Venture Concept No. 2

1)
College students around the world spend hundreds of dollars on textbooks that they only use for a semester. Many of those textbooks sit around and go unused. I want to change this and hopefully reduce the amount spent on textbooks with a give a book get a book program. The Gator Book Exchange program would occur at the end of each semester when students are registering for new classes and finishing up old ones. Each participant will donate old books and receive books for their next semester in exchange. Let's work together to cut down the cost of college!

So far the potential consumers I interviewed seemed to be intrigued by Gator Book Exchange. Although I can see a few flaws that I would need to attack early on. One major problem is the rise in reliance on online textbooks and rental textbooks which would result in a less engaged backing.  I also learned that I am going to be challenged by people not participating due to the need to have access codes still. Although I plan to make my program successful through organization and engaging advertisements.

As I college student I understand the cost of textbooks and how loans are not fun to take out. I also understand that majority of college students no longer are focusing more on supplements instead of textbooks and I want to change that mentality. I am specifically targeting returning University of Florida students across all majors and minors. In order to ensure success I might start on smaller scale and with college I know best. Therefore I would start out with a business student Gator Book Exchange and then learn from my mistakes there and bring it to a larger target being the entire campus.

The forces in the environment creating this opportunity is the increase in the cost of textbooks. My venture will be specifically targeting the University of Florida students. I plan on starting with the Business College in order to start on a smaller scale and use it as a trial basis. Demographically I am targeting students who range from 18-22. Customers are currently renting textbooks to save money or not buying textbooks and buying cheaper supplements instead. I would say customers are loyal, but as college students we are always looking for a cheaper option. This opportunity is huge as it is changing how we interact with one another and giving college students an opportunity to save money. The window of opportunity should be open for a long time unless we transition completely to e-texts and get rid of physical textbooks. Which would be really sad! I think the reason people would switch is due to trend to get away from paper and being more environmentally friendly. I think once the majority switched over to etext there will be no coming back as it will be a generational change. There are no concepts that are the same as mine. But competitors range from UF bookstores, smoking notes, Amazon, and other textbook services. Some possible weaknesses is they all have costs. They have their strengths though as they have access codes I can not provide and it is more of a guaranteed product. Pricing or packaging does not play a role as my organization is a nonprofit. I would continue to add new volunteers that would help foster a creative space to come up with new ideas. 15 employees would be helpful and easily attained. There would be a variety of committees to join from set up, marketing, organizing, and site leaders, and volunteers the time of the event.

2) I love how encouraging everyone is and how great the feedback I got was. I enjoyed reading that people are excited to participate in the program and offer there pieces of advice. Many agreed that having an exit plan is important and in order to be successful I have to understand that technology is a force that could possibly squash my business venture. So looking to make sure that it is organized, progressive, and well promoted is very important!
3) I would just add that organization is integral and put a better detailed plan, so others can see my thought process on the logistics behind the venture. I also would add a more progressive component. And also a detailed marketing strategy including advertisements and possible ways to attract participants.