is still an accurate idea reflecting the issue of on-campus parking for off-campus UF students, however it definitely is not as perfect of an idea as I originally thought. I think entrepreneurs should certainly listen to consumer feedback, however only to a limited extent. Consumers can provide some valuable feedback, however when creating something new or innovative, consumers may tend to voice a more hesitant or critical approach. People, as a whole, tend to focus on the negative attributes of an idea making it sometimes difficult to analyze their feedback and determine what is valuable and what should be ignored.

3A - Your Entrepreneurship Story

Since I was a child, I have always had a love for sports whether that be baseball, basketball, football, soccer, or even boxing. Like a lot of other children, I would collect trading cards of these sports as a way to bring myself closer to the game. As I continued to grow older, I realized that I would need to find some way to generate some money in order to continue to grow and improve my collection. This pushed me to start buying/selling/trading these trading cards from a monetary perspective, attempting to buy cards at a low price (when the athlete was not performing well) and later flip these cards when the athlete began to perform at a high level. What was a simple child’s hobby allowed me to develop an entrepreneurial mindset, allowing me to analyze data and trends, evaluate risks in buying/selling, and make decisions as to what my stance would be on certain players. My hustle buying/selling/trading sports cards expanded into sneakers and now the stock market. Utilizing platforms, such as eBay, I was able to take my hustle to the next level and transform it into a business opportunity that would allow me to generate revenue to support my college living.

This image displays how the PWCC 500 (trading index identifying the top 500 sports cards) has outperformed the S&P 500 over the last 10 years, showcasing the opportunity and growth that is possible in the sports card market.

            I enrolled in ENT3003 to help further develop my entrepreneurial mindset and allow me to think of things with a different perspective. Entrepreneurs tend to have a special way of looking at the world around us and I believe that taking courses such as this one is a good way for people to expand their vision and view of the opportunities around us. I am hoping to expand my mindset and thought process with this class, allowing me to improve the way I operate my “side hustles” and open my eyes a bit more to see more of the opportunities that surround us in the world today.