Venture Concept #2

Feedback

I received all feedback on the Venture Concept #1 assignment. They mentioned that the area I am targeting is a great one and that my idea to incorporate souvenirs is a good idea. 

One very helpful comment was made about adding special or private events. I believe this would be a great addition to my concept. I will add this as an option. 

Opportunity

I live in the southwest Florida region. More specifically, Fort Myers. The area is very seasonal and most businesses cater to the winter visitors, snowbirds, and tourists. Most people who come down to visit do not own or even know how to operate a boat. However, just because you don’t have a boat, doesn’t mean you don’t enjoy time on the water. After all, that is why so many flock to the area – the beaches, islands, and river.

It is in this unmet need that I saw an opportunity. Although rental boats area available by the day, if you have never driven a boat you may not feel comfortable or be qualified to actual navigate one. This poses a safety issue. Other boaters go out on the water with the purpose of drinking. Drinking and driving, even on the water is another huge safety concern.

UPDATE: I am researching to see if I can add a tow-boat option for boaters that have to leave their boats behind. Boaters feel uncomfortable leaving their vessel, as would I. 

The market will be any area on the water or people in the area hoping to get on and enjoy the area. There are very few opportunities to get on the water, aside from boat rentals, which I mentioned previously. Moreover, a very small percentage of the visitors actually utilize boat rentals.

As of now, there is a large gap in waterway transit for both leisurely travel and boating excursion activities. There doesn’t seem to be anyone in the area attempting to fill this gap so I believe the opportunity will be there for at least a year or two.

Innovation

My concept is unique in this gulf coast region of Florida. I will be offering a boating transit service which will service the Fort Myers River District, Cape Coral Yacht Basin and canals, surrounding islands and fishing holes, the Gulf of Mexico, Matazana’s Inlet around Fort Myers Beach, Sanibel, Captiva, even Bonita Beach and the estuaries surrounding the area. The different services included will be:

·         Taxi Services

·         Excursion Options,  including:

o   Island pick-up and drop-off

o   Beach pick-up and drop-off

o   Sunset & Dolphin cruises

·         On-board refreshments, including:

o   Non-alcoholic refreshments

o   Alcoholic Beverages

o   Snacks and finger foods

Each services will depend on time and distance similar to how you price taxi and Uber rides. They will have an app they can use to locate them using GPS. They can use their credit card to pay through the app or with cash in person. They can request a vessel size based on party size, when available. And they will be able to enjoy their refreshments on-board while riding to their destination of choice.

Venture Concept

My venture concept will solve the needs of everyone in the area hoping to enjoy the waterways, from adventurous tourists to bored residents. From those looking to watch the sunset on a boat to boaters who have simply had too much to drink. It will be a more enjoyable way to commute around to various waterfront bars and restaurants. It allows non-natives to enjoy secret local spots.

As there are no natural competitors to this concept, I believe most people will try it at least once to see if it’s something they enjoy. UPDATE: While recently visiting the Naples, FL area, I noticed that they have a water taxi service on the south end of the city. I plan to speak to the company to get some real-world feedback, since they are running the exact business I hope to bring up here. 

The location of my boats is the most important part. Since no one else in THE FORT MYERS area is offering the service, this area is where I will begin my business.

Three Minor Elements

The most important resource I am bringing to this venture is my ability to network and market my own services. I have many great connections in the area already and continue to grow my network daily.

The next part of my concept would be to include souvenirs in my business. Tourists are always buying shirts, hats, etc with the area name on it. It’s just something they do. So, I will find a way to incorporate some of these products into my business.

In five years, I would hope to have as many as 15 vessels fully operating at capacity during the winter months, generally October to April. I will work the hours I want while having freedom as a business owner, but still being very much involved in my company. As long as this business goes well, I see myself opening another business as well. Possibly a non-profit. 

Final Reflection

The moments that stick out the most to me were all the interviews we had to do for various assignments. It was a love/hate relationship where I didn't want to interview strangers but the results were always clarifying. It is a necessity when researching venture ideas. You have to get a real world view of your idea. Sure, you think it sounds great, but others will help you to find flaws in your plan. Sometimes they have interesting additions to your base idea that you can use to grow your business. 

I am proud of myself for completing almost all of the many assignments, eventhough some of them put me outside of my comfort zone. My elevator pitch was fun to create and helped me build confidence in my presentation abilities. 

I really do see myself as an entrepreneur and feel that I have been armed with valuable strategies that will help my venture succeed.  

Students should try their best to complete all the assignments, no matter how much they dread them. Being an entrepreneur is not about taking the easy route. It takes dedication and hard work, and most importantly pushes you out of your comfort zone. 

Making it Real

Here is the link to my ENT Resume:

https://drive.google.com/open?id=0B8ZgiQDV8niwUG4zODVoS0dPck0

My Exit Strategy

My exit strategy will depend on how much I enjoy running this particular business. Since my company goes with the lifestyle, I may feel like I am never working and enjoy my day-to-day tasks of running the business. My Exit will also depend on the income of my business at the time. If things aren't going as well as I think they should, but I can still sell it for a profit, I may just get out and reinvest the profits in my next venture. One things for sure - I know I will open another business after this business is in order. It is fun to be innovative and your own boss. I doubt I would ever want to go back and work for someone else, unless it's as a contractor while maintaining my freedom. 

If my son shows an interest in running the business, I would consider holding on to it for him and gifting it to him later. I am a fan of family businesses. 

I don't believe my exit strategy has influenced how I have developed my concept because I am not totally sold on which exit strategy I will go with. Regardless of a plan to sell or to sustain into retirement, I would like to make the business viable with the potential of continued service. 

Celebrating Failure

One time I recall  failing in the last three months would probably be in keeping my house clean. I know... not an exciting confessional. But it is something that drives me crazy. I keep telling myself I will do this or that the next chance I get, but I have been running around so busy this summer that I have failed to do it. Over and over. It is not my first time failing at this, but it has been worse this semester. Although I do enough to keep up with it so we don't live in filth, it is not up to the standard I prefer. 

The one thing I might have learned from this is that I don't have to do everything at the same time. I could break it up into different sections each day.

Failure is... disappointing. It can be embarrassing. It is something we all go through, but it doesn't make it any easier when it happens. But it does give us a chance to stop and think about how we are doing something. If we didn't fail at it and get the chance to reevaluate our methods, we might keep moving forward doing things half-assed.  

During this class, I have gained confidence in rejection. In speaking to strangers and asking them if we can interview them, you are opening yourself up to rejection. But more than likely, you will not be rejected so I have learned to not fear it as I once did.

What's Next?

Existing Market
Honestly, I'm not sure what's next or what I could do in addition to the venture I have formed in this class. Perhaps, just add more products to sell on board. Or maybe I can stretch my service into renting out different types of vessels: boats, jet skiis, kayaks, etc.

I spoke with a few individuals while I was at an out of town wedding event, but was not able to capture the dialogs on audio, as it was not appropriate. But here is some of the feedback I received:

Suggestions:

• Offer a tow option to boat owners that don't want to leave their boats behind
• Upfront pricing
• Other souvenirs
• Onboard bathrooms

I may honestly look into how to transport boats left behind so our market of boaters that drink while out can take advantage of our service without the worry of what will happen when they leave their vessels behind. I think all suggestions are something to consider, especially if we do sunset cruises with bars on board, we will definitely need on-board bathrooms, as well as inside and outside areas. 

New Market
In terms of targeting a new market, I would consider marketing restaurants and businesses in the area I am marketing to. I could make arrangements for restaurants to sell tickets to my services, instead of just relying on customers coming directly to me.

As I mentioned in an earlier post, some of my best assets are the connections that I already have. Some of those connections include knowing people in the downtown restaurant district. In previous conversations, we spoke about working together through a referral basis. I would recommend their businesses and they would recommend mine. Revisiting this idea, they are willing to form these business agreements to better both of our businesses. Although they are not direct clients using my services, they are a secondary  market helping to gain customers for my business, as well as strengthening their own.

I will make business agreements with various restaurants, stores,  bars and other shops in the different market areas of Downtown Fort Myers, Fort Myers Beach, and Bonita Beach.

Venture Concept #1

Opportunity

I live in the southwest Florida region. More specifically, Fort Myers. The area is very seasonal and most businesses cater to the winter visitors, snowbirds, and tourists. Most people who come down to visit do not own or even know how to operate a boat. However, just because you don’t have a boat, doesn’t mean you don’t enjoy time on the water. After all, that is why so many flock to the area – the beaches, islands, and river.

It is in this unmet need that I saw an opportunity. Although rental boats area available by the day, if you have never driven a boat you may not feel comfortable or be qualified to actual navigate one. This poses a safety issue. Other boaters go out on the water with the purpose of drinking. Drinking and driving, even on the water is another huge safety concern.

The market will be any area on the water or people in the area hoping to get on and enjoy the area. There are very few opportunities to get on the water, aside from boat rentals, which I mentioned previously. Moreover, a very small percentage of the visitors actually utilize boat rentals.

As of now, there is a large gap in waterway transit for both leisurely travel and boating excursion activities. There doesn’t seem to be anyone in the area attempting to fill this gap so I believe the opportunity will be there for at least a year or two.

Innovation

My concept is unique in this gulf coast region of Florida. I will be offering a boating transit service which will service the Fort Myers River District, Cape Coral Yacht Basin and canals, surrounding islands and fishing holes, the Gulf of Mexico, Matazana’s Inlet around Fort Myers Beach, Sanibel, Captiva, even Bonita Beach and the estuaries surrounding the area. The different services included will be:

·         Taxi Services

·         Excursion Options,  including:

o   Island pick-up and drop-off

o   Beach pick-up and drop-off

o   Sunset & Dolphin cruises

·         On-board refreshments, including:

o   Non-alcoholic refreshments

o   Alcoholic Beverages

o   Snacks and finger foods

Each services will depend on time and distance similar to how you price taxi and Uber rides. They will have an app they can use to locate them using GPS. They can use their credit card to pay through the app or with cash in person. They can request a vessel size based on party size, when available. And they will be able to enjoy their refreshments on-board while riding to their destination of choice.

Venture Concept

My venture concept will solve the needs of everyone in the area hoping to enjoy the waterways, from adventurous tourists to bored residents. From those looking to watch the sunset on a boat to boaters who have simply had too much to drink. It will be a more enjoyable way to commute around to various waterfront bars and restaurants. It allows non-natives to enjoy secret local spots.

As there are no natural competitors to this concept, I believe most people will try it at least once to see if it’s something they enjoy.

The location of my boats is the most important part. Since no one else in this area is offering the service, this area is where I will begin my business.

Three Minor Elements

The most important resource I am bringing to this venture is my ability to network and market my own services. I have many great connections in the area already and continue to grow my network daily.

The next part of my concept would be to include souvenirs in my business. Tourists are always buying shirts, hats, etc with the area name on it. It’s just something they do. So, I will find a way to incorporate some of these products into my business.

In five years, I would hope to have as many as 15 vessels fully operating at capacity during the winter months, generally October to April. I will work the hours I want while having freedom as a business owner, but still being very much involved in my company. As long as this business goes well, I see myself opening another business as well. Possibly a non-profit.