29A – Venture Concept No. 2
1) Opportunity:
2) People liked the format of the way I did my venture concept assignments, so I decided to keep the same formatting and add various bullet points to even further my point. Also, they liked how my company would become nationwide which would be helpful for consumers. One person said that there are already insurance companies, and that mine isn't much different. However, I disagree because there is no true insurance for phones that exists today. You can buy apple insurance, but this only lasts a maximum of 3 years, and even with the insurance, all it does it discount your repair fees, you still have to pay hundreds of dollars to fix your phone. My service is like no other because we have no questions, no fees, nothing, we give people their phones repaired at a $0 cost. This is feasible because the insurance is expensive but broken down to a monthly fee so it is affordable.
3) I changed my venture concept by making it more nationally spread, so instead of having a few stores in states, I want them in almost every region and be easily accessible. Also, I made my concept more clear in that no other company currently offers what I plan to offer.
4)
- Paying for cell phones is a huge expense nowadays but also essential because it seems that in these days, nobody can live without a phone.
- People, even if they are not wealthy, own smartphones and they keep increasing in price as seen in the new iPhone X which starts at one thousand dollars.
- Without a phone, people are prone to being stuck in a dangerous situation or not being able to make plans and get in contact with others.
- People rely on their phones to get places with the Maps app, rely on it to get around with bus apps (like RTs), to connect with friends over texting and phone calls, and use social media like Facebook, Instagram, Snapchat. Other apps like internet, compass, exercise apps, calculator, photos, etc, are very important to society.
- So what happens when something happens to your phone? It is essential to have one, so what do you do when it breaks or gets damaged.
- People are forced to pay huge sums of money to either replace or fix their cell phones. This is a huge expense that people have no choice to endure.
- People need a way to not stress that there phone could break at any moment because of a small mistake and have that small mistake cost them hundreds of dollars.
- There is a need for a better type of phone insurance plan, where people do not have to pay a penny if something happens to there pone and they can get a new, working phone at no cost to them (other than paying for the insurance.)
- Who has this need? Every single person who owns a phone, which is almost everyone in middle school and older.
- Potential customers will be younger children who own phones and who's parents are worried about them damaging their phones because of carelessness. Also, students in college and younger generations due to their lack of care to these devices sometimes.
- Americans and europeans I think will be my biggest target market.
- This window of opportunity will be open for as long as people are so reliant upon their phones and there becomes no better substitution for my services.
- My insurance service is an innovation because no other company offers what I am.
- As of now, when someone breaks their phone, they either have to deal with a broken phone or pay to fix it or pay for an entirely new phone.
- My service will allow, for a yearly insurance plan fee, people to get free repairs to their current phone with no questions asked and immediately.
- Currently, you have to go to a certain store, pay a large fee, and then wait days or even weeks for your phone to be fixed.
- With my innovative service, I will have locations in every state, and offer immediate services and 1 day shipping if you are not near a store.
- I do not need to worry about making people switch from one product to another because there is no other service like mine
- My service is basically just an extra security measure to make sure people don't throw away more money when or if their phones break
- The only competitor that could exist would be repair shops if they were to lower their costs extremely, but even so, I would be Apple certified so people would trust my product more and in the long run it would be cheaper.
- Since I will be working with phone companies, we will not be in competition.
- I would have to have thousands of employees since I would have so many store locations, as well as employees to work in factories to ship out phones.
- Obviously, my insurance cannot be outrageously expensive so people are still motivated to buy it, but also it needs to be expensive enough where I do not lose money on providing my unlimited free repairs.
- To make it more affordable, I will make a yearly or monthly fee for the insurance, so at first I may not make profit but in the long run, I will.
- Over time, people will be able to afford my service and I will make money.
- I will have at least 10 stores per state so that they are widespread and easily accessible. With my 1 day shipping, if people happen to not be near a store, they can still get prompt service.
- I want to be nationally spread, so anyone in any region in the United States can have access to a store location and get prompt service and delivery.
2) People liked the format of the way I did my venture concept assignments, so I decided to keep the same formatting and add various bullet points to even further my point. Also, they liked how my company would become nationwide which would be helpful for consumers. One person said that there are already insurance companies, and that mine isn't much different. However, I disagree because there is no true insurance for phones that exists today. You can buy apple insurance, but this only lasts a maximum of 3 years, and even with the insurance, all it does it discount your repair fees, you still have to pay hundreds of dollars to fix your phone. My service is like no other because we have no questions, no fees, nothing, we give people their phones repaired at a $0 cost. This is feasible because the insurance is expensive but broken down to a monthly fee so it is affordable.
3) I changed my venture concept by making it more nationally spread, so instead of having a few stores in states, I want them in almost every region and be easily accessible. Also, I made my concept more clear in that no other company currently offers what I plan to offer.
4)
As i said in your last venture concept post, the bullet point format is really helpful in following along with your post. With an idea such as this, you need a nationally spread company. In fact you'd probably benefit most by collaborating with the product providers (i.e. Apple, Samsung) or telephone providers (i.e. AT&T, T-Moblie). Also your idea is unique because of your "no questions asked" policy.
ReplyDeleteI love that you kept the bullet point format as it is so easy to read and understand exactly what you plan to do and your strengths. I also like that the feedback led you to make such strong and smart changes like making your business more nationwide. You've always reflected on feedback and I can see that you did that again very well.
ReplyDeleteI love that you changed your concept in order to be a more national scope. I like how you further explained how your service is different from the ones offered. I also enjoyed how you used the feedback you got to your advantage in order to make your service better.
ReplyDelete