29A – Venture Concept No. 2
1. Opportunity
The customer that would have the need would be anyone into shoes and high end fashion. The forces that are helping this opportunity grow the most is the influence of social media and what celebrities are wearing each day. I did not receive any feedback on this post. I would still like to see the same opportunity being used for this venture concept in order to see if it will work the first time around. My innovation is a fashion boutique that offers the highly limited pieces of clothing and shoes that are hard to find at reasonable prices. My ideal business concept would create a store here in Gainesville, FL on Archer Rd that is based upon a consignment shop theory where people can buy, sell, and trade authentic high end fashion and sneakers.
2) Provide a summary of the feedback you received from your previous venture concept description. You certainly want to include the student feedback, but you may also include the feedback you received from others during the "What's Next" exercise. You want to summarize all of the feedback, but be sure to place an emphasis on what people recommended you change about your idea. (In other words, don't just describe the positive feedback.)
The only feedback that I received was from the "Whats Next?" assignment from a few weeks back. The student made a very good point, that was very simple and came across as a great suggestion for my future business. Through the idea that not everyone is aware of the high fashion shoes and clothes in my store, people still need clothes to wear. If I can attract all types of people in my store then the possibility of building better revenues is possible. I greatly appreciated this feedback in that it seems like a great idea to keep in mind while running my business over the next decade before I sell it off to someone else that is interested.
3) Describe how you changed your venture concept, based on what you learned from the feedback.
The way that I changed my venture concept in regards to the feedback that I received, I decided to broaden my targeted market to a more reasonable price range so that everyone can afford these articles of clothing. With this concept in mind, I hope to attract and build more customer base into my store over the years. I hope through this technique that I do not eliminate anyone from the store and rather attract people that I initially did not picture ever buying something from my store to begin with. This first venture will effect my entrepreneurial experiences to come in 10 years because it will be a great real life experience of how challenging it can be at some points to own your own business independently with none to little help.
The customer that would have the need would be anyone into shoes and high end fashion. The forces that are helping this opportunity grow the most is the influence of social media and what celebrities are wearing each day. I did not receive any feedback on this post. I would still like to see the same opportunity being used for this venture concept in order to see if it will work the first time around. My innovation is a fashion boutique that offers the highly limited pieces of clothing and shoes that are hard to find at reasonable prices. My ideal business concept would create a store here in Gainesville, FL on Archer Rd that is based upon a consignment shop theory where people can buy, sell, and trade authentic high end fashion and sneakers.
2) Provide a summary of the feedback you received from your previous venture concept description. You certainly want to include the student feedback, but you may also include the feedback you received from others during the "What's Next" exercise. You want to summarize all of the feedback, but be sure to place an emphasis on what people recommended you change about your idea. (In other words, don't just describe the positive feedback.)
The only feedback that I received was from the "Whats Next?" assignment from a few weeks back. The student made a very good point, that was very simple and came across as a great suggestion for my future business. Through the idea that not everyone is aware of the high fashion shoes and clothes in my store, people still need clothes to wear. If I can attract all types of people in my store then the possibility of building better revenues is possible. I greatly appreciated this feedback in that it seems like a great idea to keep in mind while running my business over the next decade before I sell it off to someone else that is interested.
3) Describe how you changed your venture concept, based on what you learned from the feedback.
The way that I changed my venture concept in regards to the feedback that I received, I decided to broaden my targeted market to a more reasonable price range so that everyone can afford these articles of clothing. With this concept in mind, I hope to attract and build more customer base into my store over the years. I hope through this technique that I do not eliminate anyone from the store and rather attract people that I initially did not picture ever buying something from my store to begin with. This first venture will effect my entrepreneurial experiences to come in 10 years because it will be a great real life experience of how challenging it can be at some points to own your own business independently with none to little help.
Hi Matthew.
ReplyDeleteYour business concept offering high quality "new to you" clothing in the Gainesville area, especially on Archer Road where there is a lot of commerce, could be a great venture for you. Broadening your customer base could add potential revenue as well. I have visited stores who consign merchandise and while there is certainly a lot of brand names, there are also affordable pieces of merchandise that are in style and may not be a top brand but they may be great knock offs. Adding that type of merchandise to your inventory could certainly satisfy the need of those customers. Much success to you!