OPPORTUNITY: When thinking about the opportunity for my idea, I want to think about the biggest scale as possible. This is why I've decided to make my venture concept about an app because the market is huge and exponentially growing. My app that I've been designing has been an effective parking app that shows you the best possible parking spots around your area ahead of time so you don't have to spend time driving around aimlessly for a parking spot. Anyone who has a car can use this app to benefit themselves and make their driving experience be the best as possible. The unmet need is that there is not an app like this out on the app store yet so that allows my market to be huge for this idea. There are also a lot of people who accidentally park in tow away zones and end up having to pay $200 for a mistake that shouldn't have happened. With my app this will never happen again because all the tow away zones and other parking restrictions are clearly labeled in real time for your benefit. I think that the forces in the environment creating this opportunity are that there are an increasing number of cars that are being bought and used each day, so parking is becoming harder and harder. Currently customers are not using any type of app like this so I believe that they would become extremely loyal to my idea. This opportunity can be huge because it'll be the first of its kind and can blow up. The window of opportunity is slowly closing, I need to make moves fast if I want to make this a reality.
INNOVATION: First off, this app is an "innovation" since it is something new that people haven't seen before. I believe that this is radically innovative because of the amount of things that i'll have in this app. I'm going to have absolutely every available parking spot shown in real time on this app. This alone would attract customers to download my app, but i'm going to take it to another level by adding every type of feature I can to this app. Everything from tow away zones to parking garage prices to restricted parking in your area. I'm going to be giving this app for free because I intentionally created this idea so that I could use it myself! So I decided that i'm going to give it for free and just have 1 add at the beginning to generate some sort of ad revenue for me and the people helping me create this app. This will also make more people download my app since it is "free."
VENTURE CONCEPT: It'll be extremely easy to get people to switch to this new product. It'll be so easy because like I said before, this app isn't out there yet and I personally know so many people that get so frustrated driving for an extra 20-30 minutes for a parking spot. Eventually I'd like for there to be a GPS function on my app that tells the driver exactly where to go to their parking spots. I also will continuously update my app and listen to feedback from people and this will allow me to separate from my eventual competitors. The great thing about an app is that I run the entire business through this app and I don't necessarily need to pay for employees since I'm doing all the work and updates.
3 Minor Elements: I believe that my "secret sauce" or "unfair advantage" for this app is that i'm creating it before any one else has created an app like this. Also like I said I want to continually update my app and read all the reviews people post and always cater to their wants and needs. This will make them stay loyal to my company. I think the next thing I have to create for the venture is definitely the GPS navigation inside my app. This would allow for people to have a much safer driving experience than if they were looking at my app while driving. Again, I am trying to cater to people with a lot of free products and services so that my app gets downloaded by as many people as possible! In five years I hope to still be an entrepreneur and hopefully one of my business ideas gets me a lot of money so I can put that into my other business ideas that I have. I guess that if this app actually blows up here in Gainesville that I can start putting it in major cities and towns across the U.S so that more and more people will be able to use my app! In the end i'm creating this app for the convenience of the driver.
Hi Jason,
ReplyDeleteI love your business concept because it meets an unmet need that I personally have. Parking is so difficult in my neighborhood, and I would definitely be willing to use your app. You did a good job structuring your blog post, and you did a good job of explaining your concept. This is the first time I seen an app like this in a blog for this class so you have come up with something unique for sure.
Check out my blog at http://ent3003gracewithers.blogspot.com/2016/03/venture-concept-no-1.html
Hello. I'll be completely honest, I would totally use this app especially while living here in Gainesville, or when I move to Miami. Parking sometimes gives me anxiety because I get so nervous about whether or not I am allowed to park in a certain area and I get so worried about whether or not my car will be towed or ticketed. I think you definitely have a large audience to appeal to but I would say that your target demographic is more likely people who live in larger towns or cities like LA, Miami, New York, as opposed to smaller towns where you never have to worry about parking. Keep up the great work. You can check out my post here http://theentrepreneuriaou.blogspot.com/2016/03/venture-concept-no1.html
ReplyDeleteJason, I like the idea of the app because it really is a growing market like you said, and it has potential to pick up in the app market for what it is. Personally, i think it's a great idea because I got my car towed recently, and I definitely don't want that to happen again. As long as tow trucks and applications are around, your idea sounds like it would work. Check out my own venture concept at http://kingkion.blogspot.com/2016/03/venture-concept-no-1.html#comment-form
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