My Beginning Point: Late-Night Snacks
Most college students and city dwellers spend a lot of time late into the evening. As it currently stands, there are very few places that are open in the evening, and most are clubs/restaurants. The need came from people staying up later due to technological innovations. People are going to gas stations or restaurants. Some just go hungry and complain. I am not really sure that this opportunity exists - maybe 30% sure.
The prototypical customer is a college student, between the ages of 18-22.
For each iteration, I asked the following questions:
How often do you stay up late?
Do you get hungry at late nights?
How do you solve your hunger?
Would you go for a service that makes it more convenient to get snacks at night?
Iteration 1: completed. I found out that the consumer very rarely stays up late, besides for school work or exam prep. In such cases, they usually don’t bother eating. He mentioned that the vending machine near his dorm would help fix his hunger though.
Reflect. Just from this one interview, I learned that the idea really wouldn’t be that great for college students --- well, the ones that live in dorms that are near vending machines, at least.
The prototypical customer is a college student that lives off-campus.
Iteration 2: completed. I found out that the consumer only stays up late towards the weekend, and mostly spends this time at parties where food is provided. The consumer did mention that my idea would be a really cool one (but I really don’t see how).
The prototypical customer is a college student that stays up late and doesn’t party that often.
Iteration 3: Completed. I found out that this consumer only stays up late because his classes start later in the day. As a result, he stays up until 3am some nights. Regarding food, the respondent mentioned that he gets subway before they close at the Reitz Union, or if it’s really late will go to the one by Rawlings Hall.
Overall Reflection and Summary: I really overestimated my idea. It sounded good in theory but didn’t seem to correlate with what I found. Very little - if any - of my original opportunity is still there. My new opportunity is a bit more accurate, but not by any significant factor. I truly believe that entrepreneurs should always adapt to the market and the consumer. I do believe that certain values of a firm should remain firm, but the product/service should adapt to fit consumers’ needs.
Hey Matthew! Overestimating happens all the time and by completing your prototypical customer interviews, you learned firsthand what entrepreneurs go through when trying out their ideas and exploring new opportunities. This is just a part of the process, and a time to step back and evaluate what you could change. I definitely agree your idea is good in theory (because who doesn’t love late night snacks) but maybe aiming for a specific snack that people crave at night would be another route to take? Kind of like a midnight cookies idea? Overall, good job!
ReplyDeleteHi Matthew,
ReplyDeleteJust like you, I also overestimated my idea and found that it was good in a vacuum, but ink reality customers wanted something different. Going through this process is vital to good entrepreneurship, and will only help you in the long run. Also, a lot of companies have already capitalized on "midnight cravings." Look at Midnight Cookies, right here in Gainesville. Your mind is in the right spot, however I think you need a more original idea in order to succeed next time.
Hi Matthew,
ReplyDeleteI really like this idea. Although the people you interviewed may have led you to believe that you overestimated the need, I personally can see a huge need. I would love to have more options for late night snacks 7 days a week, and I am positive that there is a large need out there for this. I'd definitely try to take another attempt at this in the future.