Final Reflection

I would not say that I could pinpoint any assignment to be the most formative experience. I would say that doing the interviews helped me to get new ideas and redefined what I needed to create and look for. It also helped me to feel comfortable talking about my idea and gave me insight on the best ways to explain it to someone.

The experience I will remember years from now is the absurdity of having to do three of these assignments a week and a cupcake quiz. It was hard enough to be able to complete three assignments, but some of the assignments needed to be planned for and would not be possible to complete last minute. In one of my previous posts, I noted that planning is essential for this course. The cupcakes did not seem like a good way to enhance learning in this class. They focused more on specific moments or topics covered but did not seem to focus on the overall takeaways from Dr. Pryor's lectures.

My most joyous experience is the one I am having right now knowing that this is going to be my last post for this class. This class requires a lot of writing and I am glad that I was able to make it this far.

I am proud of completing as many assignments as I did. I had no intention of doing every single one and I didn’t. I am proud that I should still be able to get an A in this course knowing that I wasn’t going to have to do every single assignment.

I think that the entrepreneurial mindset has become real for me. I am constantly thinking about the way things are done around me and how I can make it better for the people who need it! It has caused me to think about things from all perspectives when making decisions about how to do things.

One recommendation I would make to future students is to always plan and view assignments early so that you know what you will need to do in order to get it done on time. In order to foster this mindset, do not be afraid to come out of your comfort zone and feel embarrassed. Always have a willingness to try!

The Currency Traders Venture Concept 2

Opportunity

               This opportunity arose with the new anti-money laundering act for cryptocurrency. This called for a necessity for personal information to be associated with each trade between currencies. It was noted that this technology does not yet exist. This problem is going to directly affect the bitcoin firms and other cryptocurrency traders. This act calls for the legal requirements of the firms and trader to reveal personal information between the trading platforms. Based on my research, this market is all over the world. Cryptocurrency firms are found throughout the world and I noticed a cluster of them in South Florida. This is where we intend to begin operations. They are currently satisfying their needs by the traditional trading methods. This can now cause legal repercussions, but anonymity has been huge in these trades. This is a big opportunity to provide a service directly to the government and local business in Florida. This window of opportunity will only be around until someone designs an information system capable of transmitting the information. I believe that even if someone else creates it, we can still develop one that will function more efficiently and safely.

Innovation

               We have begun creating an information system that will use unique uuids from the servers to attach the personal information encryptions. An informational video will be used to demonstrate how to use and navigate our platform. We are planning to use fingerprints to generate the uuids and keep this methodology as a safety mechanism. This will allow users to trade by scanning their fingerprint and their personal information will be sent encrypted with the trade information. This information system will communicate with your existing servers to send and receive the data. We are hoping this will be our secret sauce because the complexity of this system and the exclusive knowledge of its functions with my software developer and me. We want to keep safety a priority and we plan to create or recommend our own security software or one that will work with the information system. We plan to charge a percentage of the transactions in the form of a transaction fee. Starting at a 5% fee of the transaction volume, we plan to use this money to fuel our innovation and development for further improvements and fixes that may arise. This money could also be used to fund our next innovation of setting up a currency trading platform so that users can go directly through us rather than using another firm that is using our information system.

Venture Concept

               This information system is designed to transmit your information safely when trading. It was the norm to keep anonymity when trading currencies, but legal repercussions may follow if changes aren’t implemented. I think it will cause users to consider our product because of the legal repercussions that maybe facing if they have not already found a solution. The biggest concern I have is establishing credibility among investors and prospective customers. Our competitors could be the existing cryptocurrency firms. If they are trying to develop the information system themselves then we are directly competing with them. Their weakness comes from the fact that this technology did not already exist in their current operations. We have also decided to put a strong emphasis on the customer support will we provide. Problems may arise and we want to be there to troubleshoot and listen to the feedback so we can make better decisions with further development. I plan to start operations in South Florida. Targeting the existing firms there will give us useful information and feedback we will use to tailor our next steps. I plan to keep the business small to start. The software developer and I will launch the idea ourselves. My role will be in negotiations and arranging contacts. I also intend to provide support to the customers along with the software developer. We won’t need an office right away and already have begun development from home. From here, we hope to expand throughout Florida and continue development for the country potentially with the assistance from the government. In the next five years, I would see myself constantly traveling and visiting different countries to share this information system. This venture will provide a foundation for me to build off of and continue to expand my and the company’s horizons.

Summary of feedback and changes: My previous venture concept post did not receive any feedback from my assigned group. Based on some of the interviews I had, I have decided to create an informative video to explain how to use or platform and possibly include some information on how to do some basic troubleshooting. We have also decided to keep our business small in the beginning and start off with what we have right now. We agreed that finding another person at this time would be expensive and unnecessary until we have more demand for services. We were told to keep it as simple and easy to use as possible and we will do our best to make sure it is easy to use and troubleshoot. It will be a lot easier for us to start with what we have right now than to try and receive funding from external sources. Our main concern was establishing credibility and we do not want something like that to hold us back from development.

Exit Strategy

1. My exit strategy will be dependent on the success of the business. Assuming the business will survive the next 5 years I would expect to have a lot of technological changes because it is a technology-based company and technology has been changing at an unprecedented rate. If the business is as successful as I have imagined it to be than I would make it my priority and stay with it until I can no longer work. If I had to leave the company, I would pass it on to whoever can handle it whether it be my cousin or a long-term employee. Once I stop working, it doesn’t really seem like it will have much impact on my life other than my memories.

2. I have selected this strategy because I am a committed person. I have already worked for my current company for over 5 years and have been happy with the work I do and progression I have made. I made this business idea with the help of my cousin and if I had to leave, it would be right to me to leave it to him if the circumstances were right.

3. This has influenced my previous structure of positions because we would both be the authoritative figures in the company. I listened to his ideas when I conceptualized the business model we have. He has experience working in software development firms and I know that this is going to only help us to make ours better. He also explained the roles that the company would require which ultimately led me to the idea that this business idea would be started with us before we acquire any additional help. It helped me to understand the simplicity that we would have when we first launch and the complexity that it could grow into in the future.

Reading Reflection #3

Reading Reflection #3

Theme

1. The general theme of the book was dos and don’ts for your social media presence. This book gave useful tips on a variety of topics including how to design aspects of your social media accounts such as usernames, profile pictures, and goes into detail to explain how consistency can be a useful marketing strategy.

Connection

2. This booked enhanced what I was learning in class by giving me useful tips on how to create a better versions of my current social media. It gave me useful advice on improving my blogs too. It is going to make me think about the things that I say more now before I post them. This book has explained that we should think about the different ways people may interpret messages that we write. It also explained that we should think about the way things will be interpreted in the future. This caused me to think of a few things I may remove from my social media accounts because it has become outdated and may give someone the wrong impression about me.

Exercise

3. If I designed an exercise from this book, I would design it so that the requirements would be to follow tips 3, 4, & 8 and create a social media account using these steps or tips. It could be any combination of the tips, but different combinations could create unique differences among each other. Some of these differences could actually help us to really differentiate our profiles too.  

Biggest Surprise

4. My biggest surprise from the reading was the tip about using the same profile picture across all accounts. I thought that this would be strange, but the text suggests that using a consistent profile picture will help to create a consistent image of yourself. It said that this can make it easier for people to recognize your brand or image. I realized that this is true and is useful for brands that are currently marketing themselves.

Celebrating Failure

Celebrating Failure

The Failure

My biggest failure this semester had to be Exam 1 in marketing. This was not a traditional failure in which I set myself up by not preparing. I was caught up on all material including LearnSmart chapters, quizzes, and live lectures. I took active notes on all lectures and chapters. Dr. Cooke told us that if we had kept up with those three things than we wouldn’t have to worry. I also further prepared for the exam by studying a copy of his previous version of exam 1. The week before the exam, I was involved in a car accident. After that, I was left with a totaled car and a sprained back. I did not get as much time to prepare for the exam the week of because of having to deal with the insurance companies and my health. The prescription I was given made me drowsy, dizzy, and unfocused. When I took the exam, I can’t even remember if I took my medicine and it made me lose focus or if I was just so exhausted and in so much pain that I couldn’t concentrate. It didn’t help that Dr. Cooke came to the exam and made an announcement during the exam destroying my concentration. Before I even finished the exam, I knew I was going to fail.

Learning Experience

I learned that the medicine I was taking was ruining my concentration and making it way more difficult for me to study or focus. I also learned how important it is to devote time to studying before the exam which I could not because I was forced to deal with my personal health, attorneys, and insurance companies. I knew the material I was going to be tested on, but I think the circumstances and the condition I was in had a huge influence on my failure. I can say with certainty that the accident was a huge contributor to the failure. For exam 2, I did not even study as much as I did for the first and I got an 81. Given the circumstances I probably shouldn’t have even taken exam 1 when I did but I wanted to get past the accident as soon as I could.

Reflection

Failure is always hard, and I was embarrassed to have myself in such a condition. It was not something that I did to myself. The person who totaled my car almost ruined my first semester at UF. To this day, I am still in pain and forced to fit 3 physical therapy appointments a week in on top of being a full-time student and working 20+ hours at the pharmacy while living on my own! I still feel like I am failing because I am running out of money and my grades suffered after the accident. The advisor I met with encouraged me to drop a class but didn’t bother to tell me about not getting any of my money back. It was almost as if she didn’t even get how important the investment was. At that point, I realized I didn’t have a choice but to push through this and hope that I could still pass. I am already risking everything by trying to make it through this. At this point, I know I don’t have much of a choice. I think that dropping a class and losing about $750 for the class I paid for would have crippled me worse than the accident did. I don’t understand the logic behind what my advisor told me unless she didn’t see how important the money was for a full-time student living on their own with no financial support at all. The biggest risk I am taking is the fact that I am still trying to finish what I started this semester.

What's Next?

Existing Market

1. First our products and services will consist of the information system itself and support and troubleshooting services.

2. My interviews informed me that my information system should include an introductory video that will explain how to use the information system. They also informed me that our services should include teaching services to show users how to use the system through support services. Last they informed me to make the information system easy to use. This may be harder to achieve because of the current complexity and security needed.

In response to the interviews I have decided to consider implementation of the introductory video and design it to show how the information system is to be used. This would be shown to potential investors and redesigned for finalized distribution. I have also decided to devote part of our services to train proper teaching methods and consultation techniques to prospective customers.

               My interviews recommended that this information system is easy to navigate and use. We would not want to risk security and efficiency in development so it may be hard to make it seem simple to use. Therefore, we will have to have an explanatory element to our product initially. I think that if we can effectively explain how to use it, it will be easier to use.

New Market

1. We plan to go direct to consumer by providing the entire trade through our platform. Instead of having the various firms using our information system we are planning to develop our own trading platform using our information system that will allow you to trade safely and legally.

2. The interviews advised me to advertise primarily online and on TV. One of my interviewers said that advertising is going to be a necessity in my product/service mix. With a much stronger need for customer awareness, I would initially try to advertise online. I was also advised to create a security software for the information system to use and potentially to sell to others.

               I learned that this market may require a lot more resources and human capital to acquire. This differed with my expectations. It would also mean we would be competing and risking cannibalization of lucrative deals. I would continue to consider this potential market, but my primary focus is going to be on the information systems development. I was surprised by the amount of advertising that is going to be necessary to inform this segment.

This market is still attractive after my considerations. If I am providing the service to firms and customers, I believe I can create a larger market share. I learned a lot from my interviews. They provided me with useful ideas that I hadn’t considered yet and I realized that they had direct applications to my idea.

The Currency Traders Venture Concept

Venture Concept

The Currency Traders

Opportunity

               This opportunity arose with the new anti-money laundering act for cryptocurrency. This called for a necessity for personal information to be associated with each trade between currencies. It was noted that this technology does not yet exist. This problem is going to directly affect the bitcoin firms and other cryptocurrency traders. This act calls for the legal requirements of the firms and trader to reveal personal information between the trading platforms. Based on my research, this market is all over the world. Cryptocurrency firms are found throughout the world and I noticed a cluster of them in South Florida. This is where we intend to begin operations. They are currently satisfying their needs by the traditional trading methods. This can now cause legal repercussions, but anonymity has been huge in these trades. This is a big opportunity to provide a service directly to the government and local business in Florida. This window of opportunity will only be around until someone designs an information system capable of transmitting the information. I believe that even if someone else creates it, we can still develop one that will function more efficiently and safely.

Innovation

               We have begun creating an information system that will use unique uuids from the servers to attach the personal information encryptions. We are planning to use fingerprints to generate the uuids and keep this methodology as a safety mechanism. This will allow users to trade by scanning their fingerprint and their personal information will be sent encrypted with the trade information. This information system will communicate with your existing servers to send and receive the data. We are hoping this will be our secret sauce because the complexity of this system and the exclusive knowledge of its functions with my software developer and me. We want to keep safety a priority and we plan to create or recommend our own security software or one that will work with the information system. We plan to charge a percentage of the transactions in the form of a transaction fee. Starting at a 5% fee of the transaction volume, we plan to use this money to fuel our innovation and development for further improvements and fixes that may arise.

Venture Concept

               This information system is designed to transmit your information safely when trading. It was the norm to keep anonymity when trading currencies, but legal repercussions may follow if changes aren’t implemented. I think it will cause users to consider our product because of the legal repercussions that maybe facing if they have not already found a solution. The biggest concern I have is establishing credibility among investors and prospective customers. Our competitors could be the existing cryptocurrency firms. If they are trying to develop the information system themselves then we are directly competing with them. Their weakness comes from the fact that this technology did not already exist in their current operations. We have also decided to put a strong emphasis on the customer support will we provide. Problems may arise and we want to be there to troubleshoot and listen to the feedback so we can make better decisions with further development. I plan to start operations in South Florida. Targeting the existing firms there will give us useful information and feedback we will use to tailor our next steps. I plan to keep the business small to start. The software developer and I will launch the idea ourselves. My role will be in negotiations and arranging contacts. I also intend to provide support to the customers along with the software developer. We won’t need an office right away and already have begun development from home. From here, we hope to expand throughout Florida and continue development for the country potentially with the assistance from the government. In the next five years, I would see myself constantly traveling and visiting different countries to share this information system. This venture will provide a foundation for me to build off of and continue to expand my and the company’s horizons.

Unfair Advantage

Resources

1.  Extensive Customer Service Support

·        Value provided by the software developer and I, we are available to troubleshoot problems and provide support on call. Rare support that can not be duplicated because of exclusive knowledge on product. Not imitable because of unique design by software developer and an insider understanding of products not disclosed to non-buyers. This type of information system did not exist when the anti-money laundering act passed. There is no substitute available easily.

2. Email, website, or telephone communications

·        This has value because it provides our customers a way to contact us. Rarity is lower because a lot of other firms have access to these things. Imitability is high on this resource because almost everyone has access to this in our area of operations. Substitutability is available through our different mediums to align with customer preferences.

3. Access to technology

·        Value coming from our existing technology (computers, software, and hardware) that we already own that we will use for development. Rarity existing from the simplicity of technological development methods. Imitability is much more achievable because of use of simple technology. That technology will be substitutable and upgradeable.

4. AT&T Fiber Internet Connection

·        Valuable because this service is top of the line internet service and is limited to certain areas and is going to be used in development. Rare because it is only available in certain locations. Imitability is lower because of the locational exclusivity. Substitutability is lower because there isn’t a service in our area that is the same as this that will be available to use instead.

5. Lenovo, Dell and Toshiba business computers

·        Valuable technology that we will use in development that we already possess. Rarity is lower because other firms may have the same or different computers already. Imitability is high too because they are inexpensive computers and can be purchased by almost anyone. Substitutability in the different models we have for use.

6. Close Connections

·        Value coming from the ease of communication with our services and customer support. Smaller team causing closer relationships. Rarity coming from the barriers typically associated with customer support such as anonymity. Imitability for close connections is high for smaller organizations but increasingly difficult for large ones because of increasing employment population. Other resources can provide similar consulting practices, but we will have exclusive knowledge on our product.

7. Cross-cultural awareness

·        Value coming from the diverse cultural awareness and understanding we already have. Rare because not all firms have a diverse background and mindset. Cross-cultural awareness is usually achieved easier in larger organizations. Imitability is going to be low because it will be hard to replicate the diversity we have learned over the years.

8. Potential for expansive development

·        Value is huge because we are wiling to make changes and improvements over time. Rarity is not a top factor because other organizations continue developing information systems too. Imitability should be low because of complexity and exclusivity of our product to non-buyers.

9. Financial Stability

·        Value is a top factor because of use of returns to continue development and innovation. Rarity coming from the few expenses that will result from operation. Imitability is not impossible because other organizations may have a longer financial history and reserve.

10. Passion for service

·        Value coming from the heart of our organizational culture. Rare because of the complexity the services provided. Imitability is high because of shared beliefs in services. This will not be easily substituted because of the unavailability of alternate information systems.

Our top resource is the first one. The complexity of the information system may cause a lot of problems and necessary troubleshooting. We are prepared to handle all requests and provide the best service to you. We are going to make sure you get the information you need, and the feedback will be used in further development guidelines.

Elevator Pitch #3

1. https://www.youtube.com/watch?v=M3gStSPC7qY

2. Reflection: The feedback on my last pitch included positive feedback on the way I was dressed. I decided to continue that in my third pitch by putting on my suit and tie for the delivery of this pitch. The feedback also noted that the hand gestures added to the quality of my pitch, so I made sure to try to use some hand gestures in this pitch too. I was also told that with a little more practice my pitch would be perfect. It is still not perfect, but I hope I have made some improvements.

3. Changes: I have implemented a request to my prototypical customer to pay a percentage to me for use of my service. This money will be used to continue development and innovation as mentioned in my pitch. I feel the same in front of the camera as I did the first time. I knew the format of my speech a lot better than I did the first time and I believe I will continue to change and tweak it to cater to my audiences in the future. I hope this pitch is better than the previous two if not the best so far. I was in a car accident on the day of my first pitch so I hope my work seems to have improved since then.

Reading Reflection #2

Mindset : How You Can Fulfil Your Potential

Carol Dweck

1.    Theme: The theme of this book was situations and experiences and the responses people had to them.

2.    This book connected to my experiences in entrepreneurship by showing me the importance of questioning and considering other opinions. This book caused me to think about different experiences I have had and how I could have and did learn from them. This book gives a strong push to think differently about situations and experiences and I think that I can relate to the types of people that were interviewed.

3.    If I had to design an exercise it would be like the situation or experience-based scenario question interviews like in the book so that I could gather reactions and thoughts from others. I would ask people questions about similar situations I have had and see how their responses differ from mine and to see what could have been done differently. This would help me to understand more about how I responded to things compared to how others would. I would hope that this would ultimately help me to be better off in the future.

4.    The biggest surprise was the number of quotes from interviewers that were used. It seems like its one of the most important parts and essential to understanding how interviewers felt.

Grow Your Social Capital

Growing Your Social Capital

 My industry domain expert is a Senior Vice President - Corporate Development, Chief Legal Officer, Secretary at Alphabet Inc. His name is David D. I found him on Hoovers and he fills the spot because he is in charge of development and legal affairs. He will likely know about the anti-money laundering law or he would know about any legal action they may have had or must take. I have sent an email to David to see if he will respond with any information about the legal process that they are using or advice on my elevator pitch. I think this is going to enhance my business idea because he can provide me with useful information that I will consider when developing my idea.

My industry supplier contact is Rick O. He is the Senior Vice President, Hardware Division, Google Inc. at Alphabet Inc. I also found him on Hoovers. He fills this spot because he knows all about the technology that is being used and can likely provide valuable information on which technology I should use. I have sent Rick an email to see if he would share some advice on which technology I should use for my business idea. This person will enhance my network by providing knowledge from experience with the latest technology.

My industry market expert is Lorraine T. She is the Senior Vice President, Marketing, Google Inc. at Alphabet Inc. I found her on Hoover and I have sent an email to her requesting some advice on how to best market my business idea. She fills this role because she is one of the main leaders of the marketing team. This person will potentially enhance my network by providing useful and current marketing advice that I can use in the development of my idea.

Reflection: This experience will cause me to be more selective when I am networking. It could be a good idea to try to network with everyone, but with limited time it may be best to network with the right people. This experience did differ from my past networking experiences because I usually make connections easier in person. Making a connection to someone online can be deceiving.           

Idea Napkin #2

Idea Napkin #2

1. You- I am Matthew Shim, I am attending the Heavener School of Business as a junior this year. I have been developing my skills and experiences in business by working part time since I was 17 years old at Publix. I have learned the basics of working and business cycles and now I am enhancing my experience and knowledge as a student at the University of Florida. My talents range from time management and accuracy skills that I learned from working in the pharmacy to communication and premier customer service skills that I learned from working in customer service. I am aspiring to develop a secure information system that I hope will be implemented around the world. I imagine it to become my career and take the place of all my time not including my personal time but maybe some of it.

2. What are you offering to customers? I am offering a secure and fast information system that will provide ease and security to customers needing to make transactions with their cryptocurrencies. This system will be efficient and strong enough to handle high volume trading in the event of price fluctuations. This system will be in complete compliance with the law and will enable firms and customers to deal with this new regulation worry free.

3. Who are you offering it to? I am offering this service to anyone. People with criminal records for money laundering will be exempt. This is primarily going to be used between firms, but it is a service that enables them to continue serving their customers. They are going to be ranging from age 18+. They have something in common and that is an investment in cryptocurrency.

4.Why do they care? They care because they want to keep trading. They care because it is in response to the anti-money laundering law. Ignoring this new law could land them in prison. They will appreciate the security and efficiency we will offer.

5. What are your core competencies? We are different because no one can replicate the unique skillset and experiences I have. They also do not have the advantage I have with the help of my software developer. My software developer has years of experience and already has started developing our first prototype of the system.

I believe that my idea fits together for the experience that my software developer and I have. Let me know if you see weaknesses in my plan. I am not able to explain the changes I made based on feedback because my first post never got any.

Create a customer avatar

My prototypical customer looks like this. They could be any gender. They could also be any race. They may not always be wearing a suit, but they are well-dressed and ambitious with integrity in their eyes. Their hobbies include investing and shopping. They prefer to drive luxury cars. They drive dark colored middle-class cars that are decent quality. Shark Tank, Dexter, and Breaking Bad are their highest rated TV shows. Some of them are parents, but most are not. They are aged between 18-35 and they feel like they are young. This is part of the reason why most of them don’t have kids yet. They may even think that having a kid will make them feel older.

I also like the show Shark Tank. I imagine them to like Shark Tank because it is widely viewed and appreciated among the business community. I have also learned a lot of different entrepreneurial approaches to presenting business ideas. The show has been very educational to me and others.

Elevator Pitch #2

Reflection

Based on my last elevator pitch's feedback, I have made a few changes to my pitch. I have included what my with my product will do and what I plan to do with it. I have also included a part that will inform the listener to the terms of our product use. I listened to your feedback and I have decided to wear my suit again! I did my best to be serious with my presentation and informative. I have also tried to keep implementing my hand gestures, but the camera didn't capture it all this time. The first elevator pitch I recorded was on the day I got into a car accident. It was a lot harder to make that video than it was to make this one. My first video I was having trouble with speaking without making a mistake or pausing for too long. This time I had a basic plan of what I wanted to say and the order to say it in and it made it a lot easier for me to say what I wanted.

Link to pitch: https://www.youtube.com/watch?v=6DABOrSmd3g

Secret Sauce

Secret Sauce

Viewer Discretion is Advised!

My Reflection

1.      I think I am different from others because I have a very relaxed and calm personality.

2.      I have experiences from all over the US and some from the Caribbean increasing my cultural awareness.

3.      I have learned strong time management skills from working in the pharmacy.

4.      I have also learned how to be very accurate and precise with my work. Any mistake in the pharmacy can harm someone.

5.      I have played sports and worked for years making me a strong team player.

 Interviews

·        My cousin Chris (Chris mentioned my helpfulness. He also talked about my dedication and focus.)

·        My best friend Alex (Alex said I have analytical skills and general knowledge. He also mentioned how I can do things quickly which supports my time management assessment.)

·        My best friend Levi (Levi told me that I am a realistic thinker. He said that I have good personal relationships.)

·        My friend Callie (Callie also said that I have a strong general knowledge. She mentioned I am good at video games.)

·        My cousin Julian (Julian said I am a fast learner. He also said I am a good problem solver.)

Reflection

               My interviews described me as a problem solver and someone possessing a very analytical mind. They said that my emotions were very concealed and that I did not easily get bother by smaller things. I think that this reflects my relaxed and calm personality. They mentioned that I am very methodical with the way I plan and do things. I didn’t mention being a quick learner, but my cousin Julian mentioned that I am. Levi mentioned that I am good with personal relationships with adds to my comment on being a team player. Chris mentioned that I have strong focus and determination when I set objectives which ties in with my time management skills in the pharmacy and accuracy. I think that I assessed myself in a work situation and my friends did in a normal one. I agree with all the things that they said in general. To make corrections to my list, I would think about myself in a normal setting and not my personality when I am at work.

https://soundcloud.com/matthew-shim-239486942/levi-interview

https://soundcloud.com/matthew-shim-239486942/julian-interview

https://soundcloud.com/matthew-shim-239486942/chris-interview

https://soundcloud.com/matthew-shim-239486942/callie-interview

https://soundcloud.com/matthew-shim-239486942/alex-interview

Figuring Out Buyer Behavior #2

Figuring Out Buyer Behavior #2

Interviews

·        Hunter

·        Grant

·        Olivia

Alternative Solution

               I started my interviews with Hunter. He said that when he is looking for a solution, the thing that has the best quality and best price are the deciding factors. He said that he would pay more if it was going to mean higher quality. Style did not matter to Hunter if it solved his problem and wasn’t too complex. Hunter did have more than one factor that influenced his decision. Quality and price are the combined factors that influence his decision.

Grant was different from Hunter because he valued quality. He said he would not mind paying a premium if it meant the best quality. Style is a smaller influence on him because he is already planning on spending more money so he trusts that the style will be a good one.

Olivia’s responses were like Hunter’s. She looks for the solution that offers the best quality at the best price. She said that she does consider style in her decision because she doesn’t want to get something that is awkward or unordinary.

How and where they buy

               Olivia said that she likes to do her shopping at the store first. She explained that it makes the decision easier because she can physically see what she is getting. She said she will shop online if she can’t find what she is looking for in a local store. Olivia also said that she likes to use cash to pay because long term finances are difficult for her to keep up with. She said that she makes her purchase decision by herself based on how money she has allocated.

Hunter said that shopping online is his method because of the variety he can find. He said that it is easier for him to search for something online than to look for it in the store. Hunter said that he usually tries to pay cash but if it is something very expensive, he will finance if he doesn’t pay too much interest.

Grant said that he looks online because it is easier for him to see reviews on the things he buys. He said that reading the reviews helps him to determine the level of quality he is seeking. He said that it is easier to see more similar options online than to have to look around in a store and judge something on his initial opinion.

Post-purchase evaluation

               Olivia’s evaluation of what she bought comes down to how well the quality held up. She said that if something broke or caused problems after the purchase she would not buy it again. Grant said that the quality had to be a long lasting one too. If it started to deteriorate within a month of the purchase or lose value than he would be upset with the amount of money he spent. Hunter said that if he financed something and it started to deteriorate before he finished paying it off than it was a bad decision. He said if it lasted longer than the financing period and the typical warranty period, than it was a good decision.

Interview Summary

               Everyone was affected by more than one factor when deciding. They differed by the extent to which each factor mattered. A combination of best quality and price were the most favorable option. I agree with the choice because it is the same way I make most of my decisions. I think Hunter is right about the solution needing to last for a certain period under a guarantee. This will make a stronger focus on quality, but it will be worth it if it keeps people from regretting their purchase.

Conclusion

               Based on this segment, I would design my product to be one that is a fair price and the best quality I can get for that price. I would like to avoid making people finance anything so it would have to be a lower price than what a premium would charge. I would try to do more research on exactly what price range would be acceptable for my target market. I would also make my service online so that it will be easily accessible and much easier to see the other alternatives that I may be offering.

Tenacity & Paying It Forward

Tenacity & Paying It Forward

1. Behaviors that constitute success: Planning is huge in this course. Every week there are blogs that must be posted and a cupcake quiz that is not available until a certain time. Planning is key to make sure you have stayed caught up on lectures and blogs. Watching about 3 hours of lecture and taking the cupcake in one sitting will not be beneficial because it will be harder to focus on what is being said rather than thinking about answers. Trying is huge in this class. There may be things that may make you uncomfortable such as interviewing strangers, but you will learn if you try. All my interviews have led me to information that I had not thought about originally. Professor Pryor encourages us all to try and supports us when we fail. Learning from our mistakes will make us better next time. I have survived this far because I dedicate certain times and days to focus on this class. Despite being a full-time student, I still make sure to give myself at least a day to work on each assignment. Viewing assignments before you intend to start working on them helps to form ideas about what you will write.
2. Attitude: I felt like giving up when I was a victim of a car accident on 9/26. It was very early in the semester and I lost my car. Many say that I am lucky to be alive, but I am more concerned with how I am going to proceed from here. I am still giving all my effort and more now because of this. My professor was understanding of the situation and is still supporting me through this difficult time. The fact that I am still alive pushes me to endure and persist with my schoolwork and job.
3. Tips: Planning will make it easier to manage the workload that awaits you. View assignments ahead of time to give yourself some time to plan and brainstorm ideas. Try to do each assignment, they will sometimes push you out of your comfort zone, but it will be beneficial when you are forced to do something like this outside of school.

Reading Reflection

The Wright Brothers

David McCullough

1. I was most surprised by how modest the brothers were. The fact that they could create something so advanced at their time still amazes me. Their father even was mentioned for how proud he was of his sons. They expressed modesty and were known to be true gentlemen. Wilbur is the person I admire most. I like the way he was described as quiet and reserved yet hiding a brilliant mind. I can relate to someone who is very reserved and focused on their own world. The thing that I least admired was their lack of effort in making a relationship. I can respect that they may have been too busy to settle down, but I feel like they may have missed out on a big part of life. Wilbur encountered serious adversity growing up. With the burden of his own health problems, Wilbur had a sick mother. Wilbur's health deteriorated causing serious pain and leading him to depression. Despite this, Wilbur managed to care for himself and his mother as long as he could.

2. Wilbur's competencies included responsibility. Wilbur was known for his devotion to caring for his mom despite his own health problems. It was noted that he may have extended her life by two years because of his care. Another competency demonstrated is teamwork. The brothers stayed very close and developed their ideas together. Despite arguments and disagreements, the brothers developed a historical invention together.

3. The most confusing part of the reading for me was understanding who was being talked about. Sometimes it would seem like they were talking about Orville, but they were actually talking about Wilbur through Orville's perception. It would be like that or they would talk about someone through someone else's perception which got a little confusing.

4.If they could fly anywhere on Earth would they prefer to fly in Ohio or somewhere else? I would ask this because they were so proud of their location growing up. There are so many more beautiful places to explore.

Would they attribute their innovation to boredom or a desire to be something? I would ask this because their ideas seemed pure without an incentive to make a ton of money. They seemed to have formed their ideas from their own perceptions of the world and their own journey for a thrill.

5. I think their opinion of hard work was basically just a way of life for them. They knew that they were devoted to something but didn't seem to want it any other way. I respect their passion and dedication, but I don't see myself to have a strong dedication like they did. In the future, I hope to feel as passionate about something as they did and all the hard work that I put in will not be anything more than a day in the life.

Figuring Out Buyer Behavior

Segment: The Cryptocurrency users

Awareness: My first interview was with Nick. He explained that he is most aware of this problem when he is ready to cash his currency or convert it. He also explained that this is when the value of the currency is higher than it usually is. My second interview was with Chris. He explained that he also watches the fluctuating values of the currency and looks for an opportune time to cash out. He said that the problem exists when he needs to convert the currency to cash. If he doesn't need to make a transaction, then he isn't worried about how to go about making a transfer. Julian was my final interview and he explained that this problem arises not only when the value is high, but also when he needs money to buy something. He said that he had so much invested in cryptocurrency at one point that he had to depend on making these transfers to pay various bills.

Information Search: Nick explained that his primary information search would be on Google. Using search terms like "How to cash or covert Bitcoin?" Chris said that he would also use Google and even Reddit to find answers. Chris said that he also used Reddit to find out more general information about Bitcoin. Julian has used all of the above searches but has personal experience dealing with these transactions.

Summary/Conclusion: My interviews pointed out that these transactions may spike when the value of the currency reaches a high. I also found out that there might be a higher demand for these transactions in our present time because of illegal activity not being formally traced as it is now required by law. Since criminals know that there is no existing system, they may be more inclined to do as many transactions as they can before the system is developed. On the legal side, users feel hesitant to make any transactions for fear of losing their personal information or being hacked. This segment of users searches for information on the internet. They will ask family and friends, but only if they have experience firsthand.

Idea Napkin

1. About me: I am Matthew Shim. I am the co-founder of the anti-money laundering information transfer system. I am working closely with a software developer to create this information system and then sell it to cryptocurrency firms and banking institutions. The main skills I will apply will include system development and communication. I plan to start in South Florida and expand throughout Florida. Specifically targeting crypto exchange and banking institutions in Miami first. This business idea will be a starting point for many more innovations and systems my firm will develop.

2. Service Offered: My organization will provide customers with a secure and efficient information transfer system. This information system will allow individuals to transfer cryptocurrencies to their respective banking institutions safely in compliance with the anti-money laundering laws. This system will be in place to prevent illegal transactions that were resulting from criminal endeavors. This will create a structured platform that will work across different institutions and prevent criminals from trying to legitimize funds earned unlawfully. This will also provide an incentive for cryptocurrency users to use their respective cryptocurrency exchanges with our information system.

3. Service Offered to: Our services will be offered to banking institutions and cryptocurrency firms and exchanges. We intend to focus on development in South Florida before we expand our services throughout Florida. 55 cryptocurrency institutions in Miami, FL will become our target segment for our initial development. Despite the scarred reputation of Bitcoin in Miami, our organization seeks to bring a clean service to introduce to the market.

4. Why do they care? These organizations care because this information system does not exist yet. The new anti-money laundering law suggests that a change must occur for practices to remain in the boundaries of the law. There is personal information that now must be tied to each transaction and interpreted by both sides of the transaction. With differences in technology, our system will connect them and allow transactions to be made within the confines of the law. These organizations will have to create their own information system, search for others, or use ours.

5. What sets us apart? My organization has already developed a plan and a prototype system that we are still testing and developing. With the help of my software developer, we have already begun developing a system that will use fingerprints and unique ids that are already being created by the servers' encryption language. We are still in the process of stringing the hashes to match both institutions' generated ids.

Summary: I believe that this information system will provide us with a competitive advantage. My software developer explained that each identity had to be generated for each user. This is what led us to design our information system using the unique ids that are already generated from the transactions. This may sound very complex and that is because it is. I would not be able to design this information system without the help of my software developer. Our weakness is coming from the challenge we are facing that arises from the complexity in decryption and hash comparison among the institutions.

Elevator Pitch

My Elevator Pitch on Youtube

https://www.youtube.com/watch?v=eRwdCPKJNoE&t=21s

Testing the Hypothesis Part 2

Testing the Hypothesis Part 2

Who: There are a lot of organizations that fall outside of the boundary. These organizations include retail stores such as Walmart and Best Buy that do not accept crypto currency transactions for payment for products or services. This will also represent much of the market, but this opportunity is for a specific segment. This boundary will be more focused on crypto currency firms and banks dealing with the transactions.

What: This opportunity is more like a survival need. Organizations that wish to continue or start using crypto currencies will have to find a way to implement the law’s requirements securely and effectively in order to maintain sustainability. Furthermore, organizations that are a part of this transaction are going to have to make changes or find a solution to this dilemma if they plan on staying away from legal penalties.

Why: There is a difference in needs among people inside and outside the boundary. For people outside the boundary, the need to have a system to implement crypto currency transactions are not currently needed because of the nature of their transactions and the forms of payment already being accepted. In contrast, the organizations inside the boundary including crypto currency firms and banks must find a system that integrates the requirements listed by the law to prevent money laundering. In addition, they must have a strong security interface and effective system for high volume transactions.

Inside Boundary

In: Crypto Currency Firms and Banks

Need: To have a secure information transfer system that can transmit personal protected information associated with an individual’s crypto currency transaction between two institutions. (Example: Someone converting bitcoin to cash and needing funds deposited into personal account.)

Why Need Exists: New laws and regulations to prevent money laundering that require firms to have personal information transmitted along with each transaction that include user’s personal information that must be recognized by both sides of the transaction. There is not currently a system that exists that can do this. An obstacle is the need for this system to work across all institutions despite differences in technology.

Outside Boundary

Outside: Retailers, restaurants, and other institutions that do not use crypto currencies to pay for goods and services.

Not Needed: They do not need to use crypto currency transactions for payment because they already rely on other payment methods such as cash, checks, and other traditional payment services.

Alternatives- These organizations would use alternatives like counter trading before they may consider using crypto currencies. Cash has been one of the most accepted forms of payment for a long time and the need for these kinds of organizations to accept more types of payment may not exist. With recent additions to a lot of these organizations such as Apple and Samsung pay, they are probably not trying to spend more money to implement crypto payments any time soon.

Interviews

Julian: Agreed that the firms being affected are a specific to those that must deal with these types of transactions. Also pointed out that this does not affect everyone and focuses more on those that have invested in crypto currency.

Wendy: Explained that her organization would not and is not accepting payment from crypto currency firms for goods and services. They are content with cash, checks, and credit transactions.

Jasmin: Was not even aware of this issue. She also said she has not considered investing her money in crypto currency because of the fluctuating values. She said she does not need to rely on crypto currency because she pays for goods and services with cash or credit cards.

Andre: Pointed out that this product would have to target a very specific group that uses these transactions. Andre also said that he would be less likely to want to invest in crypto currencies considering the lack of a formal system.

Cameron: Warned me of the complexity this system will need to have to be able to work across all institutions and still be compatible with their technology. He was encouraging in the sense that he could see a clear demand for this need. He recommended that I seek advice from current firms to see what kind of technology restrictions we may encounter.

Summary: My interviews gave me more information about how others see this problem. Some of us may not be directly affected because we haven’t been using crypto currencies. Julian is a current user and feels uncertain about making any transactions because of this. They all gave me insight on who to target with this solution and to make sure that I am designing it in a way that will make it compatible for everyone. Not everyone will be using this product, but those who will, will need to have a strong sense of trust with the system before they consider implementing it.

Solving the Problem

Information System Needed for Crypto Firms

Problem: Crypto currency firms are now being required by law to transmit customer data associated with transactions to the other organizations that are part of the transaction. There is currently not a system that exists that can do this. This system will need to be secure and efficient when processing these transactions. This system may become used by institutions across the world which will need to be considered when creating a system that will be compatible with the already existing organizations. This information system could become something that all these organizations may end up having to use in order to stay in the confines of the law or until something better is developed. This problem is extending to banks and their customers. Customers that wish to use their crypto currencies will have to consider the current risks associated with transfers and may not rely on their crypto currency as much as they could because of these current barriers. The risk of having their information compromised or a mistake in the receiving end of the transaction seem higher considering that the current organizations do not have a formal system already implemented that are in the confines of the new law.

Solution: After speaking with a current software developer and coder, we are confident in proposing an information system that could solve this problem. This information system will be designed to securely transmit information in a quick and efficient way. We know security is a big concern and are going to use an encryption when sending and receiving data. Basically, using a client's fingerprint to create a unique hash that will be interpreted by the server and will only be connected to the same hash identified on the receiving end of the transaction. My coder/developer has informed me that each machine has an individual uuid and fingerprint in that stack that could not be impersonated which is going to be part of our security implementation so that no one can impersonate another person's cryptographic identity. Right now, our development may seem relatively simple, but for testing purposes we want to create a simple prototype that will be secure and efficient. Once we have tested our theory more, we will strive to decrease execution time and increase server stability and security. Our main concern is to first design the right encryption that can transmit this information.

Testing the Hypothesis

Information System Needed for Crypto Currency Firms

Opportunity- The need for crypto firms to have a secure information system capable of transmitting protected information securely and in a understandable format.

Who- Crypto Currency Firms

What- They currently do not have an existing technology or service to securely transmit customer data which is now being required by law.

Why- The technology does not currently exist. There was a recent implementation requiring the firms to include customer data associated with their transactions. They also do not have an existing technology or official method to improve from.

Testing the who: There could be more groups associated with this problem besides the current crypto firms. This problem is going to extend to all current and future crypto firms. They will all end up sharing this need since it has become a legal requirement. This technology is also going to affect banks that will be dealing with these transactions. The consumers that need to make the transaction are also affected because the transfer of information can take time to process and runs a risk of being compromised.

Testing the what: To emphasize the problems boundaries this information system must include all information required by law. Banks will be included because funds associated with current clients will be affected and must be documented by their respective institutions accordingly. As long as the system is capable of maintaining security, clarity, and all required information, it could potentially become a staple among all crypto currency firms. Firms will have to design an effective system in order to avoid legal consequences. Trading platforms are influenced by their jurisdiction considering tariffs and other taxes associated with that trading.

Testing the why: This problem definitely exists for current crypto firms. The requirements have been listed in the new regulations. Many people or other organizations may not see this problem because they may have no association with crypto currencies. This opportunity is forming from a requirement by law and a necessity for banks and crypto firms to have an information system that will work across many institutions in a format that will be easily and quickly decipherable. 

Interview Results- The results of my interviews concluded that the individual trying to make the transfer is also being affected by this opportunity because this process of sending customer information could be dangerous and a lengthy process considering a lack of a structured system existing. Places a weight on customer in the uncertainty of personal information being transferred securely. May prevent frequent transactions because of the lack of a system and risk of compromising private information. An individual considering the use of crypto firms needs to considering these barriers that are forming between their transactions. Crypto currencies were ideally created to have a stronger emphasis on user privacy than traditional online transactions. Government may be seeking a way to tax these currency transfers. Another obstacle identified in the interview was the fact that there must be a strong foundation of credibility before an organization may even consider implementation. This is something that I had not considered before my interviews. For institutions to use this across the world, innovators will need to prove credibility before they may even considering implementing a new system.

Identifying Opportunities in Economic & Regulatory Trends

Economic
1. Saudi Oil Attack Is Unlikely to Dent U.S. Economy

• I found this article in the Wall Street Journal. I see a growing opportunity for Green energy to rise in China and Japan. The attack on the Saudi oil could cause some serious economic repercussions in Japan and China. These countries rely on importing their energy and could see a sharp increase in energy prices. The need to rely more on Green energy is constantly increasing.
• Residents and power supplying companies are the customers to this opportunity. They are going to have to decide whether to pay higher energy prices and continually harm the environment or resort to cleaner and more efficient energy. The necessity for Green energy is only increasing as we deplete our resources.
• This opportunity may be extremely difficult to exploit considering the cost to develop and research Green energy right now in the wake of the oil attack. Already relying on importing energy, China and Japan may not have the funds or resources necessary to make a big step toward Green energy.
• I formed this belief because of our undeniable necessity to use alternative resources that will not harm our environment or eventually be completely exhausted.

2. Your Parents’ Financial Advice Is (Kind Of) Wrong

• I was sent this article by my mother. This article expresses the growing concern for people that had a plan to buy a home. Changes in real estate prices and policies have caused the way people acquire housing significantly in the last 50 years. This information reveals an opportunity for our generation to rethink the plans we may have had for acquiring housing.
• The customers of this opportunity are the current and future generations.
• This opportunity may be difficult to exploit because of a rapid increase in real estate pricing. An example is the down payment rising from 10% to 20%.
• I formed this belief because all people eventually need somewhere to live. Knowing the best way to save and buy a house will make it easier to achieve. This article even explained the benefits or not buying a house in certain situations and renting property instead. I was raised with the idea that I would someday buy my own home in my 20s or 30s but now I may need to rethink my plan.

Regulatory

3. Purdue Pharma Looks to Extend Bankruptcy Shield to Sacklers

• I originally heard about this event at work in the pharmacy. This company is taking the blame for a large part of the opioid epidemic. This company is being forced to file for bankruptcy, this is an opportunity for another pharmaceutical company to step up and do things correctly. There is a huge need for these types of medications in healthcare. This opportunity exists because of the opening that is going to be created by the fall of this company.
• The customers of this opportunity are the other competing pharmaceutical companies. They will have an even larger responsibility now to ensure they don't make the same mistake.
• This opportunity may be difficult to exploit because of the huge crackdown on opioid laws and regulations.
• I formed this belief because I currently work in the pharmacy and have seen the repercussions of the opioid epidemic to patients firsthand. Others may not see this opportunity because they aren't openly being told who is receiving these medications due to various protected health information laws.

4. Crypto Firms Assess How to Comply With Anti-Money-Laundering Standards

• I discovered this article on the Wall Street Journal. There is an opportunity to design a secure information system that will be used by institutions to send customer data. The fact that current compliance officers are saying that there is no such technology that exists right now leads me to the belief that this is a huge chance for software and information system designers.
• The customers of this opportunity are the crypto firms that are being required to share this information and currently don't have a way to.
• This opportunity is going to be difficult to exploit because they have no system that currently exists to use or work from. They know what is required of them by law, but they are still unsure of what methods to take.
• I formed this belief because the compliance officer directly stated that no method currently exists. This is a chance for someone to design a system that will stay in the confines of the law and satisfy the company's needs. My cousin introduced me to crypto currencies, and I have paid special attention to them since.