Tuesday, October 1, 2019
11A
Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
Hello, my name is Duc and I am from South Florida. I attend the University of Florida studying Finance. I have a talent in talking to people, and being able to network hard with professionals in the business world. I aspire to be a management consultant in the business working for a large firm. I see this business as just something to do on the side, and I don’t think it will play that large of a role in my life. It is an opportunity that I would like to capitalize, but it is not something that I am passionate about.
What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
The service I am offering is free drug tests without repercussions at music festivals. The unmet need is that often, festival-goers don’t have a way to protect themselves from faulty and dangerous drugs at festivals, and this is a way to encourage safe use.
Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
I am offering this service to whoever goes to music festivals and partake in dangerous illicit activities. I want to reduce the impact of these activities on the festival-goers. All my customers have in common is the desire to consume illicit drugs.
Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.
They care because this is a service that protects their well-being and could potentially save a life. The main business model would be that festival planners such as insomniac would pay for the service to reduce any type of liabilities and bad publicities that would follow if there were casualties at their events.
What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
My core competency is that I believe that this service is entirely new, and no one has thought of it before. What I have that no one else has is the ability to have a vision on things that have not been thought of before.
In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.
My business is weak in the spot where it has to have demand from festival organizers to use my service. It is not open to normal consumers, and it would be difficult to market to people. However, I believe in its potential to save lives, and its consumers would appreciate the presence of the service.
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Hi,
ReplyDeleteI think some of the competencies you noted would be very beneficial to this business. For example, your ability to talk to people and to network would be vital in beginning a business that relies almost solely on people trusting you. This endeavor has risks because the people using drugs at festivals will be very reluctant to hand them over to someone, but if they find you personable and trustworthy, it would change their mindset.
I thought the way that you described yourself was very thought out and well put. It is amazing what the ability to network yourself to others and to get people to like you will do for you in the business world. I thought you did a good job describing how your abilities would help your business and how it will allow you to network and get people to work along side you. Great job.
ReplyDeleteHi Duc,
ReplyDeleteGood job on the description of your concept. I think that you have a good idea here and that the skills you listed would be very help. The main thing I saw that would be helpful is your ability to network with business professionals. This would be helpful because to get your product into use at a festival, establishing a relationship with the people who run it would be very helpful.
Awesome work Duc,
ReplyDeleteYou described your concept quite well, letting us know that you were the right man for this task. Since your service is so unique networking will be very important. Getting in touch with event directors and staffers will allow you to hold these services. I believe your idea can be taken to the next level after reading this.
Great work!
This was really good. Your description was extremely through, eloquent and convincing. I like that you were able to identify its weak spots due to only serving a very specific market.
ReplyDeleteThis is good because you outlined your competencies and why you set yourself apart well. I especially like how you are providing a new service that no one else is providing. This provides a good opportunity for you and could potentially be very lucrative.
ReplyDeleteI thought you had a great and thorough description of your concept. Although I think that there may be some issues with the legality of your product, I think that your idea is definitely well though out.
ReplyDelete