29A- Venture Concept No. 2

 This business concept is extremely unique and new to the market. It is the perfect combination of an opportunity and innovation, joining an unmet need in a specific area with a new idea that has not been done before. This creative business idea will pioneer the rental property industry and create a new sector that is innovative in the industry and offers something unique to satisfy the unmet need that creates the opportunity. This business offers students a more flexible lease allowing them to account for the unknown future. By offering semester-based leases aligned to the local University, this business gives students the opportunity to pay more for rent because they do not need to when they are gone or save more money on rent in general. By not being stuck in a lease, students are encouraged to travel and experience as much as possible. Additionally, the uncertainty of roommates can cause significant stress. By signing a shorter lease, these fears and stress are alleviated. This is being offered to college students who are not local to their college town. More specifically, the primary target groups are students who travel home for summers, who plan to travel abroad, who plan to intern or work in another city during a semester or summer, students who are unsure who they want to live with or students who want to get a nicer apartment for less money. Customers will care because this is a product that offers them something that is potentially nicer than something they can afford now for a lower price. Shorter leases save them money giving them the opportunity to spend more per month. Additionally this alleviates stress significantly by knowing they do not need to lock into a year long lease where they may not know where they are going to be in several months or who they want to live with. More specifically, the primary target groups are students who travel home for summers, who plan to travel abroad, who plan to intern or work in another city during a semester or summer, students who are unsure who they want to live with or students who want to get a nicer apartment for less money.

After posting my first venture concept and receiving feedback, I was relieved that people seemed to really like my idea. This was extremely important to me, considering other students in this class is in my direct target market. The only critique I noticed was with regard to price. People did not seem to love the idea of charging more for shorter leases, even though they actually said they would be willing to pay it. For the first several years, I would not charge slightly more, however if the popularity and presence increased I would consider it more. I am a firm believer in the saying "if it isn't broken, don't fix it. For that reason, considering the feedback I have gotten, I only made very minor changes to my venture concept. I will definitely consider the concept of charging competitive rates to other apartments and working with universities like I was recommended in the feedback.