Idea Napkin No. 2

1.     You: I am an analytical, curious, and persistent person who will always stick to their goals until they are achieved. I am also very structured and organized with everything I do, making sure I have strict short- and long-term plans set for myself. I have started a business in the past, one that won 2^nd place on Entrepreneurship competition, as well as been an assistant for two ecommerce businesses. I also was a house manager at a local theatre for 2 years, as well as worked as an usher for 2 years prior to that. I am very passionate about the field of finance, specifically markets, with stock trading being my main source of income. I aspire to be a management director or partner at an investment firm, which is quite an entrepreneurial type role. This business I have come up with would definitely be more of a side hustle to have another source of income. It has been proven that having multiple sources of income is the key towards financial security. 

2.     What are you offering to customers? I will be solving their dilemma of whether to fix or repair broken appliances, as well as helping them repair things all by themselves. There will also be comparable pricing that allows users to find out what an accurate and fair price is for what they are looking for. Using the tool renting service, clients who do not want anyone in their homes (due to COVID-19 or other reasons) will be guided on how to fix the issue without the need of a physical repairman there. Moreover, this app will give customers quick responses that will take away the extra step of the handyman coming in to check out the problem just to have to leave again and come another time.

3.     Who are you offering it to? 

The stereotypical customer I will be reaching out to with this product is millennial homeowners who find themselves lost when dealing with broken appliances in their home. As far as the demographic, I noticed that seniors usually are more wary about people coming in their home due to COVID-19, so it could also potentially reach them. That being said, I also interviewed people in their 30s that saw themselves using this app and are more closely aligned with the interface of the app. These kinds of customers will enjoy searching the web, watching Netflix, and doing DIY projects. As far as the location, I would focus on towns/residential areas and not so much cities as it seems that it is not as big an issue there due to apartment complexes having a handyman available.

4.     Why do they care? 

This service is very valuable because it will save customer time and money when dealing with broken appliances. Time is the most precious thing humans have so in helping people get a quick and easy solution to their problems, many will see this app is greatly beneficial to their lives.

5.     What are your core competencies? 

What sets me apart from everyone else is my discipline and persistence to keep going no matter what happens. I have noticed that many people give up really early due to failure, or they lose interest fast and stop putting in the work. I have a very structured way of thinking, so once I set my mind to something, it doesn’t matter if the world is ending, I will be there every day putting in the work to get closer to my goal. This is actually the one common characteristic I have seen in great entrepreneurs. Additionally, through interviews, I have identified that I was born with great communication skills, which is also critical in this line of business. Whether it is to pitch an idea to a client or investor, being able to share your thoughts in a concise and clear manner is key.

6.     While I do not have much experience coding nor repairing broken appliances, I know that there are people out there who do, so all I need to have to make this happen is the leadership skills to find the right team and bring it all together. In life, one cannot and will not know everything. Instead, one must use a little bit of everyone’s talents to make something great happen. I believe that while my lack of knowledge on the industry might give me disadvantage, my ability to stick to things, lead, and my overall business acumen will overpower the negatives.

 

There wasn’t much to edit as the feedback I received was for pretty positive. That being said, I added a few things I had learned through the interviews I conducted. The two main points I added were giving a more specific view on the stereotypical customers, as well as adding the communications skills that I bring to the table. I believe that the addition of these factors will greatly add value to the way I will market the app, as well as give me a boost in confidence knowing that I have what it takes to make this happen.