Here's what you need to do.
- Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.)
For my project, I changed gears and switched to a water park that is college themed and student/family friendly.
A list of my unfair advantages:
- My keen personal ability to fish for customer feedback
- Attention to detail
- Established drink limits and a strict anti-drug policy that keeps customers safe
- 5 years of water safety & aquatics program experience
- Large handful of interested investors
- Completely new market and only slight competition from local pools
- Large market that brings in fresh customers every 3-4 months
- Human capital as recruiting employees would be easy when offering competitive wages
- Knowledge of aquatics wages and labor specialties to bolster employment
- Lax liquor laws in FL make it a great place to start a bar-based business
VRIN
- Fishing for feedback is essential to improving my product/service without expensive surveys etc.
- My personal attention to detail allows me to find and fix problems before they arrive
- Drug and Alcohol limits/restrictions are standard to ensure safety at public areas or parks and are easy to copy
- 5+ years of water safety and aquatics experience is relatively hard to copy and is extremely rare for someone of my age.
- Interested investors isn't very new or unique to a spry company.
- A large, relatively untapped market creates a large opportunity for Economic profit to be made within the first decade or so until competitors begin to create copycats.
- The market that brings fresh customers every 3-4 months is very unique and only really occurs in college towns. it provides waves of new customers.
- Extensive knowledge of labor and wages in the area allows me to recruit employees with experience from bars and aquatics departments all around North Florida.
- The liquor laws in this part of Florida are allow for bars to easily be opened without too much red tape. It is unique to the South East U.S and is relatively tough to copy.
Top Resource:
--My top resource is most easily the size of the current market. With it, I can attract both investors, employees, and customers from afar due to the massive economic profit that will be earned shortly after opening the first few parks. The only issue is paying royalties for licensing.
Hey Christian. It's great that you are very confident about pursuing this venture sometime soon in Florida. It seems you have a large deal of experience in your desired industry; this will surely help when you begin to target college towns. However, would you begin seeking investment purely for royalties? How is it an issue? Also, how much detail do you have about how you plan to make a profit after opening up a few parks?
ReplyDeleteChristian, I too have an already established market and definitely know how much of an asset this can be to a potential startup. I am curious however on exactly what the size and shape of the current market is within your idea. Is the market limited to or just focused on college students? How does the market refresh every 3-4 months?
ReplyDeleteHey Christian, I think this new idea would be fairly successful. The things on your list such as your five plus years of experience and the few laws in Florida prohibiting the start-up of bars are great platforms to begin your business. The only problem that I am seeing with this idea is how you plan to reach the attention of investors. Being that theme parks in Florida are extremely common, what is it exactly that you have that will separate you from other companies.
ReplyDeleteChristian, it looks like you have great resources lined up for this venture. After reading your list, I would have to say that it looks like your experience in so many different areas of expertise must be your greatest resource. The only thing I would add to this is what resources you have to make this different from any other waterpark or how you are going to attract your specific audience to the park?
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