Assignment 29A- Venture Concept No. 2

1. Opportunity

The opportunity I found was to create a top coat for nail polish that does not chip and lasts four to six weeks. This top coat can also be put on top of any kind of nail polish. Women that get their nails done have this need. I have been getting my nails done for many years now and there is nothing more frustrating than chipping a nail shortly after getting them done. This is the reason that I decided to act upon this need. I think that the forces that are creating this opportunity is mainly technology and science. Over the years there have been many new types of nail polished such as dip and gel. These both have improved the quality of manicures, but they are not solutions. These women could be of all ages, but mostly between 20 and 60 years old. Geographically, these women are located all over the world. Currently customers are satisfying this need by using gel, dip, or acrylics. I would say that customers are pretty loyal to these services because they are the only options. I think that this opportunity is very big because so many women get their nails done and get them done so frequently. I do not think that this window of opportunity will be open for long, especially with how quickly science and technology are changing and advancing.

Innovation

My product is a top coat for nail polish. It lasts from four to six weeks and does not chip. It can be applied to any type of nail polish. It will be sold in a nail polish bottle in stores and online for both businesses and individuals. Stores I would like to sell it at would be Walgreens, CVS, and Target. It would also be sold online at these stores and on Amazon. For businesses only, I would like to sell it at beauty supply stores. I plan to sell this bottle at $20 - $30 per bottle.

Venture Concept

My product will put an end to chipping manicures, long drives to the nail salon, and wait and service times spent at the nail salon. I think that customers should switch to my product because it will save them time and money. They will not have to go the salon as often and will be able to save this money. I truly do not think it will be hard to get customers to switch and use my product. I know many women that are constantly frustrated with how long their manicures last. My competitors would be other people that are trying to find new ways to make nail polish chip resistant and last a long time. Their weakness would be that they do not have the people and customers to make it happen. The only packaging that my product will have would be the bottle that it comes in. I would also distribute it in boxes together. I would probably start looking into ways to make this product apart of a larger business. I could sell nail polishes with pretty colors, environmentally friendly products, etc. I would need about 20 employees: engineers, chemists, a marketing team, distributers, a sales team.

I think my most important resource will be my contacts. Being a part of Greek Life I have so many different type of women that would be able to help me out in numerous ways. For the next venture, I want to begin to create nail polishes with environmentally friendly products. Within five years of my product launching, I plan to sell the company for a lot of money.

2. I had great feedback on my first Venture Concept. A fellow classmate said that he really liked the way that I formatted my assignment and that it was easy to read (I did not format it the same way as this one). He also said that he agreed with me that having well thought-out price points was important and necessary. For my What’s Next assignment, I also had great feedback. Having chemical research done on my product before putting it in stores is important to make sure it is safe to use.

3. I altered my first Venture Concept for this assignment. I think that for this one I thought more about each question. When I was reading the instructions for the assignment, the responses came more naturally this time. Based on the feedback I got, I decided to change my formatting from bullets to paragraphs. I also thought more about the price range I wanted to sell my product for.