29A- Endless Mode v2
Venture Concept Write-Up
My venture concept is "Endless Mode", a gaming bar/PC Bang that allows equipment to be rented out for use
1. Opportunity
The group of customers with an unmet need are people who cannot afford to keep up with the release schedules of major game developers and people who are interested in casually trying out new developments in technology but do not want to commit to owning that technology because of cost or space required. The changes in the environment creating this opportunity are the constant releasing of new games combined with the appearance of the new game and tech developers on the scene. This market is geographically located all over the United States, but many near college campuses. Demographically, this market is filled with people who are young adults (18-26) and older adults (50-60). The customers are currently satisfying this need by purchasing as much as they can and then missing out on content that they want to enjoy until they can afford to purchase it. There may be brand loyalty but they can continue to stay loyal to those brands by renting. Even if there is brand loyalty, it works to my advantage because on average people do not have more than one type of gaming console. Generally speaking, you will own either an Xbox or a PlayStation but you will not own both. This allows my venture to take advantage of people who would like to play games exclusive to one console without purchasing the console. This opportunity is big because all gamers have this problem, however, it is limited only to people willing to rent and namely not completionists. The window of opportunity will continue to grow for as long as game developers decide to stick to the release schedules they currently have.
2. Innovation
The innovation in this product is that I will be able to provide rental out of gaming equipment of many different backgrounds and types at an affordable rate in a comfortable environment. It will be able to bring people who play video games into a scene where they will be able to socialize with other people who play and watch competitive esports, to casually play games they have not experienced yet. It will tap into the market of Twitch and other streaming services because they will be able to stream at this location. I will make money by renting out these services (ability to play any game, at any time, without committing to purchase). They will get to pay $20 per day for console and 5$ per game or 10$ to play as many games as they want while they are there. They will be able to use any type of console that they want to use or a gaming PC. There are some people who do not have overlap and only own consoles, or only own PC. However, games come out on both platforms so they will be able to experience more than what they are used to by using my service.
3. Venture Concept
My innovation will solve the opportunity I identified because it will allow people to play these games and stay up to date on them without having to spend the insane price tags associated with these games. I think that people will switch to this new product because there really is not a lot of competition in this field or anyone offering this. While steam allows you to play games and return them, the process is annoying and lengthy as well as limited. This is a huge weakness for them and a huge advantage for me. Additionally, I will be able to offer consoles and there is no competitor that does this on the small-scale. There is no role as far as packing and distribution. My price is competitive for the market and will play a role in how many people decide to use my service. Customer supposed and the customer experience will be a huge asset for me as big companies cannot offer this. This business would probably be small-scale, and not have a lot of employees. The roles would be tech support and a front desk employee. I would perhaps incorporate food and beverages as well if this is successful.
Three minor elements:
1) My most important resource will be my understanding of what the consumer wants. As someone heavily involved in this community, I think staying attached to the community and really hearing them out is something that will be a huge asset to my success.
2) The next opportunity I want to tackle with the innovation I touched upon in the innovation section. A lot of people also desire to stream their games so friends and family can watch their playthrough or they can make video content, however, they do not have the setup available. I would have these setups available on-site and be able to troubleshoot any issues for them.
3) In five years I would hopefully want to continue this venture to provide support for the community in any way that they want to. I preferably want to make a community in-real-life for people who enjoy video games and want to find others to talk to them. I want a sense of community above all and helping the community with this venture will allow me to do this.
My venture concept is "Endless Mode", a gaming bar/PC Bang that allows equipment to be rented out for use
1. Opportunity
The group of customers with an unmet need are people who cannot afford to keep up with the release schedules of major game developers and people who are interested in casually trying out new developments in technology but do not want to commit to owning that technology because of cost or space required. The changes in the environment creating this opportunity are the constant releasing of new games combined with the appearance of the new game and tech developers on the scene. This market is geographically located all over the United States, but many near college campuses. Demographically, this market is filled with people who are young adults (18-26) and older adults (50-60). The customers are currently satisfying this need by purchasing as much as they can and then missing out on content that they want to enjoy until they can afford to purchase it. There may be brand loyalty but they can continue to stay loyal to those brands by renting. Even if there is brand loyalty, it works to my advantage because on average people do not have more than one type of gaming console. Generally speaking, you will own either an Xbox or a PlayStation but you will not own both. This allows my venture to take advantage of people who would like to play games exclusive to one console without purchasing the console. This opportunity is big because all gamers have this problem, however, it is limited only to people willing to rent and namely not completionists. The window of opportunity will continue to grow for as long as game developers decide to stick to the release schedules they currently have.
2. Innovation
The innovation in this product is that I will be able to provide rental out of gaming equipment of many different backgrounds and types at an affordable rate in a comfortable environment. It will be able to bring people who play video games into a scene where they will be able to socialize with other people who play and watch competitive esports, to casually play games they have not experienced yet. It will tap into the market of Twitch and other streaming services because they will be able to stream at this location. I will make money by renting out these services (ability to play any game, at any time, without committing to purchase). They will get to pay $20 per day for console and 5$ per game or 10$ to play as many games as they want while they are there. They will be able to use any type of console that they want to use or a gaming PC. There are some people who do not have overlap and only own consoles, or only own PC. However, games come out on both platforms so they will be able to experience more than what they are used to by using my service.
3. Venture Concept
My innovation will solve the opportunity I identified because it will allow people to play these games and stay up to date on them without having to spend the insane price tags associated with these games. I think that people will switch to this new product because there really is not a lot of competition in this field or anyone offering this. While steam allows you to play games and return them, the process is annoying and lengthy as well as limited. This is a huge weakness for them and a huge advantage for me. Additionally, I will be able to offer consoles and there is no competitor that does this on the small-scale. There is no role as far as packing and distribution. My price is competitive for the market and will play a role in how many people decide to use my service. Customer supposed and the customer experience will be a huge asset for me as big companies cannot offer this. This business would probably be small-scale, and not have a lot of employees. The roles would be tech support and a front desk employee. I would perhaps incorporate food and beverages as well if this is successful.
Three minor elements:
1) My most important resource will be my understanding of what the consumer wants. As someone heavily involved in this community, I think staying attached to the community and really hearing them out is something that will be a huge asset to my success.
2) The next opportunity I want to tackle with the innovation I touched upon in the innovation section. A lot of people also desire to stream their games so friends and family can watch their playthrough or they can make video content, however, they do not have the setup available. I would have these setups available on-site and be able to troubleshoot any issues for them.
3) In five years I would hopefully want to continue this venture to provide support for the community in any way that they want to. I preferably want to make a community in-real-life for people who enjoy video games and want to find others to talk to them. I want a sense of community above all and helping the community with this venture will allow me to do this.
Summary:
Although I did not receive many comments on my last venture concept post, I received a lot of positive advice about my entrepreneurship idea and the target audience of this project. The comment said that 18-26 is an age range interested, that this idea is a good one because of brand loyalty.
Since I did not receive a lot of comments on my venture concept post, I decided to look at the comments on my What's Next post. It seems that perhaps my ideas of looking into a new market might not exactly be targeting a whole new market and that could be something that I have to think more about and consider in the future.
Changes:
I changed my venture concept by including more about how my brand loyalty is advantageous to not only my opportunity by why this idea in itself is innovative. In many markets, it would be a disadvantage to have brand loyalty in your target audience. However, in my market, it will serve to make me more successful. I also changed my target audience to be more inclusive and a higher age range because in my post I did not have as much included as my comments noted.
Kelsey,
ReplyDeleteI really like how you changed to focus on brand loyalty as I think that is one of the most important aspects of a successful business. Consumer wants would be the hardest thing to keep up with your business due to the changes it will have every year because of society. With society today, new trends continue to come out which changes consumer wants and that is difficult to keep up with in a business aspect. This was a great post with a lot of good information.