24A- Venture Concept 1
Margaret Ward
Prof. Pryor
ENT3003
9 April 2020
When diving into opportunity- you should think of two things- who has the need and the nature of the need. For my opportunity I am exploring, I believe that younger adults have the need. For example, my peers and I do not usually tune into a news network every morning or read the newspaper before going to class. Though we are highly interested in the current state of the economy, we are not reliant on overly polarized news networks or reading a newspaper. Millennials and Generation Z-ers are technology-oriented. We have a strict sense of how we should spend our time, and watching the news for an hour every morning whilst getting ready for work and class and eating breakfast is not a very efficient use of our time. Although watching the news tends to be beneficial, Millennials and Generation Z-ers have a large scale yearning for instant satisfaction- they want to be able to look for information, find it, and gain exactly what they were searching for. Sifting through various websites, magazines, papers, and television broadcasts do not give them the instant satisfaction that they long for and really pretty much need at this point. These two generations have grown up in a time where information was available to them in just the click of a button. In today’s world, most textbooks are online, books are virtual, speaking to your friends just requires a keyboard, and making transactions are for the most part online where your credit card is already saved into your computer along with every other password you own. For these reasons, I believe that my opportunity has strong potential.
Additionally, as I have stated previously, my target market is Millennials and Generation Z, usually people who have a strong sense of self and a strong desire to make a change. These people tend to be collegiate students or people in the workforce already. Unlike our older generational counterparts, my target market longs for quick satisfaction and multitasking in order to save time. Consumers are currently satisfying this need by a simple google search; however, it takes a lot of time to search for everything this software could give you almost instantaneously. A current synopsis of the economy in the here and now, a very similar time in history to the current state of the economy, two graphs of both periods side by side, an estimate about the future, and facts about how the government reacted to a similar time with both successes and failures. This is where innovation comes into play- it would take a lot of economic background and programming to make this opportunity come to life, however, the innovation would pay off. Once coded and implemented, this software could be sold to companies, organizations, universities, nonprofits, small governments, and even everyday consumers like you and me- however, I would like to implement tiers and price points.
On the same note, the implementation of tiers is something I am not very sure of logistically, but I would most likely have three. The top tier would most likely be a subscription or a flat-rate fee and would include all aspects of the opportunity venture open to governments and large corporations. The second tier would also be a subscription of a lesser amount which would include major aspects, but not all, of the software and would be open for smaller businesses and companies. Lastly, the bottom tier would either be a small one time fee or a low monthly or semiannual subscription open to everyone.
Lastly, my venture concept comes into play. I do not think it would be hard for my target market to switch to my software application as there is not much available this detailed in the market. Yes, we have news outlets, online websites, and apps that show you a brief description of what the stock market is; however, there is not one single application that shows you the exact current state of the economy graphically with a similar historical counterpart and its accompanying graphic outlook. There is also not something along with what I described previously which shows you how the government reacted, what they did that was unsuccessful, what they did that was unsuccessful and a brief outlook of the future depending on the economy and what is next in the terms of the market. I believe that the competitors would be large media outlets such as Fox, CNN, MSNBC, and ABC. I believe that price points would determine some of the popularity of this business concept as well as be a deciding factor in availability. One challenge I forecast for this business venture is barriers to entry and challenges in design and implementation with my current assets and capital. Lastly, I would organize my business with employees with background in computer engineering, coding, marketing and advertising, and economics and government. Of course, I would need venture capitalists and startup funding; however, overall, I believe that this business opportunity has great potential.
Prof. Pryor
ENT3003
9 April 2020
Venture Opportunity Description
Throughout economic history in the United States, we have seen major recessionary gaps and major inflationary gaps. The economy seems simple in a sense to most Americans; however, the economy is a complex combination of various expansionary and inflationary periods which impacts more than just the stock market and the unemployment rate. My opportunity I have decided to pursue is that of an economic software aimed to inform and educate everyday consumers. Yes, we are able to gain a broad knowledge of the economy through news outlets such as Fox and CNN; however, it is difficult to find detailed information regarding the current economy in one sitting. The problem I just described is solved by a software-controlled application that one can download onto any internet-accessible device- such as a laptop, smartphone, or tablet. This opportunity is mostly designed for consumers aged 18-30- Millenials and Generation Z. This software run application is meant to allow consumers to easily see a birds-eye view of sorts of the current economy, and by this, I mean very current, not just the past few months, but at this exact moment.When diving into opportunity- you should think of two things- who has the need and the nature of the need. For my opportunity I am exploring, I believe that younger adults have the need. For example, my peers and I do not usually tune into a news network every morning or read the newspaper before going to class. Though we are highly interested in the current state of the economy, we are not reliant on overly polarized news networks or reading a newspaper. Millennials and Generation Z-ers are technology-oriented. We have a strict sense of how we should spend our time, and watching the news for an hour every morning whilst getting ready for work and class and eating breakfast is not a very efficient use of our time. Although watching the news tends to be beneficial, Millennials and Generation Z-ers have a large scale yearning for instant satisfaction- they want to be able to look for information, find it, and gain exactly what they were searching for. Sifting through various websites, magazines, papers, and television broadcasts do not give them the instant satisfaction that they long for and really pretty much need at this point. These two generations have grown up in a time where information was available to them in just the click of a button. In today’s world, most textbooks are online, books are virtual, speaking to your friends just requires a keyboard, and making transactions are for the most part online where your credit card is already saved into your computer along with every other password you own. For these reasons, I believe that my opportunity has strong potential.
Additionally, as I have stated previously, my target market is Millennials and Generation Z, usually people who have a strong sense of self and a strong desire to make a change. These people tend to be collegiate students or people in the workforce already. Unlike our older generational counterparts, my target market longs for quick satisfaction and multitasking in order to save time. Consumers are currently satisfying this need by a simple google search; however, it takes a lot of time to search for everything this software could give you almost instantaneously. A current synopsis of the economy in the here and now, a very similar time in history to the current state of the economy, two graphs of both periods side by side, an estimate about the future, and facts about how the government reacted to a similar time with both successes and failures. This is where innovation comes into play- it would take a lot of economic background and programming to make this opportunity come to life, however, the innovation would pay off. Once coded and implemented, this software could be sold to companies, organizations, universities, nonprofits, small governments, and even everyday consumers like you and me- however, I would like to implement tiers and price points.
On the same note, the implementation of tiers is something I am not very sure of logistically, but I would most likely have three. The top tier would most likely be a subscription or a flat-rate fee and would include all aspects of the opportunity venture open to governments and large corporations. The second tier would also be a subscription of a lesser amount which would include major aspects, but not all, of the software and would be open for smaller businesses and companies. Lastly, the bottom tier would either be a small one time fee or a low monthly or semiannual subscription open to everyone.
Lastly, my venture concept comes into play. I do not think it would be hard for my target market to switch to my software application as there is not much available this detailed in the market. Yes, we have news outlets, online websites, and apps that show you a brief description of what the stock market is; however, there is not one single application that shows you the exact current state of the economy graphically with a similar historical counterpart and its accompanying graphic outlook. There is also not something along with what I described previously which shows you how the government reacted, what they did that was unsuccessful, what they did that was unsuccessful and a brief outlook of the future depending on the economy and what is next in the terms of the market. I believe that the competitors would be large media outlets such as Fox, CNN, MSNBC, and ABC. I believe that price points would determine some of the popularity of this business concept as well as be a deciding factor in availability. One challenge I forecast for this business venture is barriers to entry and challenges in design and implementation with my current assets and capital. Lastly, I would organize my business with employees with background in computer engineering, coding, marketing and advertising, and economics and government. Of course, I would need venture capitalists and startup funding; however, overall, I believe that this business opportunity has great potential.