Testing the Hypothesis, Part 1

The Opportunity: Young adults in the United States are suffering from nicotine addictions because of how the tobacco industry advertises it as “glamorous” or “cool”

Who: Young adults in the United States
What: Are Suffering from nicotine addictions

Why: The tobacco industry advertises it as “glamorous” or “cool”

Hypothesis:

Testing the Who: This is not just limited to young adults in the United States, because people of all ages, all around the world suffer with a nicotine addiction.

Testing the What: There are young adults who have addictions other than nicotine.

Testing the Why: Everyone has their own reason on why they started their nicotine use. It could vary from being around it growing up, wanting to impress their friends or simply just because they wanted to try it.

Some questions I kept in mind during the interviews:

Do you use tobacco? If so, what type?

How did you start using tobacco?

Why do you use tobacco?

How long do you think it would take you to quit your tobacco use?

Do you believe things such as “vaping” are a safer alternative?

Interview #1: Male, 25 years old

 This individual uses dipping tobacco. He’s been dipping for about 3 years now. He started because he was just around it with his friends and wanted to try it. He thinks he’s able to stop, but it will take time for him to ween off. He understands the negative effects that it could have on his body, but for some reason has not attempted to quit just yet.

Interview #2: Male, 27 years old

This individual does not use tobacco anymore, but he used to. He started smoking cigarettes when he was about 18 until he was around 25. He doesn’t quite remember why he started smoking, but his mom does smoke and all of his friends at parties did too. He only stopped smoking because of the relationship he was in. He did not quit cold turkey, it took a few months for him once he switched to the vape. He was told it was a safer option, because the “juice” that was used in the vape had a lower nicotine percentage.

Interview #3: Female, 24 years old

This individual vapes and “juuls.” She has just started this habit about a year ago. Her friends started using vapes as an alternative to smoking. At first, she only used the vape when she was drunk at a party, but then it started becoming a daily occurrence. She understands she is addicted to nicotine because of how much she relies on hitting it during the day.

Interview #4: Female, 24 years old

This individual does not use tobacco regularly but has smoked hookah in the past. She said she did it as a social occasion since her friends went to a hookah lounge for a birthday party. She is not addicted to tobacco – even said smoking hookah wasn’t her favorite since it made her lightheaded.

Interview #5: Male, 29 years old

This individual smokes cigarettes on a regular basis – in fact, chain smokes them. He started smoking when he was drunk at parties, now buys multiple packs of cigarettes throughout the week. He does not really seem like he’s interested in quitting, despite the negative effects it has.

Identifying Opportunities in Economic & Regulatory Trends

Economic –

United States Economic Forecast: Update

https://www2.deloitte.com/us/en/insights/economy/us-economic-forecast/united-states-outlook-analysis/april-2020.html

a) I initially discovered the opportunity for increased profit within restaurants when Florida opened up after quarantine. I then found on Deloitte Insights that once this happens, the economy should recover quickly.

b) An opportunity for increased profits within the restaurant industry exists. With the States reopening from the COVID-19, many people will go back to their old spending habits as opposed to their shopping for necessity / home items only. This leads me to believe that there is a market to target shoppers in order to help the economy recover from the pandemic.  

c) The prototypical customer would be people / families who typically went out to eat multiple nights of the week prior to the COVID-19 causing the quarantine period. We need people to spend money in order for others to make money.

d) I believe at the moment this is slightly difficult, because some people still strongly believe in social distancing in order to reduce the spread of COVID-19. Although restaurants have started opening while following the new regulations, they are not fully back at capacity. This will be a process.

Opportunity: I saw this as an opportunity, because while many restaurants were able to adapt and offer curbside food and drink, many of them were still missing out on additional money as opposed to if customers were physically there, able to continue to place multiple orders instead of just one.

Economic –

In an uncertain economy, does fresh produce spoil revenue growth?

https://www2.deloitte.com/us/en/insights/industry/retail-distribution/future-of-fresh-food-sales/fresh-produce-consumer-trends.html

a) I initially thought of fresh produce when I was thinking about how the difference of supply was during quarantine. In the initial stages, I could barely get my hands on an avocado. Now, at this point, they are selling 3 for $5.00, at a reduced rate.

b) Since the stay at home order has been lifted, many people are starting to buy their premium products again. People will always need to eat, and produce is evolving by being able to be offered at a lesser price.

c) The prototypical customer includes everyone – since everyone must eat. In particular though, the ones who focus on health and wellness. The market for healthy foods is continuing to thrive.

d) I believe this is relatively to exploit, because people are always purchasing groceries and the market for more healthy / natural options has been more popular. I also think people are being more cautious about their health due to the pandemic, so this could work in the favor of produce increasing profits.

Opportunity: I saw this as an opportunity when I noticed that even during the lockdown, grocery stores such as Publix were still packed. There wasn’t one time I went where the parking lot wasn’t packed.

Regulatory –

Financial services cloud computing regulation

https://www2.deloitte.com/us/en/pages/regulatory/articles/financial-services-cloud-computing-regulation.html

a) I’ve recently become familiar with the cloud via Apple products – my iPhone, Apple watch and iPad are all backed up to the cloud. I have also been exposed to the cloud professional at my job with the server access we have within the company network.

b) While financial services have started to heavily rely on cloud services for their businesses, security risks have increased. This gives hardware an opportunity to bounce back with a more secured option. While the United States is very advanced when it comes to technology, many people are still facing fraud and identity theft.  

c) The prototypical customer would be a business that has very sensitive information. This could vary from just basic customer information to government confidential files.

d) I think this will be harder to exploit, only because it does seem like we are taking a few steps backwards. I feel like many business owners will overlook the cloud risks because of how much more convenient it is.

Opportunity: I saw this as an opportunity when I was taking a computer class last semester (ISM3004) and realized how many email addresses have been “phished” and how many breaches within big named companies that have occurred.

Regulatory –

2020 Health Care Regulatory Outlook: Hospital price transparency: 2020 Outpatient Prospective Payment System (OPPS) update

https://www2.deloitte.com/us/en/pages/regulatory/articles/financial-services-cloud-computing-regulation.html

a) Last week, I had an allergic reaction and broke out into hives. While my mom begged me to go to the hospital, I took some Benadryl and slept it off. I did not want to pay the costs of a hospital visit, even with health insurance.

b) With the OPPS, President Trump is focusing on controlling pricing in order to benefit the health care market. Price transparency will help hospitals build rapport with the public.

c) This will directly affect the public. They will be able to negotiate rates, shop services and be more aware when it comes to their charges and their penalties.

d) I believe this will be easy to exploit, because medical care is in high demand, especially now. With that being said, many people do not want to seek care due to not having medical insurance or funds to cover the service.

Opportunity: I saw this as an opportunity when COVID-19 offered free testing. Many people took advantage of that option. By no means am I saying hospital fees need to be free, but I believe the honesty with transparency will help.

Identifying Local Opportunities

 1. Back to school? 1 in 5 teachers are unlikely to return to reopened classrooms this fall, poll says

https://www.jacksonville.com/news/20200527/back-to-school-1-in-5-teachers-are-unlikely-to-return-to-reopened-classrooms-this-fall-poll-says

Story: Many teachers are resigning because they do not feel they can do their job after the effects of COVID-19. Although schools will be reopening in the fall, it seems like some teachers have decided not to return due to the various concerns that are not only health related.

Problem: Teachers feel disconnected from their students with the temporary virtual learning that has been implemented. With that being said, they do not believe they can successfully social distance within the classroom if they were to return.

Who: The educational system is going to have problems if they are not employing enough teachers. This will affect teachers who either are out of a job or are not receiving the fulfillment from their career. It will also affect schools who are understaffed which could negatively impact classrooms. Students will also be affected with the changes in their learning process.

2. Masks spark public judgement, ridicule among customers as businesses reopen

https://www.jacksonville.com/zz/news/20200526/masks-spark-public-judgment-ridicule-among-customers-as-businesses-reopen

Story: Returning to the public has started a new war: Masked people vs. Unmasked people. While one side believes it is important to continue to reduce the number of germs spread, the other is finding it uncomfortable and not necessary.

Problem: Both sides of the Masked vs. Unmasked drama feel ridiculed by the other for their decisions. There are no laws or regulations that can force people to wear masks, it is almost a personal preference. This has affected different businesses who have decided whether or not to participate in this in order to provide service to their customers.
Who: This affects all people of the public, especially if they are in hotzones for the COVID-19.

3. Reopening Jacksonville: Buffet restaurants struggle to recover from COVID-19

https://www.jacksonville.com/entertainment/20200525/reopening-jacksonville-buffet-restaurants-struggle-to-recover-from-covid-19

Story: Although these small businesses have recovered the shutdown, they will not be able to survive any Federal regulations that are put in place. The owners believe that the new policies they have put into place are enough to successfully practice social distancing.

Problem: The US Food and Drug Administration wants to end buffets and self-service food stations. This will change the integrity of their business.

Who: Small buffet businesses who are not backed by chains like Golden Corral.

4. UF survey: Coronavirus has decimated some Florida farms

https://www.jacksonville.com/news/20200521/uf-survey-coronavirus-has-decimated-some-florida-farms

Story: Since the COVID-19 shut down, people have changed their buying habits which has ultimately affected sales for Florida farms.

Problem: Harvesting season is from March-May and all sales have decreased during this time that is typically their most profitable months. The demand for these crops are low and farmers do not have the market to sell their crops.

Who: Growers and farms, especially in South Florida.

5. Nicknamed Unicorn, a dog is recovering in Yulee after arrow removed from his head 

https://www.jacksonville.com/news/20200522/nicknamed-unicorn-dog-is-recovering-in-yulee-after-arrow-removed-from-his-head

Story: A dog had immediate surgery after being a victim of animal abuse.

Problem: Shelters and animal services do not have the funds to cover all of the surgeries so must rely on donations.

Who: This affects animal shelters who have to cover costs with funds they do not have. The person who committed the animal abuse is coming out untouched.

Forming An Opportunity Belief

My Beginning Point:
During the COVID-19 quarantine, many businesses have closed or shut down due to the need of social distancing. Although there are bigger businesses who are able to stay afloat during these times, many local businesses are having to shut down. In particular, movie theaters such as AMC and Regency plan to reopen once the State guidelines allow. On the other hand, the locally owned theaters in Jacksonville, Florida, known as the San Marco Theater and Sun-Ray Cinema has shut down indefinitely.

My Belief:
I believe that we should support our local businesses and bring back Drive-In theaters. I believe the local businesses, such as the owners of San Marco Theater and Sun-Ray Cinema, have an opportunity to dominate in a market that hasn't been around for a few decades. During the 1950s and 1960s, Drive-In theaters were popular, but it slowly died down due to the cost of land. Although they are making a comeback in some cities such as Saint Augustine, there is still room for growth and competition since they are selling out. These local movie theaters that shut down during this pandemic can turn this into a profit while providing entertainment to the people within their community.

Prototypical Customer:
Families / People with children
Couples
Teenagers

1.) Families - (Married couple, 2 young kids)
What are some things you dislike about traditional movie theaters?
How high prices are for tickets, snacks and drinks. With a large family, we are spending a lot of money on this since we are not allowed to bring outside snacks in.

How often did you go to the movies before the COVID-19?
We tried to go to the movies 2-3 times a month as a way to have family time.

Do you believe that movie theaters are able to keep up with sanitation regulations upon the reopening?
It will be hard, and also a risk. I'm not sure if every employee will be as cautious and they could miss wiping down seats or handrails.

Do you feel like Drive-In theaters are a more effective way to practice social distancing?
A Drive-In theater will give us the option to bring our own snacks to save money as well as keep my family all together and not exposed to anyone else, so yes.

2.) Couples - (Dating couple, in their mid twenties)
What are some things you dislike about traditional movie theaters?
How loud other people are in the theaters, including screaming children.

How often did you go to the movies before the COVID-19?
We did date nights about once a month.

Do you believe that movie theaters are able to keep up with sanitation regulations upon the reopening?
I don't think they'll be able to. Many of the workers there are teenagers and I believe they are careless towards this pandemic. Also it seems pretty hard to make sure to get every single spot sanitized given how big a theater is and how many people it can hold.

Do you feel like Drive-In theaters are a more effective way to practice social distancing?
I do think it is. You also have the comfort of not having the movie disrupted by other people.

3.) Teenagers - (High School student, 17 years old)
What are some things you dislike about traditional movie theaters?
I don't like how you have to reserve which seat you are in now, like how they do the recliners, because sometimes you get stuck next to someone who takes their shoes off and props their feet up.

How often did you go to the movies before the COVID-19?
I would go to the movies almost every weekend with my friends.

Do you believe that movie theaters are able to keep up with sanitation regulations upon the reopening?
With how things have already been reopening in Jacksonville, it doesn't seem like every place is taking that too seriously. A lot of people do not think we should have opened.

Do you feel like Drive-In theaters are a more effective way to practice social distancing?
I think this is an effective way, especially if people are staying in their cars for the most part. But you have to take into consideration people going to the bathroom and concession stands as well if those are available.

Reflection:
I learned that people, in all 3 different life stages, are interested in Drive-In theaters after the COVID-19 pandemic. It offers entertainment while everyone is still able to social distance.

Summary:
I believe the opportunity is still there, but the only issue that concerns me is the same issue that ended this in the 1950s-1960s - being the cost of the land. If they are able to fund this, while also continuing to make a profit, I think it'll be a great opportunity. Especially because this provides an alternative to always watching Netflix and OnDemand. People have been struggling and going stir-crazy during this quarantine, and this gives us an option to be able to get out of the house for a few hours. I believe entrepreneurs should be able to adapt to their customer feedback in order to provide the best service possible. They should at least take suggestions into consideration and have an open mind about how people feel about the service they are receiving. 

My Entrepreneurship Story

I currently am an Accounting Manager for a local tax law firm here in Jacksonville, Florida. Not only am I still getting my feet wet in the Accounting side of things, my job itself allows me many resources and mentors that will help me when needed. The amount of knowledge they can provide me in the field will really help my future of becoming an independent Accountant.

Recently, two of my close friends started an ESports/Gaming company. This company provides entertainment from tournaments, merchandise and even sponsorships for streamers. While they are successfully running that side of the business, they have neglected the "behind the scenes" portion of their business. They have all their receipts for their expenses, but they haven't gotten organized or figured out how they were going to do the expense reports, profit and loss statements and the balance sheet. If you're not on top of this, it can become a mess down the line.

I noticed they weren't fully educated on what needed to be done, especially with Florida Sales Tax since they are making a profit from selling merchandise to their customers. I also explained to them the importance of record keeping, just in case they get audited in the future. At this point, I volunteered to help them with the Accounting side of their business. Not only does this help them, but it helps me gain experience for my future business.

I have created expense reports, profit and loss statements, balance sheets and I also organize all of their important documents. Since this business is so small, it allows me time to research what is needed as well as get a second opinion from the tax attorneys at work. This experience will provide me direction in how I can best maintain records for my future clients.

I enrolled in this class in order to gain more knowledge in the business world. I believe it will be very beneficial to my future endeavors of starting up an Accounting Firm. I'm hoping this class will point me in the right direction of where to begin and what to be aware of. I am very open minded in this process and I'm willing to put the work in to become successful.

Bug List

1. When people ask, “what” multiple times and while you’re in the middle of resaying the statement, they answer it
They did in fact hear what you were saying, but they weren’t paying attention enough to process what you actually said.

2. When you go out to eat at a Hibachi restaurant and you have to wait additional time for more random parties to sit at your table.
There are more customers than there are cooks, so not every party can have their own “private” dinner without making those accommodations.

3. When a motorcycle is in front of you during a red light and the bike isn’t heavy enough to trigger the sensor, so you’re just sitting there for an excessive amount of time.
Motorcycles have less conductive material than cars/trucks so they can go undetected.

4. Updating your contact information online, but there is a minimum of 4 characters to accept. My last name is only three letters…….
Many online websites try to reduce the amount of scam/false information. But I know people with 2 letters in their last name so it does create an issue.

5. Going to close my garage door and the sensor falling off the track, causing me to get out of my car and fix it.
Overtime, the washer and bolt that holds the sensor in place gets loose and needs to be retightened while also being in perfect level with the sensor on the other side.

6. People who ride their bikes in the bike lane.
They are supposed to ride their bikes here, but the bike lanes are so small that I always feel like I’m going to run them over.

7. People who don’t use their blinker until they are already getting over a lane.
A combination between laziness and carelessness.

8. When you buy something online and end up getting about 10 spam emails from them a day until the end of time, or until you get a new email.
They are trying to advertise / promote their deals going on.

9. When you pull into a gas pump, get our of your car, open the tank, pull out your card, and realize it’s out of gas and you have to get back in, start your car and move to a different pump.
The gas pump ran out of gas and they haven’t been refilled yet.

10. When you’re in the middle of an assignment and Excel crashes.
Excel can crash due to memory issues or if your computer is running too slow if you haven’t updated it to the latest software.

11. When you notice your phone is on 1% but it dies the second you have the charger in your hand.
You noticed it too late and the battery died.

12. When you need a quick answer from someone, so you call them, but they reject it and send a text message.
They could be in a situation where they cannot answer the phone – like work or school.

13. When your computer takes over 30 minutes to update and you can’t even clock into work so it seems like you’re late.
Your computer needs time to install the latest software to be up to date and work properly.

14. When you go to the grocery store and someone is just standing in front of the item you need.
They are probably trying to figure out what they need as well and don’t notice you waiting there.

15. My overpriced rent
I live in a nice, gated community in Jacksonville, Florida.

16. How I had to wait 1 hour to get into Lemon Bar this past weekend
Quarantine from the COVID-19 has limited the amount of capacity restaurants can allow in at once.

17. When you order food first and the table next to you still gets their food before you do.
They had an easier order to fulfil.

18. When you are using self checkout and the kiosk keeps asking if you want to bag this item.
The kiosk sensor did not feel the item placed in the baggage area.

19. Healthy foods are more expensive
It costs more money to make better quality products.

20. When your CVS email is longer than a roll of toilet paper
They want to advertise their sales so you come back and spend more money.

This assignment became difficult for me maybe halfway through. I struggled more with answering "why" things are the way they are more than I did with actually figuring out what bugs me. 

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