Opportunity Belief

I believe there is an unmet need in regards to encouraging individuals, particularly Americans, to exercise daily. There needs to be a system in place that gives individuals sizeable rewards, financial rewards for exercising/ remaining active. I believe that a health insurance company can be formed that partners with gyms around the country and creates their own branch of health centers that provides sizable deductions for individuals that go to the gym three/four times a week. Similar to Orange Theory, each individual can be given a personalized band that monitors their heart rate and calories burned during their workout and throughout the day while on walks/runs. This information is forwarded to the insurance company, who discounts their prices based on different tiers of exercise. This would address the obesity problem in America, as well as provide individuals with opportunities to access cheaper insurance.

#1: Twenty year old female who is not very active.

• How many times a week do you exercise?
• “I exercise maybe three times a month because I do not feel I have the time to dedicate to exercising because of school work.”
• What satisfaction does exercising bring you?
• “I love exercising, but I don’t feel that I get a lot out of it besides the fact that I feel good about myself for a few days.”
• Do you currently own a Fitbit/ apple watch/ any other device that tracks your exercise for the day?
• “Yes, I own a Fitbit, which tracks my calories and heart rate.”
• How do you feel that owning one of these devices has affected your life?
• “I think my Fitbit has encouraged me to go out and exercise more. I feel like my day isn’t finished until I reach my 10,000 steps a day.”
• Would you want to exercise more if it would give you a positive financial benefit?
• “Yes, I would. I would definitely exercise a lot more if it would allow me to have more spending money on activities with my friends or family.”

Reflection: There are individuals that enjoy exercising a lot, but do not actively participate because they do not believe it has enough of a positive impact on their life.

#2: Mid-fifties female who is not active at all.

• How many times a week do you exercise?
• “I never exercise at all. I don’t think exercising has such a positive effect on me, I’d rather eat less/better than go to the gym. Additionally, I am so busy with work that a lot of times I just can’t go to the gym.”
• What satisfaction does exercising bring you?
• “Exercising makes me feel great and relieves a lot of the back/knee pain I have. But, it’s really hard to stick with it long-term. I find myself burning out after a few days of working out and lose the sense of purpose I had when I started.”
• Do you currently own a Fitbit/ apple watch/ any other device that tracks your exercise for the day?
• “I own a Fitbit, but I never wear it. It’s hard to keep up with the charging schedule when I have so many other devices that need to be charged for work.”
• How do you feel that owning one of these devices has affected your life?
• “When I used to wear my Fitbit, I used to be encouraged by the calorie count and how simply I could burn a few calories just by walking around the office more. I am fascinated with the Apple Watch but I have no real reason to wear one all of the time.”
• Would you want to exercise more if it would give you a positive financial benefit?
• “Yes, absolutely. As I mentioned before, I really struggle with sticking with exercise long-term and if I had a financial benefit in mind, I think I’d be more driven to exercise more often.”

Reflection: There are some people that enjoy exercise, but struggle making time for it in their daily lives. Maybe idea is catering too much to a niche market and will not be financially beneficial long-term.

#1: Thirty year old male that goes to the gym daily.

• How many times a week do you exercise?
• “I exercise every single day. I don’t feel like I’ve successfully finished a day unless I’ve had a good workout in.”
• What satisfaction does exercising bring you?
• “I love exercising. It makes my body feel amazing. I sleep better and feel better because of it, and it teaches me good time management skills with balancing my gym, work, and social life.”
• Do you currently own a Fitbit/ apple watch/ any other device that tracks your exercise for the day?
• “Yes, I own an Apple Watch that I keep on me every single day to track my heart rate and calories. I even compete against my friends to see who can walk and work out the most in a day.
• How do you feel that owning one of these devices has affected your life?
• “I think my Apple Watch has encouraged me to be more active while at work more than anything else. It reminds me to get up if I’ve been sitting down for too long. I’d go to the gym regardless, but it encourages me to keep myself even more active.”
• Would you want to exercise more if it would give you a positive financial benefit?
• “I do not think I’d change my routine just because I am already at my limit of exercise I think. But, maybe I’d be encouraged to not skip a day or two here and there because of the potential financial gain.”

Reflection: This idea would not necessarily cater to people that exercise daily. The only way these individuals would be attracted to this concept is through extensive marketing to this audience, which is not our target audience, and even then might only attract individuals that are attentive to the rates of return on their investments.

Summary:

I think the opportunity is still there, but it’s not as widespread as I thought it would be. I thought it would cater to all sectors equally, but it is not particularly attractive to already healthy individuals. I believe that through this assignment, I found out the potential issues in my idea and it is more accurate than when I started. I 100% believe that entrepreneurs should adapt their opportunities to customer feedback because a company will not be successful unless it specifically addresses the unmet need of the client/consumer.