·
Opportunity:
I believe the University of Florida should have a musical therapy facility that
would allow students to feel at ease.
o
Who
has the need?
§
Students
at the University of Florida who tend to be feel stressed out by numerous
causes.
o
What’s
the nature of the need?
§
No
matter where you may be on campus, you’ll always find a student complaining
about the stress. Thus, I’d say the need is pretty prevalent.
o
What
are the forces or changes in the environment creating this opportunity?
§
Classes
are becoming more difficult; lack of resources that the CWC currently provides;
lack of emphasis on mental health in all communities at UF
o
How
is this market defined geographically and demographically?
§
Geographically:
Only pertains to UF students
§
Demographically:
In conjunction with UF’s current student demographics
o
How
are customers currently satisfying this need?
And how loyal are they to whatever they use now?
§
They
are probably finding their own methods of relieving their stress through yoga,
going out, reading a book, or other means. Their loyalty isn’t that strong as
they don’t do the same activity on a consistent basis.
o
How
big is this opportunity?
§
Depends
on the particular student. I believe this opportunity has a lot of potential
because everyone has a liking for music.
o
How
long will the “window of opportunity” be open?
§
I
honestly do not know but I am assuming there is no specific date, unless
another individual develops a similar concept to mine that eventually
progresses further.
·
Innovation
o
What
is it?
§
A
musical therapy facility established at UF; it would be considered a service
available to all students
o
What
does it do?
§
Helps
students destress and improve their emotional, mental, physical, and
psychological health.
o
How
does it work?
§
Therapists
accompanied with either prerecorded or live music will place students in a
state of ease and provide them with several practices to release tension. The
rooms would be lit by special visual effects to create a certain mood.
o
How
will you make a profit?
§
I
would make different packages available for the students, with the most
expensive including the most benefits and time in the room.
·
Venture
Concept
o What are the reasons to think
customers would switch to this new product?
How hard will it be to get them to switch?
§ Customers are not satisfied with
their current methods of stress management. I don’t think it would be that
hard.
o Who are the competitors? What are their possible weaknesses or
vulnerabilities?
§
There
are currently no competitors in the market.
o
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?
§ Business location
is important because students need to be able to easily access it. I would
prefer for the facility to be somewhere near the central point on campus.
o
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?
§
I
would establish various marketing methods to attract students, and I would
ensure that the revenue earned would be sufficiently more than the expenses
incurred. In the beginning, I would hire about 10 therapists, 3 custodians, 10
technicians for audio/visuals.
· First, describe
what you think your most important resource will be. You might call this your
venture’s “secret sauce” or “unfair advantage.” Besides your actual innovative
product, service, or process, what will you have that will make it hard for
competitors to copy your success?
o
As
I stated in the last assignment, my ambition will be my most important resource
because without it, the business won’t make it far into longevity.
· Second, what’s
next for the venture? Describe either the next opportunity you want to tackle
with your current innovation, or describe the next new product, service, or
process that may be aimed at your existing customers.
o
I’m
not so sure. I feel as though everything that I currently mapped out for my
opportunity is in a good position.
· Third, what’s next
for you? Assuming you launched, where do you want to be in five years with this
venture? Where do you want to be, as an entrepreneur, in the next decade, and
how does this first venture help you achieve your vision?
o
In
five years with this venture, I envision myself and others establishing more of
its kind at other universities. In the next decade, I’d like to own my own music
recording studio. My first venture would provide me with the skills and
resources necessary in establishing a business.
Changes made: Based off of feedback that I received, there really weren't any necessary alterations that had to be made to my venture concept.
