Through last week’s blog post, I introduced the basic concept of target market and explained why a correct target market can be fundamental for businesses, especially startups. We examined how a target market should be specific and pinpointed, as it is the basis of a business and a guidance for its development. This week I will explore more about the topic of target market – how should we choose our target market, as we may have distinguished business ideas in various industries? We will look at several successful companies and discuss how they choose their target markets, then I will talk more about my own business and how I can apply what I have learnt to make it more efficient.
After a busy January with all kinds of final exams and presentations, I am excited to dive into my independent research project again and kick off this new semester right away. Over the course of last semester, I explored topics related with entrepreneurship such as innovation, mission statement, operation strategies, etc. And this semester I will keep exploring different components of a successful entrepreneurship experience such as marketing, competition and management. While I am keeping myself busy with the study of entrepreneurship, I will also continue running and expanding my own sneaker re-sell business. Once a while I will provide analysis of the updated news of the current sneaker market. It has been a fruitful journey, and I look forward to my development in the world of both entrepreneurship and sneakers in 2016.
My Thanksgiving Break has been terrific, but it also feels great to be back at school and dive into my independent project again while keeping my sneaker business running. October and November have been two of the worst months of Sole Garage, an official name of our brand we came up with a couple weeks ago, due to the crash of the sneaker market and thus the unpredictable fluctuation of sneaker prices. However, we have survived through actively adjusting our business operation. We have also reached to some “veterans” in the sneaker re-sell industry and acquired their advice. Since Thanksgiving week the sneaker market has revived with a consistent increase of the prices of most pairs, and a sense of relieve as well as success has overwhelmed me. In today’s blog post, I will briefly talk about our “adventure” during the last two “dangerous” months, and the progress we have made.
In last week’s blog post, I demonstrated how important a clear mission statement could be for a company, and finished up my research on the topic of mission statement. This week we will switch gear and dive into a brand new topic – operation strategy. In today’s post, I will introduce the definition of operation strategy and then dive into specific parts of it. I will also go over some real examples from companies we are familiar with to demonstrate the ideas we will be discussing.
In last week’s blog post, I talked about how a clear mission statement could influence a company positively by conveying important messages and attracting potential customers, and I also researched on the mission statements of several established companies. In today’s post, I will keep exploring the significance of mission statements and how they perform in those companies and organizations around me. I will also introduce the mission of my own businesses. Then I will wrap up my research on the topic of mission statement with an analysis on how to improve my own businesses’ mission statements.
In my last blog post published two weeks ago, I wrapped up my research on the relationship between innovation and entrepreneurship with a detailed examination of companies such as Tom’s and Warby Parker. Over last week I switched the focus of my research onto identifying the significance of a mission (statement) for a startup company. And just like innovation, a correct mission, often introduced in a concise but wise mission statement, can help a company in multiple ways, including raising its market value by attracting additional customers, and solving practical problems present in our society nowadays.
After last week’s “digression” to a detailed analysis of the current sneaker industry, let’s get back to our exploration of the relationship between innovation and entrepreneurship. In the third as well as the last phase of this journey, we will connect the concept of innovation with the idea of social entrepreneurship more descriptively, and explore companies such as Tom’s and Warby Parket through their unique strategies of making a social impact.
This week I put the focus of my research on the general sneaker industry in response to several questions and comments posted for my former blogs by my project advisor, T. Margaret as well as my peers. While I got the chance to review some knowledge that I have been familiar with for a long time, I also got some new discoveries on such a currently prosperous industry. Let’s dive into it.
Last weekend, I posted my first blog post on entrepreneurship, in which I examined how important innovation has been for businesses, especially startups, through some examples including a brief overview of the economy of Malaysia. As I mentioned at the end of my blog post last week, I will talk about some of my experiences within the field of innovation and explore how innovation can help my own business this week.
This week let’s look at a pair of Air Jordan sneakers that has been extremely popular for over 10 years, Air Jordan 11 Concord.