Testing the Hypothesis Part 2

The people that I chose for this round of interviews are those who have not met the need for the opportunity that I'm focusing on -- these interviews ultimately helped me to draw conclusions about the areas outside of my opportunity boundaries. The interviewees do not meet this need because they: haven't been in a situation where relief was needed to be distributed, don't frequently donate to charities or causes, or haven't worked for a charitable organization.

The interviews I conducted had pretty similar responses -- that people tend to fall outside the boundary of my opportunity for different reasons, it can't really be generalized. I found that there are people that no matter what solutions are brought up to this opportunity, they simply cannot fall inside the boundary.
Some people choose not to be involved with any type of charity or other benevolent event for a variety reasons -- such as some simply not having the necessary funds to even feed themselves. One of the responses was that the person was currently saving up for something that needed their full extra income (a vacation).

What I found interesting is that some of the responses showed a lack of belief in the charity itself -- some people don't believe their donation will actually go to anything, or that there isn't enough people donating things or time in order for a difference to actually be made. It goes again with the issue that some fundraisers or causes don't send aid in a direct form. Others said that there is simply insufficient public awareness in order to get people to truly become passionate about supporting a cause. Therefore, the underlying causes of the outsider's need has many different variations in why it is different than that of those who are inside the boundary. 

Inside the boundary

• Who is in -- people that are affiliated with charities. This includes donors, workers/volunteers, and people on the receiving end of the aid. 
• What the need is -- more efficient charities and more effective ways of making a difference.
• Why the need exists -- mismanagement, lack of incentives, logistical issues, consumer (donor) bias

Outside the boundary 

 

• Who is in -- people that are not affiliated with charity organizations in any way, or haven't received aid from any.
• What the need is not -- It's not a matter of the lack of donors or internal faults with the charity organization itself, its outside factors that affect it.
• Alternative explanations -- some people cannot afford giving up extra things, conservation of donations for something that may be deemed more important in the future, disbelief in how their donations are being used, "if i didn't donate it wouldn't make a difference anyway" mentality, etc. 

Solving the Problem

The opportunity that I identified in the previous exercise is inefficiency in some charity organizations -- which delays relief for their cause. The way that I think this problem can be "solved" or perhaps simply ameliorated, is by creating a non-profit with a charitable and purpose to support a certain cause -- a social enterprise. 

This entrepreneurial model would sell goods/services to customers, where all profit would go towards organizations that directly take action towards a certain issue -- such as groups that work to build solar panels in poor communities to tackle climate change, or perhaps an organization that directly does research for the betterment of humankind and our environment.  This solves the issue of distribution delay in aid or overall mismanagement with what to do with the donations/funding, and promotes efficiency in responding to the cause. 

By selling a good/service, there is an incentive provided for customers to make a payment which essentially goes towards a donation -- solving the lack of donations issue some charity organizations face. Therefore, along with receiving a product/service that they really want, they are also doing something charitable to support a cause. The solution to my opportunity is not solely based on the good/service being sold, but rather how the business model works with the proceeds being received. This also solves the problem of people donating useless things, as their money (which is very flexible) would be the only thing going towards the relief. 

An issue I've come across, however, is that there are thousands of social enterprises out there -- all dedicated to different causes and producing different products/services. I've decided that in order to differentiate this sphere of business models, my venture would focus on only one objective -- donating to organizations that engineer renewable energy in the developing world. 

I've had certain ideas on what good/service this nonprofit would sell -- originally, I really wanted to sell coffee or coffee bags in a local, community setting to support low-income coffee farmers in Latin America. I had this idea because along with supporting certain causes using proceeds, I also wanted to increase benefits by giving back directly to the people that craft the good/service being sold -- such as by providing employment or anything to coffee growers, especially those that have greater economic needs. However, I realize that the market for coffee is incredibly difficult to yield donated profit due to competition, especially in the United States -- which means it would be better to incorporate product differentiation. I'm still thinking of ways to solve this issue, as earning sufficient proceeds is imperative for this business model to "solve" the opportunity I've identified. 

Testing the Hypothesis, Part 1

The identified opportunity-

Charities in the United States and across the world are having difficulty bringing relief to certain issues. This can be due to problems with people donating the wrong things, lack of any donations in general, or institutions not properly distributing the aid (such as recent problems with Red Cross during Hurricane Harvey, where some people in Houston did not actually receive any of the help that RC was supposed to give), or other problems. This could have many repercussions and delay relief to the issue.

Testing the hypothesis

The who - Those who have the need are the people that are affected by issues that can be aided greatly by charity relief programs and organizations. In certain cases, issues such as global climate change affect the entire population -- so in order to determine who really has the need depends on the issue that needs relief.

The what - Are all charity organizations and non-profits inefficient to a certain degree (is it inevitable to face these problems at some point)? Is inefficiency a characteristic only found in large public orgs or does it also include community/local or grass-root efforts as well? What about religious charities and their public service? Are these large charity organizations even the most effective way of helping others in times of need -- or is there something else that can be done? How do we get more people to participate in charity events, and what is the most beneficial way that organizations can provide relief? If some non-profits have these issues, would a for-profit system or social entrepreneurial idea encounter these similar issues as well?

The why - Many people that run these charitable organizations know that their need comes from issues with management -- including perhaps lack of public awareness, insufficient funding, and even scarce donations and other logistical problems. The people that are most greatly impacted by these issues are the ones on the receiving end of the aid -- they might believe that these issues are simply natural delays with the aid, and that the process itself just takes excessive amounts of time.

Interview summaries -

For the interviews, I asked people that have experience with donating/receiving charity to explore the boundaries of this opportunity.

A strong general trend that I found among the responses were that people are more likely to make a donation or give money to a cause if they were to receive a good or service in return -- such as what nonprofit businesses/social enterprises do. Many responses also show that people want to donate to causes that they genuinely care or know about -- thus highlighting the importance of awareness in order for people to want to donate. The type of organization (religious vs. secular, national/local, etc.) also influences people's decisions to donate -- as they typically look to organizations that share similar views as them. Other responses demonstrated that they feel as though current charities are efficient, and many of them specify what they wish to be donated (such as canned food drives, etc.) thus people don't find the process difficult -- some said that they believe that these organizations are greatly helping people in times of need, as people tend to do their part. 

After analyzing the interviews, I realized that my opportunity relies heavily on consumer preference. It is difficult to create a universal charitable organization that reaches all audiences -- as everything from the cause being supported, incentives offered, to the message being displayed heavily persuades a consumer's choice of the extent of their donation. There's a lot of work and research that needs to be put into creating such businesses, especially in the start-up stages where free cash flow is restricted. 

Identifying Opportunities in Economic & Regulatory Trends

1) The rise of private spaceflight companies

a) I had the idea that this opportunity exists today while watching SpaceX successfully launch a Boeing X-37 (or x-37b, a spaceplane owned by U.S Air force) through their Falcon 9 craft into space on September 7th.

b) This information is leading me to believe that the opportunity exists, as the U.S military collaborated with private spaceflight company SpaceX due to their recent successes in developing spacecrafts such as the Falcon 9. I believe that as mankind looks towards space to further expand our horizons of understanding the universe, there will be increasing competition, or perhaps another "space race" -- this time between private vs. government-entities. Regarding regulatory trends, with the new government administration, NASA has been assigned the lowest funds budgeted in its entire 59-year history -- compromising roughly 0.47% of the the federal budget. This could definitely carve a path for wealthy space-enthusiasts or organizations to begin their own aerospace endeavors. I think this is further emphasized as SpaceX and NASA begin to compete in space tourism and eventually even interplanetary colonization as they begin to enthusiastically look towards the Red Planet.

c) The prototypical consumer would definitely be very wealthy patrons of aerospace research or perhaps even groups of engineers and space-enthusiasts themselves -- as this opportunity allows them to work for private space companies or perhaps start their own. This applies mainly to people who would rather work for private organizations rather than large government entities such as NASA.

d and reflection) This opportunity be very difficult to exploit as it takes billions of dollars in funding to successfully create a private space organization or company -- it takes countless capital towards research, development, manufacturing, management, and much more. Furthermore, the industry is becoming increasingly competitive, so engineers must have very valuable skill sets and assets to take advantage of the opportunity.
I saw this opportunity mainly because of the decline in federal spending for NASA or government space entities -- which could lead the way for wealthy individuals/organizations to fund their own private space companies and compete with NASA -- such as how SpaceX is doing.


2) The rise of "Uber-style" businesses centered towards convenience 

a) I saw this opportunity at a technology-based club meeting that discussed how transportation technology has changed since Uber -- as business models begin focusing more on speed and convenience.

b) The information presented that convinced me that this opportunity exists is the fact that many companies are extending Uber's style of convenience and feasibility to other concepts -- such as air travel. For example, a German company called Lilium is developing small, all-electric jet for public use. This concept of creating futuristic flying cars has launched speculation of the opportunity to develop an Uber for air travel. The jet picks someone up at one airport location, then drops them off at another.

c) The prototypical consumer of this opportunity would be people that travel a lot in their day-to-day lives, and need to do so in a quick and convenient manner. With the topic of developing an air transportation Uber, the consumers of this service would definitely be wealthy individuals that can afford these "flying taxis" or quick private jets.

d and reflection ) I found this opportunity as rather easier to exploit --  because not only has the philosophy behind Uber ultimately revolutionized the idea behind many business models, but it has also profoundly changed the way society views transportation. At the tip of our fingers, we now hold great information, connectivity, and services -- rapid transportation at our convenience now included. As streets become difficult and inefficient due to traffic clogs, construction, and more, society has begun to look towards other modes of transportation that provide for a better, smoother manner of getting from one point to another.

3) The current high performance and prices of the stock market 

a) I saw this opportunity around a week ago when I learned that the S&P 500 stock hit a milestone -- $2,500 per share.

b) With strong shares in the market beginning to raise their stock price, I believe that there is a good opportunity for investors. If these trends continue, this could definitely become profitable in the long-run. In the other hand, however, this high performance could indicate a possible future dip -- in which case, experienced investors may decide to take advantage of the trend and short stock. According to CNBC, Warren Buffett made a bet in 2007 that the S&P 500 stock would perform higher than hedge funds in 10 years -- this bet recently won him $2 million.

c) The prototypical consumer of this opportunity, which concerns mainly economic trends in stock, would be investors in the market. This could be profitable for professional investors, or any individual who is interested in trading stock.

d and reflection) I found this opportunity because I've always regarded the stock market as a crucial facet of our economy. Its performance could ultimately illustrate how companies are doing, serving as a reflection on the strength of our economy. Whether or not this opportunity is simple or difficult to exploit is rather complex. At any moment, the stock market always has the risk to come crashing down, so I've always been interested to see where these trends would lead us to. Investors need to make accurate trend forecasts to decide what would be in their best interest regarding profit -- to invest or to short.


4) China is planning to ban cars powered by traditional gasoline fuels.

a) I read in multiple news outlets that the Chinese government has plans to ban cars that are powered by gasoline fuels. This is being done in order to promote environmental sustainability and less emissions from non-renewable sources.

b) I believe the opportunity exists for electric/hybrid vehicles to dominate the automobile industry with this regulation. China is a major trading partner of the US -- especially in manufacturing and importing/exporting auto parts. With cars in China driving completely from electrical power systems, this could ultimately change our auto industry in the US as well. This paves the way for major car companies to commit to developing efficient electric vehicles and allowing them to become more commonplace instead of traditional gas cars. This also gives a really big opportunity to companies such as Tesla -- which manufacture electric, low-emission cars --  to rise in the market.

c) The prototypical consumer of this opportunity would be everyday individuals that drive an automobile -- this regulation would impose people in China to drive only electric vehicles. This would therefore also exert great influence in US society as the industry makes the switch to electric sources for power rather than gasoline.

d and reflection) I believe this opportunity is relatively simple to exploit -- especially since its a possible government regulation that has to be followed by the entire industry. Car companies can take advantage of this and focus their business on producing electric vehicles, as the demand in the market for these automobiles will increase significantly worldwide as they begin to phase out gasoline-fueled cars in China. This could also be a really good opportunity for manufacturers that produce electric battery car parts, or create their entire design of cars based on low-emissions and sustainability such as Tesla. I also believe that since China is the country with the world's largest population, the automobile industry is very influential there -- as there are many people that need to get around everyday, and now will do so more sustainably if this regulation is imposed.

Identifying Local Opportunities

Here are five local "opportunities" from the Orlando Sentinel. 

Disney, other theme parks could lose millions in wake of Irma

http://infoweb.newsbank.com/resources/doc/nb/news/166F3CDF6B29E958?p=WORLDNEWS

This news article is concerned with the economic impact on popular Orlando theme parks, mainly Disney, in the wake of Hurricane Irma. Financial analysts in the theme park industry estimate a "shortfall" of $100 million for Disney -- as the park stopped operating from Sunday, September 10th to Monday, September 11th. This closure caused a significant loss in revenue, and may have been worse had it not been for an increase in hotel occupancy from Irma evacuees. Nonetheless, in the days following Irma, all theme parks have noticed a drop in visitors and attendance due to canceled trips and Floridians working on cleaning up the state-wide aftermath. The problem in this story is the significant revenue loss in the theme park industry in Orlando -- which is a major difficulty since tourism is one of the city's most prominent revenue and economic growth sources. Therefore, this problem not only affects the overseeing theme park companies such as Disney and Universal Studios, but it could also affect Orlando residents -- especially those who work in the parks. It also affects prospective visitors who were forced to cancel their theme-park vacation due to the hurricane. 

Thousands remain without electricity

http://infoweb.newsbank.com/resources/doc/nb/news/166F91F8B1657260?p=WORLDNEWS

This article explains in detail the power outages that thousands of central Florida residents are still struggling with in Hurricane Irma's aftermath. According to a Duke Energy report from last Saturday, 31,600 people in Orange County and 8,000 people in Lake County still did not have power. 6,400 people in Seminole County also remain without power. Many residents are struggling with contacting power companies, as many of them are "overwhelmed" by the influx of outages -- resulting in many "technical challenges" and delays in restoring outages. The main problem reported in this article is that power companies are having a difficult time restoring the wide-spread power outages on time, thus leaving thousands of people without power for prolonged periods of time. The main people affected by this problem are the people who are still experiencing outages -- which are many residents of Orange, Lake, and Seminole counties. 

After Irma, channel your generosity to what's needed

http://infoweb.newsbank.com/resources/doc/nb/news/166F3CDFB3EEC8D8?p=WORLDNEWS

In the wake of natural disasters such as hurricanes, regions needing relief often receive thousands of donations. The problem with this increase in donations, however, is that most of the things received are superfluous and unneeded. They often create large inconveniences for the support organizations that have to sort through (and mainly dispose) the donations -- as they often receive vast amounts. The article gives examples of these useless donations -- such as "prom dresses to earthquake-stricken islands or snow parkas to sweltering Central Floridians." This problem affects the nonprofits and charity organizations that have to work extra hard by sorting/disposing tons of useless donations. This also affects the survivors of natural disasters that could face a shortage or delay in acquiring the goods that are useful to them. The article suggests that donors should research the acceptable items to donate, or perhaps contact the organization they donate to, and to consider sending money instead of tangible items as that is the most "flexible" way to provide aid. 

Orlando home buyers face rising prices, fewer choices

http://infoweb.newsbank.com/resources/doc/nb/news/16703B4B093256F0?p=WORLDNEWS

This article talks about the strengthening of sales in the Orlando house market in August, prior to Hurricane Irma. The effects of the hurricane on the area's housing market are yet to be determined, however, reports from the previous month indicate strong sales despite rising prices. The median sales price was $225,000. However, despite the strong sales that are facing increases in selling price, people that are searching for houses are now having difficulty finding some that are within their budget. Houses in the lower price ranges are becoming harder to find, also a repercussion of the increasing sales. The problem presented in this article is that the real estate market in Orlando are steadily increasing in price and sales -- making it difficult to find any house at lower prices.

Furthermore, analysts are unsure about the possible effects of Hurricane Irma on this phenomenon and the repercussions it could have on prospective buyers. This affects anyone who is looking for a house in the Orlando area, especially those with lower incomes who are searching for prices in the lower range.

Grocery supply line pushed to the brink

http://infoweb.newsbank.com/resources/doc/nb/news/167037FD977A5870?p=WORLDNEWS

The main problem presented in this article has to do with the shortage of groceries in Florida post-Hurricane Irma. Many aisles at popular grocery stores have empty shelves and are closed off, as for the entire week of the hurricane, distribution lines were delayed. Most of these grocery stores also had extensive power outages lasting up to a week. Power outages forced these stores closed for days, resulting in many food becoming spoiled and thus leading to the scarce inventory. Retailers across the state are struggling with opening up their stores again and filling their stock after Hurricane Irma forced businesses closed. The hurricane thus made it difficult for power infrastructure to support businesses, which was exacerbated by "clogged transportation" which delayed inventory distribution. Therefore, this problem affects retail chains and distribution centers from the management perspective, and it also affects consumers that need to buy everyday goods such as food. 

Forming an Opportunity Belief

I've always had a strong belief that the future of world energy will rely on solar power and other renewable sources. I have carried with me the idea that renewable energy has the potential to supply millions of people with clean power -- fostering sustainability in the rise of contemporary green economies. There is a strong necessity for a form of reliable form of energy that is accessible to the vast majority of people -- specifically those in developing areas where secured forms of energy are scarce.

The people that could benefit from the clean energy in the developing world is not limited exclusively to those in low-income or developing regions. This need for clean energy has been significantly increasing over the last century or so, perhaps even as far back as the Industrial Revolution. The threat of climate change -- exacerbated by prolonged use of non-renewable energy and other human activities that also emit greenhouse gases -- has posed serious pressure on the entire world to make the switch to renewable energy. Despite the passing of the Montreal Protocol in 1987, where 197 nations (including many that are developing) came together in a global effort to reduce GHG emission, progress has remained slow. The reason for this is due to the lack of incentive to cut emissions in developing nations, for the fear that it will prevent economic growth. According to the Center for Global Development, 63% of global carbon emissions are from developing nations -- especially those with large populations such as India and China. Therefore, I believe that in order for greater change to happen, there has to be initiative at the individual or local scale across the world.

Last year, as a senior in high school, I conducted a research study that assessed the sustainability of favelas -- poor shantytowns in Rio de Janeiro, Brazil -- the data was modeled using a framework indicator. I had also done research in the previous year on the global effects of climate change as a result of human unsustainable practices. In these years of studying and musing, I realized that there is a prominent unmet need worldwide -- the need for widespread awareness to aid developing global regions in their transition to sustainable energy sources. My opportunity belief, therefore, lies more in the realm of social entrepreneurship. I believe that an effective way to foster awareness and initiative is by creating a foundation or something similar that raises funds (possibly by marketing/selling a product) to support partnering, community organizations/projects dedicated to increasing renewable energy in the developing world. An example of one of these organizations, as I found in my research, was Revolusolar -- which is dedicated to installing solar panels in favelas in order to provide cheap, efficient, and clean energy in these low-income areas in Brazil. I believe that a collective effort -- through the medium of a foundation or business where some percentage of revenue goes towards these organizations -- is a great way to help create a sustainable future starting from the local scale.

The consumer audience or prototypical customer that I would try to target primarily are the youth -- the people that are the leaders of tomorrow's world, and thus are left with the climate change problem. I would therefore try to reach mainly Millennials and college students -- so for this assignment I interviewed local university students.

My first interview was with a girl named Diana, who I met with at the dining hall. She believes that a platform that advocates awareness of the global climate change issue is very necessary, and that it would also be a good business idea. During the interview, she pulled out one of her favorite quotes by Mandela - "education is the most powerful weapon with which you can change the world." She is an engineering student, who has frequently studied renewable energy and its need to be incorporated in technology -- a notion she also came across in global studies and humanities courses. She also told me about her experiences with the Sierra Club and Florida Solar Energy Co-op, which she says has helped to foster her approval of the social entrepreneurship idea for climate change advocacy and the promotion of renewable energy in the developing world. Promoting renewable energy in these areas, she said, is a good way to "take action" which she believes must be done eventually.

My second interview was with a first-year student named Nasseem. He had an opinion that I noticed significantly diverged from Diana's point of view. In the interview, he emphasized that society has too many for-profit charity start-ups with the similar goal of raising awareness of important global issues. He believes that "taking action" should be done in a more direct manner -- as he explains that people are now more aware of climate change and its palpable effects. He explained how today, there are many obvious signs of this phenomenon affecting our climate and weather patterns -- and how many studies, broadcasts, and more have already devoted countless time to this effort of bringing awareness. He believes that an easier way to mitigate the problem in a more direct manner is by changing our everyday actions to improve sustainability -- claiming that everyone should take into their own hands the responsibility to bring about change, starting at the individual level.

The third interview was with a UCF student named Anthony. He had a more enthusiastic response to this opportunity belief -- by confirming that the social need is definitely there. He said he would be really interested in purchasing from a business with a "buy to give" model, as he believes it would definitely attract consumers -- mainly millennials who enjoy feeling like they've helped out a cause while paying for a product that they like. He described it as a "win/win" situation for the cause, the consumer, and the producer. Anthony also said it may even be a more effective way of fundraising for charity organizations that directly address the lack of renewable energy sources in the developing world. He said this is due to the business' attraction of the population that normally wouldn't directly donate to a charity -- as the product received serves as a strong incentive. Furthermore, he explained that the business' primary goal shouldn't be simply raising awareness as there are too many organizations out there that do that (similar to Nasseem's point). Selling a product and donating a small percentage of profit to organizations is a lot more effective and direct way of handling the climate change issue as it attracts lots of people, especially consumers that have these needs. Furthermore, he said it serves to educate consumers as they purchase goods/services that they already enjoy.

Reflection: Overall I learned that my opportunity generally seems to spark interest in people -- especially the youth, as they are interested in helping a social cause as they gain something as well.
I was surprised with the gaining popularity of this opportunity as climate change continues to make headlines over its potential effects on our planet -- and how willing people are to support this cause in particular. I've seen different businesses with similar "one for one" models that have gained/are gaining popularity among young people -- such as "Toms" and "Sand Cloud." However, there are also some people that don't think this is really anything new or innovative -- as they believe that there is already a plethora of organizations dedicated to fighting climate change through different ways, especially by raising public awareness and spreading education.

Summarize: 
How much of your original opportunity is still there? I'd say almost all of it. 2/3 people I interviewed seemed very enthusiastic about the idea and explained how the unmet need is definitely there.

Do you believe that your new opportunity is more accurate than when you started? Yes, I think by weighing in other people's perspectives on the necessity and providing insight on the demand for this idea, I was able to narrow down the scope of what needs are exactly unmet -- such as the ability to take action in a more direct manner instead of merely raising awareness.

How much do you think entrepreneurs should 'adapt' their opportunities based on customer feedback? (In other words, is there a trade-off between adapting and staying firm?) -- Yes, I think one of the most important things an entrepreneur can do to gain insight on their opportunity belief and how it resonates in society. This is done by reaching out to public consumers and receiving their perspective on the "unmet need" that the entrepreneur solves. However, entrepreneurs should try and draw conclusions after crafting a holistic or general consensus between all of the consumer responses -- as by adapting to every single comment could yield negative business outcomes. Therefore, it is important to listen to consumers yet still maintain a strong element of firmness as ultimately entrepreneurs are the ones in control of running their affairs and addressing their original opportunity belief.

My Entrepreneurship Story

I've been exposed to the realm of entrepreneurship in business through my mother. When I was a child, my mother always used to talk about her dreams of launching a small business that would become popular in our local community. Her business idea was to sell jewelry and other fashion accessories. She was absolutely fascinated by adorning her outfit with a variety of bracelets, necklaces, rings, earrings, and more -- many people that noticed would often compliment her and ask where she had bought her jewelry. As a young child I'd often sit next to her and toy with the trinkets on her wrist. She had a variety of ornate jewelry that came in a variety of different shapes, colors, and details.

Slowly, she began expanding her inventory in order to make her entrepreneurial dream come to life. Soon thereafter, "Mimi's Fashion Jewelry" began gaining small revenue from frequent customers. My mom would often visit many places with her friends around town such as gyms, restaurants, and apartment clubhouses to showcase her business, display the eye-catching jewelry, and network for customers. She ended up opening a small store on the other side of town -- and I vaguely remember accompanying her to decorate the interior of the store, my favorite memories being the Christmas decor during the holidays.

During the 2008 recession, the business had stopped becoming profitable and growth began to slow down. My mother stopped working as hard to keep things going as she had previously done so for many years, as income significantly struggled for her customers and even for herself. The small shop closed down, and the remaining inventory was quickly sold off. Today, my mother often reminisces on the great memories she made by chasing her entrepreneurial dream -- and we admire how far she was able to go for something she was truly passionate about. She worked incredibly hard, dedicating entire years to expanding her business and consumer outreach. Even now, she often thinks about starting up Mimi's Fashion Jewelry again -- as every time she runs into a friend or past customer, they ask her if she has continued to sell her glistening accessories again.

My mother definitely serves as a source of inspiration for my own entrepreneurial and business dreams. She treated all of her customers like good friends -- allowing her to develop a close relationship with them and thus deeply understand their wants. Her primary focus was on putting the customer first, and by taking their perspective to give them access to the most demanded, popular accessories on the market. She created a community of hardworking women that loved to adorn their fashion -- she found her niche, and that is ultimately one of my biggest goals as an entrepreneur.

I'm enrolled in this class as a finance major to better understand the importance of entrepreneurship in the field of business -- as they serve as the creative minds that introduce new products, ideas, and advancements to markets. I've always been fascinated with the hard work that is behind every successful entrepreneur, and I hope to develop and learn more about those skills in the class. I want to learn how to become a creative thinker -- and come up with innovative ideas to solve problems and improve the tools we use in our society.

** This is not an actual image/jewelry piece from her business, but it is very similar to the types of accessories she used to sell.