Assignment 4A: Forming An Opportunity Belief

              For this post, students have been asked to identify an opportunity that they believe exists in the world today. Once the opportunity has been identified, students were asked to interview some prototypical customers to further evaluate the viability of the opportunity. My belief is that there is an opportunity to open a coffee shop at the resort where my family owns a condo.

              Laketown Wharf is a large resort in Panama City Beach, Florida. Laketown features 4 pools, 3 restaurants, and a small market for residents and guests. All these amenities make for a great stay for almost any traveler, which is easily reflected in the occupancy rates at Laketown. However, there is currently an unmet need for occupants looking to get a cup of coffee on the property grounds. This need is felt by anyone who has stayed at Laketown that is a coffee drinker.  Currently, Laketown occupants must travel to one of the “big box,” coffee shops (Starbucks, etc.) in Panama City Beach to get a cup of coffee.

              I interviewed three of my family members using the questions in the assignment to see what they thought about the issue of not having a coffee shop on Laketown’s campus. Here is what they had to say:

Mom -

1.)    More people drink coffee now than ever before, thanks to trendy coffee shops like Starbucks. It’s a great jump start to your morning, afternoon low pick me up, or a late-night study session. A 750-room resort without a coffee shop is an excellent opportunity waiting to happen. Not only are there permanent residents, there are thousands of visitors and a staff of 150+.

      2.)    Coffee is not just for breakfast anymore. People enjoy coffee at all times of day and night.

      3.)    Most coffee drinkers are teenage and older; however, decaffeinated specialty coffees can be enjoyed by all ages. With two colleges nearby, a coffee shop would be a favorite of college students as well as tourists and residents.

      4.)    There is currently nothing available for coffee lovers at Laketown. While there is a market, a seafood buffet, and a candy shop on the property, they are only open during peak times and seasons. The many residents, guests, and staff must leave the resort to search for the coffee they crave. A coffee shop on site would be an instant favorite.

Dad -

1.)    Residents and visitors will enjoy drinking coffee in the quaint environment provided by Laketown. People enjoy drinking coffee for the taste, as well as the socialization factors.

2.)    The primary time for coffee drinking is in the morning. The rest of the day, customers will be steady, with the biggest rush coming before noon.

3.)    People have been drinking coffee forever. Most people are coffee drinkers, beginning in their late teens and continuing throughout their life. Coffee shops have proven to be in demand all over the country.

4.)    Currently, there is no coffee shop on the premises. There is no coffee shop in the immediate vicinity in the walkable community. People must get in their cars if they want to purchase coffee or any type of breakfast. This means that there is zero competition for a very viable service.

Tori (my sister) -

1.)    There should be a coffee shop at Laketown because there isn’t one in at least a 10-mile radius.

2.)    People become aware of their need to drink coffee first thing in the morning.

3.)    People have been drinking coffee for hundreds of years. Most people start drinking coffee in early adulthood.

4.)    People are currently getting their coffee at either Starbucks or Dunkin Donuts, both of which require driving.

After hearing what they had to say, I still feel confident that this could be a great opportunity. Their responses really reaffirmed my original thoughts on the no-coffee issue. I don’t think entrepreneurs should put too much stock into what potential customers are saying. “If I had asked people what they wanted, they would have said a faster