29A- Venture Concept No.2

29A- Venture Concept No.2

The venture that I chose to pursue is an elevated crosswalk. Within this business idea in mind, it comes with three main factors that include opportunity, innovation, and the venture’s concept. These three pieces are very important when trying to fully understand a business idea. It is also important to understand the other smaller details that come into play when creating a venture. All of these factors come together to make up successful entrepreneurship ideas and businesses.

            The idea and opportunity for my venture came from personal everyday experience. I was constantly annoyed by these problems and felt like that people should have an easier way to get around.  As a college student, I created this idea and wanted to create the opportunity for myself and others. This way we, college students and everyday pedestrians, eliminate the issue of crowded crosswalks and make this more convenient for everyone. The elevated crosswalk also addresses the danger issues from crossing on the street with cars. There have had one or two instances in news feeds and programs where people have been severely injured or died by being hit by drivers crossing the streets. I had a feedback comment mentioning this type of issue as well. Human public safety is an important aspect of society and is a part of my company I want make sure everyone has when using my product.  I addressed the idea for the opportunity of this product in one of my previous blog posts. My original thoughts about the traffic problems I was having was how I could change things to get around the campus traffic every day. This helped me create my blog post about simply “solving the problem” right in front of you. I also tried to identify the type of person who would use a product like this. I tried to relate my everyday user of this product using details that I might would do or encounter on an everyday basis. I addressed this type of market on my blog and talked about a possible consumer avatar and what type of person would use this product the most.

            The new product that I was willing to create would be an elevated crosswalk for everyday drivers and pedestrians. The purpose of this creation would allow pedestrians to walk safely above streets while the flow of traffic continues below. With no intersecting of vehicle and pedestrian, there is a constant flow and a lower safety risk. The crosswalk also allows people to cross the street at any time of day with no waiting. My everyday user would not be the customer of my product. The customer of my product would be the town or city board that would ultimately purchase the product for the citizens and people that use the streets every day. The price of my product would vary depending on basic structure, location of input, and additional add-ons added by the customer. The extra add-ons would be up to the customer to choose from so that each crosswalk is different in every location of the product.

I think that once customers are able to see the true purpose and meaning behind the venture, they will buy my product. It is very obvious to see that there is an issue that needs a solution to solve traffic issues around a major university. With my product being so different from other business ventures, I do not see many competitor opportunities. This is a strength that my product has acquired from being one of its kind in this market. My product would be constructed on site by a certified crew and building team based on the wants and needs of the customer. The building progress would be over seen by mangers who are knowledgeable and well equipped to handle this environment to make sure there is no risk of danger for any passersby and building team member. I also believe that the social capital of a business is important. With good social capital and trust within a business, it allows for consumers outside of the business to have more trust in what the company is really made of and might lead to more growth in the market. It is also good for consumers to know that a business has good contacts that include skilled business leaders and reliable suppliers behind the product that they are planning on purchasing for a community. This gives a consumer confidence in their purchase and that is what I want my consumer to feel when buying my product.

I would have to say that my product’s unfair advantage against other businesses would be that the entire idea came from a personal experience. As I said in my last blog post, I feel like personal experience is my biggest advantage because it is important to be in touch with and experience with things that other might face too. By doing this, I am able to be more relatable with what my customers need and want to get out of my product. As for advancements in the future, that part is still unknown for the most part. I think now my venture still consists of helping and giving people a product that they can use every day. Other ventures will come later as a result of good work and making sure this product works well. With this said, as the future of this business I want to be striving to be able to meet customer needs successfully and be able to provide my services across the United States in the next five years. The next couple of years in the future I feel that I will be more skilled in my entrepreneur skills and be able to navigate the business world more efficiently with this product and my future endeavors.  I also hope to be a profitable company so I could possibly expand on this particular product. I also want to create new ideas and products. This would put into play an exit plan that I would strategize to build a very strong company with very trustworthy people to take over. I would leave behind a profitable and well-run company for others that I have trained to take over and leaving me to start a new venture and company.

            I believe that my venture is one that is very useful to everyone. My idea and product provide convenience and safety while solving traffic issues on busy streets in high populated cites and universities. It entails the three important factors of opportunity for consumer use, innovation that solves problems, and its concept of being a one and only product of its kind. The market for this business venture will continue to grow based on the need of consumers and the use of a practical product such as this.