1. Opportunity
(1) who has the need (i.e., who are the potential customers?)
The customers who have the need for my product are consumers who are into stylish retro clothing, specifically the collegiate crowd where styles are hot and trending very fast.
(2) the nature of the need.
The nature of their needs are to look good in public and always keep up to date with the trendiest clothing.
What are the forces or changes in the environment creating this opportunity?
The forces in the environment that create these opportunities is trends. Every day there is something new trending in the style world and with my clothing line specifically targeting the collegiate crowd.
How is this market defined geographically and demographically?
Demographically the market is designed by the four years of college students; in other words, every year theres always something new that is trendy and everyone wants it. This market consists of college students between the ages of 18-23. Geographically, this market is in sections of states all over the nation. Every college campus can be aware of the styles of my company through social media.
How are customers currently satisfying this need? And how loyal are they to whatever they use now?
Customers are satisfying these needs by being trendy and staying up to date with their styles. Students go out and buy the clothes thats hot during the time and spread the word normally.
How big is this opportunity?
This opportunity is probably one of the biggest ones I've seen pop up, especially due to the fact that I have support from big names in the music industry who'd be willing to promote and wear the clothing.
How long will the “window of opportunity” be open?
This window of opportunity will be open forever pretty much, since trends have always been a forever thing.
2. Innovation
3. Venture Concept
My rescue for this product I offer is the source where I buy the clothes wholesale. I can always drop prices as a last chance but its highly unlikely. What sets it aside from competitors is the style difference and quality comfort of the clothing.
What's next for this venture is to bring attention to it and reel in more customers to hype them up for releases. The next opportunity I wanna tackle in this plan is to start making the shirts. The next product in line for this is unknown, but for sure will be accessories.
What's next for me? I'm aiming to have this company through the roof blooming in 5 years. As an entrepreneur, I just want to be successful.
(1) who has the need (i.e., who are the potential customers?)
The customers who have the need for my product are consumers who are into stylish retro clothing, specifically the collegiate crowd where styles are hot and trending very fast.
(2) the nature of the need.
The nature of their needs are to look good in public and always keep up to date with the trendiest clothing.
What are the forces or changes in the environment creating this opportunity?
The forces in the environment that create these opportunities is trends. Every day there is something new trending in the style world and with my clothing line specifically targeting the collegiate crowd.
How is this market defined geographically and demographically?
Demographically the market is designed by the four years of college students; in other words, every year theres always something new that is trendy and everyone wants it. This market consists of college students between the ages of 18-23. Geographically, this market is in sections of states all over the nation. Every college campus can be aware of the styles of my company through social media.
How are customers currently satisfying this need? And how loyal are they to whatever they use now?
Customers are satisfying these needs by being trendy and staying up to date with their styles. Students go out and buy the clothes thats hot during the time and spread the word normally.
How big is this opportunity?
This opportunity is probably one of the biggest ones I've seen pop up, especially due to the fact that I have support from big names in the music industry who'd be willing to promote and wear the clothing.
How long will the “window of opportunity” be open?
This window of opportunity will be open forever pretty much, since trends have always been a forever thing.
2. Innovation
I would like to you discuss your innovation in moderate detail. Explain what it is, what it does, and how it works. You should also describe how you will make money – in other words, what, exactly, are you selling and for how much?
My innovation ideas for this opportunity are very broad, because its such a huge market of collegiate students. I will make money simply by the profit margins from buying the clothing at wholesale and reselling it for a few dollars more than I got it for. To be specific, I will be selling tees, hats and tanks with all-black designs that were inspired by the styles from Europe. These styles will also be available in various comfort ways. Tees and hats will be at $20, tanks will be at $15.
My innovation ideas for this opportunity are very broad, because its such a huge market of collegiate students. I will make money simply by the profit margins from buying the clothing at wholesale and reselling it for a few dollars more than I got it for. To be specific, I will be selling tees, hats and tanks with all-black designs that were inspired by the styles from Europe. These styles will also be available in various comfort ways. Tees and hats will be at $20, tanks will be at $15.
3. Venture Concept
A venture concept may be defined as the application of a specific innovation to address a specific opportunity. In this section, describe how your innovation will solve or address the opportunity you identified. You also want to explain why customers will buy your innovation. In describing the concept, you also want to be sure to cover issues such as:
My innovation for this venture concept will solve the opportunity I mentioned above because trends are always happening. Its a never ending market, especially with college students. The 4 years of college are always one of the most trendiest time periods of a person's life.
My innovation for this venture concept will solve the opportunity I mentioned above because trends are always happening. Its a never ending market, especially with college students. The 4 years of college are always one of the most trendiest time periods of a person's life.
What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch?
The reasons customers will switch to this new product, is because it'll be trendy and superstar producers who they admire and follow will be supporting the clothing. In marketing of clothing styles, advertising through having famous people wear the clothing always does the job.
The reasons customers will switch to this new product, is because it'll be trendy and superstar producers who they admire and follow will be supporting the clothing. In marketing of clothing styles, advertising through having famous people wear the clothing always does the job.
· Who are the competitors? What are their possible weaknesses or vulnerabilities?
The competitors are other clothing brands, like vineyard vines, polo, nike and adidas. Possible weaknesses of these competitors are lacking the trendy college styles that these students would enjoy.
The competitors are other clothing brands, like vineyard vines, polo, nike and adidas. Possible weaknesses of these competitors are lacking the trendy college styles that these students would enjoy.
What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?
How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
Packaging, price points distribution and customer support all play a huge role in starting this company. When dealing with clothing, it is crucial that timing for shipping and satisfying your customers is going all well.
Packaging, price points distribution and customer support all play a huge role in starting this company. When dealing with clothing, it is crucial that timing for shipping and satisfying your customers is going all well.
The three minor elements
My rescue for this product I offer is the source where I buy the clothes wholesale. I can always drop prices as a last chance but its highly unlikely. What sets it aside from competitors is the style difference and quality comfort of the clothing.
What's next for this venture is to bring attention to it and reel in more customers to hype them up for releases. The next opportunity I wanna tackle in this plan is to start making the shirts. The next product in line for this is unknown, but for sure will be accessories.
What's next for me? I'm aiming to have this company through the roof blooming in 5 years. As an entrepreneur, I just want to be successful.
Joey, this submission is almost identical to your first venture concept and does not incorporate the changes you made or feedback you received from it. I would encourage you to practice writing and revising your venture concept if you want to be a successful entrepreneur in the future.
ReplyDeleteHey there,
ReplyDeleteThis idea has serious potential, especially when you consider the fact that there will always be college students. You previously mentioned that your product will be based off European trends, but will you focus on trends established by popular brands or something else? Anyways, check out my blog at http://blazingllamas.blogspot.com/2016/04/venture-concept-20.html