Venture Concept No. 1

Opportunity:

The opportunity that I have found is the fact that customers do not like to take their vehicle in for service or repairs.  All vehicles need to be repaired or serviced at some point, this is a fact of vehicle ownership.  No customer likes having it done and one of the most annoying things about it is how it interrupts their day.  Right now the closest thing to this solving this issue is getting a rental vehicle.  I feel that this opportunity has a huge unmet potential and could be extremely successful.  This is an opportunity that could be met by other people so the window may not stay open long in the sense that no one else has yet tapped into this market.

Innovation:

My business is about as straight forward as it gets.  We are a service that picks and delivers your vehicle to a repair facility when you need any kind of work on your vehicle.  After the repairs or services are completed then we will deliver your vehicle to you.  We also have the option for a loaner vehicle.  We start off by scheduling an appointment to have the vehicle picked up.  We set a time and location, and if you need a loaner vehicle we will you sign for it at that time.  From there we will drop your vehicle off at the repair facility and will update you informing you that your vehicle has reached its destination.  After the facility has completed their work we will schedule an appointment for the delivery of your vehicle.  At that point we will drop off your and pick up the loaner from you.  What this service will do for you is allow you to get your vehicle serviced or repaired with as little inconvenience as possible.  You are fre to go about your day with no interruptions and never have to worry about not having a vehicle to get around.  You also have the ability to be at work, home, and school and not worry about having to leave or find time in your day to get your vehicle dropped off or picked up.  You now can even have your vehicle delivered to you while you are out to lunch.  With this service comes the peace of mind knowing that your vehicle is being driven by employees who must pass and receive certification to drive your vehicle and your vehicle is covered by a company that is insured in case of any issues that may arise while your vehicle is being picked up or delivered.  We are also a separate business from the dealership, so that if anything does arise during the pick up or delivery it can be handled in a timely and efficient manner.  There will, obviously, be addition regulations and qualifications for you to be able to get a loaner vehicle.  The driver must 21 or older and must have full coverage insurance including bodily injury.  They must also be able to provide a copy of their valid insurance and a valid driver license.  In addition to that a credit will be held on file.  The customer will be responsible for making sure that any gas used is refilled.  Charges for this service will be billed directly to the dealer and they will have the option to charge the customer for it or they could use as a tool to increase their customer satisfaction and cover the service for them.  My company would charge the facility a flat rate of $15 per pick up and drop off.  The cost should cover the amount of gas, employee costs, insurance, and cost of vehicles for the business.  If the customer also elects to have a loaner vehicle then there will be an additional $10 charge.

Venture Concept:

I think that customers will leap at the opportunity to have their picked up and delivered to them, simply because it will make their life more convenient.  I do not know if you can find someone who has not spent an extra $15 for convenience.  If people didn’t we wouldn’t need valets.  I also think that dealerships would take advantage of the opportunity to possible cover the cost of this service for their customers so that they can offer a service that nobody else has thus increasing their customer retention start by trying to get in at one dealership and that way I could work out any issues in smaller scale and then grow from there.  Making sure all of the employees and vehicles are properly insured and trained would be the first step to ensuring the businesses success. 

First, describe what you think your most important resource will be. You might call this your venture’s “secret sauce” or “unfair advantage.” Besides your actual innovative product, service, or process, what will you have that will make it hard for competitors to copy your success?

My unfair advantage is me.  By business will survive on customer service and retention.  My work ethic and ability to understand a customer’s needs is what will allow my business to prosper and others will struggle simply because they do not have me.

Second, what’s next for the venture? Describe either the next opportunity you want to tackle with your current innovation, or describe the next new product, service, or process that may be aimed at your existing customers. 

After getting settled in the business, the next step I would take is the ability to allow the customer to pay direct with me for not only my services, but the dealership’s as well.

Third, what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision?

In 5 years I would like to be in multiple facilities.  I would still be planning on actively working out in the field, but have a larger fleet of vehicles and more employees.  In the next decade I would like to be overseeing the operation and directing everything from an office.  This first step of being in a dealership would help me get there by seeing what is actually going on in the field and understanding what is the best way to solve the businesses problems for not only my current and future customers but my current and future employees as well.

Week 11 Reading Reflection

One thing that I disagree with is that it is leadership’s responsibility to find innovation.  I feel that in a customer based business the employees who have contact with the customers are better equipped to find innovative ways to improve the business.  However, it is management’s responsibility to to listen and implement it.  The idea of crowdsourcing, is that one of the more popular areas in which new companies find ways to become more innovative?  While I do like the landscape model I would like to understand more how find in what ways a new strategy would be list in what categories?  The part of the article I liked the most was the evolution of glass.  I never would of connected the different inventions came from the creation of the glass on the light bulb. 

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. 

            My business makes money from the number of appointments set by the dealership from the number of people who need their vehicle picked up and delivered from them.  My business can do pick and delivery or they the option for one or the other.  We can also create additional revenue if the customer elects to take a loaner vehicle.

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

            The next step in my business venture would be to add the customer’s ability to pay for the repair through my business to the dealership.  This addition would give the customer the added comfort and security of not having to give their credit card information over the phone.

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.?

            As I stated it will enhance the experience by giving the customer additional security and increasing convenience for the customer.

  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.

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

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

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

            My business is a service so I was unable to find it on Amazon.  Enterprise does offer a similar service with picking up and dropping their customers.  I have spoken with Enterprise at times when they are not staffed to pick up customers and that to me is an area that needs improvement.  I would say overall they do seem to good reviews and I saw the ability to pick up and deliver mentioned multiple times.