25A – What’s Next?

Existing Market. 

Step 1: What is next in terms of my services is to actually make it a reality and then determine if it is successful enough to make into multiple restaurants. 

Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. 

1. the first believes if we are talking about before I actually do it, I need to create a solid plan of where to buy how much it would cost, how much all the equipment would be, and to really finalize all the details of an actual restaurant before I focus on the sustainability aspect.

2. They answered the question about my ideas on what the customers might want and they recommended that they would want an ambiance that is good for relaxation and a good view if I truly want to have a successful place in a small town, a place where people can come wind down. 

3. She said that what I am not doing right now is taking this serious enough if I wanted it to be a reality and really really research everything about running a startup business especially a restaurant and then bank loans on top of my school loans if I have any and all of that. 

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growth in your existing market.

What makes the most sense for my venture in the existing market is everything I have done so far. Obviously, it needs a lot more research to execute it but for the time being in terms of this assignment, it is perfect. Since I am not going to execute this than there's really no point in me wasting time looking at property, supplies, equipment or any of that sort. 

New Market.

Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.

I am thinking about targeting the middle-class family but if I were to go to the extreme of poverty it would be a disaster and I would make no money. Because hard working people still living in poverty wouldn't spend their money on a "bougie" dinner. I was making my price for my target market of the middle class the most affordable I could make it without going into a deficit. I believe even that low would be too much for a family in poverty even with discounts. I would fall into debt and eventually bankruptcy. 

Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!

I would not create value for the mass of the people maybe a couple of the ones who have aspirations to go to college and leave their poverty behind. The value I would provide for them would be culinary and sustainability-wise. Once again everything that is against sustainability is because it is cheap and affordable so of course an impoverished area couldn't care less about the environment or the elephant or tree species that are going extinct if they struggle to make ends meet.

Step 3: Interview two people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be a help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market? 

I don't know anyone personally who lives in extreme poverty and I would not feel comfortable going around asking classmates or friends or talking to homeless people on the street. 

Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on.