Sunday, January 31, 2016

Costumer Interviews No. 1

1. The opportunity I am interested in exploring is the market of younger children who are looking to gain up-to-date athletic training in order to give them an advantage as they head towards more competitive levels of sports. I have many close friends who play several different college sports at the highest level and are interested in making money on the side. I am looking in to starting a training company in my town that takes the knowledge that these athletes have and allows it to be conveyed to younger athletes trying to improve their game.

2. I believe there is unmet need and demand in my town because kids are looking to be trained to improve their game and most parents are willing to spend money in order to do that. While there are a few training services in the area, none can say that kids will get to work with current college athletes.

3. While I didn't have the connections to talk with any parents in Gainesville, I did have wide access to many former athletes who were only a year out of high school, one of my target markets right on campus. I asked students who told me they played a sport in high school:
1. Would you have looked into personal training for a specific sport during your youth if such a service had been available?
2. Would you and/or your parents been willing to pay for such a training service?
3. What would you be looking for in a training service?
4.








5. I learned that there is definitely a market among high school athletes and possibly even at lower levels for training done by current D-1 athletes. People were looking for knowledgeable trainers and D-1 athletes have had access to great coaches and training for years, making them the perfect people to train others.

6. I was definitely a little bit uncomfortable approaching random people in dorms and on the street. However, I think I felt more nervous than the interviewees did, as most were happy to help! Reflecting on my interviewing, I realized I may have made a mistake in choosing my applicant pool. No one I interviewed plays varsity sports at the collegiate level and I am obviously looking to market to kids who are attempting to play in college. Leaving out current athletes may have made my results not as conclusive. However, I suspect that current athletes would have displayed an even higher interest in training than those who only played in high school.

Week 4 Reading Reflection

This chapter, I was fairly surprised to read about probability thinking and how it is a muddling mindset for entrepreneurs. I've always thought that looking for a safe and predictable process makes starting your own venture less volatile. However, I did not consider that taking a bigger risk with less predictable results can sometimes lead to great success. I was a little confused on how the hemispheres of the brain are so important to entrepreneurship. I wish the author had elaborated more and possibly expanded on which side he thought was more crucial. I would ask the author the best way to avoid muddling mindsets because I find that I often think in those terms and it restricts my ability to be creative. I'd also ask what is the most important aspect of a creative climate. I'd ask this because that's the best place to start when creating a venture and setting up a work-space. I don't disagree with anything the author said but I do wish he had expanded on the hemispheres of the brain and their relation to entrepreneurship.  

Wednesday, January 27, 2016

Top 5 World Problems

Problems:
1. Scarce Water Sources
2. Poverty
3. Availability of Medical Care
4. War/Armed Conflict
5. Climate Change

My most important issues are mainly centered around health and safety. Obviously the biggest threats to humanity are the ones that affect the longevity of peoples' lives. Scarce water sources is the biggest threat because water is the most important resource on earth. Running out of usable water would be catastrophic.

Solutions:
1. Developing clean energy and improving/increasing use of public transportation to combat climate change.
2. Increasing competition in developed countries to lower the price of medical care and transporting modern medical facilities into third world countries to increase the quality of medical care will increase the availability of medical care.
3. Develop more precise weapons to limit civilian casualties in war.
4. Supplying park rangers, especially those in third world countries, with better equipment to combat poachers.
5. Involving more economists in politics to reduce financial turmoil in countries.

All of these solutions are easiest to implement because they are relatively simple fixes and there would be outside parties with incentive to move in that direction. That makes a huge difference because monetary motivation is the best way to solve issues. Developing clean energy and improving public transportation were number one because there is the biggest financial incentive to go green and create more efficient sources and uses of energy.




Sunday, January 24, 2016

Week 3 Reading Reflection

This week, I was most surprised to learn about entrepreneurial stress. It's not that I don't see how entrepreneurs can be under immense amount of stress, rather when thinking about entrepreneurship I haven't previously considered the stress entrepreneurs can be under. I am confused about the entrepreneurial styles model. I do not understand how profit motive and financial risk are related or all that different. I'd like to ask the author what Type A personality traits are positive for entrepreneurs. I'd ask this because I am interested to see if people with Type A personalities are less suited to become entrepreneurs. I'd also like to ask the author what characteristic he views as most important for an entrepreneur. I would ask this because 42 characteristics are listed and they can't all be equally important. Finally, I had no issues with any information the author presented in this chapter. I have no challenges for any of this authors claims.

Identifying Local Opportunities

1. Level the Playing Field; Put an End to Gerrymandering
http://infoweb.newsbank.com/resources/doc/nb/news/15A92A07BAB8DA28?p=AWNB
Pennsylvania state legislators are drawing their own legislative maps. This is a problem because it assures the legislators who draw the maps re-election. This eliminates a system of checks and balances put in place to control legislators power and is generally unfair to voters. Voters and opposing political parties face this problem.

2. Record Tides, 2 Feet of Flooding at Shore
 http://infoweb.newsbank.com/resources/doc/nb/news/15A92A0742D22EE8?p=AWNB
A nor'easter that brought a blizzard to much of the north east caused record flooding in many shore towns. Some places had up to two feet of flooding, making travel impossible and causing tons of damage. High tide marks broke records set by Hurricane Sandy in 2012 in many places, including Stone Harbor. The problem is that beach towns are still not equipped to handle large storms, even after Sandy. Every major storm leads to crippling floods which costs residents and towns a ridiculous amount of money. Residents of shore towns and those who must travel through them often are those who are most affected by this problem. 

3. U.S. End-Of-Life Care Receives Good Marks but is Still Pricey
http://infoweb.newsbank.com/resources/doc/nb/news/15A92A076F80B0B8?p=AWNB
End-of-life care in the United States is effective but too costly. The US has the third highest per-capita hospital costs, with $18,500 0n average. This is a problem because $18,500 is an incredibly high amount to pay for something as vital as end-of-life care. Most people in that stage of life don't have an extraordinary amount of money to spend and health care doesn't cover all costs. Society needs to find a solution to this problem and provide more affordable end-of-life care. People paying for end-of-life care are the ones facing this problem.

4. School Threats Multiply and Get Harder to Track
http://infoweb.newsbank.com/resources/doc/nb/news/15A92A0787DB3330?p=AWNB
Violent threats of shooting and bombs are causing schools to have to evacuate at an alarmingly high rate. This is an issue because students' educations are being tampered with, evacuations are costly, and most of these threats are false, possibly desensitizing administrators to the seriousness of these threats. The problem for schools and police is finding ways to clear these threats quickly and identify who is delivering them. School administrators and police are struggling with this challenge.

5. Airstrikes Leave 29 Dead in Syria
http://infoweb.newsbank.com/resources/doc/nb/news/15A92A0785FE64B0?p=AWNB
Airstrikes against ISIS in Syria likely carried out by Russia have left 29 civilians dead. Now a total of 73 civilians have been killed in the Deir al-Zour province since just Friday. This is a problem because military strikes shouldn't be killing civilians at such a high rate. While war always brings about collateral damage, such a high level of casualties is unacceptable. Targeting technology and surveillance both need to improve in order to prevent this from happening in the future. Civilians in war zones and warring governments are both facing this problem.





Friday, January 22, 2016

Very Short Interview No. 1

For this assignment, I interviewed Tom Meyer, who runs Meyer Capital. Meyer Capital is a small wealth management firm located in Marlton, New Jersey (right outside of Philadelphia) that controls about $900 million in assets. This summer, I had the pleasure of interning for Meyer Capital and it was one of the most rewarding experiences of my life. I became very close with Tom and consider him a mentor. Yesterday I gave him a call to ask him a few questions about entrepreneurship. Here is the transcript:

Q: What is the best piece of advice you can give to someone who has just established a business?
A: Never be complacent. If you are successful, others will look to take a piece of your profit. You must always be looking to improve your products and services as well as searching for other sources of revenue.

Q: Over the past 20 years, what has been the biggest change you've seen in your business?
A: Technology. The implementation of technology in the world of finance has changed everything. We communicate with clients and funds more through Skype than over the telephone. This face to face interaction is much more conducive to servicing customers as well. We also have software packages and services that have made the financial planning side of our business much more efficient. Just plug in some numbers and the program will spit out a customized plan for you in a matter of seconds.

Q: What are you guys currently working on?
A: As a staff, we are working on expanding centers of influence. Lawyers and accountants often have the opportunity to recommend wealth management companies to their clients. We are working on building mutually beneficial relationships with several lawyers and accountants in order to create new business.

Through this interview, I learned quite a bit about entrepreneurship. I really enjoyed Mr. Meyer's comment about not being complacent and I can attest that he is always striving to improve his business. While I can't say I was surprised that Meyer Capital is looking to drum up new business, I did find it interesting that they are doing it through centers of influence. I would not have thought to do it that way and think it's a concept with a lot of potential.

Thursday, January 21, 2016

Week 2 Reading Reflection

While reading, I was most surprised to find that 600,000 new businesses are incorporated every year. I find this surprising because of the challenges that come with starting new businesses. I believed that the number was closer to half the actual amount. I was slightly confused about entrepreneurial schools of thought, as well as macro and micro view. I don't believe the book went into enough detail in regards to these topics. If a were to ask the author two questions they would be: "What do you believe the most important trait entrepreneurs have?" and "What industry is currently seeing an entrepreneurial explosion?" I'd ask these questions because I believe they would I allow be to begin to understand both the mind of an entrepreneur and the current state of the field of entrepreneurship. I would not say the author is wrong about anything in this chapter but I do, however, think he should've added another reason for the exceptional entrepreneurial activity in the US. A big reason entrepreneurial activity is high in the United States is that we have the human capital, technology, and experience to make businesses succeed. Entrepreneurs around the globe often travel to the US, even though costs are higher, to use the best technology, people, and receive advice from highly experienced professionals.

Wednesday, January 20, 2016

World's Biggest Problems

1. Species extinction. This is a huge problem because not only is it terrible that beautiful animals are being erased from the face of the earth, but extinction also effects entire ecosystems. This means that there may be unseen consequences to extinctions. Two of the biggest causes of extinction are poaching and destruction of habitat.
I believe that society can help stop the rapid decline some animal populations in two steps. First, in order to stop poaching, anti-poaching forces need to be beefed up and supplied with better equipment. Most countries that deal with poaching aren't in great economic positions, but this idea will increase employment and government spending on equipment may boost the economy. Second, countries should establish committees designed to review projects that may lead to a high level of deforestation to discover the impact said projects will have on endangered/critical species. This committee can advise on how to complete these projects with the lowest environmental impact. Governments may want to consider providing subsidies to those who choose to follow committee recommendations.

2. Scarce water sources. Pollution and mismanagement has led to a global water crisis. Some countries are already facing problems with access to usable water and most other countries are looking at similar problems in the near future.
In order to fix this problem, some sort of global council needs to be establish. The council should consist of scientists who have knowledge on the best way to use such a scarce resource and preserve what we have left as well as political figures who should be concerned with making water more accessible to countries who are experiencing shortages.

3. Income disparity. While some dispute what is to be done about income disparity and whether it is that big of an issue at all, people around the world are being affected by income disparity and see it as a huge problem.
In an attempt to not be overly political, I will give an idea of how to equip those with low income with the skills to improve their financial standing. The most important aspect to closing the income gap is closing the educational gap. Countries should be striving to make education more affordable and accessible at all levels.

4. War/armed conflict. While some may argue that war is sometimes unavoidable, the utter devastation war brings about cannot be denied. Globally, armed conflict seems to be moving towards insurgencies and terrorism. However, there are several countries - notably Russia and North Korea - that have shown the aggressive tendencies that historically lead to large-scale conflict.
It is very tough to solve a problem that affects so much of daily life and brings about full-scale devastation like war does. However, there are several things that can be done to make war less likely and its consequences less destructive. First, the continued development of precision weapons that limit collateral damage would make the fallout of strikes much less destructive. Second, war often is not in the interest of neutral countries. These countries need to understand that it is in their best interest to get involved and negotiate peace.

5. Financial instability. Several countries have been on the verge of financial collapse in the past decade and this past year alone China and Greece were in dire straits. I am worried about the possibly fallout when a country finally goes over the brink.
The best way to reduce the chance of financial collapse is to involve more economists in politics. Politicians do not always have the strongest economic backgrounds and often don't act with a country's best economic interests in mind.

6. Climate change. While climate change is another polarizing topic, more and more scientific evidence is emerging to support climate change. This makes climate change a huge issue. The possible effects of climate change are almost unimaginable. If we truly are on a path that will render earth inhabitable, changes need to be made.
Finding and developing clean energy is very important to slowing climate change. Governments around the country should invest heavily in research and development of clean energy. Pollution given off by corporations and factories should be met with taxes to encourage environmentally friendly production. Also, public transportation should be improved to the point where it is favorable to driving a car, reducing the pollution from traffic. This would require making it faster, safer, and cleaner.

7. Terrorism. Terrorism is becoming a real fear on an international level. Despite its instant impact of death and destruction, it also is economically costly and imparts a constant fear in citizens.
The best way to combat terrorism is intelligence gathering. Most governments have superior technology compared to terrorists and should use it to gain whatever advantage possible. Prevention should be the main focus and extreme diligence is required.

8. Poverty. Studies have shown that 80% of humanity lives on less than $10 a day. This means that most people can't afford simple necessities such as food, water, shelter, and clothing.
Poverty should be attacked two ways: equipping people to emerge out of poverty and charity. Charity is required to help those currently in dire straits but should not be solely relied on. Governments should develop services to provide citizens living in poverty with access to food (possibly through agriculture), education, and low income housing. This is the only way for people to emerge from poverty.

9. Availability of medical care. While improvements are being made in regards to availability, there is still not enough access to quality medical care. This is especially true in third world countries, where it is almost impossible to find medical care.
The best way to handle this problem is to lower the cost of medical care in developed countries, possibly through increased competition. Governments of third world countries may want to consider bringing in medical professionals and supplies from advanced countries. While this is costly, it will be worth it in the long run because sick individuals place a very heavy financial burden on countries.

10. Global political instability. Political instability leads to a litany of problems that stretch past just one country. Political instability means that not much can get done in countries and globally. It affects trade, security, and order on a global level.
The first way to solve political instability is to rid countries of ruthless, irrational dictators (cough North Korea cough). Dictators like this are dangers to global security and create an incredible amount of instability. The second way to reduce political instability is putting systems that allow bloodless regime changes to occur. Nothing creates instability like parties warring for control, coups, and bloody upheaval.



Sunday, January 17, 2016

Bug List

Bug List:

1. Rush-hour traffic in Gainesville
Poor city planning

2. Always misplacing my keys and wallet
No designated place to put them or way to keep track of them

3. Slow service at restaurants
Not using time efficiently, too crowded

4. Computer/app crashing while I'm working
Poor technology

5. Not being able to hear people when they are talking
Mumbling/poor hearing

6. Biased news reporting
Hidden agendas

7. The amount of commercial breaks during sports games
Advertising brings in a ton of revenue

8. Long lines for the bathroom
Bathroom is too small

9. Meetings that run much longer than necessary
Rambling

10. Multiple exams on the same day
Big course-load, bad luck

11. Cords and wires that break easily
Made with material that isn't strong enough

12. Not having batteries when you need them
Poor planning

13. Layovers
Not enough people traveling from one place to another

14. Being woken up early by a roommate
Close quarters

15. Icy roads
Cold weather

16. Dead (no service) zones
Lack of coverage from cell phone companies

17. Expensive shipping
Companies trying to increase profits/expensive delivery costs

18. Places with inadequate parking
Not enough space

19. Forgetting to pick up something you needed while at the store
Poor memory

20. Cars that take a while to heat up
AC unit doesn't work well

Reflection:
After naming the couple things that bother me often, I had trouble coming up with a long list of bugs. It is much easier to think of bugs when you are going through your daily routine than sitting at your desk brainstorming. After being frustrated for a while, I decided to give up brainstorming and just go about my day while paying attention to things that annoy me. This was a much more efficient way of creating a bugs list.

Thursday, January 14, 2016

Introduction

My name is Jake Ryan and I am a freshman finance major from Medford, New Jersey. I have a twin sister named Taylor who plays soccer at St. Joseph's University and an 11 year old sister named Delaney. My father, Larry, is a lawyer and my mother, Erica, is a middle school health and physical education teacher. I love sports, especially football and basketball and also played lacrosse in high school. My hobbies include traveling, reading, being outdoors, comedy, and hanging out with friends. My future goal is to become either a currency trader or college professor. My family and I have traveled to Aruba, St. Thomas, Key West, and Disney several times (which is a big deal if you are from New Jersey). I guess the clear theme is that we like warm weather. I am excited to take this class and learn more about entrepreneurship!



My Entrepreneurship Story

Although I have not had any run-ins with entrepreneurs, I do consider myself one. Three years ago I began working landscaping around my neighborhood. More and more people began to hire me and I decided to hire 2 of my friends to help. Fast forward 3 years and I now employ 12 people and have contracts with three of the biggest neighborhoods in my town. This process was very challenging, while managing the schedules and payrolls of 12 people, inventory, and the planning of projects with neighborhood leaders, I made many mistakes. These mistakes allowed me to grow as a person and entrepreneur. I've learned the importance of persistence, organization, and leading by example through my experience. This is something that I am very proud of and I am excited to continue to grow in the future.

I chose to take this class because I think entrepreneurship is one of the most valuable qualities in business. Being able to bring new ideas to the table makes an employee invaluable to his company. I am passionate about entrepreneurship and have several entrepreneurial ideas myself. I believe that studying entrepreneurs and entrepreneurship itself is a great way to continue my growth as a businessman.