Venture Concept No.2

Venture Concept No.2

Opportunity: My customers have the need for eye care, whether it is glasses, eye exams, eye problems, surgery, or health problems associated with the eye. Their unmet needs are that all the previous needs are not localized or centralized in one area or location. Because of this unmet need secondary parties arise, such as those with not a lot of time on their hands, people taking elderly people to appointments, people trying to get ahead of rush hour. This opportunity is created due to these circumstances especially because it is in Miami which has a huge problem with traffic and overpopulation. The market is from many counties in Miami. Customers currently satisfy this need by not going to either the optical or the ophthalmologist, not listening to the optometrist or ophthalmologist, driving to two different locations to satisfy their needs. They are not loyal because they complain to our optical about driving here and there and asking why the optometrist cannot do some procedure. I believe this opportunity is big but it has not been solved because there is some flaw to it. This window of opportunity will be around as long as I become an ophthalmologist.

Innovation: My innovation is a new way to conduct eye care. It is to connect both an ophthalmology practice as well as an optometry/optical. People initially go to an optical to get glasses, get eye tests, and check their health. If a problem arises or something is out of the ordinary the optometrist recommends the person go to an ophthalmologist. The ophthalmologist diagnoses problems for eye care, performs surgery, and sends the person back to the optometrist so they can see if any problems arise again after surgery. However these practices are never in the same building or location. I propose to fit both of these together. This is profitable because if a patient has a problem they simply go to the ophthalmologist upstairs and then they go back to the optometrist downstairs. The fast pace will create many opportunities to have multiple customers and patients. It would become like clockwork. And because it is fast people will recommend my business to others.

Venture Concept: Customers would switch from going to two places to one because it is more convenient in all possible ways. One location means you only drive to one place you use less gas less traffic. One location means you can develop meaningful connections with people making a small business like model. It seems like it would be fairly easy to switch. My competitors would be cheaper places such as big corporations. Their weaknesses are that they do not care about the customers; they have less variability in their selection of glasses. The customer experience would definitely play a big role in how my business would succeed. They need to feel as though they are being talked to and approached as friends. The location is important as well. Having one location would draw in customers that are looking for convenience, especially those that are in a rush. I would support this business by hiring employees to run the optical, hiring an optometrist, hiring an office team for my ophthalmology practice, and me being the ophthalmologist. My family who owns two optical (soon to be three) will send their customers that have eye problems to me for my ophthalmology practice.

My most important resource will be me becoming an ophthalmologist because that will allow me to not only perform surgeries and not hire an ophthalmologist, but know all facets of eye care. So I can manage the optical as well as the ophthalmology practice. I will have the fact that I am an ophthalmologist which is a hard profession to earn that my competitors probably do not have. My next venture is to create more optical around Florida and become a corporation. Assuming I have launched I expect the business to be doing well and me to start planning on opening another optical. And in the next decade I expect to have opened that optical and repeat.

Feedback: The feedback I received was that they agreed with me on that the business mostly revolves on the customer experience. One suggestion was figuring out a way to retain customers due to their open use of other eye care options. Another suggestion was for me to look into how I would receive money. As an ophthalmologist, will I be receiving a salary? For the first suggestion I believe that my customers will stay with my business because of the convenience and that it is a small business. It is more personal. For the second question, I would be an ophthalmologist who owns two businesses. I will put in and take out accordingly. Because I would want my business to succeed I would probably always put as much as I can afford back into the business. I will not be making a salary.