Assignment 19A: Idea Napkin No.2

1)    You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically, regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am a college student finishing up my senior year. I am studying in Economics and my dream is to become a professional/commercial pilot. I have lived in Thailand for 16 years and I am fluent in English and Thai. I am very organized, and I am great at focusing on tasks. In addition, I do great in making decisions based on what’s right rather than make decisions with my feelings. Regarding my business concept, I feel like it would be beneficial for my life. My business concept would educate young drivers and drivers who received a DUI in better driving habits, this will result in less accidents and a lower chance of premium increases.

2)    What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

The product I am offering is education on how our driving habits affect insurance rates. In addition, young drivers and people who were arrested with a DUI will be taught how their driving habits affects all drivers, and how this affects their insurance rates. There is an unmet need in road safety, where it would in turn help people become more aware of their driving habits, resulting in less accidents, which ultimately lowers the chances of rate increases… because who wants to pay more, right?

3)    Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

This product is offered to all drivers. All drivers will have to become insured, which means they would have to pay for insurance premiums. Drivers are also impacted by how others drive on the road.

4)    Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Licensed drivers care about this because it affects their safety and how much they are paying for their premiums.

5)    What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

My core competency that sets me aside is that I know exactly how my consumers feel about this situation, because it has impacted me. I have also experienced rate increases where I have never had an accident or a violation. Therefore, I am determined and focused in fixing or minimizing the issue/impact for all drivers. Ultimately, nothing will change if our driving habits do not change, because insurance companies are also a business, so they can’t just tolerate losing money by keeping rates the same.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

Based on the elements, I feel like they fit together, and it does not make the aspects of my business weaker. I feel like this product could potentially make a great impact on all drivers. This would promote a safer driving environment and help decrease the chance of rate increases.