1) My initial venture concept reflected a plan to promote a business idea that was essentially based on a UF backed ride service system that would mirror the same general principles of the Uber and Lyft business plan. Differences from these principles would be that my business would operate on routes that would primarily ferry students, faculty, and campus workers to and from campus in a reliable way that fixed some of the common public transportation issues we face on campus such as tardiness and questionable services. That being said, in this case I would also open up my service to future and current alumni as well as students on campus in the summer months so as to maximize the experience and the outreach for the ever-growing potential customer base.
2) The essential feedback that I received was more or less to have a better target direction for my marketing efforts to undergo. That being said, although the overall business idea seemed to have a clear objective and audience to target, the critical components of the prospective customer profile did not seem to have a consistent approach.
3) I changed my venture concept to better reflect the direction of the consumer habits at hand. Thus, I was able to position myself better before the sale in order to include groups such as alumni and summer students so that I could guarantee that I will ultimately bring in the right customer base in the long run moving forward.
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Hey Patrick,
ReplyDeleteI really liked reading your updated venture concept. I think that it was very wise to take new customer preferences into consideration when modifying your business plan. I think that being more inclusive to every type of person that interacts with the business is a really great idea because you are inherently catering to more interests and therefore making more impressions on more people. I really think you have nailed a great large target market and that will really help your business to thrive in the future. I think you will ultimately succeed as a businessman because of your attention to detail and the care you put in about different types of customers.
Hey Patrick, you're venture concept isn't here, but your reflection is good. It was good to know what you changed, and what kind of feedback you got. I would have liked to see the finished thing, but I can almost picture what it would look like.
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