Business Finance Homework Help

1. What is your idea?  Discuss in detail.

2. What do you believe makes your idea unique?  This is your hypothesis, this is why you think people will use your product or service over others. (Use research to strengthen your hypothesis)

o Example: My restaurant is different because I serve only local CBD products and people want to enjoy CBD food in a social environment based on my research in…

3. What is your MVP? This is what you think you can do quickly to get in front of customers to test your idea before you spend a ton of money and find out no one is interested. 

o Example: Based on the example above, maybe a food truck or pop up restaurant until you can afford a permanent location. (based on research – show that this has been well researched and thought out).

4.  How can you test your hypothesis

State 2 ideas for testing your hypothesis  AND how you can change 1 variable to see if it might change the outcome?  Your test should revolve around the most uncertain part of your idea.

o  Your test MUST contain a commitment for action – what do you want from them?  This must get you close to a sale.

o  What method will you use to conduct your test?

Example: you would not test a 65 and older population through Instagram or Twitter, you might use mail or in person testing. KNOW YOUR CUSTOMER!

5.  How will you measure success? By what means will you end the test and determine that you successfully gained the insight you need?  The insight could be positive or negative and will help you refine your idea.

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My idea is to create a company that sells used college clothes to students. The main focus from the beginning is to find what style of clothing the customer wants, and for it to be unique as possible. The focus of the firm is to create opportunities for students to purchase clothes that are vintage, and clothes that stop fast fashion. The audience is the college students that want to be seen as unique and different by their fashion.

I believe that my idea is unique and different because the firm has multiple competitive advantages. This stems from the fact that the firm caters to the students on campus from the owner being a student on the campus, and can recognize the trends of the students. Also, by utilizing technology the firm can cater to delivering clothes online using Instagram ads, and Facebook ads. According to podcast #644 “How to Develop Greater Self-Awareness,” there has been an increase of 30% of people believing they are important. This is supported by people posting on social media, and showing off their unique outfits. This demonstrates that the demand for unique clothing is there and that the firm can support both online and in-person sales. The firm selling used vintage clothing is able to find these students, and sell to them.

1. My MVP would be to contact students at these colleges, and target students in sororities/ fraternities. Giving them free clothing to test, and see if they are intrigued would help the firm know what they want. The target would be these fraternities because they are almost cult-like where everyone seems to have similar interests. Establishing favorable relationships, and a brand with them would be very beneficial to the firm. In exchange for receiving the free clothing, they would post on their Instagram story of them wearing it. This creates a call to action, where other students want to purchase items like this. Students from fraternities tend to be more popular, and other students may want to buy because of them. Creating a story highlight of the business firm would create a sense of credibility, and trust with our customers.

My first test would be going to these fraternities and clubs to showcase the clothing. I believe working together, and understanding what they want go a long way. An example of this would be for the football games. I could meet up with the fraternities at the university of Michigan and ask if they would like to model some clothing for the company. After they post it on their stories, I could check the analytics and see if the demand for the clothing is there. Also, running polls on my story could help to see if there is a demand. If all is well, I could set up a pop-up event and sell the clothing on campus.

1. I would measure my success by checking how many people engage in the analytics for my Instagram/ Facebook. If people are constantly sharing, and following the account I know that people are liking what they are seeing. I will have to constantly change the clothing to the needs of the students and to meet their satisfaction. If the customers are not buying or not liking the posts, I know that the clothing is not what they want, and things need to change.

Link: https://www.artofmanliness.com/character/advice/po…