Venture Concept #1
Opportunity: Giving students a chance to earn better grades by adding on extra study tools for them for their own advantage.
There isn't any changes in the environment that is creating this opportunity. My target market is students from the grades Kindergarten to College. There is no age limit to my service but the main age range is 6 years old to 25 years old. Now, customers are currently satisfying this need by studying for themselves and gaining access to outside resources when need be. I think customers are loyal to what they are using now because they think there is nothing else better for them. I plan to change that with by service I am putting in place. This opportunity is big because I am giving students who need more help than others a chance to excel in school and develop the grades they need to feel good about going to school. The window will be open for as long as children are going to school. They will be the leading people in these next generations to come so they need all the knowledge they can get.
Innovation: My service is called Study Buddies! It is an online study program used to help students in their classes that they seem to struggle in or classes that they just want an extra boost in. Study Buddies will have the core curriculum for every subject in every state in our database so it is open to use for anyone in the U.S. It seems like a lot but it will be very easy to navigate once it is all done being made. Once a student makes an account and logs in it will already know its location so it will only show the core curriculum for that state so there is no confusion for the student. Parents will also have the chance to make accounts connected to the student's account and track their progress if need be. For this service there will be a month free trial for anyone who whats to try it out. After that, it will be $10 per month for students to continue with the service. Even though $10 is the base monthly fee, they will have access to anything that Study Buddies offers, no extra charges!
Venture Concept: I think customers will switch to my product because it is like no one has ever seen before. I don't think any other study tool has all the information that I plan on using because I'm looking for the best interest of the student while others are just looking for money in their pocket. Not going to lie, it will be difficult for my customers to switch over to my product. I think they are used to just on main study tool that does well for them in their eyes. There are only two main competitors I can think of and that is Study Edge and Smokin' Notes. The thing for them is that they only do exam studying for major classes done at UF. With my service Study Buddies, it is not only exam studies, it is course studies for any class you can think of. That's where I think I can excel better than these two competitors. I think what I am offering with the price I set it as, there is no better deal else where. Since it is online, it is easier to access than these other programs that require you to pick up packets for sometimes an outrageous price. Study Buddies is in the palm of your hand without you even knowing it. For Study Buddies there will be 24/7 online support for any technical issue on the program or any extra questions students may have on a topic. I plan to have a least five customer service techs for each state, which mean I'll have about 250 employees by my side in this operation. They will be the reason why Study Buddies will stay up and running for a very long time.
Three Minor Elements:
- My most important resource will be my versatility within my program. I haven't seen anything else that has as much content as my competitors. It will be hard for a program that is already in business to gain as much knowledge as I plan to be giving to any of my users.
- For my venture, I want to tackle the international market. I want to see the potential that my product could have overseas and have the opportunity to help students get better grades all over the world!
- In five years, I hope to be one of the most successful study programs in the world. I think this is an idea that can get me very far to where I don't have to worry much about it, I can just rely on my employees to get the work done as I am thinking of my next venture. As an entrepreneur, this first venture will really teach me the ups and downs of this career field and show me what to look forward to down the road.
Hi!
ReplyDeleteI like the points you made in your venture concept portion of your writing assignment. I think the key to growing your business will be showing students the value that you can and will provide to them. Especially during testing and finals weeks. Possibly offering free trials to give students the ability to try out the product and see how valuable it can be would be an option.
Best,
Wally
Rachel,
ReplyDeleteI think your points were very well outlined in your write up. It was very clear what the target audience was and where the issue lied. I feel like this service would take off greatly given the current educational environment of the United States. I also could see this service being used for more than just grade school students but professional and college students as well.
Hey Rachel, your idea is easy to understand and I think will benefit lots of students. I think the biggest issue with our school system is it expects all students to learn the same while those students that are well off have the financial means to seek help while those who aren't as well off do not. Your program sounds easy to navigate and is affordable to everyone. Its also nice that parents can be involved and track their childs progress. Great job!
ReplyDeleteHello,
ReplyDeletethe point you made in your post definitely do a great job of demostrating your business venture. school is definitely a challenge, and your idea will help students succeed. I reccomend you have a very simple, but effective program as this will attract more people. Overcomplicated programs usually drive people away.