Project Description: 1. Read the article from the link below, 6 Of the Best Men’
ID: 362690 • Letter: P
Question
Project Description:
1. Read the article from the link below, 6 Of the Best Men’s Subscription Services, that discusses companies that focus on a male target market that utilized innovative thinking to create successful subscription service business ideas.
HYPERLINK "https://www.cheatsheet.com/gear-style/6-of-the-best-mens-subscription-services.html/" https://www.cheatsheet.com/gear-style/6-of-the-best-mens-subscription-services.html/
Use the information from the above article and chapter 3 section 3-2, pgs.69-73 on “using innovative thinking to generate business ideas” to complete this assignment.
Instructions:
Choose two of the twelve suggested innovative thinking ways to create two business ideas (pgs.69-73). "notice the pages 69,70 & 72 in attachment" For each choice respond to the following points:
What is the type of innovative thinking you chose? (i.e. Borrow heavily, Combine two businesses, Personal problem, Hot trend, Subscription service, Sharing economy, Make it green, etc.)
Briefly describe the business idea (3-4 sentences).
How does this company represent the innovative thinking choice you chose from chapter 3 section 3-2? (2-3 sentences)
Why do you think this business can be successful? (2-3 sentences)
Type up your two paragraphs (7-10 sentences each paragraph) using innovative thinking in a MS Word document.
Borrow Heavily from Existing Product and Service Ideas or Other Industries Good artists brow; great artists stea," said Pablo Picasso or T.S. Eliot or Salvador Dali no one seems to know for sure. This principle launched Apple Computer on the road to greatness when one of its co-founders, Steve Jobs, identified technolo- gies tat Xerox had developed but was not using. It can work for you, too, within the limits of the law and ethical conduct. Think deeply about how you might put ideas and practices that you come across to work in launching a startup or accelerating the growth of an existing business. Research shows that his is a powerful strn place for innovation Combine Two Businesses to Create a Market Opening Puting two businesses together can sometimes lead to unique products, services, or experiences that custom ers can't get elsewhere. Examples include theaters that combine dinner and a movie, and bookstores that add a coffee shop. Andy Levine's company, Sixthman, organizes floating music festivals hat allow hardcore fans of artists such as KISS, Lynyrd Skynyrd, and Florida Georgia Line to go on cruises with their musical heroes and spend some time hanging out together. These one-of-a-kind vacations have been a tremendous hit, with customers indicating that there is a 60 percent chance that they will be repeating the experience. At some point,it may make sense to str buy) more than one business with out merging the operations, a strategy known as diversification. Consider Motor City Denim Company, a family firm tha is now run by Mark D'Andreta. The Detroit-based enterprise started as a tailor shop but shifted ts focus to making protective covers for robotic machines on auto assembly lines. When the recession in 2008 and demand for cars slackened, automakers slashed their orders for the company's product. To make ends meet, DAndreta started producing handbags, jeans, and other apparel items on some of his machines. The strategy worked, allowing the firm to stage a bit of a come back. "To survive," D'Andreta says, "you have to be flexible. Begin with a Problem in Mind High-potential business ideas often address prob lems that people have or a "pain" that a new venture idea could relieve. Think about a significant problem or hassle that people have to deal with, dissectt, chart t out on a sheet of paper, and roll it over and over in your mind while considering possible solu- tions. Lots of smart business ideas are likely to come to mind.fthe pain you are trying to address is your own, the results can be especially good, since you are an expert on the problem and will feel passionate about finding a solution. This notion is validated by Richard Branson, uber-entrepreneur and founder of the Virgin Group empire. "All startups should be tinkng, What frustrates me, and how can I make better?he says. "It might be a small thing or it might be a big thing, but that's the best way for entrepreneurs] to hink. If they think like that, they're likely to build a very successful business Recognize a Hot Trend, and Ride the Wave Fads can lead to serious, though some times short-lived, money-making opportunities (for an example, Google Pet Rocks), but trends provide a much stronger foundation for businesses because they are connected to a larger change in society, Even more powerful is the product or service that builds on three or four trends as they come together. For example, the outrageous success of Apple's iPad is the result of multiple merging trends: consumer desires for increased mobility, instant gratification, and no hassles al tied together with the product's slick design and "coolness" factor 70 Part 2 Starting from Scratch or Joining an Existing BusinessExplanation / Answer
(15 to 20 words per sentence)
1st Type of innovative thinking I chose = Flexibility (Combining 2 or more business to open the market more):
Brief description of the business idea chosen (3-4 sentences = 70 words)
By means of combining 2 or more business or services under one roof or under one payment window, the customers and clients feel more comfortable; their time is saved and they feel at home and the vendor can give discounts by making use of the economies of scale principle (make bulk and save or serve bulk and save - similar to buy bulk and save)
How does this company represent the innovative thinking choice you chose from chapter 3 section 3-2? (2-3 sentences)
By following the innovative ideas mentioned - e.g. Steve Jobs picking up the idea of Xerox and using it within the ethical and legal boundaries
Why do I think this business can be successful? (2-3 sentences)
Because the following are the past businesses that succeeded using the above idea:
2nd Type of innovative thinking I chose = Improving the function of an Existing product or Service
Described:
Why do I think this business can be successful? (2-3 sentences)
Because the following are the past businesses that succeeded using the above idea:
Typing up my own two paragraphs (7-10 sentences each paragraph = 14 to 20 sentences = 15*15 = 225 words) using innovative thinking in a MS Word document.
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