25A – What’s Next?

Existing Market

1. A new service that may be offered is financial literacy tutoring. I have seen people who are especially weak in financial literacy due recently moving into the U.S. This phenomenon also occurs due to the complexity of finance. 
2. After talking three of my potential customers in my old market, only one had said they would be interested. The two who are not interested either already have a specialist who suggests plans and does her financial profile or already possesses the knowledge. The interviewee who was interested was a foreign immigrant and has very little knowledge of financial retirement plans. He is interested in learning the different plans that are available to him in the U.S that did not exist in his previous country. 
3. I think that tutoring may be a viable method to implement in this venture. However, it is difficult to do so since a potential customer can just hire a financial advisor to complete the same job. They just may prefer to receive knowledge from a financial advisor than from a student.
   It is possible to service language translation into this service though. Since not all financial advisors speak multiple languages, having a bi-lingual student with a strong background in finance can be attractive. It is much more comforting to learn a complex topic in a language one is familiar with. 

New Market

1. My venture originally targetted the older-aged population. A new market I can attempt to target is the younger population who are in junior high or high school. However, because they most likely possess the basic knowledge of operating computers, the service will stretch to teaching advanced software techniques. Many software are given that can be extremely useful in a professional career. One example I can give is using Microsoft Excel for financial calculations which I was not taught at all and had to learn myself.
2. This venture might create value in the sense of higher human capital. Learning to take full usage of the software that is provided in public schools may help in their future academic classes as well as outside applications.
3. After interviewing two potential customers and asking about their willingness for lessons, both answered that they would not be willing to pay for the service. One claims that these techniques are not required in their current academics, and if it were to help, it would not be worth the time and money. The other student stated that these techniques can be learned easily through online resources she does not require a tutor to learn it herself. 
4. It did not really surprise me that the students I interviewed would be interested in this venture. Money and time constraint was definitely the prime suspect I had before completing the interview. However, I do think that if there were a way to target students who actually want these lessons and request their parents for payment, then this venture may be doable. However, it does not seem that it is worth the effort to trying to reach a market that has a smaller budget constraint.
   This new market does not seem as attractive as my old venture. Despite only interviewing two students, I feel that interviewing more will only result in similar answers. This could be due to the fact that once you are adequate with technology, it is easier to learn the material through online resources.