Opportunity:
There are a few forces or changes in the environment that are creating this opportunity. The opportunity is to lessen the number of federal regulations involved in the required certification exams that businesses must pass. These certifications are extremely tedious and time consuming. For most of the part, employees are more stressed over these federal tests than they are with their own duties on the job. Productive work time is being displaced disproportionately in order to complete these certifications. The stress created in the work environment is a driving factor for the opportunity to ease the already stressful jobs.
The market is mostly made up of customers who are environmental lab chemists and work in laboratories that require federal certification exams. Demographically speaking, these customers are married and have a family of their own. Also, they are in the middle to upper classes of society. They lie within an age range from 25 to 50. Some of them are recent graduates from undergrad and grad school, while others can be called “veterans” due to their long history of being with the business. The geographic specifications of these customers can be found throughout the country of the United States. However, many of them are situated near bodies of water where most of their research is based on. A lot of the customers are found in Florida, since it is a state surrounded by water and houses the potential for great scientific studies for the environmental chemists.
The customers are not pleased with the current certifications in place and would rather have this opportunity unfold sooner than later. Many of the customers are actively participating in different ways to raise a concern for their need to lessen the federal regulations. With the opportunity being a federal concern, much effort and diligence is needed in order to successfully implement this opportunity for these customers. The customers are extremely loyal to whatever they use now. Since they are in a competitive and highly regulated business, the customers must show traits of loyalty, dedication, and punctuality in their duties, as well as being respectful to the rules set in place to ensure their safety.
This opportunity is relatively big. Most businesses must adhere to the federal regulations that are set in place to guarantee a smooth operation of business and productivity. This is a demand in the market to have fewer federal certifications in order to retain and maintain their business licenses. If this opportunity is successful for the environmental laboratories, then it can be applied to all other businesses. This opportunity is not limited to the initial customers who have this need. All types of businesses can benefit from an opportunity as big as this one. It can be life changing for businesses and their future functionality and operations.
A “window of opportunity” will remain open for quite some time. An estimated guess on the length of an opening for be a year or so. A lot of changes must take in-and-out of the business, as well as the federal government. It is definitely an opportunity that will take time and patience before it is sufficiently implemented by the federal government in terms of having fewer certifications.
Innovation:
The opportunity described is innovative in its own nature. Fewer federal certification exams can foster a more productive workforce and eliminate any stress that is caused by them. In addition to this opportunity, a new service will be created to aid and assist the need of the customers. A consulting firm will be established, so customers can address the issue directly and attempt to have it resolved in a timely manner. The firms will work directly the lab chemists who are the primary customers in this opportunity. They will hopefully lessen the certifications that are rigor and expensive for businesses to take. The firms also have direct ties to the local, state, and national governments, who are directly involved in this opportunity. The price of this service is open to negotiation. However, a base price for the customers who use this service will start at $55 per hour. It is a bit more expensive than most firms. However, it is new to the business world and the prices will start higher and slowly decrease as more and more customers utilize this service. Also, the customers of this service are wealthy, so it is understandable to have this be the starting rate. The demand for a service such as this one will only increase in popularity.
Venture Concept:
This new service will be a success among the target market of customers. Firms that exists now have not been able to address and solve the need of these customers. It is imperative that the firm proposed is implemented in the business world to ensure the need of the customers is satisfied. This firm will be loyal and truthful to their word of solving the problem and fully establishing itself as a successful business opportunity. It will not be hard to have the customers switch. This firm is one of a kind and will attract the need of the customers. The market will be highly demanded and diverse. There are competitors, such as existing firms, but none of them will satisfy the needs as well as this one. Customers have been let down in the past by these firms, but that will not be the case for this new firm. The firm will have approximately 20 on the job employees and an undefined number of virtual employees.
The Three Minor Elements:
The most important resource will be leadership. Leadership is essential to all businesses, no matter how small or big. If a business does not have some form of leadership, it is bound to fall in failure. The firms are unique and one of a kind and will completely satisfy the needs of customers as previous firms were unable to.
Not much thought has been put into what is next for the venture. However, if this venture is successful, the opportunity can expand to all businesses that require federal certifications, not just those in laboratories.
In five years, I do not plan on being actively involved in pursuing a venture as this one. My interests do not lie in a business as this one, but in the world of sports. I hope to be part of the managerial team for a professional sports organization, such as the NFL or PGA Tour, in the future. However, the creativity and layout of this venture has opened my eyes in the world of business and as an entrepreneur. The sole innovation of a new business opportunity is extremely helpful in creating any type of business that needs
Hey Brent,
ReplyDeleteGreat job explaining your innovation. I was a little curious what you had planned to do in terms of lessening the burden of federal regulations, but you definitely cleared that up. I'm curious on one thing: where did you get that $55/hour starting price? Was it from researching other companies' prices? Also, it's interesting (but totally fair) that you don't plan on running with this idea. But you've put a lot of thought and research into it, and the experience of just designing a company is indispensable, like you said.
Hey Brent,
ReplyDeleteI believe you did an excellent job explaining your venture idea and how you would hypothetically implement it. It is clear you have done a great deal of research in the topic and have formulated a clear and valid plan for a business. Even though you do not plan on pursuing this venture I believe if you were to put this much thought and consideration into anything else you were to pursue you would find success. Best of luck!
Hello Brent,
ReplyDeleteI found this blog post a very interesting read. I was surprised to find out that laboratory chemists are of such younger age group than I pictured. I also liked how you're still able to be objectively describing and analysis a business your have no wants to pursue. With your actual elected career path I just had one question, how could you be in the managerial side of the PGA Tour? Would it be on the side of a player or the organization?
Hello Brent,
ReplyDeleteI truly enjoyed reading about your venture concept and think you did a great job listing your opportunity, innovation, venture concept, and three elements. It is clear that you have done vast amounts of research on your topic of interest and that you are on the right path to success. I think that it is really important that you were able to figure out the federal restrictions imposed and that that was one of the most important obstacles in your area. Great work man!