16A - What's The Krabby Patty Secret Formular

The five ways I'm different are my goofy sense of humor, my blunt honesty, my beliefs, my empathy, and my impatience/selective drive.

The way I think is different because I make jokes that are somehow serious, but also jokes that are unbelievably cheesy and goofy. I definitely get that from both of my parents. I used to consider myself a hyper "spaz" but now my energy only spikes like that occasionally... in general I'm only serious when I need to be, because being silly is more enjoyable and entertaining (to myself mostly, but I also like it when others laugh).

I'm not the kind of person who will beat around the bush or who's afraid to lay the truth out as-is. I can be very blunt, sometimes rude, sometimes unprofessional, and always honest. I share my opinion at times when its not always needed. I'm also the friend who will build up my friends when they need a word of encouragement. I don't have many friends (people I talk to regularly) because I'm bad at keeping up with so many people (it becomes draining to me) and because I just don't LIKE that many people so completely. I believe every human is worthwhile, but that doesn't mean they're all going to be for ME to spend my time on. Basically, the reason I'm able to be truthful, positive, and encouraging to my friends is because I do see all that potential in them!

I have very strong biblical and political beliefs that I typically feel ok discussing with anyone, regardless of whether they agree or disagree.

I am SO emotional. I cry at facebook videos, country songs, sometimes when I think about my boyfriend, when I see kids in public, and the list goes on. I cry at the drop of a hat, but very seldom is it because i'm sad or upset. Lately I have been crying out of frustration with the speed of life... next I'll get to the topic of my impatience or my ambition, depending on how you look at it.

I have always wanted my own family, since I was in elementary school, I used to cry because I felt lonely (without a husband lmao). Lately, at 21 I'm still frustrated that someone cant come around that matches my excitement, tenacity and determination to face life full speed and make the most of it ASAP. I want to get married, I want kids, I want chickens again, I want to try beekeeping, I want a house, the list goes on..... and it's all stuff I need to wait for. I'm not patient at all. At work, it stresses me out to see our whiteboard to-do list, and very often I curtly confront my primary coworker about what he has and hasn't done on the list, and why not! I'm the type who procrastinates with school work, but somehow work is different to me. Somehow more serious.

 School has always been something I have to do, not something I enjoy. Last semester was the first semester that I didn't have to drop or fail a class at UF.... and I had been here 2 years already! I'm not stupid, but my motivation is not consistent enough for schoolwork- but I wasn't trying hard enough. For some reason, motivation while at work is pretty easy to come by, and it's not because of the money... I think its because I see immediate results, and my job is important to the company. It all comes down to my impatience after all!

2) Interview the five people who know you the best. Ask them what they think makes you different -- remember, focus on your knowledge, skills, abilities, emotions -- in other words, your human capital. 

Manny (Closest Coworker)
I work with Manny every day, and I was surprised that the first thing he thought of was how dedicated I am to my job. I didn't know that was so obvious to him, and I do feel extremely responsible to OUR jobs; I recently had to fill in for him (he's full time) during finals last semester because he was in the hospital! I didn't realize he respected me for my actions based on my age.

Chad (Boyfriend)
Chad made some points about parts of my personality that I'm proud of- my ability to stay chill and not be easily offended. I'm the type of person who can laugh at myself. While I am very outgoing, and obviously would get distracted by my bf at work, he's right that I do stay pretty focused on my tasks, and I often ignore him when I need to.

Mom
My mom knows me the best, but she's also most biased, I thought that my attention to detail and passion were some things about me that are definitely true. I am also a team player, and I love that type of atmosphere where I can be myself... with an audience.

Uncle Glenn
My uncle was SO NICE! He is an introvert, but I never realized he admired by outgoing and personable nature like he said. I appreciate him saying that I'm intelligent and well rounded. He, my parents, and the Bible are the reasons why I've never had significant self esteem issues!

Angela (Previous Boss and Friend)
I admire Angela IMMENSELY! She was so nervous, but I've heard her say a few of these things about me before. In the interview she said that she just looks for team players, and I'm definitely one of those.

3) Reflect on the differences. 

I don't think anyone thought very long about what to say, and they were put on the spot, so that's why there weren't any negative qualities listed. I was very surprised no one brought up how blunt or bossy I can be. I see myself as direct, to a fault, but they see the underlying passion and dedication that would make me that way. If I didn't care, it would show. Also, when Chad said that I'm easy going and don't get offended easily, I take that to mean that I can take what I dish. I'll be honest, and I expect honesty (plus a little crude humor, which my Uncle also likes so no wonder he likes my sense of humor). I've played Cards against Humanity with all of these people except Manny, but he and I talk sh*t to each other almost all day- that's why I was surprised when he said I wasn't too annoying! Between me ragging on him for being short, and me bossing him around (when I'm the part timer, and he's the full timer), I sometimes worry that I need to tone it down. I guess it just keeps things interesting at work. I would not make any CORRECTIONS to my list, except to add a couple things to it.

14A Halfway Reflection

https://profit911.biz/just-keep-swimming/

1) Tenaciousness is a competency. 
I quickly developed a mental schedule of when assignments, comments, and cupcakes are due. They're spread out evenly and always due on the same day, so it's pretty easy to learn. I'd try to get the assignments done after I got home from work on Tuesdays or Wednesdays, but they often took me more than a few days working a few hours at a time to watch all the lectures and do all 3 assignments. Then on Sunday or Monday night I need to comment and do the cupcake. Just write whatever comes into your head because it's graded by completion of the criteria, not on professionalism or grammar.

2) Tenaciousness is also about attitude. 

Some of the assignments were tedious, and I would skip them in the beginning but now I just do them anyway. I think the fact that I NEED the best grade possible in this four point class is helping me stay motivated. The lectures are long, but they're getting more interesting, and I like writing about myself. My attitude is "keep moving forward," so I'm writing to answer the questions without having to overthink assignments like I have in other classes. It's cool to see how long the blog is getting, so that's actually helpful in driving me forward. I've got the hang of things. Next week I plan on getting ahead instead of taking the week off completely. 

3) Three tips about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset:
1. Write down the schedule and figure out when you need to START working, instead of just when things are due
2. Watch the lectures because you will FEEL more engaged in the class.
3. Don't skip the first two weeks of assignments because that's when you'll start developing the hang of things.

Reading Reflection Numero Uno

The Wright Brothers- David McCullough

I chose this book because it was the shortest and because I was in North Carolina last weekend, which was "first in flight" thanks to the entrepreneurs this book is about. Ohio also tries to lay claim to this title as well, because they were from that state and spoke highly of it in quotes included from the book. 

1) I read about two entrepreneurs: Orville and Wilbur Wright

• What surprised you the most?
  
  That the two Wright brothers were inseparable, but very different personalities. Their family was very conservative (old fashioned) and close knit.
• What about the entrepreneur did you most admire?
  They were all very well educated, but not hung up on formal schooling. They learned mostly from the family's expansive book collection. When Orville Wright got an interest in printing, the whole family pitched together to help him peruse that short lived passion. That support is important, and it shows their attitude towards education and ingenuity. They believed in independence from others (somewhat libertarian mindset, which I relate to).
  
• What about the entrepreneur did you least admire?
  
  No social life. Didn't want to marry or have a family of their own. The brothers loved to ride bicycles, which I hate. It was a fad in their time.
• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?
  When the brother's printing business never became highly profitable, they very naturally transitioned to  a new business relating to a fad, and a new hobby- a bicycle shop. They kept moving on or kept trying, no matter what. They never kept idle.
  They were victims of FAKE NEWS during the first successes of their "flying machine" attempts. They continued with their bicycle shop to make a living, but didn't let the inaccurate press stop their endeavors. They had to make many sacrifices to save costs when times were tough (off-seasons).

2) What competencies did you notice that the entrepreneur exhibited? 
They had natural ingenuity, determination, resourcefulness, and education. They were true experimenters. Trial and error, after educated guesses and personal risks is what led to their success. They didn't care about public interest or opinion. 

3) Identify at least one part of the reading that was confusing to you.
That Orville had many doubts about his own ability to be what he assessed a good businessman should be. He didn't feel he was aggressive enough to be a businessman, yet that's how he always made his money- until being an inventor. 

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?
Was your invention for the sake of pure intellectual curiosity? Belief it would change the world? For profit? To prove everyone wrong? I'm just curious WHY they were so focused on it. I think it was the first reason, based on how other sources in the book describe them.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?
What I imagine them saying: "Hard work is a part of life. Hard work is the means to an end of a better life, or at least just surviving. Hard work is what you do after you've used your mind to decide what you want or ought to do."
I do think I agree, although I'm so far less dedicated to it than them.

Buyer Behavior Numero Uno

Segment: Local Credit Unions

I interviewed three employees of a local Credit Union. The two account managers(the ones with desks that always sit in the front of a bank/Union) said that they very regularly deal with customers who are inadequately informed about basic product and service offerings, regardless of age or length of time dealing with their Union. The Credit Union Branch Manager said that this is an age old issue, although she doesn't personally see the effects of the knowledge deficit until the unfortunate occasion when someone can't pay back a loan, or needs to break contract to pull money out of a CD.

I asked when they become aware of the issue, and they all said variations of the same thing: that when a person needs a loan for a new step in life, those are usually the people who are most clueless, or at least have the most questions. People who come into the Union to participate in services to increase interest rates typically have at least attempted to do their own research or have prior knowledge.

Patti said that she relies heavily on the brochures they keep in the front entrance, and on her own ability to explain things. She likes the brochures because she is familiar with them, and they are easier to pick up and use than a website. They do however lack information beyond what is basic.

Because this issue has been ever-present to their banking world, these employees (and manager) usually rely on googling specific questions(whatever question the customer has) or asking a superior who may know more.

Conclusions:

My chosen market segment is very behind in the movement towards online content and having resources available in that way. Most credit unions have mobile apps, but employees in the branches are not necessarily well trained on using the app or the Union's website. They are aware of the need: educating their customers, but they seem to have accepted it as reality and not something that can be changed. My need seems to be confirmed, but marketing will not be as easy as a google-search-geared website name, because I was not able to find interview evidence of specific searching for my type of service. Maybe I could speak to these people lower on the totem pole to convince those higher-up who are out of touch with the issue that this is necessary.

Idea Napkin Numero Uno

1) You.

I am good at baking, public speaking, maintaining professional relationships (Ok FR, I met my bf at work so maybe not). I have had a good amount of business relationships because of my job with the Fastenal Company. I know how to write formally, compose appropriate emails, inventory and task/time management, phone calls, dealing with customer and vendor orders. 
My aspirations honestly have nothing to do with my business idea. I think that this idea would require too much travel (to see bank headquarters, etc.) and I don't have any experience with making websites or apps. This business would be hard to start- I'd rather sell honey products for premium prices to those interested in natural, local foods. But that's not a "problem" soooooo here I am writing about something I don't care about. 

2) What are you offering to customers? 
I am offering banks the ability to better educate their customers through my website filled with podcasts, additional resources, and possibly blogs or other media. The topics will be applicable to people during many life stages- wanting a loan, homebuying info, investing info, etc. This is all detailed in 8A. The banks will have a link or portal to my website, where their customers can use the information by logging in with their bank credentials. It will be a monthly or more likely yearly contract with banks to feature my website information base.

3) Who are you offering it to? 
I think both small banks and large banks could be interested in helping their customers be educated on their investing and savings opportunities. It is in the banks' best interests to encourage their customers to save more money, invest with the bank, or understand the loans they might take out with the bank. Credit unions are more localized and typically more involved in helping their community. My customers will be any bank or credit union 1) with a core value of helping their customers/community, 2) without a great website in terms of educational resources.

4) Why do they care? 
I know that I could find customers because educating those who bank with them would lead to mindfulness when saving (they would know the benefits, reasons why, and ways to save), a higher likelihood of participating in other products like CDs (if they know what a CD, etc. are), and it sets them apart from other banks/unions for a price lower than creating the website (especially podcasts) themselves.

5) What are your core competencies?I have my vision & my honesty. I am pretty good at speaking in front of a group, and communication in general- especially written. I think that I could create the podcasts, after studying the content- and I speak with good expression.
I have a couple good relationships with my local bank tellers and sales people, but that wouldn't really help me when in front of the higher-ups who could decide to use my website. I could use my relationship and repour with my District Manager (Fastenal) to ask his advice on how to approach the necessary meetings. He has years of experience pitching to important people and building such business relationships.

Do the pieces fit?

I think that I myself am out of joint with the concept because while I feel that I could pitch the idea, I wouldn't be able to create what I'm proposing to sell. The weakest element of my idea is that I haven't decided completely what all the website will have. I think that organized podcasts or even videos similar to khan academy would be a good idea, and having links to OTHER resources could be an easy way out of creating a TON of content, but do I want to include a blog? Articles with current events? Maybe all this could be added over time. I don't like the idea of a tiered membership. The same information should be available to all banks EXCEPT that there should be a section with info pertinent to each bank's specific products and terms.

10A- ESCALATORS ESCALATORS ESCALATORS *rolls dice*

(That's another SpongeBob reference)
Pretend you're a bank while watching! Sorry for the awful lighting :)

Presenting..... EDU-Banking!
Lol I accidentally uploaded a video of me landing after skydiving... Imma leave that for y'all's enjoyment too. BTW rollercoasters are actually 10X better/more fun and cheaper than skydiving. :)

8A - Solving the Savings Problem

The Opportunity:

There are well over 6,000 banking companies in the US, with many being local or regional companies. This number does not include credit unions (there are 5,700+ of those). Most banks don't provide educational information about banking concepts in general. This leaves many people without knowledge of basic investing opportunities, credit lingo, benefits of various savings and checking accounts, and many other potentially important topics. While individuals could spend time researching these topics on their own, they often won't. Banks have an incentive to provide educational material to their customers because customers will be able to better manage and invest their money (with the bank) if they are educated. There could be podcasts, info-graphics, and other materials to show and push consumers to save more of their money for the future. The more a bank is able to then loan out, the more money it can make. Also, the simple knowledge of special CDs (Certificates of Deposit) and savings accounts could cause someone to decide to participate in such an account. For example, I learned about Christmas Savings accounts from Cara that I interviewed last week. I personally have been saving up money that I plan to use in a few years, so I could participate in a Christmas account like that and earn double the interest rate as long as I don't touch the money from January to December! I would have done that with some of my money if I had known about it (not sure if my bank actually does that either). While I did interview customers of banks (individuals), I plan on marketing my idea to Banking firms.

EduBanking:

EduBanking is a fully customizable online resource website for customers of participating banks. Much like UF students are able to access Lynda.com or the Mediasite lectures through their UF accounts, banks will add the EduBanking website as a tab or link within their own website, opening a portal for their customers. Customers will either already be logged in, or will have to use their online banking credentials to log in. I could also create an app for the website.
Resources will include podcasts of various experts discussing all the major topics most people would find useful to know. They will be split into categories such as "Homebuying" "Buying a Car" "Paying off Loans" "Credit and Debit Cards and Accounts" "Investing" and "Saving". There will also be links on one page for other credible sources to find more information on topics not yet covered. A live chat feature could be added for confidential (basic) financial advice, depending on demand. The customizable portion of the website would be extra information that pertains to specific banks only. By taking over some of the communication between the firm and its customers, we will alleviate the bank's need to have a large department dedicated to that effort.

7A - Hypothesis Test

The Who: Individuals with Poor Savings Habits (Changed from Opportunity 2 in 6A)
The What: Education and Enhanced Banking services that promote savings
The Why: Empowering, satisfies that "should" feeling

Hypothesis:

Many people want more education/information services than are currently provided by banks, and they wished they saved more.

                                                                Interview Questions: 

What are your attitudes/beliefs towards saving money?

How do you save? By percentage of check? How regularly?

How do you wish you saved your money?

Have you heard of Savings sub-accounts?

How would a (nicknamed) savings sub-account help you save your money?

What are some things you are unclear on regarding how your bank accounts/loans/credit cards work or can benefit you?

If your bank offered podcasts or other educational materials on subjects you wish you knew more about, would you use them?

What types of educational materials or services do you wish your bank had?

Interview Summaries:


1. Andrew said that he believes that he should use his money in four ways: Sow some (tithe 10%), save some (401K or otherwise), spend some, and share some). He saves a percentage of each paycheck. He makes some sacrifices to save so that he has money for the future in addition to his 401k account. Andrew thinks sub accounts are good for organizing. He has worked in finance, but says he would love to use podcasts or other info media if he didn't know something. He wishes his bank with educate him more on investing options. He uses his banks online mobile app.

2. Kathleen understands what savings accounts are, but doesn't have one and does not save. She thinks that at his point in her life she should already have a retirement plan with a 401k or a savings account that money is automatically deposited in. She didn't know about sub-accounts. When I told her about them, she thought the idea was cool sounding but she is not currently comfortable with or knowledgeable about online banking. She doesn't like using technology in general. She doesn't know what a podcast is and doesn't think she'd ever use extra information available through her bank. She wants to be able to speak to a person immediately when she calls her bank, the system is too automated.

3. Manny thinks saving is important but he is not consistently saving. He only starts saving when he has a specific goal in mind for a big purchase. He thinks he should be putting a small percent of every paycheck away just like he currently has with his 401k is how he should be saving. He thinks having nicknamed subaccounts would help him save because it names specific goals for him to work toward. He likes podcasts so he might use them if he needed to know the specific content. He wishes his bank had a better online app.

4. Chad says saving should be a set amount each time that works toward a larger goal. He said putting extra money into a savings account helps a person not spend it, since it would otherwise just be sitting there [in their checking account]. He puts a random amount of every paycheck into his savings account. He thinks he should have a certain percentage automatically taken from each paycheck so that he can't spend it. He thinks having savings subaccounts would be too complicated. It would tear him between too many options if he saw all his goals written out. He wishes he understood interest rates and fees better because he notices them changing. He says he would be interested in free information, especially by being able to listen and absorb the info. He would also like pamphlets explaining the many types of accounts.

5. Cara has had a savings account since she was 13. She is saving in case of an emergency, but has been saving a higher percentage of her weekly paycheck lately because she is moving soon. Roughly 1/3 of every paycheck goes to her savings account. She wishes she would budget more closely. She knows about sub accounts, but feels more organized with one account. She does have a Christmas savings account, which I had never heard of before. She feels like she knows almost nothing about loans. She wouldn't use the podcasts right now, but later in life she would have time. She loves podcasts. She likes online services like the mobile app and the ability to deposit checks by taking a picture of them. 


What I learned: People either don't save at all, save only when certain desires arise, or save consistently. Christmas savings accounts have a doubled interest rate and you can only take out the money without a fee in December. Almost everyone wants to save more or more consistently than they already do. Not everyone wants educational services in the form of a podcast. It would be best to offer all types of informational media, but that would be costly. Having the information available during RELEVANT times in the individuals' lives is most important. It doesn't seem like those who don't save at all (like Kathleen) would start saving just because of education and having more flexibility/ goal orientation with savings accounts. Only those who already save will benefit.

6A Economic and Regulatory Opportunities

Opportunity 1 (Economic) - Too Many Jobs, Not Enough Workers

https://www.washingtonpost.com/news/wonk/wp/2017/12/28/2018s-challenge-too-many-jobs-not-enough-workers/?noredirect=on&utm_term=.84228af73e9d

This is a supply and demand issue, so either supply levels need to increase (or be streamlined), or price needs to change to adjust supply and demand.
The prototypical customer would be every business that is in need of employees that they are having trouble finding. They stand the most to gain.
This opportunity could be hard to exploit because there are already many ways that individuals can seek jobs- websites, Facebook groups, seeing a sign for a job opening. There are, however less prevalent habits of many businesses posting on the existing popular job sites.
Where I work, we have a lot of trouble filling open positions because we try to rely on the company's own website for job postings, instead of posting openings in multiple websites. Companies like ours who are already short staffed don't have time to try that hard to find employees, so hiring a recruiter to post the jobs AND vet candidates for low monthly fees, or on an as-needed basis would be very beneficial.

Opportunity 2 (Economic) - Household Savings Rates are still low, though Tax Burdens will be less this year.

https://www.un.org/development/desa/dpad/publication/world-economic-situation-and-prospects-january-2018-briefing-no-110/

Many people know that it's a bad habit not to save (the suggested amount is 3-6 months of income in a personal savings account), but have stopped saving long ago due to economic struggles. As the tax burden on individuals and families have been lifted slightly due to the new federal income tax laws, people should in theory have the ability to save some of that money for a future rainy day. The prototypical customer would be banks who want their average customer to save more, so that they can lend out more money. There could be online content, podcasts, and even suggested changes for the bank to allow savings sub-accounts which can be named. Nicknaming savings accounts has been proven to increase savings. It may be difficult to exploit this because banks are still operating under low interest rates, and they have high levels of security. I thought of this opportunity because I personally have been searching for a bank or credit union that allows sub-accounts, because I would rather separate some of my savings than have it in one big pool. There are also a few things that are confusing about banks, and I'm sure many people need more education on credits cards and banking in general.

Opportunity 3 (Regulatory) - An App that Documents Foster Care and Saves Social Workers' Time

https://www.regulations.gov/document?D=ACF-2018-0003-0012

The  woman who posted that comment used to be a social worker, and she knows that they are often not compensated for their overtime, and yet must work OT to complete already existing paperwork. This new system is on a website, but an app would streamline the process because foster parents could fill some of the information out. The customer is the Administration of Family and Children, the US government. I saw this opportunity because I know that sometimes relying on customers helping is a big relief on workers on a time constraint. I have a lot of experience with apps.

Opportunity 4 (Regulatory)

https://www.regulations.gov/document?D=EPA-HQ-OARM-2018-0065-0001

This is a renewal for the law that contractors use to drug test their employees for controlled substances. A common problem is that employees are still able to cheat these tests (urine samples). I saw this opportunity because I know a lot of people who have cheated these tests. The prototypical customer would be contractors interested in a more reliable drug test program.