29A – Venture Concept No. 2

ENT 3003: Venture Concept Write-Up Guide

Ashley Teichmann

In my venture start up, I created a compost bucket.

I decided to make a product like this

because this is something

 I’ve always wanted to make for myself and I figured this would be a great opportunity to teach others how to compost.  

Opportunity. Billions of dollars in food go to waste in the United States each year. We spend so much money on fertilizers to grow food, when it just goes to waste. This is a need for mostly everyone. Everyone may not know they need a compost bucket, but if you are someone that cooks at home, owns a business or restaurant, this is a perfect way to help yourself, and the environment.

·      What are the forces or changes in the environment creating this opportunity?

-Global warming is impacted by the fertilizers we use and the food we send to landfills.

·      How is this market defined geographically and demographically?

-Anyone who is environmentally aware of the needs of our planet can benefit.

·      How are customers currently satisfying this need?  And how loyal are they to whatever they use now? 

-Many people currently use compost buckets, but this definitely does not represent everyone that should be using one.

·      How big is this opportunity?

-Scientists believe our planet is on a decline environmentally. We need to step up and work to make it a clean place. We can start with something as simple as composting.

·      How long will the “window of opportunity” be open?

-This is an issue that will always be there as long as food is being wasted and thrown away in landfills.

Innovation. I invented my own line of composting buckets. I went to Lowe’s to buy large paint buckets and lids. I also created my own logo to print on top of these buckets so I could market them on my own. The product is simple and small enough to fit in any kitchen. I put soil on the bottom of the buckets. It was important to make this product as simple as possible for me, this isn’t a product that needs to be very fancy. I sold my product for $10 and had much success.  

Venture Concept. Customers bought my product because people are becoming more and more environmentally responsible for their footprint in this world. It is important to people to save our planet.

·      What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 

-It is not very difficult to throw out your vegetable and fruit scraps into a bucket. I keep my bucket on my balcony of my apartment and it is simple to throw away all of my leftover food scraps.

·      Who are the competitors?  What are their possible weaknesses or vulnerabilities? 

-As of now, I am unaware of any competitors. It is simple to make this product, so I suppose someone could make it at home. This is probably my biggest weakness.

·      What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?

-I am able to make these products at home and distribute them to my customers by myself. The customer experience includes me explaining how the process of composting works.

The three minor elements

My most important resource is the connections I have when selling my product. I am able to market myself and my product.

Currently, I have multiple people that have bought my product from me. This is something I have continued to use myself. If I find success in the future with this product, it could be something I can continuously sell.  

I am unsure where I will be in 5 years with my venture. I am unsure if I will continue this or just keep it as something I enjoy doing for myself. First, I will see the demand for this product with my family and friends and the previous buyers of it and move on from there.  

Feedback

I have had great feedback from this venture. I have been successful in selling my product and making those more aware of how important it is to compost. I changed my venture concept because I went more in depth this time and I was able to explain more about how I use this product and why it would be beneficial to others.