Venture Concept No.2

Opportunity: On this venture concept I have once again changed my idea! I have decided to hold off on the idea of renewable energy by using motion in the gym because the idea is simply too expensive and isn’t feasible at the moment for me. However, recently I have new inspiration to start a business on amazon through FBA. You know how you buy products on using amazon prime? Well I will be the supplier of some of those products! This idea came up during an entrepreneurship club meeting and one of the speakers spoke on this topic. I find this to be a great opportunity because of the low start up cost for me and the large margins I can make because of the cheap product. Some forces that have allowed this opportunity to come about is amazon. Amazon allows suppliers to send their products to the shipping factories at amazon. When a customer purchases the product they ship it out for you and handle everything else. This makes it easy for both parties to buy and sell. Another key to the opportunity is the supplies; which are coming from china. Finally, the last aspect of this opportunity is the consumer. In recent years, more people are purchasing online and less in the stores. Every year the deals get better attracting more and more people. With a combination of cheap prices and fast shipping this trend isn’t going away anytime soon.

Innovation: As of right now, I have no innovated anything for my business venture because I intend on entering a market that already exist with less competition. Selling on Amazon is all about quality control so I might innovate an existing product with better materials.

Venture Concept: Now I will explain the process on how my venture works. First, I will research products I can buy in China and possibly tweak it to my own liking (in the process). After, I find a product that I want to produce I will contact the company in China and discuss the prices and hopefully speak with someone of higher position to ensure I am getting what I paid for. The next step is to receive the product and making sure everything is ready to ship out to amazon. Once it ships to amazon it is a waiting game as the products slowly start selling. After a customer purchases the product I will follow up with an email seeing if they have any problems and if they would rate my product. Ratings are important because it makes the product seem more reliable to customers and makes the feel safer about purchasing the product. After the product starts to sell better and I have more revenue I will begin with the second and third product line. To keep up with production I will outsource my employees so while I am busy they can handle my emails and place orders for the business. My end goal is to make a business that can stand on its own away from Amazon.

Minor Elements

The most important resource for this venture is the supplies. The quality must be on par with other products or in some case better to attract and keep customers.

In five years, I see myself in the same industry. I want to keep producing products and weaning myself away from amazon into my own company.

This venture concept is completely different from my last concept. On this venture concept I have once again changed my idea! I have decided to hold off on the idea of renewable energy by using motion in the gym because the idea is simply too expensive and isn’t feasible at the moment for me.

I did not use the feedback from my last venture concept.