Assignment 11A: Idea Napkin No.1

1)     My name is Michelle Hawkins, and I am a senior majoring in Economics. I have a talent in problem solving and focusing for long periods of time. In addition to that, one of my skills unrelated to business is golfing. I used to play college golf before transferring to UF. My dream is to become a professional pilot. The reason I decided to major in economics is because I love the idea of improving society and our economy. Regarding my business concept, I feel like this business would play a great role in my life once it has started. This is because I also personally own a vehicle, and no matter what, I would be affected by insurance rates.

2)     I am offering to educate consumers about how insurance works and how it affects an individual’s rates. Drivers nowadays are experience rapid rate increases and are upset about the situation, unaware that a big reason why this occurs is due to their driving behavior. Most drivers are unaware that their claims will eventually impact the entire area, resulting in a rate adjustment. By providing services such as a mandatory lesson prior to obtaining a driver’s license, for when drivers obtain a DUI, and a bootcamp for students before graduation, will raise awareness and will decrease the numbers of reckless drivers.

3)     The people I will be offering this to are drivers in every state and high school seniors. This isn’t specific to anyone, unless that person obtains a DUI. What all my consumers have in common are the interest in driving or interest in saving insurance rates.

4)     People will not care at first because are not aware of what they are going to learn about. They will not have a choice but to take the course, but eventually will end up learning about the impacts of their driving habits and will result in improving them in order to save money on insurance.

5)     The core competencies and the things that specifically sets us apart from everyone else is that we would have insurance professionals and experts working for us. In addition to that, we will be obtaining our information from insurance companies, actuaries, and economists to provide the most accurate data. In addition, we provide online courses through our website, and we hold boot camps every year to seniors at every high school.

I feel like these elements fit together and the aspects of my business. Some aspects of my business concept are weaker or out of joint with the others. I would need to find specific people who would be able to find data and find insurance companies to work with. Those things would be slightly difficult, but not impossible to conquer.