Venture Concept No. 1

Venture Concept Write-Up

Opportunity:

What are the forces or changes in the environment creating this opportunity?

This opportunity is based on expensive prices local festivals for a good meal.  This allows someone to come in with a more efficient process to offer lower prices to make greater profit.

How is this market defined geographically and demographically?

This market is a very “captive audience” meaning the customers are there for the festival, and to enjoy the food that is there. Some customers even only come because of the food.

How are customers currently satisfying this need?  And how loyal are they to whatever they use now? 

Customers are currently satisfying this need by offering a service at a high rate of pay. This is because the customers are a captive audience and do not have many choices.

How big is this opportunity?

This opportunity is big enough to operate as a weekend business.  There is plenty of money to be made a larger festivals, but that requires a much higher commitment and experience.

How long will the “window of opportunity” be open?

This opportunity is open year round.  Florida is a state that is rich with festivals that are easy to be a part of.   The larger festivals are more difficult to attend unless you are a more well established business.

Innovation:

Who are the competitors?  What are their possible weaknesses or vulnerabilities? 

The competitors are the other food venders at the festivals. Their largest weakness is the price they charge for the food.

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?

This plays a huge role in that we can produce a quality product more efficiently and charge a lower price.  This will bring customers to us.

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?  

This would require myself, and two other employees.  One employee to watch the front of the house and service customers, and one to cook.  I would oversee both and make sure both are in synch.

Venture Concept:

 

What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 


The reason they will switch is because of lower prices with better food. Not hard at all.

Who are the competitors?  What are their possible weaknesses or vulnerabilities? 


The competitors are the other food venders. They are vulnerable because they charge outrageous prices due to their customers being limited on food choices.

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?


The business concept is built around providing services at festivals in Florida.  The festivals are known for great food, but it is expensive.  Providing less expensive, however, better quality food will be our winning 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?


I have partly organized this business with family to start up.  After a winning strategy can be determined with success and failure will I seek outside help.


We will be successful because of knowledge of cooking skills, and also business skills.