The people with the need for my product are those that are
new pet owners that do not know the foods that are good and bad for their pets.
The forces that are changing to make this opportunity possible are that
regulations on pet food in foreign countries are constantly changing and not at
the same par as pet food produced in the United States. A lot of this food is
still available in the United States though. This is a problem because harmful
products are being sold to people and they do not even know it. Graphically,
this product is for people in the United States. Demographically, this service
is for people around the 20-30 year old range and for senior citizens.
Customers are currently satisfying the need for my service by just going to the
store and purchasing whatever product catches their eye or is the cheapest.
Some of these potential consumers would be too lazy to change their actions,
since buying whatever is the easiest for them to do. If they found out about
the dangers in some food available on the market, they might think twice about
purchasing it. The older generation has trouble figuring out what products are
best as well. They might not know how to find this information out with the
ever changing technology, so if they can learn about my service, it can benefit
them greatly. This opportunity has potential to be big, but only if consumers
really like it. With a product like this, it is hard for people to spend extra
money to change their ways if they are content with what they are doing then.
The window of opportunity may be long. It would really depend on how long it
will take for foreign countries to up their standards or how long it would take
for a competitor to join the market. The biggest concern for this service would
be if people found the need to purchase it. There is a good chance many people
will think it’s just a waste of money and they can decide on what pet food to
purchase themselves.
My innovation is to have a website that shows consumers the
foods that are safe and good to give their pets. Consumers can only see the pet
foods that are completely safe to give to their pets, so they will not have to
worry about their pet's health. There will be an option for consumers to break
down their searches based on pet type, dry vs. wet food, and so on with many
different filters. By doing this, the pet owners can find the perfect food for
their pet. I will charge a subscription for users to use the website, maybe
around $5. If the website is unable to generate money like this, I might just
hope I could get money from advertisement revenue.
By creating this product, people can save money from not
having to bring their pets to the doctors for problems with their health.
Consumers would only know the best of the best products for their pets so they
should only have problems with natural causes. Consumers will buy my service to
protect themselves financially in the long run and their pet's health. I think
it will be hard to get people to start using my service. People are already
used to solving their issues themselves and will not spend money if they do not
see a reason. To make them sign up for it, I will really need to show the
potential harms of some products. There are no real competitors. The workers in
pet stores probably do a lot of recommending which would really take customers
away from me. They have no rely on their own knowledge though and there may be
different answers from person to person. There will be a customer service
number to call if the consumers have any problems so that they do not feel like
they are ever ripped off. There would not be too many employees running the
service since it would really run itself. There would not be a lot of work to
be done on a daily basis.
I believe my most important resource would be my own
resiliency. I want to be successful more than anything and I would do anything
in my power to get there. No matter what obstacle is placed in my way, I will
try to get past it the best that I can. Other competitors will find it hard to
copy my drive no matter what business I go into later in life.
The next venture for my service to is find some customers. I
need to find people that are really willing to spend on my service to get
people talking about it so that I can find more customers. I would need to
market myself better and advertise my business so more people become aware of
the upcoming service I am starting.
I hope the venture is resulting in a decent cash inflow in
another ten years. While I would not want to do this venture forever, I will
hopefully be starting something that I am very passionate about. Hopefully this
first venture will give me all the toys I will need to be successful in the
future. Preferably, I would sell the business after five years. Since this is
not a business I would really enjoy running, it might be hard for me to find
success or to give it my all every day.
I received mostly positive feedback from my peers. They
thought my ideas were unique and that I should follow through with my venture. They
liked the idea of having my product being subscription based. I was encouraged
to increasing my marketing to the older generations because they may be valuable
customers, but may be harder to reach since they do not use social media or
other technology as others. Somebody said that I should increase the
information about my next step for my venture. I was also recommended to
increase the long-term future plans of my venture.
Based on my feedback, I included a little more information
on the older generation. I became aware of the value of the older generation
later on, so I included that in my plan. I also added a little more information
to the next step for my venture. People need to be aware of a service in order
for them to purchase it. I need to increase my advertising in order to do this.
Finally, I changed the long run plan for my venture a little bit based on later
assignments. I would want to sell my business quickly because it is something I
do not see myself enjoying. Liking your job is a very important aspect of
working. If you are doing something you do not enjoy, you should stop as soon
as you can and find something you enjoy.
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