1) You- I am a student at the University of Florida. I have witnessed this problem of losing your keys while out partying, and I have first hand experience seeing people have this problem and understand the frustration. I am also a business student taking principles of entrepreneurship and understand how to start get a business. My family also runs their own business so I have grown up listening to work stories and learning about business. I am a very self motivated driven individual and will work hard to see my business become successful. My goal for this business is to help college students lose their keys less and save time, money, and frustration. If I were to pursue this business idea I see myself supplementing my income with the profit.
2) What are you offering to customers? The product I am creating is a bracelet, anklet, and clip that you will attach your keys to and then wear as an accessory to your outfit. the bracelet and anklet will be marketed towards females and the clip will be marketed towards both males and females. The customer will not need to worry about their keys falling out of their pocket or purse because it will be secured to their body.
3) Who are you offering it to? My customers will be college students and young adults around colleges that go out to crowded places to drink. The main characteristics of my customers will be younger drinkers who binge drink and lose track of what they are doing and where their things are. They also drink in crowded areas.
4) Why do they care? The customers will pay for my product because it saves them, time, money, and frustration. The customer usually realizes that they lost their keys when they have finally made it home late at night. At this point they have a few options waste time and money to go back to the bars and look for their keys, waste money on calling a locksmith, if you can find one working that late, to come open the door, or pounding on doors and windows to wake up your roommate if you have one. All of these cause frustration. If the customer had my product they would not have to go through any of these in the end saving them time, money, and frustration.
5) What are your core competencies? What sets me apart from everyone else is my specific designs and fashion ideas. To make the product successful it needs to be fashionable so that students will wear it. I also know exactly how to market the product to the customer since I am also a college student. I will be able to relate to the customer more than others.
Reflection: I think that everything works together except for me. I do not think I have enough experience or ambition to make this product successful. I do not have a big aspiration to start my own business. But I think this could be a very viable opportunity.
I think you have great idea Catherine! Something that may make it more viable and bring in help to lift the idea off the ground is to attach the clip with some sort of tracking device that can link to a phone or gadget! This may make tech savvy people more interested as it offers personalization through a digital media.
ReplyDeleteI think you have a very interesting product concept. My main worry with the product design is that I've had many things that were supposed to clip just fall right off. Additionally, if this is a project or business you're not passionate about, you could always design the product, do a lot of work on the front end, and then sell your company to a viable seller and make profit off of your idea without the added long-term stress.
ReplyDelete