Assignment 24A

Opportunity:
For my opportunity, the people that have this need are basically anyone who likes to drink alcohol. It could be more narrowly described as those who drink alcohol and experience hangovers, or described as those who drink alcohol, experience hangovers, and need to be productive while they are hungover. The nature of the need is that a lot of people enjoy drinking alcohol but don't want to experience the hangover they get the next day. Or maybe they have work/school the next day and don't want the hangover to hinder their performance. The forces in the environment that create this opportunity are the customers themselves. They choose to drink alcohol because they enjoy it, and as a result, they end up getting a hangover. This market is pretty hard to define geographically or demographically because it includes all types of people that are of legal age to drink alcohol. So geographically basically anywhere, and for demographically have to be 21+ in the U.S and varying ages in other countries. Customers are currently satisfying this need in a multitude of ways, some drink pedialyte, others drink a lot of water or eat a lot of food, some people like to drink sports drinks. People are loyal to whatever will cure the hangover. If I can create a product that can effectively eliminate a hangover, then this is a huge opportunity, but if it's only as effective as most things already on the market, then this is a small opportunity because the market is kind of saturated. This window of opportunity will be open as long as people are still drinking alcohol.

Innovation:
My innovation for this product would be pretty radical, not incremental, in my opinion. I know that toxins, such as the ones in alcohol that make you feel bad, are compounds. I also know that compounds react with other substances, such as when you are on medicine sometimes you are required not to drink alcohol. So my product would include a compound that would be inside of a pill, that would react with the toxic part of alcohol and counteract those toxins. Therefore allowing you to still enjoy the perks of alcohol but counteracting the hangover. This will make me money because so many more people would be allowed to drink when they wanted, without feeling hungover the next day. Allowing them to have a little more fun at Super Bowl parties or other events that usually occur before the weekday. I would sell my pills/packs in groups of 12, and sell those packs for 24 dollars, or more or less depending on how much it costs to produce those pills.

Venture Concept:
My venture concept is that my pill that cures your hangover, will be used by people that don't like being hungover. People will buy this because most people don't enjoy being hungover, and are willing to pay to get rid of it. People will switch to this product for the exact same reason. The competitors would be people that just hydrate a lot and eat a lot before drinking and don't experience terrible hangovers because they wouldn't be willing to spend the money. Gatorade and pedialyte would also be competitors because some people use those to cure hangovers. Price point is the only factor that really plays a role in defining the business concept, along with the customer experience, because people will buy the product as long as it works and as long as it is somewhat affordable. I would hire a pharmaceutical company or drug making company to keep producing my hangover pills.

Three minor elements:
My most important resource for this product would be finding a pharmacist that is able to build a pill with the right compounds to counter out the toxins in alcohol that make you feel bad. If I could get a patent on this formula, it would make it illegal for competitors to copy my product. There won't be a next direction for my venture. I believe that this idea, if feasible, would be big enough in itself that I wouldn't have to create a new venture. What's next for me is a mystery. It all depends on the success of the venture. After five years I would like to be on the rise as a prominent company, 10 years I would like to be an established entrepreneur. My first venture would help me achieve this vision because its what will propel me to that spot.