Friday, September 27, 2019
Thursday, September 26, 2019
9A – Testing the Hypothesis, Part 2
-Who: Through my interviews I got a better idea of who is and is not a part of the market for my service. The ones who fell inside of my market tended to be business owners who have only been in business for 10 or less years, and business owners who experience higher turnover. The ones who fell outside of my market tended to be more tenured business owners and those who have a dedicated staff.
- My first interviewee was a business owner who has been in business for 15 years and has a very low turnover rate. He said that he would not use the service as it is not a need for his business.
-3 of my other interviewees were business owners of less than 10 years. Two of them have very high turnover rates, and one has a very low turnover. The two with higher turnover said that they would be likely to use the service. The other one said she likely would not, as she has a dedicated staff of very friendly employees.
-My other interviewee has been in business for 25 years, but within the last three years turnover has become an issue. He said that he was very indecisive as he has never had a need for this in the past, but now that he is doing so much more hiring he might would consider it.
-What: All of my interviewees agreed that the training is very important, but the biggest factor is what the culture of the business is like. If the environment is not one that is positive and upbeat, the employees are not as likely to really stick to customer service procedures, no matter how much training they get.
-Why: The need for customer service training is present in every retail establishment. The need differs in each business though. Some businesses have a bigger need than others, and some businesses need different methods of training than others. This all depends on the environment in the business, how dedicated the staff are, and how many people are being hired at one time.
Inside the market Outside the market
Who: New business owners Tenured business owners
Businesses with high turnover Business with low turnover
Businesses hiring many people at a time Businesses hiring fewer
What: To train employees better Ensure they stick with it
To help businesses boost morale Keep morale high in hostile work environment
Why: Businesses can't handle the training of a high number of employees
Businesses can't get their employees to be consistently friendly
New business owners are not experienced in this aspect of training.
- My first interviewee was a business owner who has been in business for 15 years and has a very low turnover rate. He said that he would not use the service as it is not a need for his business.
-3 of my other interviewees were business owners of less than 10 years. Two of them have very high turnover rates, and one has a very low turnover. The two with higher turnover said that they would be likely to use the service. The other one said she likely would not, as she has a dedicated staff of very friendly employees.
-My other interviewee has been in business for 25 years, but within the last three years turnover has become an issue. He said that he was very indecisive as he has never had a need for this in the past, but now that he is doing so much more hiring he might would consider it.
-What: All of my interviewees agreed that the training is very important, but the biggest factor is what the culture of the business is like. If the environment is not one that is positive and upbeat, the employees are not as likely to really stick to customer service procedures, no matter how much training they get.
-Why: The need for customer service training is present in every retail establishment. The need differs in each business though. Some businesses have a bigger need than others, and some businesses need different methods of training than others. This all depends on the environment in the business, how dedicated the staff are, and how many people are being hired at one time.
Inside the market Outside the market
Who: New business owners Tenured business owners
Businesses with high turnover Business with low turnover
Businesses hiring many people at a time Businesses hiring fewer
What: To train employees better Ensure they stick with it
To help businesses boost morale Keep morale high in hostile work environment
Why: Businesses can't handle the training of a high number of employees
Businesses can't get their employees to be consistently friendly
New business owners are not experienced in this aspect of training.
Friday, September 20, 2019
8A – Solving The Problem
Opportunity: Customer service training of retail employees.
Solution:
My solution is to start a business that comes into other businesses and trains their employees is customer service, as well as providing classes and seminars for employers to send their employees to, in order to learn more about customer service. The idea is that, since it is difficult for employers to effectively train their employees in customer service, an outside service, run by customer service professionals, will be available to come in and train employees in customer service. This is intended to make the training process for employers easier and more effective, as they only have to handle operations training, which is specific to each business, and the customer service training will be handled by the outside service, which is run by customer service professionals. The typical customers of this business venture would be any retail or food service businesses needing to more effectively train their employees, as well as any business that has employees working with customers on a regular basis.
Solution:
My solution is to start a business that comes into other businesses and trains their employees is customer service, as well as providing classes and seminars for employers to send their employees to, in order to learn more about customer service. The idea is that, since it is difficult for employers to effectively train their employees in customer service, an outside service, run by customer service professionals, will be available to come in and train employees in customer service. This is intended to make the training process for employers easier and more effective, as they only have to handle operations training, which is specific to each business, and the customer service training will be handled by the outside service, which is run by customer service professionals. The typical customers of this business venture would be any retail or food service businesses needing to more effectively train their employees, as well as any business that has employees working with customers on a regular basis.
Thursday, September 19, 2019
7A – Testing the Hypothesis
1.) The opportunity I chose to pursue is customer service training of retail employees.
2.) The opportunity that I have identified is that businesses that work with customers, have a hard time with training employees in customer service. The who is business owners and employees that work with customers. The what is that they are unable to train employees in customer service in a way that is effective. The why is that employees typically either do not care, or do not have an understanding of what is expected in customer service.
3.) I have seen, through my time in customer service management, that many employees are just not friendly with customers. This is an issue with food service employees, retail employees, and any other business employees that deal with customers or clients. They are just not friendly and businesses struggle to train them effectively. The management teams in customer service have a hard time with enforcing customer service standards. This is because many employees either just don't want to be friendly, or do not fully understand the expectations. They do not understand how to actually be friendly, and therefore do not understand what is expected of them.
4.) After interviewing 5 people, I found that many people see this as an issue, even in their own team of employees. There seems to be an opportunity to pursue here, in creating a service that provides outside training in customer service, or classes in customer service for employers to send employees to, in order to learn the basics and more advanced customer service expectations. People see that their employees and those who serve them in retail establishments, are a lot of times just not very friendly or welcoming. I have found that managers struggle with this area of training, compared to general operational training, and are somewhat unsure of what to do. This tells me that there is likely an opportunity here.
2.) The opportunity that I have identified is that businesses that work with customers, have a hard time with training employees in customer service. The who is business owners and employees that work with customers. The what is that they are unable to train employees in customer service in a way that is effective. The why is that employees typically either do not care, or do not have an understanding of what is expected in customer service.
3.) I have seen, through my time in customer service management, that many employees are just not friendly with customers. This is an issue with food service employees, retail employees, and any other business employees that deal with customers or clients. They are just not friendly and businesses struggle to train them effectively. The management teams in customer service have a hard time with enforcing customer service standards. This is because many employees either just don't want to be friendly, or do not fully understand the expectations. They do not understand how to actually be friendly, and therefore do not understand what is expected of them.
4.) After interviewing 5 people, I found that many people see this as an issue, even in their own team of employees. There seems to be an opportunity to pursue here, in creating a service that provides outside training in customer service, or classes in customer service for employers to send employees to, in order to learn the basics and more advanced customer service expectations. People see that their employees and those who serve them in retail establishments, are a lot of times just not very friendly or welcoming. I have found that managers struggle with this area of training, compared to general operational training, and are somewhat unsure of what to do. This tells me that there is likely an opportunity here.
Wednesday, September 18, 2019
6A – Identifying Opportunities in Economic & Regulatory Trends
-Economic Trends
1. Fed interest rates to stop being cut.
a) Source: https://www.cnn.com/2019/09/17/investing/fed-rate-cut-expectations/index.html
b) I believe that there is an opportunity here, as economists are making strong predictions that interest rates will stop declining, and likely stay stagnant, as opposed to what they have been doing lately. Due to international factors such as the attack on the Saudi Arabian oil facilities and the United States negotiations with China, it is causing instability in the economy. This is causing economists to believe that the Fed will stop lowering interest rates.
c) The prototypical customer would be businesses and individuals that are needing to borrow money.
d) Exploiting could be difficult as no one knows what might happen next to cause more instability or to reinstate stability in the US economy.
e) I saw this opportunity because of my interest in the banking and financial industry, as well as in economics.
2. Gas Prices Rising.
a) Source: https://www.foxbusiness.com/economy/us-gas-prices-spike-after-drone-attacks-on-saudi-oil-plants
b) I believe there is an opportunity here as there is evidence of a spike in gas prices. Since the attack on the Saudi Arabian oil facilities, there has been a sudden increase in gas prices in the United States. These events cause instability in the economy as a whole, but especially in the oil and gas industry. This instability will cause the price increases.
c) The prototypical customer will be any vehicle drivers who have to put gas in their cars, as well as business who own company cars for their employees.
d) Exploiting could be difficult as no one knows what might happen next, and what other situations might arise out of no where, as this one did.
e) I saw this opportunity because, as a driver I purchase gas and this effects me personally in a way.
Regulatory Changes
1. Smoking age raised to 21 in Texas
a) Source: https://www.dallasnews.com/news/politics/2019/08/30/texas-just-raised-the-smoking-age-to-21-who-is-exempt-and-what-are-the-penalties/
b) This opportunity exists as the congress in Texas has passed laws raising the legal age to smoke to 21. This could help companies that make products helping people to quit, as now hopefully those people under 21 that had started smoking, will be quitting.
c) The prototypical customer would be smokers.
d) Could be easy to exploit as the law has already be changed, and is very unlikely to change back anytime soon.
e) This opportunity caught my eye as I have family that struggled with smoking addictions, and it is an issue that is important to me.
2. No more regulations allowed on lemonade stands in Texas
a) Source: https://www.texastribune.org/2019/06/10/texas-greg-abbott-signs-bill-declaring-childrens-lemonade-stands-legal/
b) This opportunity exists as Governor Abbott in Texas has signed in a ban on regulations pertaining to kids selling non alcoholic beverages on private property. This will help the young entrepreneurs as they get their first experience in business, selling lemonade on the street in their neighborhood. This provides that opportunity to kids.
c) The prototypical customer is those who love lemonade and supporting the young entrepreneurs in their communities.
d) Possibly easy to exploit. The law is in place.
e) This opportunity caught my eye as this is something that I always wanted to do as a child. This is a great opportunity for kids to learn about business.
1. Fed interest rates to stop being cut.
a) Source: https://www.cnn.com/2019/09/17/investing/fed-rate-cut-expectations/index.html
b) I believe that there is an opportunity here, as economists are making strong predictions that interest rates will stop declining, and likely stay stagnant, as opposed to what they have been doing lately. Due to international factors such as the attack on the Saudi Arabian oil facilities and the United States negotiations with China, it is causing instability in the economy. This is causing economists to believe that the Fed will stop lowering interest rates.
c) The prototypical customer would be businesses and individuals that are needing to borrow money.
d) Exploiting could be difficult as no one knows what might happen next to cause more instability or to reinstate stability in the US economy.
e) I saw this opportunity because of my interest in the banking and financial industry, as well as in economics.
2. Gas Prices Rising.
a) Source: https://www.foxbusiness.com/economy/us-gas-prices-spike-after-drone-attacks-on-saudi-oil-plants
b) I believe there is an opportunity here as there is evidence of a spike in gas prices. Since the attack on the Saudi Arabian oil facilities, there has been a sudden increase in gas prices in the United States. These events cause instability in the economy as a whole, but especially in the oil and gas industry. This instability will cause the price increases.
c) The prototypical customer will be any vehicle drivers who have to put gas in their cars, as well as business who own company cars for their employees.
d) Exploiting could be difficult as no one knows what might happen next, and what other situations might arise out of no where, as this one did.
e) I saw this opportunity because, as a driver I purchase gas and this effects me personally in a way.
Regulatory Changes
1. Smoking age raised to 21 in Texas
a) Source: https://www.dallasnews.com/news/politics/2019/08/30/texas-just-raised-the-smoking-age-to-21-who-is-exempt-and-what-are-the-penalties/
b) This opportunity exists as the congress in Texas has passed laws raising the legal age to smoke to 21. This could help companies that make products helping people to quit, as now hopefully those people under 21 that had started smoking, will be quitting.
c) The prototypical customer would be smokers.
d) Could be easy to exploit as the law has already be changed, and is very unlikely to change back anytime soon.
e) This opportunity caught my eye as I have family that struggled with smoking addictions, and it is an issue that is important to me.
2. No more regulations allowed on lemonade stands in Texas
a) Source: https://www.texastribune.org/2019/06/10/texas-greg-abbott-signs-bill-declaring-childrens-lemonade-stands-legal/
b) This opportunity exists as Governor Abbott in Texas has signed in a ban on regulations pertaining to kids selling non alcoholic beverages on private property. This will help the young entrepreneurs as they get their first experience in business, selling lemonade on the street in their neighborhood. This provides that opportunity to kids.
c) The prototypical customer is those who love lemonade and supporting the young entrepreneurs in their communities.
d) Possibly easy to exploit. The law is in place.
e) This opportunity caught my eye as this is something that I always wanted to do as a child. This is a great opportunity for kids to learn about business.
Friday, September 13, 2019
5A-Identifying Local Opportunities
"Hurricane Dorian: Keep ‘cool,’ cops say, amid gas shortage" by Andrew Caplan of Gainesville Sun
- https://www.gainesville.com/news/20190830/hurricane-dorian-keep-cool-cops-say-amid-gas-shortages
- In this article Caplan explains issues relating to gas shortages because of hurricane Dorian.
- The first problem is that people are buying so much gas preparing for the storm, that stations are running out. This is making it hard for people to find gas when they have to drive to work, school, etc. This is causing stress and anxiety for locals, on top of the stress of the storm approaching.
- The next issue is that because of all this hype, gas stations are becoming major traffic jams. People are trying to get in to get gas, but there are too many people and it is just becoming a mess. This is causing more issues for the gas stations and all those attempting to get gas.
-The Problems: 1. Gas was running out because of everyone stocking up for the hurricane. 2. Gas stations are getting over congested making it hard for people to get gas, because there are too many cars and people.
- The people: Local residents, gas station owners/workers, local officials.
"Opposition grows to Ginnie Springs water bottling" by Cindy Swirko of Gainesville Sun
- https://www.gainesville.com/news/20190824/opposition-grows-to-ginnie-springs-water-bottling
-In this article Swirko explains issues surrounding Ginnie Springs and the water bottling industry.
- The first issue is that the state is allowing bottling companies to take water from the springs without paying the state for it. This water is being removed, but the state is left with the tab of any upkeep of the springs, etc. Therefore the bottling companies are getting a great deal, but not so much for the state.
-Next, the springs are being taken from o much that sustainability is an issue. This is an area people love to visit and the water is being taken so much, that sustaining the springs is becoming an issue.
- Problems: 1. State not getting paid for water being taken by bottling companies. 2. Sustainability because of water being taken.
-People: Citizens of FL, tourists, bottling companies.
"Hackers Target Wakulla Schools, Shutdown District-Wide Emails in Ransomware Attack" by James Call of Tallahassee Democrat.
https://www.tallahassee.com/story/news/politics/2019/09/10/hackers-attack-wakulla-schools-shuts-down-district-wide-emails/2275809001/
- In this article Call explains about the recent hack in Wakulla County School District.
- The first problem is that the Wakulla county school district has been hacked. This is causing major issues, as they are not able to access their email system and are locked out essentially. This has been an issue in other cities, counties and districts and now it has hit Wakulla.
-Next, there is the possibility of having to pay a ransom for access back into the system. Ransomware hackers will often demand ransom for the access key back in, which will cost majorly for the district if it is demanded.
-Problems: 1. The email system has been hacked and the district is locked out. 2. The district might be faced with having to pay big money for access back into their own system.
-People: Wakulla county citizens, Wakulla county district workers, state officials.
"4 Billion Particles of Tiny Plastics Pollute Tampa Bay, Study Finds" by Craig Pittman of Tampa Bay Times
https://www.tampabay.com/news/environment/2019/09/12/4-billion-particles-of-tiny-plastics-pollute-tampa-bay-study-finds/
-In this article from September 12, Pittman explains about plastic polluting Tampa Bay
-The main issue is that there is plastic polluting Tampa Bay, according to this new study. Plastic molecules are all over and are contaminating the water. It is estimated that over 4 billion particles are polluting Tampa Bay.
-This is an issue for the marine life in Tampa Bay. This is not good for the health of the marine life. This contamination can cause many issues, and be very harmful to the animals and sea creatures in the Bay.
Problems: 1. Major plastic contamination in Tampa Bay. 2. Marine life health is at risk due to pollution.
People: Tampa Bay residents, fisherman, wildlife.
"Coolidge plans on millage rate increase" by Erik Yabor of Thomasville Times-Enterprise
https://www.timesenterprise.com/news/local_news/coolidge-plans-on-millage-rate-increase/article_888caf95-e302-58f0-909a-c094511788f7.html
-In this article of September 12, Yabor tells of increased millage rates in Coolidge that has residents unhappy.
-First the millage rates will be higher. This will cost citizens more, and this is not acceptable to them. They will be paying ore, and they do not know what they will get out of it.
- Next, residents are concerned because of spending in the town. Spending is not being done according to how people would like, and people seem to think that money is not being used as effectively as it could.
-Problems: 1. Millage rates will be increasing. 2. Spending problems within the town government.
- https://www.gainesville.com/news/20190830/hurricane-dorian-keep-cool-cops-say-amid-gas-shortages
- In this article Caplan explains issues relating to gas shortages because of hurricane Dorian.
- The first problem is that people are buying so much gas preparing for the storm, that stations are running out. This is making it hard for people to find gas when they have to drive to work, school, etc. This is causing stress and anxiety for locals, on top of the stress of the storm approaching.
- The next issue is that because of all this hype, gas stations are becoming major traffic jams. People are trying to get in to get gas, but there are too many people and it is just becoming a mess. This is causing more issues for the gas stations and all those attempting to get gas.
-The Problems: 1. Gas was running out because of everyone stocking up for the hurricane. 2. Gas stations are getting over congested making it hard for people to get gas, because there are too many cars and people.
- The people: Local residents, gas station owners/workers, local officials.
"Opposition grows to Ginnie Springs water bottling" by Cindy Swirko of Gainesville Sun
- https://www.gainesville.com/news/20190824/opposition-grows-to-ginnie-springs-water-bottling
-In this article Swirko explains issues surrounding Ginnie Springs and the water bottling industry.
- The first issue is that the state is allowing bottling companies to take water from the springs without paying the state for it. This water is being removed, but the state is left with the tab of any upkeep of the springs, etc. Therefore the bottling companies are getting a great deal, but not so much for the state.
-Next, the springs are being taken from o much that sustainability is an issue. This is an area people love to visit and the water is being taken so much, that sustaining the springs is becoming an issue.
- Problems: 1. State not getting paid for water being taken by bottling companies. 2. Sustainability because of water being taken.
-People: Citizens of FL, tourists, bottling companies.
"Hackers Target Wakulla Schools, Shutdown District-Wide Emails in Ransomware Attack" by James Call of Tallahassee Democrat.
https://www.tallahassee.com/story/news/politics/2019/09/10/hackers-attack-wakulla-schools-shuts-down-district-wide-emails/2275809001/
- In this article Call explains about the recent hack in Wakulla County School District.
- The first problem is that the Wakulla county school district has been hacked. This is causing major issues, as they are not able to access their email system and are locked out essentially. This has been an issue in other cities, counties and districts and now it has hit Wakulla.
-Next, there is the possibility of having to pay a ransom for access back into the system. Ransomware hackers will often demand ransom for the access key back in, which will cost majorly for the district if it is demanded.
-Problems: 1. The email system has been hacked and the district is locked out. 2. The district might be faced with having to pay big money for access back into their own system.
-People: Wakulla county citizens, Wakulla county district workers, state officials.
"4 Billion Particles of Tiny Plastics Pollute Tampa Bay, Study Finds" by Craig Pittman of Tampa Bay Times
https://www.tampabay.com/news/environment/2019/09/12/4-billion-particles-of-tiny-plastics-pollute-tampa-bay-study-finds/
-In this article from September 12, Pittman explains about plastic polluting Tampa Bay
-The main issue is that there is plastic polluting Tampa Bay, according to this new study. Plastic molecules are all over and are contaminating the water. It is estimated that over 4 billion particles are polluting Tampa Bay.
-This is an issue for the marine life in Tampa Bay. This is not good for the health of the marine life. This contamination can cause many issues, and be very harmful to the animals and sea creatures in the Bay.
Problems: 1. Major plastic contamination in Tampa Bay. 2. Marine life health is at risk due to pollution.
People: Tampa Bay residents, fisherman, wildlife.
"Coolidge plans on millage rate increase" by Erik Yabor of Thomasville Times-Enterprise
https://www.timesenterprise.com/news/local_news/coolidge-plans-on-millage-rate-increase/article_888caf95-e302-58f0-909a-c094511788f7.html
-In this article of September 12, Yabor tells of increased millage rates in Coolidge that has residents unhappy.
-First the millage rates will be higher. This will cost citizens more, and this is not acceptable to them. They will be paying ore, and they do not know what they will get out of it.
- Next, residents are concerned because of spending in the town. Spending is not being done according to how people would like, and people seem to think that money is not being used as effectively as it could.
-Problems: 1. Millage rates will be increasing. 2. Spending problems within the town government.
-People: People of Coolidge, Government officials.
Thursday, September 12, 2019
4A-Forming An Opportunity Belief
Assignment 4A
From my work experience in customer service management, I believe that there is a need for independent contractors that train restaurant and retail employees in customer service and hospitality. Customer service is an area of restaurants and retail stores that is often neglected, and therefore often forgotten about by employees. The training process for employees can be so intensive, in the operations areas, such as cash register training, training on what duties the employee are responsible for, etc. that customer service goes by the wayside. In reality, this is the aspect of businesses that affect the customer the most directly, and this can have a great impact on whether or not customers come back. I believe that an outside company, that exclusively focuses on customer service and comes in and trains new employees at businesses in the areas of customer interaction, customer satisfaction, general friendliness, etc. could be a huge asset to businesses.
#1: Retail business owner of about 30 years.
- Q-How do you feel the level of customer service is in your restaurant, compared to where you'd like it to be?
-A-Actually, it is pretty low. My employees are friendly, but they aren't ever going above and beyond for their customers. I always tell them to put the customer first and to go out of their way to make each customer's experience great, but they never really catch on.
-Q-Do you currently have a training program in place in your business?
-A-Yes, we have a two week program that goes over all responsibilities, safety and security, customer service and cash training.
-Q-Do you feel that having an outside company come in and train on customer service, while your team handles the responsibilities and cash and safety part would be an asset to your business?
-A-It could be, but only if it wasn't too expensive. I think it would be a huge help to have that kind of company come in, and put special focus on that, it would just have to fit into our budget.
This business owner is interested but concerned about the costs. Business owners want to have their team customer service trained, it's just the matter of how and at what cost.
#2: Restaurant owner of 35 years.
-Q-How is customer service in your restaurant?
-A-It's about average for a fast food restaurant. I'd like to see better, but we do what we can.
-Q-Do you get many customer complaints about customer service?
-A-Yeah, we do actually. We get multiple each week.
-Q-Would you be interested in hiring a company that comes in and trains your new employees in customer service exclusively? That way you just handle the operational side of training?
-A-Yeah absolutely. That would be a huge help. Having a focus on customer service from the get-go would majorly help. It just needs to be cost efficient.
So far we are getting positive feedback, but everyone is worried about cost. I think business owners want to put more focus on customer service, but do not really know how because they don't want to waste money paying an extra employee on shift to just train. I know from my own previous employment, I had a boss like that, who did not want to spend that extra money but still wanted the training done right.
#3: Retail business owner of 5 years.
-Q-How is the interaction in your store between customers and employees?
-A- I'd say it is about average. Everyone is nice enough.
-Q-Would you say there is room for improvement in that area of your store?
-A-Oh yeah, there is definitely room for improvement. This is an area of constant work in our store.
-Q-How would you feel about hiring a company to come in and train your employees for you in customer service? And put a focus on that area of your business?
-A-I think that could be helpful. It is hard to put an emphasis on customer service, because there are so many other areas that we have to train on. Having a special focus could be good.
Again, this person is interested and sees the need. He obviously has room for improvement in this area of his business, but does not put a huge focus on it in training. He sounds like a potential customer of this type of business.
Summary:
These business owners all seemed interested in the idea, but the cost of having someone come in from the outside seemed concerning to them. This business could be profitable, I believe, but it would have to be able to prove itself. Business owners have a budget to stick to and they are not going to waste a huge amount of money on a service that may or may not work. This service would have to be affordable and also prove itself worth it, in order for it to be successful.
Wednesday, September 11, 2019
3A-Your Entrepreneurship Story
Entrepreneurship has always been something that I was interested in and wanted to do, since I was young. Growing up, my dad always came up with business ideas that wee would talk about pursuing sometime in the future. These ideas would be like flipping real estate, starting a used car dealership, and finally, the business he did start, an accounting firm. So I have always been around the ideas of entrepreneurship and continue to come up with my own business ideas, which I hope to one day be able to pursue. The ideal business I want to start is my own Real Estate Brokerage. So I am in this class to learn more about the idea of entrepreneurship, and continue to move more toward one day owning my own business, hopefully in Real Estate.
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