Halfway Reflection (Assignment 14A)

1) Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

I have used time management to keep up with the requirements of this week. Over the first three weeks, I got used to the schedule of assignments, and when they are due. I made a schedule of when to get my assignments done and it made my experience a lot easier, and more manageable. 

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

I felt like giving up up multiple times when the assignments required me to give interviews. The interviews require so much work and time, and it would get a little tedious at times. Knowing that the interviews would give me more insight into my business ideas helped to pull me through. Also, I believe I already had a tenacious attitude before this class, so I did not gain one in the last two months.

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

I believe that you should:

1. Make a schedule to set aside time, and to make the assignments easier?

2. Give yourself a reason for everything that you are doing. This makes you more hungry and tenacious.

3. Set a goal to achieve. If you know you are doing these assignments to help you set up a potential business, you will be a lot more likely to be aggressive and tenacious. 

Reading Reflection No. 1 (Assignment 13A)

1) You read about an entrepreneur: I read, Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, Ashlee Vance

• What surprised you the most? 

I was most surprised that Elon almost went broke a couple times in his pursuit to make Tesla and SpaceX work. 

• What about the entrepreneur did you most admire?

I admired that Elon did whatever it took to get funding for his companies, and that he did not care about what people thought of his ventures. 

• What about the entrepreneur did you least admire?

I did not like that Elon was not cautious at all with his money. He almost went broke multiple times, but luckily found a way to save himself. 

• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

Yes, Elon faced adversity and failure many times. Elon almost went broke multiple times, and almost could not meet payroll for Tesla. He was running out of cash and needed a way to fund both of his ventures. He luckily got a governmental grant for SpaceX, and continued to fund his businesses. 

2) What competencies did you notice that the entrepreneur exhibited? 

Elon exhibited multiple entrepreneurial competencies. Elon took a lot of risks funding these companies. He had no idea if these companies were going to survive, or even make him money. He was so driven to push the envelope, and to expand our knowledge of the world and universe that he did not care if he lost all of his money. Also, Elon was a person who pushed the envelope, and was an innovator. Elon started to do things that nobody else had attempted. SpaceX and Tesla are two revolutionary businesses with extreme innovation in mind. 

3) Identify at least one part of the reading that was confusing to you.

I was confused when they talked about Paypal. I was not aware that Elon had equity in Paypal, so when the book talked about how he sold Paypal to fund Tesla and SpaceX I was confused.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

1. Why are you so driven to get to Space, and create a multi-planet society?

2. At what time in your life did you realize that you wanted to be an entrepreneur?

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I believe that Elon Musk's opinion of hard work was to enjoy and embrace it. I believe Elon 

Figuring Out Buyer Behavior No. 1 (Assignment 12A)

1. The segment I am going to write about is the age range of my potential customers. For my business, the age range I would like to target is 21-35.

2/3. Interviews: I talked to three people ages 21, 22, and 25 that live or have lived in Colorado during recent times. All of these people attended college in the state, and all used recreational cannabis. These people used to go to a cannabis store almost once every week. They were regular users, and spent a considerable amount of money on cannabis. These people would use cannabis at their homes, at music festivals, etc. They used cannabis as a way to enjoy themselves, and to have fun. All of these people like the psychoactive effects that cannabis gave them, and went to the stores regularly. When they first got to Colorado, they did not know where to go to find recreational cannabis. That is where the unmet need comes in. They eventually found a store to go, and that is what my business idea is. I would like to place recreational cannabis stores in places that legally allow it. This would attract younger people that enjoy cannabis, and do not want to but it from street corners and sketchy parking lots.

4. When these people became aware of their need, the first thing they would do was to google search for stores in their area. They would search phrases like "cannabis dispensary near me" or "cannabis stores in my area." They would then look at the search results and find stores that were closest to them. They would also read the reviews online, or ask friends if they have ever gone to a cannabis store near them.

5. I have learned that a lot of young people enjoy cannabis, and are very willing to spend money on it in areas that have legalized its use. I also learned that these people are typically regular users/customers. This information has lead me to believe that opening a recreational cannabis store can be a very successful business if done properly. Lastly, I learned that I would need to place a store in an area that is heavily populated by young people, such as a college town.

6. I believe that this segment is very aware of their needs, and are good at finding a place to fill this need. Since my segment is younger, they are always looking to have a good time, and they are very good at using the internet. If my store is searchable on the internet, then I believe that the young people will find it.

Idea Napkin No. 1 (Assignment 11A)

1. My name is David Benjoseph and I am from Boca Raton, Florida. My family has been in the real estate business my whole life, so I have learned a lot about real estate and properties. Throughout my life I have always had small ventures that turned passions of mine into small businesses. I have experience with e commerce marketing and Facebook advertisement and making product sales face to face. For example, I sold hoverboards when they were trendy at my high school. I got in contact with a whole sale supplier and sold hoverboards to my classmates. I also started an e commerce store and sold trendy products to people all over the world through shopify. My aspirations for my business is to make the store a household name for people that are in the market of recreational marijuana. I would eventually want to make the store a chain, or begin to franchise it in states that have legal cannabis laws.

2. The product I will be selling is legal cannabis. I am meeting an unmet need by placing stores in states that have recently passed recreational cannabis laws. The is essentially a smoke shop that sells the actual cannabis as well.

3. I am offering the product to anyone over the age of 21 that enjoys the effects of cannabis. My target age range would be to younger people, specifically in the age range of 21 to 35. I believe the younger crowd would be more willing to go to a store and purchase cannabis. I also believe that the younger group is more interested, and would spend more money on recreational cannabis. All of my customers share a common trait of wanting to get high essentially. All of my customers will come to my store because they like the effects of cannabis, and want to purchase legally.

4. Customers will pay money to my store because I will serve the legal cannabis that they want. Currently, people spend hundreds of dollars a year for illegal cannabis through drug dealers in parking lots and street corners. My store is going to be in a state that has legalized recreational cannabis use, so they will no longer need to buy cannabis through drug dealers. People will come to my store over drug dealers because I will only sell premium, lab tested product. That way, my customers know they are getting non-laced, high quality cannabis. My store cuts out the risk and mystery factor of purchasing cannabis from a random person on the street. A lot of the time, cannabis users have no idea what they are actually smoking, and are taking a risk every time they use it.

5. My store will be set apart from everyone else because I intend on opening stores in areas that currently have no cannabis dispensaries (in states that have legalized is recreational use). If I am the first store in an area, I can capitalize on the new legislation. I also intend on making it a "one stop shop." I essentially want to create a smoke shop that also sells the actual cannabis. I believe this creates a more pleasant experience for the customers, with many opportunities to up sell related products.

I believe that all of the above elements fit together. I believe one aspect of my business that is weaker is the location/dependency on legislation. Even though I am basing my business on unknown circumstances, more and more states are legalizing recreational cannabis use every year. Given this statement, I do not believe that I will have an overly hard time finding a state to begin my business venture in.

Testing the Hypothesis, Part 2 (Assignment 9A)

Who: There are some people that I believe fall outside of my target audience for a legal cannabis store. These people are people that do not like cannabis, are anti-drug supporters, do not live in a legal state, or cannot afford the product.
What: I believe that this need is very distinct, and that there is no fine line where my need is different from another need. I believe that legal cannabis stores will be needed where it is legal, and no other need is similar to the need for cannabis stores.
Why: I believe the underlying cause as to why the "outside the boundary" group does not have this need is because they do not support cannabis use, or their state does not.

Interviews:

1/2. My first two interviews were with two cannabis users, one male and one female, who would seem like they would fit in my target audience. These two kids are regular cannabis users in the state of Colorado, where it is legal. But, they fall outside of the boundary because they are 20 years old. This makes them underage user, therefore, they would not be allowed to shop at my store.

3. My third interview was with another regular cannabis user withing Florida. Although this person would technically be of legal age to use cannabis, it is not legally allowed in the state of Florida. This person would be in my boundary, but they are not due to the fact that he or she does not live in a state that has legalized recreational cannabis use.

4/5. My fourth and fifth interviews were of two males that have admitted to trying marijuana one time in their lives. They do not fall inside my boundary because they do not enjoy the effects of marijuana, therefore, they would never buy my products. These people may seem like they are in my boundary because they have used marijuana at one point, but they are not because they will never use it again.

Inside the boundary	Outside the boundary
Who is In: Males and Females, over 21 years old, in a state of legalized cannabis	Who is Not: People underage and/or not in a state that has legalized cannabis
What the Need Is: The need for premium/high quality legal cannabis. Also, legal cannabis stores in a legal state.	What the Need Is Not: The need for premium/high quality legal cannabis. Also, legal cannabis stores in a legal state.
Why the Need Exists: Because people want high quality cannabis, and do not have a recreational store in their state.	Alternative Explanations: Because I do not like marijuana, I do not need one near me. Also, state has not legalized the recreational use.

Elevator Pitch No. 1 (Assignment 10A)

Link to pitch: https://www.youtube.com/watch?v=jqPioG6KLQQ&feature=youtu.be 

Solving The Problem (Assignment 8A)

The problem that I am creating a solution to is not enough recreational cannabis stores in states that have legalized it, or are going to legalize it. I believe that being a pioneer in the space can be very rewarding, as long as the store is one of its kind in a state that has just legalized recreational cannabis use. My solution is to plan and build a recreational cannabis store in areas that do not have any yet (in states that have legalized its use.) To carry out my solution, I would need to research the cities that have the highest cannabis usage rates in the country, stay updated on the cannabis legalization laws, and begin to plan where exactly I want my stores to be located. I would want my store to sell many different cannabis related items so that I can appeal to all different types of users. In my past assignment, my interviews showed me that all different ages and types of people use cannabis. Part of implementing this solution is to do product research, and to see what types of cannabis related products are the best selling products. Overall, I believe that the cannabis industry is growing exponentially, and I believe that opening a store is a great way to join the industry and make money.

Testing the Hypothesis, Part 1 (Assignment 7A)

1. The opportunity that I would like to pursue is to open and run an legal marijuana store in a state that has just passed laws to legalize recreational marijuana use. I believe that this is a great opportunity to be successful because the global cannabis market accounted for over 10 billion dollars in 2017 alone. Research shows this market trending upward exponentially in the future as well.

2.  The who: People that enjoy recreational/ legal cannabis usage.
     The what: People are unable to use cannabis openly due to its legality.
     The why: Our country is yet to legalize recreational cannabis, only some states have done so                                already.

3. My hypothesis is that if I can open a recreational marijuana store in a state that has just passed legalization laws, or a state that has already legalized its recreational use, I can make a considerable amount of money. According to a 2016 CBS news article, "one in five adults under 30 is a pot smoker."

4. Interview 1: Female, age 48, Location: Boca Raton, FL
This person told me that she is a regular cannabis user. She said that she uses it around 3-5 times a week. She agreed with me that opening a legal store would be a great business, due to the sheer amount of adult cannabis users.

Interview 2 & 3: Male/Male, age 21 and 22, Location: Gainesville, FL
These two kids both stated that they believe that many young people of legal age would go to a cannabis store in a legalized state. One of the kids uses cannabis, and one does not. Although one does not use, he believes that a legal store would be extremely successful due to the amount of college students and young people that use cannabis (of legal age).

Interview 4: Female, age 21, Location: Boulder, Colorado
This person does not personally use cannabis but says that a lot of her friends do use it for recreation. She believes that the industry is growing each and every year, and that opening a store is a great business idea.

Interview 5: Male, age 73, Location: Boca Raton, FL
The person has grown up using cannabis, and does not see it as a bad thing. He grew up in the drug experimentation "hippie" age, and he thinks that cannabis is great. He believe that opening a store is a good idea because there are a lot of older people who grew up using cannabis that would go buy from a store.

Overall, I found that a lot of people do in fact use cannabis, and would enjoy legalization of its recreational use. All of the people I interviewed believe that opening a store in a legal cannabis state would be a great business opportunity. I learned that people of all ages would enjoy recreational cannabis use, not just younger people. Now I realize that this business can target a more generalized group of people, rather than a smaller, more niche group of people.