25A - What's next?

Existing Market. 

Step 1: what's next in terms of products and services for your venture.

• I want to create more new classes that help college students adjust to college life, and begin to help them shift into adulthood and being on their own. We can have new classes that now help students budget their money or invest.

Step 2: 

• When I interviewed 3 customers that relate to the market I have identified, they suggested having more classes that work in self love and confidence classes, as well as more variety to group therapy sessions. When I told them about my ideas for classes for budgeting and investing, they agreed that those classes would be very beneficial toward college students, but to also keep it focused on mental illness and achieving your best self.

Step 3: 

• Based on my expectations and feedback from customers, I want to keep my business focused on helping students conquer their mental illnesses. For the future, I want to provide as many services as possible to students so we can accommodate as many as possible, while also providing the highest quality of therapy and classes. As I was interviewing people, I realized that achieving happiness and being happy with ourselves is something that many people struggle with, and it can sometimes take many years to accomplish. Therefore, introducing classes about confidence and techniques to stay positive and happy would be beneficial. Classes paired with individual therapy sessions with psychiatrists would hopefully be beneficial for students. 
• However, since my business targets a specific market of people, we may face issues when trying to become profitable. Therefore, I still believe that introducing classes about investing or budgeting would target a wider range of college students, not just students with mental illnesses. In my opinion, I feel that students are thrown into the real world after they graduate, and oftentimes feel unprepared. Therefore, if we provide classes for students that can directly help them prepare for the real world, they would feel more confident starting their new lives after college.

New Market.

Step 1: A completely different market of people would be affluent elderly people. 

Step 2: We could provide classes for elderly people to keep them busy and occupied.

Step 3: I interviewed both of my grandparents for this part of the assignment. Both feel that they are oftentimes bored at home with nothing to do, and they wish they could be more active. They think this business could be beneficial to them if we provide activities and different classes that keep elderly people busy. We could have fun classes such as cooking or golf that keep them busy, or we can also have classes that improve their memory or other skills they could work on.

Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on. 

I surprisingly came up with this idea fairly quickly. Whenever I call my grandparents, they are always just sitting at home watching tv or going on walks. Therefore, my assumptions to provide them with more activities was correct. I was not very surprised at all after interviewing my grandparents. Since i know them so well all of their answers were pretty much expected.

I am not sure if this market is as attractive as my existing market. However, since many older people, especially in Fort Lauderdale where Im from, are wealthy, this many be more profitable than a business targeting college students on a budget. Therefore, I would need to interview more people to get their opinions on which business would be more profitable.