Opportunity:
There is a big opportunity that can be taken advantage of here at UF. The opportunity is to provide virtual student football tickets. Thousands of UF students purchase season student football tickets so there is a big market for this opportunity. I know that many students will be willing to pay more for a virtual ticket because of the hassle it is to go pick up your ticket every football weekend. Students also have to worry about losing their ticket because if they do they will not get another one. The opportunity is so big because there are currently no competitors right now. I would be the first to take advantage of it and would have no competitors.
Innovation:
I do not really think this idea is super innovative, but more so taking advantage of an opportunity. There are plenty of sites that offer football tickets that can be accessed on phones. The only difference is that those sites do not offer student tickets. They can only be picked up at the ticket office right now. I am just using their idea and taking advantage of the fact that these companies have not been able to offer student tickets.
Venture Concept:
I know that it will be pretty easy to convince students to switch to virtual tickets instead of picking up physical tickets. No one wants to wait in those long lines to pick up their ticket. Now instead, they dont have to take any time out of their day to get their ticket because now it will be on their phone. Students also do not have to worry about losing that small ticket. People carry their phones with them everywhere now and they are much easier to keep track of. Currently there are no competitors, but I would still have to worry about the big companies also taking advantage of this opportunity. I think this is a very good business opportunity that will be taken advantage of eventually, if it's not by me then it will be someone else. I think it would be an easy service to provide. I would have to have enough employees to be able to provide that services of sending out virtual tickets and keeping our website up and running. I would not have to have multiple stores, but just one central location because everything would be done over the internet. Most of my costs would come from paying employees to keep the site up and running, send out our tickets, customer reps, and also customer support.
After reading your responses very carefully, I realized that you have a strong passion for your venture concept. I remember when I first began reading your opportunity from previous assignments, and I can tell how much research you have put into crafting the perfect business. Not only is your idea brilliant, but it would really help individuals to never worry about losing their tickets.
ReplyDeleteHi Tyler, I really liked your response to this particular assignment. I think that you have a very deep level of analysis in all of what you are trying to explain and this will come in handy when actually forming the business model. It is important to recognize your opportunities, innovations, and defining what your venture concept is. With this, you will be successful.
ReplyDeleteHi,
ReplyDeleteI think you did a good job with this assignment. I like how much detail you used to explain the opportunity you see, how it is innovative, and what your venture concept is. I agree with you that long ticket lines are an opportunity for a business idea. It is promising to hear that there are no other competitors right now, which could allow you to start your business without that threat.