On your entrepreneurial journey and the path to identify and solve a potentially lucrative business opportunity, feedback is critical. On your first Idea Napkin, you received feedback from your fellow students. In this second effort, I'd like to revise your napkin by taking into consideration the feedback you received.
In this exercise, there are two parts. First, the idea napkin; second, the 'feedback memo.' I'll explain them below.
For the idea napkin, please describe the following (these are the same elements as in the first idea napkin). However, this time, please adjust your napkin to reflect the feedback you received:
Question: 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?
• My name is Evan and I have been working the in the real estate industry for the last 10 years. My family has also been in real estate, so growing up I have been around it most my life. I believe a Blockchain real estate company would be something I could help create. It take my two passions in life and combines them.
Question: What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
• My product is going to offer clients a one-stop shop to buy a home. No need to hire a realtor, Title Company, and even an attorney. This company could essentially let buyers and sellers interact with one another on a peer-to-peer basis.
Question: 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?
• My company markets to anyone looking into buying, or selling a home. We would also try to implement commercial and agriculture real estate to the platform of the company. Targeting clients looking to sell real estate as a FOSO ( For Sale Buy Owner). Many first time new homebuyers are intrigued to look on Zillow for potential properties.
Question: 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.
• Currently clients pay around 3% commission to their realtor, and thousands of other closing costs. With blockchain technology we can save our clients tittle company fees because all transactions will be linked on the blockchain. No need to pay to have your house surveyed, because it will be linked on blockchain. Any legal disputes will drastically be decreased if clients start using a transparent ledger.
Question: What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
-Many companies market real estate, but none let you purchase the property out right. I believe with blockchain technology and the Internet, we can help the real estate industry save drastic time and money. We would also accept crypto currency as a form of payment.
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 overall the business model is sound, but the lack of mainstream adoption is what’s holding the company back. I think countries and governments need to adopt blockchain technology before people feel comfortable using the platform. No one wants to buy a house with cryptos if the government doesn’t believe they are legal currency.
• I incorporated my feedback from my previous napkin exercise by looking more in depth. I changed a few processes my company would preform.
Please help find new Steemains and FOLLOW/RESTEEM/UPVOTE :)
