Idea Napkin No. 1

1. You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

• o   My name is Kai Heller-Spencer, I just transferred to UF and majoring in finance. My personality type under Hollands code is conventional, realistic and enterprising. Which means I like being organized, use common sense but also take risks. Meaning I do my homework, I research an opportunity, but when I find an excellent opportunity, I go for it. Combing my ability to communicate effectively, and research ability, I create a well-organized presentation that persuades anyone.
• o      When this business venture comes to fruition, it will overtake my entire life. I am a person who either is in it 100% or not at all. The plan is to create the next Groupon.  

2. What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).  

• o   I am providing to two markets, the consumer market as well as to businesses. To the consumer I am offering a way to find the best deals in town at no cost to the customer. In regards to businesses, I am offering a platform that will advertise to purely their target market.  

3. Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

• o   The demographic is mainly college kids and people in their twenties. However, people 21 and older will also use the app. Also this app only pertains to people who like to go out and drink and clubbing. It is not designed for the person who likes to go to Starbucks to have a good time. Essentially anyone who is on a budget, but wants to have a good time.
• o   The other demographic is business owners, for bars, clubs, adult entertainment clubs, cigars lounges, even hookah lounges.

4. Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.

• o   Business owners will pay to have their establishment on our app because online advertising is the new evolution of advertising. These small establishments can’t afford to run adds on TV or on YouTube. However, paying a small fee in order to promote to only your specific market, in your specific region, it’s perfect and much more effective than a sign at their front door.
• o   Customers will use this app because it doesn’t cost them a dime, it actually saves them. If on average a college kids spend $15 at a bar and goes every Friday night, they will spend about $780. If they use this app and can save $5 each time, it will save them about $250 a year.

5. What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?

• o   Being a college kid, and having a lot of friends who are in sororities and frats who go to bars and clubs it will be easy to spread the word around about this app. Once it can build traction it will dominate the Boca and Fort Lauderdale area. Once I can capture this market I’ll move down south to Miami. If I can land Miami, then it will spread like wildfire.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.

• I think these five elements fit together, I would say however that the “You” element is not strong. When I do create this opportunity I would need to bring on a coder to assist. I believe I have a decent understanding of how a business operates and how to reach new clients, but creating the product will be a challenge. I think an additional element should be “team.” Most startups have more than one person, an imaginative person, and a realistic person. That way the bounce ideas off each other, and keep each other in check.