Assignment 29a
Venture Concept
No. 2
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 presented by such products and quit 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. However, in order to attract and
develop an initial customer base, we’d provide an initial free week trial as to
make sure the customers see and feel the value they’d be paying for. This will
help in attracting a lot of people at first, who would’ve been more likely to
be deterred from trying it because of the initial price points. If we are able
to get the customers to see the services we are providing and the value it is
provided at, they would more likely than not be more willing to become a member
afterwards. In addition, we’d also attempt to make single visit prices for
customers who feel that they only need a couple visits to help their
addictions. 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.
In
terms of what comes next, branching out into other forms of addictions, such as
alcohol or drugs, can be a future plan. Based on how successful our techniques
are for this addiction, they can be applied and modified for other addictions. The
services provided are extremely flexible and can be tailor made to fit any
individual with any form of addiction. In addition, changing the customer base
and working with corporations or the government in terms of helping them deal
with different health cases can also be a plan.
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.
Feedback
and Changes
After
reviewing the feedback given on my first draft of the venture concept as well
as the What’s Next Assignments, it is clear to me that I am heading in the
right direction. Not many negative aspects were addressed apart from the
difficulty of joining new markets. They liked the idea of branching out into
other forms of addictions as well as aiming for new partners in new markets. In
terms of the overall idea of the project, the only feedback was based on the
pricing of the membership, saying they agreed on the low pricing. However, it
made me realize that certain customers, especially the younger generations, may
be deterred by such price points at first. That is why I decided to implement a
week free trial as to attract the customers so that they can really see what
they’d be paying for and the value they’d be getting it at. I think this is
important, especially for a brand-new company, in order to develop their
customer base and network quickly.
