24A- Venture Concept No. 1

Opportunity

One day I was sitting in my couch trying to look up movies to watch. My roommate comes up to me all mad and ranted about how annoyed me was at the fact that her brand-new adapter had stopped working. I went to go see her adapter and it looked very expensive. This is when she told me that she bought it one day ago at the bookstore for forty dollars. I was shocked because it was such an expensive adapter and it was also brand new. Later that week my class for entrepreneurship gave us an assignment that included making a product and company out of an unmet need. Automatically, I remembered the adapter situation from earlier that week and started to do my research. 

My opportunity came from personal experience which I’m very sure many other people relate to everyday, especially college students. The advancement of technology has caused these unmet needs because of its lack of quality adapters. Although this issue is a one and second world issue, it is seen across the world. My focus is the United States because it is an easy market to enter. Customers are currently satisfying their needs by being cheap adapters that don’t really fulfill their needs. Usually people don’t want to spend on an adapter that has everything because of its price so they end up buying adapters for each one of their ports. This ends up tricking the customer into spending more money altogether. This opportunity is pretty big because it’s an unmet goal seen everywhere. It’s window of opportunity would have to be till computers (MacBooks) start including all the ports necessary. 

Innovation

My product is an adapter that can be used on any type of MacBook. The adapter will bring various of the ports needed to watch movies, use USB’s, and connect phones. It will include a tuck in chord that allows it some protection against dust and will have a sleek metal case. This adapter will be sold at a reasonable price unlike many other adapters with this quality. I will be making money by selling this product in the amazon market which attracts a lot of people to buy it once it is Amazon prime certified. Other than that, I wish to sell this product on the company’s website which will help brand the product. 

Venture Concept 

Customers will end up buying my product because we will provide insurance for the product for up to 30 days after purchase. This will prevent adapters like the one my roommate had from breaking the day after. We put both quality and cost at the same level, meaning that we want the product to be the best adapter possible but at an affordable cost. It will not be that difficult for people to switch over because people want a reliable adapter at a cheaper price than the ones offered at the apple store or example. Customer service will be an essential part in selling which is why we will have the smartest people we can find to help customers deal with any difficulties the adapter might have. 

The three minor elements

My company’s main resource includes networking and brand the product. This will help the product succeed in the public eye and will help the company’s image. I have much experience in this field and will definitely help create an image for this product to have a successful outcome. 

I think my next product might be a portable computer camera that you can attach and hook up anywhere. Usually computer cameras are very low quality and so it’ll be cool to create a universal camera that includes many different things attached to it. 

I would want to create a company like apple but not with computers. Instead it would be product that help computers fulfill the customer’s needs. With the right resources, I believe this brand will be known in the next five years by many people.