4A - Opportunity Belief
1) Your beginning point
I believe that there is opportunity for a platform sharing company for expensive items that aren't used very frequently, aimed towards college students.
2) Describe your belief
I have realized as a college student that I occasionally need something such as a tool or some type of supplies that I would normally have at home but not here at UF. This includes things like tools, step ladders, art supplies, ironing board, obscure cooking items ( like a bundt pan), etc. Currently to meet the need for things I think that people just ask friends, and if no friends have what they're looking for then they have to buy the item or resort to finding an alternative. I believe that there could be a platform for different students within the same college to rent out their items for money or for being able to use something from another student. I am about 65% sure that this opportunity exists.
Interviews
1. Anna
Do you ever have a need for random household items that you would normally have at home, but don't here at UF? What items?
"Yeah definitely. I feel like I don't have a lot of basic necessities in my apartment like a tool kit. And I always want to hammock by West but I don't want to buy one and also don't know anyone I could borrow from."
How often do you experience this need?
"I'm not sure since I don't really keep track but I would say once or twice a month."
How do you currently address the need?
"I just ask around to different friends or people in my hall."
Are you satisfied with how you address it?
"I'm satisfied when I'm able to borrow things from my friends"
2. Alex
Do you ever have a need for random household items that you would normally have at home, but don't here at UF? What items?
"Yes! Especially when I'm making something like a poster board because I have no art supplies and I need to find someone to borrow a glue gun from every time."
How often do you experience this need?
"Depends, maybe like once a month."
How do you currently address the need?
"I'll ask my roommates first, then my friends, then my sorority group chat."
Are you satisfied with how you address it?
"Yeah but sometimes there's an item that I don't want to have to ask in my groupchat for. Like recently I was trying to find someone with a go pro that I could borrow and none of my friends had one so it would have been good to be able to rent one cheaply."
3. Spencer
Do you ever have a need for random household items that you would normally have at home, but don't here at UF? what items?
"Yeah. I think mostly kitchen stuff.. me and my roommates don't want to buy things we'll use like twice, like a muffin tin."
How often do you experience this need?
"I'd say several times a semester."
How do you currently address the need?
"Usually if I need something that I can't get I'll just change my course of action so I don't have to use that item."
Are you satisfied with how you address it?
"It could be better."
5) Reflect
I learned from these interviews some of the items that college students might want to use sometimes without having to buy, like a hammock and a go pro. The interviews showed me that it may indeed be a common issue in college to not have access to things that they need.
7) Summarize
I believe that the original opportunity is still there, but I don't necessarily think that it is more accurate. I completely think that entrepreneurs should adapt their opportunities based on customer feedback. Those are the people that you're trying to adapt the product for. It should be as adapted to the customers as possible.
I believe that there is opportunity for a platform sharing company for expensive items that aren't used very frequently, aimed towards college students.
2) Describe your belief
I have realized as a college student that I occasionally need something such as a tool or some type of supplies that I would normally have at home but not here at UF. This includes things like tools, step ladders, art supplies, ironing board, obscure cooking items ( like a bundt pan), etc. Currently to meet the need for things I think that people just ask friends, and if no friends have what they're looking for then they have to buy the item or resort to finding an alternative. I believe that there could be a platform for different students within the same college to rent out their items for money or for being able to use something from another student. I am about 65% sure that this opportunity exists.
Interviews
1. Anna
Do you ever have a need for random household items that you would normally have at home, but don't here at UF? What items?
"Yeah definitely. I feel like I don't have a lot of basic necessities in my apartment like a tool kit. And I always want to hammock by West but I don't want to buy one and also don't know anyone I could borrow from."
How often do you experience this need?
"I'm not sure since I don't really keep track but I would say once or twice a month."
How do you currently address the need?
"I just ask around to different friends or people in my hall."
Are you satisfied with how you address it?
"I'm satisfied when I'm able to borrow things from my friends"
2. Alex
Do you ever have a need for random household items that you would normally have at home, but don't here at UF? What items?
"Yes! Especially when I'm making something like a poster board because I have no art supplies and I need to find someone to borrow a glue gun from every time."
How often do you experience this need?
"Depends, maybe like once a month."
How do you currently address the need?
"I'll ask my roommates first, then my friends, then my sorority group chat."
Are you satisfied with how you address it?
"Yeah but sometimes there's an item that I don't want to have to ask in my groupchat for. Like recently I was trying to find someone with a go pro that I could borrow and none of my friends had one so it would have been good to be able to rent one cheaply."
3. Spencer
Do you ever have a need for random household items that you would normally have at home, but don't here at UF? what items?
"Yeah. I think mostly kitchen stuff.. me and my roommates don't want to buy things we'll use like twice, like a muffin tin."
How often do you experience this need?
"I'd say several times a semester."
How do you currently address the need?
"Usually if I need something that I can't get I'll just change my course of action so I don't have to use that item."
Are you satisfied with how you address it?
"It could be better."
5) Reflect
I learned from these interviews some of the items that college students might want to use sometimes without having to buy, like a hammock and a go pro. The interviews showed me that it may indeed be a common issue in college to not have access to things that they need.
7) Summarize
I believe that the original opportunity is still there, but I don't necessarily think that it is more accurate. I completely think that entrepreneurs should adapt their opportunities based on customer feedback. Those are the people that you're trying to adapt the product for. It should be as adapted to the customers as possible.
Jesse,
ReplyDeleteThis is an awesome idea! Many college students are already struggling financially, so being able to rent/borrow something and return it is very convenient. Based on your interviews, this problem is very common, so maybe a good way to get the ball rolling would be to collect some of these items from friends/family members and start a facebook page where students could rent the items and see how it works out.
Best of luck!
I feel that the product solution can be more detailed, but I like the start of the solution. We realize as students that we need a lot of expensive things such as tool kits, or cooking supplies, but we don't use them often. So I believe that this is a problem within the college student community. Another thing is you haven't tried to just solve the problem by using an app, but realized their are other methods of platforms. Now what you have to narrow down is what type of platform can you use. The platform also makes it easier to start because you can start in your dorm rooms, and seeing what people actually need, but realize that they don't have. By doing this you're also creating a network of people, and that gives you the social aspect of your solution.
ReplyDeleteHey there Jesse! This is a pretty solid concept that I would definitely be on board for. There have been countless situations so far where I need a very specific item that I'd like to use and end up realizing that I left it back home or simply don't own it. There are actually basic shells of what you are hinting at on platforms like Facebook Marketplace. For example, I am in a cycling related group that puts up bike parts for sale and trade. But to create a platform in which students would be able to rent or purchase individual items among themselves seems original enough to work well. Now, as Kyra mentioned above, there are plenty of specific topics you'd have to clarify before moving forward, but it's a great start! Keep it up!
ReplyDeleteYou did a fantastic job with this post. Your idea is amazing. I honestly believe the idea has the potential to take off and become a successful business. I often find myself in need of various household items that I do not want to purchase only to use a few times. In the future, I would say that you should try to be more consistent with your formatting. Your use of the bold tool, for example, was not consistent. You bolded Anna’s and Alex's name, but not Spencer’s.
ReplyDelete