Existing Market
I Believe from speaking with my 3 interviewees that we need to focus on the forefront of outperforming our competitors and what they do to be successful, how can we capitalize on a competitive advantage that we may have. What they do to have financial success and how we can compete. We also need to utilize our resources at hand, and not have too many employees at first until we have a developed brand recognition in an existing market because of us still having negative cash flows, it takes years for us to have positive cash flows. I have a friend that runs a business at 26 and is still in the negatives.
New Market
I believe that a B2C market would be a completely new market we would target. We would definitely need to adjust our strategy in implementing our business principles. From the interviews of the 2 people that we conducted we learned that our business idea will need to be adaptive to the consumers we are targeting, our primary target market. Not a whole sector of business in our B2B strategy that we were planning initially. My assumptions were completely different after speaking with our contacts, and we need to do more innovation into this market.
Cody:
ReplyDeleteI understand after reading over you venture concept and other items the over idea of your business. Which appears to be a B2B concept. However, I am very interested in how you could control your concept to make it relative to a consumer. My belief is that this exercise was implemented to show us how we can target or change certain aspects to go after other untapped revenue streams.
I think your strategy, to start slow with a relatively small number of employees is a very intelligent decision. This will help ensure that your startup does not run out of funding very early. Selling to consumers definitely would be a huge turnaround from your previous plan. I think selling to businesses would probably be the best strategy for the company you desire to run.
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