Assignment
11A – Idea Napkin No. 1
1.
Who you are. What your
talents are. What your skills and experiences are. Also: what are your
aspirations? Specifically regarding your business concept, how do you see this
business (if you were to start it) playing a role in your life?
o My name is Alyssa McCaskill and I am a senior
at University of Florida studying Finance. I am graduating this semester and will
be moving to Atlanta for my full-time job in Private Wealth Management. I am
talented in working with people and using critical thinking to make important
decisions. I also enjoy working with numbers and solving math problems. I have
experience speaking in large and small groups and through that working with
people to discover what their goals and wants are. I hope to eventually be able
to work directly with people with whatever job I am doing. I would like to be
able to advise them on their financial decisions. Regarding this business concept,
I think it would initially have a big role in my life. I would enjoy working with
students to learn what they want in Gainesville and hopefully help improve the
area.
2.
What
are you offering to customers? Describe the product or service (in other words,
how you'll solve customers' unmet needs).
o I am offering to customers and new experience
in Gainesville. This new bar opening would improve the Midtown experience both
during the day and at night and make it more enjoyable for everyone to go out
there. A new bar opening will solve customers’ needs of having more options of
where to go in the area, reduce their wasted time from waiting in lines, and
make their overall experience in Gainesville better.
3.
Who
are you offering it to? Describe, in as much detail as possible, the
demographic and psychographic characteristics of your customers. Think
especially of this question: what do your customers all have in common?
o I am mainly targeting two groups of people;
UF students and Gainesville residents. In regards to UF students, my idea is
for both males and females between the age of 18-25 years old. Although the restaurant/bar
will be 21+ at night, anyone will be allowed in during the day. These students
will be people who go out to Midtown either for a night out or a bite to eat.
The prices will also be targeted at those who are looking for an affordable
experience, not an expensive night out. In regards to Gainesville residents, it
will be focused on males and females ranging from 25-50. This is a wide spread
age group but the food and drink options will meet the needs of everyone. These
people will most likely enjoy going to Mid for a meal.
4.
Why
do they care? Your solution is only valuable insofar as
customers believe its valuable to them. Here, explain why customers will
actually pay you money to use your product or service.
o Customers care because my solution is
something that people enjoy doing in a college town. Students and residents already
go out to Midtown, there just aren’t enough options for them. When they are
offered a new, fun, and affordable option people would be excited to go
experience. And when they enjoy it, they will continue to go. It will be the
experience at my bar/restaurant that will cause customers to be happy to pay to
come.
5.
What are your core
competencies? What sets you apart from everyone else? Also: what do you have
that nobody else has?
o
My restaurant/bar will
offer a different experience in Midtown than compared to the other restaurants
and bars there. It will still have the upbeat/fun Midtown feeling, but it will
offer some of the best parts of downtown as well. There will be more themed
nights, drink deals, and tasty food. There is currently not a bar in midtown
that goes from being a restaurant during the day, to a completely packed bar at
night. I am hoping that this unique idea will accomplish that.
In addition to these five elements, please spend a paragraph
evaluating whether you believe these elements fit together or whether there are
aspects of your business concept that are weaker / out-of-joint with the
others.
o I think that all of these elements do fit together with my
business concept in some sense. It is important to be have a clear idea of what
my business goals are for each of these sections, however some are stronger
than others. Firstly, I think it is important that my bar/restaurant is set
apart from other Midtown options. My current business strategy is only scraping
the surface of this. The other element that is weaker is the two groups I am
targeting. College students and Gainesville residents are very different groups
of people. What they want and hope to see in a restaurant/bar is going to
differ greatly. And it will be difficult to reach each group.
Hi Alyssa,
ReplyDeleteI really resonated with your description of your skills as I think interpersonal skills as well as critical thinking and an affinity for mathematical problem solving could be three vital and essential skills for opening a new business. I think it is wise to point out that your target audience could grow your business, but only if done effectively, as your looking to target two different audiences of Gainesville residents and UF college students. That could be a jumping point for creating another approach to different parts of your business to lessen the holes of your plan. Good post!
Hello,
ReplyDeleteI think that it is great the amount of detail you thought of as to who will be coming. The differentiation of the two groups in gainesville is key as many people forget that there are people that live here even though it is a college town. I think that you will need to make sure that you are able to get those gainesville residents to come, as during the summer the gainesville area really slows down which will mean less students.
Hi, Alyssa! I think you do a really great job in differentiating your service from the typical Midtown experience. This is a pretty risky market to venture in to considering many businesses on the Midtown strip have gone out of business. But I do feel catering to an untapped market, such as those under the ages of 21, and incorporating different experiences, such as good food, will definitely lure in a bigger customer base. The only thing I would maybe try to think about more, is your off-season numbers? How would you go about marketing your business when the student population is gone for the summer?
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