Executive summary

Topics: Debt, Money, Financial services Pages: 9 (1316 words) Published: September 30, 2014

Executive Summary
Ready For Zero
ENT526 Introduction to Entrepreneurial Behavior
Professor Alison Kemper

Elevator Pitch
Today a large some of the world’s population live with financial debt. Whether it is a credit card, car loan, student loan, or a mortgage, most adults in the developed world of all backgrounds, and all types of incomes often find themselves in some form of financial debt. There are multiple factors that lead people into debt. Some individuals are simply financially irresponsible and do not know how to manage money, while others find themselves in debt due to unforeseeable circumstances, such as job loss or an illness. Another factor is that most individuals like to live a comfortable lifestyle rather than get out of debt. Being in any kind of debt is unquestionably a stressful experience. ReadyForZero Inc. is a Silicone Valley USA based startup that plans on aiding people in managing and reducing debt automatically. ReadyForZero takes an individual’s financial information and creates a personalized plan that focuses on getting them out of debt in the fastest and most efficient way possible. ReadyForZero pride themselves on their simplicity. Their formula focuses on a payment plan that emphasizes the repayment of the loan that carries the highest interest first. The software is also capable of sending reminders about upcoming bills, so they get paid accordingly. Company Overview

Today ReadyForZero employ 12 fulltime employees. In 2013 ReadyForZero helped their customers pay down over $125 million in debt, which was an increase of 400% from 2012. The company also experienced a revenue growth of 4000% from 2012. The management at ReadyForZero put great effort into differentiating themselves from other financial services by stating that “We are nor a debt settlement, credit counseling, or credit repair company” (www.readyforzero.com/about-us). It is easy to see how ReadyForZero is nothing like a credit repair company, as they are the first to offer their clients a complete look at their financial situation. The software helps customers reach whatever goal they set out for themselves, while at the same time show them how to get there, step by step. Those who choose to use the ReadyForZero software have a choice between a couple of service options. The free version of the software offers their clients basic debt tracking. The $7 a month option or $75 a year option lets their customers access credit score and a payment atomization options. Industry Size/Structure

The Financial service industry is, and always has been, one of the biggest industries in the world. Consequently the credit restructuring and debt assistance industry are also giants. In fact debt in the U.S. has been increasing at an exponential rate, “The U.S national debt is now about 73% of gross domestic product, the Congressional Budget Office said Tuesday. The percentage of debt is higher than any point since around World War II, and twice the percentage it was at the end of 2007” (Schroeder, 2013). The numbers of Americans that continue to fall debt also are on the rise “Americans’ debt-that includes mortgages, auto loans, student loans and credit card debt-increased by 2.1% or $241 billion in the last three months of 2013, the greatest margin of increase since the third quarter of 2007, shortly before the U.S spiraled into recession.”(Frizell, 2014). With such a large number of Americans facing debt it is easy to see that there is a very high demand for debt management solutions, and according to basic economics, when there is high demand supply will follow. There is a countless amount of firms that offer solutions to debt problems, but none do it in the same way ReadyForZero does. The company offers zero face-to-face time with strangers, and it bundles up all your financial information, while showing you the path to becoming debt free. Opportunity

ReadyForZero offers a comfortable and...

Bibliography: Robert Schroeder, (September 17, 2013) The Wall Street Journal, “U.S. debt now about 73% of GDP, CBO says” http://www.marketwatch.com/story/us-debt-now-about-73-of-gdp-cbo-says-2013-09-17-1091240,
Sam Frizell, (Feb 19, 2014) Time Business & Money, “Americans Are Tacking on Debt at Scary High Rates” http://business.time.com/2014/02/19/federal-reserve-debt-bankrate-consumers-credit-card/
Courtney Boyd Myers, (March 10, 2011) “Debt Disruption: Are you “Readyfor Zero”?’ http://thenextweb.com/apps/2011/03/10/debt-disruption-are-you-ready-for-zero/#!wUbPq
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