Idea Napkin No. 2

1.    I am a 20yr old rising Junior studying Finance at the University of Florida.  Finance, because ever since I can remember mathematics has come easy to me; I love analyzing markets and studying trends. I have a little experience in the entrepreneur area being that my dad is one himself, so growing up and watching him expand his business was very inspiring. I hope to one day be CEO of my own company, and if this business specifically works out I believe I would love what I do everyday. If I am making money and helping people in need I do not see how it gets much better than that.

2.    I am offering a rent a wheel chair van service specifically focusing on Orlando International Airport. Putting it here allows for the vacation capital of the world to provide transportation for the nearly 3 million Americans who are confined to wheelchairs.

3.    My demographic is very specific but broad in the sense that it is every person who is confined to a wheelchair that needs to rent a car. Psychologically they have not given up on their life since being in a wheel chair. They have a passion for traveling and still yearn to continue in the workforce.

4.    They care because it is something they need. Everyone needs to get from point a to point b when they are traveling. Traveling when you are in a wheel chair makes it that much more difficult. Providing a wheel chair van makes it easy and convenient for the customer in the wheelchair to travel around the town and make them feel that much more at home.

5.    What sets me apart from everyone else is there is no wheel chair rent a van services at an airport. They are scattered around a handful of cities in the US and most of them require a lot of prep before hand. By being at the airport, it saves people the extra hassle and wasted time that they would be spending at a competitors.

After reading my feedback from the previous idea napkin, I stated that the element that stuck out was my small demographic-I thought that was my weakness. All of the feedback I received said the opposite stating that it was beneficial in the sense that I have found a niche of people where a majority would all use my product to their benefit. So with that weakness aside, I believe all of these aspects fit together in a very coherent way, and if executed properly could make for a successful business venture.

Feedback Memo

1.    Like I stated before, my demographic is more of a strength than a weakness.  Now that I can use my demographic to my benefit, I can put all of my energy into targeting this specific group of people.

2.    I need to study other similar rent a vehicle services and compare that to my business model. Utilizing this will provide a strategy and foundation for how to get it up and running.

3.    I need to figure out a ballpark price of how much these vans would go for. A lot of people mentioned that since this was a need people will pay a significantly higher price then they would for something else. So again, just researching other business models would give me an idea for this.

4.    Having my dad as an entrepreneur and looking up to him is beneficial to my mindset. My outlook on owning a business is a little different since I’ve seen how it works first hand and I have seen the hardships and successes of running a business.

5

     The need is there. This whole class the interviews we are doing and the more people we interview are trying to get us to see if this is really a need. Not only have these interviews confirmed that this is a need but so have the people that comment on my posts. It’s reassuring to hear and makes me want to pursue this that much more.

All the feedback that I get is constantly making me tweak my posts and forcing me to dive deeper into studying this business concept. For this particular assignment the feedback of my demographic being a strength rather than a weakness was eye-opening. It made every step of my idea napkin that much more positive and specific.