1. I believe with the aging population of “Baby Boomers” in America and around the globe the need for medical care will sky rocket.
2. Since 2000 Baby Boomers have been by far the largest generation. After World War II there was an unprecedented growth of babies. This generation has historically in the 1980’s, 1990’s has been the working generation but now in 2019 this generation is aging. I believe this will change a large portion of the American population and consumer to change consumer habits and needs. I believe one of the biggest needs is more nurses and doctors. I also believe there will be an increased need for nursing homes and retirement services for baby boomers starting to retire.
3. The prototypical customer would be someone born in the 1940’s to the mid 1960’s.
4. I decided to go by the local library to interview some people born from the 1940’s to the 1960’s. Most of my beliefs came out true. One woman I interviewed said her and other of her friends are looking for ways to put money saved up for their retirements accounts so that their money will be safe just in case of an economic crash. All of these people were all concerned about finding supplemental insurance with the Medicare they are receiving. This will cause an increased need for Insurance companies to set up more Medicare insurance packages.
5. This exercise really helped me think about the way entrepreneurs think about problems and a way to find opportunities from the problems or trends. I was mostly surprised on the amount of baby boomers who didn’t have anything saved for retirement and how many of them who are veterans.
6. Another Baby Boomer married couple I interviewed said they lived very frugally so they could have enough saved to retire and live very comfortably. This means they can “Splurge on things” like a couple nice dinners and a European vacation they always wanted to go on once they retired.
7. How much of your original opportunity is still there?
A lot of my original opportunity is still there. The more and more I think about the issue of our aging population the more opportunities I can think of.
Do you believe that your new opportunity is more accurate than when you started?
After doing more and more research I found my opportunity to be more accurate than when I started.
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 customer feedback is very important and entrepreneurs should adapt to feedback. The old saying “The customer is always right” is still true.
Hey Zachary, first off I want to say that your need that you identified was different from the angle I took on this assignment, but honestly I really like that unique idea. After thinking about how much medical care is in the world right now, I agree that the need for medical care will definitely sky rocket. Honestly, I had no idea that the Baby Boomer generation was the largest generation, so I can definitely see your point that you're getting at. Finally, in your conclusion I totally agree that the customer is always right, but in some cases I feel like you need to stay true to your "need" and it should reflect what the creator envisions.
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ReplyDeleteZachary,
I like your demographic standpoint on this opportunity. You took into consideration the current trend of the population and what that meant for the future economy. Healthcare is definitely going to be necessary and baby boomers are going to have to be prepared. Financial planners or healthcare programs have an opportunity here to provide services that baby boomers can take advantage of.
Zachary,
ReplyDeleteI enjoyed reading your interview post because it is very different from most other ideas. I did not even think about the population and how the Baby Boomer generation is closing in on retirement. There will definitely be a significant increase in the need for nurses and retirement homes. The one thing that stuck out to me is that in your interviews, you did not ask anyone whether they planned on living in a retirement home when your idea is to make more retirement homes. I think asking the question if people are looking to move into a retirement home would have been beneficial to your study. However, I agree that the policy "the customer is always right" stands true.