29A – Venture Concept No. 2

Here's what you need to do for this exercise.

1)What are the forces or changes in the environment creating this opportunity?  The forces of creating a product that will benefit everyone of all ages, the changes are not much because there are several services already provided in cities across the world.

·      How is this market defined geographically and demographically? Geographically it is defined by locals in whatever city I choose to place it in; Gainesville, Orlando or Winter Haven. Demographically it can be a service for everyone but especially for those of 21 years or older and to be even more specific the millennial generation. Once again though it IS for everyone.

·      How are customers currently satisfying this need?  And how loyal are they to whatever they use now?  They satisfy their need for somewhere sustainable by buying from whole foods, trader joes, and farmers markets and there being more of a push for IPAs and craft brews than for the normal Budweiser or Samuel Adams brew. I think they have medium loyalty because they will go to the same places and drink/eat the same things every once in a while, but they would always be up to trying something new.

·      How big is this opportunity? It’s a pretty open and large market for the opportunity if outside factors can be planned accurately; choosing the right city, marketing/getting the word out well enough, explaining why this would be the best choice in terms of what I am providing.

·      How long will the “window of opportunity” be open? I think it will always be open especially in these upcoming years, as it gets older I believe the customer base will get even larger because it was the start with the millennials that they want something sustainable and eco-friendly and that will just start getting bigger and bigger as the generations to come see this too.

Innovation can be defined as a new or creative service, product, or process that can be applied in the marketplace to address customer needs. My innovation is to create a place that has what every green customer would want in one place. This is included farm to table food, craft brews using recycled glass, recycled furniture within the restaurant, using renewable energy to operate everything and then even having an area where local artesian can have their items for sale to support the local community. It is a place for good food, good beer and feeling good in general knowing that we need the entire world to become sustainable but you are doing a small part by being a patron to an eco-business. What it does is provide everything listed above. How it works would be finding the suitable place to create this restaurant, talking to farmers and artesian in the area to see if it is something they would be interested in supplying craft furniture and groceries for the food of the restaurant; then find a suitable venire for it to be and installing renewable energy, finally marketing so it can be a success. I will make money in what I am selling: it is an environment where you enjoy the food and drinks you consume and have the chance to see your neighbor’s artwork/crafts to buy and support them, also while you consume the food you are supporting your other neighbor’s farms and their livelihood. I will be selling it for a normal price that any sit-down restaurant would charge, that is the whole point is to take being sustainable and eco-friendly away from being elitist and too expensive for working-class families to enjoy. There would be nights of discounts where bring your children to enjoy and get 20% off your meal to encourage eating healthy and getting them to be educated about going green. And there would be other initiatives where our core value of saving the planet would be heard by all who come through the door.

A venture concept may be defined as the application of a specific innovation to address a specific opportunity. My innovation will solve the opportunity of educating as many people as I can and creating an environment of learning and enjoying good food and beverages. Customers will buy my innovation because Americans now more than ever enjoy going out to eat so why not dine somewhere affordable and that supports your neighbors in your community.

·      What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?  They would switch once they see good reviews and talk around the town about how the venture is affordable and delicious. I don’t think it will be hard if I choose the right place to implement it, I am looking for a strong community base so I would think Gainesville or Winter Haven (my hometown).

·      Who are the competitors?  What are their possible weaknesses or vulnerabilities?  My competitors will be the chain restaurants that are affordable and known to have good food; like Chili’s, Fridays, Olive Garden, etc. Their weaknesses are they are corporate and even though they provide jobs for many they also take money from smaller farms etc. for their food. Also, that their food is commercial filled with GMOs and other things that shouldn’t be in normal food.

·      What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept? All of these factors play a huge part in defining my business concept; we would not use plastic or Styrofoam for anything within the restaurant everything would be used from recycled materials that are not harmful to the environment, my price points would be affordable depending on how much I would be charge for food and everything else(would be the last thing figured out), distribution goes hand in hand with my location, customer support would also go with the previous of location and distribution – hope to go local where I have lived a number of years so I can get support from those relations, and my customer experience would be brilliant amazing experience because it is the whole reason this became a thing was to provide a great experience for creating more eco-friendly people.

·      How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?  I would organize it the normal way of creating a restaurant venture. A number of employs would depend on the size of the venue and if later on in the life I decided to create a chain and spread it throughout Florida or internationally. Lots of buts and ifs.

First, describe what you think your most important resource will be. You might call this your venture’s “secret sauce” or “unfair advantage.” Besides your actual innovative product, service, or process, what will you have that will make it hard for competitors to copy your success?

We literally did this on an assignment so I don’t know why we need to reiterate it. It will be local and sustainable that’s my not so secret sauce. What will be hard for competitors to copy is that it is a grass root movement and push towards green dining?

Second, what’s next for the venture? Describe either the next opportunity you want to tackle with your current innovation or describe the next new product, service, or process that may be aimed at your existing customers.

My current venture is my next venture. I don’t plan on ever becoming an entrepreneur so for the sake of this class I would focus solely on my restaurant and create it to the best of my ability if this was a reality. I wouldn’t try to stick my hands into anything else.

Third, what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision?

5 years from the launch of it, I would want to be successful with a family and running the business but not being as hands on. In the next decade, I would not want to be an entrepreneur. This first venture would have been something I would pass on to my uncle or friend who would want to operate it while I dealt with my kids and other items of my life.

2) Provide a summary of the feedback you received from your previous venture concept description. 

I wasn't told much negative feedback because I don't think any of us have the right to truly judge the thing since none of us have successful ventures. So I know personally I didn't provide any negative feedback on anyone. I highlighted their positives. 

3) Describe how you changed your venture concept, based on what you learned from the feedback.

I didn't really change my venture concept because I dont think there was much to change because this is just for a class not an actual business idea I am going to complete.