Assignment 11A - Idea Napkin No. 1

Assignment 11A - Idea Napkin No. 1

1. 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?

• Hi, my name is Ulysses, I go to UF and I’m a Business Administration major specializing in Information Systems.  I have a talent for producing and creating music, releasing my first album a few months ago in December.  I have been making beats for a year now, and have released over 15 songs.  I know how to execute a vision for a music track and can guide others to do the same.  I have a passion for music and the drive to be the best possible.  If this business concept were to succeed, it would be awesome and create change in my life, possibly allowing me to bring my music to hundreds of people instead of just family and friends and make money at the same time.

2.                What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

• I am offering a customizable music experience for customers through rental of studio equipment, sessions with professionals, and the opportunity to learn music.  Peoples’ unmet need would be solved through Hyperspeed’s combination of offerings, the only company on the market for this.  For only $200 a day ($575 for 3 days), customers get an entire studio setup mailed to their house and a 2.5-hour session each day with an in-house producer, songwriter, or audio engineer, depending on their needs.  I am offering the opportunity to gain knowledge about music production and creation.  If anyone wants to learn to create music quickly and easily, Hyperspeed is the service that helps you do that.

3.                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? 

• I am offering it to two main groups: those who want to rent a studio equipment setup and learn to make music, and those who would like to collaborate with the professionals on the platform. Included in my target market would be young affluent college students, amateur music professionals (for the collaboration service), middle class affluent music enthusiasts, beginners to music creation.  This service will mostly be marketed toward men based on the demographics of the DAC, although women are also encouraged to buy it.  Music should be diverse.  While this service is marketed for the lower end of music production, it is still at a premium price in the minds of many consumers. 
• That’s why the second aspect of the collaborative service would be marketed as the lower end of HomeStudio, encouraging people to get lessons before renting the equipment.  Other music creators can pay a $60 flat hourly rate for the opportunity to work with our in-house staff.

4.                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. 

• I think customers will pay for this service if they want a way to learn to make music.  Hyperspeed offers all the tools necessary for people to learn to create very easily and for very cheap considering its overall value.  If you want to get individualized music tutoring like this service provides, you would easily pay double or even triple.  Hyperspeed delivers a unique consumer-personalized experience not found anywhere else.  There is nothing else like our offerings and for the radically underserved market.  Hyperspeed is unique, affordable, and valuable.

5.                What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?  

• First and foremost, I am a musician and artist.  I feel this allows me to intimately understand what I’m offering because I only recently just learned and know what worked for me and now know how to improve the initial learning process.  My connections in the local Gainesville music scene allows me to attract some initial talent for the service.  Musicians know musicians, and that’s a valuable thing.  There is nothing to serve this market right now, and competitors wouldn’t be able to provide such a personalized and in depth product to consumers as affordably.  This business model is customized to us and fitting this wide market need.

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 think most of the elements align with each other, but I would say that my collaboration aspect of the service is not as strong as other pieces of the business.  At a set price on the low end, I would have neither the money or industry connections to get A List talent to be on the service.  This forces this aspect to stay on the low end of consumers rather than at a high-end price.  I don’t have any preexisting partnerships with well-known industry talent, so it may be difficult to initially attract people.  Shipping costs may also be volatile, but have been accounted for in the price of the service.  Otherwise, my business plan and its various elements are pretty solid.  I feel our price point and offerings make us well positioned to capture the available market.