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?
My name is Christian Stewart and I am a sophomore here at the University of Florida studying sports management. I am a huge advocate for sports, with a focused passion in basketball. I believe this has made me a people person, who is comfortable talking to anybody. I also believe that I am someone who understands the importance of hard work and results. One of my aspirations is to be apart of an organization that fans can be proud of for impacting the community and the people within the organization. If I were to start my business, I believe that it would take up a large part of my life since I would not want to only devote some of my time to things when I can go all in.
2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
I am offering individuals a product that fits a specific need within a targeted audience. The ideal consumers of my product could potentially need a portable charger that charges twice as fast as a regular charger in half the time. These students, and business workers who rely heavily on their laptops have an issue with their laptops dying to often or not charging quickly enough, and my potential product fits that need.
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?
My target audience is students who use their laptops, and business professionals who use their laptops as well. Ideally my target audience is anyone who has a major need for a laptop and uses it for most of the day, but students and business professionals are the main targeted audience. The age group is roughly 18-65, but could go higher if needed. A potential niche of consumers could be college alumni who are in the business world and would love to rep their college’s colors on the go or at work. Ideally students would follow this narrative as well.
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.
Customers care enough to purchase my product because it will save them time, hassle, and money. Instead of wasting their time digging through wires, finding an outlet, and waiting for their charger to take 30min to charge their laptop, they can simply pull out the small portable charger, wait 5mins, and have 50% of their laptop charged. This saves students time because students often forget to charge their laptops and are late to class, and it saves business professionals money because they can quickly charge their laptop on the way to a meeting and be ready to present their potential business information.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
As far as I know, there are no products like my portable laptop charger. While there are portable laptop chargers, they are either over $125, don’t charge as quickly as my potential charger, or are not customizable. I have a charger that is unique in a small but growing market. As laptops have become more popular, the market has grown, and I have a product that would be fresh, new, and fits a need. My ability to offer something new to the market sets my product apart from the others.
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.
I believe that all five of these elements align to make a product that has the potential to succeed in a market. While it will be difficult marketing a product into a market saturated with similar products, I believe that it is still possible to accomplish. With the opportunity to offer something new and fresh, there is a reasonable chance that my product does succeed. I am worried of finding the correct company to manufacture the product, as I am not sure how the science behind the product will work. With that being said, if it was possible to make my product, I feel confident in the products ability to succeed.
My name is Christian Stewart and I am a sophomore here at the University of Florida studying sports management. I am a huge advocate for sports, with a focused passion in basketball. I believe this has made me a people person, who is comfortable talking to anybody. I also believe that I am someone who understands the importance of hard work and results. One of my aspirations is to be apart of an organization that fans can be proud of for impacting the community and the people within the organization. If I were to start my business, I believe that it would take up a large part of my life since I would not want to only devote some of my time to things when I can go all in.
2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
I am offering individuals a product that fits a specific need within a targeted audience. The ideal consumers of my product could potentially need a portable charger that charges twice as fast as a regular charger in half the time. These students, and business workers who rely heavily on their laptops have an issue with their laptops dying to often or not charging quickly enough, and my potential product fits that need.
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?
My target audience is students who use their laptops, and business professionals who use their laptops as well. Ideally my target audience is anyone who has a major need for a laptop and uses it for most of the day, but students and business professionals are the main targeted audience. The age group is roughly 18-65, but could go higher if needed. A potential niche of consumers could be college alumni who are in the business world and would love to rep their college’s colors on the go or at work. Ideally students would follow this narrative as well.
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.
Customers care enough to purchase my product because it will save them time, hassle, and money. Instead of wasting their time digging through wires, finding an outlet, and waiting for their charger to take 30min to charge their laptop, they can simply pull out the small portable charger, wait 5mins, and have 50% of their laptop charged. This saves students time because students often forget to charge their laptops and are late to class, and it saves business professionals money because they can quickly charge their laptop on the way to a meeting and be ready to present their potential business information.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
As far as I know, there are no products like my portable laptop charger. While there are portable laptop chargers, they are either over $125, don’t charge as quickly as my potential charger, or are not customizable. I have a charger that is unique in a small but growing market. As laptops have become more popular, the market has grown, and I have a product that would be fresh, new, and fits a need. My ability to offer something new to the market sets my product apart from the others.
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.
I believe that all five of these elements align to make a product that has the potential to succeed in a market. While it will be difficult marketing a product into a market saturated with similar products, I believe that it is still possible to accomplish. With the opportunity to offer something new and fresh, there is a reasonable chance that my product does succeed. I am worried of finding the correct company to manufacture the product, as I am not sure how the science behind the product will work. With that being said, if it was possible to make my product, I feel confident in the products ability to succeed.
Hello there, Christian. I am also studying Sport Management. Good luck in your future endeavors within the sport community. I think you have a great idea with the charger. I find myself waiting around on my electronics to charge far too often. Having a charger that gives me a full charge in half the time would be a blessing and is definitely something I would be interested in.
ReplyDeleteHello Christian, I think it is really cool that you are a sports management major. I have been playing sports my whole life and have an interest in the field. I think the charger would be a good idea because so many people have problems with keeping a full charge that they would love this idea. I believe there is definitely a market for this.
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