Assignment
11A – Idea Napkin No. 1
1.
Who you are. What
your talents are. What your skills and experiences are. Also: what are your
aspirations? Specifically regarding your business concept, how do you see this
business (if you were to start it) playing a role in your life.
a.
My name is Kaitlyn
Legaspi, and I’m a freshman studying Business Management. I did a lot of
volunteer work when I was in high school, especially at a local soup kitchen in
the city, so I have experience working in a busy and fast-paced environment and
working in a team setting. I have talked to friends and different people about
heavy topics that cause a lot of pain. I love helping people out with problems
or concerns they may have to the best of my ability. My aspirations in life
include continuing to do what I love most, which is write stories, and
ultimately travel and try new things along the way. If I were going to start
this business concept, it would play a big role in my life because I would be
responsible for driving its success and reliability for other people, which takes
a lot of money and time.
2.
What are you
offering to customers? Describe the product or service (in other words, how you’ll
solve customer’s unmet needs).
a.
I am offering a
product, an app, that helps keep track of finances and also gives tips and
advice on how to budget their money in addition to keeping track of finances.
This product is mainly for individuals who have trouble budgeting their money
and also want a simple way of how to manage their money more efficiently. The app
doesn’t only keep track of finances and shows where a person’s money is going (groceries,
leisure, etc.), but it also gives daily tips on how a person can save money
while also being able to pay for the daily to yearly things they pay for. The
app is a means to keep track of money and a way people can learn personal
finance skills.
3.
Who are you
offering it to? Describe, in as much detail as possible, the demographic and
psychographic characteristics of your customers. Think especially of this
question: what do your customers all have in common?
a.
I am offering it
to one large, general group with different subsets within it.
i. The first subset that I am offering it to are high
school and college students who have jobs and are looking for a means to track
their money and get easy tips on how to manage and save it. I specifically say
students who have jobs because students who don’t have jobs are more likely to
put off wanting to learn more about personal finances and keeping track of
money until they are looking or until they actually have one. Their need for
having these skills isn’t as immediate as those who are already working
ii.
The second subset I
am offering it to is general. This subset consists of people who have already
graduated from college and are part of the workforce. This includes people who
are single, in a relationship, and parents who have one or more kids.
4.
Why do they care? Your
solution is only valuable insofar as customers believe its valuable to them.
Here, explain why customers will actually pay you money to use your product or
service.
a.
I believe that
customers will pay me money to use my product because financial literacy and
feeling financially stable is a big issue in the U.S. Most schools in America
do not offer or have personal finance classes or a class that resembles a home
economics class, where personal finance skills are taught. Schools that do have
a class like this fall short on effectively teaching students since most
teachers say they don’t feel qualified to teach such a class. A good majority
of people in workforce do not feel financially stable, whether or not they live
above or below the poverty line and whether or not they live paycheck to paycheck.
This is especially true for people who have already graduated from college and have
landed a job. They have more to keep track of in terms of money of personal
finance. In addition to grocery and leisure expenses, they have to keep track
of loans, paying off their house and car, and saving money for their kids to go
to school if they have kids. They are more likely to want an efficient way of
keeping track of finances and also more likely to be worried about where they
stand financially, a worry that a great part of the population in the U.S.
share.
5.
What are your core
competencies? What sets you apart from everyone else? Also: what do you have
that nobody else has?
a.
There are many
competitors in financial tracking, such as Mint, Wally, and Acorns. All are
good apps to keep track of finances and save, but they do not actively give
tips on how to better budget people’s money and save for the long term. They
are apps who help keep track of money and save in the smallest of ways, but
that isn’t a full, well-rounded substitute for personal finance skills that a
person can be taught.
In addition to these five elements, please spend a
paragraph evaluating whether you believe these elements fit together or whether
there are aspects of your business concept that are weaker/out-of-joint with the
others.
·
I believe that
these elements work well together, but there is a main part that I think is
weaker than the rest. That is my lack of connections for the developing the app
and those that can help with marketing and advertising the product. There is a
possibility of me meeting these connections in the future, but as of now there
isn’t anything that really sets me apart from everyone else. Other than this
weakness, I do believe that my target audience is an appropriate one.
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