Assignment 29 - Venture Concept 2

Venture Concept 2

Opportunity:

The opportunity for my venture concept are those that have just newly entered the sports gambling world and seek the best advice and data out there to help them make educated decisions. The major reason for consumers having this need is because of the new legislation concerning sports gambling. As more and more states pass these laws making sports gambling legal, more and more consumers will become available for my business. Geographically speaking, the market is in those states that have legalized sports gambling. Demographically speaking, the market is usually more male than female and those middle adults in their late 20s to 30s as they most likely have steady jobs with a steady income and can afford to pay for my service. Customers are currently satisfying this need by trying to research data and analysis on the web themselves, but by doing this clouds their judgement with over information and differing opinions on the web about teams and players. They are not really loyal to this, I have found that these consumers are more loyal to what consistently works best for them, so whatever is producing results gives loyalty. This is a pretty big opportunity in my eyes as the new legislation as created a whole new change in the sports gambling scene and I want to take advantage of it. I believe this window of opportunity will be open for about the next 10 years, as that is how long I predict this will take for every state to make sports gambling legal, plus a few added years as after then I feel like the sports gambling will have moved on to something more innovative.

Innovation:

The service that I am selling is a sports gambling consulting service that uses experts analysis and team data and analytics that help advise sports gambling consumers to make an educated decision. The serviced would range from $9.99 to $39.99 a month based off the extent of the package that a consumer would want. The different package would range from the variety of sports someone wants covered and to the type of bets someone wants to be placing. For example, if someone would wanted just the standard over/unders, moneylines, and line bets on just the NBA then it would just cost them $9.99 a month. If someone were to want everything including parlay bets on leagues such as the NBA, NFL, MLB, NHL, NCAA then it would cost them more like the $39.99 price point.

Venture Concept:

I do not think it will be hard for consumers to switch over to my service at all. I believe this because my service is relatively cheaper compared to other services. Also, because I believe my service will provide the best results, and because I will market on social media and get more consumers engaged better than any other service. I do not believe it will be hard to switch because usually the consumers just follow as to what provides the best results, so if I produce results they will follow and become loyal to me. The role of price points and the customer experience play the biggest role in my business venture. Price points because I mentioned earlier they really separate myself from the rest of the pack. In a risky business like sports gambling consumers, especially new ones area willing to take that risk if the risk is deemed lower by price. Also, customer experience because the happier and more satisfied my customers are then the more they will be likely to continue to come back, and the easier it will be to generate new ones. I would organize my business with a very small, but knowledgeable and hard working staff. Since this is a new business, I will need people who can work through almost anything and are determined to help make this work in order to progress this business. I would need it to be very small, because there would not be much demand just yet. The roles for these people would include social media, analytics and data research, and writing.

Three minor elements:

My business’ advantage over others is are customer experience that will help engage customers as to what is going on and keep them informed. We will do this by being a totally transparent company. The hard working and determined nature of our team will also be to our advantage as we want to service our customers as much as possible. Also, our team’s research and knowledge of sport will be superior to others. The next opportunity for us I believe is for us to create a more useable service through an app for customers that combines all of our packages in one. In the next 5-10 years to come I want to see this business grow and compete with all the top services and be one of the most productive and reliable service out there. As an entrepreneur I want to be known for my tenacity and dedication through this service.

Summary of Feedback: I did not receive any feedback since I never posted an original venture concept.

How I changed venture concept: I never changed my concept due to me never posting an original one.

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