Assignment 24A- Studyright

Venture Concept No. 1

Opportunity

The opportunity that I have recognized involves a problem that everyone has faced. This opportunity can mostly be seen, and will mostly be useful for high school and middle school students. The problem that they face is that their teachers don't teach them how they should study and learn their material. These students usually employ study tactics that are the easiest and the most fun. If their parents suggest a way to study, they might try this. The problem that these students face is that they will usually employ one method for all of their classes. While this might seem logical, there is usually one way that will work best for each class. Although middle school students and high school students have this problem, they are not the entities that an opportunity could be marketed towards, as they do not have the ability to pay for my service. The people that would be able to pay for my service are their parents. The parents that would be most willing to pay for this service are private school parents. They would end up paying for my service through tuition. The parents would pay for my service would be parents that believe that their kids are struggling in school, or parents that just want their kids to do better in school. These parents are people that value education, as they are willing to pay for their kids to become more effective studiers. I believe that parents are currently satisfying this need on an individual basis. If a parent sees that their kid needs to do better in school, many times they look for a tutor. I believe that parents will only continue to go to a tutor as long as their kids are succeeding In school. I believe that this is a big opportunity, as it seems that it is an aspect of schooling that is completely overlooked universally. I believe that this opportunity will remain open until all parents are completely satisfied with their kids' grades.

Innovation

A service that could solve this problem is one that collaborated with teachers and writes up study plans for students. This would not take much time, or be difficult. It would take a person that is committed to understanding what a teacher desires to teach their students and an understanding of how students are studying. I would meet with each teacher at a school and go over their lesson plans for a class. I would understand how the teacher is formatting their classes, and how the teachers will test the students. I will then formulate a plan for each class on what the best way to study for that particular class is. This will take the guesswork out of studying, which is what every student wants. I will be selling my service to schools for two hundred dollars per class. I will not force a school into buying my service for all classes, as I understand that there are classes that almost no students struggle with. I will allow the schools to choose which classes they would like my collaboration for. 

Venture Concept

I believe that my service will help students by taking the guesswork out of studying. They won't have to wonder whether their studying will help them with their tests. This will allow students to focus all of their educational time on learning the material. This service will also cut down on the amount of time studying students will have to engage in. This will also make my service advantageous for all students, not just the ones that are struggling. With less time studying, students will free up time to use however they please. I do not believe that parents will mind paying extra intuition for my service. As long as they know that their kids will be achieving better grades in school, I believe a majority of parents will be delighted to pay a premium for their child's enhanced education. Competitors of my service are tutors. One primary weakness of tutors is that they are very expensive. A good tutor will charge on a per session basis, and might not even address a student's studying habits. My venture is a service, so packaging and distribution will not be relevant. Customer support and customer experience will be vital for my service. I will have to be willing to have a support line even after I have completed my service with a teacher. This will not only make the customer experience much better, but it will also allow me to refine my business. Although my business might grow quickly, I believe the best way to keep the quality of my service as high as I can would be to not outsource work to employees. I believe this will be beneficial in developing relationships with schools and individual teachers.

Three Minor Elements

1. My most important resource is that I love helping other people solve their problems. I believe that this will allow me to persevere through hardships in my entrepreneurial venture. I believe that this resource is valuable and very rare in our society.

2. I believe that I could supplement my service by adding additional tutoring to provide students that would want extra help in school. I understand that knowing how to study is only part of the educational process, and I could address this by offering individual tutoring.

3. I believe that this venture will be very satisfying and will only leave me wanting to help the world out more. I could see this business growing and potentially becoming an online service that schools have access to from anywhere in the world. After this venture is completed, I will examine our world and see where I can offer assistance to those in need.