Idea Napkin No. 2 (Assignment 19A)

1. My name is David Benjoseph and I am from Boca Raton, Florida. My family has been in the real estate business my whole life, so I have learned a lot about land and its value. Throughout my childhood I have always had small ventures that turned my interests into small businesses. I have experience with e commerce marketing, Facebook advertising, an in person product sales. For example, I sold hoverboards when they were popular at my school. I got in contact with a whole sale supplier and sold hoverboards to many of my classmates. I also started an e commerce store and sold products to people all over the world through Shopify. My aspirations for my business is to make the store a household name for people that are in the market of recreational marijuana. I would eventually want to make the store a chain, or begin to franchise it in states that have legalized the use of recreational cannabis.

2. The product I will be selling is legal cannabis. I am meeting an unmet need by placing stores in states that have recently passed recreational cannabis laws, or in states that are going to legalize its use in the very near future. I plan on setting up brick and mortar locations that offer cannabis and products that coincide with its use.

3. I am offering the product to anyone over the age of 21 that enjoys the effects of cannabis. My target age range would be to younger people, specifically in the age range of 21 to 35. I believe the younger crowd would be more willing to go to a store and purchase cannabis. I also believe that the younger group is more interested, and would spend more money on recreational cannabis. All of my customers share a common trait of wanting to get high essentially. All of my customers will come to my store because they like the effects of cannabis, and want to purchase legally.

4. I believe customers will actually pay money to use my service because it is a safer, and better way of purchasing cannabis. My store will only serve high quality product that has been checked by a lab. Also, people will come to my store because they do not want to take the risk of purchasing drugs through illegal drug dealers. Lastly, drug dealers sometimes lace their products, making it very unsafe to the customer. My store will provide a place free of risk for cannabis users. 

5. My store will be set apart from the competition because I plan on opening stores in areas that currently have no cannabis dispensaries (in states that have legalized is recreational use). Also, I want my store to have other  related items. My store will be a "one stop shop" for smoking related products. 

I personally believe that all of the above elements fit together. I believe one aspect of my business that is weaker is the fact that I am basically hoping that states legalize recreational cannabis use. While I am basing my business on future legislation, more states are legalizing recreational cannabis use every year. Also, experts predict the cannabis market to increase exponentially in the coming years. Due to these to statements, I believe that I can still find success in the recreational cannabis market. 

Two main points that I took away from the feedback I received were that it was smart that I was trying to open a shop in an area that did not currently have one, and that my previous experiences would help me pursue this business. I made sure to incorporate the feedback in my post by talking a lot about my past experiences and the skills that they provided me with. Also, I made sure to emphasize the fact that I plan on opening locations in areas that do not already have recreational cannabis shops.