Opportunity Identification
In this assignment, I've not only identified the problem and stated who has it, but also suggested a solution.
1.) Orlando Sentinel
"Life In Color makes a splash in Orlando"
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/166A4D70F0FADD38?p=WORLDNEWS
The article described the success of an annual event held in Orlando - Life in color. It is a one day festival in which attendees hear electronic music and get blasted with paint. I saw this article as an opportunity for the entrepreneur. With the excitement of the festival, I'm sure a lot of attendees forgot to bring a spare pair of clothes or towels. Furthermore, they will likely be very dehydrated and hungry from all that dancing. Thus, one could solve this problem by selling t-shirts from the artist's merchandise (marked up), as well as towels, beverages and food.
The most likely customer is an attendee that didn't want to pay for a $7 water or a $12 hot dog inside the festival. But are much more likely to purchase a $3 water or a $5 burger. Also customers who drove there and forgot spare clothes will be a prototypical customer, as they won't want to ruin their vehicles.
I'd say it's relatively easy to exploit, just make a stand outside the event and sell your goods.
Why did I see the opportunity: I'm sure most people would of looked at the article headline and assumed the event host would sell any goods that the attendees wanted. However, after going to many of these festivals myself, I know these good are marked up a lot, because they know the attendees have no other alternative. However, if I knew there was another seller outside the venue, I wouldn't purchase inside the festival, but wait till after so I could get a cheaper price.
2.) Orlando Sentinel
"Harvey, Irma-Unfortunately, we're on a first name basis"
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/166C9E55BAB95340?p=WORLDNEWS
The article describes the category 5 hurricane that is about to come wreck havoc on Florida. It states that it could be 'deadly and devastating'. This awful force of nature is bound to destroy property, both private and public. This means there will be an opportunity for construction and rebuilding all over Florida. Furthermore, the shortage of water, food and gas could provide an opportunity for an Entrepreneur to stock up and sell them at marked up prices.
The most likely customer is someone who has had their property damaged or destroyed. They will need to hire people to rebuild, which will hopefully be funded by insurance companies or the state. But still, money is there to be made for all the rebuilding that will need to happen.
I'd say its relatively hard to exploit, as you will need to be a construction company or someone with a permit to claim some of the profits.
Why did I see the opportunity?
With the hurricane coming, I'm sure a lot of people are aware of the construction opportunities that will arise following the hurricane. After seeing the damage of other category 5 hurricanes, one can see the problems that will need to be solved following this horrific natural disaster.
3.) Orlando Sentinel
"Traditional bowling alleys dwindling nationwide - In Central Florida, some are under threat as developers swoop in"
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/16645B91993504A8?p=WORLDNEWS
The article states that many bowling alleys have been closing due to a drop in consumer visits. It says this is due to changes consumer preferences, as they want more than just bowling, they want other forms of entertainment. However, considering a lot of consumers have associated the building with a fun, family-oriented place to go, it provides a great opportunity for an entrepreneur to move in and provide another type of entertainment.
The most likely customers are people who used the bowling alley regularly. As they probably are locals, who associate the area with fun and enjoyment.
I'd say the opportunity is relatively easy to exploit. With an entertainment center like a bowling alley closes, there should be a market for a new form of entertainment to move in. It should also be easier to get planning permission and market the company coming in to potential customers.
Why did I see the opportunity?
When I see entertainment centers closing down, I'm always a little sad. I love the sentimental value it holds to the regulars who have shared a lot of good times there. I felt the same pain when an ice rink closed near my old home. And when another boring restaurant replaced it, I was angered, I wanted something just as fun to replace it. That's why I see this as a great opportunity for a futuristic, family-orientated form of entertainment (like TopGolf) to move into the vacant facility.
4.)Orlando Sentinel
"Over 15,000 hotel rooms coming to Orlando"
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/166557E50967A760?p=WORLDNEWS
With 15,000 hotel rooms coming to Orlando, that means 15,000 more families, couples and tourists coming into the city every week/month. And normally the trend is when people are staying at hotels they aren't just trying to stay in the whole time. They are usually trying to explore the city and spend money. This can be in the forms of restaurants, entertainment and shopping. Thus an intuitive entrepreneur would locate where these new hotels are being formed, and offer one of the listed goods/services listed to solve the problem to their need.
The most likely customer is going to be the tourists staying at these hotels. Who are looking to experience the city, shop at the exclusive American stores and have a great time at all the attractions and entertainment available.
I'd say this opportunity is quite easy to exploit if you have the right idea and an appealing good/service. Because the market is always going to be there when it comes to hotels.
Why I saw this opportunity?
I saw this opportunity because whenever I go to stay at hotel, I'm always spending a lot of money outside the hotels. For example, when I came to Florida as a kid, my family would spend a lot on restaurants near the hotels and all the world class attractions Florida has to offer! Thus, when i saw the article, I knew it would be a great opportunity for an Entrepreneur.
5.) Orlando Sentinel
"School districts faced with filling math and science teacher shortage"
http://infoweb.newsbank.com/resources/doc/nb/news/16601513E65F5D40?p=WORLDNEWS
The article describes the major shortage in math and science teachers across the state. The problem is that many students in high school are not prepared for tough math classes when they get to college. But everyone in Florida is affected by this problem, as less students are taking up tough majors like engineering and medicine due to a lack of math and science knowledge. A solution could come in many forms, the first is teachers being paid better. Especially in important subjects such as math and science. A second solution is to give teachers more credit, a lot of them work tirelessly and selflessly for their students, and don't get the recognition they deserve. This may encourage more people to go into the educating profession.
1.) Orlando Sentinel
"Life In Color makes a splash in Orlando"
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/166A4D70F0FADD38?p=WORLDNEWS
The article described the success of an annual event held in Orlando - Life in color. It is a one day festival in which attendees hear electronic music and get blasted with paint. I saw this article as an opportunity for the entrepreneur. With the excitement of the festival, I'm sure a lot of attendees forgot to bring a spare pair of clothes or towels. Furthermore, they will likely be very dehydrated and hungry from all that dancing. Thus, one could solve this problem by selling t-shirts from the artist's merchandise (marked up), as well as towels, beverages and food.
The most likely customer is an attendee that didn't want to pay for a $7 water or a $12 hot dog inside the festival. But are much more likely to purchase a $3 water or a $5 burger. Also customers who drove there and forgot spare clothes will be a prototypical customer, as they won't want to ruin their vehicles.
I'd say it's relatively easy to exploit, just make a stand outside the event and sell your goods.
Why did I see the opportunity: I'm sure most people would of looked at the article headline and assumed the event host would sell any goods that the attendees wanted. However, after going to many of these festivals myself, I know these good are marked up a lot, because they know the attendees have no other alternative. However, if I knew there was another seller outside the venue, I wouldn't purchase inside the festival, but wait till after so I could get a cheaper price.
2.) Orlando Sentinel
"Harvey, Irma-Unfortunately, we're on a first name basis"
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/166C9E55BAB95340?p=WORLDNEWS
The article describes the category 5 hurricane that is about to come wreck havoc on Florida. It states that it could be 'deadly and devastating'. This awful force of nature is bound to destroy property, both private and public. This means there will be an opportunity for construction and rebuilding all over Florida. Furthermore, the shortage of water, food and gas could provide an opportunity for an Entrepreneur to stock up and sell them at marked up prices.
The most likely customer is someone who has had their property damaged or destroyed. They will need to hire people to rebuild, which will hopefully be funded by insurance companies or the state. But still, money is there to be made for all the rebuilding that will need to happen.
I'd say its relatively hard to exploit, as you will need to be a construction company or someone with a permit to claim some of the profits.
Why did I see the opportunity?
With the hurricane coming, I'm sure a lot of people are aware of the construction opportunities that will arise following the hurricane. After seeing the damage of other category 5 hurricanes, one can see the problems that will need to be solved following this horrific natural disaster.
3.) Orlando Sentinel
"Traditional bowling alleys dwindling nationwide - In Central Florida, some are under threat as developers swoop in"
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/16645B91993504A8?p=WORLDNEWS
The article states that many bowling alleys have been closing due to a drop in consumer visits. It says this is due to changes consumer preferences, as they want more than just bowling, they want other forms of entertainment. However, considering a lot of consumers have associated the building with a fun, family-oriented place to go, it provides a great opportunity for an entrepreneur to move in and provide another type of entertainment.
The most likely customers are people who used the bowling alley regularly. As they probably are locals, who associate the area with fun and enjoyment.
I'd say the opportunity is relatively easy to exploit. With an entertainment center like a bowling alley closes, there should be a market for a new form of entertainment to move in. It should also be easier to get planning permission and market the company coming in to potential customers.
Why did I see the opportunity?
When I see entertainment centers closing down, I'm always a little sad. I love the sentimental value it holds to the regulars who have shared a lot of good times there. I felt the same pain when an ice rink closed near my old home. And when another boring restaurant replaced it, I was angered, I wanted something just as fun to replace it. That's why I see this as a great opportunity for a futuristic, family-orientated form of entertainment (like TopGolf) to move into the vacant facility.
4.)Orlando Sentinel
"Over 15,000 hotel rooms coming to Orlando"
http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/166557E50967A760?p=WORLDNEWS
With 15,000 hotel rooms coming to Orlando, that means 15,000 more families, couples and tourists coming into the city every week/month. And normally the trend is when people are staying at hotels they aren't just trying to stay in the whole time. They are usually trying to explore the city and spend money. This can be in the forms of restaurants, entertainment and shopping. Thus an intuitive entrepreneur would locate where these new hotels are being formed, and offer one of the listed goods/services listed to solve the problem to their need.
The most likely customer is going to be the tourists staying at these hotels. Who are looking to experience the city, shop at the exclusive American stores and have a great time at all the attractions and entertainment available.
I'd say this opportunity is quite easy to exploit if you have the right idea and an appealing good/service. Because the market is always going to be there when it comes to hotels.
Why I saw this opportunity?
I saw this opportunity because whenever I go to stay at hotel, I'm always spending a lot of money outside the hotels. For example, when I came to Florida as a kid, my family would spend a lot on restaurants near the hotels and all the world class attractions Florida has to offer! Thus, when i saw the article, I knew it would be a great opportunity for an Entrepreneur.
5.) Orlando Sentinel
"School districts faced with filling math and science teacher shortage"
http://infoweb.newsbank.com/resources/doc/nb/news/16601513E65F5D40?p=WORLDNEWS
The article describes the major shortage in math and science teachers across the state. The problem is that many students in high school are not prepared for tough math classes when they get to college. But everyone in Florida is affected by this problem, as less students are taking up tough majors like engineering and medicine due to a lack of math and science knowledge. A solution could come in many forms, the first is teachers being paid better. Especially in important subjects such as math and science. A second solution is to give teachers more credit, a lot of them work tirelessly and selflessly for their students, and don't get the recognition they deserve. This may encourage more people to go into the educating profession.
Hi Justin!
ReplyDeleteI think your opportunities were great. As sad as it is, it is very true that there will be a lot of opportunity in many different places as a result of the devastating recent hurricane. Buildings, homes, roads, and much more will require repair and construction. In addition, I really liked the one about the new Hotel rooms coming to Orlando. As more people begin coming to visit the city, there will be plenty of opportunity to provide a product or service directed at these tourists. Great work!
Hey Justin,
ReplyDeleteAs someone who is from Orlando I thought your post was very interesting and relatable since your articles were from the Orlando Sentinel. I found the article about the hotel expansions very interesting. Since I’ve grown up in Orlando, I’m very familiar with the tourist population and how much they are willing to spend in this tourist-destination. I’d say that recognizing the needs of tourists near the new hotels would be a good entrepreneurial move.
Hey Justin!
ReplyDeleteI really liked reading your list of opportunities! I specially liked the first on a about Life In Color. I went to this even two years ago in Miami and it was a great experience. I can truly say that it would have been awesome if people were selling cheap clothes or towels, because apart from getting splashed by paint it was raining so everyone was soaking. This is a great idea that should happen! Once agin good job.
Costanza Tremante