The segment I have chosen for this assignment are
individuals who have never invested in the stock market. I chose to talk to 2
friends and my sister. The interviews took about 10 minutes and I feel like I
got a lot of valuable information out of them.
To begin the interview, I asked all 3 participants the same initial
question: Have you ever felt the need to begin investing in the stock market?
All three participants had stated that they had always thought about the idea
but did not end up following through with it. One participant mentioned that
she did not really know where to start and that was a primary factor in her not
being able to invest. The next question I asked was: Would you be interested in
a solution that would help you get started in investing money? Again, all three
of them said yes as this is what they had been looking for but never quite found
an effective solution. The next question I asked was: Where would you generally
go to find information about investing? Two participants said they often follow
and watch YouTubers who invest money and would learn some ideas from them but
it was never good enough for them to start investing themselves. The last
person said that she read articles and followed news broadcasts that mention
the status of the stock market each day. They also mentioned that they would
discuss investing with some friends who wanted to begin investing as well but couldn’t
choose the right platform or time to get started. The last question that I asked
was: What would you type into Google to get more detailed information about
stocks. They answered along the lines of: “How to start investing?”, “When should
I begin investing?”, “What are the best platforms to start investing?”, “What
are good stocks?”, etc.
After the interviews, I realized that a lot of people have a
hard time getting the foot in the door. Guiding them on the right path is the
first step to investing and should be prioritized even before understanding
which stocks to buy. This has led me to believe that my platform would be of
great help to others and that I should have sections on which trading platforms/brokers
to choose, as well as explain how stocks work as a whole. This information is
usually what people need to get started and that should be one of the priorities
in the first iteration of my product.
Hello Rahul,
ReplyDeleteI believe you ask good questions followed one by one to interviewee. These questions are all very logical and anticipated. For me, I really want to learn investing but I also do not know what is the first step. I am afraid some information on the market is tricky and not real.I also afriad I will lost money if I did not have any knowledge in this field. I really hope an app can teach me step by step how to invest. I think many people, especially young people, have the demand.
Hi Rahul,
ReplyDeleteI think it was a great idea asking each person the same initial question. I also did this through my process and find it fascinating how each person responds to it. I think that it is very challenging to start working on the stock market because not everyone knows about it or looks at it in a challenging way. I think informing more people about it is a great start and they will find a way to also start the process. I think an app is a simple way to do this and really like this idea. Great job and keep up the good work.
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ReplyDeleteHi Rahul,
ReplyDeleteI think that your interview highlighted two significant things that you would have to take into account. Google and YouTube will both be possible competitors that have a huge amount of resources compared to the resources you might have. It is possible though that you can use YouTube videos and google resources to your advantage as you can embed them in your application. Another thing is that pointing out the value a person can make from this idea is really important as well as many people will be interested at just the word money.
Hey Rahul, thanks for the insightful post as it is very important for students to understand how to properly invest. Sure, the stock market is a great vehicle to put your money in but it is not the vehicle that will generate the highest returns. This vehicle is real estate and how to achieve financial freedom by investing in income-producing properties to obtain passive income.
ReplyDeleteRahul - my name is Bryson Boylan and I left the comment above. The reason it is showing up unknown is because I am using my work computer which is not compatible with my school email associated with my blogger account.
ReplyDelete