4A - Forming An Opportunity Belief

1)  My beginning point:
I believe there is a problem with people not knowing how to handle/save money when they are introduced into the "real-world," whether this introduction is when they graduate high school, get into college, or when they're parents stop paying their bills. I am a victim of this issue, and I believe there is an opportunity to save people money when going into the "real-world," or even save them from debt if they're taught how to handle/save money or with personal financial situations: paying taxes, filing for taxes, taking out loans etc.

2) Describing my belief: 
-The unmet need: 
To better prepare people early on for their finances in the future. Save them from debt, know how to do everyday finance things.
-Who has the need: 
People typically between the ages of 18-30 years-old, anyone with financial problems due to lack of awareness/knowledge.
-Where the need comes from: 
This need has existed for a long time, if not always existing. People are going through financial problems everyday, whether this is because of college or just being out of their own.
-What is being done to meet this need now:
In some schools, often high schools, they are introducing a class on personal and family finance. There is also a required economics course in most high schools in order to graduate. While these are helpful tools, I believe that there is more that can be done to ensure these classes are effective.
-I am 85% sure this opportunity exists. 

3) Identifying the prototypical customer:
The prototypical customer, the type of people this is most prevalent to, is a college freshman who was just introduced to the "real-world," and those just graduating from high school. Like myself, had I known the extent to which money is so important and if I knew better what to do with it when I have it, there would be much eliminated stress in my life.

4a) Iteration No. 1: Female, 20 years-old, UF Student
-What is the exact nature of the need for them?
She feels it's a crucial need because no one ever taught her how to use her money. Also, she wasn't required to take any economic based/personal family finance based classes so she really doesn't have a clue about how any of that stuff works.
-When do they become aware of the need?
She feels that she experiences this need whenever she needs to purchase things, like paying tuition for example. So, this is most of the time in her life.
- How long have they had the need?
Since being on her "own," and since being in college. She has been away from her parents who have mostly been dealing with her financial support.
-When did they first become aware of the need?
She feels that she experiences this need whenever she needs to purchase things, like paying tuition for example. So, when she graduated and came to college.
-How are they currently addressing the need?
She's taking an economics class here at UF because it's required for her major. This is the only outlet for how she is addressing this need.
-How satisfied are they with this solution?
Not very satisfied. She feels that there should have been a personal finance class offered that she can take.

4b) Iteration No. 2: Male, 19 years-old, college student (lives at home)
-What is the exact nature of the need for them?
He feels like the nature of this need is very important to him, for he wishes to be an entrepreneur in the future, but doesn't know the first thing about handling money.
-When do they become aware of the need?
He became aware of the need when his dad asked him what he wanted to do for a job. He wants to open his own business but isn't sure how to handle his money. When he has to pay for things he notices this need.
-How long have they had the need?
He has had this need since he got his first car. He has had to pay for his own gas and repairs.
-When did they first become aware of the need?
He became aware of the need when his dad asked him what he wanted to do for a job. He wants to open his own business but isn't sure how to handle his money. When he has to pay for things he notices this need.
-How are they currently addressing this need?
He's practicing saving money in various ways. He also started reading books on investing and more serious ways he's dealing with his money.
-How satisfied are they with this solution?
He is satisfied with this solution as he's working toward bettering this knowledge. He wishes he learned this stuff earlier on though, so that he could better prepare for life.

4c) Iteration No. 3: Female, 24
-What is the exact nature of the need for them?
As she is moving into a more serious life style, (starting up her career as a teacher soon), she has this need like no other. She's going to start making big financial decisions for her life.
-When do they become aware of the need?
She became aware of this need shortly after her parents stopped paying her tuition and bills. She's aware of this need whenever she spends money.
-How long have they had the need?
She has had the need since she was 18 years old and began living on her own. She always made enough money for rent but she was living pay check to pay check.
-When did they first become aware of the need?
She became aware of this need shortly after her parents stopped paying her tuition and bills. She's aware of this need whenever she spends money.
-How are they currently addressing this need?
She is addressing his need by watching a lot of Ted Talks on investing and what to do with her money, also she's doing research on the topic.
-How satisfied are they with this solution?
As this solution is helpful, she wishes she knew early on how to deal with this need.

5) Reflect:
-What I learned about the opportunity:
I learned that I am not the only person dealing with this issue. I also learned that this issue can follow you throughout your life if you don't find solutions to remedy it.
-The most surprising thing I learned through this opportunity:
The most surprising thing I learned through this opportunity is the various different outlets people use to learn more about money. These include: Ted Talks, books, YouTube videos, classes etc. It will be interesting to learn what will be the most effective in solving this problem as a whole in the future.

6) Summarize:
-How much of your original opportunity is still there?
My original opportunity belief is the exact same, if not more importance is placed on it.
-Do you believe that your new opportunity is more accurate than when you started?
I believe that my opportunity is more accurate because it is obvious to me I am not the only person with this problem. It has shown to me that people would benefit if my opportunity belief was followed through, and changes were made.
-How much do you think entrepreneurs should 'adapt' their opportunities based on customer feedback?
I think that entrepreneurs should adapt their opportunities based on customer feedback because I believe that is what is most important. With something like this, it is important that entrepreneurs hear from these prototypical costumers for feedback and to see if their belief is accurate.