In my reading about Nike's founder Phil Knight, I learned about his overwhelming drive for success. It is this feature that he possessed that allowed him to be such as successful entrepreneur. He attributes his success to his mentor, and I think it was very important for him to have someone who influenced him in a positive way. As an entrepreneur an avid risk taker, he was able to grow his company substantially in a short period of time.
The competencies that he exhibited are a large amount of courage in risk taking. In order to grow his company exponentially into the billion dollar company that it is today, he had to make many tough decisions on the way. Another admirable trait is his creativity, that allowed him to have the vision for the future success of his company.
The part of the reading that was confusing to me was Knights role Nike's factories in China. It is unclear how much of an influence he had as child labor allegations occurred.
Question 1: When was the first time you realized that your company was going to be a huge success?
I wonder if he realized it from the very beginning or not until they started to take off
Question 2: Does the child labor accusations keep you up at night?
The accusations are very serious and I wonder what his thoughts are on them
For Fun: I have to assume Phil Knight is an extremely hard worker who believes that his success is derived from that. I share a similar belief, that is if you don't work hard success is not just going to come to you.
Friday, February 23, 2018
Figuring Out Buyer Behavior 1
Segment: Adults age 21 and over
Three interviewees: 1. Roommate age 21
2. Professor age 40
3. My grandmother age 88
Interview Need Awareness:
When discussing need awareness about marijuana, age is a significant factor. My product being a delivery service on top of an active dispensary can fill all customer needs with varying THC and CBD products. I found that the younger the person, the less of a direct "need" but more likely to purchase. Elder people are more like to need but are also more likely to purchase infrequently. Younger people are also more likely to purchase products higher in THC as opposed to elder people who are recommended products higher in CBD.
Information Search:
The people interviewing become aware of their needs very differently. My roommate gets a craving and that impulse causes him to buy. My professor, a cigarette smoker, prefers to use it as an alternative to tobacco. My grandmother is prescribed it as a cancer treatment, so she doesn't have the need until she needs a refill.
Conclusions:
The biggest differentiating factor for determining customer needs is age difference. This difference is also a big factor in determining peoples' beliefs about the product. If you believe in the product, than your needs will be completely satisfied by what my opportunity has to offer.
Three interviewees: 1. Roommate age 21
2. Professor age 40
3. My grandmother age 88
Interview Need Awareness:
When discussing need awareness about marijuana, age is a significant factor. My product being a delivery service on top of an active dispensary can fill all customer needs with varying THC and CBD products. I found that the younger the person, the less of a direct "need" but more likely to purchase. Elder people are more like to need but are also more likely to purchase infrequently. Younger people are also more likely to purchase products higher in THC as opposed to elder people who are recommended products higher in CBD.
Information Search:
The people interviewing become aware of their needs very differently. My roommate gets a craving and that impulse causes him to buy. My professor, a cigarette smoker, prefers to use it as an alternative to tobacco. My grandmother is prescribed it as a cancer treatment, so she doesn't have the need until she needs a refill.
Conclusions:
The biggest differentiating factor for determining customer needs is age difference. This difference is also a big factor in determining peoples' beliefs about the product. If you believe in the product, than your needs will be completely satisfied by what my opportunity has to offer.
Friday, February 16, 2018
Idea Napkin
You: My name is Erik Leff, I'm a student at the University of Florida from Livingston, NJ, double majoring in Finance and Sports Management. I've been involved in a sports finance daily newsletter called JohnWallStreet since its original publication. My aspirations for my dispensary delivery service would be to ensure all customers and patients receive quality product that fits their needs.
What: I'm offering a cannabis delivery service that will bring the product from the dispensary to your doorstep. It works by calling in an order for the product and then a salesperson will arrive with an assortment of cannabis products. These products range will range from oils, flowers, and eatables.
Who: Everyone. Anyone who is above the age of 21 and wishes to use cannabis will have the option to do so. If you are using cannabis for medical reasons, you will be ensured that you're receiving the highest quality cannaboid products.
Why: People care because they are pushing for legalization. If the majority of the population wasn't living in areas where cannabis is illegal, then this business would've already been developed.
What: The difference between my idea and a regular dispensary is the delivery aspect. Bring the product straight to your door, especially for medical patients is a huge advantage as a selling point.
I believe these elements together are helping me fine-tune my idea. The more I analyze the more holes appear, but overall I feel the idea is still relatively solid.
What: I'm offering a cannabis delivery service that will bring the product from the dispensary to your doorstep. It works by calling in an order for the product and then a salesperson will arrive with an assortment of cannabis products. These products range will range from oils, flowers, and eatables.
Who: Everyone. Anyone who is above the age of 21 and wishes to use cannabis will have the option to do so. If you are using cannabis for medical reasons, you will be ensured that you're receiving the highest quality cannaboid products.
Why: People care because they are pushing for legalization. If the majority of the population wasn't living in areas where cannabis is illegal, then this business would've already been developed.
What: The difference between my idea and a regular dispensary is the delivery aspect. Bring the product straight to your door, especially for medical patients is a huge advantage as a selling point.
I believe these elements together are helping me fine-tune my idea. The more I analyze the more holes appear, but overall I feel the idea is still relatively solid.
Friday, February 9, 2018
Testing the Hypothesis pt. 2
There is a very broad group of people who support the legalization of marijuana. From growers, to doctors, to users, people who support legalization come in all shapes and sizes.
Who falls outside the boundary?
The people who would not qualify for recreational weed and probably want to are high school students. Between the ages of 14-18 kids begin experimenting with drugs. However, an age requirement would prevent the sale of cannabis to minors.
What is the point where the identified need differs?
The difference between needing to do it because it helps you're mental state, or needing to use because it helps your physical state. While some smoke to relieve anxiety, cannabis oils and butters have been known to stop seizures at their source within seconds. It is those people that are the true pioneers of legal cannabis.
Why are their needs different?
Different brain chemistry cause people to react to the chemical cannabis differently. It is this difference in chemistry that causes the human body to have certain reactions.
Inside the Boundary:
Who is in: Adults above the age of 21 for recreational purposes, and anyone who qualifies medically.
What the need is: Access to quality cannabis.
Why the need exists: Their are medical benefits to be had by all. You don't have to have a degenerative disease to reap the benefits of cannabis.
Outside the Boundary:
Who is not: Underaged kids who like to do drugs.
What the need is not: A way for shady drug dealers to sell product. The product will be heavily controlled, regulated, and taxed.
Alternative explanations: Human being love to feel a false sense of euphoria while using substances.
Who falls outside the boundary?
The people who would not qualify for recreational weed and probably want to are high school students. Between the ages of 14-18 kids begin experimenting with drugs. However, an age requirement would prevent the sale of cannabis to minors.
What is the point where the identified need differs?
The difference between needing to do it because it helps you're mental state, or needing to use because it helps your physical state. While some smoke to relieve anxiety, cannabis oils and butters have been known to stop seizures at their source within seconds. It is those people that are the true pioneers of legal cannabis.
Why are their needs different?
Different brain chemistry cause people to react to the chemical cannabis differently. It is this difference in chemistry that causes the human body to have certain reactions.
Inside the Boundary:
Who is in: Adults above the age of 21 for recreational purposes, and anyone who qualifies medically.
What the need is: Access to quality cannabis.
Why the need exists: Their are medical benefits to be had by all. You don't have to have a degenerative disease to reap the benefits of cannabis.
Outside the Boundary:
Who is not: Underaged kids who like to do drugs.
What the need is not: A way for shady drug dealers to sell product. The product will be heavily controlled, regulated, and taxed.
Alternative explanations: Human being love to feel a false sense of euphoria while using substances.
Solving the Problem
The opportunity i'm following is in regards to marijuana
legalization in the northeast, specifically New Jersey. The northeast is the most
densely populated, liberal area, in the continental United States. With new
legislation being passed, both medical and recreational marijuana are becoming a
part of everyday lives. My idea is to take advantage of the extremely high
demand in the area, and to utilize the already well-established underground NYC
delivery service as a business model. This service would allow for growers to
work in a highly controlled environment and maximize both yield and variety. A
farm to table delivery program would then be implemented. While dispensaries
will have large customer bases, most business would be done outside the store,
in a door to door fashion that has become so popular. This would allow the
company to charge a delivery service and allow for gratuity to be given out to
drivers.
Friday, February 2, 2018
Testing the Hypothesis
The opportunity I would like to pursue is contingent on New Jersey passing or at least reinventing their current marijuana laws. I believe dispensaries in the most densely populated metropolitan would thrive.
The who: Residents of the state. From doctors, to growers, to consumers, many people could benefit from local dispensaries. By making cannabis easily accessible to everyone, people from all backgrounds can reap its benefits.
Testing: The US population has been surveyed and the results favor the legalization of cannabis at some level.
The What: By producing large amounts of cannabis oil and flowers, the garden state will soon see the financial benefits seen in Colorado and the states on the west coast.
Testing: Washington state is producing so much cannabis that it has to practically give it away for free. The increase in production benefits people at all stages of the production process.
The Why: By regulating and taxing the sale of cannabis, the state government has the potential to earn tons of money.
Testing: States such as Colorado have already shown how successful the regulated sale of cannabis can be. By taxing the sales from dispensaries, the state government has earned hundreds of millions of dollars.
Interviews summary:
After interviewing five people from different backgrounds, I couldn't come to the conclusion on whether or not the general public supports legalization. Three out of the five people interviewed support legalization of cannabis completely, while one supports it medically, and one did not support it. While this sample size is extremely small, I felt it was pretty representative of the population in its separation. I thought most young people thought similarly about the potential medical benefits of cannabis, but finding out a millennial is still against the drug completely was surprising.
The who: Residents of the state. From doctors, to growers, to consumers, many people could benefit from local dispensaries. By making cannabis easily accessible to everyone, people from all backgrounds can reap its benefits.
Testing: The US population has been surveyed and the results favor the legalization of cannabis at some level.
The What: By producing large amounts of cannabis oil and flowers, the garden state will soon see the financial benefits seen in Colorado and the states on the west coast.
Testing: Washington state is producing so much cannabis that it has to practically give it away for free. The increase in production benefits people at all stages of the production process.
The Why: By regulating and taxing the sale of cannabis, the state government has the potential to earn tons of money.
Testing: States such as Colorado have already shown how successful the regulated sale of cannabis can be. By taxing the sales from dispensaries, the state government has earned hundreds of millions of dollars.
Interviews summary:
After interviewing five people from different backgrounds, I couldn't come to the conclusion on whether or not the general public supports legalization. Three out of the five people interviewed support legalization of cannabis completely, while one supports it medically, and one did not support it. While this sample size is extremely small, I felt it was pretty representative of the population in its separation. I thought most young people thought similarly about the potential medical benefits of cannabis, but finding out a millennial is still against the drug completely was surprising.
Identifying Opportunities in Economic and Regulatory Trends
1. Increased use in electronic cigarettes
a. https://www.cdc.gov/media/releases/2015/p0416-E-cigarette-use.html
b. It is gaining major popularity amongst young people. This will create a large market for the sustainable future.
c.The prototypical custom is an eighteen year old tobacco user.
d. Relatively easy to exploit due to addiction.
I saw this opportunity in my everyday life. Seeing avid cigarette smokers, and frequent e-cig users, it is apparent that there is a large market.
2. Decrease in the use of ATM's
a. http://www.smh.com.au/business/atm-use-hits-15yearlow-as-shift-to-cashless-society-gathers-momentum-20170313-guwsry.html
b. As everything in our lives become automated, the need for an in-person cash withdraw system because less and less.
c. The prototypical customer are millennials who don't know any other form of banking.
d. The opportunity is relatively easy to exploit since society is moving to become completely electronic. Once that happens, their would no need for ATM's .
I noticed this opportunity when witnessing a commercial for depositing checks through the phone.
1. Increased tariff on products from EU to the UK due to Brexit
a. http://www.civitas.org.uk/content/files/potentialpostbrexittariffcostsforeuuktrade.pdf
b. The major tariff on imports and exports with the EU has already been established.
c. The most likely consumers affected by the tariff are those in the UK. Their prices of living are likely going to increase.
d. This opportunity is relatively difficult to exploit since their has to be a political agreement beforehand.
I saw this opportunity when the UK decided to move forward with Brexit. I knew that their would be major economic impacts globally.
2. Legalization of Marijuana
a. http://www.drugpolicy.org/issues/marijuana-legalization-and-regulation
b. Their is legislation proposed and passed very frequently now-a-days. New Jersey is currently in the process of full scale legalization.
c. The prototypical customer is anyone who uses cannabis for medical purposes, and anyone who enjoys using cannabis products recreationally.
d. The opportunity is relatively easy to exploit due to raw popularity. The number of cannabis users is the highest it has ever been, and increasing.
I saw this opportunity as a New Jersey resident who listened to the message from our new governor. He is backing the plant wholeheartedly.
a. https://www.cdc.gov/media/releases/2015/p0416-E-cigarette-use.html
b. It is gaining major popularity amongst young people. This will create a large market for the sustainable future.
c.The prototypical custom is an eighteen year old tobacco user.
d. Relatively easy to exploit due to addiction.
I saw this opportunity in my everyday life. Seeing avid cigarette smokers, and frequent e-cig users, it is apparent that there is a large market.
2. Decrease in the use of ATM's
a. http://www.smh.com.au/business/atm-use-hits-15yearlow-as-shift-to-cashless-society-gathers-momentum-20170313-guwsry.html
b. As everything in our lives become automated, the need for an in-person cash withdraw system because less and less.
c. The prototypical customer are millennials who don't know any other form of banking.
d. The opportunity is relatively easy to exploit since society is moving to become completely electronic. Once that happens, their would no need for ATM's .
I noticed this opportunity when witnessing a commercial for depositing checks through the phone.
1. Increased tariff on products from EU to the UK due to Brexit
a. http://www.civitas.org.uk/content/files/potentialpostbrexittariffcostsforeuuktrade.pdf
b. The major tariff on imports and exports with the EU has already been established.
c. The most likely consumers affected by the tariff are those in the UK. Their prices of living are likely going to increase.
d. This opportunity is relatively difficult to exploit since their has to be a political agreement beforehand.
I saw this opportunity when the UK decided to move forward with Brexit. I knew that their would be major economic impacts globally.
2. Legalization of Marijuana
a. http://www.drugpolicy.org/issues/marijuana-legalization-and-regulation
b. Their is legislation proposed and passed very frequently now-a-days. New Jersey is currently in the process of full scale legalization.
c. The prototypical customer is anyone who uses cannabis for medical purposes, and anyone who enjoys using cannabis products recreationally.
d. The opportunity is relatively easy to exploit due to raw popularity. The number of cannabis users is the highest it has ever been, and increasing.
I saw this opportunity as a New Jersey resident who listened to the message from our new governor. He is backing the plant wholeheartedly.
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