Final Reflection

For me throughout the semester it was tougher to make the elevator pitch videos, and the interviews due to the fact it was harder to conduct and get though for time reasons. Yet the most interesting aspects were hearing from various people and their needs for my opportunity and venture. The most formative experience being the readings that helped me see how professional organizations may gather information for target audiences and how necessary it is to see the needs of your costumers to make a product as spot on. As for the experience that I will remember years later is the idea napkin as it helped me realize what I needed for my venture and how to formulate the correct response to what is needed.  The most joyous experience was coming up with the idea for what I wanted to create. Lastly, I am most proud of accomplishing all of the interviews.

I would say that I do have the mindset to be an entrepreneur but do not see myself as one since I have not created the real business yet. I would say that a good recommendation for those going down this path is to be opened minded and willing to change your idea based off of feedback and the signs of the times. In order to foster this mindset you will have to take chances and reach out of your comfort zone to random people to get a good grasp of what you need to accomplish.

Venture Concept No. 2

Opportunity:

1.     The people that have this need are those that have a caffeine addiction, caffeine sensitivity, or prefer not to ingest caffeine.

2.     The nature of the need is for those that cannot or will not drink caffeine.

3.     What is creating this opportunity is the necessity for people in todays society to have a competitive advantage that caffeine gives to people, but there are people that cannot ingest caffeine for a plethora of reasons.

4.     The market is geographically in the United States but looking at a smaller city and the demographic ranges from college age to late adulthood.

5.     They are satisfying this need through holistic alternatives to staying away from caffeine in general or take additional supplements to stay attentive. Their loyalty can sway but it is based on how well they like their current beverages or supplements.

6.     This opportunity is a niche.

7.     The window of opportunity will always be open as along as society keeps down the trail of keeping busy and putting work first.

Innovation

The innovation that I seek is finding a way to make the best concoction for a fast energy boost, high attentive level, and no crash at the end of the day. Also, a drink that will allow the user to drink throughout the day.  this will allow people to get through their day without any hiccups and be at maximum energy levels so that they can promote a learning environment that will foster growth and commitment to their workplace or university. It would work by creating a beverage that will have many natural herbs and spices that will be expertly mixed together and given correct proportions so that the user feels an effect like caffeine.

In the same sense, what I am trying to sell is a drink that gives people an increase in energy without the lasting effects of grogginess of caffeine due to the all-natural mixer of ingredients and per bottle I will be charging $6 per bottle to cover costs.

Venture Concept

The reason I think customer would switch to this product is because it would stand out by the décor of the bottle and would incorporate holistic herbs and spices that would have a distinct and tangy flavor, however I will say that it would be difficult to switch to my product because of competitors, brand loyalty, and a feeling of not wanting to try something new. The competitors are other people who created holistic alternatives to caffeine for those with a sensitivity to caffeine. Their weaknesses could be the taste and quality of the products that the competitors use or a vulnerability being not able to reach out whether logistically or having the means on social media. In addition, the packaging is something that I am relying on heavily to create a artsy bottle that will provide an amazing experience for the user while being able to reuse the bottle so that waste is reduced. The cheap price points that I plan to introduce are a reason that my product will outshine over the competitors. The distribution is a major aspect that I hope will allow me to reach across the nation and customer support and experience is essential in making sure that the consumers are happy with the product and will take any critiques to improve the beverage. The business would be organized by optimizing the small staff needed to create the beverage and finding a great shipping service to reach out to the people along with a small social media team that will help promote the product. Along with introducing a brand reputation program that will help me create a brand image and position in consumers’ minds as a reliable and tasty alternative to caffeine.

Three minor elements

The most important resource that I will have is a remarkable team that will not only put on great social media campaigns but also one that will foster growth within the organization so that the best of the best is created for our product.

What is next is that I would like to tackle the creation of other flavors or blends to increase revenue and hit different taste palates.

In five years, I hope to have various flavors, a good margin of growth, and a humble following to support my venture.  In the next decade, I hope to have this as a suitable income that will help supplement a comfortable life and it would help achieve my vision of being a supplier to the people that need energy but cannot have caffeine

Brand Reputation program

The feedback that I received was all positive from those that wrote a response for my blog post. The most impactful one was to include a brand reputation program to ensure my venture is received well and has a position in the customers’ minds.

Not much changed in my venture as stated above since the feedback was great.

Your Exit Strategy

For my exit strategy for my venture I plan on selling it down the line so that I can retire in peace and have a large sum of money for myself, and my family in the future. I chose this particular exit strategy as it would set up my family in the future and ensure that we had a source of income up until we did not need the business anymore. As I am sure that the need that I am addressing can be changed as technology advances or new supplements are created making the market harder and harder to hold on too. As of now, I do not think that this exit strategy has impacted my venture concept because it has evolved as the course went along and was something that was not considered until this point. It most certainly has not impacted my opportunity or the idea that I had for my venture since it was not a considering factor up until now. The only thing that I would consider to be possibly impacted by the exit strategy would be the growth I plan to make in my venture. I was never intending for this venture to persist into the far future because this idea was just a concept that would generate background income and would not be a career option.