Idea Napkin No.2

Idea Napkin No. 2

Who you are you? What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

·      My name is Sydney Hoyo and I am a second-year transfer student at the University of Florida. My background includes lot of time spent in the food industry, more specifically, the restaurant business. My time being in this environment has allowed me to learn management systems as well as really be able to identify what customers need and tend to search for in different situations

·      My aspirations are to eventually open my own business one day and grow alongside my business and learn new things everyday about the industry I end up in

·      If I could start this business venture, I think it would make a huge impact on the general population of UF students who choose to do homework and studies at UFs Library West

·      I think a strength of mine that I have carried throughout my life is being very dedicated to whatever I am doing. I set time for everything that needs to be done and put my all into every work that I accomplish

What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs)

·      The unmet I have chosen to touch on this semester is the addition of booths to Library West. The physical product would be the booths in which students love to study in, and the service would be allowing students to come in at any hour and have somewhere comfortable to do their studies in

·      I also would like to add a feature to these booths that could make them even more enjoyable when implemented in the Library. I think we should keep the collaborative big booths, but I would also like to construct a design that could make a single seating booth

·      So many people complain when there is just one person sitting a big booth so I think it could be beneficial to implement these single person booths as well

 Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

·      The specific demographic would be those who chose Library West as their preferred study area

·      This can include a large range of students from undergrad to graduate students because West caters to each of these groups of people

·      I think I can safely say the majority of students who choose to go to Library West to study all tend to gravitate towards the area in which the booths are located

Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

·      I believe my product is very valuable because it’s a common topic you hear complained about amongst students and in my friend groups as well

·      Going to back to one of my interviews, a student expressed to me that jokingly she always tells her friends she wishes she could just rent out a booth for a semester, so she doesn’t have to worry about finding one when she goes to study 

·      I also here students complain when they see one single person sitting in the booth, so I think my implementation of the single booth design could be beneficial and save space as well

What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

·      What sets me apart is that there is such a need for this opportunity, yet no one has acted upon it yet which is shocking

·      I can act as the ignitor to start processes to give students what they want and as a result enhance studying habits for many

·      I think many people would benefit from this overall which is why I want to take charge in this since no one else has

 In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.

Overall, I think all groups tie in well together from my perspective. I am a student, so the need I am talking about I share with those described in my demographics as well. I physically can see when people go to West and let a booth become a distraction, as well as hear people saying let’s go to the booths to study. It’s a very local problem and University of Florida specific, which makes it easier to analyze when coming up with solutions for this opportunity. 

Feedback Memo:

·      I received great feedback from students in the class and I was actually very happy to implement the changes in my idea napkin to overall create a better product

·      One student said to list my uniqueness to the product, so I went ahead and wrote a specific design that has not yet been created

·      I also added a core competency stating that with many people complaining when they see one person sitting in the both at Library West, a design for a single booth would be highly impactful amongst students

·      I also decided to add my strengths to my paragraph about me to help the audience gather a better sense of me as an entrepreneur