14A- Halfway Reflection

Webster defines "tenacious" as "not easily stopped or pulled apart" or "very determined to do something." One of entrepreneurs' most important competencies are their tenaciousness. They persevere, despite all odds, despite waves of negative feedback, and despite failure and rejection.  

Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

Consistency and tenaciousness have allowed me to stay up to date with this course. Although this class is another class on the road to graduation, It is important to take everything that can be applied from this course, and use it as a learning curve for the future. This course has taught me to be consistent and put fourth effort into a course that can be quite tedious. Life can be very tedious, making this class the perfect stepping stool from the classroom to real life and work.

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

There were many times during my baseball career that I felt like giving up. In my senior year, I really struggled to obtain offers from any schools I really wanted to commit my next 4 years to. This was tough for a kid who always dreamed of continuing his playing career at the college level. Finally, I decided to lessen the commitment from 4 years, to 2 years and chose the Junior College route. In an attempt to save money and plan for my future more accordingly, I forgave many out of state collegiate offers, for an opportunity to try out as a walk on at my local Junior College. I achieved this goal of reaching the collegiate level, and after a year realized that I was destined for more academically. I then finished my AA at Santa Fe and applied at the University of Florida. After a few years of hard work academically, I was able to become a student at one of the best public universities in the country!

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

Tenacity is something that must come naturally, though, it can be learned and adopted by those willing to work hard. Tenaciousness is something that almost every athlete possesses, though it can be tough to carry it from the playing field, to the classroom or office. When someone has a passion and drive for something that matters to them, they will naturally possess this tenaciousness. It’s something that cannot be replaced, and it is something that will drive and motivate an individual. Developing a tenacious mindset is something that will develop as a result of caring and being invested in whatever it is you are doing. I have developed this tenacious attitude towards my academic career. As I am nearing the end of this career, I am remaining focused on the task at hand, which is graduating from The University of Florida. This is something I have dreamed about, my parents have hoped for, and my family is rooting on me to achieve. I have had a different road to this point than others, but still look forward to achieving this goal, nonetheless. This has been a product of my investment in myself, my academic career, and the support and love of my family.

13A- Reading Reflection (Steve Jobs)

··       What surprised you the most?

The constructive use of drugs by Steve Jobs. This came as a surprise to me, as I wasn't expecting to learn so much about Jobs’ extracurricular activities. 

·       What about the entrepreneur did you most admire?

His hard work ethic and willingness to learn. I also admire his willingness to try new things and find inner peace through the use of psychedelic drugs. 

·       What about the entrepreneur did you least admire?

Although, it is admirable that Steve Jobs was able to accomplish all these things after consuming psychedelic drugs, this is not a good precedent for people with anger issues, such as Jobs’. Jobs was removed from Apple for a period of time to work on his anger and how to manage this, motivating Jobs to find a way to use this as fuel for his career and company aspirations. 

·       Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

Steve Jobs did not struggle with Apple, but he did struggle with managing his anger. Steve Jobs was a very violent and highly angered man, which would come at the expense of his employees. If things were not done exactly the way Steve wanted them done, he would show his dissatisfaction with his employee’s work, throwing objects, screaming and breaking things around the office. Jobs was removed from his position shortly after, leaving his #2 guy in charge of the company's most important role. 

2) What competencies did you notice that the entrepreneur exhibited? 

·       Steve Jobs showed a few entrepreneurial competencies that everyone who wants to succeed in business should show. Steve Jobs was as hardworking as they come, he wanted to achieve greatness in his field and knew that hard work was the only way to get there. Steve Jobs was simplistic, yet innovative. Steve believed that simplicity was essential. When creating his Apple products, he wanted to ensure that his products would be simple to use, and easy to learn. Finally, Steve Jobs was a perfectionist. Jobs showed this through his uncontrollable anger. This showed his passion and desire for his product to be the best.

3) Identify at least one part of the reading that was confusing to you.

·       Identifying the period when “Macintosh” became “Apple.”  In the reading about Jobs, there was nothing that was really hard to understand or interpret, but this time period between when the company transformed from Macintosh to Apple is a bit confusing. 

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

·       “What did you learn most about yourself during your failures? And which failure in particular fueled your future success?”

·       “What advice would you give a hard working college student and hopeful entrepreneur that doesn't know what exactly he would like to do just yet?”

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

·       I believe Steve Jobs’ opinion of hard work would be doing something well enough and doing it enough times to get it perfect. I believe Steve Jobs was a genius in his own respect, and although he struggled with anger issues and a lack of restraint, he was passionate about his company and products. Most people will tell you, a lot of geniuses are crazy, Steve Jobs does not fall outside of this. Steve Jobs created a different 21st century for us all, and for the better I believe. 

12A- Figuring Out Buyer Behavior

1) Pick a segment. 

The segment I have focused on in particular are hopeful and incoming college students who cannot afford the costs of tuition and housing in total. This will prevent many students from attending college, not allowing them to fulfill their full potential. 

2) Find three people who would fit that segment and arrange to interview them. 

I interviewed 3 University of Florida students, some who have begun the process of accepting and exercising their student loans, also students who are not directly affected by this crisis.

3) Begin with need awareness. If the person you are talking to does have the problem, then you're on the right track! For need awareness, we need to figure out at what times, situations, places, contexts, etc., their need becomes the most salient. The questions you ask should be related to determining exactly when, how, and where their need awareness occurs. 

After interviewing one student currently in student debt, one student who has been granted “Florida Bright Futures” and one student who has been fortunate enough to have Florida Prepaid. The first student agreed that lowering interest rates and creating a government subsidy for qualifying students is something that would interest and improve his overall situation. The student who qualified for Florida Bright Futures scholarship agreed with what the first interviewer said, but also mentioned that these requirements must be extensive and create a diversified group of students who would ultimately be granted this subsidy/scholarship. He mentioned that he worked very hard to become a Florida Bright Futures scholar, but agrees with the ideology of the government subsidy. The second interviewee explained that forgoing the cost of tuition has made his college experience much easier, allowing him to focus on his housing costs, consumption of consumer goods and allowing him to avoid student loans. The final interviewee was indifferent on the subject, since he has not done much research on the subject. Since his parents prepaid for his college tuition at a very young age, he does not have much immediate personal interest on the subject, though believes allowing students the opportunity to receive a discounted college tuition can reward the country as a whole. 

4) Move to information search. 

Since the first interviewee currently exercises his right to accept student loans, he believes this idea could have helped him in his college tenure. He does not have much of a choice, being that he is already a senior in his final semester. What he can do moving forward, is continue to work hard in an effort to repay these student loans in a timely manner. By accruing money and devoting a portion of his paycheck to student loans, he will be able to pay these expenses and limit the negative effect of these interest rates for freshly graduated students. The second interviewee, a Florida Bright Futures scholar, does not face the crisis that many college students face, which is paying these debts upon becoming a young professional. This is a product of this students hard work and is what I hope to accomplish by proposing this government subsidy. The final interviewee, a Florida Prepaid child, is the ideal example of what I would like to do for my son/daughter, when that time comes.

5) Report the findings of your research.

A common theme throughout all three of these interviews was the fact that all of those interviewed agreed this would benefit the country as a whole. The more students who can attend college, that previously would not have been capable of this due to lack of finances, can now become college educated. This will create more skilled labor in the United States and grant many children the opportunity to strive for academic greatness, knowing that their college tuition will be discounted. Discounting college tuition for these qualifying and motivated students will create a competitive nature for these students, setting them up well for the future. 

6) Draw conclusions.

This segment is incredibly popular, relevant and growing. As discussed in my prior elevator pitch, the segment of college students in the fall of 2019 was 19.9 million. The overwhelming percentage of these students are in an alarming amount of student loan debt, with increasingly high interest rates. This government subsidy would lessen the burden of college students who qualify for this scholarship. This would allow students to begin to accrue and save their paychecks upon graduation, granting these students the opportunity to circulate that money in the economy, or eventually enjoy the ability of using their purchasing power for something greater, such as a home, car, etc. College and the proceeding years after graduating are an incredibly crucial time for many people, a time that can make or break your financial future and determine the extent of one’s financial destiny.

11A- Idea Napkin

1) You. Who you are? What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically, regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

My name is Jake Norman, I am currently a senior at the University of Florida. I am an Economics major coupled with a minor in Real Estate. I have a strong passion for professional and collegiate sports, health and fitness, dogs and entrepreneurship. I have aspirations of becoming a serial entrepreneur. All of my life, I have been entertained by the idea of being my own boss and pursuing my own personal entrepreneurship endeavors. I am well versed in a public speaking setting, confident in my ability to sell and passionate about my business and entrepreneurship endeavors. Though my idea is solely a government spending proposal and not a business, I think with enough lobbyist power and money, that the government making college education a priority would bring great returns. I do not see this idea playing a pivotal role in my life, but I believe it is something that should be pushed.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

The product or service being offered is a government subsidy, coming directly from government spending, that will make it more affordable for students to attend college without exercising their right to accept predatory like student loans. This government subsidy would be similar to the structure of “Florida Bright Futures.” This would require students to maintain an exceptional GPA, standardized testing scores, club or student government involvement, high school athletic experience and a clean track record. By incentivizing this to high school freshman, teaching them about student loans and the interest rates that can put them in a financial hole upon graduation, we will see a rise in the overall motivation of these high school students. 

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

This service would be offered to incoming college freshman. I believe that the opportunity for older students to go back to school should be an option offered as well. It is never too late to continue to grow your education, I think making it more affordable to attend college would create an incentive for these people to continue or begin their college education. The demographic and psychographic of our customer is simply any college student looking for financial help, who qualify for our requirements. These qualifying students will be well rounded and be educated on the benefits and harms of student loans and the interest rates that come along with these loans. This will make our service more important and relevant to these people.  

4) Why do they care? Your solution is only valuable insofar as customers believe it's valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Since this product/service is not something that can be bought, I cannot explain why customers would be willing to pay money to use this product, but this service will draw the attention of anyone who is planning on paying their way through college, plans to use loans to pay for college, or any overachieving student looking for a discount on their college education. Since student loan debt and the interest rates coupled with these loans are such a relevant and important part of the lives of many recent graduates, this creates this government subsidy valuable to just about any hopeful college student. This is an incredibly relevant and current topic that is affecting the lives of many college graduates, the economy and the business demographic that targets young professionals. The more money these young professionals are spending on their student loans, the less money will be circulated throughout the economy and the less money these professionals will be able to stash away. This puts them at a disadvantage financially, as they are never truly able to “hit the ground running.”

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

Since we are the only product/service of its kind right now, providing this government subsidy would set us apart from everyone else without “core competence.” Since this government subsidy would only be available for qualifying students, our core competencies would be: Academics, Community Involvement, Athletics and You. In our core competencies, “You” is what sets you apart from the many other applicants. As many applicants will be hopeful for this government subsidy, we will focus on what separates one applicant from another based off of what makes you who you are. This will ensure that the applicant and acceptances are all individuals with their own road and their own story.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

I believe these 5 elements blend together to create a government subsidy that will create an opportunity for many young students to strive for academic greatness, among many other things. This will create a desire for high school students to have a “complete” resume full of many activities that will help these students prepare themselves for college and the real world. Students maintaining an exceptional GPA will ensure that these students are applying themselves in class settings. Students excelling in standardized testing will teach them proper study habits. The lessons taught by athletics cannot be put into words and being involved in student government and clubs is crucial for some students to find their passions. These values and the importance of these requirements will set Americans up well for the future. 

10A- Elevator Pitch No.1

Below is the link to my 10A Elevator Pitch!

https://www.youtube.com/watch?v=j0e3fgYSzK4

9A- Testing the Hypothesis

Who: Are there certain people or certain businesses that, although they share a lot in common with the others in your opportunity, nevertheless fall outside the boundary? Why?

The 5 different entities I interviewed included one student currently in student loan debt, a graduate student free of student loans, a bank employee, a government official, and a professor. All five of the people I interviewed, inside or out of the boundaries, all provided useful content towards my proposal. Most of the interviewees believe that for qualifying students, a government subsidy should be included in government spending. With the inclusion of many other mysterious spending habits of the government, high level education should be among the priority.

What: At what point does the need you identified differ from another need?

The need that I identified, student loan debt, is a rather particular sub-topic on the overall problem of interest rates on loans. Though, building high credit by paying your student loans can increase the opportunity for a higher credit score later on in life.  This is one of the benefits of acquiring student loans, though it can put a financial halt to the financial planning of many. This does not apply to every college student, but obviously does apply to those who acquire these loans. Another area that is relatable to student loans are predatory small businesses. Companies that sell loans to vulnerable small businesses is a similar tactic used by companies providing loans to college students for tuition.

Why: Is the underlying cause of the outsiders' need different than people who are inside the boundary?

I believe everyone interviewed pertained to the topic but weren’t necessarily all affected by this topic. One government official does not have the power to simply change government spending and create a subsidy using government mandated money. A state Senator is even an unlikely candidate to spur this idea into action by oneself. The bank employee is also incapable of simply changing the student loan interest rate but does understand this can be problematic for many students. He explained that he attempts to provide each student with the best opportunity to succeed, which is how he gets paid. The one student interviewed affected by student debt explained that through proper help from financial professionals and his family, he was able to secure a reasonable loan for his 4-year tenure at the University of Florida. The other student identified qualified for Bright Futures and receives his tuition paid for by the state, while having to maintain a B+ average. The professor preferred not to speak on the political/fiscal side, but believes that student loan interest rates should not put students at a disadvantage upon graduating.

In conclusion, more college student than not would agree that lowering the interest rates on loans and providing a collegiate government subsidy for qualifying students would provide many students and future generations of college students the opportunity to “hit the ground running.” With the current financial instability of the economy, I believe the government investing in the future generations of college students would put the United States in a great position for the betterment of the future. This will allow college graduates the opportunity to own cars, houses and acquire assets earlier in their lives.

Inside the Boundary	Outside the Boundary
College students, future college students	Banks/Independent Loan companies, wealthy investors, professors, university employees, etc.
The need is to lower interest rates on student loans or provide a government subsidy for qualifying students.	The need is to eliminate these interest rates, at least until a recent college graduate is able to become financially stable.
This problem exists due to the economic market for loans to college students. A government subsidy would be a countrywide assistance for students.	These people are on the economic “right side” of this topic.

8A-Solving The Problem

I believe there should be a government subsidy for qualifying students enrolling in their first semester of college. This government subsidy should become available for students who graduate high school with a particular score on standardized testing, a university acceptance and club participation. These requirements will encourage the effort of young students to strive for academic greatness and social involvement with the reward of a college tuition discount. With programs such Bright Futures that offer scholarships for top level students, this subsidy would allow any student with a university acceptance and the previously mentioned requirements to be offered this discount on college tuition. This will not completely eliminate student loans, but this will offer an opportunity for university accepted students to receive discounted tuition. The student would have to maintain a particular GPA and continue to remain involved in club related activities, athletic participation, SGA, Greek life, etc. This would allow students to strive for all around greatness. I understand this is not something that can be “sold”, but this is something that can be incorporated into government spending. I believe the advantages this government expenditure would outweigh the cost of the subsidy by allowing recent college graduates the luxury of spending their hard-earned money in consumer goods, investments, housing options, etc. This would grant these professionals the opportunity to “hit the ground running” after graduation, as opposed to fighting to break-even after repaying these loans.

7A- Testing The Hypothesis

·       The who: College students and those offering student loans and the interest rates on student loan.

·       The what: The interest rates on student loans.

·       The why: These interest rates can put many college graduates in a financial “hole” as they begin their professional career. This disadvantage may take many years to finish paying.

·       Are there others who have this need?

• In fall of 2019, an estimated 19.9 million Americans will attend college and pay college tuition. Around 70% of American students end up exercising their ability to take out loans for college. The average college student will walk away with about $30,000 of debt. Some 45 million Americans owe an estimated 1.6 trillion in student loan debt.

·       What are the boundaries of the need?

• Only college students who apply and agree to these loans can have student loan debts, but the threat of these student loans may prevent those debating going to college from ever going. It can also put young professionals in a financial hole upon graduation.

·       test the boundaries of the 'why' -- for the people who have the need you have identified, what are the range of whys that they offer? Does the "why" you have identified hold for everyone?

• With a desire such as lowering the student loan interest rates, I would have a hard time finding too many students who would oppose this idea. On the other hand, banks that provide students with loans to pay their college tuition, or independent loan companies such as SoFi, would be opposed to this idea. This would directly affect their bottom line.

1.    Zach is an in-state student from Florida. Zach is directly affected by student loans. Zach is currently an advertising major who has solidified a sales job for this upcoming fall. Zach has taken out loans in order to complete his degree and not worry as much about having to pay his tuition with the money he receives from his part time job. Zach agrees that lowering the interest rate would allow him to accrue more money in a savings account, setting him up better in the future. He also claims that “if interest rates on student loans were lower, I think more people would take the chance on going to college and more college graduates would be more open to pursuing their masters” if these loans didn’t put them at a disadvantage upon graduation.

2.    Erik is an out of state student at the University of Florida. Fortunately, Erik is not in student debt. Erik agrees that student loan interest rates are high, although, does directly credit capitalism for this. He mentioned that interest rates on just about everything makes sense but believes that if college students should be relieved of these interest rates if the student remains constant with their payments upon graduating. Erik agrees that interest rates prevent many students from attending college, especially out of state schools with increased tuition.

3.    Austin is an out of state student who is not directly affected by student loans or the interest rates that come along with these loans. Austin has been fortunate enough to receive his tuition from his grandparents, who set aside this money when he was born. Austin expresses that he is incredibly lucky, but as a finance major he agrees that these student loans can place professionals in a financial hole. Austin claims “student loans can push the process of building a strong financial foundation back years.” This can prevent students from buying a house/car/etc due to their constant student loan payments.

4.    Adam is an in-state student who is directly affected by student loan debt and the increased interest rates on these loans. Adam is on a pre-med track and plans to attend medical school next fall. Adam mentions that in order to complete medical school, he is prepared to take about $200,000 in student loans. Upon completing these payments, Adam can owe about $250,000. Adam says that this is something he is prepared for, he mentions that student loans are a “gamble on yourself.” Adam said during the interview, “student loans are important for people who cannot afford to pay for tuition at the current time. There are plenty of people who will be successful enough to pay for their student loans and much more. It’s about having the confidence in yourself to succeed after school.”

5.    Justin is an in-state student who has been affected by student loans. Justin doesn’t agree with anything to do with student loans, but he mentions that without them he couldn’t be a Florida Gator. He agrees that for some, student loans are necessary, but he claims that the payments should not begin to accrue until your first full time job paycheck. Justin is a finance student who plans to work in New York City after school, an expensive city. These student loans toppled with the many expenses that come with living in New York City can put Justin in a financial hole that can be difficult to get out of. Justin agrees that interest rates should be lower and more affordable for the average college student/young professional to pay off in a timely manner.