Assignment 8A – Solving The Problem

Assignment 8A – Solving The Problem

My product/service, Hyperspeed HomeStudio, addresses the needs of the average music creator.  HomeStudio is aimed at bringing professional quality equipment and collaborators directly to clients inexpensively.  With HomeStudio, get top quality studio equipment packages for a fraction of studio prices.

As of right now, this is a seriously underserved market.  There is a competitor called SongFinch that offers some of our services, but is nowhere near as interactive with the client.  Hyperspeed seeks to build a personal relationship between the clients and their music, involving the client in every step of the process.  Just as music is unique and dynamic, HomeStudio is committed to providing a special individualized experience to each client. 

Service Offerings

HomeStudio’s business model will have distinct components to it, including packages and equipment selection.  Upon visiting our website, consumers will be given the option to select what they need.  The per-item equipment rental fee would be a flat $30 per day (this would not include time with professionals).

HomeStudio would offer rentals for the following technical equipment: microphone, boom arm, shock mount, audio interface, DAW program, and keyboard.

Collaboration with In-House Professionals

Even those who already have all the necessary equipment can use the collaboration feature of the company, the option to book time with the professional in-house producers, songwriters, and engineers. 

This part of the service would cost $60 per hour (with the music personnel being paid $50 per hour).  Clients could book however much time as they like with one of the available in-house professionals.  Interaction between the client and the professional would be through electronic video chatting (Skype/FaceTime).  2.5 hours of collaboration time per day with these industry professionals is included in the packages offered.

Packages

If the consumer wants to rent all the available equipment, this package would cost $200 per day. 

This rate would include a personalized 2.5-hour session with either a producer, songwriter or audio engineer each day. 

HomeStudio would promote a 3-day package, costing $575.  It would be recommended that Day 1 be spent with the producer, Day 2 with the songwriter, and Day 3 with the audio engineer.

HomeStudio would also offer a 6-day package, costing $1150, for those who would like more time to realize their ideas and learn the process.  It would be recommended that Day 1-2 be spent with the producer, Day 3-4 with the songwriter, and Day 5-6 with the audio engineer.

HomeStudio’s target demographic of customers would include middle class Americans who are interested in making their own music or would like to collaborate with music professionals.  Middle class Americans who play an instrument or are learning how to play would also fall into this classification.  There is a market for this type of service, and the idea is drumming up interest from potential clients and company creators.

Assignment 7A – Testing the Hypothesis, Part 1

Assignment 7A – Testing the Hypothesis, Part 1

Hyperspeed HomeStudio Music Service

• Opportunity:

• One in 4 Americans play an instrument or would like to learn music, but do not have access to the studio equipment necessary to learn how to make their own unique finished songs.

• The who: Musically inclined American hobbyists who play instruments or want to learn to make their own unique music.
• The what: They cannot gain access to the equipment needed to make a full, good quality song.
• The why: Time in a recording studio is very valuable and the per hour rates are too expensive to be affordable to the average everyday music hobbyist and creator.

• Testing the who: Not just the American demographic has this need; music enthusiasts and creators are all around the world.  Music is a large part of our lives and many people, male and female, from all over the world enjoy creating their own music.  The majority of the ‘who’ we’re marketing to would be middle class American music creators and people who want to begin learning how.

• Testing the what: Proper music studio recording equipment can easily go for hundreds to tens of thousands of dollars depending on the quality.  Many different pieces of expensive equipment are needed for people to record at home, including a Digital Audio Workstation (DAW), an interface, an instrument (if applicable), a pop filter, shock mount, and boom arm.

• Testing the why: Booking time in a professional recording studio is more expensive than what the casual hobbyist is willing to pay.  This eliminates a large potential market, and confines the use of studios to the professionals.  Many people just enjoy playing music in their homes recreationally and don’t have that level of money to spend on recording sessions.

• Interview #1:
• In this interview with a friend, I found that people cannot afford the quoted rates for time in a studio ($100 per hour).  Especially for someone who’s just learning, there is a learning curve that may take a few hours to start getting the hang of.  He said how he sees $150 per day as a bargain in comparison. Moreover, that $150 includes connections with music professionals.

• Interview #2:
• This interview was conducted with a friend who feels the service should let you personally select what you want. He has everything except a microphone and interface and wouldn’t want to pay $150 per day just to rent those items.  Realistically, these pieces of equipment would go for $50 per day.  Coming up with a set rate for specific pieces of equipment would open up the service to clients like this one.

• Interview #3:
• I wanted to interview someone on the customer-facing side of the product, so I interviewed my uncle, a guitar enthusiast, audio engineer and songwriter. He agreed the service is definitely a good value for all you’re getting.  When I presented the base pay of $40 per hour for the professional personnel, he recommended increasing it to at least $50 to attract more talented creators who wouldn’t work at the $40 hourly level.  This would require me to raise the price to $175 per day to cover the added expense.  I was hesitant to raise the price as it has encountered some resistance among potential customers, but coming from an industry professional, this suggestion has added magnitude.  He understands the professional network aspect of the business and how it operates.  If the company can attract more top tier talent, HomeStudio will have more satisfied customers and a superior product, this is well worth the price increase.

• Interview #4:
• This interview was with Fabian, a friend from Miami.  He too raised concerns about the price.  He has a security job and is saving up money to invest in the stock market.  Even though he is willing and interested to learn how to make music, he doesn’t have the spare money needed to buy this full service.  People like this fall outside the target demographic.  Not only does the consumer have to have an interest in music, they must have the money to buy the product.

• Interview #5:
• This interview was with Nick, a future audio engineer.  He said he would now be interested to become a music professional on the service with the new rate of $50 per hour. He’s looking for a side job and the opportunity to work with other music creators.  He suggested some music professionals could be clients, trying to work with others in the field like he was trying to do.  Robert’s suggestion of paying the professionals just $10 more per hour is working as intended, helping to attract producers like Nick to work for HomeStudio.  The in-house personnel would also create a web of creators that I didn’t think of.  Perhaps there would be an opportunity in the future to make a professional roundtable where clients could work with multiple producers and engineers at once.

• Given your interviews, what do you know about the opportunity that you didn't know before? 
• The interviews allowed me to gain some new perspective into the minds of potential customers. The second interviewee proved the market for individual rental.  He represents a market of those that have several components needed but are lacking the others.  To capture this market, I’d have preset prices for each piece of equipment available to customers.  That way, they could efficiently select exactly what they need and won’t have to pay for products they wouldn’t use.
• From my interview with my uncle Robert, I was able to conduct research on the company-professional dynamic that my business model relies on.  Initially, I would’ve been lowballing the music personnel and they would go get more money elsewhere.  Now, with his suggestion for an increased rate that would make my price competitive, I will likely be able to attract and retain more talent.  This is a key insight to gain, as this component of operations affects our pricing, profits, costs and budget.  The new price for the service would be $200 per day, to cover the pay increases to $50 an hour paid to the creators.  This would help attract producers like Nick in interview 5.
• The first interview illuminated consumer perceptions on the price of the product.  It seems expensive at a surface level, but is actually cheap compared to other industry options.  The consumer gets great value and comparable quality for a fraction of professional prices.  However, this is an important ideal to convey to the consumer that isn’t addressed explicitly now.  Because of this need to emphasize value, I have decided to add a company slogan, “With HomeStudio, get top quality studio equipment packages for a fraction of studio prices”.  Those who aren’t willing or can’t spend the money necessary fall outside our target demographic, as seen with Fabian.
• Something that intrigued me about these interviews was how they showed so much opportunity is in the field, I just had to attune it to better fit the target demographics.  Potential creators and customers provided new insights to optimize the existing business model.

Assignment 6A – Identifying Opportunities in Economic & Regulatory Trends

Assignment 6A – Identifying Opportunities in Economic & Regulatory Trends

• Economic trend: China’s growth rate and growth in developing markets is sliding

• Source: https://www.weforum.org/agenda/2020/01/global-growth-stabilized-2020/
• I believe there in an opportunity here since China is a large world influencer.   
• I think the prototypical customer are American companies dealing with China in some way, such as manufacturing outsourcing
• I think that it will be moderately easy to exploit this opportunity, the Chinese commodities index fell 26%, so taking advantage of their goods will be easy, as they will remain "soft".
• I saw this opportunity since I like to follow Chinese economic activity.  The devaluing of the Chinese yuan currency in 2015 created a perfect buy in opportunity for me in the stock market.  Knowing their current state of economics sometimes has wide reaching influence in global markets. China is one of the biggest world influencers in that area, and learning its growth is tapering off along with that of developing countries (partially correlated with each other) was an intriguing insight.

• Economic trend: With an increase in technology users in developing countries, matters of cybersecurity and user privacy are growing more important than ever

• Source: https://www.weforum.org/agenda/2020/01/what-are-the-cybersecurity-trends-for-2020/
• I believe there in an opportunity here since technology is so embedded in today’s society, everyone and everything is affected by it.  Now that developing countries are gaining more access to this technology, the ever-changing device landscape could be radically shifted like it has in the past. 
• I think the prototypical customers are technology companies worldwide, increasing customer privacy could be heavily advertised and promoted.  Tech titans such as Apple and Microsoft have often prided themselves as being focused on keeping consumer data private and rarely suffer hacks.  Cybersecurity firms can be faced with new challenges on how to keep data secure.
• This opportunity will likely be easy to exploit since the technology sector has continued to remain in prominence.  If more people are gaining access in untapped markets, there is a larger potential customer base for enhanced privacy products or services. 
• I saw this because I follow technological developments and innovation closely.  The technology sector has a heavy influence on the stock market as a whole, with many mutual funds being invested in tech to some level.  I like to track my investments, and personally have a share of Google and Apple.  New implications about privacy would impact them.

·        Regulatory changes: An opportunity for kids to get increased exposure to and education on STEM (Science, Technology, Engineering, & Math) fields at an early age.

·        Source: https://www.govtrack.us/congress/bills/116/s737/summary

• This opportunity exists since President Trump confirmed on Dec. 24 of 2019 how current NSF STEM grant programs should be more inclusive toward early childhood education and increase female participation in these fields. 
• The prototypical customer are the companies producing introductory STEM toys and products geared toward teaching children about coding and computer science.  There is currently a wave of interest and push toward involvement in STEM, and companies such as Hasbro and Target have started selling toys and products of this type.  Now, demand for these items will likely increase.
• I think this opportunity is relatively easy to exploit because it is a clear need and a social trend, companies are already innovating in the area and creating these new products. 
• I saw this opportunity since I’ve always enjoyed STEM fields and keeping up with new technological developments. Science and math are integral parts of our society, and exposing younger generations to it early will help the technology evolve with its customers. 

·        Regulatory changes: Approval of a US Defense budget for the year of 2020.

·        Source: https://www.govtrack.us/congress/bills/116/s1790/summary

• This opportunity is here since the US is involved in many foreign affairs, and must protect itself and its interests from outside threats, including terrorist organizations and hostile nations. 
• The prototypical customer are those companies that work with the federal government and US Army directly.  Examples would include Lockheed Martin, Boeing, Raytheon, and Northrop Grumman, who are awarded multiple multibillion-dollar government defense contracts each year.
• I think it is relatively easy to exploit because defense spending is currently at a very high level (its highest at $718 billion).  The awarding of new government contracts (of which there will be plenty thanks to the new budget approval) often causes a surge in defense stock prices, a fairly easy occurrence to track and leverage. 
• I saw this opportunity since I am heavily involved with the stock market and track it daily.  US defense spending and military events are key catalysts for stock market change and fluctuation.  Tracking government spending across the board has heavy implications for entire sectors of the stock market and investments as a whole.

Assignment 5A - Identifying Local Opportunities

Assignment 5A - Identifying Local Opportunities

“Florida housing: $1 condos for sale in Palm Beach County? It’s true”

By Mike Diamond Special to The Post

https://www.gainesville.com/news/20200115/florida-housing-1-condos-for-sale-in-palm-beach-county-its-true

In this article, written on January 15th 2020, the author talks about the unique situation of the housing markets in the form of giveaway condos at Hunter’s Run and Boca West.

One such buyer of one of these giveaway condos bought it for $1500, but it came with full furniture and a free one-year membership to the golf course.  Condos in these Palm Beach area golf courses are sold so cheaply for a number of reasons.  These include steep buy in fees that can exceed $80,000, annual dues as high as $30,000, and a large market of sellers for a limited amount of buyers.  Many former residents have decided to move out to larger homes or retirement communities and want to sell their old place.  Residents are also encouraged to sell since they get 30% to 40% of their original buy-in fee refunded back to them (usually around $30,000 or so).  All of these factors contribute to a market where the lowest condo listings go from between $1 to under $5,000

The problem presented is one of economic value.  Due to items such as high buy in fees and annual dues, it no longer makes sense for some residents to continue living in these condos on the Hunter’s Run golf course.  Since demand is much lower than supply, sellers have been forced to lower their asks to dirt cheap prices to be able to get the condos off their hands.

The people affected by the problem are the current and previous owners of the condos who are forced to pay large fees in order to continue living there.  Over time, these exorbitant fees and the substantial refund of buy in costs when selling have made it so that it’s not worth it to the residents to keep their condos.  Prospective buyers also have to deal with the high buy in prices associated with the area.

 “‘Unifying’ art replaces mural that featured Confederate flag”

By Bobby Caina Calvan, The Associated Press

https://www.gainesville.com/news/20200114/unifying-art-replaces-mural-that-featured-confederate-flag

In this article, written on January 14th 2020, the author talks about the Florida Senate’s unveiling of a new art piece to replace a mural that had the Confederate flag featured on it.

The new art piece, a wood Florida-shaped carving, was commissioned to replace the old “Five Flags” mural, which featured the Confederate flag.  In recent years, monuments and depictions of the Confederacy have attracted controversy, and this is the Florida Senate’s effort to deal with it.  Confederate imagery, particularly the Confederate flag, has long been associated with slavery and antiquated ideals.  The KKK, a white supremacy group, has long used the flag in its demonstrations and activities. 

The problem presented is one of controversial past history.  The Confederate flag carries a stigma of racism and oppression in the minds of many.  Although it was purely in a historical context, the Florida “Five Flags” mural prominently depicted the Confederate flag.  This problem was solved with the removal of the mural in place of a large wooden artwork.  This new installation serves to exemplify the unyielding spirit of Floridians.

The people affected by the problem are the common people, tourists, and workers in the building.  Since the mural was in a prominent hallway adjacent to the Senate galleries where the public can watch, the area got a lot of foot traffic.  People using the Senate floor chambers, including spectators and politicians, would have to walk past this previous display for years.  Visitors and tourists who came to the capital would be affected as well.

“Florida Buys Everglades Land to Prevent Oil Drilling”

By Nathalia Ortiz and Andrew Quintana

https://www.nbcmiami.com/news/local/florida-buys-everglades-land-to-prevent-oil-production/2177354/

In this article, written on January 15th 2020, the author talks about the Everglades and a new 20,000-acre acquisition of land by the state of Florida intended to prevent oil drilling in the area.

               The Everglades is a large area full of natural biodiversity, with many animals and plants that can’t be found anywhere else.  Due to its abundance of natural resources, many projects to drill for oil have gotten underway, threatening to greatly reduce the biodiversity for which the Everglades is prized.  This large 20,000-acre wetland acquisition is the largest in a decade, and the land will be used for “restoration and recreation”.

The problem presented is one of environmental impact.  Oil drilling has profound negative impacts on the land being mined.  Companies such as Kanter Real Estate (the seller of the land) drill oil wells that could adversely impact the source of drinking water for millions of people.  Mining of any type, especially for oil, impacts the land in question in a variety of negative ways.  This large acquisition of land helps protect a portion of the Everglades from these effects.

The people affected by the problem are all Florida residents living near the Everglades or depend on the Everglades in some way for natural resources.  The new protection of this land helps alleviate this issue of oil drilling.  Potential visitors to the Everglades would also have a new area to explore and appreciate.  The South Florida Water Management District, which is paying for the land would be impacted to the tune of $16.5 to $18 million when the purchase goes through.

“New road closed in Miramar Beach due to ongoing U.S. Highway 98 project”

By Tony Adame

https://www.waltonsun.com/news/20200107/new-road-closed-in-miramar-beach-due-to-ongoing-us-highway-98-project

In this article, written on January 7th 2020, the author talks about the ongoing US Highway 98 project and new road closures in Miramar Beach as a result of it.

               US Highway 98 is currently undergoing a large $42 million project of widening, expansion and improvement, expected to be completed in early 2020.  This process has unfortunately caused an inconvenience and detour for drivers using Mainsail Drive.  Due to the construction, they have to be rerouted to US 98 Eastbound and forced to turn right.

The problem presented is one of expansion and its effects.  The US Highway 98 project has caused road closures in Miramar Beach, forcing drivers to be rerouted and take a detour.  Westbound drivers have to make an additional U-turn as well.  Construction on the road has inhibited normal everyday road use and inconvenienced drivers.

The people affected by the problem are the people that live around the area or used the roads to get to their desired destination, usually local residents.  Even though those living in residential homes on Mainsail Drive will still have normal access, those traveling west will have to engage in extra steps to get there.  Drivers who used Mainsail Road in any capacity are impacted by the presence of this new detour.

“Teachers rally, demand more money for schools”

By Hannah Phillips Special to the Sun

https://www.gainesville.com/news/20200113/teachers-rally-demand-more-money-for-schools

In this article, written on January 13th 2020, the author talks about a rally in Tallahassee staged by teachers to push for more pay and less state testing.

               Teachers across the state gathered together to rally in Florida’s capital, holding signs demanding better pay, less standardized testing and more school funding.  They focused on bringing back arts and physical education programs, ensuring a suitable number of school employees, and investing in schools.  Teachers at the rally pushed for pay increases for all public-school staff, including janitors and cafeteria staff.

The problem presented is one of inadequacy.  The teachers attending the rally wish to make change in the school system.  Everybody wants good quality education for children, but the school system has not been given enough resources to be able to provide that.  These teachers are speaking out with the intent of getting those resources.  Governor DeSantis wants to increase minimum teacher salary to $47500 and institute a bonus program for teachers and principals.  However, this plan does not include other essential school staff.

The people affected by the problem are school staff - teachers, educators, and students.  Teachers are currently underpaid, overworked and would like to institute change, one of their many reasons for rallying in Tallahassee.  Public schools as a whole are underfunded, leading to the cutting of arts programs to try and stretch their budget as far as possible.  Many teachers cannot work in this type of environment and leave to find opportunities elsewhere.  This creates a chain effect that impacts students as well, who do not receive as high quality of an education as they should.

Assignment 4A - Forming An Opportunity Belief

Assignment 4A - Forming An Opportunity Belief

I believe there is an unfulfilled market in the field of music production, specifically the opportunity for the everyday middle-class music enthusiast to make their own high quality songs.  When I was just starting to make music and learning to produce, there were no comprehensive services such as this one to help me realize my goals of learning to create a unique song step by step.  Hyperspeed HomeStudio can serve this market and fill their needs.

Time in a professional music studio and music software is very expensive (with prices often ranging between $100 - $1000+ for software and $100 - $500 per studio hour), making it inaccessible to the typical middle-class consumer.  This has created a large unfulfilled market of people who want to record some unique songs or even a full album, but do not have the knowledge and/or cannot afford to do so.

People outside of the professional music industry will find it difficult to record any type of media.  There are many components and aspects that go into a single song, and most people don’t know where to start.  Also, many producers and songwriters are hunting for the most valuable thing in the music industry, exposure.  HomeStudio creates a mutually beneficial relationship between client and creator.  HomeStudio allows creators to showcase their skills and talents while delivering a high-quality personalized song to the client.

This need has always existed.  Music is an integral part of our daily lives, and many people are not content with just listening to it.  Many people would like to create their own songs but lack the expertise and resources.  HomeStudio solves both these problems by providing access to industry professionals at a relatively low price point.

To meet this need now, a lot of people just turn to their lossy local devices such as a computer or a phone to record, or simply just don’t record anything at all.  Microphones in these commonly used local devices are of very poor quality, and the end result will not sound good or professional at all. 

After performing some research into the market, I discovered there is a competing service called SongFinch that currently tries to serve this market and handle this need.  However, the work on the song gets outsourced to their in-house producers and songwriters.  Clients determine the general mood of their track but are not involved with the actual process and subsequent recording, someone else does all that for them.  For a company prizing the idea of creating something unique and personalized for clients, the clients are not very involved with “their own” product. 

Hyperspeed HomeStudio is the superior option due to its interactivity and full involvement of the customer in their project.  Essentially, the service offers the opportunity to create unique personalized recordings as well as the equivalent of a full master class in home music recording for a very cheap price.  Customers will get access to amazing producers, songwriters and engineers as well as the necessary equipment in their own homes to use at their convenience.

This is a unique service and I am around 70% sure this opportunity not only exists, but that there is a reasonably sized market for it.

           The prototypical customer would be the middle-class person who is interested in learning to make music and the whole artistic creation process as a whole.  This would include those interesting in gaining a better understanding of the fundamental individual components that make up music as a whole.

Interview Questions

1.        Have you ever wanted to make music or record a song?

2.        Is there a specific time where you wanted to record but couldn’t?

3.        How long have you wanted to make music?

4.        What inspired you to first want to make music?

5.        If you are, how are you currently recording music?

6.        Would this service solve your problem and provide good value?

Interview 1: Nick – College friend who wants to pursue a career in audio engineering

1.        Yes, I have.

2.        Yes, when I was younger and just starting out, I didn’t have the equipment that I have now.  Over a few years, I was able to slowly buy what I needed to record myself and my music.

3.        Since around 2^nd grade, so maybe around 11 years.  Music is my passion and has been for a long time.  I want to work in music production as a career, specifically audio engineering.

4.        I’ve always loved music.  I listen to a lot of it and it was such a big part of my life even at such a young age, I knew I had to learn how to make my own.

5.        I record my music in my bedroom with a mic, audio interface, Ableton, two small speakers, and my laptop.

6.        If I didn’t have the equipment already, and you could give me a whole standard quality studio to use as I please for $150 per day, I’d buy it in a heartbeat.  Normally, professional studio time is around $100 an hour.  $150 a day with a producer and a songwriter is a great deal.  I would still buy it since I’ve always wanted to work with producers and audio engineers. 

Reflection: Through this interview, I gained knowledge on a better way to structure my business idea

Since Nick has most of the equipment he needs, but would still buy the service for the opportunity to work with others in the music industry (producers and audio engineers), I would offer that service on its own.  This would surprisingly allow me to access a new untapped market that Nick represents, someone who already has the equipment, but wants to further explore music by working with others.

Interview 2: Deacon – College friend and roommate who wants to record a single

1.        Yeah.

2.        Yeah, I wrote On This Deac a while back ago and we’re only recording it now since you have the mic and all the stuff to do it.

3.        Well, I just recently started getting into music and rapping, so probably a few months or so.  I listen to a lot of music but just have never made any of my own until now.

4.        When you made the beat for On This Deac a few months ago, I just got inspired and started freestyling on it.  That’s probably my favorite beat of yours, it goes hard.

5.        I didn’t used to record anything but now that you have the stuff, we just use that.

6.        If I didn’t live with you, I’d buy the service because I’ve seen how all of the things work together and I would like to find out more and learn how to make music myself.  It’d be pretty cool to work with music pros too.

Reflection: Through this interview, I gained an understanding of the intended typical customer’s experience with using our product.  Ideally, someone like Deacon would have the equipment mailed to them and then sit with a producer to come up with a beat that inspires them to hop on the microphone.  Then a songwriter would help fine tune your initial ideas and concept, and an audio engineer would come in and combine and clean up the sound.  Right now, I’ve been playing all these roles, so it would be very interesting to see how different people and their unique ideas could help further the customer process.  There was a large gap for me between the time I started making beats and the time I actually started recording.  This service would eliminate that delay and allow people to learn to express themselves through music whenever they choose.

Interview 3: Avery – Friend who is a casual consumer of music and is learning to play the drums

1.        Yes.

2.        Yeah, I have a keyboard and my dad’s drum set but I don’t have a microphone.  I just play the instruments for fun.  I’ve wanted to actually record the songs I’ve written for a while now but can’t yet.

3.        My parents put me in piano lessons when I was young, probably around when I was 7.  I love playing the piano and I know how to play some of my favorite video game theme songs and some pop songs.

4.        The piano lessons were probably the biggest inspiration.  I played the recorder in 3^rd grade though and I liked it.

5.        In my bedroom mostly through my phone or laptop microphone right now, but it doesn’t sound very good.  I want to get a better one.

6.        Yes it would.  It’s a little expensive for me right now, but having a studio and people to collaborate with would be great.

Reflection: Through this interview, I gained knowledge into the mind of a casual instrument player.  Since Avery has the instruments he needs and enjoys making songs recreationally, this service suits his needs.  There are a lot of people that play an instrument (piano, guitar, drums, etc.) for fun but don’t have recording equipment.  This service is perfect for Avery’s demographic.  He brings up a key issue as well, the service is seen to be expensive by prospective customers.  I can’t do anything about that though, my service is the cheapest suitable alternative to professional studio recording.

Surprisingly, a lot of the basic idea is still there.  It seems as though there is a solid demand for it, and the price point looks to be affordable to consumers in my target market.  Many consumers are currently using a worse option to fill their needs, there is an opportunity for me to solve the problem more efficiently.

Yes, given this new illuminating feedback I’ve gotten, I have decided to make changes to my business plan that I feel will allow me to focus on customer needs in a deeper way.  Instead of offering one straight package, I decided to split it into components.  The customer can choose specifically what items they need (for those who already have some equipment), and also work with the company professionals separately if they so choose. I feel like getting feedback from potential customers has allowed me to better identify their needs and how better to solve them.

I feel the ‘everything in moderation’ principle would apply here.  Entrepreneurs should definitely adapt their strategy and opportunities using customer feedback.  Customers are necessary and crucial to an entrepreneurial venture.  Utilizing feedback from target markets is essential to success, adapting your product to customers would provide better results for everyone involved.  However, this should be balanced with a degree of rigidity in your original plan.  If your plan is revolutionary and innovative, feedback should be used as a tool to refine it instead of a guide to change everything.  Due to factors such as these, a mix of both adaptation and staying true to your vision would be beneficial.

Assignment 3A – My Entrepreneurship Story

Assignment 3A – Entrepreneurship Story

My experience with entrepreneurship actually started when I was relatively young.  My whole family used to watch Shark Tank in the evenings since I was in middle school (2013 onward). 

(Figure 1: Modern Shark Tank logo that’s practically burned in my memory)

Shark Tank taught me basic business concepts and might have actually helped to push me toward a career in finance. Back then, I pictured myself sitting in the Sharks’ chairs listening to business pitches and thought it would be amazing to do that someday.  I would like to be a hedge fund manager one day, maybe influenced by those memories and my love of stocks and the economy at large.

Then, about two years later in my Algebra II class (I was 15 at the time), there was an assignment to create a personal logo using various mathematical geometric shapes (hence the reason for the clear cords).  The company idea I came up with was HYPERSPEED TECHNOLOGIES LLC, which would have sold high-end innovative technology products such as a multifunctional dual bootable (Android and Apple) smartphone, TV projector glasses (like Google Glass 2.0), and foldable laptop.  Unfortunately, I didn’t know how to invent those products back then (and still don’t now), so the business never actually came to fruition (I’m convinced I’d be the world’s first trillionaire if it had).  Up until now, that’s been the extent of my entrepreneurial experience.

(Figure 2: Actual representation of the logo presented to my class, made of clay, Styrofoam & dreams)

Now, I’m looking to expand my understanding of entrepreneurship since it is such a fundamental part of society.  My current entrepreneurial idea is Hyperspeed HomeStudio (name possibly inspired by nostalgia from that Algebra II project), which would be a music production service.  It would ship all the studio equipment to make songs, and connect the client with daily 2.5 hour sessions with either a producer, songwriter, or audio engineer (for a relatively cheap price of $150 per day - $425 for the 3 day package, $1000 for the seven day package) to help them realize their musical vision (further described in subsequent assignments).

I originally enrolled in the class because it was a requirement for my entrepreneurship minor, however I am eager this class can help me get inspiration for a viable business idea and give me relevant knowledge.  I am excited because the class already has me thinking critically about the everyday environment that I live in with the bug list and there will surely be a lot more chances to expand upon that. 

Assignment 2A - Bug List

Assignment 2A - Bug List

1. The Target on University Avenue does not carry and/or runs out of several essential products and I have to go to Publix to find them.
Why This Happens: Target does not order and stock some items I need such as Bubba burgers, Tostito’s lime chips & mango spears. This could be due to factors such as limited demand or space constraints.

2. My apartment has a limited airflow and the cold from outside always comes in, and is most noticeable at night. I have to use a blanket to stay warm.
Why This Happens: It is an architectural design flaw, there is a lack of insulation at cold entry points.

3. Jeopardy! is not on any streaming services and is hard to watch without recording it on a DVR or pirating it. Hulu recently got streaming rights, but their website does not have all of the episodes, many have not been uploaded.
Why This Happens: Sony’s TV division did not allow streaming rights to Jeopardy for a long time, and even on the streaming platforms, content is still limited and restricted to only a few recent episodes.

4. The UF bookstore is expensive, charging inflated prices for a variety of items.
Why This Happens: Because they have the ability to do so.  The bookstore is in a prime location in the Reitz and campus.  The bookstore provides everything students need like textbooks, supplies and calculators, and charge a premium for it.

5. When I sit out in the Plaza of the Americas lawn to make beats on my laptop, I can only stay for an hour or so because there are no electrical outlets nearby.
Why This Happens: The lampposts on the Lib West lawn do not have plugs like the ones near the Reitz.  There are no electrical outlets on the tables either.

6. The street corner of University Ave where the Standard is feels unsafe due to the large amount of homeless people that are there, some of whom get aggressive at nighttime.
Why This Happens: Gainesville and the surrounding Alachua area has a lot of homeless people, rent is expensive and many can't afford it.

7. Marston has entire blocks of unusable/defective outlets, so I am forced to go to Lib West or Lib East if I think I’ll be there for a while and need to charge my phone or laptop.
Why This Happens: Oftentimes the entire box with 2 or 3 outlets a piece will go bad and not be replaced.  The outlets could be giving out from wear or breaking from being so frequently used.

8. Store bought cakes are getting more expensive and tasting worse.
Why This Happens: Over the past years, there has been a casual overarching trend of downsizing to make more profit. It also looks worse for companies to raise prices, so they just shrink/downgrade the product.

9. The lightbulb in my lava lamp recently broke and I can’t replace it since there are no home stores (Home Depot or Lowe’s) nearby that have the bulb I need; Target doesn’t carry them.
Why This Happens: The space on University Ave is prime real estate, with space being very limited and valuable, and there must not be enough demand to warrant building such a large store location here.

10. The parking garage by East Hall at the bottom of the hill has tiny parking spaces and it is hard to get in and out without scratching the cars next to you.
Why This Happens: The parking garage has space constraints and the main goal of the parking garage was to accommodate as many cars as possible.  Another garage has already been started to provide additional spots.

11. The gym is often packed in the afternoons when I’m on campus.  A lot of people use the machines and it is sometimes hard to find an empty one.
Why This Happens: Weekday afternoons are peak times around campus when it’s the fullest.  A lot of students have breaks between their afternoon classes and decide to go to the gym in the meantime for a workout.  The gym, especially the weight area, isn’t large enough to support all the people that go.

12. I get a lot of ‘suspect not located’ messages on my phone late at night when I’m trying to relax.
Why This Happens: UFPD/Gainesville police are like a stormtrooper’s blaster aim in Star Wars, making an effort, but strikingly inaccurate at finding the target.  Police never find their suspects; they never get located.

13. The Infirmary’s Gatorade machine typically runs out very early in the day and I haven’t been able to refill my bottle with the good Lemon-Lime Gatorade, I have to settle for water instead.
Why This Happens: There is only a small finite supply of Gatorade, and the people who get on campus earlier in the morning and afternoon drink it all.  The Infirmary doesn’t refill the machine as often as it’s needed, making water the only available beverage.

14. Many new movies in theatres are either superhero movies or sequels
Why This Happens: Hollywood is making a lot of money with them, often more than movies with an original idea.  Several box office records have been broken by these movies recently, proving there is a large demand for them among moviegoers.

15. Usually, my important exams throughout the semester fall only a day or two apart from each other or even on the same day sometimes.
Why This Happens: The timelines and lesson plans for classes are often very similar and follow a set schedule.

16. My mirror and glasses fog up in the bathroom after a shower, rendering me effectively blind for a few minutes until I get out.
Why This Happens: I take long warm showers and a layer of condensation forms on my mirror and glasses that takes a while to go away.

17. It makes me unhappy to see there are several bikes on campus or nearby that have had the wheels stolen off of them.
Why This Happens: Bike wheels are apparently semi-valuable items on the market and there is a problem with homelessness in Gainesville.

18. In classes with group work and projects, sometimes other members don’t do their part and everyone is scrambling at the last minute to finish and get a relatively good product to turn in.
Why This Happens: Many students are busy with a busy schedule and full class load with so many assignments that they’re forced to do some at the last minute.  It is also easy to forget about an assignment here and there.

19. ProctorU is very slow when taking exams at my apartment and it can take 15 to 20 minutes to get set up and begin an exam.
Why This Happens: The Wi-Fi at my apartment has a tunnel that throttles my connection to the outside system since so much data is being transmitted through the video, causing the delay.

20. New phones and hot technology from Apple/Samsung/Bose is getting more expensive and is becoming increasingly unaffordable.
Why This Happens: Demand for these products, even at such a high price point, has not diminished. Selling one item at an expensive price would be equivalent to selling a few items for cheaper.  Smart technology is an essential part of daily American life, and people are willing to pay high prices for it.


Reflection
This assignment was actually difficult for me to complete.  In my daily life, I’ve learned to just deal with these problems automatically without giving any thought about their root cause and other possible solutions for them.
Identifying possible reasons that a problem may exist was sometimes difficult because there are often multiple factors at play in causing it.  It really served to show just how many situations and items that we interact with daily are in some way flawed or could be improved.
I enjoyed this assignment because it forced me to think in new different ways in how to identify and deal with everyday problems.  When I was thinking as to why the problems existed, I found myself automatically thinking of solutions to them.