Idea Napkin No. 2
I am a 22-year-old Public Relations major from Jacksonville, Florida. I believe the best skill that I possess is the ability to communicate and form relationships with many different types of people. My aspirations are to work toward developing professional skills that would allow myself to work as an executive within a large corporation. Specifically regarding my business concept, the business would become a side-job to diversify my streams of income. I do not see it becoming a full-time job, but my view could changed depending on a few factors.
My business concept is a consulting firm that would allow people with profitable business ideas to get off the ground and build a foundation with little to no money to begin. Many people have high levels of debt and take on huge financial risk when it comes to the earlier stages of their startups.
Any and all people with profitable business ideas. It would cover a broad range of types of people, but the one thing they would all have in common is, they have a idea and little money to pursue their idea.
My customers would care because I would be taking financial risk in the earlier stages of the startup and it would be less risk and less painful for them to begin their business.
My core competencies include the ability to lead, form strong relationships and network. I believe all of these skills are important and in essence with the abilities of an entrepreneur. All of these elements are important in a service-based industry as well. As for a side job, I believe it would be easier to develop a product-based business rather than a service-based business.
Two main points I received from the feedback include:
1. There are many competitive consulting firms available already.
2. Essentially consulting is providing knowledge and experience to a client.
I changed a few things up from the past idea napkin by taking into consideration the feedback I received on the first idea napkin, such as reviewing my set of skills more in-depth to compete with other consulting competitors.
Great job with this assignment, Walter!! While I know this idea napkin mostly pertains to the product, it is great to get to know a little bit more about who you are as a person. This idea napkin gives me even more insight into your character, personality, and your relationship to your entrepreneurial concept. Also, good job incorporating the feedback you received from the first attempt, into this second attempt at the idea napkin.
ReplyDeleteHi Walter!
ReplyDeleteI understand that this is a service and it already has many competitors in play already, however with your compassion and the way you come across, with your confidence, I believe you could help those wanting to create something that can change the world. As an entrepreneur yourself I feel you would flourish in this industry because you can see if someone's idea is really worth investing. Great work, can't wait to see more!
Hi Walter!
ReplyDeleteI really enjoyed reading about your idea napkin. I think it was great that you were honest with your intentions and explained that this business concept would primarily be a secondary job to diversify your income stream. While it may be true that there are many competitors in this market, that might simply mean that you have to tailor your consulting services to a more specialized market or industry. Focusing on a niche market might also allow you to develop more expertise and knowledge pertaining to the businesses that you would interact with.