24a: Venture Concept No.1

Venture Concept Write-Up Guide

            The three main elements that we are supposed to be brainstorming about today with our newly designed company ideas are opportunity, innovation and venture concept. Starting out I think we should define these terms in order to get a better idea of what they mean to us and our companies that are in the works. First off, we have opportunity: opportunity is defined as a set of circumstances that makes it possible to do something. For myself I believe opportunity comes from your willingness to jump outside your comfort zone and take on a challenge that’s new to yourself. For the second term listed, innovation, can be defined as the action or process of innovating. For myself, I believe innovating is when you take a product that has already met the bare standards for its goal, and then you take it and clean up the flaws that it possesses. The most successful companies nowadays are companies who can innovate at a faster rate than their competitors. The third term listed out is venture concept, venture concept can be defined as a business venture may also be considered a small business. Many ventures will be invested in by one or more individuals or groups with the expectation of the business bringing in a financial gain for all backers. Most business ventures are created based on demand of the market or a lack of supply in the market. But for myself, I believe that venture concept ideas are a combination of opportunity and innovation. Venture concept ideas are ones that are involve taking a risk by oneself, with the goal of capitalizing on an opportunity that is present in our society.

           

            Starting out with my paragraph on opportunity, my business plan model is a brunch style restaurant that is known for its food, customer service, and a homey ambience that gives a welcoming vibe to our guests. Who has the need for my business idea? All citizens of Gainesville Florida, from students, professors, and retired members of our community. Having a breakfast and lunch resort that they can venture off to for great food and company is something that everyone is always looking for. The nature of the need that I have described above is very prevalent here on campus at the University of Florida. For example, there is Metro Diner that is a couple miles off campus and provides a similar vibe and atmosphere I’m trying to provide but it does not offer the proximity that I am. The forces that are causing this opportunity to be present is by our students. Here in Gainesville we have breakfast places, coffee shops, study spaces but we do not have a place that satisfies all three of these that are listed out above. This is what I’m currently trying to change in Gainesville. The opportunity is big and provides a huge amount of opportunity to the citizens that we have in our society today. This opportunity will only be listed as long as someone else doesn’t capitalize on the opportunity that is listed above. There’s an obvious need for this, and it’s waiting to be pounced on.

           

            An innovation may be defined as a new or creative service, product, or process that may be applied in the marketplace to address customer needs. The service, product, or process you develop in this class may be radically innovative or it may be incrementally innovative. The innovation that I’m planning on undertaking in this project is the combination between a breakfast and lunch place, a coffee shop, and a study space. If you look around Gainesville they’re great study spaces like Marston, Lib West, Newel Hall. They’re coffee shops such as Pascals, CYM, Wyatt’s. They’re breakfast places such as Metro Diner. But a culmination of all three of these opportunities is not offered at one stop shop source. This is the innovation that I’m trying to offer the University of Florida and all of our students that enroll here can experience all in one. I plan on making money through the customers that come through the door each and every day. I believe that the combination which I’m willing to offer is very hard to beat and that the willingness to dive into what I’m trying to start is great. What exactly I’m selling will entail breakfast and lunch style foods, coffee, and a study space that is inviting to all kinds of students and professors. As for exact pricing, that’s something I haven’t divulged into quite yet, but those are little things moving forward that I can muster once I encounter.

            A venture concept may be defined as the application of a specific innovation to address a specific opportunity. In this section, describe how your innovation will solve or address the opportunity you identified. The opportunity that I have identified entails what every student here at the University of Florida would enjoy and dive into. A culmination of a breakfast and lunch spot, a coffee shop, and a study space with a homey ambience. My customers will switch to this new product because it is a one stop shop for everything they are looking for with a close proximity to campus. No longer do they have to study somewhere and not have good food around them. No longer do they go get great food somewhere but not have a place to study because of the business that the restaurant provides around them. I want a specific studying area at my restaurant where students feel welcomes to do what they would like to do. And also an actual dining part of my restaurant where students and other customers can simply just come to eat. The competitors to my business idea are all the other small companies that offer one or two of the things that I’m planning to offer. The role of pricing I have yet to dive into quite yet, but that is something in the future I will divulge into.