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.

Your Venture’s Unfair Advantage

1)Fundraising Experience: I sold t-shirt and donated about $3,000 to unprivileged schools in Payao, the northern part of Thailand.

-Valuable: this is extremely valuable, as I will inevitably need funds

-Rare: doing a t-shirt business isn’t rare but a t-shirt business as a social enterprise is quite rare.

-Non-substitutable: I could always hire someone to do it for me, but that would cost me money instead of time.

2)I have participated in many business case competitions including National level.

-Valuable: This experience has taught me many business knowledge that can be applied to entrepreneurial skills.

-Rare: I don’t think it’s rare since all students are free to participate the case, but the only difference is which level of competition can you made through.

-Inimitable: This cannot be imitated. There is no way I could get these experiences without joining the case competition.

-Non-substitutable: This cannot be substituted with anything.

3)Internship experience: Intern as a financial consultant specialized in Merger & Acquisitions at Kasikorn Bank in Bangkok, Thailand.

-Valuable: I think this is how learn about business in various industries. I know the process of how firms do merger and acquisitions.

-Rare: This is not rare; I could hire a financier.

-Inimitable: This could experience could not be imitated.

-Non-substitutable: Nothing substitutes.

4)Personal relationships with fellow entrepreneurs: My aunt is an entrepreneur. She is a restaurant owner and is always encouraging me to think outside of the box and to stray from the status quo.

-Valuable: having both the voice of experience and motivation from the inside of your closest circle is invaluable.

-Rare: I could talk to other entrepreneurs, but none of them know me like my dad does.

-Inimitable: This relationship cannot be imitated, nor the amount of care.

-Non-substitutable: This could be substituted by another entrepreneurial mentor, perhaps even one who has experience in this field.

5)Personal relationships with fellow suppliers: I have a friend whose family business produce jacket and coat.

-Valuable: a good relationship with suppliers can be beneficial.

-Rare: It isn’t rare.

-Inimitable: for competitors, this relationship can be imitated.

-Non-substitutable: I could find other suppliers as well.

6)Social Capital: I’m part of student organizations back in my home university.

-Valuable: This is valuable because the relationships I have with fellow students can help push me forward.

-Rare: This is not rare because virtually any student could accomplish the same thing.

-Inimitable: This is not hard to copy – it is just a matter of being willing to connect with new people.

-Non-substitutable: Having the connections with friends cannot be substituted.

7)Finance Capital: I have a family business, my father is an investor, and I also invest in stocks.

-Valuable: I have enough money to start the business.

-Rare: Not all entrepreneurs have funds.

-Non-substitutable: I could borrow money from elsewhere but there would be the costs.

8)I have experience of Selling. I was working as a vendor during last summer selling products from Thai red cross organization to raise funds for buying hospital equipment.

-   Valuable: I know how to embrace selling points and technique.

-  Rare: anyone can become a seller.

- Inimitable: I could hire a sale

-Non-substitutable: Nothing substitutes.

9)Social Advantage: There are no competitors yet

-Valuable: Easier to penetrate to market.

-Rare: If it’s successful, there’ll be more people doing this business.

-  Inimitable: Anyone can start the business, but the difference would be resources and capabilities.

-Non-substitutable: nothing substitutes.

10)There are lots of delivery services in Bangkok such as Lineman, grab, and Kerry Express.

-   Valuable: Making Rental business more convenient

-  Rare: It’s not rare

-Inimitable: Any industry could use these services.

-Non-substitutable: nothing substitutes.

reading reflection no2

The book I chose to read was The Art of Social Media: Power Tips for Power Users, by Guy Kawasaki. Throughout reading the book, I've learned many tips about how to utilize social media platform and makes benefit from it. What really surprise me is the fact that it's quite easy, and I'm pretty sure any individual can follow them. We all have social media accounts such as instagram and facebook, which can really help us one day if we have our own business. We can advertise, connect with other people, and learn about the market such as what're trendy right now. This book also really helped me expand idea about how entrepreneurship can start doing business online. There are also many good examples of entrepreneurs who started their business from small online channel. The key point is how we put effort into the work and social media can help us achieve easier than never before. I would recommend this book to anyone who wants to start their own business.

idea napkin no2

• Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

• My name is Bay. People who are very closed to me always say that I’m a har working person and always have passion on things I do. They also say that I’m very outgoing and love to work with lots of people. I love to meet and talk to new people every day.
• If I were to start this business, it would have to be something I’m fond of. Since I was a kid, I love playing dressing up and I’m always into fashion.
• What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 
•  This part has not changed. I am offering a product to individuals who sees the needs that buying a winterwear and living in hot climate is a waste of money.
• Based on my feedback, I realize that this service is very convenient and online platform makes everything accessible.
• Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I think my targeted customers are quite broad because fashion is not subject to any age or gender. Everyone can wear anything they want that boost their confident. The only concern is age because I’m afraid that people who age above 50 would not get used to online platform.

• Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Because of conveniences that they do not have to use dry cleaning service and the fact that they can save money are the most important reasons why people would want to rent instead of buying.

• What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

As best to my knowledge, there is no dominant winter wear rental business Bangkok. Mine is probably going be the first one, so there’s plenty of market to tap and rooms to grow.

• In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

I believe that all of these elements work well. I think the customer’s needs and     business ideas are parallel as well as targeted customers.

Growing Your Social Capital

Domain Expert:

            1.Who they are, what their background is: 
          Sita, she is the owner of dress rental business called bchurunway in Bkk,Thailand.

          2.   How this person is a “domain expert”: 
          She’s the pioneer of dress rental in BKK and has lots of customer base including celebrities.

         3.   How I found and contacted this person:
         I am her customer and knew her when I visited the showroom

         4.  Nature of Exchange: What they did for me, what is the return expectation: 

She told how she initiated the idea of rental business. She told some tips and some obstacles relating to the rental business. reputation. Bchurunway has a reputation of super stylish and fashionable which is very attractive to young woman. Social media platform is the easiest way to advertise and keep in touch with customers such as asking their feedbacks.

          5. How will including them enhance my ability to exploit an opportunity: 

I could consult her when starting my own business because she’s a very successful entrepreneur.

Market Expert
            1.Who they are, what their background is:

Fon, she’s an employee of Lazadaa, one of the biggest online shopping applications in Southeast Asia.
2.How this person is a “market expert”: 

She works in marketing department of fashion line for Lazadaa, and has a deep understanding about ecommerce business including using social media to advertise and create brand image.

3.How I found and contacted this person: 

            She’s a friend of my older sister.

4.Nature of Exchange: What they did for me, what is the return expectation: 

            She told me her experience of working in this career. For example, she told about how

            Online business grows during the past few years.

5.How will including them enhance my ability to exploit an opportunity: 

            I could consult her about online platform from advertise, service to delivery.

Industry Supplier:

1. Who they are, what their background is: 

Melisa, her family owns a factory that manufactures clothes.

2.     How this person is a “industry supplier”: 

Her factory export clothes to neighboring countries and many parts of Europe. Although it’s not specific to winter wear item, there are still some overlap product such as jacket.

3.How I found and contacted this person: my high school friend

I asked her about how her factory reach customers and some supply management because most of her products are exported to overseas.

4.Nature of Exchange: What they did for me, what is the return expectation: 

It was very casual because she’s one of my best friends. Growing up with this family      business, she really understands how clothe manufactures operate.

      5.How will including them enhance my ability to exploit an opportunity: 

            I could buy some products from her with a special deal.

Finally: Reflect. This exercise really broader my point of view about the winter wear rental business as I got to talk to many people who are related to the business.

Create a Customer Avatar

My product can be sold to every gender and age who loves to travel abroad, but for the sake of this exercise I will focus on a middle-aged woman.

            She lives in Bangkok, and have a job as a social media influencer, which she loves to write travel blogs and do vlogs on Youtube. During winter, she loves to go skiing with her friends or family in Hokkaido, which is extremely cold. She sees the needs of ski wear and winter wear such as coat and fur; however, she thinks that her audiences will get bored if she keeps wearing the same clothes because she’s an influencer on styles and fashion as well. She considers winter wear rental business as a way she can always wear new styles in each time she goes on a vacation. Eventually, she realizes that her audiences love the way she always mixed and match new trendy styles and leave some fashion tips for other girls who are looking for outfit ideas.

What’s Your Secret Sauce?

           First, I am a very straight-forward person as I always express my feelings and things that I like/dislike. Second, I’m good at giving advices. My friends always ask me for advice whether it’s relationship or academic. Third, I’m quite a hard-working person, and be always responsible on tasks I am given. Fourth, I’m creative and I love doing some graphic designs and photoshop as well. Fifth, I’m quite an extrovert person and always love to hang out with other people and joining various activities.

Interview

1 my best friend from high school: she thinks that i'm very talkative. I love socialising and going to parties and events.

2 my friend from university: He thinks that i'm funny and can make other people laugh.

3 my mom: she thinks that although i seem to be an extrovert, i sometimes be a very privacy person. Also, i'm less talkative at home than when i am with my friends. 

4 my friend from university: she thinks that I'm quite a serious person about study. She thinks that i'm not a sensitive person at all. She has been my friends since grade 7th and have barely seen me cry.

5 my friend from high school: she says that I was like the leader of girl gang at school. I always give good advice and mature.

From interview, lots of my friends say that I'm funny while I've never though of that before. what they tend to think the same is that I'm quite an extrovert and talkative. I love going out and explore new things.

Figuring out Buyer behavior No2

Interview1: a middle aged woman working in financial fields whom I know from my internship. She said the most important factor in deciding to rent or not is price. If the price is not low enough, she might choose to buy instead of rent . Also, despite styles, finding the right size is very important, so she emphasises that there should be various size ranges available. Overall, she would be satisfied with the service if delivery and return are smooth, find the perfect size for her, and quite low(to fair) price of rental fees.

Interview2: a male university student who goes to the same university as me.

He said the most important factor in deciding to rent or not is conveniences. He wants everything to be completed online and measurement of sizes should be accurate. Overall, he thinks it’s a great idea to save time and money to go to dry cleaning services by himself.

Interview3: a middle age house wife. She said that the most important factor in deciding to rent or not is the variety of selections. She emphasises that she would be satisfied if the style is up to date.

Conclusions:Overall, this interview results are beneficial in terms of knowing more about what customers expect from the services. They tend to give an importance on styles, price, and sizes.

Halfway Reflection

1.     Tenaciousness is a competency. 

What are the behaviours that you

have used (or developed) to keep up with the requirements of this course?

I’d say it’s the way I approach people to conduct some interviews. I also have improved my speaking skills a lot. I can sometimes be procrastinated on my work, but this class has a clear deadline of assignment that I cannot miss them, so I basically to work on things earlier.

2.    Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this? 

I’d say that entrepreneurship is about being creative and coming up with new ideas and initiatives. I sometimes afraid to think out of box. Also, I’m not confidence in myself like Is my idea good enough?

3.     Three tips. What are three tips you would offer next semester's student about

1.     Do not start doing assignment on the day of deadline or the day before because some exercises are very time consuming.

2.     You’ll get to see different perspectives of people from reading others’ blogs and doing some interviews. That’s just the best way to learn about the environment around you.

3.     Try to go to class if you can make it because interaction and discussion in class are still important and you’ll feel completely different from watching videos.

Reading Reflection No.1

“Grinding It Out,” the Making of McDonalds and the story of Ray Kroc.

What surprised you the most?

I think what surprised me the most is that he started MC Donald’s when he was 52 years old. At this age, many people are already retired, and some of them would feel that they are too old to start a business.

What about the entrepreneur did you most admire?

What I admire most about him are his optimism and determination toward his ideas. I admired him for being an industrial person and not easily giving up to all obstacles.

What about the entrepreneur did you least admire?

Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

What I least admire is how he spent almost every minute with the business, leaving his family behind when he pursued the business growth in many places. He often encountered issues with the actual founder of the McDonald's restaurant. The relationship was worsening between Mr. Kroc and the brother, which lead to many legal problems

2.What competencies did you notice that the entrepreneur exhibited? 

            I think he had a very good sense of doing business like he knows how to treat employees and how to make customer satisfied. I would say that he’s a very wise man, and he can successfully critically analyse the market needs.

3.Identify at least one part of the reading that was confusing to you.

            I feel like the book is confusing a bit because it does not follow a chronological order.

4.If you were able to ask two questions to the entrepreneur, what would you ask?

     I’d ask him about some tricks of starting a business and how to compete with other brands.

    Another one would be how did he come up with delicious burger and French fries’ recipe.

5.For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

     He is very determined, and he was a hard-working guy since he was a salesman. I’d recommend this book to a person who are afraid to start something new. He would be such an inspirational to those who’re struggling to pursuit life goals.

Figuring Out Buyer Behavior No. 1

Segment: The segment I chose is people from teenagers to adults. They could be any gender/ types of job. I target people who has middle-high income.

Interviews: 

1.              Person 1: Female age 21; She is a friend of mine who’s currently living in Thailand. She does points out the only reason she would want to rent is because she gets bored of what she already had. However, she pointed out that, in some cases, it’s impossible to rent. Last semester, she was an exchange student in Montreal, Canada for 6 months. She had to purchase new warm coat since rental services would allow to rent for just a week or two.

2.              Person 2: Male age 35;I know him from my internship, and he loves to go skiing. Although he already had several ski suits, he said that this business is interesting. He loves to post pictures on face book, and he thinks it’s a great idea to be able to change outfits without having to buy the whole price. However, he also points out that if the rental prices have to be low enough to encourage him to rent, instead of buying a new one.

3.              Person 3: Female age 53; She sees the needs of winter wear rental because of cost saving. She emphasises that the rental platform should be simple and easy to use for people of her age.

Conclusion: have chosen these three interviews based on the targeted customers that I planned. The results surprise me since they give recommendations on things that I have never thought about before.

Idea Napkin#1

1    1.I am an exchanged finance student from Chulalongkorn University in Bangkok, Thailand. My dream is to open a business that I feel the needs of it. Moreover, I really love fashion and beauty; therefore, I hope to combine my business knowledge with my passion.

        2.The product and service I am offering to customers is a winter-wear rental service. Customers could rent winter-wear for a certain period then return to us. They can choose various styles, and different types ex. Ski suit and fur.

 I      3.I am offering this product and service to anyone who may believe buying these stuffs are a waste of money for hot climate countries but need them while they go on vacation.

        4.Customers would care about this product and service as it would allow them to save costs, and can always choosing new styles.

        5.The core competencies I possess is my desire to make winter-wear rental wear as convenience as possible; everything can be done online with excellent customer service.

I believe that these five elements fit together. This business has clear targeted customers and also the main purpose of why this kind of business should exists.