What's Next
Existing Market:
What's next in terms of products and services for my venture?
I believe expanding into teaching credit building on a global stage is what's next for my venture. Also, I believe my venture will also add the feature of teaching how to maintain a good credit to combine with building credit.
Interviewing Existing Market
After interviewing three potential customers on their thoughts and ideas are about the future of my venture, they responded with some ideas and directions I should take my product. They said I should get involved with companies to create a program for new hires to learn how to build credit as companies hire a lot of young people all the time. They said it's a huge opportunity to capitalize on because these young people are fresh out of college and now on their own. Therefore, they are willing to learn how to build credit with sufficient income and life responsibilities. While in college, kids don't care because they want to have their college experience and live their last few years before working full time.
Feedback Response
I believe what they said was true about adding new hires as a target market. Although, it would be very difficult for me to market to large firms my startup product. I believe university students are still my best option for the near future because I can easily market my service to them at a low cost.
In addition, pitching to every company would be time-consuming. So, I would have to look into the opportunity cost. If the venture is worth taking into large corporations, then I would pursue it. If the venture is too costly or time-consuming, I'd rather focus on R&D or pitching the product globally to foreign universities.
New Market:
What's next in terms of going into a radically different market?
I believe expanding to foreign markets would be a beneficial and radical change. This change is expanding grow my market size as I'd be able to reach many foreign universities and their students.
How My Venture Concept Will Add Value?
My venture would still provide the same benefits to foreign students as it would for UF or US students. The only difference would be to take into consideration the cultural and linguistic differences and corporate changes to accommodate them.
Interviewing New Market
Telling my Xbox friends who live and go to university in Ireland, they said the idea is amazing and would actually benefit a lot of them. The only adaptions they said I should consider is providing a speaker for the videos to be a native for them to better understand what information is being said. Accents play a huge role in understanding what someone is saying. even though, they speak English, sometimes, they have a hard time understanding American slang or pronunciation.
Reflection
What surprised me the most was the fact that I forgot to consider that Northern Irish dialect English sounds far different than American English. Therefore, I should consider that when accommodating linguistic differences. I should also consider the slang of dialects as a factor.
My assumptions were correct as I did say I would consider the linguistic differences. Although, I did forget some accommodations. I still believe that this secondary market is still as attractive if not more attractive of an opportunity because of the massive increase in market audience my venture could gain.
What's next in terms of products and services for my venture?
I believe expanding into teaching credit building on a global stage is what's next for my venture. Also, I believe my venture will also add the feature of teaching how to maintain a good credit to combine with building credit.
Interviewing Existing Market
After interviewing three potential customers on their thoughts and ideas are about the future of my venture, they responded with some ideas and directions I should take my product. They said I should get involved with companies to create a program for new hires to learn how to build credit as companies hire a lot of young people all the time. They said it's a huge opportunity to capitalize on because these young people are fresh out of college and now on their own. Therefore, they are willing to learn how to build credit with sufficient income and life responsibilities. While in college, kids don't care because they want to have their college experience and live their last few years before working full time.
Feedback Response
I believe what they said was true about adding new hires as a target market. Although, it would be very difficult for me to market to large firms my startup product. I believe university students are still my best option for the near future because I can easily market my service to them at a low cost.
In addition, pitching to every company would be time-consuming. So, I would have to look into the opportunity cost. If the venture is worth taking into large corporations, then I would pursue it. If the venture is too costly or time-consuming, I'd rather focus on R&D or pitching the product globally to foreign universities.
New Market:
What's next in terms of going into a radically different market?
I believe expanding to foreign markets would be a beneficial and radical change. This change is expanding grow my market size as I'd be able to reach many foreign universities and their students.
How My Venture Concept Will Add Value?
My venture would still provide the same benefits to foreign students as it would for UF or US students. The only difference would be to take into consideration the cultural and linguistic differences and corporate changes to accommodate them.
Interviewing New Market
Telling my Xbox friends who live and go to university in Ireland, they said the idea is amazing and would actually benefit a lot of them. The only adaptions they said I should consider is providing a speaker for the videos to be a native for them to better understand what information is being said. Accents play a huge role in understanding what someone is saying. even though, they speak English, sometimes, they have a hard time understanding American slang or pronunciation.
Reflection
What surprised me the most was the fact that I forgot to consider that Northern Irish dialect English sounds far different than American English. Therefore, I should consider that when accommodating linguistic differences. I should also consider the slang of dialects as a factor.
My assumptions were correct as I did say I would consider the linguistic differences. Although, I did forget some accommodations. I still believe that this secondary market is still as attractive if not more attractive of an opportunity because of the massive increase in market audience my venture could gain.
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