24A – Venture Concept No. 1


  1. The Opportunity
    1. My opportunity involves a great majority of the population in the United States not understanding how to use technology effectively. From this population, I'm specifically trying to target foreigners who have recently moved to the United States and people of elderly age. The major force causing this opportunity is our society's reliance on technology nowadays. With a shift towards comfortability in today's day and age, we are increasingly resorting to relying on technology to accomplish every day tasks. Currently, this opportunity is being dominated by big name companies such as Best Buy with their geek squad or Apple with their genius bar. I believe that this opportunity is big enough for my business idea to dominate the "at home" market even while these companies are comfortability ahead of the "appointment" market. I believe that my business idea has an advantage over these big companies to offer potential customers the opportunity to learn more about their products with the comfortability and leisure while being at their own homes. 
  2. The Innovation
    1. I am offering a way to further integrate yourselves with technology. I am offering a way to involve yourself in the technological world further than foreigners could've ever imagined. My business idea is an app on all platforms that will allow you to learn technological products of your choosing on your own schedule. The program will be available in all languages to give people a chance to learn their new country's language. Because my business idea is through an application, I am planning to make money based off a subscription package. This is because I want to give people the opportunity to cancel the subscription at anytime they'd like if they reached their optimal level of proficiency in their product. I plan to offer my product for $10 a month. I want it to be cheap enough to garner a high market share while also giving potential customers a reason to choose my product over going to big time companies such as Best Buy or Apple.
  3. The Venture Concept
    1. I believe my business idea has a distinct advantage over its competitors in that it will allow customers to go about the program at their own time and leisure. There will be no need to set up appointments or to wait in lines, which are commonly considered to be the cons of the big time companies in this industry for my business idea's field. Because of this, I don't think it will be hard to get others to switch to my business idea. I would want around 10-15 employees to help me start up my business idea. I feel like just me working by myself would be too much to handle, and I'd like others to support me with potential ideas. I also feel like it wouldn't be hard to get potential customers to get in on my business idea because there is no initial cost. Having a subscription plan that will let you cancel at any point and time is a huge advantage that I think I have over competitors and I think will lead to my business idea to ultimately succeed.
  4. The Three Minor Elements
    1. Most Important Resource
      1. I believe that my most important resource is my technological knowledge. Because of the fact that my business idea is centered around technology, I consider this to be my most valuable resource. I think I'm highly skilled at every technological product that my business idea is focused around, and because of this, I find this to be my most valuable resource.
    2. What's Next for the Venture
      1. After college, I plan to take a gap year before venturing into law school. During this gap year, I want to study computer design and application design. During this process, I will decide whether or not I should pursue this venture further.
    3. What's Next for Me
      1. As I've previously said, after I graduate this year, I plan to take a gap year and then to go to law school. I think I need this gap year to free my mind from school and ultimately decide what I want to do with my life in the short-term. School has helped me lead my life for the last 8 years, but now I need to lead my own life.

Comments

  1. Tommy NguyenNovember 16, 2019 at 3:57 PM

    Hey Jordan,
    We share the similar venture concept! It seems that our background also caused us to share the target audience: seniors and foreigners. Because technology is advancing so quickly, many representatives of the technology section of major stores may intimidate those who are weak in technological literacy. This gap only becomes larger as time progresses, thus I think we both have a good cause in trying to help these people better their lives with becoming more comfortable around technology.

    ReplyDelete
  2. Bryce BallardNovember 17, 2019 at 4:35 PM

    Jordan,
    Overall, this is an effective and well written venture concept report. I think that you laid out your plan effectively and clearly identified the market you want to pursue. Overall, I think your strategy to gain a large market share with a low price point could be effective if you are able to bring in the volume needed to share this service on a large scale. I like your plan of taking a gap year to more fully determine if this something that you would like to seek out further as well.

    ReplyDelete
  3. Philip AciernoNovember 18, 2019 at 11:18 AM

    Dear Jordan,
    Your business plan has high potential and a wide variety of options for customers. You laid out your plan very effeciently and clear. I think that your business could have great success depending on how you charge people and bring in customer volume. I think accesibility is the biggest key for your company. Great post!

    ReplyDelete

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