Assignment 19: Idea Napkin 2

1. I'm a biology major in the innovation academy, here at UF. I'm great at procrastinating and still getting everything in on time. I don't really know what talents I have yet, I'm still working on figuring all that out but I am a very driven person and have slight perfectionist tendencies. I don't really have any experience in the business world except for my Catalyst project for the innovation academy last summer and my mom and grandfather have always been entrepreneurs so whatever business related things I know came from them. I recognize that I am not an entrepreneur, I want to be a plastic surgeon and I assume that I will need some entrepreneurial skill when I eventually open my own practice. Now, regarding my potential business of the production and sale of more eco-friendly tires, if I were to start a business with this I could see it playing a huge role in my life.
2. I am offering customers a more environmentally friendly option when it comes to buying tires. It's a way of helping our planet, for those who care to do so, in a small way but I believe it would make a big difference in the health of our ecosystems since, currently all of the discarded, unusable rubber tires are sitting in landfills or elsewhere taking up space and piling up as we use more and more of them.
3. My product is offered to all people who need tires for their cars but I think my market will specifically include those who really care for the environment and can afford something a bit more pricey than the average tire. Ideally, they would be the same price as the rubber ones but starting out, just so the business doesn't fail before it gets started, they will have to be a bit more expensive.
4. They would care because it's an alternative to the rubber tires that pollute the earth as we speak. The compounds used in these eco-friendly tires would have a much shorter half life than that of the compounds in the rubber ones, allowing them to break down quicker when they are eventually discarded into landfills.
5. I have the health of the earth in mind. I may not be able to have the lowest prices at first but that will come later on. Starting out, my product will be environmentally conscious compared to the others on the market and in today's society, there are more and more people who are starting to advocate for the environment.
6. I think that these elements fit relatively well together, my only true challenge would be the pricing. This is likely the most important aspect of my product but if I were to start this business I would really need to figure out a way to make a profit and keep the business going without raising the prices too high.
7. The first point I took away from my feedback is that this idea is pretty good and, if executed right, would yield a good profit. The second would be that I would need to figure out a way to keep prices comparable to others but also how to make a profit. I incorporated these into my points above by emphasizing that this is a good idea if executed right and also by addressing the price issue.