Book Title: Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future
1. What Surprised me the most: What surprised me the most about Elon Musk is his ability to succeed and achieve in fields that seem unrelated. Specifically, the ability to tackle online banking, solar energy, space travel, and electric cars seems impossible for any one human. I guess what I am alluding to is that i was surprised by the brilliance and ambition of Elon musk even when I already knew of him previously.
What I most Admired: The thing I most admired about Elon Musk is his risk taking even when he already achieved success. After becoming a billionaire through pay-pal, the fact that Elon tied up almost all of his assets into the Space-X startup was what I most admired. If I were to become a billionaire I do not know if I would be willing to take another such large risk in order for me to continue pursuing my wild goals. That aspect really stuck out to me particularly.
What I least admired: What I least admired isn't necessarily Elon's fault but it is that Elon seemed not fulfilled with his life and goals. It seemed as if he was constantly looking forward and thinking about new inventions and aspirations instead of realizing how much he has achieved and done for the world. So i would say I least admired his ability to take a step back and realize how great he truly is, despite how ironic it sounds.
Adversity and Failure: Elon's whole life is basically about adversity and failure. What particularly stuck out to me was Space X's first three failures. Elon was out of money, having to borrow a loan in order to finance his last launch effort. If he were not able to successfully launch that rocket, his company would have been over. His ability to perform with grace and poise under that stress and demand mentally was something I correlated wit his overall success as an entrepreneur.
2. Competencies: The two competencies Elon has is what makes every person successful, talent and hard work. Elon was obviously born very gifted, but also spent hours daily as a kid through adulthood constantly reading, thinking, and refining his inventions and pursuits .Even now, he is known to work 80-100 hour work weeks and constantly stays up to date with new technology. Additionally, his rationality is what also makes him special. Some would define it as cold or unemotional, but it is actually perfect in business to remain calm and collected.
3. Confusing part: What confused me throughout the whole book was how Elon is able to learn and synthesize all of the information he digests. From my own perspective, it does not make sense how one human being can revolutionize so many industries and transform so much of our daily lives. I was confused and jealous how he his mind works and why he is able to understand such esoteric and difficult subjects in many fields.
4. Two questions: Number 1: What is your method for learning new information? Do you visualize, explain it to yourself, what is your secret?
Number 2: Do you believe talent or hard work is more important in learning?
5. 100 percent, Elon believes you must work hard to succeed. There is no doubt in my mind that he believes without hard work you cannot succeed. I completely agree with him. Its very simple to understand that if everyone else is working 40 hours per week and you are working 80, you are going to have an edge.
Friday, February 23, 2018
Thursday, February 22, 2018
Assignment 12A- Figuring Out Buyer Behavior No. 1
Segment: The segment I am targeting is students in Gainesville. Specifically, I interviewed three people who all reside in Gainesville. One student is a Female that attends Santa Fe while the other two are males who attend the University of Florida. All three are specifically not wanting to stay in Gainesville this summer and still have to pay rent. They fit my segment perfectly.
What I learned: While speaking to all three interviewees I realized that their needs are all fairly similar. All of their needs begin in the spring semester and end during the summer where they have to look for new leasing for next year while also having to find out how to pay for their current summer rent. The need is extremely predictable which is important because it could help me or another business figure out when is the best time to advertise and go after students demand for housing. This need does not apply to freshman because they tend to live in dorms their first years, although it may apply to a few. In terms of information search, there are basically two main categories, the internet and family/friends. Students tend to search online for rentals through google and also try to ask their peers and family members where they believe the student should live. Not surprisingly, word of mouth is an extremely valuable resource for info on Gainesville rentals. Their google searches tend to be "gainesville off campus rentals" and they try to filter for fall and spring only leases, yet they mostly are unsuccessful.
Description of segment: I would describe this segments as having a seasonal need which begins in spring and ends in the summer. To solve this need, the segment will either use the internet, friends and family, or a mixture of both. Word of mouth is crucial for a customer to be able to identify and want to rent at your apartment or home.
What I learned: While speaking to all three interviewees I realized that their needs are all fairly similar. All of their needs begin in the spring semester and end during the summer where they have to look for new leasing for next year while also having to find out how to pay for their current summer rent. The need is extremely predictable which is important because it could help me or another business figure out when is the best time to advertise and go after students demand for housing. This need does not apply to freshman because they tend to live in dorms their first years, although it may apply to a few. In terms of information search, there are basically two main categories, the internet and family/friends. Students tend to search online for rentals through google and also try to ask their peers and family members where they believe the student should live. Not surprisingly, word of mouth is an extremely valuable resource for info on Gainesville rentals. Their google searches tend to be "gainesville off campus rentals" and they try to filter for fall and spring only leases, yet they mostly are unsuccessful.
Description of segment: I would describe this segments as having a seasonal need which begins in spring and ends in the summer. To solve this need, the segment will either use the internet, friends and family, or a mixture of both. Word of mouth is crucial for a customer to be able to identify and want to rent at your apartment or home.
Friday, February 16, 2018
Assignment 11A- Idea Napkin No. 1
1. You: I am a college student at UF who shares the same frustrations with rentals and leases as everyone else does. My talents and skills as it pertains to my business idea is a strong motivation to fix something I believe to be unjust and the ability to think outside of the box and create novel solutions to fit this unmatched need. My aspiration is simple: create off campus contracts that do not include summer months if the student does not want it. If my business were to be created and flourish, it would not only help me financially, it would help hundreds to potentially thousands of students in Gainesville alone.
2. Offering: I am offering alternative rentals for college students that do not include the summer months if the student does not wish to pay for it.
3. Who I am offering it to: I am offering it to any student in Gainesville looking for off campus housing. The only commonality my customers have is that they are located i n the same rental market.
4. Why do they care: My customers care because it will save them money and increase their freedom. The two aspects my service provides if financial and emotional. Financially, students will save money in the long run. Emotionally, it will make them feel more empowered and less restrained during the summer months.
5. Core competencies: The two things that will set us apart is speed and being attuned to customer feedback. Too many businesses in Gainesville do not listen to their customers and are too slow in enacting new policies. People change, so businesses have to as well.
I personally believe all these elements fit together perfectly. I represent what I am offering, meaning I would be a customer for my own business. Who I am offering my business to and what I am offering fit together very well because it is simple and extremely well defined. Everyone, including myself would like to save money and feel a greater sense of control in their daily lives. I believe our core competencies reflect that, and the business continues to reflect what young college students are feeling.
2. Offering: I am offering alternative rentals for college students that do not include the summer months if the student does not wish to pay for it.
3. Who I am offering it to: I am offering it to any student in Gainesville looking for off campus housing. The only commonality my customers have is that they are located i n the same rental market.
4. Why do they care: My customers care because it will save them money and increase their freedom. The two aspects my service provides if financial and emotional. Financially, students will save money in the long run. Emotionally, it will make them feel more empowered and less restrained during the summer months.
5. Core competencies: The two things that will set us apart is speed and being attuned to customer feedback. Too many businesses in Gainesville do not listen to their customers and are too slow in enacting new policies. People change, so businesses have to as well.
I personally believe all these elements fit together perfectly. I represent what I am offering, meaning I would be a customer for my own business. Who I am offering my business to and what I am offering fit together very well because it is simple and extremely well defined. Everyone, including myself would like to save money and feel a greater sense of control in their daily lives. I believe our core competencies reflect that, and the business continues to reflect what young college students are feeling.
Thursday, February 15, 2018
Friday, February 9, 2018
Assignment 9A - Testing the Hypothesis, Part 2
Who: Through my interviews I did find students who attended the University of Florida who accepted and were fine with paying for summer months. These students were ones who were taking summer classes, those who lived in on campus dorms, and those with enough social connections to consistently get sub-leases. I would define these students as ones who acknowledge the current system and find ways to either beat it or cope with it successfully.
What: My need specifically addresses overpaying for rent, but this need can definitely more broadly be defined as the need to feel fairness in a paying arrangement or the need to be financially responsible and empowered.
Why: Yes, i think there is a big difference between those inside the boundary and those outside. From the people who I interviewed, those who controlled their finances more felt more upset and personally affected by overpaying whereas students whose parents took care of the finances did not nearly care as much. One group sees it as just something you must accept whereas the other group sees it as an unnecessary evil they would love to change.
Inside the boundary Outside the Boundary:
Who: UF and Santa Fe students who On campus students, students taking
do not want to pay for summer months summer classes, those who get sub-
they are not utilizing. leases.
What: The need to feel empowerment Accepting certain situations. and save on your finances during the
college years.
Why: Students who are on a tight budget Landlords have to get money for all 12
see two or three months rent as a huge expense months or it is unfair to them to lease.
they probably would have to work or take a loan
to pay off.
What: My need specifically addresses overpaying for rent, but this need can definitely more broadly be defined as the need to feel fairness in a paying arrangement or the need to be financially responsible and empowered.
Why: Yes, i think there is a big difference between those inside the boundary and those outside. From the people who I interviewed, those who controlled their finances more felt more upset and personally affected by overpaying whereas students whose parents took care of the finances did not nearly care as much. One group sees it as just something you must accept whereas the other group sees it as an unnecessary evil they would love to change.
Inside the boundary Outside the Boundary:
Who: UF and Santa Fe students who On campus students, students taking
do not want to pay for summer months summer classes, those who get sub-
they are not utilizing. leases.
What: The need to feel empowerment Accepting certain situations. and save on your finances during the
college years.
Why: Students who are on a tight budget Landlords have to get money for all 12
see two or three months rent as a huge expense months or it is unfair to them to lease.
they probably would have to work or take a loan
to pay off.
Assignment 8A: Solving The Problem
Opportunity: Students in Gainesville who attend the University of Florida or Santa Fe and would like to live off campus are subjected to paying for summer months they do not need and do not want to pay for when they are going back home for the summer.
Solution: My solution is simple, yet capital intensive. It would require me to purchase or take over the management of a residential building in Gainesville. After that, we would create contracts where students would have to pay a little more per month, but would not have to pay for any summer months if they do not want to. Understandably, if this goes well, other leasing companies would soon follow but that is why our competitive advantage needs to be the speed at which we implement. In the beginning we charge a little less per month than we want, potentially breaking even or even creating a small loss, but we disrupt the rental market in Gainesville so much that people are bound to hear about us and want to rent.
Solution: My solution is simple, yet capital intensive. It would require me to purchase or take over the management of a residential building in Gainesville. After that, we would create contracts where students would have to pay a little more per month, but would not have to pay for any summer months if they do not want to. Understandably, if this goes well, other leasing companies would soon follow but that is why our competitive advantage needs to be the speed at which we implement. In the beginning we charge a little less per month than we want, potentially breaking even or even creating a small loss, but we disrupt the rental market in Gainesville so much that people are bound to hear about us and want to rent.
Thursday, February 1, 2018
Assignment 7A- Testing the Hypothesis, Part 1
Opportunity: On campus students who attend the University of Florida and Santa Fe but do not live in Gainesville year round are subjected to over-pricing during the Summer because landlords are trying to maximize profits.
- Who: Students who attend the University of Florida and Santa Fe.
- What: Over-priced for summer terms they neither need nor want to pay for.
- Why: Landlords do not want to have a property not earning any cash during the summer, they are maximizing profits
Testing the what: The boundaries here are mainly that it is summer specific. Additionally, as previously notes, not all students dislike being here for the summer, but there is a large enough group that actually truly dislikes it.
Testing the why: I would say most people dislike it mainly because of financial/ independence reasons. They feel stuck to their contracts and know that if they leave the city, they feel as if they are wasting money. Additionally, many people want to go back home to be with their family or even potentially get a summer job, so having to pay is very unfortunate and unnecessary.
Interview 1: This male student attends the University of Florida so they do fall under the who boundary. They currently live off campus and dislike the idea of having to pay for 3-4 months of rent when they are not going to be here. Mainly, this is causing them to debate whether they should stay here for the summer or not, when they truly do want to go home.
Interview 2: This male student also attends the University of Florida. They are an engineering student and are actually going to stay here for the summer to do courses. Thus, they do not mind having to pay for the summer months but do understand and empathize with others as well.
Interview 3: This female junior attends Santa Fe. They currently live in Tampa and have accepted the fact that they will have to pay for the summer months even though they are not going to be living there. They hate that they have to pay but understand the fact that 12 month leases are the norm. Interestingly, their frustration turns into acceptance because they believe thats just how college is.
Interview 4: This female attends the University of Florida. Interestingly enough, her father was actually going to purchase a property in Gainesville so that she could live there with her friends and split rent with them. When asked about paying for summer months, there wasnt much frustration, most likely because her parents pay for everything.
Interview 5: Lastly, I interviewed my mother. She does not fall within my who boundary becuase she is not a student, but does hate that I have to pay for the summer. She of course wants me to go home but understands that it would be a waste of money to pay for a room I do not use. She lives in Miami and knows that there is a lot of bargaining within rentals, so she does not understand why you cannot find a fall and spring only semester rental.
Summary: I found that most people really do struggle with this problem. Something new I learned is that people have basically accepted that they have to pay, but when you bring it up, they get fairly livid. Potentially, a marketing campaign notifying students that they should still at least try to bargain instead of just accepting their leases could help. A lot of people also brought up the valid point that landlords would never accept not getting any money for a whole summer.
Assignment 6A Identifying Opportunities In Economic & Regulatory Trends
Economic Opportunity #1: Rise of artificial intelligence
- Source: https://www.nytimes.com/2018/01/30/business/economy/populist-politics-globalization.html?rref=collection%2Fsectioncollection%2Fbusiness-economy&action=click&contentCollection=economy®ion=stream&module=stream_unit&version=latest&contentPlacement=4&pgtype=sectionfront
- What: This article describes how artificial intelligence is going to take over traditional jobs such as truck driving, packaging, etc. I believe there is an opportunity here to re-train these workers so they do not get displaces and are prepared for new work. If a company was willing to explain the situation to these workers, they could train them to potentially work with AI or some other vocation so they do not become unemployed. An idea such as this one would probably even get subsidies from the government.
- Who: Any person affected by AI, especially low skilled, repetitive tasks.
- Difficulty: This is definitely a difficult task to undergo because you must first identify which sectors of the economy will be affected the most by AI. Additionally, you have to figure out what jobs these people could do once they are displaced.
- Why: I believe I saw this opportunity because I remember learning in economics about different types of unemployment and how people are displaced from their jobs, such as those who worked in blockbuster. I always remember saying why isnt the government or a private business telling these people and getting them prepared for what to do next. Its as if we do not want to spread awareness to the people who are going to be the most affected.
Economic Opportunity #2: Growing GDP Rate
- Source: https://www.nytimes.com/2018/01/26/business/economy/gdp-economy.html?rref=collection%2Fsectioncollection%2Fbusiness-economy&action=click&contentCollection=economy®ion=stream&module=stream_unit&version=latest&contentPlacement=2&pgtype=sectionfront
- What: This article describes how the US GDP is growing and that consumer spending is steadily increasing. Overall, demand is increasing and consumer confidence is rising. I believe there is an opportunity here for anyone to invest in an index fund. By doing so, you are basically betting that America will do well, and I believe that is a very smart decision.
- Who: Anyone wishing to invest and make money.
- Difficulty: Very easy. Anyone can go online and invest in a low fee index fund and just hold their money. You do not need to know about stocks to win.
- Why: I am now taking a business finance course so I am constantly thinking about investment opportunities. Seeing America doing so well makes me believe more and more that investing in America over the long term will always be profitable.
Regulatory Opportunity #1: Loosening Laws In Saudi Arabia
- Source: http://money.cnn.com/2018/02/01/news/saudi-arabia-women-jobs-passport-control/index.html?iid=hp-stack-dom
- What: This article describes how 107,000 women applied for a job with only 140 available positions. This showcases that women in this area are eager to get to work. I believe there could be an opportunity here to outsource American jobs to that area. With such a large potential labor force, companies can most likely get really great priced labor.
- Who: Any company wishing to lower prices.
- Difficulty: Potentially difficult. Whether or not the Saudi Arabian government would allow its women to work for American jobs is very hard to say. Probably not in the short term, but I do believe in the long term it could be very possible.
- Why: Again, I am thinking of economics here. You have such a high demand of women who want jobs, with such little supply. This is a classic case of shortages. Any business or government could cash in on this huge supply of labor, having more latitude on pay, benefits, etc. I think its a smart business move.
Regulatory Opportunity #2: Federal Spending On Infrastructure
- Source: https://www.nytimes.com/2018/01/31/us/politics/trump-infrastructure-plan.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region®ion=top-news&WT.nav=top-news
- What: This article describes how Trump wants to spend 1.2 billion on fixing Americas infrastructure. The problem is that Congress does not know how to get that kind of money to spend. The opportunity here is simple, be the company that could tell the government, we can do it cheaper.
- Who: Any company who has the resources to competitively bid on such a project.
- Difficulty: Very hard. You would need to be a huge corporation.
- Why: As a person who reads the news fairly regularly, I am tired of watching Congress basically argue over the same things. I believe the government is horrible at doing these kinds of programs. I would love to see a private company come in and do it for much less.
Subscribe to:
Comments (Atom)