19A

  • You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
a. I am a people person, which makes conversations with others effortless and I could do it all day. I have been reading a lot of books and watching videos on how to increase focus and how to also become less distracted. This has become one of my greatest hobbies. It is also something where learning for me is effortless. Starting up a business in this niche would be one of the best areas I could imagine because all the administration tasks, creating the content would be something I would enjoy. 
  • What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
a. The customer's unmet needs are productivity and high focus without being distracted. The course I am offering will help students that feel extremely distracted and unfocused. I am giving the user guide to becoming more productive overall by giving him/her techniques to reduce distraction, while I also offer guidance and support when questions arise. The user needs someone to keep him accountable otherwise the teachings will not have a great effect. The product is an online course that deals with the topic of distraction (mainly our phones). The course consists of a video series and challenges that will guide the user to be more focused. During this process, the user will be in contact with a coach if he has any questions or concerns. The coach will also keep him/her accountable and will support the user for a certain period after buying the course (around 8 weeks).


  • Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
a. All my customers have the burning need to become more productive in common. They are looking for a person that understands their situation and can resonate with their current issues. I would target the segment of college students because they are my age and I believe they would be most attracted to my product/service. I would start advertising to people around the UF campus because they are near me and they are in the target segment. Also, potential customers can be found in a variety of places online. 
  • Why do they care? Your solution is only valuable insofar as customers believe it's valuable to them. Here, explain why customers will pay you money to use your product or service.
a. This product/service would be valuable to my target group because productivity often translates into happiness, and every human being is chasing happiness and would be willing to pay for it. Also, some students feel so lost, unproductive, and distracted that they would be willing to pay money to get their life intact again. The potential customer will see testimonials of previous buyers and will want the same success. If the potential customer sees other people succeed, he will be willing to spend a good price. 


  • What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
a. I might not be as experienced as older/wiser people. But because I am targeting people my age and there are no coaches/supporters in this field in my age I have an advantage of understanding the customer better and relating better to him/her. Also, I know people studying psychology and actual psychologist that could help me out get this off the ground. 

In addition to these five elements, please send a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.
      The biggest issue I believe I have with this product/service is the credibility part. I do not have any credibility (yet) to teach anyone besides experience but no title/certificate anything. Also, certificates are becoming less valuable in my opinion and if one can deliver the value, it does not matter too much if one has a certain degree or not. Still, I believe this will be the greatest challenge to overcome. Overall, I think my passion fits well with the product, which would make the work interesting for me. Besides, I included a way to make the customer have more trust in the product before committing, by seeing testimonials from others, that changed their life’s with this product/service. 

For the "feedback memo" -- please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin.
From the feedback I received, I realized that I was on the right track with my idea because there are other people out there trying to target the same segment, for similar reasons. The feedback also showed me that the market I would be in is growing and is becoming a great issue in the future. After receiving the feedback, I added multiple aspects to my napkin. For example, I included more specific detail on what the exact product/service is and who I am exactly targeting. 


Comments

  1. Javier ChaconNovember 3, 2019 at 2:48 PM

    Hello Steve,
    I think that the fact that you have done a lot of watching videos and reading books about focus/distraction will provide you with greater insight into the problem that you are trying to address and could make your concept have a greater chance of success. Being a people person is a great attribute in communicating to consumers and emphasizing the seriousness of the problem as well as the effectiveness of your product. I agree with your analysis of why customers would buy your product, as productivity is a critical attribute especially in college/workplace. By alleviating consumers of distractions and allowing them to become more focused, they may in turn become more successful now that they can focus 100% on their work. I agree that certifications do not necessarily add to creating customer value, but I do think that one way you can establish credibility for your concept is through consumer feedback. By offering trial runs, you can test your product concept and get honest consumer feedback that can be used to drive credibility for your concept.

    ReplyDelete
  2. Henry BuNovember 4, 2019 at 7:32 AM

    Good morning Steven,
    It is clear that you are very aware and knowledgeable about the basics of your idea. It is evident that you are able to describe your idea thoroughly for readers to understand and hop on board. Additionally, it is interesting that your hobbies complement the idea that you are attempting to propose. All aspects of your idea fall perfectly with one another. Therefore, I believe your idea can be supported and that your descriptions were successful in convincing readers of the need for increased productivity. Great work!

    ReplyDelete
  3. Jaylynn RivchinNovember 4, 2019 at 8:20 AM

    Hi Steve,
    I think that students often struggle with focusing and getting distracted daily. After reading this post, It has shown me that you are very passionate about this topic and have put in a lot of time and work into developing such a great idea. I think that adding your target audience and being more detailed really helped others understand what and why this product should be developed.

    ReplyDelete

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