24A – Venture Concept No. 1

Putting It All Together

Opportunity.An opportunity may be defined as a group of customers with unmet or under-met needs. When you describe the opportunity you have identified, you need to be sure to describe both (1) who has the need (i.e., who are the potential customers?) and (2) the nature of the need. Other questions you should address in this section: 

·     What are the forces or changes in the environment creating this opportunity? 

The changes driving my business is mainly everyone using website and researching places to travel online. People a more and more inclined to look up think on website vs in a book. Same concepts apply for the travel part, people prefer to book their vacation online.

·     How is this market defined geographically and demographically? 

It will target people around the world that have the means to travel and seeking a customized experience. My customer would be in a younger ground. mid 50s would be the highest age.

·     How are customers currently satisfying this need?  And how loyal are they to whatever they use now?  Right now people use generic website or go to travel agencies.

·     How big is this opportunity? It is pretty big if done right.

·     How long will the “window of opportunity” be open? 

The window of opportunity would be open as long as people go online to shop for everything including vacations.

Innovation:

I know that idea is not new, because have created website to travel, book flight, hotel, and even book rental cars, but what I’m trying to achieve would be taking those website to the next level of professionalism, adding a special touch to each guest, making them feel special. 

Venture Concept:

·     What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?  

Customer would switch because they will see the value in my product, making their life easier, and having the best travel agents out there. Having the advantage of going online but not losing the human touch and personalization of each product.

·     Who are the competitors?  What are their possible weaknesses or vulnerabilities?  

Other travel website would be my main competitor, established one. The volume of product and customers would be their weakness.

·      What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept? 

     

     The location would not really matter because it’s a website, but what would is the price range, staying competitive compared to other travel website. Customer support would be very vital to my project, because it would give me the advantage from another website.

·      How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?  

I will start with my brother, a friend and me will be launching the business and as the business expand start hiring employees as we go. The roles would be mainly reservation, and customer service agents, and my brother is an accounting so he will take care of the income and the money side of the business.

what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision?

As an entrepreneur, I would see myself starting a few other venture in the next few year. I would be constantly looking for opportunities to grow and expand the travel website, and take on other hats.