29A – Venture Concept No. 2

Opportunity:
Who requires the need for blue tooth wireless headphones are highschool to college students; generation z and millennials (but limited to). The nature of the need is to obtain a pair of Bluetooth headphones that don’t cause you the trouble of having to disconnect and reconnect to every device. The forces and changes that are creating this opportunity are advancing technology people may not see this need until it is brought to their attention because at the moment, there is no real solution to it. The market is defined geographically and demographically would be people in the middle to upper class in which this product would be on the pricier side. Customers are currently satisfied with this need because they don’t have any other solution than to deal with it; I don’t believe they would be loyal if a better and more advanced product was put in front of them. This opportunity is huge and has the chance to lead the Bluetooth industry in this advanced technology. I would believe this “window of opportunity” is short because eventually someone will think of this idea and take a chance on it. Technology is always advancing and changing.
Innovation:

My innovation is Bluetooth wireless headphones that allow you to connect to two or more devices at once. You can now be connected to multiple devices at once without the hassle of reconnecting. You connect them once, and the headphones remember devices and automatically do what you don’t want to do. Although I know what it is I’m selling, I do not know how much I would sell it for as I don’t know how much it would even cost to make this product. Possible 150$ like AirPods, but possibly cheaper because Apple is selling you the brand.
Venture concept:
Costumers will switch to this product because it will save them the trouble of having to disconnect and reconnect to every device, making it easier for them. It will, although, get them to switch to the more prominent brands like Apple’s AirPods. Apple would be one of my biggest competitors, there possible weaknesses that I use to my advantage would be people that don’t like apple products (to start there). Also, I would use social media as an essential means to grow the brand name. Packaging, your price points, distribution, and customer support is vital to the customer experience to make sure they come back for future products. To organize a business, I would get a warehouse to produce bigger and better products and long with growing my employees as I grow.
The three minor elements:
My most valuable resource would be creating my brand. My goal would be to create a brand that everyone is attracted to. Social media would play a significant role in getting my brand name out there as people rather wear branded products. My next venture would be a newer version of my headphones. In five years, I would have created this successful product/service and be about to launch it or have just recently launched it. I want this business idea to be a place for me to learn from my mistakes and grow as an entrepreneur.

2. In my previous venture concept, I received helpful feedback. Although most of my venture concept stayed the same. Most of my feedback was positive about my business idea and notion, so it was difficult to know what to change. So, all in all, there wasn’t any feedback or recommendation for me to actually edit what I wrote in either of those assignments (and in most assignments in general). Everyone is just too nice! Lol.

3. I slightly changed my venture concept based on social media and how social media would be vital for me to grow my brand to better compete with a bigger brand like apple, etc.