Assignment 29
Walding Consulting Firm
Venture Concept No. 2
Opportunity-
My opportunity is described as a consultation firm that would allow for young entrepreneurs to receive the guidance, foundation and financial stability they need for their own startups. There are very few forces within the market, although, you could argue that new products or services can be a force by altering the ideas client bring to the firm. The market will have a younger demographic, probably around 18-35 years old, and geographically will be within the city of Gainesville. This opportunity can be extremely big. The window of opportunity will last, and potentially expand in the future.
Innovation-
In terms of innovation, it isn’t radically different at all, but it will solve the problem of many entrepreneurs having a place to start with limited funds. My consulting firm is similar to the basis of a lawyer not getting paid unless the case is won. There are many vulnerabilities such as financial risk, arguably the most important vulnerability when running a business of your own. I will be selling my time, experience and knowledge for a flat fee plus interest. For instance, If I help a client build a foundation for their business for the course of 3 months, I would charge $25,000 plus interest payable over the course of 5 years. My experience and knowledge is what would make the entire service work, meaning, I should focus on building my own experience that someone else would be willing to pay for.
Venture Concept-
Many people want to be business owners but are intimidated by the financial risks and other things that go into making a business work. The difficult part will be getting them through the door and selling my service. I would organize this business into teams because I feel there are many different skills that need to be covered within a consulting firm and having a team will allow for a broader range of those skills to work together. As said before, there are many vulnerabilities when it comes to consulting.
The most important assets my firm will possess are the knowledge and experiences it takes to run a successful consulting firm.
The next venture would be expanding to the point where the firm can consult multiple clients at a time. Having created, managed and launched multiple teams into a space where they can work on the client’s needs will be key to driving more revenue and overall, expanding the business. This venture is extremely long-term.
The summary of my feedback included a few points about how it would be hard to copy the business which would be good due to less competition in the market. Also, there were a few comments about how my experience and knowledge would be some of the most impactful elements to the venture concept.
According to some of the feedback I received, I decided to change my target audience to consulting younger audiences, like college students for example or recently graduated. I think I went into too much description about the idea rather than focusing on how to make the idea happen. College students have bright ideas; therefore, it would be an easier target tied with high willingness to pursue the idea.
