4A – Forming An Opportunity Belief

1) My beginning point. 

The University of Florida has sub-par and limited Coffee options - the only company on campus is Starbucks. I believe this is a major opportunity to expand the variety and coffee prices available on campus for University of Florida students and faculty. 

2) My belief.  

The unmet need is variety and pricing in the coffee selection within at the University of Florida. Students and faculty at the University of Florida have the need. This need has existed for quite some time on the University of Florida campus. This need came from the University of Florida multiplying upon Starbucks facilities rather than incorporating new coffee companies and products. Right now, people are walking off campus to Dunkin' Donuts and much farther for small-to-medium businesses with overpriced cover to meet this need now. I believe there is a 70-80% chance that this opportunity exists. 

3) Identifying the prototypical customer. 

Customer A: University of Florida Student in Starbucks 

Customer B: University of Florida Faculty 

Customer C: University of Florida Student in Starbucks 

4) Iteration No. 1: 

Customer A: University of Florida Student in Starbucks

1. Question #1: What is the exact nature of this need? 

"I believe it's just not having enough options, being stuck to keep having Starbucks everyday all day."

1. Question #2: When do you become aware of the need - do they experience their need all the time or only sometimes? 

"Always. I'm in the library 24/7, I'm a bio-chem major. I don't always try something new at Starbucks, I know what I like so I tend to stick with the same drink order - nothing else appeals to me. I'm just tired of having the same things the past three years." 

1. Question #3: How long have you had the need? 

"Ever since I came to the University of Florida, I'm at libraries constantly and even if I wasn't Starbucks is still the only option if I need or want a coffee on campus." 

1. Question #4: When did you first become aware of your need? 

"I would say after a couple months of being at UF, I had it basically everyday and eventually it became more of a need for caffeine then just a want for taste. But I got the same couple of orders all the time so that made it worse." 

1. Question #5: How are you currently addressing your need?

"If I really need something new and I'm at Library West and not Marston, I walk across the street to Dunkin' Donuts. Not my favorite coffee but it's cheap." 

1. Question #6: How satisfied are they with this solution of a new and innovative coffee shop?  

"I think that's a great idea on campus, I just don't know how you or someone would do it because I mean they must have a contract with Starbucks - so that could be your biggest battle is just convincing UF and Starbucks I guess." 

Customer B: University of Florida Faculty 

1. Question #1: What is the exact nature of this need? 

"Having minimal to no coffee options on campus within close reach."

1. Question #2: When do you become aware of the need - do they experience their need all the time or only sometimes? 

"I think I truly became aware of this need a couple years after I began working at the University of Florida. I experience this need rather frequently since I go to Starbucks on campus every day."

1. Question #3: How long have you had the need? 

"For a couple of years now, how I touched on previously." 

1. Question #4: When did you first become aware of your need? 

"A couple of years ago, again how I briefly mentioned. Is when I really became first aware and tired of the only coffee selection." 

1. Question #5: How are you currently addressing your need?

"Oftentimes, I buy a Coca-Cola or Pepsi instead of getting coffee at Starbucks. Sometimes, I just attempt to try something new from their menu - but that's always a scary game to play." 

1. Question #6: How satisfied are they with this solution of a new and innovative coffee shop?  

"I believe that is an innovative idea - I would be satisfied enough simply with having another option on campus to try it. I think the biggest challenge with that would be getting people to buy-in, but UF students like to be - what's the word, trendy?" 

Customer C: University of Florida Student in Starbucks

1. Question #1: What is the exact nature of this need? 

"Starbucks is all around on campus, and there's like 5 of them."

1. Question #2: When do you become aware of the need - do they experience their need all the time or only sometimes? 

"I would say only sometimes, I like Starbucks and I don't really get tired of it. I like what I like and I get basically the same consistency every time." 

1. Question #3: How long have you had the need? 

"Like I said, I don't often have the need. But I guess I sometimes wish it wasn't so expensive to try something new but I also don't mind having the same thing all the time."

1. Question #4: When did you first become aware of your need? 

"I've only been at UF for two years, so I guess two years."

1. Question #5: How are you currently addressing your need?

"I just try something new at Starbucks. Or get my order iced instead of hot. I mix it up at Starbucks."

1. Question #6: How satisfied are they with this solution of a new and innovative coffee shop?  

"I'm partially satisfied, truthfully it would just depend on price and options. I know what I like at Starbucks, and I know exactly what I'm getting each time. So I'm not sure how often or if I wouldn't prefer Starbucks over the new coffee shop." 

5) Reflect. 

I learned a great deal of information about the opportunity. Something to note during my interviews were the facial expressions and tone of those I was interviewing when I introduced the new and innovative coffee shop idea. I learned that some people may not care to go outside their comfort zone and dependability of consistent Starbucks such as Customer C, a University of Florida student in Starbucks. Meanwhile, others have experienced this need relatively every day and would be willing to try at least once if not more, such as Customer B a University of Florida faculty member and Customer A a University of Florida student in Starbucks.

I believe the most surprising aspect of this assignment was learning more about additional milestones and challenges I hadn't fully considered. For example, Customer A, a University of Florida Student in Starbucks, made a good point regarding the contract the University of Florida must have with Starbucks. I had briefly thought about this, but I hadn't fully considered the mere difficulty of getting a spot on campus due to this partnership with Starbucks. 

7) Summarize.

I would say 40-60% of my original opportunity is still there. It's hard to say without knowing the restrictions with the University of Florida having a partnership with Starbucks. I absolutely believe that the new opportunity is more accurate now then before I started this assignment. It opened my eyes to additional challenges, customer needs, and customer preferences. Lastly, I think entrepreneurs should 'adapt' their opportunities based on customer feedback rather frequently. The point of any product is to fill a need or a want, and if you want people to buy it and continue to buy it - you need to innovate and adapt to continue satisfying customer needs.