26A

28A

27A

How to Fail at Almost Everything and Still Win Big, Scott Adams

1) What was the general theme or argument of the book?

The general argument of the book was that even though we all have huge amounts of failures and really don't know much at all, with a conscientious strategy and approach to life in general, and adopting certain beliefs, anyone can increase their chances of success dramatically. 

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

I think that a lot of his recommendations on how to approach life connect directly with entrepreneurship.  Entrepreneurs are forced to figure a lot of his steps out the hard way, and so reading his take on the world was striking in resemblance to entrepreneurship principles.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

"Why did Susie make the decision that she did."

This exercise would present a variety of scenarios (or have students ask people about a recent large purchase they made or decision), and then require the student to deconstruct the reasons for the choice.  The student can make things up, but has to divide the reasons into emotional and rational buckets. 

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

I loved the part about selfishness and how it is important to be selfish in the right ways (exercise, family time, etc.).  I also learned a lot about worldview matters, whereas my expectation was that it was going to be more like a Gary Vee spiel about why you should fail a bunch.

25A

Based on the discussions that I had with the prospective customers and other companies serving the market, I have determined that the best opportunity is to focus on probate to begin.  Probate is much more complex than the other transitions, and almost always results in the sale of owned-property (if there is owned-property in the estate).  In addition, the property is not the actual executor's, so there will be less overvalue bias. 

The probate services would also benefit the attorneys in the space. For this reason, they will be likely to act as a flywheel to send business to us.  We will return the favor by referring pro se elections to them for service. We can also send executors without an estate plan to them to abate probate in the future.  We will focus on helping with all services for experience and to build social capital and influence. 

The radically different market I identified is military family transitions.  Military families need to transition often, and the spouse is left with little support when the military service member is deployed.  There is potential to help relocation companies move quickly, as we can invest in the properties. We can also help with other areas of the transition, including helping to set up good communication channels with the deployed military service member. 

This market is not as attractive as the probate market. There are already quite a few resources for these types of families, but it doesn't mean it couldn't help them.  I would have to research and study more complexities to navigate if we were to decide to pursue this market.  One way we could help guide this market is to simply publish some resources on our site, and test to see if anyone comes and the problems they do have. 

24A

People going through major life transitions where assets must be liquidated are unable to quickly and efficiently get through the transitions due to the logistical complexities of each transition.  I see an opportunity to help these people that are facing new and complex situations bridge the gap by acting as the hub of their wheel.  This hub would be act as a hollow-organization structure that allows a full-stack solution to help families tackle their own unique situations by connecting them with, and helping them organize the services they are in need of, and tasks they are in need of completing.

The window of opportunity will be open for the foreseeable future, and the forces creating this need is the procedures and laws around life transitions. People are on their own. 

A few major life transitions where that involve many complexities outside of what the lawyer will help with include divorce, transitioning to an assisted living facility or nursing home, and acting as the personal representative of an estate. All of these scenarios are accompanied by overwhelming emotions, and encompass elements of grief.  The unmet need of the grieving party, which is either the beneficiaries of the estate, or the personal representative, is the need to get rid of all the 'stuff' they're now responsible to liquidate, including real property like real estate, and personal property like vehicles, collections, furniture, and straight-up junk.  This is a brand new responsibility or 'need' of the party, and although they have their own lives and daily duties, this is a new chore they've been assigned to handle.  Currently, these affected parties are figuring out the best ways to go about liquidating the unwanted assets in a timely manner, including listing the real estate with an agent, selling the 'stuff' at an estate sale, and selling the car to a car dealership or car purchasing business.  They are faced with many decisions, and are likely feeling the pressure of making the 'right' choice.  This takes a lot of time, energy, and focus on a situation that is already extremely emotional and confusing.

Not only will we be helping the clients liquidate the assets they're no longer in need of, we will be guiding them through the steps, helping them accomplish tasks that require attention, and connect them with our network of highly vetted service providers in their area.  This way, depending on their goals for their transition, they will have a shepherd to help alleviate the stress, confusion, and pain. We will monetize the real estate sales through commissions, invest in the real estate to repair and flip ourselves, or offer gap loans and contractor management to increase the value of the home, split the value increase, and then also monetize the sales commission.  

Families will use us because their alternatives are to simply do it themselves. There is no other alternative, and the service itself doesn't cost the family anything other than the commissions they'd be paying anyways. We are the bridge. We need to brand properly and use the right emotional triggers and communication styles to succeed. 

Our most important resource will be marketing.  If we can effectively market, the service will sell itself.  We would like to automate and streamline the process, and in the next five years would like each vertical or transition to generate a million dollars in revenue per vertical.  If we can help around 80-100 families per year, per vertical, we can hit that target. 

I would like to own multiple businesses, and train others to excel by serving and helping others. This venture will help to propel us into larger and more sophisticated transactions and businesses. 

23A

• Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.) 

- human capital

- financial capital

- some social capital

- licensing for real estate

- marketing skill

- digital resources

- automation

- local service intelligence

- creative real estate knowledge

- problem solving and empathy

• Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide the same benefits?). 

- human capital (valuable: YES, rare: NO, imitable: YES, non-substitutable: YES)

- financial capital (valuable: YES, rare: NO, imitable: YES, non-substitutable: YES)

- some social capital (valuable: YES, rare: NO, imitable: YES, non-substitutable: YES)

- licensing for real estate (valuable: YES, rare: NO, imitable: YES, non-substitutable: YES)

- marketing skill (valuable: YES, rare: NO, imitable: YES, non-substitutable: YES)

- digital resources (valuable: YES, rare: NO, imitable: YES, non-substitutable: YES)

- automation (valuable: YES, rare: NO, imitable: YES, non-substitutable: YES)

- local service intelligence (valuable: YES, rare: NO, imitable: YES, non-substitutable: YES)

- creative real estate knowledge (valuable: YES, rare: NO, imitable: YES, non-substitutable: YES)

- problem solving and empathy (valuable: YES, rare: NO, imitable: YES, non-substitutable: YES)

• Remember, not ALL resources will measure up well. That's OK. You just need one. 

• After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources.

Our top resource is our problem solving and empathy, because we are able to actually employ and utilize our other resources effectively due to our problem solving skills.

21A

1. The general theme of the book was that leveraging the right resources in the right way, with a vision and mission, leads to exceptional execution.
2. The book was a good guide to help me understand the concepts we were learning in class, and defining avatars and target markets. It brought the learning to real life.
3. If I had to design an exercise it would be to pick an objective for an existing product (differentiation/uniqueness vs cost/value focus), and then take an existing product and adapt it to fit the new product focus. Then you could also adapt the target market for the new focus.
4. My biggest aha moment was when I learned about customer obsession, and the main driver of the teams being something other than money. I am driven by profitability normally, but the underlying vision and his dream led the leadership.

22A

https://drive.google.com/file/d/1zYjSMymDOvb3u_HZaTI8awxdyeAHBLBK/view?usp=drivesdk

I received positive feedback from Me. Bobet because he is my main man and always commenting positive things on the posts.

I tried to paint more of an image of a specific situation that a person might be able to relate to, and use imagery.

17A – Elevator Pitch No. 2

I adapted my pitch to help explain a couple examples of how to monetize the service without charging the families for our service, and without monetizing referrals because I did a poor job of explaining that last time.  

18A – Create a Customer Avatar

My avatar is a middle aged woman who has teenage kids.  She drives a Japanese, later model vehicle, and is mainly a stay-at-home mother with a husband that works in a job.  She watches the national geographic channel, and romantic comedies with her disinterested husband.  She is vulnerable and accepts help from others.  She is caring, and assumes the best in others, which means she can be easily taken advantage of.  She can put on an effective front to try and seem tough, but it is easy to see through.  She has a bike that she never rides, but continues to fill the tires with air when they get flat to try and keep the flame of hope. She feels decrepit and aged, but still feels that she can take control of her life one day.

I believe that I can relate to my avatar because she reminds me of my mother.  Additionally, I am also caring and generally assume the best in others, and used to be easily taken advantage of until I grew up.

19A – Idea Napkin No. 2

Isaiah Miller

UFID: 80191457

19A – Idea Napkin No. 2

7/9/2020

I am a problem solver that likes to help and serve people, especially those in hard and stressful situations.  My primary talents are verbal communication, genuine interest in others, problem solving, and delivering results under pressure, and making people feel good.  I have skills in marketing and sales, including linguistics and phraseology, imagery, and identifying and employing effective sales methods.  I have experience leading virtual and in-person teams, and have sold millions of dollars of assets through digital marketplaces.  I see this business playing a meaningful role in my life, as I can work on a business that directly serves those facing challenging situations.  It is easy to see the direct impact this business would have on families, whereas other businesses I operate are pretty faceless. 

We are offering a vertically integrated service to families going through major life transitions, namely probate, divorce, foreclosure, and elder transitions.  The demographic ranges greatly, but the major SOI that referrals will come from include probate, estate and elder law, divorce, and bankruptcy attorneys, accountants, financial services professionals, elder-care facility operators, and social workers.  The demographics of our clients will range from families of those impacted, those struggling financially, and elder folks preparing for death or assisted-living.  The psychographics profile includes those of the parties above, and are highly dependent on the specific transition.  The primary commonality is the actual situation they are in. 

The families that we help care because they are facing a huge task list full of things that are brand new to them.  They essentially have a new job they have no training for, and their future bears on them making the right decisions, in the right order, at the right time.  One needs a shepherd for situations like these, and our team of experts can fill this role and act as an educator, guide, connector, and service provider to them.  We are the hub of the wheel of all of the information and services that they will need.  The best news is that the families we help don't pay us a dime out of their pocket.  We are compensated by monetizing the spokes, through real estate commissions, investment income from real and valuable personal property we acquire from them, and referral commissions when ethical.  This income is a direct result of the value we provide to the family. 

Our core competencies are problem solving, empathy, communication, and strategic planning.  What sets us apart from anybody else in the marketplace is our full-stack approach to these transitions, that provides value to the families and the other professionals involved, like attorneys, accountants, and more.  These other service providers can build trust and credibility with their clients by referring them to us when they see fit.  We have relationships with the best service-providers (some in-house, and some external) for every situation the families we help could be facing, and have done the interviewing for them so they don't have to.  We can guide them to the solutions that would best fit them, their personality, desired outcomes, and provide different options based on unique factors so that they can choose how they'd like to proceed.  

I believe that all of these elements fit together, and will offer a holistic, vertically integrated solution to families facing uncharted waters.  Our communication skills allow us to build a network of the best referrers, service-providers, and also to effectively connect with the families in need.  We use our empathetic communication to show the families that we are truly here to guide them, and lead with value during the first contact.  Our strategic planning enables us to take the inputs we gather from the families' unique situations, and output a comprehensive, logical plan for the families to move forward.  Problem solving allows us to solve the families' needs in the ways they choose, and go with the flow as obstacles surface.  The one weakness I identified was blending empathy with logic and efficiency.  Sometimes it can be difficult to present efficient solutions without chapping somebody's ass, especially in emotional situations.  It is important to constantly recognize the fragility of the matter, and continually hand-hold and overly communicate.   Overall, most things fit together which is why this business is one of the most exciting for me to date. 


Compared to my original idea napkin, the feedback I received was stellar and encouraging.  Hence, I made a few slight modifications, but the core of the idea is the same.  Jacob told me that my post was excellent, which made me feel good because I spent some time on it.  In addition, he recognized the unique value proposition that we are bringing to the table.  Some people can understand the business, and some can't.  Jacob could. 

16A –What’s Your Secret Sauce?

Isaiah Miller

UFID: 80191457

16A –What’s Your Secret Sauce?

6/19/2020

The five things that make me unique are:

1. My endless aspirations. I could not put a ceiling on where I think I could take life.  From money, to joy, to generosity, I think there is no limit and that it boils down to my choice on where to take it and how to do it.

2. My ability to show interest in others.  I am able to facilitate positive interactions with people where what they love is the main focus. By asking questions about topics they enjoy sharing about, they leave the conversation feeling good. 

3. Radical accountability. I believe whatever happens to me, the good, the bad, the ugly, should be viewed from the lens of accountability.  Asking what you could have done, and evaluating the situations, allows you to have pride in wins, and make adjustments after losses. 

4. Seeing money and laws as tools.  I used to really protect money and actually wanted to be a financial planner.  That viewpoint of money is now boring to me, and with a relatively high monthly carry, I simply decided to focus on increasing income rather than cutting costs.  In fact, in this endeavor I have spent more money than ever before on clothes, marketing, association dues, cars that make me happy, and other things that add to my quality of life and will enhance my self-concept. 

5. My ability to identify those that I can help, but that can also help me.  I try to lead with value, and offer that to others that have skills, wisdom, and information that I don't. This way, I can create mutually beneficial relationships where we both come out big winners. 

My persistence in winning was the focus. In addition, my work ethic was brought up, as they knew that I used to work 20 hour days for weeks on end to get done what had to get done. 

My openness to new ideas was brought up.  Nothing is a dumb idea, and this person often shares ideas with me because they know I won't tell them what is wrong with it.  My authenticity was also mentioned as a strength.

Persistence/tenacity was the focal point.  Stubbornness was mentioned, in the way that I do what I want and shut down unsolicited opinions from non-experts.

My generosity was the focal point of the interaction. They recognized I enjoy giving money, time, and compliments away.

My communication ability led this interaction. They recognized that I could connect well with a CEO or a homeless person, to gang members, and more. 

I think that there are strong parallels between what others think and what I think. I also know that many people don't like me, but of course I interviewed friends.  I think it is mostly accurate, and I am stubborn and hate being told what to do.  I love people, and interacting with people.  What I hate the most is prejudicial people, which is in all of us but we must actively seek to suppress. Some people live with such hate, and I believe the habits I try to cultivate are based on positivity. 

15A – Figuring Out Buyer Behavior No. 2

Isaiah Miller

UFID: 80191457

15A – Figuring Out Buyer Behavior No. 2

6/19/2020

The primary alternatives I proposed were:

1) Pro se

2) Self-management

3) Solely attorney

The decision depends upon style, but also information.  Some people prefer to do everything themselves.  In fact, I have met some people that would rather spend hours, or days, to learn something instead of paying an expert a small sum of money to do it for them. In this case, pro se, or self-representation, is the clear initial choice, though 95% of pro se cases end up with representation in the end.  This, combined with self-management, is the 'DIY' persons choice. 

Having solely the attorney is the most common choice.  People feel safe with an attorney with them, and feel secure.  The attorney and paralegal can help with about 25% of the tasks, and give some pointers here and there.  When made aware of our alternative, families were shocked.  They had no idea such a service existed.

Quality is a main key ingredient to what someone wants in their alternative.  Knowing all of the options can help the families make the best decision.

14A – Halfway Reflection

Isaiah Miller

UFID: 80191457

14A – Halfway Reflection

6/19/2020

I have had to develop attention to urgent tasks to keep up with this course.  Normally, I prioritize my schedule of high-urgency and high-impact tasks, and focus mostly on the high-urgency and high-impact, and just high-impact.  I have felt like giving up when working before, but I really have no choice but to continue plugging away. Sometimes it is best to give up, reset, and then begin again fresh on a new day.  I really haven't wanted to 'give up' in a long time, except for during physical activities. I often push myself until my body gives out in these instances. 

I think future students should work on developing accountability among anything else.  Radical accountability enables one to take the wheel of their life, and focus solely on what THEY could have done, attributing success and failures to the actions THEY took, or facilitated through others.  By gaining a high locus of control, one can switch from being a victim to being accountable and strategic. 

13A – Reading Reflection No.

Isaiah Miller

UFID: 80191457

13A – Reading Reflection No. 1

6/11/2020

      I read about famous, and somewhat notorious, Steve Jobs.  What surprised me the most was his ridiculous personality quirks.  For example, he didn't bathe often, sometimes for weeks, and didn't even feel the need to use deodorant.  Instead, he felt that his natural odor was appealing.  He also loved the Mercedes SL55 AMG in silver on black, which I love too, and re-titled the vehicle every six months so that he never needed to use a plate.  It disrupted the beauty of the vehicle.  I admire Steve's ability to delegate and recruit the best talent.  Whether through partnership, hiring, or joint venture, Steve had a knack for identifying the right talent, and would have huge expectations of Apple's team.  

     I also admire his ruthlessness.  It takes a level of savagery to result in a company of Apple's caliber.  Sometimes kindness doesn't get the job done.  I least admired Steve's lack of life balance, even though it is also why he was so successful with his companies.  He didn't pay much attention to family, friends, or anything outside of his laser-beam focus on his business ventures.  Steve encountered adversity and failure on multiple occasions.  He left Apple in 1985 to found NeXT, and although it didn't succeed in the way he expected it to, he was able to work a deal with Apple to purchase it for hundreds of millions of dollars.  This 'failure' led him back to Apple to make it the company it is today. 

      

     Steve was strategic, logical, coordinated, organized, and meticulous.  He was artistic, driven, and motivated by his vision.  He was a visionary leader, and selfish at the same time.   

     One thing that was confusing to me was why Jobs didn't incentiveize his employees with stake or stock in the company, even after it was sold on publicly traded markets.  I have always learned that giving employees incentives based on the success of the company was intelligent. 

      If I could ask Steve Jobs two questions, I would ask him: 

     

      1. If you had more time and health, how would you have ideally prepared Apple for your death?

    

      2. What factors led you to decide to be tough at the cost of others' feelings?

      I know that Jobs' opinion of hard-work was that it was necessary.  His staff was expected to work 70 or more hours a week without complaint, and even more when launches and deadlines were approaching.  He knew what the objectives were and demanded whatever it took to deliver.  I agree with his philosophy.  Do what it takes.  

12A – Figuring Out Buyer Behavior No. 1

Isaiah Miller

UFID: 80191457

12A – Figuring Out Buyer Behavior No. 1

6/11/2020

The segment that I chose to focus on is probate. The reason that I chose probate is because it is the first vertical that we are focusing on.  The need for each party I spoke to was salient, and each provided valuable insights into their psyche.  Each party I spoke with was between 1 and 3 months into the probate process.  Two individuals had full time jobs, and the other was a mother handling children, so all three had other areas of life consuming mind-space.  One individual emphasized that their stress related to the probate matter comes mostly at night in overwhelming strength, whereas the other two had sporadic reminders of it.  One interviewee had time allotted for 2 hours a day, four days a week to focus on his responsibilities.  Most of the time during the intraday reminders, the individuals would simply redirect focus, and further procrastinate the tasks.  I call this 'probate quicksand,' because soon they're in over their heads with tasks snowballing.  One interviewee originally wanted to take on probate pro per, or without an attorney, but after a month and a half realized that she needed at least proper legal representation.  

Most of the time when the information search begins, it starts with a call to their legal representation.  However, it is often difficult to get in touch with attorneys directly, so the call usually results in redirection to a paralegal or a voicemail.  Next, the internet searches begin.  One individual had made a list of responsibilities and organized a plan, only to realize later that the procedure was different in Florida.  Usually the searches are general inquiries about certain elements of probate, and other times the information and action-steps involve handling a material task like opening a probate bank account, paying a bill, etc.  

I believe that the need is clear, but aside from their attorneys, most personal representatives don't realize there is a team of probate experts eager to help them, at no direct cost to them.  They also overestimate the role of the attorney, and in every case realized after the first few meetings that the majority of the responsibility and tasks were on their shoulders, including MASSIVE liability.  They do look to their attorney for recommendations for service-providers when the time comes, and the attorney usually recommends probate-specific providers versus general practitioners in each service.  

11A – Idea Napkin No. 1

Isaiah Miller

UFID: 80191457

11A – Idea Napkin No. 1

6/11/2020

I am a problem solver that likes to help and serve people, especially those in hard and stressful situations.  My primary talents are verbal communication, showing interest in others, problem solving, and delivering results under pressure.  I have skills in marketing and sales, including linguistics and phraseology, imagery, and identifying and employing effective sales methods.  I have experience leading virtual and in-person teams, and have sold millions of dollars of assets through digital marketplaces.  I see this business playing a meaningful role in my life, as I can work on a business that directly serves those facing challenging situations.  It is easy to see the direct impact this business would have on families, whereas other businesses I operate are pretty faceless. 

We are offering a vertically integrated service to families going through major life transitions, namely probate, divorce, foreclosure, and elder transitions.  The demographic ranges greatly, but the major SOI that referrals will come from include probate, estate and elder law, divorce, and bankruptcy attorneys, accountants, financial services professionals, elder-care facility operators, and social workers.  The demographics of our clients will range from families of those impacted, those struggling financially, and elder folks preparing for death or assisted-living.  The psychographics profile includes those of the parties above, and are highly dependent on the specific transition.  The primary commonality is the actual situation they are in. 

The families that we help care because they are facing a huge task list full of things that are brand new to them.  They essentially have a new job they have no training for, and their future bears on them making the right decisions, in the right order, at the right time.  One needs a shepherd for situations like these, and our team of experts can fill this role and act as an educator, guide, connector, and service provider to them.  We are the hub of the wheel of all of the information and services that they will need.  The best news is that the families we help don't pay us a dime out of their pocket.  We are compensated by monetizing the spokes, through real estate commissions, investment income from real and valuable personal property we acquire from them, and referral commissions when ethical.  This income is a direct result of the value we provide to the family. 

Our core competencies are problem solving, empathy, communication, and strategic planning.  What sets us apart from anybody else in the marketplace is our full-stack approach to these transitions, that provides value to the families and the other professionals involved, like attorneys, accountants, and more.  These other service providers can build trust and credibility with their clients by referring them to us when they see fit.  We have relationships with the best service-providers (some in-house, and some external) for every situation the families we help could be facing, and have done the interviewing for them so they don't have to.  We can guide them to the solutions that would best fit them, their personality, desired outcomes, and provide different options based on unique factors so that they can choose how they'd like to proceed.  

I believe that all of these elements fit together, and will offer a holistic, vertical solution to families facing uncharted waters.  Our communication skills allow us to build a network of the best referrers, service-providers, and also to effectively connect with the families in need.  We use our empathetic communication to show the families that we are truly here to guide them, and lead with value during the first contact.  Our strategic planning enables us to take the inputs we gather from the families' unique situations, and output a comprehensive, logical plan for the families to move forward.  Problem solving allows us to solve the families' needs in the ways they choose, and go with the flow as obstacles surface.  The one weakness I identified was blending empathy with logic and efficiency.  Sometimes it can be difficult to present efficient solutions without chapping somebody's ass, especially in emotional situations.  It is important to constantly recognize the fragility of the matter, and continually hand-hold and overly communicate.   Overall, most things fit together which is why this business is one of the most exciting for me to date. 

Elevator Pitch No. 1

Isaiah Miller

UFID: 80191457

Elevator Pitch No. 1

5/27/2020

Testing the Hypothesis, Part 2

Isaiah Miller

UFID: 80191457

Testing the Hypothesis, Part 2

5/27/2020

My hypothesis: People going through major life transitions where assets must be liquidated are unable to quickly and efficiently get through the transitions due to the logistical complexities of each transition.  

The who: People going through major life transitions like probate, assisted living, and divorce.

The what: They are unable to quickly and efficiently get through the transition.

The why: Logistical complexities of each transition (legal, time & energy, confusion).

After speaking with new people that have had experience going through the three life transitions that I mentioned, I found that many times the focus of the businesses that share a lot in common with mine are primarily focused on the real estate, and it comes across in the marketing.  Several of the people that I interviewed said that after they filed probate or filed for divorce, letters started to bombard them for various services, and one of the primary ones was wholesalers trying to get a piece of the real estate.  This falls outside of the boundary, because our approach is a holistic solution that doesn't focus simply on the real estate involved.  The need of our clients will be far more than simply needing to sell an empty house that they own. That is simple. Our clients need is specifically related to the complexities and mental burden of this new major responsibility, whether it be helping mom move into a retirement facility, or act as the personal representative of a probate.  The underlying cause is much different than the need of those inside our boundary, since those inside our boundary are those only dealing with these major life transitions, whereas wholesalers of real estate target a myriad more life situations.  They do, however, overlap in some ways, as one major element of these major life situations is liquidating real estate, and wholesalers are targeting those transitioning with a much broader and selfish marketing message. 

Inside the boundary	Outside the boundary
Who is In: People that need a helping hand People open to guidance People that have stress but want to take action	Who is Out: People with ample time People that don't have many assets
What the Need Is: Guidance A Helping Hand Direction Solutions for their unique complexities	What it Isn't: Legal Services Realtor Services, exclusively A Super Fast Sale, Necessarily
Why the Need Exists People have brand new massive responsibility The process is confusing Time is of the essence	Alternatives: Reinvent the wheel and figure out yourself Use other single-service companies

8A - Solving The Problem

Isaiah Miller

UFID: 80191457

Solving The Problem

5/27/2020

The hypothesis/belief that I chose is: People going through major life transitions where assets must be liquidated are unable to quickly and efficiently get through the transitions due to the logistical complexities of each transition.  I see an opportunity to help these people that are facing new and complex situations bridge the gap by acting as the hub of their wheel.  This hub would be a full-stack, vertically integrated service that helps the client tackle their own unique situations by connecting them with, or acting with, the service they are in need of.

A few major life transitions where that involve many complexities outside of what the lawyer will help with include divorce, transitioning to an assisted living facility or nursing home, and acting as the personal representative of an estate. All of these scenarios are accompanied by overwhelming emotions, and encompass elements of grief.  The unmet need of the grieving party, which is either the beneficiaries of the estate, or the personal representative, is the need to get rid of all the 'stuff' they're now responsible to liquidate, including real property like real estate, and personal property like vehicles, collections, furniture, and straight-up junk.  This is a brand new responsibility or 'need' of the party, and although they have their own lives and daily duties, this is a new chore they've been assigned to handle.  Currently, these affected parties are figuring out the best ways to go about liquidating the unwanted assets in a timely manner, including listing the real estate with an agent, selling the 'stuff' at an estate sale, and selling the car to a car dealership or car purchasing business.  They are faced with many decisions, and are likely feeling the pressure of making the 'right' choice.  This takes a lot of time, energy, and focus on a situation that is already extremely emotional and confusing.

Not only will we be helping the clients liquidate the assets they're no longer in need of, we will be guiding them through the steps, helping them accomplish tasks that require attention, and connect them with our network of highly vetted service providers in their area.  This way, depending on their goals for their transition, they will have a shepherd to help alleviate the stress, confusion, and pain. 

Testing the Hypothesis, Part 1

Isaiah Miller

UFID: 80191457

Forming An Opportunity Belief

5/26/2020

People going through major life transitions where assets must be liquidated are unable to quickly and efficiently get through the transitions due to the logistical complexities of each transition.  

The who: People going through major life transitions like probate, assisted living, and divorce.

The what: They are unable to quickly and efficiently get through the transition.

The why: Logistical complexities of each transition (legal, time & energy, confusion).

I have to clarify that the major life transitions that I am focused on are only those where there is a high likelihood that assets will be moving around.  These include probate, assisted living, and divorce.  I have interviewed people with this understanding.  

I found that there are other transitions that also have this need, like going overseas in the military or imprisonment, but these are less common and also harder to navigate and address.  In most of these cases, the personal and real property are the only complexities.  I also found that not everyone going through the major life transitions that I mentioned feel overwhelming stress or confusion.  Some people are great coordinators, and have time to do thorough research and due diligence.  In these cases, they coordinate all of the service providers themselves, and find the best solution for each of their needs through their own research.  The people that really need the help are those with little time or bandwidth to deal with every step of the process by themselves, and those that would rather save the time and energy to shorten the process using someone else's network and knowledge. 

Some transitions are more complex and stressful than others.  For instance, if someone dies testate (has a will), with major assets in a living trust, and the beneficiaries already have a fantastic realtor, financial advisor, and estate-planning attorney, their transition will be much less stressful than someone that dies intestate with no network.  With that said, only 25% of adults have a will, and 13% living trusts.  Additionally, it is not as easy to plan for a divorce, or transition into assisted-living, and there are various complexities in these transitions as well.  Sometimes the estate is under $75 thousand dollars and can be settled through summary judgement.  This can be less complex than otherwise.  Sometimes those going through transitions have no assets at stake, so there is much less stress relating to the liquidation of assets.

The above information was gathered through the interviews conducted.  Some people are very busy and don't want to spend much time dealing with the process of each transition. Some people don't want any help, and want to reinvent the wheel and figure it all out themselves.  A meaningful majority of people understand the value in helping eliminate confusion and stress during these times, especially without any type of fee charged to the client directly. 

Practicing Opportunity Identification

Isaiah Miller

UFID: 80191457

Identifying Local Opportunities

5/26/2020

1. The first opportunity I found was the opportunity to lease-option your home instead of selling it.  Although residential real estate demand remains steady, supply has tightened because people have decided it is a bad time to sell their home (uncertainty in market, don't want people in their home, etc.).  Although there are still buyers out there, many lenders have drastically tightened their lending guidelines, and so it is much harder to get a desirable mortgage.  I learned this information from local realtors, and also from reading about banks lending guidelines.  For this reason, the market seems ripe to lease-option or 'rent-to-own' your home.  Because demand is still there, but loans are harder to get, a seller can set up a desirable option for buyers, while also making money through a down-payment, cash flow for the time being, without shouldering the responsibility of renting the home in a traditional fashion.  Rent-to-owners usually take on repairs and maintenance themselves since they are now an 'owner-to-be.'  The prototypical customer of this opportunity is those that want to sell their home, but are worried that potential buyers won't be able to find lending.  The opportunity is relatively easy, as connecting the customer with a knowledgeable realtor that knows how to execute a lease-option could easily do it.  

I saw this opportunity because I have interest in real estate, and have considered lease-optioning my home.  I think that instead of renting it out, I will opt for a rent-to-own when I decide to move out. The tenants are generally more responsible and it usually yields more return. Most of the time, the tenants don't even executing their option to buy.  I think that I saw this opportunity because I already had an understanding of this strategy.

2.  The second opportunity I found is building a portfolio of hospitality businesses, like restaurants, bars, and hotels.  With these types of businesses bleeding cash, the owners are facing serious pressure not only to survive for themselves, but also for their staff.  This presents the opportunity to owner-finance businesses to a new buyer, especially if the buyer can work out an agreement with the seller that they will foot certain costs for the coming months, and retain staff.  This would allow a potential buyer without enough money to outright buy the business to finance it with preferred terms as long as they have enough cash to survive the coming year.  The prototypical customer is an entrepreneur, or someone trying to own their own business and that has money to spend.  This opportunity is somewhat difficult, because it would require sales, accounting, and legal skills.  

I saw this opportunity because I have also looked at creative ways to purchase existing companies.  Usually the seller needs to be motivated to get a good deal in any transaction, and the motivation in this instance is to escape the pain the coronavirus has created.  With business owners scared right now, if you could offer them an exit where they could feel good about the business' future, I believe there are very good deals to be had.

3.  The third opportunity is telehealth.  I have seen a variety of advertisements on social media for virtual therapy meetings, including psychiatry.  I explored these further, and found that due to the coronavirus, mental health providers can temporarily offer virtual services, including prescribing over the computer.  This opportunity exists for any healthcare provider trying to expand their clientele. The most likely customer for this opportunity is healthcare providers that are struggling. They can sign up on these platforms and schedule virtual calls, and some of the platforms take insurance, too.  

I saw this opportunity because I had interest in the ad I saw because I never knew healthcare providers could do virtual calls and write prescriptions online.  I researched it more and found that recent regulations allow it, so those looking to grow their business could capitalize on it.

4.  The last opportunity is fun.  It is a 'drink' truck instead of a food truck.  In Jacksonville, restaurants are temporarily allowed to serve alcoholic beverages as takeout, as long as there is a little piece of tape over the straw hole.  If I saw a 'drink' truck, I might even stop just to check it out.  Apparently, drink sales have been a popular takeout item, which is why I think there would be some demand for this. Because it is a temporary regulation, I believe it would be savvy only for those with a regular food truck.  Buying a truck for this sole purpose would be shortsighted, but if you already have a food truck, why not add drinks? There are the highest margin item in a restaurant.  That is why existing food trucks would be the prototypical customer.  The opportunity would be relatively difficult unless the restaurant already has a liquor license.  I am not sure if this is still in effect, as I know some tours in Savannah serve alcohol, but if it wouldn't be too expensive or difficult, a temporary permit might be worth it. 

I believe I saw this opportunity because I got takeout during this pandemic and was offered a drink. I was shocked.  Food trucks have also been coming to my neighborhood, and have been packed with customers!