Existing Market
After interviewing potential customers in my opportunity market, they gave me some good insight on what could be next for my entrepreneurship venture. One of them told me I should look to launch my own individual line of my waterproof overcoat, so that I do not have to share the idea with anyone else. Another said partnering with the big companies might be the best thing, especially since I do not have much experience in the makeup industry. The third suggested that I should go beyond just the overcoat and look into other ways to help women in the makeup industry.
Based on all the advice given, I still feel the same as when I started looking for opportunities. I feel as though this might be my “one and done” venture into the world of entrepreneurship. I think that my waterproof overcoat is very innovative and creative, and that it will help so many women out there who have a love/hate relationship with waterproof mascara. However, after the success of my overcoat has taken form, I will most likely step back and allow the future of the product to pan out. I believe that if I partner with another makeup company, they will know what to do to continue to make women all over the world have a better alternative to waterproof mascara.
New Market
To find this new, different market I went to women who do not wear makeup at all. I explained to them the possibilities of my product and all the benefits it offered to women. These two ladies thought it might be a good idea for those who do wear makeup, but did not budge on the fact that they would not be buying the product themselves. They did offer some insight to help me influence those women who do not like waterproof mascara and those who refuse to wear it. But as far as the future of my company, they said to look for ways to personalize my own brand. Make it unique and make it my own, not allowing big companies to take over my idea.
I was not too surprised about this reaction. Going into these interviews I did not believe I would be able to change their minds on wearing mascara, let alone using my product. However, I am all about listening to advice and insight from others, and interviewing outside of my already existing market made me step out of my comfort zone a little. Knowing that I would not just hear about how great my product idea was made it a bit intimidating, but I am glad I was able to hear from the other side of the market!
Hey again Laura! I think it's really bold for you to step so out of your market to people who don't wear makeup at all, which is a good risk that would be really profitable if you can score their favor. I know it's kind of anxious to talk to people who you know aren't the biggest fans of your idea or vision for your product, and going in with the mentality that you might hear criticism is never enough to prepare you for it, but the fact that you were able to take it in stride was awesome anyways.
ReplyDeleteHey Laura! I don't think there's anything wrong with growing this product until it catches the attention of a bigger company, then sitting back as they make the big decisions while you profit and perhaps turn your focus to your next entrepreneurial project. Perhaps it would be other ways you were thinking of helping women with makeup. I have a feeling you're full of good ideas! :)
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