Idea Napkin No. 2

1)      My name is Collin Schramm I am a second year student at the University of Florida currently majoring in Public Relations. My talents in a business aspect are communicating with clients and gaining trust. From a non-business aspect I am very good at skateboarding, trying to surf, and baseball. I aspire to own my own business or partner with peers to help create a start-up business. Put simply, I want to be a game changer in the business field. This business concept I have come up with does not hold a specific place in my heart, it is simply an idea I have and would be practice for other ventures I will hopefully pursue. I see this as an experience to learn from for later projects I take on.

2)      I am offering an app that will control how much you are allowed to spend on your card in 24 hours at specific businesses such as bars, restaurants, vacation destinations. This app will stop the act of excessive spending when under the influence of alcohol or just under the influence of being careless. This app will not only cut off your card after the cap you set is reached, it will also send texts after every purchase so it will force the spender to avidly keep track of their spending throughout the night.

3)      This app has a large target market which will benefit the amount of success with the idea greatly. The age range for this market will be 21-35. This market can include college students who are very social in the night life scene, fraternity and sorority scenes, as well as older adults who still want a guy’s/ladies night out on the town. I am predominately focusing in on the college crowd because I share the same common need so I will be able to find a more fitting solution for this crowd and cater more to their specific needs.

4)      People care because this app has to do with saving money. Money does not grow on trees and people all work hard for their money. People also make mistakes… The fact this app can help people not wake up to a regretfully low bank account and wasting money on activities they can’t recall makes this app valuable to my target market.

5)      My communication skills along with my desire to have meaningful relationships with people sets me aside from a lot of people in a competitive business world. I like to have one on one’s with potential clients, I like transparency in a business, customers can know everything about me and I hope to learn a lot about them.

Feedback Memo: The five main points I took away from the feedback I received from my peers is:

·         Communication is a strong skill to have in the business community

·         Have to gain customers trust to give bank information

·         How will it not fall to cyber hackers like Venmo did

·         Differentiate yourself from other “budgeting” apps

·         Money is important to everyone so I have a big target market

I tried to incorporate these 5 qualities into my 5 part assignment above. I tried to emphasize how I excel in communication and building relationships because all of my peers agreed this is a good skill to have to help network as well as get people’s trust to give a third party app their banking information.  I have tried to come up with the fact this app will directly text you every time your card has been used and also give you a limit for the night and then freeze the card as a way to differentiate my app from other money saving apps.