29A- Venture Concept No. 2

1. Opportunity
     The opportunity that I decided to look further into has to do with ink pens bleeding through to the other sheet of a piece of paper when you are writing. This is an issue whether you are writing an important document for work, or if you are an artist using an ink pen to create something. I'd say customers are currently satisfying this need by using pencil instead of ink pen, but I wanted to create. a product that would change that. A product that would take the "ultimatum" away: ink pen that will bleed through, and pencil that won't show up. My product would utilize a mixture of both ink and gel ink so that bleeding wouldn't occur.

2. Innovation
     My product uses a balanced mixture of gel ink and liquid ink to fix the issue of leaky, smudgy ink pens without forcing customers to compromise. My pen will allow people to continue using their pen of choice- a smooth ink pen without having to ruin their project with ink bleeding. My product would be sold online to begin with, and hopefully move its way to being in stores like Target and Office Depot. The cost would be $10.00 for a 4 pack which is reasonably priced. My pens only cost around 51 cents to make per piece so I would be making over a $7 profit.

3.Venture Concept
     Customers want to switch to my product because they are sick of faulty ink pens that distribute too much ink too quickly and ruin their projects. They want a pen they can rely on, something that writes well but doesn't smudge like a marker. Something that is better for the environment as it saves paper. Something that solves the opportunity of wasting paper AND faulty pens. The price is fair, the quality will be impeccable. As mentioned earlier, I will start selling The SmartPen online, but I hope to work my way up to seeing my product in large chain stores. This would help me make more of a profit. Advertising is also going to be a crucial part of finding potential new customers, and getting the name of brand out there. This could also help with future networking and other forms of helpful communication to better my brand.


4. Minor Elements

My Ventures "Secret Sauce"
      I would say the secret sauce in my venture would be my overall passion and ability to work diligently to get something done. This not only sets me apart from others, but also just makes the business process easier for me because of the traits I already have ingrained in me. Being a hard worker, being organized, and being passionate about my work is critical to me. I believe being confident in what you do, and trying your best is all you can do.'

Next Venture
     I wasn't too passionate about this idea when it started, but I've grown to like it the more I've worked with it. However, for my next venture I see myself going a completely different route. Maybe tackling issues with student parking at universities, or focusing on products for new mothers or new dog parents. Like I mentioned previously, being passionate about what I do in my life is very important to me and that goes for my school work too. I want to pursue something that I truly believe in, and would feel proud to attach my name to. This particular venture wasn't that, but I do believe I did what I could with what it is.

What's Next?
     If this product launched I would hopefully see my product in chain stores, and I would have tons of networking connections. I would hope to be making a sizable profit, and have a few factories opened up. As an entrepreneur, I want to be happy with my works, and ensure that I am putting my all into it.

5. Feedback
     My interviewees generally just gave me business advice on how to get my product out there- like advertising and pitching my idea to big companies. I was also told to think through the logistics of my opportunity and make sure everything is frictionless.

6. Changes
     I found the feedback to be very helpful as it helped me realize I do not want to go forward with the product. I do not have enough information at the moment to make this work nor am I passionate enough about the idea.