Forming an Opportunity Belief

The Opportunity and the Belief:
People in America have become accustomed and inclined to lean on the government for aid and assistance. They have the idea that the government will support them in times of need and when they cannot afford and try things. This idea sprouted through the installation of social security and medicare, which offered to use a chunk of others hard earned income to supply for those who can't afford the retirement life and the insurance life. However, almost 70 years after the beginning of social security, the money is running out. With 10,000 people retiring every 24 hours, there is not enough money to supplement every individual with these needs. The opportunity I see here is to start the push of helping those who are at risk financially, not just now but for the future. Everyone is in denial of their mortality and don't tend to look into the future. I believe insurance is going to be the next big boomer because of the needs they have. Everyone wants to manage assets and invest money, but nobody wants to prepare for the unexpected. Sooner or later people will realize that without the same government aid, they must prepare for the future on their own.

 Prototypical Customer 1:
Nancy Baker, Age: 64, Was a government worker in Child Services for over 35 years

Iteration #1:
What is the exact nature of the need?
- Nancy described the nature of the need as one which is not recognized fully right now, but will be in a couple of years.

Who would have the need?
- Nancy believes that every person has the need. Except for those who are already close to the end of their lifespan. Especially those beginning to work now, who can start very young and be better prepared.

When did you become aware of the need?
- Most people think of getting financial insurance when its too late. Once they realize the government can not fund them for the remainder of their life they will try and get insurance, but its too late.

How long have you had the need?
- Nancy believes that people don't have the need for long time, once they have it they try to do it as soon as possible. It is the only safe haven they have of keeping their finances secure for the remainder of their life.

How satisfied would you be with the solution?
- Nancy thinks that no one is seriously satisfied with paying a premium, but the security of having your life and your money safe is one of satisfaction. She believes that if they ever do have to use it, the feeling of satisfaction will be the least to describe it.

How are you currently addressing the need?
- As of right now Nancy is 3 years away from retirement and ready to start leaning on the aid of social security. However, with this opinion brought to mind, she is thinking of getting insurance to back herself and her future.

 Prototypical Customer 2:
Trey Snyder, Age 22, Graduating from College and ready to head into the workforce

Iteration #1:
What is the exact nature of the need?
- Trey believes the nature of this need is yet to be found. He believes coming out of college people should be smart enough to realize that they are going to retire and not stay 22 for the rest of their lives.

Who would have the need?
- Trey believes those who did not save from young and plan ahead, will obviously have the need to insure their finances and their life. He also believes this can spread even farther. What does one do with all the hard earned money they made, if they ever just happened to get extremely hurt or die?

When did you become aware of the need?
- Trey was never aware of it, just because of the fact that he was prepared and believes he has his own style of preparation and saving. He doesn't need someone else to help protect him.

How long have you had the need?
- Trey has never had it

How satisfied would you be with the solution?
- trey thinks people don't focus on problems that are to current, but if its another thing they can get out of their chest for the future.

How are you currently addressing the need?
- He is starting the work force and is ready to take on this challenge for the rest of their lives.

Reflection:
After discussing the opportunity with these two people, I have realized we need it more than we thought. To get better results I was able to take the opinions of someone getting ready to eave the workforce and start retirement and the other doing the exact opposite. It was a good way to get a very general but somewhat accurate representation of the population were dealing with. I realized my opportunity is in more need than i realized, but to the older population. The new kids haven't been able to realize the dilemma they are facing with lack of social security. The most surprising thing I found was that people are still in denial about social security. I was able to branch off into what their two friends thought and believed.

Summarize:

How Much of the original need is still there?
None of the original need has left, because its vital for all age ranges and needed with changing economic conditions. People may not see it now, but those who are focused in protecting their future will definitely see this through.

Do You believe the new opportunity is more accurate than when you started?
No

How much do you think entrepreneurs should 'adapt' their opportunities based on customer feedback? 
I believe entrepreneurs must value and pay very close attention to their opportunities based on customer feedback. Entrepreneurs thrive off their customers and if they purchase their products or their services. Without consumers and their needs, there is no place for entrepreneurs in this world.