Venture Concept No. 2

Opportunity

Many people across the world have this need. The need is mostly seen in bikers or people that exercise alongside roads or need to be alerted when motion is near. This need comes about because of the danger of biking alongside the road with cars going past at 25-50+ mph. With so many people currently riding their bikes to get fresh air, it is a great opportunity. A lot of people want to listen to music when they are exercising this way and it would help if they could also be aware of the motion around them. This market will most likely be in the warmer areas geographically. For places where it snows and rains a lot, it is almost impossible to bike around and my product would not be as useful in those areas. Also, I think my product would be best for 18-65 year olds as this age range exercising publicly more than other age ranges. Currently, many people are biking with music systems in their backpacks or while playing music on their phones. I don’t think that people are extremely loyal with this idea because they already have these devices and are just using them more than needed. I think that these people could definitely use my product since there is no definite need to use phones and stereos to play music. This opportunity seems to be huge due to the many people that are biking right now. I think that I could really sell this product as the time of the Coronavirus specifically since people are only allowed to leave their homes for a few reasons. If biking/exercising is one of those few reasons to leave the house, I’m sure people are more inclined to do it. I feel like I especially am. This product would be great for the current times and situations. This specific opportunity that I have described should last a couple more months, but I also think that it could prevail long after this virus as well. I think that people will see the reality of this product and keep buying them even after this virus. 

Innovation

The innovation is a version of earpods that are motion sensored. They turn off the music playing when motion is near, which is perfect for bikers alongside the road. As a car or motion is nearing the headphones, the music turns off. This either leaves the biker to silence or an alarming sound that truly alerts the biker of motion. I am selling earbuds with a charging case. These will be similar to Airpods and have a case that can be charged in order to charge the headphones themselves. They will retail around $100. 

Venture Concept

This product increases bikers’ safety because it makes them more aware of the motion going by them. Customers will buy my product to increase their safety while biking and exercising alongside roads. Customers will switch to this product because it is both a way to listen to music and an added safety feature. Customers can realize that it saves space while also advancing their experience.  It should be easy to get customers to switch to this product because it is easy to see its safety benefits. The main competitors are Apple because of their Airpods and Samsung because of their earbud products as well. It may be hard to get people to leave their Apple products behind and begin using my product since Apple is such a big company in the world right now. For my business concept, I think these things are very important. I think that packaging definitely changes the way that people see your product and I would make my packaging look as nice as possible. My price points will need to be up to par and my distribution will need to be centered around mass selling companies such as Best Buy, Walmart, Target, etc. Customer support will be easy to reach and the overall experience should be great. I would also love to give refunds if people are not happy with the product within the first 30 days. I do not think that the business location plays a part at all because the distribution is the key to the business and not where the products or ideas are really being made. I would need to hire a lot of people to wire the earbuds and create the actual product and insides for me. I would also need to hire people to work in a factory to mass produce these earbuds. I would probably need to hire thousands of employees. There will be investors, factory workers, engineers, designers, distributors, marketers and many other employees working with me on this product. I want to focus a lot on networking and expanding my marketing strategies. While hiring employees, I want to hire and partner with people who will only make the brand better and focus on the necessary changes that need to occur so that the product can help millions of people throughout the world. 

Three Minor Elements

My most important resource is investor connections. I have a lot of contact with investors and it would be easier for me to get investors to back my product than the average person due to my connections. Next for my venture, I hope to mass produce this product. Hopefully, this product can save the lives of many bikers that experience difficulties when biking with cars and other motion. Since this opportunity is so high, I would not try to go out into another venture right now. I will really try to perfect this product and make sure that it can create a legacy among bikers’ safety. Next for me, as an entrepreneur, I want to continue to network my product and explore more opportunities that I could come across. I will definitely work on slightly developing my product so that it will be able to reach multiple groups of people within the market. I want the end result of the product to be attainable for all different groups of income and wealth. I want my product to be loved by all, and not just my original market. I would love to have the product become successful and have it open doors for other products. 

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I am thankful for my peer’s comments on my Venture Concept No. 1 and my What’s Next? posts. While most of the feedback consisted of positive comments, there were some great points that could make my ideas better. One commented that I should focus on networking when continuing my idea. I also think that this is very important since connections are everything in the business world. It is hard to get anywhere as an entrepreneur without the support from others, and many times it's best if this support comes as connections or partnerships. Another comment that I received was to not be worried about selling to multiple markets, including poorer markets. This was important to note because my peer said that with effective marketing strategies, I would still be successful. It was important for me to realize that my business could still be successful even outside of the markets that I had projected to be best for my business. 

Because I received this feedback, I changed my ultimate current goal more to focus on networking a little more. I also changed the ending of my venture concept that describes my next steps. I added in that I would like to branch out and develop my product more so that I can reach different markets.