29A Venture Concept No.2

Opportunity:

The people who have this need are the people who struggle to manage their time and are constantly on the go. Specifically with students. Having to go to school full-time and having a job can get a bit stressful. They struggle to decide how to prioritize their health when the only free time they have is for studying. This product would be targeted to potential consumers throughout America, specifically in college towns, and in the age range of 18-30 years old. Students who have a hard time fitting working out into their daily routines because they are so busy are my main targets. 

Because I am a student myself, I do believe this an ongoing issue that students are experiencing. My potential customers are the ones who have a busy school life and want to fit a workout session in their daily routines. I don’t believe there is a product out there that is the solution to student’s problems. The closest competitor could be Peloton but they focus more on a live workout class from home rather than reading your books while you work out. 

Students are not satisfied with their current health and workout routines. That is why the freshman 15 exists. Anyone who wants to even do a calm walk while reading or run at any pace will realize how efficient my product is. It is a very big opportunity that I believe can potentially expand to more exercising machines in the future. The market is centered around college towns and big cities that are constantly on the go.  

Innovation:

My innovation is a treadmill that comes with a smart tablet that allows you to read or study note cards while you run at the pace you want to run at. You will be able to download your documents onto the tablet and set the pace of how fast you want the screen to move so that you’re not having to touch the screen as you workout. The line you are reading will be highlighted so you don’t lose track of where you are reading. You will also have the application Quizlet on the tablet if you want to practice your memorization on your note cards. The way I would make money would be to reach out to student complexes and schools and sell a set of three treadmills at the price of $6,000. I would also include a small amount of advertising by reaching out to businesses that are school-related like studying resources.  

Three Minor elements:

1. By being a student myself, I will have a huge advantage of knowing what the customer wants or doesn’t. I will have continuous improvements in my product and will be expanding my product that no other company will meet. 

2. My next opportunity with my product is to be able to incorporate businesses that have study packets like Smokin’ Notes or Study edge into my smart tablet and merging the tools students currently use with my treadmill. 

3. I want to devote my time to expanding. I want my product to become a huge business where it expands into different products. I can also eventually open doors for myself that can give me opportunities to do other businesses related to my product like designing an athletic wear line. 

Summarize Feedback:
Overall the feedback I received from my first venture was pretty positive. Although I did have a few suggestions to improve my explanation on how my product exactly works when it comes to the screen moving with your eyes when you run faster. Another suggestion was how exactly will I be making profit.

How did I change my venture concept:
Due to the great feedback I received in my first venture concept, I made a few adjustments in this post by explaining my throughly on how my screen works with my product. I was more descriptive with my numbers too on how much profit I would be receiving for each unit I sold.