11A - Idea Napkin

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am an outgoing and creative individual with a background in advertising and hospitality. My future aspirations are

a hotel. The to combine my passion for travel and food with my background. I want to create a venture that will capitalize on both. My business concept is to create a modern bed and breakfast. Bed and breakfasts are often regarded as old and outdated. My core idea for my B&B will be to maintain focus on current trends. This B&B would be both a job and a lifestyle for me. I would love getting to know my guests and making them as comfortable as possible.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

My idea for this B&B is to revamp the reputation for bed and breakfasts and replace it with a more modern idea. Sites like AirBnB have proven that consumers do enjoy the concept of staying in a home rather than differentiating factor for my business will be its unique design, focus on sustainability and local products, and its ability to keep up with current trends. We would welcome our guests with open arms and we would provide an adequate balance between the service of a hotel, and the comfort of a rental property.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

The target demographic for this property will be young-middle aged couples who are looking for a relaxing trip where they can truly get involved with the local scenery. These guests do not want to feel like they are being suffocated with attention, but they do want recommendations and interesting conversation when possible. They are also social people who enjoy the idea of spending time with others when on a trip.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.

Guests will choose to stay at our facility because not only are we a resting place, but we will have food options, comfortable lounge areas, and we will be deeply connected to our local surroundings. We will have the best advice and tips on how to conquer the surrounding area and we will provide transit to our guests.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?

My core competencies are my marketing and advertising experience and my knowledge of the hospitality and tourism field. I am also a very optimistic person who will welcome any challenge that presents itself in my path.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.

I think that these elements do come together very well, however, I do think that I need to focus more on what the unique aspects of my business will be. A focus and knowledge of the local scenes is a great selling point, but I do not know that it is enough to be the sole focus of my project. I want to do more research into the idea and focus on what I can innovate that will help me differentiate this business.