Me.
I'm just your average college student with a passion for constant improvement. Whether it is your work, grades, relationships, friendships, I have found that the way for growth and happiness in your life stems from constant improvement in every day life.
My aspirations include working in the field of sports, specifically as a coach of a professional soccer team. As a coach I can utilize the concept of constant improvement by always wanting to improve the abilities of each player and the team as a whole.
Since my passion is not entrepreneurship, I do not think I will ever grow this business. But assuming I do, I would probably look for investors who know way more than me about running a business and can also take management positions to best decide the company's route.
What am I offering to customers?
The product is a SmartSofa, which is a sofa, bed, or any type of sitting furniture that has a bluetooth pairing to the TV, in order to eliminate the existence of a control remote. The 'new' control remote will be attached through a retractable chord to the sofa, in order to be able to pull it out and retract it back into the Sofa, or its' 'keeping' spot.
Who am I offering it to?
This product will be offered to individuals, families and businesses. More specifically, this product's main target market will be those who watch TV as they are falling asleep, or like to take mid-day naps on the couch. However, a SmartSofa could be used by any individual, family, or business that is simply tired of losing their control remote every few days.
Why do they care?
My consumers will care about my product because it will eliminate a bug in their life which is that they have to constantly look for the control remote once it falls beneath or in between the pillows or sheets. This, as well as the possibility of expanding the product into something greater or simply to have a 'luxury' item is why my consumers will care about my product.
What are my core competencies?
What sets me apart from everyone else is that it is a unique product that solves an annoying bug that has occurred to everyone, especially those who watch TV all the time. The fact that my product has the potential of expansion in order to create customer loyalty and keep a steady flow of cash through years to come.
I think all of these elements fit well together because they all seem to match up for a perfect business strategy. Yes, there are many big brands that would serve as tough competitors but those brands will not have the differential of everything that a SmartSofa would represent, which is uniqueness, luxury, and efficiency.
Couldn't you just tie a rope to the existing remote and sew it to your existing couch. Not saying that I think you have a bad idea, but I think that there is way less expensive ways to solve this problem than buying a whole new piece of furniture. Losing the remote is a serious pain and everyone who watches TV feels it but I think that the cost is not with the benefit. On the sports thing though, that is really cool, being a coach of a professional soccer team would be amazing.
ReplyDeleteHello Diego,
ReplyDeleteYou have done great on this assignment. I like how you organized each part and all five parts fit together very well. Your answer for each section was simple, but not too simple. After completing my idea napkin, I seen that I had some parts that were weaker than others. Your product has a big customer market and looks promising. We are moving to a more technological society. I hope you can go through with this business plan!
Great post, Diego. Its cool to see that we both share an interest in soccer and appreciate most sports in general. I also liked your presentation of the product concept. Your opportunity is strong considering the potential market size is a significant chunk of our country's population. Although you may not be interested in starting your own business, you should definitely be proud of this idea.
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