Venture Concept 1

My opportunity is that college campuses all over are becoming less and less spacious. Students are moving into campus areas as the young population grows and the typical student is living further and further from campus. There is a need for students who are unable to make their way to campus. They need to get to campus for things like studying. I think that as more and more students are getting further and further from campus the student needs a better way to get to campus. This opportunity will last for awhile into the future until for some reason fewer people start going to college. Students are satisfying this need by biking to campus and taking the bus. This will not be satisfactory for long.

My product is a service to drive college students onto campus for a monthly fee at their beck and call. I think the typical fee will be $40, and will change the way students get to and from campus. They won't have to ride on a bus, and they will just hit a button on an app that gets them to where they are going. I think this will create a market for people who are willing to pay for a taxi service but don't want to pay every time.

I have innovated a way for students to get to campus by way of a monthly fee that will be much less frustrating than finding parking on campus. I think that no one else will be using this service because it will be so difficult to break into the market once someone has the entirety of the market share. No one else will be offering this service and I think there is an adequate opportunity that will meet my need.

Amazon Whisperer

My revenue driver is the single transportation fee for a monthly or annual service of unlimited rides to and from the library. I don't believe there would be a next product, but perhaps it would be that you could be a driver and get a discount on getting rides to and from. I'm not sure how my next product would be any better, which reinforces the point that I don't think I would necessarily have a next product. There aren't similar products on Amazon because my service isn't super tangible.

If I were to improve a product on Amazon it would be this one:

I would make it rechargeable and add a way that it could clip onto your clothing. Customers wish it was a bit more functional and a little less of a hassle. It can also be difficult to suspend in the water well. This product would not be a good addition to my current product line because they are unrelated. 

Week 11 reading reflection

1)  I was surprised that so many innovation things are not well supported after their creation. I assumed that they would be.
2) I was confused by how separating different departments would hinder the whole innovative process.
3) What made Corning so different from the other companies? How does investing in basic research differ from investing in advanced research?
4) There was nothing I disagreed with.

My Unfair Advantage

1) Hardwork
V: yes
R: no
I: yes
N: no

2) Perserverence
V: yes
R: no
I: yes
N: no

3) Quality
V: yes
R: yes
I: yes
N: no

4) Loyal to customers
V: yes
r: yes
I: no
N: no

5) Loyal to suppliers
V: yes
R: yes
I: no
N: no

6) Loyal investors
V: yes
R: yes
I: no
N: no

7) Ethical
V: yes
R: yes
I: no
N: no

8) Good marketing
V: yes
R: no
I: yes
N: yes

9) Financially responsible
V: yes
R: yes
I: no
N: no

10) Educated
V: yes
R: no
I: yes
N: no

The most important resource we have is being financially responsible because without this you will never be able to start and keep a business open long enough to show the other resources.

Week 10 reading reflection

I was surprised by how important accounting was.

Most of the material wasn't confusing

I would ask what the most common system of budgeting was and if companies usually do their own accounting or outsource

I did not disagree with anything, other than the importance of accounting.

Idea Napkin No. 2

1) My name is William. I have strong interpersonal skills, and a strong business evaluation ability. I would like to run my own business, or work in an environment where I have strong incentive to perform well like in a sales job. I would like to eventually have drivers run my service so that I don't have to.
2) I'm offering a taxi service specifically to libraries so that people could always get to a library without any concerns about parking. At most big universities, parking at libraries is limited. For a flat monthly fee, people could guarantee a ride to and from the library.
3) I'm offering it to students but more importantly I am offering it to students who need a ride due to lack of car or lack of parking. I think there are many students that would fit this category, especially at universities that have limited parking for students so they can't keep cars with them.
4) Students should value this because they would finally be able to get a ride to and from their places without worrying about parking. Stressed students really would appreciate not worrying about parking.
5) I would charge a flat rate, which nobody else does. The assumption is that people would be use the service heavily, or sparingly. They would offset one another.

I believe that these elements tie together very well. It's my belief that all of these things have common strengths and appeals that will help them mesh together in the mind of the consumer. I think my pricing platform may not be my strength necessarily, and that is dangerous because it's really the only thing I have going for me here.

Feedback memo:
1) My idea is costly to implement.
2) People wouldn't inherently trust my service.
3) Lack of consideration of my target audience.
4) Pricing that isn't competitive.
5) Free services available.
I believe these ideas can be addressed by introducing a duration use discount and a pricing platform low enough to bring the people who often use free services.