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?

My name is Matthew Stevenson. I am a senior at the University of Florida studying Business Management with a minor in retail. I am a big fashionista who enjoys collecting articles of clothing and shoes. I have a lot of work experience in both retail and IP legal studies. If I were to start a new business concept it would be a consignment shop here in Gainesville, FL where "hypebeasts" can buy and sell shoes and clothing like Supreme.

2. What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

I would be offering to customers a "one of a kind" store here in Gainesville that aims towards a college town. In particular, this store would drag in many fashion people who enjoy the street-wear culture and who are possibly trying to sell some of their older clothes. I am solving the unmet need of shoes and clothes that are very limited and sold out everywhere in a store that is local for north central Florida. Because Gainesville is a college town, I think this business start up company would attract a lot of attention and would be a success.

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? 

I would say all my consumers would have in the common the love for fashion and the idea behind presenting themselves in good quality clothing that is respected by others when you see them out in public. As stated previously, this business would be targeted to people of all ages that are aware of high fashion and brands that are more expensive to afford. However, I would open my store in a way that has all sorts of price ranges so that it is not limited to one party.

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. 

I believe that this business would be the income to my empty pants pocket because this is store would be new to Gainesville with no other competitors. I believe that customers would believe that my store provides value to them in that it makes you feel special to be wearing such high end brand names at a reasonable price. I have personal friends that have inventories of shoes that would help start my store survive because we would have a lot of stock and items for sale.

5. What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?  

With myself being a Gainesvillian for over the past ten years, I know that my store of high fashion and shoes would be the only one on the market. Furthermore, what would set our store apart from other clothing companies is that we will focus on customer experience and how we can boost the best fan base ever in the retail industry. There is no one else out in Gainesville that is marketing the kind of business concept that I have drawn out. Although this would not be my overall life goal, it would be awesome to see this idea unfold in the near future!

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. 

After reviewing my five concepts, I think that they compliment each other very well in that one would not work without the other. One part that could be weaker that then others would be attracting customers initially into my store that they may have never heard of or what we sell/offer. I feel like we(my business idea) only targets some consumers, and in some places like Miami, FL and New York there are higher demands for high fashion and sneakers. This is not to say that my success will be held back by this idea, but it will only motivate my marketing team to get us out in the word of mouth by frequent shoppers. I believe with my years of buying and reselling over Ecommerce websites, that my team of fashion lovers and I could build a very dominant store in the heart of Gainesville on Archer Road!