Friday, September 28, 2018
9A - Testing the Hypothesis Pt. 2
Who: From what I've gathered it definitely seems like there will be a group of people who are not into sports, or gambling for that matter, who will be out on the service. Additionally, some people have mentioned bookies which can be really convenient when it's someone you know well, but I think being able to do things yourself, all in one place, while also reading articles related to the money-eating hobby would be more appealing.
What: The need for an all-in-one sports betting and daily fantasy service differs from the need for a new sports betting site. There isn't a need for just another new site, app, etc. there's already a handful that exist. What I'm am proposing would be easier, quicker, and more convenient to use than today's services, as I believe only the surface has been scratched as far as sports gambling goes.
Why: People who don't care for sports and/or don't gamble simply do not have a need for a sports betting service. As far as people with bookies and those who already use sports betting services, these people aren't looking for change because they feel they don't need it. For them, things are as simple as calling up their friend and saying they want to put money down on a game or event. In order to reach them, I'll have to provide something else such as articles to read, videos to watch, and/or other related content as a mentioned above in addition to the convenience of combining betting with daily fantasy sports.
Inside the boundary
Who is in: People who are new to gambling, or are looking for a better service.
What then need is: For a comprehensive sports betting service that offers the convenience of an all-in-one site while also providing related content such as articles, videos, etc.
Why the need exists: Sports gambling just became legal in most states, so a lot of sites are just starting to scratch the surface of what this can be.
Outside the boundary
Who is not: People who aren't into sports or gambling, and those who would prefer just to stick with their local bookie.
What the need is not: It is not for a service that will be fun for everyone, such as those who are not into sports.
Alternative explanations: People are stubborn so it can be hard to get them to change their ways, especially if you consider those who may not be as tech savvy as the rest of us. Additionally, not everyone is going to be into sports betting, as not everyone even cares about sports at all.
What: The need for an all-in-one sports betting and daily fantasy service differs from the need for a new sports betting site. There isn't a need for just another new site, app, etc. there's already a handful that exist. What I'm am proposing would be easier, quicker, and more convenient to use than today's services, as I believe only the surface has been scratched as far as sports gambling goes.
Why: People who don't care for sports and/or don't gamble simply do not have a need for a sports betting service. As far as people with bookies and those who already use sports betting services, these people aren't looking for change because they feel they don't need it. For them, things are as simple as calling up their friend and saying they want to put money down on a game or event. In order to reach them, I'll have to provide something else such as articles to read, videos to watch, and/or other related content as a mentioned above in addition to the convenience of combining betting with daily fantasy sports.
Inside the boundary
Who is in: People who are new to gambling, or are looking for a better service.
What then need is: For a comprehensive sports betting service that offers the convenience of an all-in-one site while also providing related content such as articles, videos, etc.
Why the need exists: Sports gambling just became legal in most states, so a lot of sites are just starting to scratch the surface of what this can be.
Outside the boundary
Who is not: People who aren't into sports or gambling, and those who would prefer just to stick with their local bookie.
What the need is not: It is not for a service that will be fun for everyone, such as those who are not into sports.
Alternative explanations: People are stubborn so it can be hard to get them to change their ways, especially if you consider those who may not be as tech savvy as the rest of us. Additionally, not everyone is going to be into sports betting, as not everyone even cares about sports at all.
Thursday, September 20, 2018
The Second-Most Important Part of Entrepreneurship
Like I said in the last post, the solution to the problem is a service that combines both betting and daily fantasy sports. It would make things a lot simpler since it would keep bettors from having to use multiple services, and it would allow them to place and track bets from the app rather than using a web browser. Most betting services don't currently have an app, and the ones that do aren't very good, so it'd provide users with a level of convenience that no other service does.
Testing the Hypothesis
Opportunity: Now that sports betting is legal there should be an easy to use website/app for placing bets and playing daily fantasy sports all in one place.
Who: Sports fans and gamblers
What: There's currently only one or two decent sites available for betting and none of them offer daily fantasy sports.
Why: For most states, sports betting just became legal so while these kinds of sites have existed for a while they've been kind of difficult to use, especially when it comes to things like collecting winnings.
Interviews:
I spoke to my three roommates who are huge sports fans and are into betting and they liked the idea. Sports betting hasn't always been very organized in the past, as they know, but now with the Supreme Court's ruling there is an opportunity to bring it all together. There's an opportunity to reach "a combination of two different markets" as one of my interviewees put it, referring to those who bet and those who play daily fantasy sports, respectively. When I spoke to my two other interviewees they agreed that the simplicity of having everything in one place would be enticing because of its convenience. Overall, it seems like most of the market is made up of casual/occasional bettors who would find a one-stop sports casino site appealing because it would be simple and have everything in one place.
Who: Sports fans and gamblers
What: There's currently only one or two decent sites available for betting and none of them offer daily fantasy sports.
Why: For most states, sports betting just became legal so while these kinds of sites have existed for a while they've been kind of difficult to use, especially when it comes to things like collecting winnings.
Interviews:
I spoke to my three roommates who are huge sports fans and are into betting and they liked the idea. Sports betting hasn't always been very organized in the past, as they know, but now with the Supreme Court's ruling there is an opportunity to bring it all together. There's an opportunity to reach "a combination of two different markets" as one of my interviewees put it, referring to those who bet and those who play daily fantasy sports, respectively. When I spoke to my two other interviewees they agreed that the simplicity of having everything in one place would be enticing because of its convenience. Overall, it seems like most of the market is made up of casual/occasional bettors who would find a one-stop sports casino site appealing because it would be simple and have everything in one place.
Friday, September 14, 2018
Identifying Opportunities in Economic and Regulatory Trends
Economic Opportunities:
Cryptocurrency
At the end of 2017, the value of cryptocurrencies such as Bitcoin were as high as they had ever been. Since then however, their prices have experienced a steep decline which I believe has created an opportunity for the everyday investor to buy in. Although the values dropped to new lows, they are bound to bounce back, especially with the way these currencies fluctuate. It may never be worth nearly $20,000 a pop as it was at the end of last year, but I believe it has fallen so far that it can only go up from here, and that's why I saw this opportunity.
Link: https://www.cnbc.com/2018/08/07/tom-lee-bitcoin-is-regaining-market-share.html
E-Cigarettes
E-Cigarettes such as the Juul and its related accessories are a booming industry recently estimated to be worth up to $14 billion. The industry has been gaining increasing popularity among America's youth. While it might not be morally correct, I think this market is easily exploitable, much more so than the former smokers these companies market to currently. I think this presents a great opportunity for companies to begin gearing their product and advertising more toward these younger customers.
Link: https://www.journalnow.com/business/juul-expands-e-cig-market-share-gap-with-reynolds-vuse/article_0bb4d442-fc0f-5c00-8b05-29bbf95dc985.html
Regulation Opportunities:
Legalization of Medical/Recreational Marijuana
With the legalization of marijuana for both medical and recreational purposes across the United States, an opportunity has been created for entrepreneurs to get in on the booming business of pot. The industry is projected to be worth tens of billions of dollars in a few short years. While larger corporations like tobacco companies may be in better position to benefit (seeing as many can, and are already prepared to, produce marijuana related products in the same mold as their tobacco counterparts) it probably isn't too late for the prototypical investor to get in on the business, as its endless possibilities present a solid opportunity for return on investment.
Link: https://www.kotzinvaluation.com/articles/marijuana-industry
Straws
As straws continue to be banned in cities around the country, as has been documented on social media and the web, I believe an opportunity has been created in the business of straw alternatives. While most people will simply resort to drinking straight from the cup, there are still people out there who need them, such as those with disabilities. Coming up with an environmentally friendly alternative shouldn't prove too difficult, ideas could include straws that are part of the cup, and metallic straws that some people already use with their YETI cups.
Link: https://www.businessinsider.com/plastic-straw-ban-why-are-there-so-many-2018-7
Cryptocurrency
At the end of 2017, the value of cryptocurrencies such as Bitcoin were as high as they had ever been. Since then however, their prices have experienced a steep decline which I believe has created an opportunity for the everyday investor to buy in. Although the values dropped to new lows, they are bound to bounce back, especially with the way these currencies fluctuate. It may never be worth nearly $20,000 a pop as it was at the end of last year, but I believe it has fallen so far that it can only go up from here, and that's why I saw this opportunity.
Link: https://www.cnbc.com/2018/08/07/tom-lee-bitcoin-is-regaining-market-share.html
E-Cigarettes
E-Cigarettes such as the Juul and its related accessories are a booming industry recently estimated to be worth up to $14 billion. The industry has been gaining increasing popularity among America's youth. While it might not be morally correct, I think this market is easily exploitable, much more so than the former smokers these companies market to currently. I think this presents a great opportunity for companies to begin gearing their product and advertising more toward these younger customers.
Link: https://www.journalnow.com/business/juul-expands-e-cig-market-share-gap-with-reynolds-vuse/article_0bb4d442-fc0f-5c00-8b05-29bbf95dc985.html
Regulation Opportunities:
Legalization of Medical/Recreational Marijuana
With the legalization of marijuana for both medical and recreational purposes across the United States, an opportunity has been created for entrepreneurs to get in on the booming business of pot. The industry is projected to be worth tens of billions of dollars in a few short years. While larger corporations like tobacco companies may be in better position to benefit (seeing as many can, and are already prepared to, produce marijuana related products in the same mold as their tobacco counterparts) it probably isn't too late for the prototypical investor to get in on the business, as its endless possibilities present a solid opportunity for return on investment.
Link: https://www.kotzinvaluation.com/articles/marijuana-industry
Straws
As straws continue to be banned in cities around the country, as has been documented on social media and the web, I believe an opportunity has been created in the business of straw alternatives. While most people will simply resort to drinking straight from the cup, there are still people out there who need them, such as those with disabilities. Coming up with an environmentally friendly alternative shouldn't prove too difficult, ideas could include straws that are part of the cup, and metallic straws that some people already use with their YETI cups.
Link: https://www.businessinsider.com/plastic-straw-ban-why-are-there-so-many-2018-7
Identifying Local Opportunities
#1) The hunt for comfortable movie seats in Orlando
- This article details the author's search for the perfect movie theater chair. I'm sure we've all experienced an uncomfortable seat on at least one occasion, and although the writer is probably a little more picky than most of us, it's relatable nonetheless.
- Most of the people who experience this issue are those who are either to big or too small for chairs at the theaters. Those who are too large find that their neck and upper back have no support, while also having little to no leg room, and those who are too little find their legs swinging a few inches of the ground while they sink into their chairs.
- https://www.orlandosentinel.com/entertainment/os-et-s4-best-movie-seats-orlando-20180827-story.html#
#2) SunRail: Promise or peril? Central Florida's transit crisis
- This story discusses the SunRail that runs parallel to I-4 and connects downtown Orlando to its surrounding areas. More specifically, it discusses the SunRail's lack of riders and the reasons for its underwhelming usage.
- The problem is that while the SunRail would be a great idea if done right, it hasn't been. It doesn't run on weekends or into the evening, and it doesn't connect evenly to nearby bus stops, leaving would-be riders with no incentive to hop on. Those most affected are commuters who will end up stuck in miles of traffic because of the lack of public transportation.
- https://www.orlandosentinel.com/opinion/os-op-sunrail-and-other-transportation-crises-20180910-story.html
#3) Spectrum cable, internet outage frustrates Central Florida customers
- This article highlights a Spectrum cable and internet outage that caused thousands of customers, including local public schools, to lose internet access and basic cable. Customers were without these services for nearly 24 hours until they were eventually brought back online the afternoon following the outage.
- https://www.orlandosentinel.com/news/orange/os-central-florida-spectrum-outages-20180910-story.html
#4) Earwax poses risk in long-term care - Buildup occurs more often in elderly patients
- This article discusses what has become somewhat of an earwax epidemic in the elderly, as it is the most common source of hearing related problems in the age group. Not only can it lead to hearing problems or a ringing in the ears, but it can even cause vertigo. Professionals recommend those with hearing aids get checked regularly to prevent excess build up.
- The elderly and those who care for them are facing this issue, as they try to find ways to not only stop, but prevent, build up that can lead to, or worsen, hearing issues.
- http://www.sun-sentinel.com/features/prime-life/sns-earwax-of-all-things-poses-unrecognized-risk-in-long-term-care-20180906-story.html
#5) Theater/bowling combo project in Abacoa dead
- The plan for a movie theater/bowling alley that was set to built and create over 200 jobs has been cancelled. The entertainment companies set to build the 12-screen Cinebowl and Grille filed for bankruptcy leading to the cancellation of the project.
- This means those 200 jobs will not be created, and the owner of the two acre property will have to find a new suitor, but luckily there are already other movie theater operators lined up for the space.
- https://www.mypalmbeachpost.com/news/local/abacoa-won-getting-screen-theater-bowling-combo-and-here-why/Y9lP6XHTUcQPTsIXD7GCvK/
Friday, September 7, 2018
My Entrepreneurship Story
I've always found entrepreneurship interesting. The idea of working to fulfill the world's needs with creative products and services that they wonder how they ever lived without is amazing. One time one of my friends and I spent time trying to brainstorm a big idea that we could somehow produce, patent, and sell for millions. Might've been crazy to think we could actually do it all with basically no resources or know-how, but we thought we were on to something. The biggest idea we ever came up with was for an app the combined streaming services like Netflix, Hulu, Amazon Prime Video, HBO, and even the ability to stream DirecTV (as is possible in their app). Basically it was an all-in-one streaming service that sounded really cool.
Until we realized it already exists.
"Reelgood" is a streaming app that conveniently puts all your streaming services in one place. Just download it on the app store, sign into the services you subscribe to, and easily find whatever show or movie you're looking for without having to download a pile of apps. It's pretty sweet. I like to think ours would've been way cooler but probably not.
I don't know if Reelgood will take off, but if it does it'll be nice to know I had the same idea, even if I didn't have the resources to make it happen. So that's pretty much why I'm interested in entrepreneurship, because one day I'd like to be able to follow through on a big idea I have and hopefully turn it into something great.
Until we realized it already exists.
"Reelgood" is a streaming app that conveniently puts all your streaming services in one place. Just download it on the app store, sign into the services you subscribe to, and easily find whatever show or movie you're looking for without having to download a pile of apps. It's pretty sweet. I like to think ours would've been way cooler but probably not.
I don't know if Reelgood will take off, but if it does it'll be nice to know I had the same idea, even if I didn't have the resources to make it happen. So that's pretty much why I'm interested in entrepreneurship, because one day I'd like to be able to follow through on a big idea I have and hopefully turn it into something great.
Bugs
1. Spills (any kind of spill really)
- People aren't careful and cups fall over too easily
2. My phone doesn't charge quickly or efficiently (i.e. leave it on charger for 20 min and gain 5%)
- The charger isn't of great quality
3. My feet get dirty walking around the house because of dirt brought in from outside
- The floor isn't kept clean and if it was it would just get dirty again
4. The posters in my house constantly fall down
- Need something stronger holding them up
5. It takes me forever to get to campus from my place
- Need a quicker mode of transportation
6. My sheets always get pushed to the end of my bed
- They aren't connected to the covers so I don't really hold onto them
7. Lose socks when I wash them
- They're small and scattered throughout my laundry so they are lost easily
8. My socks get holes in them easily
- Maybe I'm not careful enough when wearing them or maybe they aren't very strong
9. My athletic shoes get ruined quickly, forcing me to buy new ones
- Similar to my socks, it's probably a combination of accelerated wear and tear because of how I use them, and my shoes simply not being very sturdy in the first place
10. Whenever I buy shirts they shrink and become too small
- Might need to buy a bigger size, or shirts made from different material
11. My speaker doesn't charge sometimes so it dies immediately when I go to use it
- The charging port might be broken
12. When I get a haircut the hair on the back of my neck grows back faster than the rest of my hair
- Needs something to keep it from growing back a little longer
13. The door to my bathroom always gets stuck when trying to open it
- Door handle could be broken
14. My antiperspirant doesn't keep me from sweating
- Florida is super hot and humid and I might need to choose a different brand
15. Acne (think that speaks for itself)
- Really annoying and need a good skin care formula/routine for it
16. Lines at midtown are always super backed up on the weekends
- There's a bazillion college kids and only so many places to go
17. Sometimes I forget my headphones when I go to the gym
- They aren't always with my wallet and keys so I leave them by accident
18. People chewing loud
- They don't know how to close their mouth
19. Airport lines take forever but don't seem super effective
- Millions of people travel everyday and the TSA people don't seem very attentive
20. When people tell a funny story but laugh the whole way through it
- The story would be a lot funnier if I could just hear it
This list was pretty hard to come up with, which I guess isn't a bad thing since it means I don't have a lot to complain about at the moment. However, it did help me realize that some of these problems have pretty simple solutions which can make my life easier. In short, the list itself probably would've been #21 on here because it was so difficult for me, but I'm glad I did it.
- People aren't careful and cups fall over too easily
2. My phone doesn't charge quickly or efficiently (i.e. leave it on charger for 20 min and gain 5%)
- The charger isn't of great quality
3. My feet get dirty walking around the house because of dirt brought in from outside
- The floor isn't kept clean and if it was it would just get dirty again
4. The posters in my house constantly fall down
- Need something stronger holding them up
5. It takes me forever to get to campus from my place
- Need a quicker mode of transportation
6. My sheets always get pushed to the end of my bed
- They aren't connected to the covers so I don't really hold onto them
7. Lose socks when I wash them
- They're small and scattered throughout my laundry so they are lost easily
8. My socks get holes in them easily
- Maybe I'm not careful enough when wearing them or maybe they aren't very strong
9. My athletic shoes get ruined quickly, forcing me to buy new ones
- Similar to my socks, it's probably a combination of accelerated wear and tear because of how I use them, and my shoes simply not being very sturdy in the first place
10. Whenever I buy shirts they shrink and become too small
- Might need to buy a bigger size, or shirts made from different material
11. My speaker doesn't charge sometimes so it dies immediately when I go to use it
- The charging port might be broken
12. When I get a haircut the hair on the back of my neck grows back faster than the rest of my hair
- Needs something to keep it from growing back a little longer
13. The door to my bathroom always gets stuck when trying to open it
- Door handle could be broken
14. My antiperspirant doesn't keep me from sweating
- Florida is super hot and humid and I might need to choose a different brand
15. Acne (think that speaks for itself)
- Really annoying and need a good skin care formula/routine for it
16. Lines at midtown are always super backed up on the weekends
- There's a bazillion college kids and only so many places to go
17. Sometimes I forget my headphones when I go to the gym
- They aren't always with my wallet and keys so I leave them by accident
18. People chewing loud
- They don't know how to close their mouth
19. Airport lines take forever but don't seem super effective
- Millions of people travel everyday and the TSA people don't seem very attentive
20. When people tell a funny story but laugh the whole way through it
- The story would be a lot funnier if I could just hear it
This list was pretty hard to come up with, which I guess isn't a bad thing since it means I don't have a lot to complain about at the moment. However, it did help me realize that some of these problems have pretty simple solutions which can make my life easier. In short, the list itself probably would've been #21 on here because it was so difficult for me, but I'm glad I did it.
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