Venture Concept No. 2

Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

• My revenue drivers lie in the variety of products I offer. Customers can purchase hand lettered quotes on either canvas (to be hung) or cardstock (to be framed) and both options have customizable color options. The background and font colors can be requested by the customer. 

Describe what kind of product offering you believe should be next. What's the next thing your customers want?

• I think the next product I should be offering according to what my customers want would be customizable hand lettered art. I should take requests from customers, hand lettering THEIR favorite quotes. 
• I could also offer my hand lettered art on different mediums such as pillows, t-shirts, coffee mugs, and more! 

Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

• By offering 100% customizable hand lettered art prints, customers can fall completely in love with what they are purchasing and feel more connected to it. I would agree it definitely promotes customer loyalty because I would be giving "the people" exactly what they want/request! I would be investing more time into making these new, customizable art prints but they would be well-received by the customers.
• If I offered my hand lettered art on different mediums I would be investing more into my entrepreneurial venture because I would need to outsource my printing/manufacturing. I would need to find a vendor that would take my artwork and print it on t-shirts, coffee, mugs, pillows, etc. This would factor in an extra cost but the variation in products offered could possibly drive in more sales and happy customers. 

Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

• This product features a customized hand-lettered design on a pillow. 
• In the case of my entrepreneurial venture, I would generate hand lettered art prints that would be made onto canvases, card stock, pillows, t-shirts, coffee mugs, and more!
• http://www.amazon.com/Reading-lettered-Decorative-Pillow-Cushion/dp/B019GWHFV4/ref=sr_1_1?ie=UTF8&qid=1459125397&sr=8-1&keywords=hand+lettered+canvas

What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

• While this particular listing does not have any customer reviews, after searching related products, most of the reviews were rated three stars or higher. The only negative reviews were about how the product needs to be cared for. People want pillows they can put in the washing machine!

Describe what design/usability changes you'd make to the product. 

• I would make the pillow a slip cover so that it can be unzipped and machine washable. 

Describe why you think this product would make a good addition to your current product/service offering.

• I think this product would attract a consumer who maybe cannot hang anything up onto the walls of where they live due to certain restrictions given to them by their landlord, if they live in a college residence hall, or they would rather not have art hung onto their walls. This product just offers another form of the hand lettered art to be showcased. 

• Human capital: hand lettering skills
• My hand lettering skills are valuable because they are unique and they are also rare because it is fairly uncommon for individuals to know how to hand letter. For these two reasons my hand lettering skills are also inimitable because quite simply put: hand lettering is hard to copy without some intense and dedicated practice. The only other resource that can provide the same benefits are typography fonts. 
• Social capital: social media following 
• My social media following has accumulated over the past six years and it's become something individuals consider paying for instead of earning it themselves, which makes this fairly valuable. I wouldn't really consider this rare because, like I said, people can earn this with time or simply buy the followers and likes. This can absolutely be copied by others and the option of buying likes and followers can provide the same benefits. 
• Social capital: in real life 
• My real social capital is extremely valuable to be because it justifies my integrity. It would say MY personal social capital in real life is rare because it's unique to me, however, it can be copied by others in their own way. I don't believe any other resource can provide the same benefits as a strong network of people who mutually trust, appreciate, and support each other. 
• Financial capital: job and credit card 
• Having a job and a credit card are very valuable to my venture because it establishes a financial resource. It's not entirely that rare to have a job and a credit card at my age. This is pretty simple to copy, however, the only other way the benefits can be attained are via loans from banks or individuals. 
• Car: to go get supplies 
• Having a car is absolutely valuable to me and my business venture. However, again, it's not all that rare to have a car at my age and it's easily inimitable. The only other way to access the benefits of owning a car is simply just to have access to one. 
• Leadership capital: experience in leading organizationally 
• My experiences that have given me the opportunity to learn how to lead an organization are extremely valuable because they are unique to me. No one else has had the same exact experiences I've had, therefore, this makes this resource very rare, inimitable, and non-substitutable. 
• Human capital: organizational skills 
• Being organized is very crucial in any entrepreneurial venture, which makes my resource valuable. However, it's not rare nor inimitable because being organized sometimes comes natural to people, or in some cases it can be taught, learned, or outsourced to be someone else's responsibility which ultimately also makes it substitutable. 
• Human social capital: knowledge of creating a brand and brand presence in real life and online 
• I've learned these "resources" during my academic studies at the University of Florida, which makes it valuable to me and my entrepreneurial venture, but that does not make it rare nor inimitable because there are hundreds of other students studying the same things as I am. The only other resource that can provide the same benefits is studying the same exact thing at a different educational institution. 
• Human social capital: communication skills 
• In my opinion, my communication skills are valuable, rare, AND inimitable. This may not sound humble, but I'm being fairly honest with this one. I am constantly saddened by how so many individuals lack proper communication skills. I'm not saying my communication skills are perfect, but I am saying I've taken a big interest in making sure they are constantly improving. The only other way to reap the same benefits of great communication skills are to learn and practice how to communicate effectively. 
• Human social capital: passion 
• This resource is without a doubt valuable, rare, inimitable, and non-substitutable. My passion is my passion and no one else's. 

After conducting the VRIN analysis, my hand lettering skills are my top resource simply because I personally don't know anyone else who can hand letter like I do. It's often imitated, but never duplicated. Yes, there are individuals out in the world who have their own hand lettering business ventures but I would argue that the market is not saturated with it just yet. I've spent quite a lot of time perfecting my skill and it's the resource I'd say is my most valuable. A close second would be my passion.