The problem that I identified in the previous exercise is the lack of parking at the Publix and Starbucks on 13thStreet and University Ave. I came up with two ideas for potential solutions. The first one is to incorporate parking spots with time limits on them. If there was someone actually enforcing the time limits, people would be less likely to hog parking spots for hours at a time and it would alleviate the problem a bit. However, this idea is not really profitable which led me to my second idea. The other idea is to start a valet service in or near this parking lot. Customers would have to pay a fee to use the service, and they could leave their cars for as long as they want. The valet lot would have to be near Publix so that customers would not have to wait a long time to pick up their cars once they are done shopping.
Wednesday, January 30, 2019
Testing the Hypothesis
Improved parking at Publix on 13thStreet and University Ave
· Opportunity: The parking lot at this Publix location is constantly at capacity because there is no separate employee parking lot.
o Who: Publix employees and customers
o What: They are unable to find a parking spot quickly upon arrival
o Why: No employee parking lot
· Testing the who: Employees and customers of the adjacent Starbucks also have this problem. The who does not include people who take their scooter to either of these locations.
· Testing the what: Scooter parking is excluded from this problem. The problem may also be more prominent at certain times of the day or certain days of the week, whenever Publix is busier than usual.
· Testing the why: It could be that the lack of separate parking for employees causes the problem. It could also be that the Publix attracts more customers than project managers had initially planned so there just is not enough parking now. Maybe there is something else going on with people hogging spots for a different reason.
· Interview #1: Frequent customer of this Publix and Starbucks
o In this interview, I found out that this customer actually plans ahead for her trips to Publix or Starbucks because of the parking. She said that she will usually take her scooter if she is only getting coffee or just picking up a few items from Publix because she does not want to deal with finding a parking spot for her car for such a short amount of time. She said that she usually goes grocery shopping once a week, so she has to take her car then. She said it really depends on the day and time, but more often than not she does not find a vacant spot when she pulls into the Publix parking lot.
· Interview #2: Employee of Publix
o This interviewee has worked at this Publix since it opened last year. He does not have a scooter so he drives his car to work every time. He said that there used to be an employee parking lot across the street but employees were instructed not to park there anymore as of a few months ago. He said that he usually relies on getting lucky to find a parking spot in the Publix parking lot. He did not know why the old employee parking lot is not used since the lot sits empty now.
· Interview #3: Starbucks regular
o In this interview, I talked to a young woman who says she goes to this Starbucks almost every day because she lives just across the street. She said that she started noticing the parking shortage a few months ago but she expected it to be a short-term issue. However, she was surprised to see that week after week the parking situation never improved. She said that she usually walks to Starbucks because she knows that it is not worth the hassle to try and park, especially when she lives so close. She said that when she does drive, she tries to convince one of her roommates to go with her so that someone can wait in the car while the other goes inside to get their coffees.
· Interview #4: Parent of a student who shops at this Publix
o This interview was interesting because it offered a very different perspective than the others. The parent first noticed the parking problem when he was dropping off his daughter after winter break. He said that he wanted to help her get re-settled and ready for the beginning of a new semester by running errands with her. He said that they circled around the parking lot for a few minutes before he sent her inside to start shopping while he continued to search for a parking spot. He expressed frustration at the fact that he pays for his daughter to have a car so that she will use it, but it is clearly an unrealistic or more inconvenient option. He said that a remedy must be found.
· Interview #5: Starbucks employee
o This employee said that she had given up trying to plan ahead to find a spot and still make it on time for her shift. She said that she either has her husband drop her off, takes public transportation, or takes an Uber to work. She said that the parking lot is just too crowded and she does not think it’s worth her time to search for a parking spot every time she goes to work. She said that it is frustrating that no one has offered a solution to this problem yet because it has been an issue for at least three or four months.
· Given these interviews, I have realized that many people are already finding alternatives to dealing with the lack of parking at this location. I also learned that it is a relatively recent problem but seemingly nothing has been done since it first arose.
Tuesday, January 22, 2019
Identifying Opportunities in Economic and Regulatory Trends
1.
Economic trend: Global aggregate demand is
gaining momentum
b.
I believe this means that an opportunity exists
because consumers are finally showing signs of increasing spending after years
of recovering from the financial crisis in 2008. Greater spending means greater
opportunity for new goods and services.
c.
The protypical customer is someone living in a
developed country (e.g. US, EU, Japan) with disposable income. The article also
mentions the emergence of China’s middle class which is creating a consumer society
in China. In this case, members of the Chinese middle class would also be
protypical customers.
d.
I think this opportunity is relatively easy to
exploit. Basically any entrepreneurial idea for a new good or service would
work in this case.
e.
My attention was immediately drawn to the
information about China’s emerging middle class and what that could mean for
American exports to China. I am majoring in economics and political science, so
watching this shift in Chinese society is particularly interesting because of
its repercussions on Chinese demand for foreign goods and services.
2.
Economic trend: Baby Boomers are not retiring
b.
This suggests an opportunity to me because there
is a two-fold effect: (1) Baby Boomers are saving more for retirement thus
staying in the workforce longer and (2) Millennials entering the workforce are being
forced to abandon the traditional “career track.” The second part is what presents
an opportunity to me because Millennials are looking for alternatives to the office
jobs being occupied by Baby Boomers.
c.
The protypical customer is a Millennial looking
for a more freelance contractor style of work.
d.
This opportunity is a bit more complicated to
exploit. You would have to come up with a business plan that appeals to the
Millennial generation being kept out of the traditional workforce by Baby
Boomers.
e.
I think I saw this opportunity because my
parents are currently in the position of the Baby Boomers described: forced to
work a few extra years because of the hit their savings took during the 2008
financial crisis. I had never considered what that meant for young people
entering the workforce.
3.
Regulatory change: The Clean Water Act was
amended in 2018 to allow municipalities to develop a plan that integrates
wastewater and storm water management.
b.
This could present an opportunity for improved
water management technologies, including environmentally friendly approaches.
c.
The protypical customer would be the local government
that controls water management in an area.
d.
This opportunity would be difficult to exploit without
prior knowledge of water management or connections to local government
officials. However, an innovative idea for how to handle wastewater and/or
storm water could succeed.
e.
I love nature and the outdoors, so I am
concerned at the impact humans are making on our planet. Since this regulation
encourages the use of green technologies, I see it as a great opportunity to
improve water management systems and help the environment at the same time.
4.
Regulatory change: Sales tax will be enforced on
e-commerce purchases as of 2018
b.
This presents an opportunity for CPAs and other
tax professionals because small online businesses will need support in this
transition. Large corporations will also need more tax professionals helping
them navigate the new rules. Online sales tax could become a new specialty within
the tax profession.
c.
The protypical customer would be an individual
looking to expand his/her career in helping corporations manage tax laws.
d.
This opportunity would be difficult to exploit
for someone not familiar with tax processes. For someone who is already in this
field, it could be useful.
e.
I am an avid online shopper, so this regulation
affects me personally which is why I was interested in the impacts it could have.
Monday, January 21, 2019
Identifying Local Opportunities
· “PACE
program expanding - Despite complaints from consumers when the bill comes due”
by Ron Hurtibise
o Sun Sentinel (Ft. Lauderdale)
o This article highlights some of the issues
surrounding a unique program used to finance home improvements. The program,
called Property Assessed Clean Energy financing or PACE, is available to
practically any homeowners with jobs and sufficient equity in their houses,
regardless of credit scores. However, the seeming ease and convenience of this program
may be too good to be true. Many customers have been caught by surprise when
they had to start paying back the loans because the terms are unclear. The
payments come as a part of the homeowner’s property taxes, so many are caught off
guard when they have to start paying earlier than they were told or have to pay
much greater amounts than anticipated.
o The problem boils down to a lack of
communication between contractors for the PACE program and customers utilizing
it. Whether it is intentional deception or accidental miscommunication is up
for debate depending on who you ask. Borrowers who agree to use this program
without realizing the full costs or extent of it may find themselves in greater
debt than they can handle. The risk only escalates as the program continues to
expand.
o Borrowers are at the losing end of this
program’s deal. Anyone seeking to do the kind of home improvements PACE offers
can be affected by this problem. With the program and its projects gaining
popularity, this could end up being a great deal of people. “Qualifying energy efficiency
and storm-hardening projects include new roofs, air conditioning systems,
hurricane-resistant impact windows and doors, and storm-hardened garage doors.”
· “The best way to get a mortgage” by Gary M.
Singer
o Sun Sentinel (Ft. Lauderdale)
o In this Q&A style story, Singer explains
some tips and tricks for getting a good mortgage. He goes over what potential
buyers should expect when applying for a mortgage and gives them advice about house
shopping.
o The main problem presented in the story is
that there is a general lack of knowledge on how to get a mortgage. People are
also given the advice to “buy the most home you can afford,” but Springer warns
readers not to buy so much home that they become “house poor.”
o This problem affects potential future homeowners
as they prepare to search for a house and apply for a mortgage on it.
· “Bosses
with blind spots - Here's what employees see” by Scott Mautz
o Sun Sentinel (Ft. Lauderdale)
o The article details Gallup poll findings
concerning employees’ discontent with their company leadership. It explains how
these issues are usually despite many bosses’ best efforts to be effective
leaders. They may lead to employee burnout and a high turnover rate.
o The primary issues discussed are that employees
do not believe their leaders have a clear direction for their organization or deliver
on promises to customers. Employees also do not believe that their companies do
an excellent job of onboarding and 67% report experiencing burnout at work.
o These problems affect almost anyone at a
company. While employees are the ones diagnosing and reporting the problems,
leaders are the ones who must do their part to solve them.
· “The
next possible victims of the shutdown: Your food, flowers and toys” by Rob Wile
o Miami Herald
o This article explains some of the ways in which
the government shutdown affects the average consumer. While food and other
imported items are still being inspected for contaminants, inspections are
taking longer than usual due to fewer inspectors on the job. This risks the shelf-life
of produce and could eventually raise prices in grocery stores. Florists also
worry that their large shipments from South America will not be ready in time
for Valentine’s Day because of the limited number of federal workers to inspect
them.
o The problem is that the government shutdown
is leading to great numbers of furloughed workers which slows down various business
processes. As of now, the problem mainly affects the workers who are working
without pay and the actual buyers and sellers of fresh produce. If the
situation continues without resolution, it will begin to affect the everyday
consumer as prices go up to make up for slowed inspection processes. It will
also affect florists in the weeks leading up to one of their busiest days of
the year.
· “More
than 68,000 pounds of chicken recalled after wood was found by some customers”
by David J. Neal
o Miami Herald
o Perdue recalled over 68,000 pounds of “Simply
Smart Organics Breaded Chicken Breast Nuggets Gluten Free” after hearing from
three customers who found wood in their nuggets. The company was able to trace
which production run led to the faulty nuggets and offered anyone who purchased
that batch a full refund.
o The problem in this story is that customers
found items unsafe to eat in their pre-packaged food. It is also a problem on
Perdue’s end because the nuggets should never have been near wood, and the
batch clearly was not searched thoroughly enough for quality control.
o This problem primarily affects those who
bought the bad chicken nuggets as well as Perdue.
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