Forming an Opportunity Belief - Assignment 4

1)I believe that people would be more likely to engage in small house projects during a time of quarantine. 

2) In Southeastern Michigan, I believe that there is an unmet need for home improvement services and products. Although this need has always been present, I think that homeowners are becoming more aware of their desire for these services and associated products as they now have more time and energy to devote to projects themselves and the desire to invest in their homes, as it is more stable than the current stock market. I believe this impacts all homeowners with a moderate amount of disposable income, likely those who have either lived in their home for a while or purchased a place with the intention to fix certain aspects of their home. Currently, I believe these people are starting to think of projects they could attempt within quarantine and maybe starting to attempt these projects themselves. I am about 80% confident that this is a need that exists at this time.

3) Identify the prototypical customer. Homeowner, with moderate disposable income, employed. 

4) Iteration No. 1: Susan Bach, homeowner.

Susan has identified a few projects she would like do have done during quarantine. She now is working from home, spending more time in her den-turned-office space and is realizing that she would like a fresh coat of pain on the walls to brighten up her space. While not essential to the use of the space, this was a project she felt would be nice to have completed and would maybe encourage her to use this space following quarantine. She had not thought about this project before quarantine but decided it was a low investment and, once Home Depot was open, she would go and get the paint to do it herself. She says she is happy with her paint job but the work bothered her neck and back. She likely would have paid someone else to do this task. Because she owns a condo, she is not responsible for the maintenance of the outdoors and as such has very limited needs. 

Iteration No. 2: Polly Barnes, homeowner with 5 people in the home.

Polly does not have many home improvement projects she would like to invest in at the moment, due to concerns about the financial market. In fact, she has canceled the repaving of her driveway and approach as a result of the financial situation. She has been more focused on the exterior landscaping, although these were projects she anticipated doing already for the year. She purchased the plants earlier with her spare time than she did before. In regards to other projects she's anticipating doing, she dismisses that she has the money or interest in having any other work done.

Iteration No. 3: Terry Arnt, homeowner and contractor by trade.

During quarentine, Terry has decided to take on many projects that he has been putting off, such as purchasing an installing a new fence for his back yard and finishing the installation of an egress basement window. These projects were not new to him but the extra time of being home during quarantine has inspired him to start the projects now as they were not urgent. He acknowledges that, because he can do the work himself, he only needs to pay for the cost of materials and this may give him more leeway to start projects during a financially uncertain time. None of these projects were done with the intention of adding value to his home, however, they were done for aesthetic reasons. As a professional contractor, he comments that many people have been canceling jobs with the fear of having technicians in their homes during this time. Even jobs that have already been paid for are being delayed for weeks as clients do not want other people in their homes.

5) From my analysis, I notice that many of the projects that people are looking to have done are outdoors. Susan Bach mentioned a painting project but this may be due to the fact that she does not have an exterior to maintain at all. It seems that no one is viewing projects as an investment or means of financial security and, contrary, many people are worried about spending the money now while jobs are uncertain. It is also notable that whether for financial concern or for otherwise, many people are willing to do the labor of a project themselves, rather than hire specialists to do them.

7) I would suggest about half of my opportunity is still there. I believe that people are more than likely looking to spend money on materials for projects rather than spend money on labor or invite others into their homes at this time. As a result I think it is unlikely that people would take on any major home renovation (such as remodeling a kitchen or a bathroom), but would be willing to take on lower investment projects that they could labor themselves. 

Do you believe that your new opportunity is more accurate than when you started?

Yes, I believe this is more accurate than when I started because I failed to consider that people may be wary of anyone entering their home during a time of quarantine, even for necessary projects. Additionally, I have learned that many people do no view their homes as a worthwhile investment during financial turmoil. 

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?)

I think entrepreneurs should be very adaptable to their opportunity to incorporate as much customer feedback as possible. If the target market clearly understands what is being offered to them and they are disinterested, I think the opportunity likely does not exist and should be adapted.