24A

Opportunity: 

More and more college students are having issues concentrating and their focus span is decreasing drastically. This is also an issue in high schools and even maybe in middle schools. My focus group for my product will be targeting college students to start with because I can relate better to them. College students are getting their work done just fine, but they are not time-efficient by opening their phones ever 15-25 minutes. By doing this and constantly checking their phones they lose focus and it takes at least 2-3 minutes to fully regain focus again.

 We, humans, are made to seek dopamine (the chemical in our brains that make us feel happy), which is released when checking social media and is easy to access fast (instant gratification). After a couple of minutes of studying our brain will want something more fun, something that gives more dopamine than the boring textbook. So, we almost subconsciously pick up our phones, which for me is a sign of addiction. Not every college student is addicted to their phones, but a lot of people feel like their phones have more control over their life’s sometimes than their minds. 

Forces that increase this problem are social media, which people are spending absurd amounts of time on. The faster the pace of technology growing the greater this issue will become. The trend right now is going into the direction of more hours spent on phones daily and the focus spans are decreasing just as fast. 

Geographically the issue is greater here in the western world, which is only my opinion. Also, I want to target U.S. college students first. My product will be sold online, for this reason, I can many colleges spread out in various states. 

So far certain apps block one’s access to certain apps on the phones for a certain time. The problem with this issue is that most people can just restart their phones and regain access again. Also, it is not a real solution to the problem. Other substitutes might be books on addiction, which is very general and does not specify on phone addiction. People are not very loyal when it comes to these substitute products. 

This opportunity is large and would help all the individuals that have issues studying due to their phone and this could support society as a whole as well. If this course could only increase student's focus by just 1-5 percent it would be a success, nevertheless, I believe this course has greater potential. In my opinion, the window for this opportunity will be open for at least a couple more years and will grow. 
Innovation: 

The product is an online video course, where I and other experts teach the customers how to regain their focus and cut out all distractions out of their lives so that they can be more productive and efficient. The course will entail different concepts, tips, and exercises, that will teach the customer how to become “indistractable”. “Indistractable” will be the name of the course. The idea is innovative and there is nothing like it on the market yet. There are substitutes, e.g. books about focus, but these are not specified on college students that have trouble being productive due to their overload on phone activity. 

Customers would pay a one-time fee to receive the online course (a video series) and they would receive an 8-week window of contacting the experts for questions and personal guidance. The cost of this product/service would be 300 dollars. The experts keep the students accountable and measure their success. 

College students will want this product or service because they realize their addiction and will notice how difficult it is to stop. It will take a lot of good references and excellent marketing because not a lot of college students can afford this product, but if I can sell to them that it is an investment into their future and it will pay off way more than what they paid for, it can work. As mentioned, there are no other businesses that offer a service/product like this, which makes it unique and might be preferred over books. 

Weaknesses of the product/service are that it takes a lot for college students to realize that they have the addiction and it will take a lot of hammering in, on their need to make them buy it. Packaging will not be necessary because it is a virtual product. Besides, an actual location for this business is also irrelevant. Depending on the demand, customer service could play a role down the road. I am the creator of the product/video series, and for the 8-week support phase, I will need to train call assistance to guide and support the customers. This can be very automated, and the staff will go through a month of training instructed by me. The number of employees will heavily rely on the demand for the product. Starting I will only sell the product because it has no cost besides the marketing and start up fees. As soon as I am seeing results, I will activate the support system and change the marketing campaign.

I believe the product can be beneficial to many college students all around the US and can increase productivity and focus in a society full of distractions. 

Comments

  1. Javier ChaconNovember 15, 2019 at 11:26 AM

    Hello Steve,
    I think you did a great job explaining your venture concept and in explaining the problem that is causing this consumer need. Discussing dopamine's impact on our cell phone usage shows that you are very knowledgable and have done your due-diligence on researching the issue. I can see why consumers would buy this product since cell phones have certainly found a way to cut into individual's productivity levels. I agree that you will first have to build a strong reputation for your brand in order to support the price level that you are targeting and that starting out with free trials may be a way to build support for your concept. In marketing the product, I think you have to emphasize why the problem exists in order for individual's to realize that they have the problem and how your concept helps solve the issue.

    ReplyDelete
  2. Henry BuNovember 17, 2019 at 1:50 PM

    Hello Steven,
    You did a wonderful job in explaining the opportunity, innovation, and weaknesses of this product. I feel that your product can influence many and have a large impact on people's lives. Cell phone addiction is a big issue that needs to be solved; therefore, your opportunity includes a large audience and can influence many. Additionally, I agree that customers are required to become aware of their addiction before they get invested into the product you are proposing. This would be a difficult obstacle for customers to get behind. It is important that you mentioned these aspects to your product. Great work!

    ReplyDelete
  3. Henry FloydNovember 18, 2019 at 7:51 AM

    Hello Steven,
    Your did a great job in writing your venture concept! I feel that your opportunity is well explained which makes it easy for me to understand how you formulated your business concept. Additionally, you have a very specific target market which will allow you to focus your marketing and save money in the long run. Finally, your innovation seems very useful. I believe that you are solving a real problem in the world today.

    ReplyDelete
  4. AnonymousNovember 18, 2019 at 8:13 AM

    Hello Steven,
    This is such a great venture concept and it is very well put together and easy to read. You really put it together in a way that anyone reading it would fully grasp what you are trying to do here. Just in the way you have explained this so easily it already would have people wanting to buy your product. It is very true that people really are addicted to their cell phones and I believe that it is important to spend time away and the product that you are offering is perfect for that.

    ReplyDelete

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