19A – Idea Napkin No. 2
Napkin Draft #2
Me:
I am a first-year Management major from Lake City, Florida. I am passionate about helping in our community and about music. I have had several great work experiences in the past 5 years enhancing my communication, customer service, and leadership skills. I am currently an employee at the Mark Bostick Golf Course. I want to take the next step in my business and life journey by starting up a coffee bike on the University of Florida campus that will expand into a multi-bike, multi-campus operation within several years. The beginning stages of this would be difficult because of the time and effort required to make this idea a reality.
What am I offering to customers?
I am offering the UF on-campus population a convenient and easily accessible solution to getting quality coffee in between classes or meetings. By offering customers a solution that brings them both time and place utility, I tap into multiple needs with one idea. The iced coffee cooler that I will offer at my portable coffee stand comes in several different flavors depending on the day and it premade the morning of, thus cutting down decision and preparation time.
Who are you offering it to?
With this business, I am targeting people who are on the University of Florida campus and like coffee. This could be students, potential students with their families, faculty members, or even maintenance workers. The reach of this extends to both individuals who drink coffee for its taste and those that drink it for its ability to keep us alert after studying/partying all night.
Why do they care?
The beauty of coffee is that people see it as either an addiction or an art. On the one hand, individuals addicted to coffee need to have their coffee. These people even plan days around trips to get coffee. On the other hand, individuals who see drinking coffee as an art, love the way it tastes and hold the coffee in an exalted place in their heart. Either way, these individuals will be getting their coffee. My goal is to appeal to their desire for time and place utility so they will buy my coffee product instead of choosing another alternative.
What are your core competencies?
What sets my business apart from all the other coffee providers on the University of Florida campus is this: my product will be time affordable and in convenient locations. It's more favorable than making one's own coffee because the consumer doesn't have to do any of the work. It's more convenient than waiting in a long line at Starbucks because we don't offer specialty/customizable coffee beverages. We sell coffee rounded off at a particular dollar amount that is consistent regardless of the flavor we offer each day. Thus, students will be able to carry $4 even, for example, an get their coffee hassle-free. Because the Starbucks Bike is the only competitor in this market and they only offer a very strong Nitro ColdBrew product that only longtime coffee drinkers can drink with delight, thus alienating the rest of the market of coffee drinkers.
Feedback Memo:
I didn't receive much feedback on my last napkin idea which is actually surprising to me. I only one real piece of advice which was to make sure that our prices were rounded off at a particular dollar amount that is consistent regardless of the flavor we offer each day. For example, $4 even for a medium. This will make the whole purchasing process faster and let buyers carry around cash in anticipation of their purchase. This is something I included in my core competencies portion of my napkin idea.
Reflection:
I believe all of these elements fit together well with my business. It is a very simple business model that taps into a simple market, simple meaning not many complex dynamics or moving parts. Because of this, I don't see any parts of this plan that are out-of-joint with each other.
Me:
I am a first-year Management major from Lake City, Florida. I am passionate about helping in our community and about music. I have had several great work experiences in the past 5 years enhancing my communication, customer service, and leadership skills. I am currently an employee at the Mark Bostick Golf Course. I want to take the next step in my business and life journey by starting up a coffee bike on the University of Florida campus that will expand into a multi-bike, multi-campus operation within several years. The beginning stages of this would be difficult because of the time and effort required to make this idea a reality.
What am I offering to customers?
I am offering the UF on-campus population a convenient and easily accessible solution to getting quality coffee in between classes or meetings. By offering customers a solution that brings them both time and place utility, I tap into multiple needs with one idea. The iced coffee cooler that I will offer at my portable coffee stand comes in several different flavors depending on the day and it premade the morning of, thus cutting down decision and preparation time.
Who are you offering it to?
With this business, I am targeting people who are on the University of Florida campus and like coffee. This could be students, potential students with their families, faculty members, or even maintenance workers. The reach of this extends to both individuals who drink coffee for its taste and those that drink it for its ability to keep us alert after studying/partying all night.
Why do they care?
The beauty of coffee is that people see it as either an addiction or an art. On the one hand, individuals addicted to coffee need to have their coffee. These people even plan days around trips to get coffee. On the other hand, individuals who see drinking coffee as an art, love the way it tastes and hold the coffee in an exalted place in their heart. Either way, these individuals will be getting their coffee. My goal is to appeal to their desire for time and place utility so they will buy my coffee product instead of choosing another alternative.
What are your core competencies?
What sets my business apart from all the other coffee providers on the University of Florida campus is this: my product will be time affordable and in convenient locations. It's more favorable than making one's own coffee because the consumer doesn't have to do any of the work. It's more convenient than waiting in a long line at Starbucks because we don't offer specialty/customizable coffee beverages. We sell coffee rounded off at a particular dollar amount that is consistent regardless of the flavor we offer each day. Thus, students will be able to carry $4 even, for example, an get their coffee hassle-free. Because the Starbucks Bike is the only competitor in this market and they only offer a very strong Nitro ColdBrew product that only longtime coffee drinkers can drink with delight, thus alienating the rest of the market of coffee drinkers.
Feedback Memo:
I didn't receive much feedback on my last napkin idea which is actually surprising to me. I only one real piece of advice which was to make sure that our prices were rounded off at a particular dollar amount that is consistent regardless of the flavor we offer each day. For example, $4 even for a medium. This will make the whole purchasing process faster and let buyers carry around cash in anticipation of their purchase. This is something I included in my core competencies portion of my napkin idea.
Reflection:
I believe all of these elements fit together well with my business. It is a very simple business model that taps into a simple market, simple meaning not many complex dynamics or moving parts. Because of this, I don't see any parts of this plan that are out-of-joint with each other.
Hi Cason! Great blog post! I liked how descriptive your answers were and they were also in a very good length, just enough detail with not too many filler words. I think you have a great business idea and clearly wrote out your idea! I think it would be amazing if there was a coffee cart that I could grab something in between my classes. Great Job!
ReplyDeleteHello Cason!
ReplyDeleteAs always, thank you for sharing and great job on this!
I was in the same situation as you in regards to my feedback from my initial Idea Napkin - I had limited feedback and it was all positive with no action items for improvement. Therefore, I decided to focus on and capitalize on what they enjoyed within my second Idea Napkin.
I really enjoyed how you shared a valuable piece of advice you had received in regards to rounding off your prices to save time and have consistency. As someone in the same market as you, I will have to think about if this would be beneficial for my service as well!
Best,
Caitlyn Torres
Hi Carson, great job with this post! From looking at your first idea napkin, it is very clear that you took your recommendations into consideration when crafting this post. I also didn't receive many criticisms, but you were still able to improve your post in my opinion. I agree with having even prices, as especially with food and drink, this makes the consumer more likely to purchase in my opinion. Overall, I think you did a great job!
ReplyDelete