Venture concept 2

Venture Concept Write up

In this short paper, I will be writing up what I believe to be the most detail I have gotten into for the three main points of our new opportunity that have been discussed. After, I will shortly go into detail pertaining to three smaller questions.

Opportunity:

                When I first came to Gainesville, I was introduced to the acai bowl. This is a fruit bowl that is believed to be good for you by giving you copious amounts of energy in a very healthy way. However, as time went on, I noticed a common problem among consumers. There was no way to customize these bowls from the menu without changing many things and having potential mess ups by the people in the back. I believe that an opportunity exists for an establishment that only thrives on selling customizable fruit bowl options, including acai bowls and dragon fruit bowls. Many people within Gainesville who enjoy acai bowls have this unmet need, however I believe the need to be the greatest among college students from the ages of 18-22. Not only are these people constantly concerned with their health and image, but also an acai bowl is a new trend that I do not see going away any time soon. Currently the customers are just choosing the very limited options they have, but it has been expressed through my interview process that many people would love the idea of customizing their own bowls for the soul purpose of changing things up and trying something new. I feel like this opportunity is a relatively large one. I feel as though this window of opportunity will remain open until either the current establishment catches on to the needs of their customers and open up a customizable option, or an establishment beats me to the market with a similar idea.

Innovation:

                The idea I Was able to come up with was a relatively simple one. It is an establishment that will solely cater to the idea that people want to eat customizable acai bowls or fruit bowls in general (Dragon fruit bowl for instance). It will be an establishment located in Gainesville. First, people will come in and they will choose the type of fruit they want at the bottom of their bowls. For our purposes let us say it is acai, which is expected to be the most popular. Next, they will choose whether or not they want peanut butter or granola or both immediately on top of their fruit choice at the bottom. Next, is the part that is much different from the other places that sell acai, they will go down a line and scoop as many of the topping fruits on as they want. At the end of the line the person will choose if they want cinnamon, honey, or coconut shavings to put on top of their bowls, and then they will proceed to the checkout. My plan is to have complimentary fruit infused water and an array of healthy drink options there as well. The customer will be charged based on the weight of their fruit. So the acai itself will cost a set amount and then the weight will determine the total amount that the bowl will cost.

Venture Concept:

I believe that my idea is going to solve the problem that many acai lovers are facing in the city of Gainesville. I think that it is inevitable that people will switch to our idea and be walking in the doors. How do I know? They have told me! I have held multiple interviews since this class began and the feedback I have received has all been positive. My idea is very simple and clearly provides an answer to the problems that acai lovers are facing in Gainesville. I think that my idea is answering because people want to see customize-able acai bowl options and more options on the menu in general and that is exactly what I am giving to them. I do not believe it will be that hard to get them to switch over to using our product. However, a potential problem I could face might be if the current establishment that has the market on lock may catch on to our idea early enough that they transform their business model to meet the growing needs of the market while we are still in our development phase. My main competitor will remain to be the current establishment that has control of the market as they will battle for their clientele. The place will not need many employees on staff at a time. At all points of open business the staff should be no less than 2 but no more than 3 for peak hours.

Three Minor Elements:

                I believe that my most important resource is going to be my knowledge of the market and the knowledge of the acai business and my connections with those who work in it currently. As I have mentioned before I have a personal relationship with the current juicing manager at what will be my main competition. That knowledge and background I have in learning about the industry might be my greatest resource.

                The next thing for the venture will be trying to figure out a way to sponsor sporting events and or rallies. I would like to do this because it grows the brand and people will enjoy these things out and about and then will come flocking to the doors. I am stick wondering how this could be managed but it would likely involve a refrigerated truck similar to an ice cream truck to be able to go to these events.

                In 5 years I will likely be just graduating law school, but my vision for this opportunity is great and is definitely something that can be managed in my spare time. I would like for this idea to control the market at that time. I think that this legal education that I will receive will be very crucial to running the business and it has been brought to my attention from my classmates that this is usually the case. 

Summary of feedback: The feedback I received on this assignment was overwhelmingly positive. It was mainly about the fact that I am planning on going to law school after I graduate, Everyone who commented seemed to agree that the legal education will help me in the future with my business ventures and my opportunities and will advance my circle of knowledge.

I changed my venture concept to include the importance of my future legal education and how it is going to play a major role in the concept that I have developed.