Assignment 19A – Idea Napkin No. 2


Assignment 19A – Idea Napkin No. 2
o     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?
o     My name is John. I think some of my skills include having a strong work ethic, having strong communication skills, being independent and open minded.  If I were to start this business, I think it could potentially play a huge role in my life. Regardless of whether my business idea ended up being a success or not I would still look back on the experience fondly, because even if this business idea didn’t pan out, I would take the failure and use it as a learning experience. I think that’s what entrepreneurship is all about: not necessarily about the success, but about how you handle failure. I think if you handle your failures well, you will learn from it and eventually come up with something that ends up being successful.
o     What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 
o     This is one aspect that has changed from the first idea napkin. My new idea came from my first elevator pitch: a service that brings you coffee (or any other caffeinated beverage) to you whenever you need it. My service, coffee on demand, allow my customers to get coffee when and where they need it without having to wait in lines.
o     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?
o                     I think that the demographic of my service would be 18-30 year old’s.  my primary demographic would be college students because they consume a lot of caffeinated beverages and they are constantly trying to balance their school/work and social lives, so they would most likely benefit the most from this service. I think the average working adult would benefit from this service would benefit from my service as well, because there is no need to limit myself to one specific demographic. The one thing that all my customers have in common is that they all have extremely busy lives and need some sort of caffeinated beverage to get through there hectic weeks.
o     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. 
o     I think customers will actually pay money for my service because it is unlike anything that is on the market right now. A lot of places that serve coffee have mobile apps, but it still requires that you have to go to the establishment and wait in some sort of line. My customers are either too busy or too impatient to wait in line and they will pay to get coffee when they need it.
o     What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 
o     I think one of my core competencies is my tenacity. I think I have the willingness and eagerness to see this idea through, especially because I believe that it is a viable business idea. I think I have an idea that is unique and that hasn’t been done before, the only thing that comes close is uber eats (and similar services), but my idea caters to a more specific market that uber eats does not cater to.
o     In addition to these five elements, please spend 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. 
o     I believe that all of these elements fit well together. One of my only weaknesses is that I do not have the required connections to see this idea through. I would still need someone that can program applications and is therefore more tech savvy than I am because I do not know how to make an app.

Feedback Memo: 
I think one of the main things I changed based on my feedback is that I came up with a new business idea. I received a lot of feedback on my original business idea that indicated I should change my idea drastically or just come up with something new entirely. I decided to go with the later and come up with a new business concept. Also another takeaway I had from my feedback is that I should try to distinguish my idea from similar services, which I have and will continue to do in future assignments.

Comments

  1. Blake StricklandMarch 29, 2020 at 11:45 AM

    Hi John,
    I enjoyed reading your idea napkin, because it seems you are very true to yourself, and I respect that you changed your business idea entirely. I think the same way as you in a sense, because I totally agree that I would look back upon my business venture, even if it were a failure, fondly. I believe that this coffee delivery service is definitely a better plan, because it is very unique. Also, UberEats, DoorDash, etc. don't typically deliver coffee.

    ReplyDelete
  2. Brynn's ENT BlogMarch 30, 2020 at 8:30 AM

    Hey John,
    I think that strong ethics and communication skills are very important in any job due to the high demand of personality. It will get you far in business deals and often consumer activism. If you are one of the best bosses you are usually well rounded. I think that the super mean bosses are often over exaggerated and too much so it's important to remember ethical decisions and being communicable with them.

    ReplyDelete

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