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Business Idea Gen Assig2 Ridhi Prakash PDF
Business Idea Gen Assig2 Ridhi Prakash PDF
(FMS)
• Paper Makeups
• DIY Shoes
• Customized 3D printed Jewellery
Recently, "Fast Fashion” trends have resulted in shoes becoming seasonal, cheap and
disposable products. However, at what cost to our planet and our society? Unfortunately, it is
a fact that it is incredibly difficult to recycle footwear. Each year, roughly 22.5 billion pairs of
shoes are made and 300 million pairs are discarded to landfill because they cannot be recycled.
Most casual footwear is designed to be bonded and glued together in manufacture but are not
designed to be repaired. Still if one can repair shoes they would probably get bored and would
go for new shoes with latest trend.
DIY shoes in athleisure category will allow wearers to repair and customise footwear
themselves. The shoes will be made up of four parts: the uppers, soles, insoles and fastening
lace. As different parts of the shoe become worn or as fashion changes, the wearer can order
new shoe parts online. The shoes are held together by a lacing system instead of glue. The old
parts can easily be unlaced, and the new parts laced on. All of the parts of the shoes will be
made from biodegradable plastics and recycled polyester fabrics. When users are ready to get
rid of the shoes, they can be recycled also.
The product will be sold online and customers will be able to choose and order different designs
which can be attached on same sole. Shoes will be available in different sizes.
EVALUATION ON 7 DOMAINS OF ATTRACTIVE OPPORTUNITIES
• Market trends
Athleisure is the trend of wearing cloths specifically designed for athletic workout
which is now applicable for gym goers as well as casual wear. Athleisure wear has
become increasingly acceptable to be worn in various social environment even at
workplaces. Most of consumers find active wear comfortable and flexible which is
attributable to the kind of material used to design such apparels or footwear.
Synthetic fabrics such as polyester and nylon are the most commonly used materials
in such athleisure apparels, which altogether tend to provide the best combination
of the required properties.
There are now reportedly over 20 billion pairs of shoes made every
year. Approximately 300 million pairs of which are sent to landfill because they
can’t be recycled. Currently, no alternative products exist to tackle to issue of
footwear waste. This leaves consumers with few desirable, fashionable or practical
alternatives. This idea will be a step in the right direction in terms of validating
modular and sustainable footwear
There are bigger footwear brands with technologically sound and sustainable
resources. They cater to health and fitness benefits but are quite expensive and will
segment only upper and upper middle-class market. Some brands like Rothy c rafts
the sustainable shoes where each pair of shoes are shaped by 3D knitting using
ocean-bound marine plastic. With these kinds of sustainable practices and
recyclable materials, there’s far less waste involved too; all you’re left with is shoes
that fit like a glove. Often touted as one of the most comfortable shoes on the
market, they’re made to last to further reduce waste.
Some brands offer discounts on bringing old footwear while some brands have
shoes . With the constant development of sports sensors and gadgets, soft sensor
networks are circuits of flexible sensors that have been embedded into shoes to
measure biomechanical data. The information helps individuals keep track of their
movement habits and, in the best case, it can help prevent injuries. For
example, Stridalyzer is an insole that identifies force and pressure and thus can help
in injury prevention. Additionally, shoes have been developed to have pedometers
and GPS systems implemented in them. HP, for
instance, invented Lethal haptic footwear that works as a navigation system
when they are connected to a smartphone via Bluetooth. The shoes then vibrate to
tell the direction in which the user should go. Shiftwear is a company that allows
the user to control and change what picture or video is shown on a flexible full HD
color display on their shoes. The screen is charged with kinetic energy while
walking, and the shoes are both waterproof and resistant to stains. Shiftwear has
revolutionized the customization market for footwear by letting
wearers communicate their style, opinions, and values in a moving image.
Each year, roughly 22.5 billion pairs of shoes are made and 300 million pairs are
discarded to landfill because they cannot be recycled. Most casual footwear is designed
to be bonded and glued together in manufacture but are not designed to be repaired. But
this product is designed as a possible solution to reduce footwear waste. It is a statement
to the industry that sustainable footwear is a viable alternative.
By creating products from biodegradable plastics and recycled polyester fabrics this
decreases the overall impact of the product on the environment. Sustainability is the
alarming need of current situation to save the planet.
I am passionate about this business because this will help to save the environment due
to lesser use of resources and creation of less waste. This business has a new concept
which will be fun customizing and repairing what you own thus making the business
profitable.
• Personal goals and values - how well do they align with the venture
My personal goal is to create awareness of Slow fashion and sustainability among the
consumers. They very well align with the product I want to create.
As Sustainability and slow fashion will be the future trend focusing on Recycle reduce
and reuse, I will be willing to take risk and work hard to grow this business to make it
successful.
Yes, to start this business Finance and capital investments will surely be at stake but
with appropriate research, patience and strong foundation at initial stage will help in
success of this business.
My approach towards risk involving in this business will be a mixture of both cautious
and courageous. As at many turns of business I will have to stay cautious of any
duplications and copyright issues while be courageous to try this new concept and
implement it to my business.
✓ Sustainable production
✓ Reduce wastage and use of limited resources
✓ Making repair of the product easy for customers for easier acceptance of this
concept by consumers.
Yes, indeed our team will successfully deliver the CSF’s as they will be the core to
success of business.
• Now answer the question - How certainly can you and your team
deliver successfully on these CSFs?
To successfully deliver the CSFs a proper plan will be initiated to launch the product.
Before launch proper awareness needs to spread among consumers with appropriate
advertisements attractive to the customers creating willingness to support the brand and
buy products. Quality and durability will be checked at every stage on priority.
Customers feedbacks will be analyzed to keep improving the product.
More research and information needs to be gathered regarding this concept to keep
updated and implement those changes in order to keep the product attractive as old
concepts might peak at initial stage but they may fade later.
A good R&D team and marketing team needs to be assigned to keep the business on
track.
Sustainable development finance needs are estimated at trillions of dollars per year, and
even if funding from all public sources is maximized, there will still be a shortfall,
making financing from the private sector essential. UN research suggests that there is
no shortage of money from the private sector which could be invested in sustainable
development. The members of the alliance collectively control some US$16 trillion of
assets. They operate in over 160 countries on six continents of the world, and they serve
more than 700 million retail and corporate clients. These are very, very important
people who lead very, very important enterprises, and they’ve come together following
the call of the secretary-general to build this alliance, to mobilize the financing that we
need to make sustainable development a reality. Members of the Alliance aim to use
their expertise, influence and business acumen to stimulate long term investment in
development and speed up progress towards achieving the Sustainable Development
Goals.
• Look at your potential customers and distributors
The potential customers are the younger generation to the middle-aged generation.
Also, customers with awareness of reduce recycle and reuse are likely to be potential
customers. Distributors will be identified in the process of supply chain management
and initially the product will be sold online.
I don’t know any competitors personally but will surely plan to build connections with
them and keep myself informed of what new launches and business strategies they are
using which led to their success.
I will try to keep these relationships as formal as possible so that there should be no
possible harm to my business.
If my commection’s brand name is valued by customers and the brand also caters to my
belief and goals then only I can think of collaborating as partners with them because if
the case is vice versa it may harm the reputation of my product.