CHRISTIAN LLIDO DUAT

BSBA MM 2B

Questions:

1. In what ways do you think StyleHop suffered by not having a business plan?

Business plans are used as a standard by which to compare planning, working, and actual execution. A
business plan always links the present to the past for preparation and the present to the future in terms
of objectives and demands that need to be planted in the present to make sure their availability in the
future for goal accomplishment. This is true for the majority of the details of what is a goal, what needs
to be done, how it should be done, and how it should be measured. Because of this, StyleHope's failure
was caused by ignoring the problems as it rushed through business planning procedures and developed
a crowdsourcing website.

2. What assumptions, other than those mentioned in the feature, do you think were integral to
STyleHop’s business? In what ways could StyleHop have addressed these assumptions? In what ways,
if any, do you believe StyleHop’s business would have evolved differently if StyleHop had seriously
addressed these assumptions?

The most crucial assumption of Reinke's StyleHope business approach that he ignored was the business
plan. This was ignored, and as it never allowed a risk and alternative evaluation of StyleHope's business
model, this mistake is directly responsible for its failure. If StyleHope had conducted business based on
these assumptions, it would have been more concentrated on the customers from the clothing industry,
who were its target market for implementing the crowdsourcing site's recommendations.

3. Do you think StyleHop conducted a feasibility analysis, prior to hiring a chief technology officer and
starting to build the business? In what ways do you think a feasibility analysis could have helped
StyleHop better anticipate the problems that eventually led to the firm’s failure?

By assessing the estimated cost of funding the project, feasibility studies can pinpoint the logistical,
financial, and market problems associated with a proposed initiative. when the potential business will
provide a profit. the size of the market for the suggested commodity or service. However it seems highly
doubtful that StyleHop conducted a feasibility study in this scenario. StyleHop would have benefited
from conducting some all feasibility study to better understand its market and the purchasing patterns
of its target audience—retail store customers.