Assignment
29A – Venture Concept No. 2
· Opportunity:
o There is currently a shortage of bars in Midtown. It is often overcrowded
and the lines are long, causing students to wait long amounts of time when they
go out.
o The forces that create this opportunity is a
lack of options in midtown, a large number of UF students who enjoy going out,
and the size limit of people allowed inside of each bar/restaurant. There is
a large window of opportunity that will be open
until these three forces in the environment are solved.
o Geographically, this
market is specific to Gainesville, FL, where University of Florida is. Other
colleges certainly have similar issues, but for my business market it is
local. Demographically, I am mainly targeting any UF
college student who is between 21-25 years old.
o Currently, customers satisfy this need by
either not going out at all, going downtown, or going to Midtown dealing with
the long lines and crowding. These options are not ideal when students are
looking to go out to Midtown. They are not loyal to these
options, because they are hoping for a night out at Mid and it is being
disturbed.
o Potential Customers: UF
students, Gainesville residents, and visiting families/potential students who
are looking for somewhere to eat or go out at in Midtown.
· Innovation:
o What it is: This is a business
that is a restaurant during the day and a bar at night that is located in
Midtown in Gainesville, Florida.
o What it does: This offers UF
students a new option in Midtown. People get tired of going to the same places
over and over and this will offer a fresh, unique choice. The goal of this
business is to create a new atmosphere for UF students to experience in
Midtown. We will be listening to feedback from students to make it exactly what
they want it to be.
o How it works: This will be a
bar/restaurant that allows anyone in during the day and only those 21+ in at
night. There will be a bouncer at night who checks ID’s. On popular nights,
only students will be allowed in through proof of a school ID. Food will be
served for the entire day and at night. There will be TV’s, tables, and
numerous bars throughout the bar/restaurant. At nighttime, the upstairs will
turn into the club/bar scene with a DJ and dance floor. The downstairs will
remain the dining area, which will be a more relaxed environment.
o Potential Profits: This
business will be profitable when students choose to come here, instead of going
to the other options in Midtown. There will be many costs, including alcohol,
food, necessary dining pieces, live music, and many other things. Profit will
come from people buying food and drinks and paying cover on busy days.
· Venture
Concept:
o Solution: My innovation will
address the above concerns, of overcrowding, long lines, and lack of options,
by creating a new choice for people to go to. By adding a new business, it will
automatically improve on lines and overcrowding because it is a new option for
people to turn to when going out to eat or going out.
o Why will customers buy: UF
students enjoy going out in Midtown and people like going to Midtown for food.
Providing both of these options in a new environment will bring people to my
business.
o Switch: Some students
are committed to certain bars when they go out. However, when a new place
opens, everyone is curious what it will be like and will go at least once. I
hope to have designed my business well enough to gain customer loyalty.
o Competitors: My competitors will be
any bar or restaurant located in Midtown. Their possible weaknesses are that
most of them have been around for a long time and they are doing the same
things. People may be getting tired of going to them.
o Price Points: This is important.
Because we are in a college town, food and drinks cannot be too expensive.
Students are looking for cheap options. Promotions throughout the week will
help with this. However, it cannot be too cheap or else we will not profit.
o Customer support: Customer service will
be important. It is important people enjoy coming to our business, so they will
keep coming back. Employees will be trained for this.
o Customer experience/business location: Both are very important for my business. Location is already
decided, so I need to focus on experience. People go to restaurants and bars
for the experience. It needs to be an appropriate atmosphere for Midtown, but
different enough people choose to come here over other places.
o Employees: I am thinking of having
around 20 employees to start with. This will include management, wait staff,
bouncers, and potentially a marketing team.
· Unfair
Advantage: The excitement of a new bar opening in Midtown is my unfair
advantage. This is something other bars cannot replicate and there is a limited
window of opportunity to take advantage of this.
· What’s
next: Find investors for this business proposal and provide
Gainesville with a fun, unique restaurant and bar!
· For
me: Separate from this idea, I hope to eventually be able
to work directly with people to improve their lives, specifically with their
financial decisions. I would potentially like to open my own business giving
financial advice.
Feedback: I only received positive feedback on my last Venture Concept. So I decided to read
through it again and try to improve upon it the second time around.
o Shorten the overall paper. The format is easy to read, but it is
too long
o Combine ideas, some of it feels repetitive
o Market specifically towards college students
o Emphasize the experience that your bar will create, not just the
technical aspects
o Consider taking out irrelevant details in the Venture Concept,
don’t include a part if it doesn’t relate to the business
How I’ll Adapt:
o To make it shorter and cut out irrelevant details I took out the
distribution and packaging sections. They weren’t adding any value to my venture
concept. I also took out some of the information from my Opportunity section.
o I took out a few parts in my Innovation section, to try to make
it less repetitive.
o I decided to only mention marketing towards college students in
this version (other than in the potential customer section). In my last Venture Concept I mentioned Gainesville residents and
people visiting the area numerous times. I feel like this can take away from my main goal, to
reach a large number of college students.
o Lastly, I decided to add a sentence in the Innovation section
touching on the atmosphere we are looking to create. I want the reader to know
our business is going to be focused on what college students want.
bulk of the class and you can only miss a few to still get
an A in the class. I would also recommend trying to look at them as more than just
an assignment, it’s how you will get the most out of the class. The best way to
do this is to be prepared to set aside time each week to work on assignments.
If you are always rushing on the Friday before it is due, you won’t be putting your best effort
forward. 
