Wednesday, January 30, 2019

Assignment 8A – Solving the Problem


Assignment 8A – Solving the Problem

Idea: Open a new 21+ bar in Midtown at University of Florida.

Opportunity: For the past four years as a UF student, going out in Midtown has always been a popular thing to do among my friends. After turning 21, it has become something that I do regularly. The reoccurring issues each night are the long lines and crowdedness. There are currently 3 popular bars to go to in Midtown that almost always have a long line on a Wednesday, Friday, or Saturday night. Sometimes waiting in these lines can take over an hour. It discourages myself and other students from going out many nights. It also forces students to go out earlier and earlier to try and beat the lines. My opportunity is regarding the empty buildings located in Midtown at University of Florida. Just down the street from Sushi Chao, there is an empty building that used to hold Cantina and Mochi. I think there is an opportunity to take these empty buildings and turn them into a popular place for college students to go out at in midtown.

Product: My idea is to open a 21+ bar in midtown that students will enjoy going to for a night out. Through the opening of this bar, lines and overcrowding at midtown will decrease and it will make it more enjoyable for students to go out. This bar should offer deals and different promotions each night to increase popularity among students. I think it could also have different themed nights, similar to what bars downtown do, to differentiate themselves from other midtown bars.
 It could also potentially work as a restaurant during the day. This would offer something new to everyone who lives in Gainesville, not just those who go out. It would be a challenge for them to compete with Swamp and Social, but I still believe there is an opportunity for something new to open in the area.
This space has been empty for almost a year. Opening a new business in that area could potentially bring in new students and Gainesville residents to Midtown at night, or even just during the day. It would also improve lines and crowdedness in Midtown, which many times is a safety hazard.

Assignment 7A - Testing the Hypothesis, Part 1


Assignment 7A – Testing the Hypothesis, Part 1

Additional Bar in Midtown
·      Opportunity:
o   University of Florida students, who live in Gainesville, Florida, go out at night in midtown and are constantly waiting in long lines because of the lack of bars and clubs in the location.
§  The who: University of Florida college students
§  The what: Midtown is overcrowded causing students to wait in long lines
§  The why: There are not enough bars and clubs in midtown, which causes there to be overcrowding
·      Testing the who: This is a potential need for others located in Gainesville. Not just students go out at midtown, some adults living here will also go out. And they have to deal with the over crowdedness and long lines as well. But, I think the majority of the “who” are students who commonly go out at night to midtown bars and clubs.
·      Testing the what: One question to ask is, “Are all bars and clubs a problem, or just some?” I think there are typically 2-3 bars that are overcrowded with long lines. This is also not a problem every day of the week. Most lines occur Wednesday, Friday, and Saturday nights. More specifically, the lines occur during prime hours of going out. Usually between around 8:30PM-11PM.
·      Testing the why: Some other possible “why” explanations for this opportunity are students could be looking for a new, unique bar or club to go to that is not offered in midtown. Although there are many different options of places to go in midtown, there is an opportunity to open a new type of bar that would appeal to more people. Currently, there are some bars that are underutilized, so this opens up an opportunity for a different type of bar to open.
·      Interview #1:
o   For this interview, I spoke to a girl who goes out around 2 nights during a typical week. She spoke about her frustration of the lack of options in midtown. This student feels that there are 3 popular bars to go to on any given night. The other options in midtown are either not fun or never crowded enough to go to. When I mentioned to her potentially opening a new bar or club in the empty buildings near midtown, she was quick to respond that it should be a 21+ bar. She said that although this is an ongoing issue in midtown, if the bar that opens is not popular with students, it will not have an impact on the problem.
·      Interview #2:
o   It was important for me to interview someone who does not go out often. I wanted to get their perspective on introducing a new bar or club in midtown. She explained to me that she is not into going out and drink, so heading to midtown at night has never been something she took part in. She said she’s heard people complain about lines, but doesn’t understand because there are so many options already to go to. Including some restaurants that turn into places to go out at. In her opinion, a new bar opening is unnecessary. She feels that the empty space near midtown could go to better use, such as opening a new parking garage or a popular dinner chain. This way it would benefit all students, not just those who go out.

·      Interview #3
o   I decided to interview a 22 year old male student here at UF. He said he only goes out a few times to midtown a semester, partly because he doesn’t like going out in large crowds. He shared that he goes to downtown in Gainesville much more often. When I asked him if he would consider going to midtown more if there was a new bar opened he sounded doubtful. He wants to go to a bar with more of a laid back feel, and midtown bars don’t have that atmosphere he said. Even if they aren’t as crowded it’s not the same as being downtown. He feels that no matter how many bars are in midtown, it is always going to be crowded with long lines, partly due to how close all of the bars are located.
·      Interview #4
o   I also interviewed a young bouncer here at a popular bar. He is a student, but works 3-4 nights as a bouncer. He said he doesn’t go out often because of how much he works, but he gets to see more of midtown than most people see. When I mentioned to him the opportunity to open a new bar in the open space near midtown he said he had talked about the idea before with friends. Because he’s heard so many people complain about the lines and overcrowding, he thought it was a great idea. However, he said that it needs to be the right bar that is going to be popular with students. If no one wants to go, then it won’t be effective at lowering line waits.
·      Interview #5
o   In this interview, I spoke to a local here in Gainesville. She has lived here most of her life and often goes out in midtown and downtown, despite being older than most students. She told me that she doesn’t often go out on nights when it is busy and she never goes and waits in lines for bars. She prefers to go downtown, where the atmosphere is more relaxed. When I brought up the idea to open a new bar in midtown she said she has previously given thought into what should go in those empty buildings. In her opinion, it is a good opportunity to open up a new restaurant/bar in that area, that is more focused on food and casual drinking.
·      Given your interviews, what do you know about the opportunity that you didn’t know before?
o   I was initially surprised after these interviews at the diverse responses I received on what should in the empty buildings by midtown. But after thinking about it, there is probably a small percentage of students that go out often enough for a new bar to significantly impact them. Many students are also 21, so a new bar would have no impact on them.
o   In my second interview, I started to think about what other options should be considered to go in the empty buildings. I think it is important to consider all options, especially the ones that will impact the most students. While I still think a new bar or club would be beneficial to many students, it may not have the largest impact on the community.
o   These interviews also made me consider the impact downtown has on this decision. Downtown is a very different atmosphere from midtown, so when opening a new bar in midtown, it is important to consider what type of feeling it should have and why students would want to go there.
o   Before making a final decision on this opportunity, I think it is important to interview a diverse, large group of UF students, to get the best idea of what students want.

Friday, January 25, 2019

Assignment 6A - Identifying Opportunities in Economic & Regulatory Trends


Assignment 6A – Identifying Opportunities in Economic & Regulatory Trends

·      Economic Trend: Climate Change Is Causing More Natural Disasters
b.     I believe an opportunity exists from this economic trend because data has shown that the climate is changing around the U.S., due to global warming that is caused by an increase of greenhouse gasses. As temperatures increase, food prices rise, unpredictable storms, droughts, and floods occur, sea levels rise, and wildfires increase. This creates a lot of opportunities for businesses around the world. There is a need for renewable, clean energy to fight climate change. The U.S. has the opportunity to acknowledge these changes and lead the world in providing and using renewable energy sources.
c.     I think the prototypical customer to clean energy sources is anyone who is educated on global warming. These people will be eager to find products that can help the environment and fight climate change.
d.     I do not think this opportunity is hard to exploit because most Americans believe in climate change and are worried about what it will do.
e.     I saw this opportunity because we see every day effects of global warming. It is clearly affecting the world now and we need to take steps to fight it. It is also largely discussed in the news.
·      Economic Trend: There is Heightened Awareness of Equality as a Business Issue
b.     I believe there is an opportunity from this economic trend because there has been an increase in gender equality movements over the past year. There were over 100 women who won congressional seats in the 2018 midterms. And companies are seeking out more females for leadership roles. As businesses re-evaluate policies regarding gender-equality, it gives females opportunities that they may have not had before. In male-dominated fields and for leadership positions. It also gives businesses an opportunity to be a leader in equality.
c.     The prototypical customer for this opportunity is females in the STEM or business field. As well as any businesses who is eager to lead in equality.
d.     This opportunity is not hard to exploit because women are eager to be treated equally in the business world and want to have every opportunity to excel in these fields.
e.     I saw this opportunity because I am a female that will be entering the finance world after graduation, which is a primarily male-dominated field. I think it is exciting to see businesses taking steps to re-evaluate their gender equality policies.
·      Regulatory Change: Minimum wages will get a boost
b.     I believe there is an opportunity from this regulatory change because 19 states increased their minimum wages on January 1st of this year. Since 2009, the federal minimum wage has been set at $7.25, this increase will give lower-income Americans help pay their bills. As the 1% and large corporations have gotten large tax cuts over the past year, this is an important opportunity to help lower-income families who are working minimum wage jobs. It is also an opportunity for other states around the country to follow suite in increasing their minimum wage.
c.     The prototypical customer for this opportunity are Americans 21+ years old who are working minimum wage jobs and struggling to support themselves or their family.
d.     I do not think this opportunity will be hard to exploit because people who have been getting paid the same hourly amount for almost 10 years will be eager to take this pay raise to help pay their bills or go into savings.
e.     I saw this opportunity because it is a clear issue in the U.S. that the minimum wage rate needs to be raised. It is not right for there to be large tax cuts for the wealthy, while many hardworking Americans are struggling to get by on $7.25/hour.
·      Regulatory Change: California Will Become First State to Require Pet Stores to Sell Only Rescue Animals
b.     I believe there is an opportunity from this regulatory change because it supports adopting pets, instead of buying them from breeders. In an effort to shut down puppy mills, California is the first state to introduce this law. I think it has opened an opportunity to promote and raise awareness for safe practices of getting a pet.
c.     The prototypical customer for this opportunity is anyone in California who wishes to get a pet. These pets will be from shelters and rescues, instead of puppy mills.
d.     I think this opportunity will be easy to exploit because most people are aware of how puppy mills can be inhumane and support adopting, instead of shopping for pets.
e.     I saw this opportunity because those around me who have pets have stressed the importance of going through a shelter, instead a breeder. There are so many pets that need to be adopted, this is a great first step to move away from breeders.