Venture Concept No. 2

Description:

1. Provided down below.

2. This summary is going to be very short because I really only received one feedback on how to improve my concept overall. Instead of having students pay 5 dollars every time they rent a charger, I instead charge them less money for each rent. Monthly subscriptions will be about 5 dollars, and payment for semester and yearly subscriptions to Study Buddy will vary on the student's needs in their particular area of studying. 

3. The only thing I changed in my venture concept was the pricing. I also added the possibility of monthly and yearly subscriptions to the service too.

Venture Concept: Study Buddy (Revised)

Opportunity

The people I am currently targeting my service with are college age/enrolled students who invest in their studies. My demographic also stretches to anyone who studies in general. The unmet need that my consumers deal with are chargers (wired and wireless) that charges their studying tools (laptops, phones, et.). The reason this unmet need has occurred is because in areas like libraries there is a lack of space and plugs for students to use for their chargers. The market for this service is defined geographically by libraries and any available area used for studying, and it is also defined demographically by the plethora of college students both living and studying on college campuses.

Currently costumers are satisfying their unmet needs by carrying their personal wired chargers with them to wherever they go to study, while trying to plan ahead and hoping to gain access to plugs for them to use in keeping their tech online. Due to the fact that this is currently the only way students who use technology to study can succeed academically, they are compelled into a forced-loyalty towards this method. My service would quickly lead them to adapt to my business though. The opportunity itself is enormous and is simply lying there for the taking. This window of opportunity will continue to be open for the taking until someone comes and takes advantage of the opportunity itself and profits from it.

Innovation

My service Study Buddy is geared toward the academic success of studying students who require as many resources possible to earn a successful academic career in college. What Study Buddy does is rent out both wired and wireless chargers to customers that they can use to keep their tech that they use for studying charged. Through a simple purchase of 2-5 dollars (depending on the brand of charger and whether it is wired or wireless) a month, students may use said services for as long as they are in the library. If they wish to purchase a semester subscription or a yearly description, appropriate prices will be arranged for these students so they may study to the best of their abilities.

Venture Concept

With my innovative service Study Buddy, I will have helped bring resolution to an academic challenge that has hindered many college students from achieving educational success in their college career. My customers will buy this service’s offers because not only is it financially affordable on a college student’s finances, but it will also increase a college student’s chances of achieving higher grades in their courses. It will be easy to have customers switch to this service, as then they will no longer have to worry about carrying another item with them to the library for studying and they will not have to hunt for plugs wherever they may study.

At the current moment I do not know of any competition in this particular market. Due to this, I cannot say for certain the weakness and vulnerabilities of possibly existing competition. Packaging is unnecessary in this service, the overall price is affordable for students, distribution must make efforts in finding the different types and brands of chargers available for all student, customers need to be an important base in the service to spread news of our business, and libraries are only the stepping stone to places Study Buddy will reach out to collaborate with in our service.

Three Elements

My unfair advantage in Study Buddy are the large numbers of locations I can spread my service to besides libraries. Thanks to the increase and evolution of technology, people are almost to study almost everywhere. A number of businesses are limited to certain locations due to the narrow offers their businesses offer, but my service is capable of reaching out to multiple consumers of all demographics in the future, not just college students, all over the world.

The next step with my service is to add headphones to Study Buddy. Headphones are required if a student is going to study in an area other students occupy for their own personal efforts at studying. I would rent out different types and brands of headphones available, have employees trained to know how to maintain, clean, and fix them, and make studying overall less of a challenge for college students.

Five years into the future, I want Study Buddy to be known nation-wide. I want the service spread to libraries and multiple locations where people of all backgrounds study at. Ten years into the business, I want to take Study Buddy internationally and share my services with the world at large. I would also like to create a charitable branch in my business that would offer technology for those in need.