Venture concept No.2

Opportunity

(1) who has the need (i.e., who are the potential customers?) and (2) the nature of the need

• What are the forces or changes in the environment creating this opportunity? 
• The environment is being ruined by the human race, so naturally some people feel guilty about it and wish to make a change however they can.
• How is this market defined geographically and demographically? 
• Geographically this could be sold anywhere, as for the demographic, it would be better to sell to the younger generations because boomers and generation x do not really care about the environment. 
• How are customers currently satisfying this need?  And how loyal are they to whatever they use now?  
• They are currently satisfying this need with more expensive alternatives like ring. They are not entirely loyal because it is not a product they constantly use.
• How big is this opportunity?
• P big man.
• How long will the “window of opportunity” be open?
• Not for long, the world is ending i guess so who knows?

Innovation

Venture Concept.

• What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?  
• It is more convenient and also people always want to throw their money at new innovations that are shiny. It will not be that hard to convince people to buy this item. Since it is cheaper than the average competitor. 
• Who are the competitors?  What are their possible weaknesses or vulnerabilities?  
• Ring, their weakness is their higher price point. 
• What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept? 
• My packaging is going to be plastic free and sleek. It will draw the eye and will also be low waste which is always a plus. The location is purely online since this is a smaller product and not an entire brand.
• How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?  
• I would have a small crew of people who actually care about the venture and wish to see it grow. 

The three minor elements

First, describe what you think your most important resource will be. You might call this your venture’s “secret sauce” or “unfair advantage.” Besides your actual innovative product, service, or process, what will you have that will make it hard for competitors to copy your success?

- My most important resource will be the many business men and women I know have contact with. They can help me gain some footing. The fact that I have such a large support system will make it hard for them to copy my product, although they can make copies and attempt to dupe my product. 

Second, what’s next for the venture? Describe either the next opportunity you want to tackle with your current innovation, or describe the next new product, service, or process that may be aimed at your existing customers. 

-My next step is taking my money and chilling out, I am not a motivated person. 

Third, what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision? 

-Obviously I will let this product sell and be produced until the need for it lowers, until the next 

2) Provide a summary of the feedback you received from your previous venture concept description. You certainly want to include the student feedback, but you may also include the feedback you received from others during the "What's Next" exercise. You want to summarize all of the feedback, but be sure to place an emphasis on what people recommended you change about your idea. (In other words, don't just describe the positive feedback.)

It is clear that not a lot of people enjoyed how low energy my want to continue this product is. But honestly I do not entirely care, I am just trying to survive this class and get through life without getting corona. How am I gonna make a business if the plague is raging outside amirite?

3) Describe how you changed your venture concept, based on what you learned from the feedback.

I am definitely a lot less detailed and blabbered a lot less because I actually know what I want this time. 

4) Include a picture