Assignment 19: Idea Napkin #2

Idea Napkin #2

1. My name is Kelly Gest and I am a Sophomore here at the University of Florida. I am currently majoring in Finance and Economics. This business would be a major part of my life because I would devote most of my time and resources to it after I graduate. If I were to start this business, this concept would just the beginning of the biggest thing that will change my life completely.

2.  I am providing a place where everyone and their friends can feel comfortable eating at. I am offering to customers a way to meet their unfulfilled need of wanting fast, cheap, and healthy food at fast food restaurants. This new fast food restaurant would incorporate speed, health, and affordable options as well as offer "unhealthy options". Since different cultures have different food, some choices would be cheaper than others, creating a large market that I can target. I will call it either All Around the World Fast Food or GlobalFood. I will provide a wide variety of healthier options in a short amount of time.

3. My target market is very broad, but can be specified down if needed to. I am simply offering my business to anyone who is hungry and wants to choose from a variety of different options. Often, people can't choose where to eat lunch they disagree on where they want to eat. This would solve this problem by offering many different types of foods that appeal to many more people. This one restaurant would allow people that want healthy, fast, and cheap meals to actually get what they have been wanting for so long. Even people that just want fast and cheap (that do not care about how healthy it is) will be happy here too because we will have so many choices to choose from. 

4. In today's America, people are caring more and more  about what they eat. These individuals care because society is becoming healthier and individuals are raising their expectations of restaurants everywhere. Customers will have the option to choose to eat as healthy as they want. Customers will pay money because they can choose from a variety of options and it will satisfy them for whatever they are in the mood for eating that day.  I think this business will work because it speaks to a wide group of customers. 

5. This concept's core competencies include being healthy, cheap and fast. One advantage that this restaurant will have is that it will have different foods from all around the world so customers can choose how healthy they want to be and what type of food they want. From each part of the world, this restaurant will have the most popular dishes from each area. I also have some experience working in fast food, which will be beneficial to running this business.

Summary:

These five different elements definitely fit together because I am able to offer a solution to customers who care while adding value to the company.  Some weak points are the high costs that is going to take to make all different types of food (inventory) and the uncertainty in the food industry. One thing that will be interesting to look at during the development of this business is whether or not customers would like that many options from a fast food restaurant. 

Feedback Memo:

I received some pretty helpful feedback. I got a lot of support for my business idea. I did take into account that people are wanting more healthy options, but not just salads and veggie burgers. Also, I am going to make sure that it is actually fast. I incorporated this feedback into my idea napkin by reevaluating what customers actually want.