Assignment 19 Idea Napkin 2

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?
My name is William Ol and I am currently a junior at the University of Florida. I am majoring in business and management as I have an interested in pursing a career in business as well as interested in learning and establishing my own business. I am passionate in setting my own business and currently taking additional classes and trainings and learning about new concepts and different businesses, specifically in real estate. I'm also a licensed real estate broker and have been working with real estate last 6 years starting from property management and retail, working now with commercial, development, and foreclosures. Last year I had worked as a sales/developing manager for a local real estate company and contributed a lot with gathering investments of 3 millions of dollars toward new purchases and business developing.   My first napkin idea ties to land development business. I had to adjust it accordingly due to the latest changes and unfortunate circumstances. 
2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 
Today's idea is assisting people with obtaining a surplus/leftovers after different types of foreclosures. After property is foreclosed and sold on auction because of for example non paying a mortgage or taxes or other types of liens, people are broke and even unaware that the property was sold well above for what they were ought, so leftover funds exist. Surplus is available to claim only for limited amount of time for qualified claimant. After due date passed surplus goes to the state permanently. Therefore millions of dollars are sitting and waiting to be claimed. The service that I am offering to customers is assistance with making a claim and obtaining as much funds as possible. How it solved: working backwards- finding eligible available funds first and then looking for prior owners, locating them, contacting and signing an agreement with them to claim money.
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?
Offering this service to prior owners who were recently foreclosed. Sometimes they are deceased, so locating and working with their heirs.  What they have in common: unawareness that they may be eligible to submit a claim and receive cash and unclear picture of what's happened. 
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. 
Instead, customers will get money they they were unaware of and working with professional they can make sure they will get the highest amount possible. However, there will be a split and certain percentage of the claimed funds will be hold by our company.    
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 
What can sets me apart is unique approach to finding (skiptracing) and locating people, in the other words - research process .
After reviewing the feedback from my Napkin 1, I decided to use that feedback as guidance while completing Napkin 2. I definitely do believe that these elements fit together and this is actual real solution to the coming years. As a student at the University of Florida who is experiencing this need, I believe that this opportunity exists. I believe one weak aspect of this service is making people aware of the surplus and they may find another company/entity to go with. Another aspect I think maybe is weak explanation without a lot of details I gave so some students may not understand what this is about without making an extra research.  I overall think that this is a great opportunity.  I didn't get a lot of feedbacks on n1, but I've done it this time accordingly. 

Comments

  1. Zach AppeloMarch 30, 2020 at 8:59 AM

    William, great post! This is a really smart idea. One of the things I like is that you aren't re-inventing the wheel, you are implementing a tried and true business model. Lots of business use the reverse-engineering method you described of locating the problem and then locating the specific customer. For instance, debt consolidators do this by finding people in the process of bankruptcy, and offering to negotiate a deal where they buy their clients debt and except a reduced amount of the debt to be repaid. This could definitely be implemented and work really well!

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