7A – Testing the Hypothesis Part 1
1) Cutting the hair of my fellow Marines while we are on deployment here in Australia.
2) Haircuts are very expensive for us Marines to get here in Australia. It is also very inconvenient having to go out in town to get a haircut. I could begin to cut the hair of my fellow Marines and make a rather significant amount of additional income daily as a result of this entrepreneurial venture. My service as a barber will be convenient for them, save them money, and make me money.
3) In Assignment 4A (Forming an Opportunity Belief), I interviewed three of my fellow Marines to test my above hypothesis. I decided to begin pushing the boundaries of my hypothesis by interviewing three people on base with us whom are in the Australian Army. I was curious to see if perhaps my services would also meet their “unmet need.” I also interviewed two Marines from a different company than myself.
4) The five people, whom I interviewed were all Australian Soldiers, whom are on the same military base as us. I interviewed them all separately and began by asking the five of them some of the same questions that I asked in Assignment 4A. I asked questions such as the following:
“How often must you get a haircut and how do you go about this?”
“What are the costs associated with getting a haircut every week?”
“How do you feel about having to go through this process every time you have to get a haircut?”
“If I were able to cut your hair to standards that would pass inspection for a cheaper price than you typically pay, would you be interested in my services?”
The responses that I got from all five of my interviews were very helpful in determining the boundaries of my hypothesis.
They are not required to get haircuts every week. Their requirements are simply that their hair cannot touch their ears and it must be gradually faded. The length of their hair on top cannot exceed four inches. Their hair must look professional (this is a matter of personal opinion; however, if their chain of command deems that their hair doesn’t look professional, they will be told to go get a haircut).
During my interviews, I noticed that two of the five soldiers did not have their hair within the regulations that they are required to have it. I asked them, “I notice that your hair is pushing the regulations a little bit. Is this something that you can get in trouble for?” They both responded by telling me that their chain of command is relatively relaxed and is unlikely to reprimand them if their hair is just a little bit out of regulations.
Similarly to us Marines, the Australians must go out in town every time they want to get a haircut, and they typically pay an average of $30-40 per haircut. Unlike us, they have their own vehicles, so they do not have to pay for taxis; however, they still have the expensive of the gas that they use to go get a haircut. On average, going out in town to get a haircut typically costs them a total of $40-45 and takes an average of two hours of their time.
5) Four out of the five of them told me that my services would be of interest to them; however, they probably would only want me to cut their hair every two to three weeks. I was able to conclude that I can expand my prototypical customer to include Australian Soldiers; however, U.S. Marines will be my more regular customers.
When asking my fellow Marines how much they would be willing to pay for haircuts, the consensus was $10-20 for a haircut each week. When I asked the Australian soldiers this same question, the four whom were interested in my services responded $15-20, $20, $25, and $25. Doing more interviews/collecting more data would likely lead me to the conclusion that Marines may be more regular customers of mine, but the Australians are willing to pay more for my services that the Marines are.
My interviews (with 5 Australian Soldiers and 3 U.S. Marines) have led me to conclude that I will be unable to meet the large demand for my services. Although I may not be able to meet the needs of every single Soldier and Marine (without recruiting others to help me cut hair), I presume that charging a sum of $20 per haircut will lower the demand for my services to the perfect amount. Charging $20 per haircut is the best way for me to exploit this opportunity. Should I find that I do not have enough customers, I will experiment with lowering the charge for my services. Should I find that I have too many customers, I will raise the prices of my services to increase my profits.
Wednesday, 19 September 2018
Monday, 3 September 2018
Assignment 6A-Identifying Opportunities in Economic and Regulatory Trends
Assignment 6A – Identifying Opportunities in Economic & Regulatory Trends
Opportunities in Current Economic Trends
1. One apparent economic trend is global activity improving between Australia and other countries, such as China and Japan.
I became aware of this trend through businessnews.com shortly after doing a google, searching for economic trends.
Economic trends between any two or more major countries are big news and this big news suggests big opportunity. China receives approximately one third of Australia’s merchandise exports. Japan receives approximately 15 percent of Australia’s merchandise exports. With China’s activity having stabilized and Japan’s economic construction boom, it is a prime time for producers of merchandise in Australia to export their goods to China and Japan. This is a wonderful opportunity to meet the increasing Chinese and Japanese demand for Australian merchandise (an at least somewhat unmet need).
The prototypical customers of these Australian exporters are the Chinese and Japanese importers and ultimately the Chinese and Japanese people themselves.
I believe that this opportunity is relatively easy for established Australian merchandise producers to exploit; however, this opportunity is not at all easy for the average Australian citizen to exploit.
I certainly do think that this opportunity is limited and not easy for the average person to exploit, but I am confident that the opportunity still exists regardless of those factors. It is my belief that other people may fail to see this opportunity simply because they are unable to exploit it themselves.
2. Another apparent economic trend is baby boomers not retiring. This is a trend that I was already somewhat aware of and then was reminded of when reading an article on thebalance.com.
The article suggests that due to The Great Recession, over half of those aged 45-75 were forced to delay retirement.
I believe that this information is directly correlated to an opportunity. This opportunity is the opportunity to higher these baby boomers as part-time workers. Most of these workers have over 20 years of work experience and credentials. Hiring these baby boomers as part-time employees will prevent employers from having to pay for benefits for these employees. Instead of hiring one full-time worker, an employer can hire two baby boomers as part-time employees and save money, while meeting the largely unmet need of baby boomers looking for work.
Baby boomers would the employees (essentially the “customers” for purposes of this discussion).
Of course, there are limitations to this such as exactly what credentials an employee must have and whether it is feasible to hire two part-time workers (baby boomers) instead of one full-time worker. For many employers, such as the owners of golf courses, hiring baby boomers as part-time workers may be a wonderful option for a multitude of reasons. In many scenarios, it is very easy to exploit this opportunity.
I do believe that the majority of people would agree with me that this opportunity exists. I believe that being open-minded and somewhat resourceful is what allowed me to come up with the idea of hiring baby boomers as part-time employees rather than hiring younger people as full-time employees.
Opportunities in Regulatory Changes
3. When thinking of regulatory change as related to exploiting opportunities, the legalization of marijuana is the first thing that comes to mind for me. Throughout the past several years, the legalization of marijuana for both medicinal and recreational use has become a major topic. Not only has it become a topic, but states have begun to legalize marijuana. Many suggest that it is only a matter of time until marijuana is legalized throughout the majority of the United States.
As noted in one of Professor Pryor’s previous lectures, before marijuana is officially legalized in a given state, dispensaries are ready to open and take action. They are ready to exploit the opportunity and to meet that unmet need.
Marijuana is legal for recreational use in nine states and is legal for medicinal use in 30 of the 50 states. It has been shown through these states that the opportunity does and will certainly exist for when the other states legalize the use of marijuana.
Customers have and will include those needing marijuana for medicinal purposes and those wanting to use marijuana for recreational purposes.
I do believe that this opportunity will be relatively hard to exploit due to the expenses and licenses involved with getting into the field of growing and/or selling marijuana.
Another reason that exploiting this opportunity will be difficult is because this is an opportunity that many people are aware of and are also trying to exploit themselves. This is not a hard opportunity to see.
4. Another opportunity regarding regulatory change exists in the insurance market. This particular opportunity came to my attention while reading a couple of different articles on Deloitte.
Lawmakers and regulators are attempting to make many significant changes with regard to aspects of the insurance market. Although the exact measures are very complex, it is efficient to embrace them. Increasing the effectiveness and the efficiency of insurance companies’ risk and compliance programs meets an unmet need. This unmet need is to meet applicable laws, regulations, and supervisory expectations prior to the applicable laws taking effect. This opportunity should be exploited.
The target of this opportunity is to meet the unmet need of top insurance company owners and managers. Counsel helping meet the applicable laws serves the need of the insurance companies themselves.
To exploit this opportunity, counsel must have very specific credentials and knowledge. This is certainly not an easy opportunity to exploit. If this opportunity was able to be exploited efficiently, the pay off would certainly be worthwhile.
It was not easy to see this opportunity. Many may disagree with me on whether there is opportunity to exploit here; however, it is my proposal that there is. I still am not fully knowledgeable with regard to insurance regulations in order to know for sure whether the opportunity is worth exploiting, but as of right now, I believe that it is.
Opportunities in Current Economic Trends
1. One apparent economic trend is global activity improving between Australia and other countries, such as China and Japan.
I became aware of this trend through businessnews.com shortly after doing a google, searching for economic trends.
Economic trends between any two or more major countries are big news and this big news suggests big opportunity. China receives approximately one third of Australia’s merchandise exports. Japan receives approximately 15 percent of Australia’s merchandise exports. With China’s activity having stabilized and Japan’s economic construction boom, it is a prime time for producers of merchandise in Australia to export their goods to China and Japan. This is a wonderful opportunity to meet the increasing Chinese and Japanese demand for Australian merchandise (an at least somewhat unmet need).
The prototypical customers of these Australian exporters are the Chinese and Japanese importers and ultimately the Chinese and Japanese people themselves.
I believe that this opportunity is relatively easy for established Australian merchandise producers to exploit; however, this opportunity is not at all easy for the average Australian citizen to exploit.
I certainly do think that this opportunity is limited and not easy for the average person to exploit, but I am confident that the opportunity still exists regardless of those factors. It is my belief that other people may fail to see this opportunity simply because they are unable to exploit it themselves.
2. Another apparent economic trend is baby boomers not retiring. This is a trend that I was already somewhat aware of and then was reminded of when reading an article on thebalance.com.
The article suggests that due to The Great Recession, over half of those aged 45-75 were forced to delay retirement.
I believe that this information is directly correlated to an opportunity. This opportunity is the opportunity to higher these baby boomers as part-time workers. Most of these workers have over 20 years of work experience and credentials. Hiring these baby boomers as part-time employees will prevent employers from having to pay for benefits for these employees. Instead of hiring one full-time worker, an employer can hire two baby boomers as part-time employees and save money, while meeting the largely unmet need of baby boomers looking for work.
Baby boomers would the employees (essentially the “customers” for purposes of this discussion).
Of course, there are limitations to this such as exactly what credentials an employee must have and whether it is feasible to hire two part-time workers (baby boomers) instead of one full-time worker. For many employers, such as the owners of golf courses, hiring baby boomers as part-time workers may be a wonderful option for a multitude of reasons. In many scenarios, it is very easy to exploit this opportunity.
I do believe that the majority of people would agree with me that this opportunity exists. I believe that being open-minded and somewhat resourceful is what allowed me to come up with the idea of hiring baby boomers as part-time employees rather than hiring younger people as full-time employees.
Opportunities in Regulatory Changes
3. When thinking of regulatory change as related to exploiting opportunities, the legalization of marijuana is the first thing that comes to mind for me. Throughout the past several years, the legalization of marijuana for both medicinal and recreational use has become a major topic. Not only has it become a topic, but states have begun to legalize marijuana. Many suggest that it is only a matter of time until marijuana is legalized throughout the majority of the United States.
As noted in one of Professor Pryor’s previous lectures, before marijuana is officially legalized in a given state, dispensaries are ready to open and take action. They are ready to exploit the opportunity and to meet that unmet need.
Marijuana is legal for recreational use in nine states and is legal for medicinal use in 30 of the 50 states. It has been shown through these states that the opportunity does and will certainly exist for when the other states legalize the use of marijuana.
Customers have and will include those needing marijuana for medicinal purposes and those wanting to use marijuana for recreational purposes.
I do believe that this opportunity will be relatively hard to exploit due to the expenses and licenses involved with getting into the field of growing and/or selling marijuana.
Another reason that exploiting this opportunity will be difficult is because this is an opportunity that many people are aware of and are also trying to exploit themselves. This is not a hard opportunity to see.
4. Another opportunity regarding regulatory change exists in the insurance market. This particular opportunity came to my attention while reading a couple of different articles on Deloitte.
Lawmakers and regulators are attempting to make many significant changes with regard to aspects of the insurance market. Although the exact measures are very complex, it is efficient to embrace them. Increasing the effectiveness and the efficiency of insurance companies’ risk and compliance programs meets an unmet need. This unmet need is to meet applicable laws, regulations, and supervisory expectations prior to the applicable laws taking effect. This opportunity should be exploited.
The target of this opportunity is to meet the unmet need of top insurance company owners and managers. Counsel helping meet the applicable laws serves the need of the insurance companies themselves.
To exploit this opportunity, counsel must have very specific credentials and knowledge. This is certainly not an easy opportunity to exploit. If this opportunity was able to be exploited efficiently, the pay off would certainly be worthwhile.
It was not easy to see this opportunity. Many may disagree with me on whether there is opportunity to exploit here; however, it is my proposal that there is. I still am not fully knowledgeable with regard to insurance regulations in order to know for sure whether the opportunity is worth exploiting, but as of right now, I believe that it is.
Assignment 5A - Identifying Local Opportunities
5A – Identifying Local Opportunities
The Bradenton Herald
1. 14-Year-Old Manatee Girl Reported Missing, Endangered (written 09/02/2018)
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3ABTHB%21Bradenton%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0902%21September%2B02&f=advanced&action=browse&format=text&docref=news/16E3097A59D4E270
A 14-year-old girl left her house in the evening and never returned home. It is unknown whether she ever reached her destination, the local mall. The young girl takes medication and has been known to inflict self-harm upon herself.
The problem present in the story is that this young girl disappeared from home and shortly after, her whereabouts were and likely still are unknown. It is known that she left home on her own freewill, but her current whereabouts are unknown. It is unknown whether she is safe or in harm’s way.
The young girl’s family and the Manatee Police Department have this problem of not knowing the status of her whereabouts or safety.
2. Manatee Deputies Could Use Help Catching These 6 Fugitives. Your Tip Might Be Rewarded (written 09/01/2018)
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3ABTHB%21Bradenton%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0901%21September%2B01&f=advanced&action=browse&format=text&docref=news/16E2B51AAF7EEF80
The Manatee County Sheriff’s Office is looking to apprehend 6 fugitives, whom the sheriff’s office has not yet been able to arrest. Each of these fugitives has committed a minimum of one crime; however, many of them have committed multiple crimes.
The problem presented in this news article is that the sheriff’s office has not been able to apprehend these criminals. These criminals have not yet been brought to justice. These criminals, if not caught, may very well continue being a detriment to society.
Manatee deputies have this current problem. The citizens of Manatee County and other surrounding counties also have the problem of having these fugitives in the area.
3. More Dirty Dining: These Bradenton-Area Restaurants Cited for Health Violations (written 08/31/2018)
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3ABTHB%21Bradenton%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0831%21August%2B31&f=advanced&action=browse&format=text&docref=news/16E252815071BF50
This past week’s restaurant inspections yielded a multitude of health violations among numerous Bradenton-area restaurants. The vast majority of the health violations were corrected on the spot.
Although the majority of these health violations were corrected, it is a serious problem that these violations ever existed in the first place. Bradenton-area restaurants struggled with holding food at the proper temperature, washing hands, and providing proof of state-approved certification.
The Bradenton-area restaurants that did not pass inspection now have the serious problem of being health violators. Inspectors have the problem of now having to frequently reinspect the restaurants that failed the initial inspections. The restaurants that failed these inspections now have the problem of having to pass upcoming inspections as well as potentially losing customers and/or potentially facing fines. Restaurant goers may now have the increased fear of eating at a restaurant that is not following proper health procedures.
4. Man Met with Child He Knew from the Internet, Cop Says. He’s a Registered Sex Offender (written 08/31/2018)
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3ABTHB%21Bradenton%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0831%21August%2B31&f=advanced&action=browse&format=text&docref=news/16E260BB598AD568
A 30-year-old man, who was already a registered sex offender, travelled to Sarasota County to meet with an 11-year-old girl, whom he had met on social media. This man facilitated sexual conversations with the young girl and had exchanged pictures with her.
The problem presented in this story is best identified by Sarasota County Sheriff Tom Knight. He was quoted saying, “Our children are our future; they are our priority and they should be protected from predators like this man. Now more than ever parents need to look at their child’s phone, learn passwords, demand answers and always contact law enforcement if something doesn’t seem right.” Evidently, the problem is that parents are failing to monitor their children’s social media. The ultimate route of this problem is that sexual predators exist in the first place.
This problem is had by children across all the United States and the world. Naturally, it is also the problem of the parents of those children and the problem of law enforcement, trying to stop sexual offenders.
5. A 76-year-old Man Answered Knock at His Door. Gunman Got Away with Pills, Cash Cops Say (written 08/30/3018)
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3ABTHB%21Bradenton%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0830%21August%2B30&f=advanced&action=browse&format=text&docref=news/16E1FE2152449AF0
A 76-year-old man in Palmetto, Florida became victim of a crime shortly after answering his front door to a man, whom turned out to be an armed robber. Although the criminal did not hurt the home owner, the criminal stole prescription pills and cash from the law-abiding citizen before fleeing the scene.
The problem in this story is that the elderly man was unable to stop the armed robber. The Palmetto man had no good option other than handing over his money and prescription pills to the home invader. The underlying problem is that crime exists and is not always stopped before it happens. Another problem is that the said home invader got away after committing armed robbery.
In this scenario, the Palmetto man had the problem of being victimized; however, everyone has the possibility of becoming a victim to armed robbery and therefore, everyone has this problem of not always being able to stop crime. The police also have the problem of crime happening under their watch.
The Bradenton Herald
1. 14-Year-Old Manatee Girl Reported Missing, Endangered (written 09/02/2018)
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3ABTHB%21Bradenton%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0902%21September%2B02&f=advanced&action=browse&format=text&docref=news/16E3097A59D4E270
A 14-year-old girl left her house in the evening and never returned home. It is unknown whether she ever reached her destination, the local mall. The young girl takes medication and has been known to inflict self-harm upon herself.
The problem present in the story is that this young girl disappeared from home and shortly after, her whereabouts were and likely still are unknown. It is known that she left home on her own freewill, but her current whereabouts are unknown. It is unknown whether she is safe or in harm’s way.
The young girl’s family and the Manatee Police Department have this problem of not knowing the status of her whereabouts or safety.
2. Manatee Deputies Could Use Help Catching These 6 Fugitives. Your Tip Might Be Rewarded (written 09/01/2018)
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3ABTHB%21Bradenton%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0901%21September%2B01&f=advanced&action=browse&format=text&docref=news/16E2B51AAF7EEF80
The Manatee County Sheriff’s Office is looking to apprehend 6 fugitives, whom the sheriff’s office has not yet been able to arrest. Each of these fugitives has committed a minimum of one crime; however, many of them have committed multiple crimes.
The problem presented in this news article is that the sheriff’s office has not been able to apprehend these criminals. These criminals have not yet been brought to justice. These criminals, if not caught, may very well continue being a detriment to society.
Manatee deputies have this current problem. The citizens of Manatee County and other surrounding counties also have the problem of having these fugitives in the area.
3. More Dirty Dining: These Bradenton-Area Restaurants Cited for Health Violations (written 08/31/2018)
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3ABTHB%21Bradenton%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0831%21August%2B31&f=advanced&action=browse&format=text&docref=news/16E252815071BF50
This past week’s restaurant inspections yielded a multitude of health violations among numerous Bradenton-area restaurants. The vast majority of the health violations were corrected on the spot.
Although the majority of these health violations were corrected, it is a serious problem that these violations ever existed in the first place. Bradenton-area restaurants struggled with holding food at the proper temperature, washing hands, and providing proof of state-approved certification.
The Bradenton-area restaurants that did not pass inspection now have the serious problem of being health violators. Inspectors have the problem of now having to frequently reinspect the restaurants that failed the initial inspections. The restaurants that failed these inspections now have the problem of having to pass upcoming inspections as well as potentially losing customers and/or potentially facing fines. Restaurant goers may now have the increased fear of eating at a restaurant that is not following proper health procedures.
4. Man Met with Child He Knew from the Internet, Cop Says. He’s a Registered Sex Offender (written 08/31/2018)
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3ABTHB%21Bradenton%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0831%21August%2B31&f=advanced&action=browse&format=text&docref=news/16E260BB598AD568
A 30-year-old man, who was already a registered sex offender, travelled to Sarasota County to meet with an 11-year-old girl, whom he had met on social media. This man facilitated sexual conversations with the young girl and had exchanged pictures with her.
The problem presented in this story is best identified by Sarasota County Sheriff Tom Knight. He was quoted saying, “Our children are our future; they are our priority and they should be protected from predators like this man. Now more than ever parents need to look at their child’s phone, learn passwords, demand answers and always contact law enforcement if something doesn’t seem right.” Evidently, the problem is that parents are failing to monitor their children’s social media. The ultimate route of this problem is that sexual predators exist in the first place.
This problem is had by children across all the United States and the world. Naturally, it is also the problem of the parents of those children and the problem of law enforcement, trying to stop sexual offenders.
5. A 76-year-old Man Answered Knock at His Door. Gunman Got Away with Pills, Cash Cops Say (written 08/30/3018)
https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3ABTHB%21Bradenton%2BHerald%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0830%21August%2B30&f=advanced&action=browse&format=text&docref=news/16E1FE2152449AF0
A 76-year-old man in Palmetto, Florida became victim of a crime shortly after answering his front door to a man, whom turned out to be an armed robber. Although the criminal did not hurt the home owner, the criminal stole prescription pills and cash from the law-abiding citizen before fleeing the scene.
The problem in this story is that the elderly man was unable to stop the armed robber. The Palmetto man had no good option other than handing over his money and prescription pills to the home invader. The underlying problem is that crime exists and is not always stopped before it happens. Another problem is that the said home invader got away after committing armed robbery.
In this scenario, the Palmetto man had the problem of being victimized; however, everyone has the possibility of becoming a victim to armed robbery and therefore, everyone has this problem of not always being able to stop crime. The police also have the problem of crime happening under their watch.
Sunday, 2 September 2018
Assignment 4A - Forming an Opportunity Belief
Assignment 4A - Forming an Opportunity Belief
Here in Australia, my fellow Marines have the need to get haircuts every week per our commanding officer’s order. Although the need to get haircuts every week is a need that has always existed for us, it is an especially unmet need here in Australia. Back in California where we are usually stationed, a Marine can get a high-quality haircut from the local barber shop for $8-12. On deployment here in Australia, the local barbers charge an average of $35 for the same haircut that only costs $8-12 back in California. In addition to haircuts being more expensive here in Australia, Marines must also pay for taxis to the barber shop out in town. Getting a haircut here in Australia is a very costly and time-consuming venture that every Marine must execute each week.
Although there are a few Marines who cut hair here on base, they are unable to meet the overwhelming demand for haircuts from our entire Marine battalion. I have the skills necessary to cut the hair of my fellow Marines to the necessary standards so that their hair is within regulations. Should I invest in the purchase of a pair of clippers, which only cost $60 from the local store, I could make remarkable profits and choose my own working hours as a “barber.” I am confident that this need exists, and that I could aid in meeting this need for dozens of my fellow Marines.
Please refer to the three attached interviews at this time (2 of the interviews say interview-1-brown, but they are both different interviews of different people):
https://soundcloud.com/user-670388815/4a-interview-1-brown-1
https://soundcloud.com/user-670388815/4a-interview-1-brown
https://soundcloud.com/user-670388815/4a-interview-3-salgado
Having been here with all the guys in the battalion for the past three and a half months, I was not too surprised by their responses in the interviews. I also am in the same situation as them when it comes to having to get a haircut every week.
I found all of my original opportunity to be present as I had predicted. The responses of my interviewees were what I expected and what I was hoping for. If I do choose to capitalize on this entrepreneurial opportunity, the next step will be to decide how much to charge for haircuts once I purchase clippers. I would say that $15 is a good price to charge. At this price, my customers will be happy. I predict that I will have an abundant quantity of customers if I set the price of my haircuts at $15. I will want to watch YouTube videos on how to give fades. This will serve as a measure to refreshing my mind on how to give good haircuts.
Entrepreneurs must adapt their opportunities based on customer feedback. If an entrepreneur is too fixed on his perception of opportunities and refuses to take into consideration customer feedback, he will fail to be efficient with his resources and will not perform as an effective, successful entrepreneur. It is important that the entrepreneur collects customer feedback from the same type of people, whom he targets as his consumers.
Here in Australia, my fellow Marines have the need to get haircuts every week per our commanding officer’s order. Although the need to get haircuts every week is a need that has always existed for us, it is an especially unmet need here in Australia. Back in California where we are usually stationed, a Marine can get a high-quality haircut from the local barber shop for $8-12. On deployment here in Australia, the local barbers charge an average of $35 for the same haircut that only costs $8-12 back in California. In addition to haircuts being more expensive here in Australia, Marines must also pay for taxis to the barber shop out in town. Getting a haircut here in Australia is a very costly and time-consuming venture that every Marine must execute each week.
Although there are a few Marines who cut hair here on base, they are unable to meet the overwhelming demand for haircuts from our entire Marine battalion. I have the skills necessary to cut the hair of my fellow Marines to the necessary standards so that their hair is within regulations. Should I invest in the purchase of a pair of clippers, which only cost $60 from the local store, I could make remarkable profits and choose my own working hours as a “barber.” I am confident that this need exists, and that I could aid in meeting this need for dozens of my fellow Marines.
Please refer to the three attached interviews at this time (2 of the interviews say interview-1-brown, but they are both different interviews of different people):
https://soundcloud.com/user-670388815/4a-interview-1-brown-1
https://soundcloud.com/user-670388815/4a-interview-1-brown
https://soundcloud.com/user-670388815/4a-interview-3-salgado
Having been here with all the guys in the battalion for the past three and a half months, I was not too surprised by their responses in the interviews. I also am in the same situation as them when it comes to having to get a haircut every week.
I found all of my original opportunity to be present as I had predicted. The responses of my interviewees were what I expected and what I was hoping for. If I do choose to capitalize on this entrepreneurial opportunity, the next step will be to decide how much to charge for haircuts once I purchase clippers. I would say that $15 is a good price to charge. At this price, my customers will be happy. I predict that I will have an abundant quantity of customers if I set the price of my haircuts at $15. I will want to watch YouTube videos on how to give fades. This will serve as a measure to refreshing my mind on how to give good haircuts.
Entrepreneurs must adapt their opportunities based on customer feedback. If an entrepreneur is too fixed on his perception of opportunities and refuses to take into consideration customer feedback, he will fail to be efficient with his resources and will not perform as an effective, successful entrepreneur. It is important that the entrepreneur collects customer feedback from the same type of people, whom he targets as his consumers.
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