24A - Venture Concept No.1
Description of My Venture Concept
One of my biggest pet peeves is illustrated in this one photo. I assume I am not the only one with
this issue; therefore, I have a proposed a solution to counter this epidemic (exaggeration for crisis).
this issue; therefore, I have a proposed a solution to counter this epidemic (exaggeration for crisis).
I am Eli Avshara. I have an entrepreneurial spirit with a charismatic charm that directs others in my
direction. I am fluent in Hebrew and proficient in Spanish. I offer communication, analytical, and
leadership skills. These skills help guide my venture and translate to a more motivated and goal oriented
entrepreneur. I aspire to become a business owner or to take over a business and operate it at optimal
efficiency by adjusting the areas of development within the organization and boosting the areas of
strength. These are vague statements, but when the areas of development and strengths are identified
within a company, the company gains a new perspective on their companies performance levels and
what areas need to change in order improve those performance levels.
direction. I am fluent in Hebrew and proficient in Spanish. I offer communication, analytical, and
leadership skills. These skills help guide my venture and translate to a more motivated and goal oriented
entrepreneur. I aspire to become a business owner or to take over a business and operate it at optimal
efficiency by adjusting the areas of development within the organization and boosting the areas of
strength. These are vague statements, but when the areas of development and strengths are identified
within a company, the company gains a new perspective on their companies performance levels and
what areas need to change in order improve those performance levels.
Opportunity
An opportunity can be defined as customers with unmet or under-met needs. In every market, in every
location, there are customers with unmet or unfulfilled needs, which means there are opportunities
available everywhere if you can just recognize or find them. One of the opportunities I recognized
was the frustration and anxiety associated with waiting in long lines in any store you enter. I think
the potential customers for my opportunity are located in every store with long lines. Although that
may be broad, it is true because there is basically no busy stores without long lines. Thus, my
opportunity has value in these markets because there is currently no solution to this problem.
The forces or changes in the environment creating this opportunity are the customer's frustrations.
They usually make a scene while they’re waiting in a long line and that frustration is passed on
through the rest of the line and now you just went from one angry customer to a whole line of angry
customers. The markets we plan on integrating this application into are comprised of impatient,
money lovers, which is basically any business heavy environment like New York, Chicago, and
Atlanta. My customer base pretty much extends from the people that start shopping on their own (16-18)
to parents (30-40) to grandparents/senior citizens. The customers are currently not satisfying this need
because no one else is offering my specific service; therefore, my service/product is the only
product/service is capable of creating that satisfaction for my customers. My opportunity is
relatively large because it affects nearly every convenience, grocery, gas, etc stores in almost
every location. I think my window of opportunity will remain available until another entrepreneur
recognizes this opportunity, which could happen in a long line at a grocery store or simply at home
watching someone gets stuck in a long line on TV. Innovation can come from anything, so in order to
maintain my opportunity, I need to act on it before someone else does.
location, there are customers with unmet or unfulfilled needs, which means there are opportunities
available everywhere if you can just recognize or find them. One of the opportunities I recognized
was the frustration and anxiety associated with waiting in long lines in any store you enter. I think
the potential customers for my opportunity are located in every store with long lines. Although that
may be broad, it is true because there is basically no busy stores without long lines. Thus, my
opportunity has value in these markets because there is currently no solution to this problem.
The forces or changes in the environment creating this opportunity are the customer's frustrations.
They usually make a scene while they’re waiting in a long line and that frustration is passed on
through the rest of the line and now you just went from one angry customer to a whole line of angry
customers. The markets we plan on integrating this application into are comprised of impatient,
money lovers, which is basically any business heavy environment like New York, Chicago, and
Atlanta. My customer base pretty much extends from the people that start shopping on their own (16-18)
to parents (30-40) to grandparents/senior citizens. The customers are currently not satisfying this need
because no one else is offering my specific service; therefore, my service/product is the only
product/service is capable of creating that satisfaction for my customers. My opportunity is
relatively large because it affects nearly every convenience, grocery, gas, etc stores in almost
every location. I think my window of opportunity will remain available until another entrepreneur
recognizes this opportunity, which could happen in a long line at a grocery store or simply at home
watching someone gets stuck in a long line on TV. Innovation can come from anything, so in order to
maintain my opportunity, I need to act on it before someone else does.
Innovation
An innovation could be defined as a new or creative service, product, or process that could be used to
meet satisfy customers unmet needs. My innovation or product/service is LineCutter. LineCutter, my
application/service, offers the user an option to search any store in his area based on his current location
or a chosen destination and check on the current waiting time in order to avoid waiting in long lines.
LineCutter surveys every store in your area and keeps a tally of how many people enter each store and
how long they stay in the store. The app will work like waze in the sense that the users of the application
will constantly update the app with information about how crowded a store is and how long the lines are.
With that being said, I intend to make my money with this application through the businesses that I
offer my consultation services with the application as one of the tools to help analyze the efficiency of
the company. This application is primarily for retail, grocery, and convenience stores. It is not limited
to the stores listed, but places like warehouses and gas stations do not receive the same influx of people
and if they do it is usually more regulated rather than spontaneous. I have not decided on how my
pricing will work, but I will most likely offer my services through contracts rather than freelancing,
but that is still up for debate.
meet satisfy customers unmet needs. My innovation or product/service is LineCutter. LineCutter, my
application/service, offers the user an option to search any store in his area based on his current location
or a chosen destination and check on the current waiting time in order to avoid waiting in long lines.
LineCutter surveys every store in your area and keeps a tally of how many people enter each store and
how long they stay in the store. The app will work like waze in the sense that the users of the application
will constantly update the app with information about how crowded a store is and how long the lines are.
With that being said, I intend to make my money with this application through the businesses that I
offer my consultation services with the application as one of the tools to help analyze the efficiency of
the company. This application is primarily for retail, grocery, and convenience stores. It is not limited
to the stores listed, but places like warehouses and gas stations do not receive the same influx of people
and if they do it is usually more regulated rather than spontaneous. I have not decided on how my
pricing will work, but I will most likely offer my services through contracts rather than freelancing,
but that is still up for debate.
Venture Concept
A venture concept can be defined as the use of a specific innovation to address a specific opportunity.
I think the primary reason people will use my product is due to the fact that nearly everyone suffers
from waiting in long lines. They are tedious and a waste of time, but all the more necessary because
customers are usually waiting in line for a service or product and the amount of time the customer
spends in line directly correlates to the value that the product or service has to the customer. I do not
think I will have any issues getting people to use my application and I do not have to consider them
switching to another application or service because I am currently the only person offering the service
or application. Since this market is not open yet, there are no competitors yet. If there were
competitors, their possible weaknesses or vulnerabilities would probably be their lack of originality,
which would show the customers that my competitors are just knock-off services. The customers
should see that there is no reason to switch because it is the same product. Packaging and distribution
don’t play a role in defining my venture concept because my product/service is an application;
therefore, it cannot be packaged or distributed physically. Price points will be defined by the current
market through surveys to determine what the best pricing options would be. Customer support will
be our number one priority because in the end the customer is always right and is the person who is
buying your product. The customer experience is defined by the level of satisfaction provided to our
customers by using our application.
I think the primary reason people will use my product is due to the fact that nearly everyone suffers
from waiting in long lines. They are tedious and a waste of time, but all the more necessary because
customers are usually waiting in line for a service or product and the amount of time the customer
spends in line directly correlates to the value that the product or service has to the customer. I do not
think I will have any issues getting people to use my application and I do not have to consider them
switching to another application or service because I am currently the only person offering the service
or application. Since this market is not open yet, there are no competitors yet. If there were
competitors, their possible weaknesses or vulnerabilities would probably be their lack of originality,
which would show the customers that my competitors are just knock-off services. The customers
should see that there is no reason to switch because it is the same product. Packaging and distribution
don’t play a role in defining my venture concept because my product/service is an application;
therefore, it cannot be packaged or distributed physically. Price points will be defined by the current
market through surveys to determine what the best pricing options would be. Customer support will
be our number one priority because in the end the customer is always right and is the person who is
buying your product. The customer experience is defined by the level of satisfaction provided to our
customers by using our application.
In Summation, besides my actual innovative product, service, or process, I will make it hard for
competitors to copy my success because I will continue to expand the business and add new features
to sustain my advantage and make it difficult to imitate what I’m doing. As for what is next for my
venture, I think I will expand the applications services and consultation services to companies that
need help maximizing efficiency in their stores in order to produce their maximum profit. The
consultation services will gather its primary data from the application tracking data from the store to
evaluate the influx of people that arrive at the store and properly formulate a method to deal with all
the people entering the store as efficiently as possible.
competitors to copy my success because I will continue to expand the business and add new features
to sustain my advantage and make it difficult to imitate what I’m doing. As for what is next for my
venture, I think I will expand the applications services and consultation services to companies that
need help maximizing efficiency in their stores in order to produce their maximum profit. The
consultation services will gather its primary data from the application tracking data from the store to
evaluate the influx of people that arrive at the store and properly formulate a method to deal with all
the people entering the store as efficiently as possible.
In five years, I would like to own my business and incorporate this application into it.
By this time, my application should be on a global scale allowing me to expand my business
into other countries.
By this time, my application should be on a global scale allowing me to expand my business
into other countries.
Hello Eli, I think that you did a great job coming up with a venture concept for this assignment. Your use of photos and sub headings really caught my attention. I also appreciated how you were able to incorporate a description about yourself and really sold yourself before your product. This made me want to work with you instead of just your product.
ReplyDeleteEli, I thought you did a heck of a job here coming up with your venture concept for this post. You did a great job providing a lot of detail, which always makes seeing the illustration of your idea that much easier. You were able to give a lot of information on the opportunity, the innovation and the venture concept, which provides a plan for how you intend to execute your idea and make it like no other competitor has before. Great job!
ReplyDelete