ENT 3003: Venture Concept Write-Up Guide
Christopher Pryor, Ph.D.
The three major elements of your write-up are the (1) opportunity, (2) innovation, and (3) venture concept. You should begin your write-up with detailed descriptions of each of these elements.
· What are the forces or changes in the environment creating this opportunity?
I created this opportunity so that many people can be in contact with cheaper prgrammers for less then the expensive costs that they are today.
· How is this market defined geographically and demographically?
This is an online business so the need and the market demopgraphics are the entire world.
· How are customers currently satisfying this need? And how loyal are they to whatever they use now?
Not many customers are having that need satisfied now.
· How big is this opportunity?
This is a huge opportunity the only way I can compare it to is that my need will help customers like how Shopify helped small business’s.
· How long will the “window of opportunity” be open?
This has only been open in the last 10 yeRS
Innovation.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. In this section, I would like to you discuss your innovation in moderate detail. Explain what it is, what it does, and how it works. You should also describe how you will make money – in other words, what, exactly, are you selling and for how much? For instance, if I was starting a business to teach people how to play the piano, I would be selling an hour of my time for $50.
Venture Concept. 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. You also want to explain why customers will buy your innovation. In describing the concept, you also want to be sure to cover issues such as:
· What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch?
They will switch because my product and service is cheaper then the alternative.
· Who are the competitors? What are their possible weaknesses or vulnerabilities?
The competitors are no one yet.
· What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?
Price points will be $7-8 an hour.
· How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
Create a C suite and a heirchy for my firm
The three minor elements
I also want you to cover three final elements in your description. Your treatment of these questions can be relatively short. Please focus most of your time on the opportunity, innovation, concept descriptions above.
First, describe what you think your most important resource will be. You might call this your venture’s “secret sauce” or “unfair advantage.” Besides your actual innovative product, service, or process, what will you have that will make it hard for competitors to copy your success?
Our most important resource is our people.
Second, what’s next for the venture? Describe either the next opportunity you want to tackle with your current innovation, or describe the next new product, service, or process that may be aimed at your existing customers.
I want to tackle the high cost of domains for websites.
Third, what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision?
In five years I would like a high market share of the programming industry.
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