My potential customers are people who live in hot/humid areas that do not want to feel sweaty. This need is a want for people that are uncomfortable feeling sweaty. The sun and humidity are the forces that lead people to sweat a lot. Geographically the business is in the southern US states, demographically it would be focused towards teenagers and young adults. The problem is currently solved by just staying out of the sun. Customers would be interested in a better fix. This opportunity could be quite big if it were able to also take off as a fashion statement. It will be open for as long as the sun is hot.
Innovation
It is a material in shirts that is hydrophobic. The product innovates shirts so that they do not retain sweat from your body but instead it rolls down your shirt. The hydrophobic material rejects your sweat, causing it to roll down the shirt as opposed to sticking to it. Money will be made by selling shirts for $20. This price is higher than the average shirt, but this shirt offers something no other shirt does. Additionally, the shirt can be sold to other companies to be designed and a profit could also be made that way.
Venture Concept
My shirt will allow people in who sweat in hot and humid climates to wear a shirt that is not covered in sweat. They will buy this shirt because people already regularly buy shirts and will like the idea of not having to be covered in sweat. The premium of the shirt is also not that outlandish compared to other t-shirt prices. The hardest part of getting new adopters will be right in the beginning when the effectiveness of the shirt has not been openly accepted. Competitors will be the other current shirt sellers. They have a much bigger foothold in the industry but do not offer the advantages my shirt does. Packaging will affect me the same way it does all shirt companies. The same goes for distribution and customer support. Location will be more focused in southern US states than it would be for others. I expect to sell at a higher price than other companies. I would organize myself with mostly outsourcing the work to other companies who already focus on textiles. Minimal low level employees would be needed, only those that are directly involved in the organization of the creation of the shirt and how it gets distributed.
3 Minor Elements
The most important resource of my product is the hydrophobic material that does not sacrifice style and is comfortable. I would want to bring my product to the large-scale level, not just focused on southern US states. I would like to see that I have a strong foothold in my focus sates in the first five years. I myself, do not want to actually be an entrepreneur.
Venture Concept
My shirt will allow people in who sweat in hot and humid climates to wear a shirt that is not covered in sweat. They will buy this shirt because people already regularly buy shirts and will like the idea of not having to be covered in sweat. The premium of the shirt is also not that outlandish compared to other t-shirt prices. The hardest part of getting new adopters will be right in the beginning when the effectiveness of the shirt has not been openly accepted. Competitors will be the other current shirt sellers. They have a much bigger foothold in the industry but do not offer the advantages my shirt does. Packaging will affect me the same way it does all shirt companies. The same goes for distribution and customer support. Location will be more focused in southern US states than it would be for others. I expect to sell at a higher price than other companies. I would organize myself with mostly outsourcing the work to other companies who already focus on textiles. Minimal low level employees would be needed, only those that are directly involved in the organization of the creation of the shirt and how it gets distributed.
3 Minor Elements
The most important resource of my product is the hydrophobic material that does not sacrifice style and is comfortable. I would want to bring my product to the large-scale level, not just focused on southern US states. I would like to see that I have a strong foothold in my focus sates in the first five years. I myself, do not want to actually be an entrepreneur.
David,
ReplyDeleteI think you gave a great description of your product and the current marketplace it faces if you were to go into production. I find it interesting that you want to sell your product at a premium as I chose to try to keep my product at the same price point of the market while offering superior benefits. With that said, I think you could have a lot of success marketing your product as a premium one.
Hello David,
ReplyDeleteAs I mentioned before, I really sympathize and support your product idea. I walk pretty much everyday to campus and I know how inconvenient it can be, sometimes i even bring two shirts so I can change. Your post is very detailed and pretty solid about how you making sure this idea succeed. I look forward to try this hydrophobic material of yours and buy your shirts. Great job!