Who I am: I am a college student who attends the University of Florida. I like to believe my talents include being a logical thinker and ability to grasp information and feedback relatively quickly. My skills include being an innovative thinker and an ability to not get emotional when it comes to anything in business. In regards to my business concept, I see my business playing a huge role in my life. It would allow me to become a customer of my own product, benefiting from the lower costs I want to bring to the market.
What am I offering: My product is a flexible contract which will allow students to not have to pay for summer months rental prices if they do not wish to.
Who I am offering it to: My customers all share one common thing: location. You must live in Gainesville to utilize my product and be a college aged student. Beyond that, there is nothing special or any requirements that you need to utilize my product.
Why they care: They care because they will save money on renting and allow them to have more freedom in how they use their time.
Core competencies: My core competency would be my ability to think differently and challenge traditional thinking. Having that competency allows me to move first, something that is incredibly important in any business endeavor.
I believe all of my elements fit together extremely well. I believe since my concept is relatively simple, its something that is universally appealing. There is nothing that particularly differentiates it or requires a certain customer type, mostly anyone in Gainesville fits. Since I also have the problem, I understand the why and how my core competencies help my business. Overall, I do think the elements fit together nicely.
Feedback Memo: Two main points I took away are be simple and be fast. In terms of simplicity, I made sure to make it very easy for anyone to understand my business idea. In terms of speed, I made sure to point out the fact that it is my core competency. Simplicity and speed is what makes my business idea viable and able to be implemented in the market.
I think the combination of your core competency, which is your speed of concept to market, and the differentiation within the product itself sets you up for potential long term success. Additionally, if the fit of each element spoken upon does in fact fit together as you say, the success could become realized quicker than expected.
ReplyDeleteI also felt that I needed to be simpler and more clear so my audience can understand what I am saying. Since we know the ideas, we often move too quickly through what we are saying and leave connecting thoughts out of what we say. I think this post made it very easy to understand the product you are creating and I agree that it has a good base here in Gainesville.
ReplyDeleteHi Josh,
ReplyDeleteI think by you knowing most of these things such as who you're selling to and why they should care are extremely important. Also your core competencies, if true will really set you apart in your business venture. Those two things there are what set apart good business entrepreneurs and bad ones. By challenging traditional thinking, you are always on the look out for ways you could improve things. Which you have done with your rent idea which I think could be very successful.