Opportunity: The unmet need that I am focusing on for my venture concept is the need for college students to manage their finances properly so that they do not put themselves in a financial hole. I think that an opportunity exist here because many college students would love to save money or learn about the various financial resources available, but this information may not readily accessible to them. Also, between school, family, bills, etc. managing your money properly in college can be an extreme challenge. Students are on their own and they have the choice to spend their money however they desire, but I believe that should have all of the financial resources available to them so that they can make the most informed financial decision. The financial stress of college students is the primary force that is creating this need. This market expands on a geographically large scale because there are college students all around the world. This opportunity is average in my opinion. It is not a huge opportunity, but it is not a small one either. This window of opportunity will continue to be open until college debt decreases or students begin to manage their finances properly.
Innovation: My service is an course or workshop that is available for students to sign up for at any time to gather some financial advice or help. This workshop will focus primarily on the spending habits and lifestyles of college students, but it will also expand to other topics as well. Things such as credit cards, interest rates, car loans, etc., are all potential topics to be discussed within the workshop. This service is designed to benefit students not only for the present, but for the future as well. This service would be sold to the respective university or school.
Concept: I do believe that it will be difficult for me to attract new customers to my market. One reason is because there are other products and services who claim or actually do sell similar products to what I am selling. Students may feel like it is just the same old information coming from a different source. This is not the perception that I want for my product, my product will actually make a change in someone's life and provide them with a path for a better future. It will provide them with valuable knowledge that they may not have had access to before. It will dive into various aspects of financial management that are so important to understand during the early years of your adult life. The competitors will be those who claim to sell similar services to my service. It is essential that I find a way to distinguish my service from the others and stand out in a unique way.
I believe that my most important resource will be my ability to connect with my customers. I have been in many of the same situations in which college students are presented with difficult financial decisions. I understand the life of a college student and what it takes to manage your finances properly. This will allow me to connect and engage with my customers on a personal level while also providing them with valuable information.
The next venture for my service is geographical expansion and content expansion. Increasing my brand awareness around the world and improving the perception of my product will be essential to my short-term and long-term success. Also, diving into various financial concepts that may be outside of the realm of a typical college student is a potential area of expansion for my product. In the future, I hope to have my business located in numerous entities around the world and I hope to expand into various commercial businesses.
Prince,
ReplyDeleteI like how you developed your venture concept throughout this class and more in particular, throughout this assignment 24A. It makes sense logically that geographical expansion and content expansion of your brand will be your next venture for your service.
If you were to ever truly pursue this venture, I would be very curious as to what the end result would be say 6 months, 2 years, and 5 years from now. Certainly, there is much potential; however, it would be rather difficult to actually capitalize on the opportunity/unmet need.
Good work.
Prince,
ReplyDeleteJust a heads-up for the future, make sure you read through the assignment page thoroughly as you were short of the one-thousand word recommendation for the assignment. I believe it would've helped with more details when it came to describing your venture concept. However, it was still very good overall and seeing the progression of your venture concept over the past few assignments allows us to see that you have the ability to take advantage of it in the future.