Assignment 24a - Venture Concept No.1

Assignment 24A

Venture Concept #1

Opportunity

Vapes and nicotine products have become a huge part of our society, especially in high schools and colleges. These devices which are either reusable or disposable after a certain amount of time have filled the void left from cigarettes, introducing new flavors and concepts in the world of smoking. Many people have been drawn to these new products due to the fruity and addictive flavors they present. However, no one knows the risks these products come with until recent studies performed by the FDA show potential health concerns. People who need a solution are those who are highly addicted to these products and are unable to quit voluntarily. They are risking their health without doing anything to help. This opportunity has been created by the introduction of the Juul, a device containing around 5% nicotine and which has multiple flavors at one’s disposal. The majority of our market is found at the high school and college levels, meaning at about 16 – 24 years old. Since these products are so new, and the health concerns have just been made public, most people have yet to take action and choose to continue this unhealthy habit. I’ve heard of individuals resort to nicotine patches or nicotine gum, but for the most part, none of these are done with any real motivation or determination. An individual will do anything it takes to make their health better if they know the cause of its degrading. There are currently no services presented to help individuals get through such an addiction, meaning we would be the pioneers in this market. We would be the first to develop a reputable brand name and seem as the original service. The opportunity window will be open for a relatively short time, a few years in my opinion. This is because and individuals will realize of the risks and stop using them.

Innovation

People take their health incredibly seriously and if there is a service that is able to help them stop an unhealthy habit, then they would use it without thinking twice about it. This service would be somewhere where individuals who are struggling with an addiction to nicotine products could go to seek help and motivation. This follows along the lines of the alcoholics anonymous where people with the same problems go to talk about their struggles. However, I want to provide more for these individuals. I want them to feel like they aren’t going to this place to cure themselves of an addiction. I want to make them feel part of a bigger community of people helping each other to achieve a common goal. This means organizing activities or providing extra services apart from the necessary expertise available. This would mean to create a sort of resort or rehab center where individuals come in and out whenever they want to seek the help they need. Providing people with the expertise necessary and guidance can make them understand how they were affecting their health. All the other services would act as distractions for them to do whenever they desire, keeping them away from the addictive habits they are trying to get over. Revenue would be generated via a monthly membership fee. There will be several levels available to choose from with different benefits available at each. Pricing will vary according to each level, but a test pricing could be level one $50, level two $100 and level three $150. All this would vary based on the costs and expenses of the business.

Venture Concept

The innovation will solve the opportunity presented because it is a solution to a growing health concern that many people will find themselves in need of if they don’t want to be risking their health. If they know what the risks are and are unable to stop voluntarily, they will come looking for help in doing so and this service will give them what is needed to stop. There is no switching since we would be the pioneers in this field, to be a large-scale provider of this service. There are obviously private practitioners who will be our competition, however, they won’t have the resources or services that we will have at our disposable, making us more attractive to customers. The main importance for the business concept would be the whole experience each individual has and whether or not our success rate is high. These two factors will be the main factors in defining our business concept and success. The business would need a location, preferably near an outdoor location so that our customers can detach from society and reconnect with a nature, an important factor in helping an addiction. The number of employees and resources would depend on what resources we want to provide other than the regular staff and our addiction experts who are there to guide the customers through everything.

Other Elements

The company’s unfair advantage would be the level of empathy that we present our customers. I want all the staff and individuals to be able to put themselves in the shoes of my customers and connect with them. I want to try and create a community setting where everyone understands each other and is there to help.

Next up for the venture could be to expand into other addictions and create multiple branches with multiple specializations. The more addictions that we can specialize in and help with, the bigger the customer pool is. The main goal is to help as many people as possible in stopping unhealthy habits, so branching out into other addictions would seem smart.

In the future, I hope to have grown this business into a brand where people turn for help. Maybe open several locations across the country with different abilities and specialties at each. I hope as an entrepreneur that I am successful and coming up with new ideas to help people. Although it is to make money, I’d feel like the real satisfaction would come from changing people’s lives.