29A- Venture Concept 2

1.
Opportunity-
The opportunity for people all around the world with debt is a growing and growing. My business plan as an entrepreneur would help millions of people to prevent or lower their risk of being in debt. This turns out to be a huge factor to many since we all know that your debt does not leave you until you pass away, so it always lingers next to you. That being said if more people were educated on the loan or the information that they are signing off on then they will be a little more hesitant on getting one in the first place. Every year the statistics prove that everyone is getting nicer homes, paying for education, and nicer cars. All of this money adds up to someone that can not even afford it in the first place. It is a gamble to take on debt but millions know before that they will or it will take a very long time to pay it off.
1. The need- The need for this is crucial since many people are in debt or are going to any day from now. We need to make people aware that they can have a comfortable life without going into debt. Making this a known issue can make a huge impact on our economy.
2. The nature- The nature is everyone that is involved and since this is a road topic and business plan it is pertaining to many people across the world. These are the ones that need guidance or help to make better choices to have a stress free life from debt.
3. The forces that can change the opportunity- The forces that can change the opportunity would be the government, banks, and many other federal institutions. They would be loosing a large amount of money if people knew how to budget their money and financials accordingly.
4. Geography/ demographic- This is pertaining to people as young as 18 to the 90's or 100's, however old one person may live that has debt. Debt is all over the nation and world so it is not in one specific area but it is a known factor in the USA since many people do not even carry cash anymore and it just turned to plastic cards that you just swipe for.
5. How are they satisfied- They are satisfied by swiping or signing papers for large amounts of money to think that their life is going to be better or help with financial costs but in the long run the interest is going to kill them with the rates they sign off on.
6. How big is the opportunity- The opportunity is pretty big and can impact millions of people around the world. It is just very big since the need for this is at a large scale as well.
7. How long is is the window- I would say since I would have to go through government regulations and banking institutions that it would probably take 10-15 years to successfully be fulfilled how I would want it to be.
Innovation-
Product- This product does have competitors in this business like my fellow colleagues Peyton has stated. So I need to make the client a first priority and differentiate myself from others in the market.
Service- My service is not yet in the market and would be very beneficial to many people across the world. Since you can get your finances on your finger tips it is very easy for one to know how to budget and see if they can take out a huge loan or wait a couple of years when you are financially able to do so without paying crazy interests rates and knowing you are not going to pay it off. As feed back I want to make the client first. The product can be amazing but with out making the service stand out then no one will use it as someone commented on my prior post.
Venture Concept- 
 This issue is a very big concern to me and probably many families that suffer from debt yearly.As things in our economy start to get larger the amount of spending goes up since one may think they have more money to spend. I am not trying to make this known for just this class or assignment but to make it aware for everyone in the world and make an impact on other families lives now and their future.
Why make the switch- If you start to make the shift the consumer will not feel as stressed with the hanging debt over them and will be able to budget and use their money accordingly with the app and website.
First- This is needed to such a huge market and it is not even out in the market and millions or more can benefit from this.
Second- Make people more educated and aware for their financials instead of just signing your name on a paper and you have no idea what it is.
Third- I want to be CEO and partner up with many large banking institutions and have this a successful plan in 5 years.

2. The feedback that I received from my venture concept was all positive aspects of my business plan but I a couple of people said that there as similar companies in the field already doing this and you need to make yourself stand out. I had to redo and think of my innovation step on how I can truly be one step ahead of others while providing the best service and product as possible. I did those minor changes and it made more sense to me that everyone wants to be financially stable but the problem is by doing it not in a debt way. Fulfilling to not take a loan for any circumstance is my goal not for me but for my clients.

3. How I changed my venture concept like I stated in number two I redid my innovation to make myself stand out from competitors.