24A Venture Concept No. 1

Business Name: Rejuvenate with Nate

· 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.