Venture Concept No. 1 - Assignment 24

Opportunity:

Being a full-time student, growing up with working parents and being surrounded by busy people made me realized that there is an opportunity to help busy people out. Running errands is an essential part of people's lives but it is also an activity that takes up a lot of time. Many people also find errand running tedious and stressful. The opportunity lies with people that have busy schedules, cannot run errands themselves or dislike running errands. These people need a way for errands to be run for them to relieve their strain on their time or stress that is associated with running errands. This opportunity would be quite big as many people would rather have their errands done for them than do it themselves. Currently people hire delivery services but most of the time these services are specific to food related establishments.

 

Innovation:

In order to exploit this opportunity, there would be a service that would run errands for people that do not have time to run errands. This service would run on a platform similar to delivery apps like UberEATS. People would be able to place an errand request by selecting what types of errands they need done. Stores, restaurants, offices, and more would be able to offer their product on the app and the costumer can select multiple products from different locations. If they need a more specific errand like delivering an invitation to someone, they can create a custom errand and include specific instructions for that errand. This is a service that would be better than the delivery services that exist now because it allows users to order from different locations, different product types instead of ordering food products exclusively. 

 

Venture Concept: 

Costumers would switch to this service because it will allow them to get their errands run without having to do them themselves. They will use this service over the existing delivery service because they will offer delivery for more than just food. This service also allows costumers to request specific errands that no other service provides. The service will retain their costumers because there will b a loyalty program, great costumer service and great service quality. My competitors only offer food delivery form one location at the present time which is a great opportunity for me to get costumers easily. It would not be hard for costumers to switch as they would just need to download and start using our app. The business would need a tech team to create and run the application, a costumer service team, a financial team to run the business finances and a team to market the service to suppliers (companies that would sell through our app) and costumers. The company would be small at first but it would expand as the geographic locations that the service will be offered in grows. There will also need to be an interest from independents people that will want to be the drivers for the company. 

Three Minor Elements:

1. The most important resource to make this opportunity a reality would be financial capital. As this is a new concept, and a start up we will need to get money to get the company set up and begin running
2. What is next for the company is offering the service in different countries. 
3. What is next for me is to be in the top management for this company. I would like to offer partner services that would help people with busy schedules out.