Testing the Hypothesis, Part 1

The opportunity I would like to pursue is designing a product which will aid customers in opening cotter pin retaining rings found on sailboat hardware.






The who: Sailboat owners or users.

The what: Fasteners on sailboats are designed with a retaining ring that threads through a cotter pin to hold it in place.

The why: These retaining rings are difficult to open and become cumbersome.

During my interviews, I will discuss and request input on who else uses these types of fasteners, what other types of fasteners could be used or if a better design is available, what other applications could my product serve, and why does this need exist. Here is a picture of the fastener I am talking about.


https://www.youtube.com/watch?v=r2fXrV_bxr8

https://www.youtube.com/watch?v=r3e3yVL64_M

https://www.youtube.com/watch?v=Q8La5EhK9aM

https://www.youtube.com/watch?v=YUIywvmdbqA

Recorded phone interview that did not save using call recorder app.


I was able to retrieve some valuable feedback from my customer interviews, but still need to research more where other fasteners such as these are used to be able to expand my market. Obviously more than just sailboat owners have come across fasteners such as these. All of the customers interviewed can see the value in a product that will make it easier to open these retaining rings and several gave good insight as to what else my product could be useful for. That helps in broadening the target market. A couple people gave alternative solutions to the identified problem including a change in design of the fastener itself, but in the end, I believe the current design offers the most safety and my inexpensive solution will prevail. The need isn’t going anywhere, I just need to show people an easy solution to the problem.

My Solution

My solution to cotter pin retaining rings that are hard to open and can cause injury is a simple device that can be worn on the finger with a tab that simulates the fingernail. Simple as that!

Looking for Opportunity

1. Regulatory Change Opportunities

Executive Order 13650, signed by Obama in August 2013, was signed to help improve chemical facility safety and security following several catastrophic incidents in the United States. The Environmental Protection Agency has issued proposed rule changes called the Risk Management Modernization Rule to satisfy the intent of this order. These rule changes can be found at www.gpo.gov/fdsys/pkg/FR-2016-03-14/pdf/2016-05191.pdf. Facilities that use extremely hazardous substances are required to develop and maintain a detailed Risk Management Plan. The Risk Management Plan or RMP, addresses hazard assessment, prevention, and emergency response programs for facilities that fall under the requirements of the EPA's Risk Management Program.

One of the proposed rule changes centers around increased independent third party audits of covered facilities. These independent audit companies must have knowledge of RMP requirements, be experienced with the facility type and the covered process, be trained or certified in proper auditing techniques, have at least one member who is a licensed P.E., and have not done business of any kind with the host company in the previous three years and will not do business with the host company for two years following the audit. With these kind of stringent requirements, I believe we will see a drastic increase in the demand for independent third party auditing companies. Most existing auditing companies currently have consulting contracts or some form of relationship with facilities that require RMP and therefore would not be eligible to satisfy the "independent" caveat. Every RMP covered facility in the United States (well over 15,000 sites) could be a potential customer of a newly formed company designed strictly for auditing of Risk Management Plans. Recruiting team members would be fairly easy, simply drawing from industry workers, auditing professionals, and licensed Principle Engineers. Business would be good.

Another opportunity coming from the same proposed rule change is based on Emergency Response preparedness. RMP facilities must coordinate with local response authorities (EMS, Fire, Hazmat) to ensure resources and capabilities are in place to respond to and protect against accidental release of hazardous substances. Field exercises must be conducted, and if found to be inadequate, must be brought up to standards with the burden placed on the host facility, not local response authorities. This means that a facility must have employees trained extensively on emergency response and be equipped with the appropriate emergency response gear. We will see an increased need in training and consulting companies to assist facilities with their emergency response programs. Again, forming a company of this sort would be fairly easy drawing from industry workers and local response authority workers. 

I have extensive knowledge about the proposed rule changes because I am currently the Risk Management Plan and Process Safety Management Coordinator at a facility in Bradenton, FL. Industry feedback to the EPA is that these rule changes could place undue burden on facilities, but I believe they will be approved non the less, and can offer some opportunities to aspiring businesses.

2. Economic Trend Opportunities

This wont be as long and drawn out as the regulatory change opportunities because I am just going with my gut here a little bit. For nearly ten years the federal funds rate has been either 0.0 or 0.25%. Many things have a relationship with this rate including account interest paid by banks (which has been next to nothing), and mortgage interest rates charged by banks for loans they issue (which has been historically low). The news of an impending interest rate increase is everywhere, but I will credit an article I read on CNNMONEY.COM. 

Raising the interest rate will likely give the banks some more money in their pockets because of course they will be raising interest rates on the loans they issue. They in turn give customers slightly higher interest on the accounts they have with those banks. The opportunity here is for the banks to increase their account holders by finally giving a decent interest rate on CD's, savings, checking accounts ect. In doing so, they will have more money to lend at a higher rate and the world keeps spinning. It should easy for the banks to attract new customers by simply sharing some of their new found profit with customers.

For the customer, increasing interest rates means that home mortgages are going to get more expensive. The monthly payment on $200,000 loan at 4% is less than what it will be at 4.5% no matter how you slice it. An opportunity here is for real estate professionals to push their listings on buyers now before the rates go up. If someone is considering a home purchase, the thought of paying more per month for the exact same thing is motivation to act now. Realtors should see a nice bump in business.

I pay attention to this economic trend because years ago I had my real estate license and bought several homes to rent. I followed every piece of information I thought would help me out. I no longer use my real estate license, and now have only one rental house, but I still keep an eye out.
 

Forming an Opportunity Belief

When setting up my sailboat for a day on the water, I encounter 12 or more fasteners that involve a cotter pin and a retaining ring to hold the cotter pin in place. These retaining rings are the exact design of a key ring with wound metal that needs to pried apart and fed through a hole in the cotter pin. The rings for the sailboat however are only about ½ to ¾ inches and are extremely difficult to pry open, especially when trying to do it quickly because someone is holding steady a 25 foot mast. I believe I could design something that can be worn on the finger like a ring that would aid in prying these rings apart and make setting up the sailboat faster and less painful.

I believe anyone who encounters these types of fasteners could benefit from my device. I know they are prevalent on sailboat hardware, but am sure they are used in other applications as well. Even someone who has difficulty with their own key ring could benefit.

The need for a device like this is not new, but the product I have in mind is a new concept.

I imagine people, myself included, have tried different techniques in prying the metal rings apart with screw drivers, knives, and fingernails. All could lead to injury and discomfort, as well as slowing down the process. I am 100% sure that this opportunity exists for myself, and will be fabricating something for personal use regardless of the outcome of this assignment, but realistically I am only 50% sure others would see the benefit or like the design of my creation.

https://www.youtube.com/watch?v=GFBQxJRTxf0  

Customer #1 was extremely open to the idea of my concept and was willing to offer advise on how it would better serve her. She definitely has the need I believe exists and is eager to try out the product. Her need developed when she started to encounter these fasteners on a sailboat, but prior to that, she did not have the need.

                

https://www.youtube.com/watch?v=TgTn7C5faJQ

Customer #2 does not share the need, but after explaining the product to him, has an interest in it because he has an interest in sailing in the future. In my opinion however, he would not have thought of the need until he experienced for himself the handling of these fasteners, which may or may not ever take place.

https://www.youtube.com/watch?v=lkPc_bJdiHM

Customer #3 has limited experience with the fasteners, but seems open to the concept of a device that would make things easier. He also believes anyone with a key chain could also benefit.

I still believe strongly in my original opportunity. I received favorable feedback from customers who had direct knowledge of why I was creating the product, but also from a customer who didn't yet know he had a need. I learned that my target market could be greatly expanded by researching where else these fasteners are used, and simply bring attention to my idea. I definitely have a more defined sense of direction for my product. I absolutely believe entrepreneurs should adapt their opportunities based on customer feedback. Without a willing customer, the opportunity doesn't exist.

Identifying Local Opportunities

1. Carmike Royal Palms 20 to offer 'sensory sensitive' screenings of 'Angry Birds', 'Alice'

http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/15CEC8FD57C5CCD8?p=AWNB

A local cinema presented  'The Jungle Book' with the house lights half up and the volume half down for patrons with special needs such as autism. The screening was at the request of a Sarasota non profit called Face Autism. The sensory sensitive showing gave families a chance to get out to a movie with other families in similar situations, and not be looked down on. People could get up and move around, or howl with the wolves, and nobody cared. The cinema plans to offer more sensory sensitive showings throughout the summer if demand continues.

Not many cinemas are offering this kind of opportunity for a group in need. This is the first sensory sensitive showing of a movie in Bradenton.

Individuals with autism have a brain development disorder that impacts social interaction and can make it difficult to do things in public like going to the movies.

2. Wildlife advocates concerned for pelicans that get fish carcasses stuck in throats

http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/15CEC8FDB52894E0?p=AWNB

Wildlife advocates are fearful for pelicans that get fish carcasses caught in there throats and die from septic poisoning or starve to death because they cant eat. The fish carcasses are from fishermen that clean their fish at cleaning stations on piers and toss the scraps to hungry pelicans. The advocates are pushing for more education for the public and as many fish carcass disposal pipes as possible throughout Manatee County.

When pelicans age given scraps of fish by fishermen cleaning their haul, the carcasses can get caught in their throats and they can die.

Pelicans and other birds are at risk when fish carcasses are not disposed of properly.

3. All animals at Manatee Animal Services only $10 through May

http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/15CEC8FD79102398?p=AWNB

The Manatee County Animal Services is at beyond critical capacity with 155 dogs and 102 cats looking for forever homes. An adoption special is underway to save these animals from euthanasia. All animals are sterilized, micro-chipped, and up to date on vaccinations. Animals can be adopted for $10 and licensed for an additional $15.

Manatee county Animal Services is beyond critical capacity meaning there is no more room for cats and dogs in their facilities.

The cats and dogs in the Manatee County Animal Services are at risk if a forever home is not found for them.

4.  New Bradenton planner says affordable housing a 'must' within the city

http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/15CE203DF29E86D0?p=AWNB

Bradenton's new Planning and Community Development director stresses how important affordable housing is to the redevelopment and improvement of the city. Getting people living in an area is what will drive the commercial growth of that area. The infill projects and revitalization of vacant areas in the city are key to providing affordable housing.

Affordable housing is extremely limited in the city of Bradenton, but stagnant or vacant areas exist that can be better utilized. With an increase in affordable housing, commercial development will follow.

The city of Bradenton, property owners, and local citizens are faced with a shortage of affordable housing.

5. Rubonia Community Center renovations underway

http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/15CDCBDCF4557218?p=AWNB

The Rubonia Community Center which has been shut down since 2013 is getting renovation and repairs for an upcoming summer youth program. The Manatee County Commission approved a nearly $100,000 funding agreement with the Community Association to get the summer program underway. At the conclusion of the summer program, the center will cease operations for more improvements to the building.

The Rubonia Community Center has been shut down since 2013, offering nothing to the community it should be serving. With the funding agreement issued by the County, a summer program can get underway, but the community center needs to take responsibility and take care of its own and serve the community.

The citizens of Rubonia, who would be served by the community center, have not been since 2013. After the summer program, it remains to be seen if the center can stay afloat.

Bug List

1. The cost of auto insurance for a teenage drivers is astronomical. My bill tripled just adding my son to our policy. (Why? Inexperienced drivers, higher risk of accidents, they know they can get away with it.)
2. Check engine lights that come on for no apparent reason. (Why? There probably is a reason but I just cant figure it out.)
3. The parking spots at my work are extremely tight for large vehicles. (Why? They were probably able to increase number of spots by skimming inches away from every spot, or the line painter drives a Fiat.)
4. After reaching the age of 40, your body has the ability to grow a half inch hair on your ears or nostrils overnight. (Why? Some kind of sick joke.)
5. Gas pumps that "click" and shutoff multiple times when you're no where close to being topped off. (Why? Maybe pressure build up or non calibrated sensors.)
6. Removing a staple you have two options, rip your fingernail off or use the fancy tool and rip holes in your document. (Why? The window of opportunity for someone to improve the staple remover has closed)
7. When my computer locks up, freezes, or does just about anything I didn't tell it to do. (Why? Some idiot thinks viruses are cool and that idiot is smarter than me.)
8. Waiting at a red light when there is no other human being within miles. (Why? The county would not spring for the embedded sensors in the road and instead just loaded the standard timed program.)
9. The god awful smell of paint. (Why? Not sure about this one seeing as how we can make candles that smell like the rain forest or some other botanical euphoria.)
10. It takes four solid minutes of running my shower before the hot water starts to be felt. (Why? My bedroom shower is as far away from the hot water heater as could be possible.)
11. Magnetic strips on debit / credit cards that wear out and the machines wont read them. (Why? Too much use, or rubbing together with other cards in your wallet.)
12. The cost of a soft drink at a restaurant. Seriously $2.50? (Why? They can get away with it.)
13. Driving on a two lane road behind someone refusing to go the speed limit, but oncoming traffic is perfectly spaced out so you can't pass. (Why? Sometimes life just gangs up on you.)
14. Needing over ten different log on and password combinations just to make it through my day. (Why? People trying to steal my identity, money, or property are just assholes.)
15. When people are late...for anything and everything. (Why? They believe themselves to more important than the rest of the world.)
16. Having a cat litter box in general. How disgusting. (Why? When you have to go, you have to go I guess.)
17. When items ring up at the register differently than what is marked in the aisles. (Why? The store did not load the sale program for the week, or the mysterious bar-code system is out of whack.)
18. When the dryer lint screen does not get cleaned despite my repeated reminders. (Why? There are way too many more important things to worry about in life.)
19. When my most comfortable clothes begin to wear out. (Why? Probably worn more often and have a shorter shelf life.)
20. The entire reality television genre. It doesn't appear to be based in reality. (Why? Cheaper to produce than regular shows.)

Doing this bug list assignment was interesting and took a little bit of effort. I kept a list going throughout the week and just jotted down an idea or two as they came to me. I generally try to make it through the week with a positive attitude and try to not let things bug me, but this week I was all in. I hope you can relate to at least a few of my bugs.

My Entrepreneurship Story

First the easy stuff…I enrolled in this class because I am an online business degree seeking student and ENT 3003 is a required part of the curriculum. I take only one class at a time and this is my fifth of fifteen classes toward my degree. I hope to learn the process of entrepreneurship and how to successfully apply it to my personal goals and needs. I see a great deal of potential in applying the learned skills to advance my career or be aware of other opportunities that may lie ahead.

The most obvious time I have been exposed to entrepreneurship is when my wife and I decided to get into the rental home business and bought houses to rent out and watch the money roll in. What a wonderful hands on experience in how to be completely stressed, broke, overwhelmed, and full of doubt. We certainly had the passion and drive, but lacked experience and resources. We handled everything ourselves from finding tenants to changing out hot water heaters. Every aspect was a learning experience. Being cash conscience, we didn’t think we could afford to sub anything out. After several years of struggling (and learning) we decided to pull back the reins and now have just one rental house which is completely managed by a professional. 100% hands off! The potential reward may not be as great with just one house, but the peace of mind that comes with allowing an expert handle the day to day operations is priceless. I have no regrets because the valuable lessons learned in my opinion make me better positioned for future opportunities. Hopefully this class will help hone those skills, and then maybe one day I can afford this...

First try at blogging

Never thought I would be a blogger! Hope this class goes well.

Test new blog UF