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?
I love all sports, my favorites being baseball, tennis, football, and hockey. I played tennis in high school and I was the captain of my team for three years, I now play recreationally in college. I've traveled to a lot of places and I have a knack for learning languages. I have a passion for streetwear clothing and I've bought and sold hundreds of articles of designer clothes. I'd also really like to live in New York City someday. My business would obviously play a huge role in my life, it would be my source of income as well as a source of passion. I would think about it all the time but it wouldn't even bother me because nothing is better than seeing something that you've created truly coming to life.
What:
What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
The product is a device that can sense whether or not a driver's brake or tail lights are malfunctioning and notify the driver so that he/she can get it fixed immediately. This satisfies the need of being safe while driving because the customers' lights are constantly being checked, which they wouldn't have been able to do before.
Who:
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?
Anyone that drives a vehicle could certainly benefit from this product, but the prototypical customer would likely be middle aged or older and they must care a lot about their personal safety as well as the safety of others. That is the main thing that these people will have in common.
Why:
Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.
Customers will believe that this product has value because it improves their safety will driving a car, which is typically the most dangerous thing you do every day.
What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
The fact that I have experience working for small businesses and I've already set up a small business of my own sets me apart from a lot of people because I have the experience. Additionally, I'm a computer science major so by the time a graduate I may even be able to program the device myself which would save me a lot of costs.
I definitely believe that all of these elements fit together just fine. There is an unmet need for more safety while driving vehicles and this simple device will make people's lives safer and easier. I have the experience and the skills to make this business into a reality.
It is interesting how you mention that your device is meant for all drivers. It would be cool to see through research if there is a correlation between age and how long people leave their taillight out before fixing it. I believe there is a more narrow target market that you could maybe find through research. Targeting a smaller group of people might make things easier in terms of sales later. There has to be a specific demographic that is more prone to having this problem.
ReplyDeleteHi Ryan, I also have a dream of moving to NYC one day, but for now its just a dream lol. I think your experience with entrepreneurship would benefit you if you decided to pursue this venture. One thing I think that you may not have accounted for is usually people with newer cars or leases wouldn't want to purchase a device if they're car is still new and operating fine.
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