Innovation and Entrepreneurship

The Pop up shop

Student Name(s):

Abdulla Mohammad (H00270369)

Ali Saleh (H00252557)

Khalifa Juma (H00270273)

Mana (H00277349)

Mohammad Matar (H00270006)

Supervisor: Rik Villegas

Course: Innovation and Entrepreneurship

Submission Date: 10 April 2017

ACADEMIC HONESTY

Academic Honesty is a serious issue at the Higher Colleges of Technology.  Any student who attempts to gain marks on their Project dishonestly by presenting another person’s work as their own without acknowledging the source of the information (including the internet) is considered to have plagiarized.  When submitting a project or major assignment, students must identify every source that has been consulted and used for the project or assignment. The penalty for plagiarism is severe and includes permanent dismissal from the College.

I have read the above information and understand my responsibilities with regard to Academic Honesty while completing this assessment.

Student Name:

Abdulla Mohammad (H00270369)

Ali Saleh (H00252557)

Khalifa Juma (H00270273)

Mana (H00277349)

Mohammad Matar (H00270006)

Student’s Signature:

Abdulla Mohammad (H00270369)

Ali Saleh (H00252557)

Khalifa Juma (H00270273)

Mana (H00277349)

Mohammad Matar (H00270006)

الأمانة الأكاديمية

إن الأمانة الأكاديمية موضوع خطير جدا في كليات التقنية العليا. ولهذا فإن أي طالب يحاول أن يستخدم عمل الآخرين في تقديم مشروع أو واجب على أنه جهده الشخصي ، دون ذكر مصدر المعلومات (حتى ولو كان موقعا على شبكة الانترنت) فهذا يعتبر انتحالا. (الانتحال هو عدم ذكر مصدر المعلومات). وبناء” عليه، فإن على كل طالب يقدم بحثا أو مشروعا أو واجبا أن يذكرالمرجع واسم صاحبه والصفحات التي أخذ منها أثناء إعداده للمشروع أو الواجب.

إن عقوبة الانتحال قاسية وتؤدي إلى طرد الطالب من الكلية.

قرأت المعلومات المدونة أعلاه، وفهمت مدى مسؤوليتي تجاه الأمانة الأكاديمية أثناء تأدية هذا الامتحان وعليه أوقع.

اسم الطالب:

توقيع الطالب:

Table of Content

Concept and Visions

Generating Knowledge and Awareness

Generating Ideas

Approach to Innovation

Limitations

Market Analysis

Customers and Customer Development

Competition and Positioning

Business Model and Lean Startup Philosophy

Learning and Adaptation

1.0 Concept and Visions

Our vision is to Setup a stall that sells printed shirts for a limited time that generates profit as well as attracts customers that want these limited items. The stall will portable so it would go from one place to another so in other words it would go from venue to another depending on popularity trends or attraction trends of one place. Clothing from head to toe is a necessity since ancient times, and it grew to a business people in our generation pay special kind of attention to shirts because that’s the first thing a person would focus on. So what a shirt says could play an important role about knowing someone’s characteristic because they’re the ones that chose the way they are dressed so it important for us to utilize their creativity by customizing to their heart’s desire. The issues with shirt customization is that it’s not durable and wears off because of the low quality of the prints or their carelessness, another issue is that while the quality is low the seller places a high price tag onto the items and despite that people still buy and they travel from the comfort of their homes to buy the items. What we can do is product high quality shirts with cheaper price and they can purchase from the comfort of their homes.

2.0 Generating Knowledge and Awareness

Other retail shops sell commonly worn clothes or which are out of fashion and they find it difficult to find their preferences while the shops that offer printed shirts sell them at a relatively high price making it hard for them to buy. These seers also do not have the licenses required to print the images on the shirts. After taking comprehensive the survey we concluded that people want affordable, reliable, trustworthy, legal, preferred shirts. Also, it came to our realization that many people in the area have started doing businesses online thus attracting more customers. People hear about newly started businesses mostly online as well. These days since people are 24/7 on their phones surfing the web and onto their social media which creates an opportunity for us to advertise our product there. (Sen, 2008).

3.0 Generating ideas

We generated our ideas from analogy method and brainstorming. The why, what, how and who of our product is that we want to set up a limited stall because it creates a ‘’get it while you can’’ sort of feeling. We concluded that we are selling affordable printed shirts which are limited. How we’re going to sell is that we examine the market and check the range of prices from our competitors and then sell our product accordingly. This product would be mostly attractive to the youth. After the analogy method, we sat together brainstorming ideas and how we can advertise and that is social media thus from our conducted survey and which stream we generate from which is social events as well as public places if there are irrelevant events where can’t generate revenue from.

4.0 Approach to innovation

Our innovative strategy included online delivery which we realized that our competitors don’t offer to their customers. We saw it as an available opportunity for us to have gain more clients and keep a lasting relationship with them.  We sell affordable and licensed items to our customers due to the low production value made possible by obtaining low priced equipment. The customization is just for a limited time and we could appear in any kind of event or go to any public spots and of course with permission of the owner of the spot we’re selling. The prints are licensed by the owners which makes it easier for us to gain more customers. Our competitors provide this service but at a high price and they do not move to other places to expand their market. Our frequent relocation makes us unique and legal and our image is promoted. This kind of service could provide a change in conventional clothing retail and printing sales. People can get original prints of shirt and they can get it from the comfort of their homes for cheaper price (Keith, & Gubellini, 1958).

5.0 Limitations

There are few a limitation with regards to our product. One is that we might face time management issues and not be able to deliver on time because of the rush of orders we get taking in with the regards of our small stall so this would be difficult and this limitation can be mitigated by increasing our days in the shop so can deliver all the orders. Another limitation is that we can be denied of a license and we cannot provide the desired print. So, in this case we’ve set an offer for those who we cannot customize for, we’d give them options of the items we got and give them an offer like buy one shirt and get one free! Or buy a shirt and get a bonus merchandise such as hats, accessories, discounts, vouchers, etc. Also, another limitation is the budget, with the offers we give we might not do well, in this case we need to manage our budget and give offers only when applicable and not overdo it and find partners that would give us vouchers, their product related items for us to give away. Staffing is also a limitation since we need to find a trust worthy staff member that can do their efficiently and has the right attitude for the job and friendly with the customer and can attract them.

6.0 Market Analysis

Our printed shirts are meant to address the clothing and textile industry and we focus on selling our products to the youth in our community. This market is attractive in the sense that there are less competitors in the region because we have made our shirts unique that no other sale can imitate what we have in the market. We did customer approach research where we interviewed young men and women on what kind of clothes they like to wear and how they would what the products’ appearances improved to suit their preferences. For the past three years, we have seen a tremendous growth in the industry with at least 50% growth in our profit margin. There is also a potential growth in the coming years because we look forward to expanding our shop and opening other shops in different locations in the area. We have seen the increase in the market size due to our penetration to other parts of the city and attracting more potential customers (Sen, 2008)..

 

7.0 Customers and Customer Development

We have been quite successful at developing a good relationship with our customers in the market. Basically, we decided to meet our clients face to face and asked them what kind of clothing they liked and how they see our brand. Our printed shirts a different from what they have and they like our product more. They are preferred mostly by the university and college students but still the youth out there our target customers. Our clients have found our brand unique and high quality fabrics which differ from what they have now and they are willing to have it at the attractive price that we are offering to them. We have made a strategic plan of advertising our product online and through magazines that are well known to the people in the area. Also, we have decided to bring awareness of our brand on billboards near universities and colleges to attract more of our targeted customers.

 

 

8.0 Competition and Positioning.

Though the competition in this industry is high, we have put strategies to utilize every opportunity that we have and eliminate ever risk of loses. Of course, there is the risk of new entrants in the industry with innovative ideas but have could gain customer loyalty by giving to our customer what they what and with the best quality. Our competitors have low quality shirts without prints which makes our shirts preferable to or customers. Our competitors have managed to gain the attention of a relative small position of the market share which we are determined to obtain from them. Our prices have been quite pocket friendly to our customers which makes our competitors drift away from the market which a barrier to them to enter the market. Merging with other business persons in the industry will bring new ideas and more innovations to be able to overcome competition from established firms (Sen, 2008).

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9.0 Business Model and Lean Startup Philosophy

Now that we have discovered our potential customers and made our strategic plans in obtaining a ready market, our next step is to identify our sources of capital, which we have agreed to obtain a short-term loan to help us obtain more quality materials and obtain a base for our expansion. Also, we have agreed that what we have for our savings will boost our business a great deal to obtain printing materials for the shirts.

 

10.0 Learning and Adaption

This idea is a true business opportunity for me to become a great entrepreneur in the future and create more employment opportunities for the youth in the industry thus promoting the economy of my country. I have learned that, there are strengths, weaknesses, opportunities and threats in the business environment which needs to be addressed to make the business more successful.  By realizing the strengths that I have helps in putting more efforts in ensuring that I have obtained more clients than my competitors. The weaknesses which may involve financial barriers and others should be addressed earlier in the process to avoid competitors taking over your position. The opportunities for growth which are available should be utilized to allow business growth. The threat like new entrants and new competitors should be dealt with by putting barrier to new entries for example setting standards which they cannot be able to obtain thus remaining on top of your competitors (Sen, 2008)..

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Keith, L., & Gubellini, C. (1958). Business management (1st ed.). New York: McGraw-Hill.

Sen, M. (2008). Business management (1st ed.). Jaipur, India: Oxford Book Co.

Appendices