Forming an Opportunity Belief

Forming an Opportunity Belief

1)    Every business wants to drive in customers by giving out coupons. There have been many websites that collect those coupons and display them on their website in an easy way for customers to access. However, this practice is not done for promotional events at bars, clubs or restaurants. Such as happy hour, or girls drink free night. As of now, there isn’t an easy way for customers to find out what deals an establishment is having on a particular night. Customers either have to go to that specific establishments website or walk in.  

2)    Customers always want to pay the least amount for something and businesses are willing to lower prices on certain items in order to bring in foot traffic. There is a need to combine these two, making it easy for customers to find the best deal while also providing exposure to all the businesses in a particular region. The target market for this app would be college kids, but also bargain hunters. Generally, the target range would be from ages 18-40. This problem has been around ever since the first promotional event held to draw in customers. I believe people have been writing down or typing these events into their phone, whenever they go into a new restaurant. Right now I am about 90% sure there is an opportunity, however I’m only 50% sure there is a market for it.  

3)    A prototypical customer would have to be a college kid who is living on a budget. 

    

       A. The first person I interviewed was my roommate, his name is Joe. He is a senior in college who always goes out to bars to meet new people.

    Do you wish there was a way you can see all the deals in your town on a single app?

    A: “That would be great, especially knowing what places give out bogo on beer.”

     How often do you go out to bars or a restaurant in a given week?

    A: “Every Thursday, Friday and Saturday I go out to a bar. I also go out to a restaurant 3 times a week.”

-    When you do go out, do you try and find were the best deal is?

     A: “I go to Rocking Angels on Thursday because they have bogo on beer, but other than that I just go where my friends go.”

-   When you go out, if you could know all the deals in an area would you be more inclined to go to a place that had better deals than another location or one that was closer to you?  

     A: “I would go to a place that had better deals, as long as the place is pretty close to my house.”

-       How long have you been going out to clubs or bars.

     A: “I only turned 21 three months ago, so three months.”

-       What are you currently doing to try and find the best deals?

      A: “Whenever I find a place that I like, I write it down in my phone. Generally, though I forget to write it down.”

-       Do you like my solution or think it needs some improvements?

      A: “It’s a really good idea, but how will you know the deals to places that are outside of Boca Raton?

    The second person I interviewed was my sister. She is 23 and in nursing school.

    Do you wish there was a way you can see all the deals in your town on a single app?

    A: Yes, I only go out on the weekends and hate to spend money.

    How often do you go out to bars or a restaurant in a given week?

    A: My boyfriend and I go out at least every Friday night, but sometimes we go out on Saturday too. 

    When you do go out, do you try and find were the best deal is?

     A: Generally, we only go out to places where we buy a drink and get the second one half off or for free.

    When you go out, if you could know all the deals in an area would you be more inclined to go to a place that had better deals than another location or one that was closer to you?  

     A: Definitely one that has better deals. However, if the place is extremely far away then we won’t go.

     How long have you been going out to clubs or bars?

     A: I have been going to clubs since I was 18, and I have been going to bars since I turned 21.

    What are you currently doing to try and find the best deals?

     A: Right now I will text my friends to see if they know of any good deals going on that night.

     Do you like my solution or think it needs some improvements?

     A: It sounds awesome, it would be cool if you could talk to the major restaurants and see if you could work out a deal, so their promotion pops up first and customers could get an even bigger discount when they present the app to the waiter.

    The last person I interviewed was my boss, he is 25, out of college and works at a financial firm.

    Do you wish there was a way you can see all the deals in your town on a single app?

    A: That would be really cool, especially being able to see what place is having an event on a specific night.

     How often do you go out to bars or a restaurant in a given week?

     A: I only go out to a bar on Friday night. However, I go to a restaurant or coffee place every day.

    When you do go out, do you try and find were the best deal is?

     A: Not anymore, now I find the best place on a quality basis rather than a monetary one.

    When you go out, if you could know all the deals in an area would you be more inclined to go to a place that had better deals than another location or one that was closer to you?  

     A: Definitely one that is closer to my house.

     How long have you been going out to clubs or bars?

     A: I have never been to a club, but I have been going to bars since I turned 21.

    What are you currently doing to try and find the best deals.

     A: Nothing now, but back in college my roommates and I had a whiteboard and we wrote what bar had the best deal for each night of the week.

     Do you like my solution or think it needs some improvements?

     A: It’s a good start, but I would expand from solely bars, clubs and restaurants. To include coffee

      shops and cigar lounges.

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    5) Reflection: It seems that my idea is a great starting point. It definitely has potential, especially with college kids. However once $10 doesn’t mean anything this app becomes irrelevant to the consumer. Fortunately, I do believe most people from ages 18-30 are still in the saving mode, and $10 is a decent amount of money to them. I think if I can turn the app not only into a discount finder, but an event finder, then my market greatly expands.

    

    6) Summarize: Since I have started, I have found that my opportunity is much larger than I ever thought. However, it will be a struggle to find these events and discounts due to the root problem.

Going around and talking to people to see what the market wants certainly gave me more of a basis. However, a larger poll will have to be taken in order to truly gage the opportunity.

Being an entrepreneur is tricky, you have to be bull headed, but also receptive. Entrepreneurs need to stay firm with their core business, however listen to what their customers want and test new ideas.