24A Venture Concept No.1

Opportunity
There is a great opportunity for the product that I want to get into market (which I will describe the product in depth in the innovation section). Since my product has to do with going to the gym and working out, the need can be met by anyone. Every person in this country has the ability to go to the gym, unless of course they are physically handicapped and physically can't go. Everyone that has gone to the gym has experienced the problem that I want to exploit and could make use of the product that I want to offer. The market is defined geographically by how many gyms are currently in that area of the country, the more gyms the better. Customers are currently not satisfying themselves with this need because of what I know now there isn't currently and product out there that will help them with this. This opportunity is huge considering how many gyms there are across the country and how much potential money could be made.

Innovation
The product that I want to offer deals with the time you spend waiting for a certain machine or bench at a gym to open up. This all has to deal with how popular and busy a gym is, and if the gym is successful we can assume that majority of the time it will be busy. Everyone that has gone and worked has been in the situation where you are in the middle of a workout, and are forced to briefly stop because you are waiting on someone to finish with the equipment that you want to use. This can really ruin your workout because it forces you to stop and wait. My goal with my product is try and cut that waiting time down, and I would do that with an app that would be included in your gym membership. The app would allow you to reserve certain machines when you know you're going to use them. If you are about to finish with one machine and see the machine you want next, you can reserve it place yourself next in line to use it. This will hopefully limit the waiting  time and reduce people fighting for equipment to us. The app would also provide a live number of people currently at the gym as you would have to scan it when you arrive and leave. This will also help tell people how many people are currently at the gym and if it's busy or not.

Venture Concept
My product will easily help solve the problem that I identified as it should shorten the waiting time for machines. I think customers will want to switch to this product because it is only helpful to them and it will be very easy to switch to because it will be included in their gym membership. All they will have to do is download the app and start using it. The competitors could just be other gyms and possible weaknesses could be gyms not wanted to adopt the product that I want them to. In order to make this happen I would need employees to help me create the product and get it out there to as many places as possible.

Three Minor Elements
1. I think the most important thing that I have is educational resources. This is because I have done much research on the product and interviewed many people about it. Because of this I think I know what will work and how to get it done.

2. What's next for my venture is getting the ball rolling and getting the product out there and trying to get it to as many places as possible.

3. In the next five years, I would want this product to have covered a majority of the country and have had a lot of gyms adopt this new product from me. In the next decade, I would want to continue with entrepreneurial ways and would hopefully have invented something new that can take advantage of another opportunity or problem that I have identified.