Assignment 4A - Forming an Opportunity Belief

I have a belief that an opportunity exists in regards to the need for cash while in midtown. A potential solution would be to act as a human Venmo ATM where people can Venmo you money in exchange for cash. You could charge a flat fee of say $1 or a percentage of the Venmo request, say 10% (i.e. $0.50 for $5, $1 for $10, or $2 for $20).

The unmet need is that many bars/clubs will require a cover on busy nights, and often times people will forget to bring cash with them. This can lead to people asking their friends (or random strangers) to borrow cash in exchange for either cash tomorrow or a Venmo request. The people who have this need would most likely be college students in midtown. This need has existed as long as bars have been open, but has gotten more relevant ever since the popularization of debit cards and Venmo. Less people carry cash around with them than they did a decade ago. The only realistic solution that is currently in place is to ask your friends for money or use an ATM, however the ATM will not allow you to use your Venmo balance (unless you have a Venmo card). I am roughly 40% sure this opportunity exists.

Questions to Ask:

1) Have you ever needed cash while at midtown?
2) How often would you say this happens?
3) What do you usually do when you don't have cash but need some?
4) Is that an easy solution or can it be a hassle?
5) Are you satisfied with that solution or would you be open to a different method?

#1: Senior male who goes out often.

• Have you ever needed cash while at midtown?
• "Yes, sometimes I will go out last minute and forget to bring cash."
• How often would you say this happens?
• "Probably like 3 times a month"
• What do you usually do when you don't have cash but need some?
• "Usually I'll just ask one of my friends if they have any cash on them and then Venmo them." What if they don't have any cash? "Then I'll try to find an ATM"
• Is that an easy solution or can it be a hassle?
• "Usually one of my friends will have cash, but when they don't that's when it's annoying because I don't like using ATMs." How come? "Sometimes they don't even work and are hard to find."
• Are you satisfied with that solution or would you be open to a different method?
• "It's okay usually, but when my friend's don't have cash that's when it's a problem."

#2: Junior female in a sorority.

• Have you ever needed cash while at midtown?
• "Yes! I actually forgot to bring cash last week and had to ask random people until someone finally had extra."
• How often would you say this happens?
• "Like every other week." 
• What do you usually do when you don't have cash but need some?
• "Usually my friends have extra cash on them and I just Venmo or CashApp them." And ask strangers for cash if they don't have any? "*Laughs* Yes, I have no shame. I was getting in one way or the other."
• Is that an easy solution or can it be a hassle?
• "It can be annoying but it only took me like 5 minutes to find someone who let me borrow from them."
• Are you satisfied with that solution or would you be open to a different method?
• "It doesn't really bother me to ask people. I feel like people here understand and have been in that situation before."

#3: Junior Female not in Greek Life.

• Have you ever needed cash while at midtown?
• "Yes."
• How often would you say this happens?
• "Like once a week."
• What do you usually do when you don't have cash but need some?
• "Ask a friend and then Venmo them." What if the friend doesn't have any cash on them either? "That has never happened, I don't know what I would do."
• Is that an easy solution or can it be a hassle?
• "It's usually an easy solution."
• Are you satisfied with that solution or would you be open to a different method?
• "It works, but I'd be open to a different method."

REFLECTION: I learned that people forget cash more often than I thought. I was surprised to hear that the Junior female in a sorority had no problem asking a stranger for cash. I feel the same way as the Senior male in regards to ATMs. I do not like using them and they rarely work for me. 

SUMMARY: I would say that there is still definitely a need for cash at midtown, but most people seem to be comfortable with either asking their friends for money or even asking a stranger. For most people, if a friend also does not have cash, there would seem to be the unsolved problem. Most people don't seem comfortable asking a stranger to give them cash in exchange for Venmo (but some are fine with that). However, I don't see that issue happening frequently enough to make it worth one's time to be the middle man for that problem. I believe I have a more accurate understanding of the problem now that I have received feedback from potential customers. Adapting to customer feedback is vital for entrepreneurs. It is important to have a healthy relationship with customers so that they feel comfortable giving real feedback.