14A-Halfway Reflection

1) Throughout the duration of this course I have developed and used various behaviors to ensure I keep up with the requirements of this course. I have set a schedule of when I will do the assignments, and look at the assignments ahead of time to make sure I allocate appropriate time to complete the assignments. I would also have to say that throughout this course I have developed better skills regarding imagination, and problem solving, as this course often asks the question "why", "how", and "who". This course also helps to better develop skills associated with questioning, and thinking ahead. This course can make an individual more tenacious, not because of heavy work load, but rather the level of deeper thinking associated with the assignments.

2) To be frank I didn't want to put forth the effort of having to do the elevator pitch, but I did it mostly because of the grade. However, that "struggle" that I endured shows the tenacity that I have developed throughout my life and this course. I think that others comments is one thing that helps a person when contemplating whether or not to do an assignment, because of the amount of support others show towards your posts. So, overall I do think I have developed some amount of tenacity during the duration of this course thus far.

3) Three Tips:
     1) Make sure you give yourself aqueduct time to do the assignments, and thoroughly think about your posts and ideas. This is important because many posts are associated with one another.
     2) To develop a tenacious mindset for this course it is important to thoroughly think about the assignments. If the idea you have is an actual business/venture you might actually want to purse then the assignments don't become as much of a chore, but rather just part of your interest or hobby.
     3) Use the comments you get to better your opportunity. Often I realize that people's comments on my posts have good "criticisms" and suggestions to better develop the opportunity I have, and it makes the assignments less strenuous.

12A- Figuring Out Buyer Behaviour

To find out more on the buyer for my proposed business, I found three people to interview who said they had the unmet need. Each one had the need for the car buying service, but none had heard of the concept before.



Need Awareness and Information Search:



Interview 1:When asked at what time the need would be most present they said that it would be during the physical process of buying a car. When asked in what situation could they use this service, the interviewee said when they are newer to the car buying experience. When asked where he felt the need the most, they said when they are at the dealership. I asked if they have found any solution to the problem that I aimed to solve, and they replied that they often reference car buying sites, but that is only part of the need. When looking for information the individual said that they would look at Kelly Blue Book. Sometimes they ask friends and family for advice on buying a car.



Interview 2:When asked at what time the need would be most present they said that it would be during the search for the right car. When asked in what situation could they use this service, the interviewee said when they don't know the market. When asked where she felt the need the most, they said when they are looking at prices. I asked if they have found any solution to the problem that I aimed to solve, and they replied that they often ask family. When looking for information the individual said that they would look at cars.com .



Interview 3:When asked at what time the need would be most present they said that it would be during negotiating process. When asked in what situation could they use this service, the interviewee said when they don't want to get ripped off.  When asked where they felt the need the most, they said when they are at the dealership. I asked if they have found any solution to the problem that I aimed to solve, and they replied that they often try to buy cars online. When looking for information the individual said that they would look at eBay or Carmax. They normally do not ask others for car buying advice.



Summary and Conclusion: In summary the individuals I interviewed are all looking for a service that can provide them for help either to get a good price for a car, need a better service to find cars, or has difficulty when buying a car. They realize the unmet need and have searched for the right solution, but have not found one. From the interviews I can conclude that the need is present, and people are looking for an answer to the problem. With these problems in mind we can attempt to maximize the marketing efforts to get a strong base of consumers.

11A- Idea Napkin No. 1

1) I am Akash Kalra an aspiring entrepreneur, I have run few small businesses I have started and I am a student at the University of Florida. I am a car enthusiast and have a lot of experience within the car community. My aspirations for a business include the development of a system of brokers for car buying. I see this as a good opportunity because many people do not know the value of different cars and often have a hard time negotiating price.

2) With this service, I am offering to the customer a more positive car buying experience by giving help to those looking to buy a car. This service would assign a "car broker" to each client and they would assist them in finding the right car and negotiating the price for the buyer. The service would be online and potentially in person. The car buyer would pay a fee based on how difficult the car was to find/ price and how much money the broker saved the buyer. This helps the car buyer with the difficulties they might otherwise face.

3) It is clear that the customer is all people looking for a car, so obviously the market is massive. I would say though it is based a lot on the age and financial means of the buyer so there are some boundaries to the potential consumer biases. All customers are looking for a car to buy and need to consider options and prices.

4) Customers care, because they want an easier shopping experience that is more personalized. They also could look forward to getting better prices with this service. A 2016 study showed that 87% of Americans dislike the car buying experience at a dealership. It also showed that 52% of car buyers bought from the dealership that gave the best experience over the best price. With the service I would be providing the consumer would get both a great experience and price.

5) This business idea is different from nearly all other at the moment, because the system is not generic, but rather a more personalized experience for car shopping which sole purpose is to find the best car for the best price possible. Other services currently available only give ca options with somewhat set prices. A "car broker" can check various sources ask if there are any specifics the buyer wants, and then negotiate prices with dealerships or sellers.

I think my elements for the business idea fit together well, and that the idea has the potential to work smoothly. The need is unmet and the opportunity is very available as there is currently not a product or service the provides both the tools to find the right car and tools to get a good price. The biggest appeal to the idea is that the buyer is getting the car the want for a better price than they would have otherwise. 

10A- Elevator Pitch No.1

Transcript: Hello my name is Akash Kalra let me steal 90 seconds you'll never get back. So I have an opportunity for you that I know you will be interested in. I have a new concept for the ever growing automotive industry. with this idea my company will be making money on the idea of saving car buyers money, because of this the only thing that is required is an experienced workforce. this work force would be made up of what I call "car brokers." These brokers will aid in the effort to save car buyers money and find the right car based on the buyers need. This concept is great because it creates a more personalized experience for car buyers, versus the usual generic answers and suggestions other sites give you. With your funding we can start developing a website organized around the buyer, with all employees working for the buyer. We can start research into how develop a system for the "car brokers" and buyers to communicate their ideas to each other and, an effective way of allowing "car brokers" to negotiate prices dealerships and individual sellers. The biggest struggle I see for us would be getting skilled, and experienced employees. As well as the struggle to develop a database for automobiles for brokers to use, although we could use a 3rd party source. I will say I do not think having experienced employees would be too much of a problem however, because I have a strong understanding of the car community. So please consider investing in this venture as its better to have a car broker than a joker.

9A- Testing the Hypothesis Part 2

To reiterate my opportunity is that I would like to develop a system to have brokers for car buying. I see this as a good opportunity because many people do not know the value of different cars and often have a hard time negotiating price.

Who: I believe my opportunity is one that has great potential, because the car buying experience for many is confusing, and although there are other services out there to help with purchasing a car they all fall short with a generic fell, where as my opportunity would be more personal. Another part of my opportunity is the fact that the car buyers assigned "broker", would be responsible for negotiating the price of the car that the individual is interested in. Although there are some websites that find the best price for the car you may be searching for, my service would allow for not only the "broker" to suggest multiple price options, but also help with the negotiations of the car itself to get the buyer the best price possible.

What: My opportunity provides a service that would differ from all other car buying experiences, although it somewhat resembles a live car buying auction, it differs greatly due to the fact that the experience is more personal without the buyer actually having to be present. Also the "broker", could provide tools and knowledge that the consumer may not have access to regularly, either due to little knowledge about the industry or the limitations of the average car buyer.

Why: The needs of both the people inside and outside of the boundary is the same, although the limits on the boundary solely have to do with the age and financial means of  the individual. This is because not everyone is always in the market to purchase a car, however the market and consumer bases is very large and there is always a the unmet need for a better car buying experience.

Interviews: The majority of individuals I interviewed, were not interested in purchasing a car, however the this interview has some bias due to the interviewees being college students. Out of the 5 individuals i interviewed 4 of the 5 said they were not in the market for a car anytime soon, this made me realize that there are certain boundaries to my customer base, mainly age. Many people purchase a car either out of necessity or because they have the financial means to do so. I asked the participants if my opportunity had strengths that other established car related businesses did not. The responses showed that 3 of the 5 thought the idea of a "broker" was an important characteristic that distinguished my idea from others. I proceeded to ask if my need was the same or different from other needs commonly associated with car buying. All of the interviewees believed that the need for a car "broker", was somewhat a foreign concept they had not heard or thought of before. I concluded from this that the need differed from nearly all others in the car buying experience. I ended the interviews with asking, what each individual thought was the main factor that would make a consumer have the need or not. Many said that if you had no previous experiences buying a car then the need is there, but one individual said that the main factor in his decision to use the service would be price, and the quality of the experience.

               Inside the Boundary:                                                         Outside the Boundary:
Who: Anyone searching for a car                                               Anyone not searching for a car
What: Find the right car at a good price                 A listed directory of cars for sale, prices and values
Why: Those without car buying experience           Car salesmen, car enthusiasts*, shrewd negotiators

*Some ,but not all car enthusiasts may be against having assistance with their car buying experience.

8A-Solving The Problem

(1) The opportunity I would like to pursue is one that brings a way to have brokers for car buying, potentially through an app, this is because many people do not know the value of different cars and often have a hard time negotiating price.
(2) I intended to accomplish this by creating a website, and enlisting many avid car enthusiasts around the United States to become brokers, although first I would need to create a system for how much the brokers get paid per transaction, via car price and the amount of money saved. I would also need a database for acceptable car values, and teach each broker how to handle the in person business. So to make things clear I am selling the broker services, which would allow rare or exotic car buyers to have someone find the car of their choice and negotiate the price for the buyer. 

7A- Testing the Hypothesis

The opportunity I would like to pursue is one that brings a way to have brokers for car buying, potentially through an app, this is because many people do not know the value of different cars and often have a hard time negotiating price.

The who: Anyone wanting to buy a car.
The what: Car buyers often over pay for a car, or do not understand car values.
The why: A knowledgeable car broker would be able to negotiate the price for buyers.

Hypothesis: I believe many car buyers will want this service available to them, so they understand the value of the car they are considering buying and have the means to get a fair price. Although not everyone will need this service I believe there are many people willing to pay a "car broker" to get a better price. Often people think that car salesmen lead to them overpaying for a car, but I see it as car buyers not being very shrewd negotiators.

Interviews: From the interviews I have found varying information, but all promising for the opportunity to exist. I must give notice that all the interviews were men, so some bias may exist. I first began each interview by asking a hypothetical that stated: if you were searching the market for an automobile would you be willing to pay a car broker to assist you in finding a good deal and negotiating price? The majority of the people I interviewed said they would be willing to pay for a car broker, although one individual that was an avid car enthusiast said he would consider the idea, but he believed he had enough knowledge to find good prices. I followed up the question by asking what a fair percentage of the cars cost would you be willing to pay the broker. Many of the people had different values, and one gave me an idea all together. The answers to this question consisted of 3%, 2.5%, 3.5%, and 5%. One person said that the percentage should be based on the cost of the car and how much money the broker saved the buyer. Next, I asked the participants in the interview what they believed would be the best way to deliver the service to the customer. Many of the participants said that the initial parts of the service should be via website, while the actual buying of the car should be an in person service where you meet with a broker. The final question I posed to the participants was if the service should be for the average consumer of automobiles, or if it should be for rare or exotic cars. Three people said that the service should be for rare and exotic cars, while two of them believed that the service should be available for the average consumer.

I learned much about the opportunity I posed from the interviews, and even gained some insight to good ideas on how the opportunity may be done. Through the process of the interviews I learned that the opportunity still exists and that many think the opportunity has potential. I now know that the cost should be based on multiple factors, and that the market is more or less considered niche due to the participants saying that the idea is better for rare or exotic cars.