24A- Venture Concept

My name is Griffin Goldstein, and I am starting a business to help parents and grandparents deal with their teen pregnancy. Teen pregnancy has always been an issue in society; whether it's having children when you are too young or having them without being prepared emotionally or financially, people need help to deal with these situations. That is the goal of this company: to provide a support system to the parents who do not know how to properly handle such a difficult situation. The company will offer educational products like guides as well as experts to talk to and ask questions to. This post will have four parts: first, I will talk about opportunity; second, I will talk about innovation; third, I will talk about the venture concept for this potential company; and lastly, I will talk about three elements of my business and how they impact the company as a whole.

Opportunity

The opportunity for my company involves targeting a product segment that is relatively desperate for any help possible. We will be attacking the unmet need of utilizing trained experts to support parents and grandparents whose children have recently become pregnant too early in life. When someone's child experiences early pregnancy, it is extremely tough for the family and very difficult to maintain solid relationships. It is important that this unborn child does not break up a family and that is why we are here. The change in the environment that motivates me to solve this problem is the future issue of overpopulation. We need to start valuing the creation of human life more so that lives will be generally better for future populations. Geographically these opportunities are in the United States; however, we will start on a smaller scale, locally, to get our product moving. These customers are satisfying this need by simply enduring the situations and dealing with them to the best of their ability. However, more often than not, that is not sufficient enough to prevent broken relationships or to prevent a birth that will not be beneficial to the family or the potential child. This opportunity I feel is pretty big and will only continue to grow. However, in order to get the most out of it, we need to be the first on the scene.

Innovation

This company will have two fronts of innovation: product and services. First, we will offer a product that is incrementally innovative which serves to provide vital information for someone trying to figure out how to handle a situation in which their child or grandchild has become pregnant. This product will be a guide that is sold online for a price of $20 and we will frequently offer discounts to promote the product. The second thing is the service. Eventually, we would love to provide a multitude of services to support these people in the target market; however, to start, I believe we should begin with one simple service of offering one-on-one expert question and answers to customers. I believe we could set up a website that allows people to book these experts for periods of time in 30-minute increments where the first 30-minutes is 50$ and every 30-minutes after that is 35$ extra with a cap of 2 hour sessions. These two offerings will allow us to target the same market but in different ways. For the people who like to read and are alright with getting information from a guide, we offer it; and for the people that want to talk to someone about their specific situation, we offer it as well.

Venture Concept

Although the forms of the products and services are common, the information gained from each can be qualified as radically innovative. This is because there is not currently a company, guides, or services that are in place to solve this SPECIFIC issue in the community. It's because of the reputation our company will garner as specialists that I believe will lead to success. Customers will want to utilize our resources once they respect us as experts in our respective field. These customers are the ones who are desperate for support in dealing with their child's early pregnancy. Once people are aware of this as a solution I believe it will be quite easy to get people to utilize our resources in a time of dire need. The competitors of my business are basic family therapists and companies like planned parenthood; however, there is no company that only does the specific services we want to offer. People don't want help for their problem from someone who is a jack of all trades, they want a master of the trade in which the problem exists, and that's what we will be. This business would be organized to realize quick early growth and then stable off in the future. All of the revenue generated will be going back into the business to grow it as to achieve my goals, we need to have extensive resources in both human capital and economic capital. However, once all of these necessities are met, our company will then be fully prepared to meet the needs of our customers.

The Three Extra Elements

1) I believe my most important resource is the connections to the sources of information and experts in the field. In order for my business to be successful, we need qualified people to help in the formation of the guide as well as offering the services to these customers in the one-on-one sessions. My current connections to these experts are extremely important because I need to get these people to come work for me.

2) The next big thing for this company will be expanding our website to offer samples of our product to potential customers or people who just want general information that may assist them with their issue.

3) In five years I want this company to have garnered all the necessary resources to properly serve our clients. This means having a reputable and quality guide to help parents and grandparents, as well as having experts to service these clients with their specific problems. In the next decade as an entrepreneur, I want to have an understanding of what it means to start a business as well as start to generate an actual income from it. I want to be living off of my entrepreneurial ventures by this time rather than the job I got right out of college.