Wednesday, March 9, 2016

Idea Napkin No. 2

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?
I am a sophomore female finance student at UF. I am good at photography and I like to read, and I also enjoy food. I would like to run a successful company. I think this job could be my full-time job.
2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 
I am offering to customers a great American restaurant in midtown Gainesville. There aren't any breakfast places in midtown, so I think that students and professors alike would really enjoy this new option. It would provide a relaxed environment and great food, along with a friendly staff. In addition, on the weekend (Friday, Saturday, and Sunday) mornings, I will offer drink deals such as bottomless mimosas and bloody mary's for those of drinking age.
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?
This question doesn't change much. I still believe that what is special about my business opportunity as oppose to many other people's is that this restaurant would benefit literally everyone in Gainesville. Anyone who would like a new breakfast/brunch/lunch place with great food would benefit. This includes kids, families, students, professors, and Gainesville residents. The one part I would add is that I am aiming to make this an affordable brunch spot, where students won't have to break the bank.
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. 
My customers will find this place valuable because it is a great place to unwind from a stressful week with either your family or your friends. It is also a place you could get a breakfast to-go and eat it in the library during the week or bring it to class. The options are endless, and I think that many people in Gainesville will find a use for a restaurant like mine.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 
My core competencies include my love of great breakfast food and my knowledge in the area. I am also a very research-oriented type of person and I would make sure to get the best quality food available for the most affordable price.
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 believe that all of my business concepts fit together very well, and that there shouldn't be any problems implementing them. I think that if I were to implement this idea, the only flaw would be my lack of experience/age, so I would wait until I finish with my bachelors and my masters and work a few years before I dive into the restaurant industry. I might even try to pursue a degree in that industry.
For the "feedback memo" -- please summarize five main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin. 
- I realized that running a restaurant is a full-time business, and I'd need to make it my full-time job in order for it to be a success
- Alcohol is a huge part of the appeal of restaurants for college kids. My restaurant will now serve alcoholic beverages and have deals on those drinks during the weekends.
- I need to make affordability a priority, because not many college kids eat out. I have included that in my "Who?" question.
- Customers need to realize that this place can be used every day of the week, and all months of the year. There will be to-go and delivery options (**affordable**), so you can grab your breakfast sandwich and head to lib west (across the street), or come relax for an hour or so with friends.
- Quality of food matters to many customers, and I need to let them know that I will use the best quality foods I can find.

4 comments:

  1. Hey Laura, I think this is a great opportunity to explore. Gainesville doesn't have enough local cafes and breakfast spots for UF's fifty thousand students to go out and get a much needed hangover cure. How do you plan on entering the market and marketing against other competitors? I enjoyed reading your post. Here's the link to my post if you'd like to check it out:

    http://gregneatrours.blogspot.com/2016/03/idea-napkin-no-2.html

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  2. This place sounds like somewhere I would like to go to on a lazy Saturday morning when I don’t feel like cooking breakfast. However, I think there is already so a lot of competition in the restaurant industry in Gainesville. There are new places that have opened up recently that could possibly take some of your business away. Just something to think about. Here is my post: http://theentrepreneurperspective.blogspot.com.es/2016/03/idea-napkin-no-2.html

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  3. This is definitely a unique opportunity for this area. I am not too familiar with the Gainesville area, as far as what they have to offer or do not have to offer for its residents. There aren't many restaurants that you can go to that aren't already a part of a chain. This is a place I could see myself frequently going to in the morning for some good breakfast food. I like that you planned specials such as bottomless mimosas for your customers. I don't think there is any other restaurant that does it. And to top it off, it is great you can take the food with you to go! I do not have a link to share with you because I missed the deadline for the assignment, great post though!

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  4. THIS IDEA ROCKS! The thought of having a breakfast place in mid town is actually incredible. Other then dunkin donuts which is not very satisfying if you ask me, will allow students a place to eat in the morning other then having chipotle for lunch (which isnt always bad.) Then on top of this having the drink specials would make this breakfast place like another early bar in mid town is a great idea. Check out mine at http://michaelduellent.blogspot.com/

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