29A – Venture Concept No. 2
1) Provide, again, your venture concept description, using this form
Opportunity
Alfonso's Pizza and Sports Bar is opportunity in abundance! From individuals from the family to the single person that is searching for a Friday night out to have a beverage and catch a band. Likewise we have children's night with various exercises for the youngsters. Conveyance proves to be useful on a portion of the more slow evenings to keep numbers operating at a profit.
I consider myself to be proficient in what's in store in my industry, each new interest conveys new troubles and opportunities to the table. I would start with a lone zone, permit it 5 years, change as per the market, and choose a decision on my best strategy (another region and where). From past experience Franchise associations can be perilous, I would take as a lot of time as is required and find the right street to look for after. Florida will transform into a relic of past occasions in my future as I've had enough of the market, debilitating scene, the movement business, and consider Florida to be exceptionally materialistic when all is said in done. I've been inclined toward the west my entire life and acknowledge there is more prominent possibility, a free thinking strategy, and an inexorably powerful standpoint.
Innovation
Although Alfonso’s Pizza & Sports Bar is not reinventing the wheel it caters to everyone, from all members of the family to the single guy or gal that is looking for a Friday night out to have a drink and catch a band. We also have kids night with different activities for the children. Delivery also comes in handy on some of the slower nights to keep numbers in the black.
My product is proven in Orlando and Tampa/St. Pete market by winning numerous awards like the Orlando Sentinel best pizza for 5 years and the numerous write ups stemming from the Florida west coast to Orlando. With an atmosphere to match consisting of 50 TV’s, full liquor bar, live music, and let's not forget delivery 7 days a week 11am - 2am for those who want to stay home and relax. Our FULL menu consists of pizza, wings, sandwiches, pasta dinners, salads and various deserts all made in house. Bringing all these different elements together is what makes Alfonsos innovative, by finding all these different elements under one roof.
Venture Concept
First, describe what you think your most important resource will be. You might call this your venture’s “secret sauce” or “unfair advantage.” Besides your actual innovative product, service, or process, what will you have that will make it hard for competitors to copy your success?
My 35 years and my proven product are my Secret Sauce. I am also a working owner and don't sit on the side lines. I stay involved and make sure my product stays consistent.
Second, what’s next for the venture? Describe either the next opportunity you want to tackle with your current innovation, or describe the next new product, service, or process that may be aimed at your existing customers.
I am not making the mistake of expanding, "if it ain't broke, don't fix it." I will stay focused on my single location and keep my product consistent.
Third, what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision? Same answer as question 2, stay with what works and don't change.
What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch? Competitors enjoy real pizza and wings made with quality ingredients . True pizza connoisseur don't eat at Dominos or Papa Johns. Eating local and staying local also is important to a lot of customers especially in the Food and bar industries. Having great local music also gives people a reason to check out new places to eat and drink.
Who are the competitors? Competitors consist of other Pizzerias to local bar and restaurants or even the fast food chains such as Dominos, Papa Johns, and Pizza Hut. The element of bringing in live entertainment brings in the individual element and also ties in our identity to the local community.
What are their possible weaknesses or vulnerabilities? The element of bringing in live entertainment brings in the individual element and also ties in our identity to the local community. Additionally not having the same level of proven product gives Alfonso's the advantage.
What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept? I believe staying local and serving a consistently great product , and a friendly staff are what apply to my business.
How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture? This was already talked about. 30 Employees is always my average number. This question doe not apply to my business
The three minor elementsFirst, describe what you think your most important resource will be. You might call this your venture’s “secret sauce” or “unfair advantage.” Besides your actual innovative product, service, or process, what will you have that will make it hard for competitors to copy your success?
My 35 years and my proven product are my Secret Sauce. I am also a working owner and don't sit on the side lines. I stay involved and make sure my product stays consistent.
Second, what’s next for the venture? Describe either the next opportunity you want to tackle with your current innovation, or describe the next new product, service, or process that may be aimed at your existing customers.
I am not making the mistake of expanding, "if it ain't broke, don't fix it." I will stay focused on my single location and keep my product consistent.
Third, what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision? Same answer as question 2, stay with what works and don't change.
2) Provide a summary of the feedback you received from your previous venture concept description. You certainly want to include the student feedback, but you may also include the feedback you received from others during the "What's Next" exercise. You want to summarize all of the feedback, but be sure to place an emphasis on what people recommended you change about your idea. (In other words, don't just describe the positive feedback.)
Yuma FukamiApril 10, 2020 at 9:39 PM
Hi RA, this is a good Venture Concept! I think your opportunity and innovation match in terms of culture, especially local culture. local needs highly rely on the local culture. I think the identity(or the essence) of your innovation is music. Of course, locations, foods or any other elements are important, however, I suppose the music, which is your innovation is also the strong need around your restaurant. Good post!REPLYDELETE
Aislinn HarnettApril 12, 2020 at 4:12 PM
Hey RA,
I think you did a great job on this venture concept.It sounds like you are very in tune with what your customers like. Congratulations on winning the award from the Orlando Sentinal for 5 years! Thats great. I am originally from New Jersey, so I'm super picky about my pizza! I'll have to pay a visit next time I'm in the area.
I have already proven and been through my business in a real life experience for over 25 years. My feedback was all positive.
3) Describe how you changed your venture concept, based on what you learned from the feedback.
The only thing I would change in my venture, would have been to get out sooner after I sold the first location. The saying quit while your ahead is definitely in play in my situation.
4) Include a picture (for illustration!).
I think the fact that all the feedback you received was positive without people knowing about your businesses success explains why it was successful. Its very interesting seeing a venture concept being written from someone who has already explored this venture. I wonder if you did this before do you think it would have helped you with your venture. When you were creating your business how did you think of all these things or did you write them down and do something similar to a venture concept.
ReplyDeleteHi, RA.
ReplyDeleteI know you have already started your business and now you manage your business. However, I believe there is still something you can improve or something new you can learn from this course. Sometimes what you learn is not what you do in the real life, but you can still find something from the school. Therefore I highly recommend you to always see your business not only from experienced perspective but also from academic/theoretic perspective. Hope you good health! nice post.
Hi RA,
ReplyDeleteAlthough you've already had your business for awhile, I think typing this can still be beneficial. It can be interesting to analyze a business in a standard way. I hope that you were still able to benefit from this experience despite already having an established business that's been successful for awhile.