Venture Concept No. 1
Opportunity
There are many people who have this unmet, including myself, which is how I came about this opportunity. I found that I, and quite a few people around me, have lower nose bridges, making it hard for regular eyewear to sit well on our faces. Eyewear will constantly slip down our noses, due to the glasses not fitting well, the types of styles that will fit are limited and might not even suit our faces. This causes customers with low nose bridges to have to settle on eyewear that is an only "okay" fit. Thus, I wanted to create a business where I will be selling eyewear that is geared towards those who have lower nose bridges and provide them with all types of styles and great quality eyewear. The "window of opportunity" will always be open I believe because there won't be a shortage of people who wear prescription glasses or sunglasses anytime soon because for some it is a necessity.
Innovation
My innovation is eyewear that will accommodate those with low nose bridges. The eyewear currently sold in the U.S. are typically created with tall nose bridges as the norm, which makes it harder for those with lower nose bridges to find eyewear that fits well and looks good. I, myself always had trouble finding prescription glasses that fit my face well and comes in a style that I like. I usually end up having to compromise the fit and get glasses that suit my face. I do not want to charge my customers any unnecessary fees that other eyewear brands might charge so I wish to sell my eyewear for a minimum charge of $60. I say that that would be the absolute minimum because depending on the material for the frames, the prescription of the glasses, and other coatings that can be added to the eyewear, the price of the eyewear can increase.
Venture Capital
My innovation will give customers with a lower nose bridge the opportunity to find eyewear that will perfectly fit their needs. Customers will buy this because for some people, prescription glasses or sunglasses are a need in their daily life so they would want a product that would fit well enough for them to forget that they are even wearing glasses. My glasses slip down my nose so much that having to push it back up has become a habit for me so I would rather have eyewear that sits right on my face so that I wouldn't have to push it back up anymore. The competitors of my business would most definitely be all the brand name businesses that sell eyewear already. Some people get hung up on the brand of the product rather than the fit and the style, thinking that if they pay more for a product it will have better quality. This is not always the case because the frames could be exactly the same material that I would use but it is just more expensive because the brand name and/or logo is printed on it. Thus, pricing my product well will play an important role in my business concept. If I can provide good quality, good priced, well-fitting, stylish eyewear, I believe that my business will be able to succeed in some way. I would organize the business by separating the production stage and the selling stage of the product. Each stage would of course have more specifications in regards to how it will be organized which will lead into how each employee will maintain their roles. In regards to the number of employees, I feel as though around 20+ employees in the beginning would be able to get the business up and started and as the business continues to grow, so will the number of employees.
There are many people who have this unmet, including myself, which is how I came about this opportunity. I found that I, and quite a few people around me, have lower nose bridges, making it hard for regular eyewear to sit well on our faces. Eyewear will constantly slip down our noses, due to the glasses not fitting well, the types of styles that will fit are limited and might not even suit our faces. This causes customers with low nose bridges to have to settle on eyewear that is an only "okay" fit. Thus, I wanted to create a business where I will be selling eyewear that is geared towards those who have lower nose bridges and provide them with all types of styles and great quality eyewear. The "window of opportunity" will always be open I believe because there won't be a shortage of people who wear prescription glasses or sunglasses anytime soon because for some it is a necessity.
Innovation
My innovation is eyewear that will accommodate those with low nose bridges. The eyewear currently sold in the U.S. are typically created with tall nose bridges as the norm, which makes it harder for those with lower nose bridges to find eyewear that fits well and looks good. I, myself always had trouble finding prescription glasses that fit my face well and comes in a style that I like. I usually end up having to compromise the fit and get glasses that suit my face. I do not want to charge my customers any unnecessary fees that other eyewear brands might charge so I wish to sell my eyewear for a minimum charge of $60. I say that that would be the absolute minimum because depending on the material for the frames, the prescription of the glasses, and other coatings that can be added to the eyewear, the price of the eyewear can increase.
Venture Capital
My innovation will give customers with a lower nose bridge the opportunity to find eyewear that will perfectly fit their needs. Customers will buy this because for some people, prescription glasses or sunglasses are a need in their daily life so they would want a product that would fit well enough for them to forget that they are even wearing glasses. My glasses slip down my nose so much that having to push it back up has become a habit for me so I would rather have eyewear that sits right on my face so that I wouldn't have to push it back up anymore. The competitors of my business would most definitely be all the brand name businesses that sell eyewear already. Some people get hung up on the brand of the product rather than the fit and the style, thinking that if they pay more for a product it will have better quality. This is not always the case because the frames could be exactly the same material that I would use but it is just more expensive because the brand name and/or logo is printed on it. Thus, pricing my product well will play an important role in my business concept. If I can provide good quality, good priced, well-fitting, stylish eyewear, I believe that my business will be able to succeed in some way. I would organize the business by separating the production stage and the selling stage of the product. Each stage would of course have more specifications in regards to how it will be organized which will lead into how each employee will maintain their roles. In regards to the number of employees, I feel as though around 20+ employees in the beginning would be able to get the business up and started and as the business continues to grow, so will the number of employees.
Hi Mia, I enjoyed reading your post. You have done a really good job of explaining your venture through the three parameters of opportunity, innovation and venture concept. You have identified an unmet need very well and found an alternate innovative solution that people would like to use. Your Venture Capital was properly detailed and explained all the key details. Overall, it is a really great post.
ReplyDeleteHi Mia,
ReplyDeleteYour post was really engaging and formatted well for a venture concept. I formatted mine the same way. I would say I believe you did really great with defining your opportunity and your venture capital. The only thing I would change would be to add more to your innovation section. But overall, your venture concept looks great Mia!