Reported to: Aaron Josue Mejia Salinas

Reported by: Nguyễn Anh Thư

Date: 23/09/2022

Title: IDENTIFYING AN APT BUSINESS

1. Introduction

In this report, I will be figuring out a superb business idea out of three business ideas. I pondered
three business options to start with my enterprise coursework before picking the final decision.
Firstly, I will analyse and talk about my business ideas. Secondly, I will choose the most suitable
business idea to work on. Thirdly, I will be answering why didn’t I choose the other two options.
Lastly is the appendix.

2. Options

2.1 Option 1 - PHONE STRAPS

Phone straps are renowned these days. I

believe this would be a great business idea.
At first, we decided to import an
accumulation of beads, waxed cords and
bobby pins. Scissors are required to make
phone straps. However, we already had them,
so we don’t need to buy more. But, in the
end, we switched to importing phone straps.
People could easily lose their phones at any
time. Having a phone strap could prevent
them from losing their phones.
RESEARCH FINDINGS

According to the first chart, the number of people who had an issue holding their phone
overwhelmed other answers. The interpretation showing that most of our respondents have an
issue with keeping their phones safe is they need something to help solve this issue. The phone
strap could be sold.
Regardless of the first chart result, this second chart result surprised me a little bit. The number
of people who chose the answer “For decoration” has the highest amount in this questionnaire,
which is pretty different from the prediction I first made that they will only buy to keep their
phone safe. However, I did expect, this because many of my partner’s friends said they bought
phone straps just for decoration. Besides, the phone strap’s designs are pretty and attract a lot of
girls. Similar to phone straps, a lot of people use phone cases for decoration due to their
attractive appearance, rather than protecting the phone. People can also easily buy things that are
beautiful based on their perspective. Consequently, I can believe that my research data helps
prove what I have said.

Consequently, in the third chart above, 76.7 per cent of the respondents would pay more for
more charms and colours. Other respondents decided not to pay more. If we import more charms,
we can increase our profit from selling phone straps.

Phone straps are easy to make. Usually, phone strap users are girls. As we all know, young girls
and females in general love cute accessories, so we have a high chance of attracting them. In
closing, our main target customers are girls. Beads are cheap to buy. So my partners and I don’t
need to spend too much money buying them. Also, our phone straps are cheap, so customers
won’t need to take excessive time considering whether to purchase or not. At first, they may not
know. Still, we can introduce the product to them and demonstrate how it will help their phone.
On the other hand, to make things easier, we can simply import several phone charms to sell.
This method saves us time so that we can focus more on other work. If we want to increase our
profit, we can buy charms and then sell them to customers, as it has shown in the third chart. Not
only they can also have charms, but they can also solve the phone holding problem. These two
benefits greatly encourage our customers.

Regardless of the advantages, selling phone straps will be competitive for us. I cannot deny the
prediction of having other enterprises selling the same product. If another enterprise has prettier
designs, our enterprise might fail. It’s quite risky. We have to deal outside the school to avoid
encountering this situation. However, it is easier to approach people in our school and sell online.

EVALUATIVE COMMENT

As I have listed out from the beginning, my partners and I should buy supplies to make phone
straps. Beads, waxed cords and bobby pins are cheap to buy. Creating an online booth and asking
students in our school to buy are possible outcomes to sell. We have made a mistake by not
adding in the question about the respondent’s gender, since it will clearly show us which group
of people is our target. As I have been noticing, girls and women will use the most. I have never
seen boys or men use them. If we make phone charms with a variety of themes, boys could buy
them. The data helped me a lot in narrowing down my choices. I thought that selling phone
charms could increase the selling rate, or I can give them one to two charms as gifts for buying.
We can also import phone charms to save time.

2.2 Option 2 - PLANNER PRODUCT

The planner we decided to sell is a notebook that

contains beautifully decorated pages for customers
to pen down what they are going to do. Also, plans
that they make will go with a specific time. We
need to design the appearance of the planner
because it affects the selling rate. Additionally, we
need to find a factory that produces this type of notebook and prints the designs. We will also
need to buy pens to go together with our products.

RESEARCH FINDINGS

The column chart above depicts whether our respondents have a problem managing their time.
From the chart, I can see that 62.60 per cent has a problem, or even more. Only 10.30 per cent of
them do not have an issue. This result shows a possibility that our planners could get sold out.
The pie chart demonstrates the number of respondents whether they have bought a similar item
to the planner we considered selling. 48.6 per cent said they haven’t. 51.4 per cent said they
have. The result is discouraging because we cannot tell if they would buy, even though planners
are helpful products.
This pie chart shows the number of money respondents spent on similar products to the planner.
Most respondents spent 31.000VND to 50.000VNĐ. The most-selected second option is more
than 71.000VNĐ. Counting our work on designing and printing, the price from 30.000VNĐ to
70.000VNĐ might not be an odd selection. This means if we set the price above 71.000VNĐ,
which can highly increase our profit, then people would still buy our business’s panners.

The information I received from those three questionnaires is quite discouraging. My team and I
didn’t provide informative questions at first, such as if they would like to buy this product. It is
not clear to analyse the data. We also have to design the planner and choose how its appearance
(number of pages, which theme, or should it be included with small notes). These actions
possibly excessively take our time. It is illegal to take designs on the internet and print them out.
We are conservative about choosing factory-making planners since they might delay the printing
finish date. This situation could highly make us sell planners out later than the deadline.

However, the planner is a well-known product. More than half of the respondents are struggling
with their time management. If they buy our planner, they can solve that problem. A part of that
should include how effectively the consumers use it. If the planner contains needed items, such
as an extra pen, clipboards, labelled pages, timetable, or sticky notes then consumers will buy it,
as it seems had been included all necessary items.
EVALUATIVE COMMENT

A planner can be well-sold if it has all of the necessary items, even items that don’t have in any
other planner. Nevertheless, it takes a lot of time to design and choose a factory to make. The
deadline to finish printing might be delayed by the factory, so choosing a planner as the final
project idea has more risks than advantages. I think I will set the price for a planner starting
from 50.000VNĐ to 80.000VNĐ. However, I didn’t consider the data to help me narrow down
choices since I didn’t ask what could have been included in the planner.

2.3 Option 3 - TOTE BAG

Tote bags are eco-friendly to the environment. People can use them to shun from throwing away
a tremendous amount of plastic bags. This business acquires a factory to print bags and designs
we made to print on. This fabric bag is convenient because we can bring it wherever and
whenever we want.

RESEARCH FINDINGS
This first chart shows the number of money people would pay for a tote bag. 59.8 per cent chose
to pay more than 91.000VNĐ. This means we can sell out a tote bag with a price above
91.000VNĐ to increase the profit.

This second
chart gives
information
on which
design people would like to choose for the bag. The result shocked me because I don’t think the
colourful designs have smaller selections than the simple design option. The gap between
colourful design and simple design is significant. Respondents mostly prefer simple things. Also,
there is a large number of people who responded to this survey and would like to buy both. This
means we can make simple drawings to print on tote bags.

The third chart depicts people who would like to have a zipper for the tote bags. Since the zipper
prevents losing items in the bag. 88.1 per cent of the respondents chose to have a zipper. Our tote
bag could include a zipper to increase the selling rate.

A tote bag business is easy to run. I do not need to hire anyone outside my team since I can
design tote bags’ appearance. I can draw. So, it isn’t a matter of choosing how the bags look. I
can also look for trending styles and applying on the bag’s drawings. I have also given out the
options for which type of design they like. Adding a bag zipper can encourage our customers to
buy. From the second pie chart data, I think drawing simple stuff, like flowers, animals and
objects on bags will attract people. The target customers Iook want to attract is ever people
within my school. This survey showed me that most people like simple designs, which is not my
expectation. Additionally, the data helped me narrow down the choice. I decided to design more
simple bags than colourfully decorated bags.
3. FINAL CHOSEN BUSINESS IDEA

My teammates and I chose the phone strap as the final business idea. I choose this because phone
straps are easy to sell and make. Also, I got more informative data about it. A lot of students in
my school own a phone and own a phone strap too. My teammate has experience in making this
product so it will be easy for us to learn from her and make phone straps. We can also easily
control our productivity. Choosing this product helps customers solve their problems. 76.7% of
our respondents would buy phone charms if they buy phone straps, so there is a high chance of
them buying more phone straps, doubled with phone charms. The phone strap survey is the most
carefully-created survey, so it will not be too risky for us to follow the plan.

4. WHY DIDN’T I CHOOSE THE OTHER 2 BUSINESS

- Planner: This product takes a lot of time to decide on how well it looks. Also, it takes
time to design and choose a factory to print. As I have said, the factory can delay the
finish date of printing, which can mess up our selling plan. Consequently, our enterprise
possibly would have a bad reputation because we cannot hand out the product on time.
From the beginning, the planner survey wasn’t created carefully by my team. The
questions are not too informative, so it will be risky if we choose the planner enterprise.
Furthermore, 48.6% of our respondents haven’t bought anything to help manage their
time, so there is a low chance of people buying the planners we sell.

- Tote bags: Similar to the planner, the deadline to finish printing bags would be changed
due to unwanted problems. I also have to work on the drawings. In addition, I might also
be the one who delays the deadline because I could get the art blocked and could not send
the printing files on time. The quality of the bag’s fabric could be prudentially checked,
since the factory may be very far, or even in other cities or countries. Also, our survey
didn’t tell if our tote bags could be bought, since it is not clear to tell from the survey.

5. APPENDIX

1. The survey on the phone strap business.

2. The survey on the tote bag business.
3. The survey on the planner business.