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25 Whats Next?

Existing Market: After conducting the three interviews I came up with several new ideas for my venture, and ways to improve the venture. One suggestion I received that had not occurred to me, was to set up a point system. He suggested that every time the customer had their barcode scanned, they received points.   After a certain amount of points, the customer would be awarded with a prize. That way it creates an incentive to use the app. Another great idea, was to create a subscription service for the customers. They would pay a few dollars each month and have a completely ad free experience. That way I can create a much more reliable revenue stream. As well as, create a loyal following. New Market: After some thinking, I came up with a market that is radically different then my existing market. My venture is focused on marketing to young people. I thought, why not take that and adjust it to target generation X. People who are between 36 and 56. For this market I would c...
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15A – Figuring Out Buyer Behavior No. 2

15A – Figuring Out Buyer Behavior No. 2 In my first two interviews, the owners were mainly concerned with pricing. My first interview was with Lion & Eagle English pub. They thought it would be smart if the app did a bar of the day. Basically starting out, I should put all the bars into a simulated raffle. Whomever wins will have their bar name and promotion pop up immediately when the app opens. And when the app becomes more developed, setting a certain price allowing a bar to pay a higher fee but benefit from the additional exposure. I thought that was a genius idea and could bring in extra revenue. For my second interview I went to Warehouse Pub.   The manager was mainly concerned with pricing, he suggested not doing a flat fee but a partnership. He recommended that I set up a QR code system. Meaning, when a customer uses the app and they go into the bar and show this QR code then I will receive a percentage of the revenue from that customer. That way smaller bars don’t ...
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13A – Reading Reflection No. 1

Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, Ashlee Vance What surprised you the most? When Elon Musk was in the third or fourth grade, he had already read all the books in the school library and the neighborhood library. He even tried to convince the librarian to order more books. Because she didn’t, he decided to read the Encyclopaedia Britanni. He said, “That was so helpful. You don’t know what you don’t know. You realize there are all these things out there.” What about the entrepreneur did you most admire? At the age of 28 he already sold his first business and made $22 million dollars. Most millionaires would have called it quits, not Elon. He invested most of that into his new venture, a startup that would become PayPal. When he sold that and made $180 million, he again put all of his money into three startups. He put $100 million into SpaceX, $70 million into Tesla and $10 million in solar city. Essentially the fastest way to get rid of $180 millio...
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