9A Testing the Hypothesis Part 2

9A Part 2

When I was interviewing people from businesses that could be potential customers for my business, I ran into people that already had found their answer for this niche market. I had found at least 10 or so people that had already found a business much like my idea, where they were connected to multiple searchers but not directly.

This sparked my interest to see how many businesses existed that were like mine, to my curiosity, I found more than a few that existed already. But whenever I would contact them or go to their websites, I would see that they were very outdated, or doing very little work at the time. Many of them were mom and pop businesses that only serviced one or two clients, with very small volume, because they didn't have the need or want to expand.

This showed me even more how much the need for a countrywide business like my idea existed, as there was no one who would do big volume. The people that had already found the answer to the problem I was addressing, wanted nothing to do with me, as they preferred dealing with the small businesses, as they were generally cheaper. This also shined light for me to see how tight the profit margin would be in this area of business. It helped me determine a lot of answers on pricing, and how much volume to expect over time.

Going into this idea, I thought a lot of people would really need my services, as I saw a lot of Title Insurance companies struggling to connect with searchers, but in my interviewing process, it showed that there isn't as many opportunities as I once thought there was. It showed me how I had to set my goals accordingly, in line with the market and its demands as well.

Inside the boundary	Outside the Boundary
Title Insurance Companies who need the communication gap to be filled.	Title Insurance Companies who do not need the communication gap to be filled.
The gap to be filled between Title Searchers and Title Insurance companies.	A Title Search company, that Searches directly for Title Insurance companies.
There is a need because of past communication between the two entities going sour.	The need is still there, for people outside the boundary, but they have already solved their problem.

8A Solving the Problem

8A

After identifying the problem at hand, Title Insurance companies not being able to interact with the large amount of Title Searchers, I have come up with the idea of creating a middle man so to speak to handle the communications between the two. What I intend to sell to the companies is, a guarantee that if they turn in a requested search to me, they will have that search completed as quickly as possible, with less than 1% error rate according to their search requirements. 

I also will guarantee that, the Title Insurance companies will not know who the Title Searcher is, and vice versa, so that past working relationships will not matter, as either side will only be reporting to me. This is also done so pricing for providing this service cannot be undercut if one part decides to withdraw from the agreement of me being the middle man of the two.

I will also strive to offer competitive pricing while maintaining a profit, so that these transactions can keep happening with a great stability. Pricing agreements will have to be made before any orders are transcribed. 

This is all in effort to make both parties lives easier, and make a profit for myself, everyone is happy.

7A Testing the Hypothesis Part 1

7A

Title Insurance companies in the United States are unable to reliably keep in contact with Title Searchers in all 50 states, because of the inability to establish key professional relationships and hammer out the monetary boundaries on each side.

Testing the who: there are many Insurance Companies who need access to Title Searchers who can reliably turn in work in a short amount of time.

Testing the what: Not all states have a need for manual Title Searchers as there is a lot of online public records, eliminating the need for someone to go to the Court House. 

Testing the why: Most companies have a hard time maintaining the relationships because they have so many clients they have to please. The manpower needed to call, email, fax, the Title Searchers regularly just is not worth it for the Title Insurance companies.

Interviewing workers at multiple Title Insurance companies, (confidentially) they have expressed that the solution to this problem is very simple, and is easily reached. They have all agreed that a middle man is needed to keep track of all of the Title Searchers in the United States, and be the segue between the Searchers and the Companies. The service provided needs to be prompt as the lenders often require turn around times that are a bit ridiculous, (24-48 hours). From the interviews I did find out some tips and tricks on how to go about contacting all of the Title Searchers in all 50 states, as there is going to be a lot to handle. What I took from the interviews the most, was the sheer amount of positive reviews for this idea of creating the service for the Title Insurance companies.

My Entrepreneurship Story

Working with Veteran Entrepreneurs

For almost two years now I have worked at the same company that is a small local business run by two excellent entrepreneurs. Over the course of these two years I have been an informational sponge, collecting all the information I can like it is dire for me to survive. 

When I first met the owners of the company, a husband and wife, in their mid 60's, I knew they were all business. I knew that they had been around this business a very long time and knew exactly how to make it run in tip top shape. They have had their own business for 25 years now and there is a great knowledge that comes a long with those years. 

I believe I saw life differently before I met them and now I can see it in a business like mindset because of them, they have instilled in me the idea that every minute of the work day is money. They have showed that no minute shall be wasted as that could have been a wasted opportunity. 

They have taken me under their wing as they know when I joined the company I did not really have an idea of what career I wanted. They saw in my that I have what it takes to be an entrepreneur and ever since then, I have not stopped working towards that goal.

This brings me to why I have enrolled in this class, as I do want to learn as much as I can before I do open my first business. They have encouraged me to take courses like these that have an ever lasting effect on the business mind. I had others telling me not to take this course but I knew I wanted to take it no matter what they said. I want to leave this class knowing a lot more than I already did know about being an entrepreneur or even a serial entrepreneur.