Venture Concept No. 1

Venture Concept No. 1

Opportunity 

            Having been at the University of Florida for two years I have noticed the lack of venues that offer a nightlife experience that is more than a bar with a dance floor. This lack of diversity opens the door to a brand new way to have fun. A bar that houses a restaurant, arcade, ice cream shop, putt-putt, and a driving range all serve unmet needs here in Gainesville.

            Currently, customers satisfy their needs of a night out with a trip to mid or a walk to downtown. The other set of customers my business serves to is the casual or avid golf fan. In Gainesville the avid golf fan has a variety of options. The UF Mark Bostic Golf Course, WestEnd, or Ironwood. The casual golf fan looking to play mini-golf or hit some range balls with their friends needs a spot to go to.  Most customers are loyal to the experiences they currently have. Students like midtown, and avid golf fans like the traditional courses.

            The opportunity for a restaurant/entertainment venue is huge in

Gainesville. There is nothing else like it. The window of opportunity will be open as long as other venues remain cemented in the traditional ‘bar only’ venue.

Innovation

            The Swinging Gator offers customers a full entertainment experience. Multiple features such as a mini-golf course, arcade, ice-cream shop, driving range, and bar/grille give all types of consumers different opportunities when they arrive. The hours of operation for mini-golf, driving range, arcade and ice cream would be from 8am-10pm on weekdays and 8am-11pm on weekends. The bar/grille will be open from 11am-1am Monday-Thursday, 11am-2am Friday-Sunday. The prices for mini-golf will be 6$ for children under 12, 8$ for UF students, and 9$ for adults. A small bucket of golf balls for the range will be 4$ and a large bucket 8$. The arcade games brought in will set prices themselves. The bar/grille will have happy hour everyday from 5pm-7pm.

Venture Concept

            Customers will eventually switch to my business because its services are unique to this area. However, it will be difficult for consumers to switch. As a college student I know, once something ‘works’ for you, stay with it. That is why it will be a challenge for students to switch to my bar: they already have past experiences and enjoy other bars.  My competitors range from other bar/grilles to golf courses in the area. The vulnerability of these golf courses is the lack of a fun atmosphere. Having an outside bar that accompanies the driving range or a putt-putt course where your kids can play while you enjoy a drink is something my business has, that they don’t. The weakness of other bars is the limits they have on what they offer. No other bar offers the entertainment that the Swinging Gator would.

            The Swinging Gator would have about 25-30 employees. The different employees would be, cooks, waiters, bartenders, and cashiers. Also on specific occasions a golf instructor would come by to give a weekly golf clinic on the range.

3 Minor Elements

• ·      My “unfair advantage” is that my service allows people to stay for an extended period of time. Some customers may come in looking to hit a bucket of range balls for half an hour but end up staying for 2 hours having dinner or watching football at the outdoor bar.
• ·      The next step is branching out to provide food delivery. If a consumer cannot make it to us, we will make it to them.
• ·      In five years I would like to see this venture be so successful that other locations open up. Whether it’s in another college town or ten miles away, two locations is the goal. As a person, the Swinging Gator is the stepping-stone I would use to hopefully one day open up my own golf course back home.

Amazon Whisperer

Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

There are three main revenue drivers in my business concept: bar/grill, mini-golf/driving range, and an ice cream/arcade room. The bar and grill will be a sports-bar type restaurant. A mini-golf course and driving range will cater to adults and children. Including an ice cream shop and arcade room will serve to accommodate children and young adults.

·       Describe what kind of product offering you believe should be next. What's the next thing your customers want?

The next step will be to add a bar outside near the driving range and include TV’s and seating. Having a bar and TVs outside creates a more casual atmosphere while still allowing golfers to enjoy the sports-bar experience.

·       Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

The customer experience would greatly improve by adding value and entertainment to the driving range. An outside bar turns the driving range into a more fun, lively, social experience. This idea strongly appeals to working-class customers who are looking for more than just a beer after work- now they can have a beer and enjoy a relaxing sport.

·       Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

My business concept is service-driven; however, offering a Jenga GIANT Genuine Hardwood Game (JGGHG) creates an even more fun atmosphere and provides customers with another lively activity. JGGHG is a blown-up version of Jenga, a classic puzzle game.

·      What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

JGGHG is rated 4.4/5 stars on Amazon. Customers sometimes complained that the game takes long to set up and doesn’t come with a box to stack it in. Most reviews were very happy with the product- commenting on the quality pieces and how fun the larger version made the game.

·       Describe what design/usability changes you'd make to the product. 

I would add a housing-case that would allow users to organize the game more quickly and easier.

·       Describe why you think this product would make a good addition to your current product/service offering.

The reason I picked this game is because a lot of people already know how to play, it can be played quickly, and various amounts of players can participate at once.

Week 11 Reading Reflection

The most surprising thing to me was that there are still some companies not participating in innovative strategies. A system that allows a company to innovate is now necessary in today’s world and it is surprising to me how many big companies neglect innovation.

One part of the reading that was confusing to me was the matrix on page 51. I understood what each box was represented by but I was not sure how I business would decide which method to choose.

Creating a strategy for innovation seems to take up a lot of time, energy, and resources. When will the positive effects of innovation make an impact in a company?

As this reading informs us, innovation is something that is becoming necessary in today’s world, also it gives companies competitive advantage over competitors, yet some businesses still refuse to innovate. Why?

I thought the author was wrong when the article stated that only senior leadership can make the choices that are best for the whole company. When dealing with innovation, although the support of senior management would be important, a innovation branch or team could make the best decisions for the company as a whole.

My Unfair Advantage

1. Competitive Culture

V: creating a competitive culture can be valuable to my venture

R: a competitive culture between employees and management is not very rare

I: a competitive culture can be easily imitated.

N: a competitive culture is non-substitute.

2. Passion

V: having passion about your work can be extremely valuable

R: having true passion every day is rare

I: passion cannot be easily imitated or matched

N: there is no substitute for a strong passion

3. Multiple Purchase Product

V: creating a product that consumers need to come back for more of can be valuable

R: it is not rare to see companies create multiple purchase products

I: it can be easily imitated

N: a single purchase product can be substituted

4. Targets all demographics

V: very valuable because all consumers could be potential buyers

R: not very rare

I: targeting all rages of demographics cannot be easily imitated

N: it is hard to find a substitute for targeting a wide range of people

5. Background in Industry

V: having experience in my industry can be very valuable and give me a competitive advantage.

R: having a background can be rare

I: experiences in the industry cannot be imitated

N: experiences are not substitutable

6. Affordable Experience

V: offering a product that is affordable can be valuable

R:  affordable experiences can be rare in areas such as college towns

I: in order to imitate affordable experiences, competitors would have to lower their own prices.

N: affordable experiences can be substituted for higher priced experiences.

7. Solid Financial Foundation

V: earning money for the past few years I have been able to save and in return I am better suited to start my company and have some money left over in case of hard times.

R: after the recession it is rare to have a solid financial foundation.

I: having a financial foundation can be rare when starting up a new company

N: financial foundations are not substitutable.

8. Customer Focus

V: making the customer the priority can be very valuable and lead to better business.

R: it is not rare for a business to use the customer first approach.

I: focusing on the customer is something that can be imitated.

N: customer focus can be substituted for a profit focus.

9. Location

V: being one of the few businesses in the area can be extremely valuable.

R: it is rare to find one business providing to one area that is as big as Gainesville

I: locating a business away from competitors can be imitated.

N: the substitute for locating away from competitors is locating near them

10. Selective Hiring

V: choosing the best from the best can be very valuable when trying to gain a competitive advantage over other ventures.

R: every company selects its employees carefully but focusing on attributes such as integrity, responsibility, and creativity are rare.

I: hiring unique employees can be imitated by other ventures.

N: there is no substitute for a good employee.

Although all ten of my resources are important, having a solid financial foundation is my top resource. It is important because with a solid financial foundation I can more take more chances with my company without having the risk of going broke.