Forming an Opportunity Belief

1.       Beginning Point

Marijuana legality is on the horizon, and potential profit could be following close behind.

2.       Describing the Belief

In this day and age, marijuana has become a hot topic for people all around the country; with this increase in support for legalization, and success with countries such as Canada who have undergone federal legalization, it is only a matter of time before legality is out of the question. This arises a variety of new questions, one of the most important being is there money to be made here?

I’m aware that this could be beating a dead horse, but I think marijuana’s integration into society could prove extremely profitable in the future, and I think it would be a loss to ignore this and not try to capitalize. Think about the tobacco industry? It’s known that these companies have all made riches on the tobacco leaf, so why is marijuana any different?

My idea pertains to the restaurant industry. Think about how important alcohol is to not only the consumer, but the restaurants; companies get rich on people buying drinks, and consumers love a buzz while eating at a dining establishment. My idea is that when legality becomes a reality, federally, I could potentially sell marijuana “samples” (whether it be bringing a filled smoking apparatus to the table before the meal or giving baked marijuana goods for desert) at dining tables that could enhance the users experience at the restaurant. I think that this idea would appeal to a large audience that recognizes the way marijuana can change a food experience, and that franchising restaurants (or localizing a specialty location) to do this could rake in revenue.

Currently, people all around the globe feel the need to experiment with the substance, and millions feel the need to go eat at restaurants (whether that be for food, socializing, or consuming legal substances like alcohol). These needs have always been around, and to currently meet this need, people will smoke marijuana before they head to the restaurant. However, people often complain that a high can wear off and this would eliminate the issue in a fun and fresh way.

3.       The Prototypical Customer

61% of the United States currently favors marijuana legalization, which suggests that 61% of the United States could potentially be open to the concept of these restaurants that serve the substance. I think that marijuana branches into all of society, similarly to alcohol where it can’t be defined to one group. I also however think that those who have already been introduced to the substance would be even more excited to the idea of a place you can go get high and eat at.

4.       Iterations

a.       College Student

Q: What is the exact nature of the need?

-          Getting high and eating would be awesome! Sometimes you don’t want to go out and drink at dinner, but smoking would be better, especially in the way that it would enhance your eating.

Q: When do they become aware of the need -- that is, do they experience their need all the time or only sometimes?

-          Well I don’t think this is really a need. But that’s not a bad thing, are restaurants and bars a need? Of course not, but that doesn’t mean they’re not profitable.

Q: How satisfied are you with this solution?

-          This is honestly a great idea. Some people like to be high but don’t want to buy all of the equipment and just want to make an experience form it. I’m never going to buy a bong, but if you brought it to me at a restaurant and offered me a bowl for $5, even if it’s only worth $2 or $3, I’d be much more inclined to participate due to the convenience.

b.       Restaurant Owner

Q: What is the exact nature of the need?

-          People love to consume substances and go eat, it’s part of the fun of it! Now when people smoke, you always hear of people getting “the munchies” so I guess the need of eating would be satisfied.

Q: When do they become aware of the need -- that is, do they experience their need all the time or only sometimes?

-          Well, when they get high, I’d assume? I think people for the most part usually want to eat when they’re high most of the time so this would definitely be a smart idea.

Q: How satisfied are you with this solution?

-          Not very satisfied yet! Hahaha that’s just because it’s not legal yet, then I’ll be satisfied if I can do this. I guarantee that if you served joints at happy hour instead of drinks, right before you asked what people would like to order, my sales would go up. I know people would feel the effect of the drug and they may order more than they had before, making themselves and me mutually happy.

c.       Student Athlete

Q: What is the exact nature of the need?

-          I think people have always felt the need to try substances, in one of my classes I learned that they’ve found charred marijuana plant remnants dating back thousands of years; it’s just a thing people do. And then eating? Well I don’t think I need to explain that need to you.

Q: When do they become aware of the need -- that is, do they experience their need all the time or only sometimes?

-          I guess maybe when they try it for the first time? They realize hey, this is nice, about the same time they realize hey, I could use some food. I’d say pretty much all the time, it wouldn’t be so universally recognized if this wasn’t the case.

Q: How satisfied are you with this solution?

-          I think restaurants that featured this would definitely be a good market to try and tap into; I haven’t heard of the idea yet. I don’t know if it’s because you can’t or something, but it would definitely bring in money. To me, it’s a good solution. I enjoy smoking after a basketball game but before eating, and this would give me a place for that. I think people might be against it but they just won’t be going, I think the support would outweigh any criticism.

5.       Reflect

I was surprised to find that everyone I asked seemed immediately as excited and open to the idea as I was. I believe that this is the mindset that most of America may share, and I was solidified in my idea of success and possible profit.

The most surprising thing to me was that the restaurant owner told me I should get on that idea sooner than later. I thought it was interesting to hear from a member of the field that he believed my idea could have some potential. I learned that people in the US may be open to more radical ideas than I thought they may have, I was a little worried that people would be swayed away from my opinion as soon as I began to mention the substance.

6.       (The steps were repeated)

7.       Summarize

I believe that the original opportunity is certainly still there, if anything it was strengthened by the customer feedback.

I think that my idea changed very little throughout the process.

I personally believe that consumer feedback is one of the most crucial parts of an entrepreneur’s creative process, because if the public doesn’t enjoy the product, how can it sell? I don’t however think one person’s idea should deter you, confidence is key to an extent, because everyone has different interests. However, I think it is still vital in determining if the idea is worth your time, effort, and funds.