Venture Concept No. 2

Opportunity: 

Social media and online platform makes everything easier.

People travel more nowadays, and love to share their lifestyles on social media.

Venture Concept: Individuals will rent this product when they travel abroad and feel the needs of winter-wear items.

Price points: This is very important. If it’s too expensive, people would thought of buying instead. However, if it’s too low, it’ll take longer time to break even the costs that I purchased them from the brands. I think it’s important to have special sale contract with the brand in order to have a discount since I’ll probably have to buy them a lot at the starting point.To add on, I learn that I could also buy some second hand stuff that are still in good condition from my customer, or providing option for customers that they can rent their stuff, so I can cut cost of purchasing inventory.

Distribution: I should first distribute to young adults customers since they have buyer power and easy to reach through social media.

Customer Service: The goal is to try to be connected with customers as possible.

Location: Actually, all process can be done online; however, we will need a showroom to store all items, and customers can visit our showroom if they want to try them on before rent.To add on from my feedbacks, many people love the showroom idea, so I might create that to be like a fitting room for customers to come and try as well as mix and match while consulting with my team stylists.

Employees:  I’ll start with hiring 5 employees. I’ll need one person to do graphic design, social media content, liable for all social media accounts, and marketing campaign. I’ll need two people to check storage, take care of showroom, deliver stuff to customers and check quality of products when customers return. I’ll need one person to do accounting and contacting with suppliers. Lastly, I’ll need one fashionista who will be the one who select styles, find new brands to rent, and also give recommendation to customers. I'm still going with this idea as my venture concept no1

Unfair advantage: My political and entrepreneurial connections withheld the VRIN anaylsis.

For Me: I have done a lot of research on various types of winter-wear. I know that what kind of materials are suitable with which temperature. Also, I did research on where can I buy those products with the best quality and reasonable price.

Final Reflection

• Most formative experience was probably when we had to choose one idea to pursue the rest of the semester. At first, I came up with several business ideas because there are several things that I'm fond of. Apart from the winter-wear rental business, I also wanted to open my own lash extension&salon but that's not new to the market, so i chose winter-wear rental instead.
• I am so proud of myself doing the interview because I had to talk to whom I have never known before, but I really appreciated all participants who helped me with the survey. I also learnt a lot from talking to new people especially those who work in the fields that are related to my business.
• I think I have definitely moved a lot close to having that entrepreneurial mindset. I see the world differently; I'm becoming much more aware of environmental things around me. I'm trying to figure out problems I came across. From several entrepreneurial stories, I learnt that it's super normal to face failure. I'm always afraid to fail, so this class makes me having more belief in myself and more brave to think out of box.
• I would tell them that some assignments take time to done it, so don't just do the day before. Also, some assignments are very meaningful; it's more important than just receiving grades. I. one exercise that I got to ask others some facts about me, I was surprised with the feedbacks and there are several points that I have never thought I'm that kind of person.
• Also, the business you choose should be something that you like it and passionate about because you'll have to work on it for the rest semester. If you really like it, you'll find it more enjoyable in this entrepreneurship course.

Your Exit Strategy

Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5
years for a large return? Do you intend to stay with the business for several decades and retire?
Do you intend to protect the venture as a family business, and pass it down to your children?

I'd plan to continue with the business, because i would really feel proud of myself if my business

has grown a lot. Also, I believe in organic growing because it's more sustainable and I want to create

a family-like connection with my employees. Also, if the feedback is good, I could expand to other kind

of rental such as fancy dresses and summer/swim/beach clothes.

Why have you selected this particular exit strategy?
I choose to not sell the business because i believe in the needs of my business.
I don't want anyone to change the business system or objectives.
Also, I would feel connected with my employees, and it would be such a difficult decision
if i have to sell it.

How do you think your exit strategy has influenced the other decisions you've
made in your concept? For instance, has it influenced how you have identified an opportunity?
Has it influenced your growth intentions or how you plan to acquire and use resources?
As i already said, I want my company to grow organically; we might grow slower but the most important point is our stakeholders. I want my employees to be happy and make customers satisfied. If I have expanded a lot but not being able to keep in touch with m customers or hear their feedbacks, I would rather run a smaller business that is connected to customers.

Reading Reflection No. 3

This time I read the biography of Coco Chanel by Lisa Chaney. The reason I pick this book is because I'm a big fan of chanel and have collected several Chanel pieces, so I want to know more about the designer. I fall in love with the brand identity, encouraging feminism and teach women to speaks for their rights. Chanel did not have a prestigious life growing up, she was put in an orphanage by her father after her mother died. Coco was raised by nuns who taught her how to sew-a skill that lead her to life's work. Her professional life began in 1906 when she became the mistress to a french textile heir and racehorse owner. Chanel was unhappy about how women dress in the aristocratic society, and she began the goals to make women clothes comfortable and relaxed as men clothes were. However, Chanel had to close down her business during the world war due to economic recession, but she made it come back at the age of 71 when she launched the perfume Chanel No.5. Her Chanel suit also be well-known in modern fashion-worn by teenagers as well as grandmothers. The thing I love about her is the power of feminism because she's brave to do think that men thought women should not do or wear. Also, she's very determine towards creating the brand even if she failed many times.

Celebrating Failure

About last year, I started selling shoes on facebook and Instagram with my friends in Thailand, which we designed by ourselves, choose the leather/materials, and find factory to produce them. In terms of revenue, it was pretty  succeeded because we can sold all that we ordered from the factory. We launched three collections, starting from 200 pairs per collection. Because it was made to order and we had limited leather that we bought, once the collection was sold out, we won't produce that again. After we nearly sold out our third collection, my friends and i decided to stop the business. The reason is that we some of us felt that we don't distribute work equally. Some felt that they are doing more than other. The synergy didn't work that well, but we still want to be good friends. Therefore, we choose to end the business. This taught me that internal business management is very important. Although products can capture the market, if the management team are not compatible or going well, the business can end.  I think the biggest challenge of failure is that how can we not being discouraged. We could feel demotivated and stopped doing out goals. The key point is to learn from failure but not give up.

What’s Next?

Existing Market: The first thing that I'll need to do to start this winter-wear rental business is to purchase winter-wear items. I should being able to find the right suppliers and finding the cheapest sources that I can buy in order to save costs. For example, If i want to buy Moncler, I'll probably have to buy those in Italy. If i want to buy fox fur west, I'll probably have to buy those in korea since they are much cheaper than in European countries and have good quality as well. The special contract with supplier is very important. I'll probably have to contact the brand directly and explain my business plan, and if fortunately, we could be partnership since those brands don't have a branch in
Thailand yet.
New Market: The rental business is a B2C and I don't think it could be changed to B2B. However, I think that, in the long run, if I gain some experience and knowledge, maybe one day I could produce my own winter-wear items so we can save costs from buying. However, customers might prefer to buy existing brands in the market. Thus, it could require a high initial investment to produce my own items. Therefore, I currently no planning for any new market for winter-wear rental business.

Venture Concept No. 1

Opportunity: The way people engage with their online posts on social media. They want to look good and wearing trendy stuff.

Innovation: Nowadays, online payment and delivery services ease the rental business as it’s done very easily. The rental fees will be depending on the design, materials, and length of rental. There’s also a separate fee that customer will have to pay but they’ll get full return when they return the stuff on time and in good condition. I’m planning on a loyalty membership which customers can rent in a cheaper rate if they are frequent customers so this can create loyalty customers.

Venture Concept: Individuals will rent this product when they travel abroad and feel the needs of winter-wear items.

Price points: This is very important. If it’s too expensive, people would thought of buying instead. However, if it’s too low, it’ll take longer time to break even the costs that I purchased them from the brands. I think it’s important to have special sale contract with the brand in order to have a discount since I’ll probably have to buy them a lot at the starting point.

Distribution: I should first distribute to young adults customers since they have buyer power and easy to reach through social media.

Customer Service: There will be an admin who will directly contact with customers in case they have any enquiries. We will also have stylist team whom customer can consult on style and outfit ideas to match with our rental items. We will make prompt delivery across Bangkok, so that it can make them satisfied.

Location: Actually, all process can be done online; however, we will need a showroom to store all items, and customers can visit our showroom if they want to try them on before rent.

Employees:  I’ll start with hiring 5 employees. I’ll need one person to do graphic design, social media content, liable for all social media accounts, and marketing campaign. I’ll need two people to check storage, take care of showroom, deliver stuff to customers and check quality of products when customers return. I’ll need one person to do accounting and contacting with suppliers. Lastly, I’ll need one fashionista who will be the one who select styles, find new brands to rent, and also give recommendation to customers.

Unfair advantage: My political and entrepreneurial connections withheld the VRIN anaylsis.

For Me: I love doing things that I’m passionate about. In this case, I’m so happy that my business is related to fashion.