29A – Venture Concept No. 2

THE HAPPY BEARD

Opportunity

This product serves customers who have a need that is unmet. The need of the customers is to have clean-up easy when it comes to trimming beards and overall cleanliness. Currently, other than simply wiping the counters, there is no product that truly solves this need of there being an easier way to capture the fallen beard trimmings and have the clean-up process be easy. Simply wiping the counters is often not effective enough based on personal experience, yet this is the current way that customers are satisfying the need It is good enough for now, but not perfect as it takes longer for clean-up. The nature of this need is to have men be satisfied with a way to clean up their mess easily, as well as the people that live with them have to not deal with a messy bathroom counter with fallen beard trimmings everywhere.

The forces in the environment is the fashion trend of keeping beards as well as time of year. In the colder months, it is more common for men to grow beards for warmth and fashion. In the summer however, growing a beard may not be as common. Overall, beard trends are on the rise with the increase in popularity of beard kits and the fashion sense. However, if the fashion trends change to feature men with a clean shaven look rather than having a beard, this could cause a change in the demand for a product like mine.

This opportunity is big considering how many men have beards or grow them at some point in their lives. It is common for men to go through phases with their wanting ad liking of having a beard on their face. When men decide to grow a beard or maintain a beard, then this product is something that could be very handy. The window of opportunity is open for as long as the fashion trend of having a beard exists. As long as it exists, then the need for this product will be there. The opportunity window will not exactly close unless there is a large increase in the popularity of a clean shaven look on men, or there is a random change in preferences.

Innovation

This product is innovative in the need that it meets. It can be very useful in the functionality of the product for its customers. This product is a rectangular cloth that does not attract hair. On one end, it has Velcro and another end that will fasten to the Velcro to go around the user’s neck. On the other two ends, the cloth fastens to the mirror or whatever surface is in front of where the user would like to trim their beard. This cloth will catch all of the fallen beard trimmings. I will make money off of the sales of this product. If people like the product, they will also recommend it or gift it to their friends. I am expecting the product to cost $10 to make, and I will sell it for around $20.

Venture Concept

This product is going to solve the problem by capturing most of the fallen beard trimmings, making clean-up easy, fast, and effective. I think that customers would switch to this product because it is effective and useful. It may be hard to get them to switch, but when they do, they will find the product to be very effective at completing its task. Competitors would be anyone else who has a way to clean fallen beard trimmings. A big weakness is that this product is hard to replicate, so other companies could take this idea and make it their own. The packaging and marketing of the product is vital as the market needs to first be educated of the need for this product before they actually buy it. It is important to let people know why they need this product. I would first organize this business to not be so big because it has to start small. Maybe a team of around ten people would be sufficient for when we are trying to expand this product to other parts of the nation.

Three Minor Elements

Most Important Resource:This would undoubtedly be the experience my team would have when talking to people and selling the product to people. Being able to talk to people is important and the human capital that we have is our “secret sauce.”

What’s Next:Out next step would be to pitch this product to investors and be able to raise funds for starting this business as well as start the process with designing a physical product. Getting an initial prototype is important when telling investors about our product.

What’s Next for Me: For me, the next step is to work as hard as I can on this product. If successful, I can work on the business fulltime and can eventually be all invested in this. I want this product to succeed which will come with my dedication to making sure the product development and selling process is perfected.

My previous feedback provided that this concept is worthy of development given that there is no other product like this. This was good feedback and I was able to change that in the Venture Concept, talking about how new and useful this product is.