Assignment 29A: Venture Concept No. 2

Opportunity: People how are watching their pockets have a need for the low-cost food provided. The nature of the ultimate need, hunger, is common and frequent. The nature of the need of low-cost food depends on time and circumstances, but can be found in a lot of individuals. The forces that are creating this opportunity are the lack of quality food for a cheap price. This market is primarily college students and small working class families. Geographically, it would likely start in Gainesville. Currently, customers are getting cheap, low-quality food, like McDonald's, or more expensive, better quality food, like Olive Garden. I think that these other outlet fulfill the basic need of satiety but are not places that people are hooked to. I would say that this opportunity is pretty big; no one really tries to down-scale high quality foods or restaurants. I think the window will be open for some time because each segment is okay with the revenue they they are bringing in when compared to the quality that they put out.

Innovation: I will be selling customizable, quality bowls of pasta for prices ranging from $7-$12. This business will help customers have shorter wait times when getting their food. This market specifically to pasta makes it more accessible than every before. Pasta is rarely sold on its own, which makes customers have to jump through hoops like long wait time at dine-in restaurants or higher prices at dine-in restaurants to get to it. The restaurant would be focused on a build-your-own pasta bowl model, though there will be made designed menu items. It will work as an assembly line style ordering system where you pick what you want in your bowl, as much as you want. There will only be upcharging if absolutely necessary, but never over $12. These upcharges would be for things like gluten-free pasta or zucchini noodles for example. I think a good to keep up customer loyalty would be to have rewards for visiting often. For example, if you buy ten bowls of pasta you can get the next one free. I think having an attainable goal that customers can work toward would spark interest in my restaurant.

Venture Concept: The reasons that they would switch would be because it is hard to find, an adult serving size, quick, quality bowl of pasta for under $12 almost anywhere; it is pretty much unheard of. I don't think that it will be hard to get people to switch because the value is sort of self-evident. The most direct competitors would be big chains, like Olive Garden or Carrabba's, and small Italian restaurants. I think the chains are vulnerable because they have higher prices, and the smaller restaurants are vulnerable because they have a wide scope. I think my price point are the selling point and any thing else that is beneficial is added bonus. I don't think there would have to be a lot of employees to start off; maybe 5, but they would do classical restaurant roles. They would cook, take calls, make orders, man the register, etc.

Three minor elements: I think our most important resource will be creating a culture of adaptability to changes. I think what would be next would be getting involved with a delivery service and thinking about branching out to more locations. I think this would help me learn how to start my first business so that I could go on to start and finance more.


2. The most common critique that I got was to further explains and develop my price plan. There was a suggestion to have some sort of rewards plan to encourage custome loyalty.

3. What I adjusted from the comments I got on the last venture concept was the customer loyalty rewards plan. I mentioned that it would be a good idea to have a rewards system where customers can buy certain amount of bowls of pasta and get the next one at a discounted rate.