Idea Napkin #2

Me: Throughout this entrepreneurial journey I have done a lot of reflection. In the beginning I thought this business concept generation was going to be just that. Little did I know I would be digging beyond the surface, and little did I know understanding who I am may be just as, if not more important than the business idea itself. So who am I? I am a 20 year old college student just trying to find my way in this life. I care about the people that are closest to me in my life, and I am constantly trying to build new relationships and friendships with those I interact with. I love sports (maybe to an unhealthy degree), but that is how I grew up. I believe that is what fosters my competitive nature, and that comes out in me in everything I do. I don't want to finish second. I am also a hard worker. Everything I do and put my mind to I will give it 110%. I know that is cliche to say, but I truly believe that about myself, and I am hard on myself if I give anything less. Another one of my best skills is my ability to stay organized and structured even in the face of adversity and change. I think in any situation, especially professionally, it is crucial to be able to have a flexibility that is complemented by your organization and routine. I have experience in customer service, operations, fundraising/sales, and grunt physical labor. Although I sometimes feel I am too young to have experiences that are worthwhile up to this point in my life, I have to remind myself that each event and experience in my life is a learning and experience, and I believe I have learned a lot in my short 20 years. Specifically to this business concept, I have aspirations of it helping people. One thing I know I want to do in my career is work with people. This is one way to do so, and it would mean the world to me to impact students and families who are in my exact position right now. This is just the very beginning stages of this business idea, but I aspire to make it something that truly makes an impact.
What am I offering to customers?: I have identified an unmet need for those who are current or incoming college students who are unable to afford tuition and living expenses, hence forced to take out student loans. The service I am offering is an advising service that informs these students and their families the exact details, effects, and alternatives to student loans. I want to personalize this service so that each customer is getting the holistic view of their situation, not some cookie cutter answer from a financial aid office that leaves them still confused and worried.
Who am I offering this to?: To be very specific, to start, I will offer this service to incoming college freshman, as well as current first or second year college students who are taking out federal student loans at the University of Florida. The thing all of my customers have in common is the fact that they simply believe there is no other alternative then to accept the student loans the federal government has to offer, and rake in thousands on top of thousands of extra dollars in interest rates and payment plans.
Why do they care?: Simply put, they care because this is their livelihood at stake. Anybody who has to pay upwards of $80,000 with an entry level job right out of college is going to be significantly affected by this. This is their future at stake. Their potential families at stake. I believe many people will try and do what they can to minimize this debt.
What are my core competencies?: One thing that first comes to mind is my experience with this exact situation. Being a current junior who spent my first two years in my hometown attending a community college while working 40 hours a week to pay for my school, I understand the effects the expenses of college has. I also understand the alternative solutions and the important aspects of these loans as I know am having to take out loans for the University of Florida. Another thing that sets me apart from others is the personal connection I have to many other students in my position. Being a student myself, I am able to connect with the concerns and the problems when it comes to money and the brains of 18-22 year old's.

After analyzing all of these different elements of my business idea, combined with my own competencies and skills, I believe they are all starting to mesh together. In the beginning I believe there were many more holes and weaknesses to my idea than there are now. While there are still some things I need to identify, such as how I am going to make money with this idea, I believe some of the crucial components are starting to work together and form a more complete idea.

Feedback Memo: From my first idea napkin, one of the key takeaways from the feedback I received was that I needed to be more specific. I believe I really have narrowed down my customer market and it is a good starting point for this business. Another feedback point that was made was the concern of how this is going to make money. I addressed that it still needs to be worked on and developed and that may be my biggest obstacle in the way of really having a solid idea.