Venture Concept No.2
OPPORTUNITY
Opportunity: UF students aren't able to build their credit scores because of their student loans and lack of knowledge surrounding the subject matter of credit building.
Potential Customers: UF Students or young people who lack knowledge of credit and how to begin building their credit score. The specific age range is around 17-23 years old. This age range is specific because that's the usual age range of an undergraduate student attending university.
Nature of the Need: The apparent lack of knowledge or need for young individuals to learn this essential skill before graduating from university and living in the real world. The knowledge of credit building is essential for financial decisions in these young individuals' lives later on in the future.
Forces or Changes in the Environment Creating this Opportunity: Individuals these days are not properly taught essential life skills or knowledge to survive in the real world. The lack of classes in schools teaching this specific opportunity is a huge flaw in our education system and provides me with my grand opportunity to seize the moment.
Market Defined by Geographics or Demographics: The market is more defined by demographical factors as younger individuals are the specific target market. The University of Florida is a renown university with a student body of ~55,000 people ranging from the ages of 17-30. UF is a perfect launch location for an app catered toward young adults.
Customers Satisfying this Need Before my Opportunity: Customers must go online and read long-winded articles to figure out the information on credit and knowledge on how to build credit. Another option for customers was to go out and experience through actual trial and error. They weren't loyal to the options because the first option wasn't effective and the second option is just doing the work and learning on the way instead of learning beforehand.
Opportunity Potential: The potential is global dominance starting with a population niche in university students, which would be my launch target audience. The launch target population is UF students excluding online. These people are perfect because of their age range and the current lack of knowledge of credit in general. Also, the university has one of the largest student bodies, which will provide a hugely dense demographic market of a small region.
INNOVATION
My product is incrementally innovative as it is a take on many learning apps for credit building. I'm offering a brilliant opportunity for people to build their credit score. They will learn helpful tips and life skills on the many ways of credit building. This learning will be done through an app where there will be different sections explaining the basics of credit, building credit, and maintain a high credit score at the disposition of their fingertips. Therefore, people can learn how they choose to. Providing options for consumers gives them the power and choices to decide on what's best for their learning. Also, providing excellent choices increases customer satisfaction and customer retention.
Credit building is a concept that many young individuals don't know or understand. So, providing a free of use and free of charge app that thoroughly explains credit building through fun, educational games, videos, and lessons to earn points via a point system. This system would incentivize people into continuing these credit-building habits because the more people watch videos, play games, or follow lesson plans, the more points they earn to transfer into cash value to purchase products in real life. It's a win-win for customers and for me, the business owner, I would be making money via ad revenue and premium subscriptions, which offers more content. With marketing efforts becoming more virtual to meet a larger market audience, I will take advantage of this opportunity to allow businesses to pay me for slots on my app. Therefore, customers won't be turned away by the +$.99 payment for the app.
VENTURE CONCEPT
Reasons for Customers to Switch to my New Product: There is one main reason why customers should switch to my product, which is that there's no competition. I provide an opportunity that no one has created yet. This opportunity is an app service that teaches the basics of credit and credit building. So getting customers to switch won't be difficult, the difficulty will come from recruiting customers to try my service.
Potential Competitors: As of now, I wouldn't have any competitors. Although, the market could get crowded if my service is very successful. Large firms such as banks or universities could begin copying my idea and provide better services than myself. So, the new biggest strength is also my biggest threat, which is a relatively new market. Their potential weakness, if they join the market, would be coming into the market behind and having to play catch up with my service.
Role of Customer Support: Customer support is one of the most vital roles that define my business concepts. As a startup app service, feedback from users would greatly improve the user interface as well as smoothen out potential kinks and bugs.
Organization of Business: I would organize my business to be fully online. Therefore, I could work anywhere at any point as well as it coheres with my product.
Three Minor Elements:
My Secret Sauce: I am a motivated and goal-driven type of person. I always strive for the next milestone or benchmark. I like to keep pushing myself, so I don't end up resting on my laurels.
My Next Opportunity: Creating another app catered toward wealth management/investment strategies and how to invest for retirement.
My Future: 5 years with this venture, I want to launch it globally with my videos, games, and lesson plans in 100's of commendation to foreign languages. Most importantly, I learn to learn from my failures within this business to grow as an entrepreneur.
Summary of Feedback and Changes Made:
After reviewing my feedback changes on my first venture concept post, I added more context to my opportunity and innovation categories to further explained my product. The feedback seem to reference the fact that I lacked precision in defining my target market and how my product will gather attraction via my point system.
I included this picture icon because it represents my idea of creating a mobile app for educating young individuals on how to begin building their credit.
Opportunity: UF students aren't able to build their credit scores because of their student loans and lack of knowledge surrounding the subject matter of credit building.
Potential Customers: UF Students or young people who lack knowledge of credit and how to begin building their credit score. The specific age range is around 17-23 years old. This age range is specific because that's the usual age range of an undergraduate student attending university.
Nature of the Need: The apparent lack of knowledge or need for young individuals to learn this essential skill before graduating from university and living in the real world. The knowledge of credit building is essential for financial decisions in these young individuals' lives later on in the future.
Forces or Changes in the Environment Creating this Opportunity: Individuals these days are not properly taught essential life skills or knowledge to survive in the real world. The lack of classes in schools teaching this specific opportunity is a huge flaw in our education system and provides me with my grand opportunity to seize the moment.
Market Defined by Geographics or Demographics: The market is more defined by demographical factors as younger individuals are the specific target market. The University of Florida is a renown university with a student body of ~55,000 people ranging from the ages of 17-30. UF is a perfect launch location for an app catered toward young adults.
Customers Satisfying this Need Before my Opportunity: Customers must go online and read long-winded articles to figure out the information on credit and knowledge on how to build credit. Another option for customers was to go out and experience through actual trial and error. They weren't loyal to the options because the first option wasn't effective and the second option is just doing the work and learning on the way instead of learning beforehand.
Opportunity Potential: The potential is global dominance starting with a population niche in university students, which would be my launch target audience. The launch target population is UF students excluding online. These people are perfect because of their age range and the current lack of knowledge of credit in general. Also, the university has one of the largest student bodies, which will provide a hugely dense demographic market of a small region.
INNOVATION
My product is incrementally innovative as it is a take on many learning apps for credit building. I'm offering a brilliant opportunity for people to build their credit score. They will learn helpful tips and life skills on the many ways of credit building. This learning will be done through an app where there will be different sections explaining the basics of credit, building credit, and maintain a high credit score at the disposition of their fingertips. Therefore, people can learn how they choose to. Providing options for consumers gives them the power and choices to decide on what's best for their learning. Also, providing excellent choices increases customer satisfaction and customer retention.
Credit building is a concept that many young individuals don't know or understand. So, providing a free of use and free of charge app that thoroughly explains credit building through fun, educational games, videos, and lessons to earn points via a point system. This system would incentivize people into continuing these credit-building habits because the more people watch videos, play games, or follow lesson plans, the more points they earn to transfer into cash value to purchase products in real life. It's a win-win for customers and for me, the business owner, I would be making money via ad revenue and premium subscriptions, which offers more content. With marketing efforts becoming more virtual to meet a larger market audience, I will take advantage of this opportunity to allow businesses to pay me for slots on my app. Therefore, customers won't be turned away by the +$.99 payment for the app.
VENTURE CONCEPT
Reasons for Customers to Switch to my New Product: There is one main reason why customers should switch to my product, which is that there's no competition. I provide an opportunity that no one has created yet. This opportunity is an app service that teaches the basics of credit and credit building. So getting customers to switch won't be difficult, the difficulty will come from recruiting customers to try my service.
Potential Competitors: As of now, I wouldn't have any competitors. Although, the market could get crowded if my service is very successful. Large firms such as banks or universities could begin copying my idea and provide better services than myself. So, the new biggest strength is also my biggest threat, which is a relatively new market. Their potential weakness, if they join the market, would be coming into the market behind and having to play catch up with my service.
Role of Customer Support: Customer support is one of the most vital roles that define my business concepts. As a startup app service, feedback from users would greatly improve the user interface as well as smoothen out potential kinks and bugs.
Organization of Business: I would organize my business to be fully online. Therefore, I could work anywhere at any point as well as it coheres with my product.
Three Minor Elements:
My Secret Sauce: I am a motivated and goal-driven type of person. I always strive for the next milestone or benchmark. I like to keep pushing myself, so I don't end up resting on my laurels.
My Next Opportunity: Creating another app catered toward wealth management/investment strategies and how to invest for retirement.
My Future: 5 years with this venture, I want to launch it globally with my videos, games, and lesson plans in 100's of commendation to foreign languages. Most importantly, I learn to learn from my failures within this business to grow as an entrepreneur.
Summary of Feedback and Changes Made:
After reviewing my feedback changes on my first venture concept post, I added more context to my opportunity and innovation categories to further explained my product. The feedback seem to reference the fact that I lacked precision in defining my target market and how my product will gather attraction via my point system.
I included this picture icon because it represents my idea of creating a mobile app for educating young individuals on how to begin building their credit.
I think you did a good job bettering this venture concept from the first one by adding more context. This is a complex product and I feel like for a basic person hearing about this they would be kind of lost with what you are trying to sell. But in this venture concept I really feel like you did a good job explaining that better than you did in the first one, as you mentioned in the feedback section. My only critique would be maybe trying to shorten the concept simply because it is just extremely lengthy. I know that can be hard because you want to provide detail on your complex product, yet it is very long and I feel like if a potential investor saw how long it was they would just automatically be uninterested.
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