Venture Concept No. 2

Part 1
Opportunity

The group of people with an unmet need is those who are looking for a quick, cheap bite to eat, but also want to feel healthy in their choices. Many students, families, or working people tend to forego a meal because they don’t have time, it is too expensive, or they are worried about what they are putting into their bodies. The nature of this need is one out of convenience. No one needs fast food restaurants in general, they want them. The forces for changes in this environment that are creating this opportunity are an increase in health consciousness. There have been many campaigns to fight childhood obesity, which translates to other parts of the family. Many documentaries and ad campaigns have come out to show where fast food is coming from, and now many businesses want to show that they have the best quality food. The market, demographically, is defined from teenagers to parents ages 16-39. Geographically, the market would start in the United States in larger cities that would spread to smaller cities.

Currently, customers are satisfying this need by either ignoring the health concern, or avoiding fast food all together. There is no happy medium currently. I feel they might be slightly more loyal to their current fast food restaurant if they are ignoring the health aspect. However, those who are ignoring fast food all together would be more willing to try a quick, healthy option. I think this opportunity is huge. It really meets two demands of a larger market. I think this window of opportunity will be open for at least 5-7 years. As long as people are still busy and still health conscience, the opportunity will exist.

Innovation

              My idea is incrementally innovative. There is already fast food restaurants in the world, this one would be a modification of that. My idea is a fast food restaurant that offers healthy alternatives to classic establishments. It would use actual food (not substitutes that are used by competitors), and the same cooking methods used at home on a larger scale. It would serve more healthy alternatives at similar prices to busy people with little time and little money. I would be selling an individual saved time, saved money, and less concern over what they were putting in their body.

Venture Concept

              My innovation would perfectly fit into the opportunity mentioned. I feel customers will buy my innovation because it is eliminating the opportunity cost of health concerns. I think customers would switch to my product because 1. The food will taste good and 2. They will know that they are eating healthier food at similar prices. I think initially it will be hard for the customer to switch to my company, but once the word gets out, more customers will start to use the company. My competitors will be the already established fast food restaurants. They have high customer loyalty and have nearly perfected their model. However, they give up health for cost. Many restaurants use food substitutes to keep prices low (using horse meat instead of beef in burgers, for example.) My ingredients would be what my customers expect. If they want a burger, it will be a certified beef burger. This is one of the competitor’s weaknesses. Another weakness is a lot of these restaurants have to follow corporate standards that they can’t really stray from. These standards have been established for years and have no change in sight. My company would start with the healthy standards from the start. We would start out small to where we had more control over our standards and policies that could grow with us if we were to grow to a corporate level.

              My price points are a huge point of my business concept. I want to keep my prices low. I know using higher quality foods would drive costs up, but the benefits would outweigh the costs. The customer experience would also be huge. I would want employees that are also health conscience. They could advise the customers in making food choice decisions (for example, a light meal before/after a workout.)

              The organization would probably start with two cooks, two cashiers, a manager, and a CEO. The CEO and the manager would work together to fill the other needs in employment. The manager would also help in advising for budgeting and expenses for the CEO to consider.

Three Minor Elements

              My most important resource will be my knowledge of normal people wanting to eat healthy. I am not a nutritionist, nor do I want to be. I took Man’s Food for the credit. I don’t like documentaries like Super Size me or Food, Inc. I enjoy a quick meal every now and then. But I know I am getting older, and my metabolism is not what it used to be, and I need to start taking care of my body. So providing customers with little things they can do to work towards a healthier lifestyle would be great is something I value and something my customers are going to see.

              I think the next step for my venture would be to expand my business and exit. I am not interested in going into the food service industry. I thought this would be a good idea so I pursued it, but it’s not how I want to spend the rest of my life. I think what would happen is one of the huge fast food chains would want to buy the business and incorporate a healthier menu into their model. That would be fine with me, so long as they kept to the standards and policies I implemented. It would be cool to see frozen meals in the grocery store from my business (like how taco bell does their taco mix line.) Just seeing the business expand to more people in different capacities would be what I want.

              If we launched tomorrow, in 5 years I would want to be a staunch competitor of the traditional fast food chains. I would be taking buyout offers, but not considering them for another year or two. After this venture, I don’t see myself as an entrepreneur. Maybe I could make enough to buy ownership into an NFL or NBA team. This venture would simply provide me the capital to do so.

Part 2

Some of the feedback I received was mostly from my what's next assignment. I wanted to add a strictly vegetarian menu. It was suggested to me that I integrate it into the normal menu and just differentiate it as vegetarian, or even vegan, with a label. The other feedback I got was concern that I wasn't passionate about my venture. A suggestion I got was to change my idea to something sports related, but I couldn't think of an unmet need in that industry, and I didn't want to change my idea halfway through the class.

Part 3

I didn't really change my venture concept. None of my feedback was revolutionary, and there wasn't a space to include the "What's Next" of the venture.