-Network of solar power vendors- This summer I had the opportunity to intern with a local solar vendor. This experience gave me an inside look at the renewable energy industry and the struggles that come with it. Not many people have this perspective and it can be an asset when developing my business.
-Financial support- Given the proper conditions and outlook I would be able to secure the financial support of my parents and some of their successful friends. This could allow me to grow my business to its potential. If I could grow fast enough I could create a sort of monopoly on the self sustaining automobile.
-Passionate staff- Given the potential and environmental benefits of this product, my staff would truly believe in the product that they are selling. This will instill confidence in buyers and inspire more to make a purchase. This will differentiate them from the standard car salesmen who seems to be in it for their own personal gain.
-Sleek design- Ideally, I would like to develop a product that is futuristic and would stand out. This unique and advanced technology would draw interest from anyone who sees it on the street. This would allow me to grow my brand.
-Product exclusivity- At the moment, there are no similar technologies on the roads. This gives me a major advantage as consumers have nowhere else to turn for the same technology. This gives me a strong point of leverage when it comes to setting my price.
-Advanced research- In order to grow and improve my cars would have to keep up with the latest and most efficient renewable energy technologies. If I were to create this business I would a establish a team of engineers working to improve efficiency and design.
-Easy maintenance- At the moment, high quality american made solar panels can last upwards of 30-40 years before their energy output significantly declines. Sun Power, a leading solar panel distributor even offers a full 25 year warrantee. This makes maintenance as simple as keeping the panels clean.
-Multiple revenue drivers- As outlined in my previous Amazon assignment I outlined my plans to expand upgrading opportunities. I will also make money on sales and maintenance. If successful I will be able to reinvest this money in order to sustain my competitive advantage.
-Appeals to environmentalist- Global warming is become more and more of a relevant topic. As evidence grows more people are looking to make a contribution to conservation efforts. This makes my product extremely enticing as it will produce none of the emissions associated with the burning of fossil fuels.
-Cost effective- My product is also unique as it offers users significant savings over time. Users will immediately notice major savings when the no longer have to pay hundreds or thousands of dollars each year on gasoline. This will also give me a reason to charge a relatively high price, increasing my profit margin.
The main reason I feel my product would be a guaranteed success is that it is the only one of its kind. Product exclusivity leaves a huge client base to be tapped, with little negotiating power for consumers considering there is nowhere else to turn to.
Zach,
ReplyDeleteI think it is really important to have a passionate staff that genuinely cares about the business. If you have people that work for you, who really care about the business then you don't have to worry about a staff that doesn't do their job right. I also think it helps to have financial support to be able to get started and grow your business.
Zach,
ReplyDeleteI think your most valuable resource is definitely your network with solar vendors. This is critical to your success and I'm happy that you have recognized this and made it a part of your plan. All of your points were also valuable so you seem to be on good track. Good job!