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Opportunity
o
My product is a tutoring service for
higher-level courses. This does not include general education, introductory classes
for the University. The tutoring will be specifically for students at the University
of Florida who have entered into their major-focused classes. As students start
to enter into the major classes, there are fewer resources for them, yet the
material is much harder. My tutoring service aims to solve this problem.
o
I think that the curriculum here at the
University of Florida is changing more and more and it is getting more
difficult. As we admit more highly qualified students and our ranking increases
(Top 10 Public University!) our professors expect more from us. Because of
this, exams will be made harder as they think we can handle more. Harder exams
and harder classes are creating this opportunity.
o
The market is defined as students at the University
of Florida, typically second semester sophomores through seniors.
o
From interviews that I have conducted, it seems
that customers are satisfying this need by visiting their TAs and professor’s
office hours. Several people have complained that professors are not always available
for questions, and office hours aren’t held every day. Therefore, it seems they
are not very loyal to this current method.
o
This is a big opportunity because students
always want to succeed in their classes in order to get jobs and enter the workforce.
o
The window of opportunity will, I think, always
be open. As long as students are attending university, there will always be the
need for tutoring and additional help.
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Innovation:
o
My tutoring service will give you all the tools
you will need to succeed in your higher-level courses. The courses we will offer
are specifically geared towards your harder classes; the classes which your
potential employers will be looking at specifically to see if you understand
the concepts and if you have the skills they are looking for when hiring
applicants. We also want to teach you appropriate study habits and help
organize your schedule.
o
My tutoring service will come with three
different options for you to choose from. You can buy a monthly subscription
for group tutoring services at $50 a month, you can buy a package with hourly
rates for one-on-one tutoring at $70 an hour, or you can choose to buy helpful
study materials that contain important lecture notes that you can study with on
your own at $20 per package.
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Venture
Concept:
o
Students will buy a subscription for my tutoring
service because they will see that there aren’t other services that offer
tutoring for upper-level classes in the Gainesville area.
o
I don’t think customers will switch to my
product because there isn’t another tutoring service near UF that does what I want
to do. Sure, there are some that teach the Chemistry and Calculus classes, but
none offer high-level courses.
o
The competitors are other tutoring services. Their
weakness is the fact that they don’t offer that many classes.
o
I think that price point will play a big role
just because I am dealing with students who are already paying a lot in tuition
and fees, and I have to price fairly so they will use my service.
o
I would hire as many tutors as I could, probably
over 50 to begin with, and preferably people that have taken the classes at UF
so they know the professors and know the curriculum. The roles in the venture
would be the tutors, the marketing staff to get the word out, the advertising
staff, and a front-of-house group to answer questions about the venture.
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My “secret sauce” is the fact that I am a
student at UF myself and I know the struggles that students face. I have heard
about the hardest professors and know about the tricks on certain exams. This allows
me to help other students taking the course to succeed.
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If this venture sees success, I could
potentially expand to other universities and offer this type of tutoring service
in different locations. For now, I am most familiar with UF’s curriculum so I want
to stick here and then grow if there is potential.
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Hopefully, this business will allow me to learn
and grow as an entrepreneur. Maybe in 5 years, I will have sold and moved on to
another venture. This venture serves as a learning experience to whatever I do
next in my life.
I like how you're very descriptive with your tutoring service and what your service will entail! The need for the upper level major-focused courses are a huge demand since there isn't any tutoring offered except for private tutoring. Also, clarifying that this is a big opportunity is important since it is a never-ending cycle: students wanting to succeed in their field.
ReplyDeleteYou wrote out your venture in a very organized and detailed way. You really thought out the business very thoroughly and it shows. I think that this idea could take you very far since it is in a huge need at UF.
ReplyDeleteI think you did a great job with your concept. It was really detailed and well organized. I think you did a good job fitting your innovation, tutoring for upper level classes, with the problem of their being a lack of said services. I agree that your secret sauce gives you a great advantage, as it allows you to better empathize with what other students are looking for in a service like yours.
ReplyDelete