Hey everyone,
This post will be dedicated as the Idea Napkin No.1 post.
To begin, my name is Bryce Harrold and I am a second year Finance Major from Ft. Lauderdale, FL. My skills include working well with teams, excellent organizational and problem solving skills, as well as a drive to be the very best at what I do. What I enjoy the most is looking at problems other people are facing and coming up with the best and most efficient ideas to resolve their problems. This company to me would be a way to help students in my same demographic and I would be able to monitor the results firsthand as this affects students all around me.
Through my start-up, ChompNation Books, I will be offering students who both buying and selling books, a larger market to obtain and sell their textbooks for reasonable prices in order to ensure that they are receiving their money's worth in each transaction. Students will be able to sell their books back to us or get in contact with one another through our services in order to more effectively buy and sell their items. Many students are fed up with paying thousands of dollars for textbooks that they might only open once or twice, and then not being able to re-sell them for a reasonable prices. We will also implement same day skipping at lower costs to provide students with their materials when needed, as well as a user-friendly online catalog and marketplace.
These services will be offered to students of all ages and majors. No matter whether they are an incoming freshman Pre-Med student or a fifth year Mechanical Engineering major, this company will be suited to fit the needs of everyone. We are here to cater for people who have $2000 worth of books on their desks to those that cannot afford to wait two hours in a line at the bookstore.
Our audience will be extremely excited for our services because it will save them both time and money when it comes to getting materials for their classes as well as a delivery service unlike any other.
Our core competencies revolve around putting the customer first. Whereas the campus bookstore is trying to earn large profit margins, we are here to make everything more affordable and convenient for our customers. The online, as well as delivery services will allow us to give students books cheaper and faster than they would anywhere else in Gainesville, and perhaps the United States. It is through these qualities that I believe will put us a step higher than that of our competition.
I believe that all of these things will be able to fit together effectively in order to achieve success. However, the only thing that I think would be my weakest element would be the fact that there are a lot of competitors in this specific market. However, I believe that through an effective marketing campaign, we would be able to gain the interest and trust of students all around Gainesville in dealing with their academic needs.
Bryce,
ReplyDeleteIt's great that you've narrowed down your target market and it's one that clearly makes sense. The market certainly resembles a red ocean (crowded market space where companies engage in bloody competition for market share) but if you master your value proposition and engage in an effective marketing campaign, you should be able to see success.
(TA)
Hi Bryce, great post! I really like your idea. Like Katelyn says above, you've definitely identified your target market, which should help you come up with an effective marketing strategy. The lower price on same-day shipping would be a huge bonus for any student! One issue I would consider is how to largely differentiate yourself from other textbook sites, such as Amazon, Chegg, etc. Please feel free to check out my idea napkin here: http://biancamarques23.blogspot.com/2016/02/idea-napkin-no-1.html
ReplyDeleteBryce, I think your Finance skills combined with aspirations would make your entrepreneurial idea a success. I liked the commonalty you drew for all students to see the idea as useful. That's a smart marketing tactic. Keep up the good work and check out my blog too: http://entrepreneurshipwithq.blogspot.com/2016/02/idea-napkin-number-1.html
ReplyDeletethis is definetly a great idea and something many people including myself would use. i agree that you need to find a way to make it different from other sites
ReplyDelete