11A - Idea Napkin No. 1



1)    You. I am a second-year finance major at the University of Florida in the combined degree MSF program. Many of my talents revolve around the finance industry. I interned last summer with the Irish Mortgage Brokers in Dublin, Ireland and currently have a part-time job with core spaces as an ambassador and am the treasurer for the Alpha Epsilon Pi Fraternity. I aspire to start my career as an investment banker and am not sure what I would like to do after that. If I were to start the business, then my future plan would be very different. I would most likely quit my job and put all my effort into this product because I would not have time to do both.
2)    What are you offering to customers? The product that I am offering customers will solve the problem up three-hole punched papers getting ripped in binders. The process of purchasing reinforcer stickers and placing them on each individual hole is tedious and tiresome. My product will combine the two steps of hole punching and reinforcing to save time and money.
3)    Who are you offering it to? This product is going to target schools and businesses as well as recreational use. Many offices and schools will see this product as being worth the original price because it will make the workers and students more organized and time efficient. Also, individuals will also want to buy this because it will not cost much more than a regular three-hole puncher so they will see the added benefit make up for the price difference.
4)    Why do they care? Customers will pay me money for this product because I am offering them something that will make their lives easier. Essentially, I am combining two products and making the process a lot more time efficient and it will save money in the long run.
5)    What are your core competencies? What sets me apart from everyone else is my work ethic, attention to detail, and drive that will make this product superior to the old process. The designing and building stage will take a while, but I will be able to push through the process to design the best possible product.



I believe that these five elements fit together and that my business concept is pretty strong. My business background will be very helpful in running and planning out the business model in the next five years. Where my experience is lacking is in the designing and building stage. I will probably have to hire someone to help with that process.

Comments

  1. Bernard BynumFebruary 21, 2020 at 4:17 PM

    Hey Michael,

    Thank you for commenting on my blog and I enjoyed reading yours as well. You have a very strong background in the finance industry which would be very beneficial for you if you were to start a business with your product. The target markets that you listed would definitely be a key part of the success of your product. I'm very interested in your idea and how you would be able to market it successfully considering a lot of schools and workplaces have shifted towards doing everything online.

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    Replies
    1. Joseph PlotkinFebruary 23, 2020 at 9:24 PM

      Hey Michael,

      After reading this post I can see how committed you are to your studies and this class. I really appreciate your drive in life and I think you will be a successful investment banker one day. I think if you can get a patent on this product that will be beneficial to your business. Also you never know how helpful it will be in the investment world to have a product like this. Really proud of you Michael.

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