29 A Venture Concept #2

1) Provide, again, your venture concept description, using this formPreview the documentView in a new window. We understand it will be extremely similar to your first Venture Concept and do not expect you to re-write your entire Venture Concept. Don't worry about self-plagiarism for this assignment. However, make sure you do provide some type of change based on feedback and personal growth. You will describe this in part 3.
   Opportunity
To start the organization I have decided to create is "Books-To-Go". The need I have decided to fulfill is the need for people who are dealing with airline travel or other forms of traveling and don't have a sufficient way to past the time. To be able to past the time my business will be offering books and or magazine of numerous genres to be sold and to follow the same design or RedBox for book/magazine renting and returning. The nature of this is pretty high as numerous people in airports rely heavily on some form of text to past the time either while traveling or waiting to travel. The main issue is that airport's up-charge all of their prices and everything to ridiculous prices making a dent in anyone's wallet. The forces in the environment that are creating this opportunity is a mixture of natural elements that is creating delays in arrival or departures and failure of management by airports to accurately reach objectives on time and in a fashionably manner. The market is defined geographically by anyone traveling within North-America, this service hasn't been able to make the transfer to across seas yet at the moment. Demographically this market is for people who have a passion for reading and want to learn more and read more in their spare time or as a way to past time. The target market can also include gamers and other people who enjoy video games and want to read about the games they play. With the inclusion of gaming books/magazines this is possible.  Customers are currently satisfying this need by a few ways but none of them seem to be that effective. The number one way this need is being satisfied is through the use of Kindle Fires. Kindles provide the people ways to read numerous books all through the use of a handheld device. The other way this opportunity is being fulfilled is by people spending an extra amount of money from airports to buy books/magazines from stores within the airport. The people who are using Kindle's are most likely going to stay loyal to Kindle's but that is only a small amount from the actual people who will receive benefits from this opportunity. Many people prefer to read hard physical copies of text they are reading so many would choose hard books/magazines over a kindle. Also with way lower prices to rent these books/magazines many more people who prefer this alternative. The window of opportunity will be available until technology advances to the point where everyone has some sort of handheld device they can use to read whatever they want whenever they want no matter of the situation at hand.
    Innovation
My innovation is the creation of "Books-To-Go". This is an in person service that allows for people to come into the store (in airports), explore through numerous genre's of books/magazines, selectively pick the ones they want to read and indulge in during their traveling time, and use as a way to past traveling time. Basically what would happen is a person would come into the store and find a book/magazine they want to read and would rent it from the store. The cost of a book is $3 per day and the cost of a magazine is $2 per day. Once they found what they are looking for they would confirm with the worker at hand that this is the book they are renting and they would have to pay the flat fee of how many days they think they would use the service for. Most people would only rent for a day however as they would use their choice of a book/magazine as a way to past the travel time for the day. Then once that person gets their fair share of the book and are done traveling they would return it to another store located within the airport. All that would need to be done is scan the book barcode and double check that the person has returned everything they have rented. If a book is ever held for and not returned in the time specified by the customer then each additional day there will be a $3 surcharge until it reached the price of the book. If that price is reached the following day the price charged will jump an additional $10 and the person who rented the book can keep the book but now has to pay the full price of the book along with an additional $10.
   Venture Concept
My main reasons why I feel customers will switch this product is based on two idea's. The first being that much of the people who enjoy reading and feel passionate for reading are people who are not all the technologically savvy. These are the people who would prefer to read from a hard copy book or some material within their own hand as they cannot operate and use a Kindle or other sources like this for reading pleasures. Another reason why I feel customers would switch would be the price. The pricing if used how the business planned for customers to use the product is very cheap compared to any other service that is similar in manner. I feel these two groups of people it would not be all too difficult to get them to switch. The competitors are other airport markets selling similar products but at a much higher price and Kindles/ other forms of electronic media that allows users to read. This issue with other airline stores is their incredibly high prices of purchasing and with kindles it has to do with understanding how to use one. In defining my business concept: packaging does not play a huge role in it, price differential plays a huge role in obtaining customers from other markets and wanting them to switch to mine because of such low and affordable prices, and customer experience will also play a huge role in my business concept. I want operations to run smoothly and for customers to get the most out of their money's worth. Quick, efficient, and cheap are three keywords in the whole process of Books-To-Go. I would create a business that uses two employees are every store. These employees are their to help customers find books and to rent-out/return books. With all this my market has also been able to expand as through recent on the field reserach has proven that I can target gamers and others as long as I provide gamer magazines/books as an option to rent. This expansion of the market can open many new windows and will allow the business to expand even more.

3 Minor Elements
1.) I think my businesses secret sauce is such a unique and interesting idea. Many people love the service Redbox as it gives users quick and easy access to popular movies, just like RedBox my service will give the same opportunity but instead of movies they are using books. This new idea of passing time and a efficient, quick and cheap way will generate interest and a customer base
2.) My next venture is to create a website for my business with this people could become more acquainted with the service at hand and also would be able to figure out prices, for renting books, while traveling and incorporate that into their traveling budget.
3.) In five years I want my business to be located within all major airports of North America. This will allow for a huge expansion of business as people from all over North America could rent a book from one coast and could deliver that book after they are done with it to the other coast they are going too. I want to be the owner of this successful business and in 10 years I hope this is a business that could be attracting global attention. I don't see it branching out to the global market yet as their are so many cultural, language barriers between seas which would make it very hard to expand out too. This first venture will give me a taste of the real market and will allow me to see how will this business can really flourish.
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 feedback I received from my venture concept was all positive. They touched on the idea of how my business is very unique and is one that could be very useful for those you can find the use of this service. However, people also mentioned that I need to make it clear my protocol of returning and renting books. But that suggestion was more of a reinforcement of what I already discussed in my venture concept. Now from the feedback I got from whats next is that I can reach my market out to  wider market. in the Whats next assignment I learned that my target market could include gamers who usually pass time by playing video games and that if I included gamer magazines/books they would be interested in reading those. 

3) Describe how you changed your venture concept, based on what you learned from the feedback.

My venture concept changed both within my opportunity and my actual venture concept as a whole. With the opportunity from the feedback i generated it was made known that i can expand my target demographic to people who like to game. All I have to do to draw the attention of the new market is too include gaming books/magazines as a genre of choice. This will make profit and growth a lot easier with the expansion of my target market.