Designing a business:
Learning outcomes
A start-up business is always difficult, especially when it is not in my home country but abroad, so I felt even more challenged. Furthermore, our group consists of people from various countries so that we definitely sometimes have communication problems. However, we tried to encourage each other and pushed us forward together.
I remembered the first step which was most important also as the most difficult part of a business. We had to gather a lot of creative ideas and only pick one single idea for a business. Most of our ideas were creative and essential reasons.
However, all of our team members were a woman and from Asian countries so that we found a similar problem and we might think that we can figure out this problem together easily. At that time, creative thinking came out and cooperative teamwork became a powerful energy for each other.
Opportunity
Firstly the idea is the most crucial part for an entrepreneur and this disposal toilet seat cover was a very good idea. From this experience I would like to use my creative thinking in the near future and make it useful for one of my subjects.
I used to work as a hair and make up stylist in South Korea and I would like to establish a global business connected to the fashion industry in the future. This is the main reason why I came to London and studied this course at Kingston University. I am able to experience global business with people from a diversity of backrounds in the United Kingdom. This opportunity gave me more practical experience which eventually turned into a real business: How to interact with people from all over the world who were not only my team members but also members of other teams and business people. For instance, the Bright idea competition and Dragon’s Dan motivated us in a more realistic and competitive environment. We also had to organise our trade fair which then gave us the opportunity to also meet customers directly.
Karen, E and Rohit, S (2010) demonstrated that a competitive market environment has a variety of benefits for stimulating economic, developing products and earning a lot of money As the competition incentivizes market participants, it reduces costs and creates innovation thus it improves the outcome
Creative thinking
According to Robert (2012), creativity is an ability of different imagination or new invention. Creativity is to be very easy adaptable to brand new and changeable situations. This ability can enjoy the new ideas and possibilities such as a flexibility of outlook. The creativity helps to improve ideas and creates solutions so that creative thinking is leading to a lot of new ideas and can solve the problems in a better way than the standardized one.
The idea for Loolala emerged from hygienic problems many women have. We solved the problems using a disposal toilet seat cover. Moreover, I tried to think about my subject and my ability. A lot of potential professionals are dealing with their businesses. These people can not always get into the fashion industry easily as for example a lot of young people with huge potential have to leave the UK after studying. I would like to apply my creative thinking to this problem and set up a business in 5 years to find the solution.
The business will be global and start in the UK firstly. I will work with a lot of potential professional people who are ambitious and have specific abilites. I already had experience with these kind of people and realised that if I have a business in the fashion industry it will be potentially beneficial that I have already seen a lot of fashionable people. First of all, I have to think my ideas through specificly and get some work experiences. Main my idea is to work with young, potential people and give them the opportunity to show their ability and also give them the opportunity to get proper work experience.
Innovative idea
My creative idea is still being proceesed by myself. It can lead to a good business with and for potential people. But my idea still seems to be very basic and not developed a lot. Erica (2012) claimed that Steve Jobs, Jeff Bezos, Richard Branson and Pierre Omidyar were representative innovators who distinguished between thinking and behavior. They were true masterminds of entrepreneurship. The innovator’s DNA has got five crucial points: Questioning, observing, networking, experimenting and associational thinking. Everyone has problems without solutions but if those steps of the process are clearly followed one most likely can come up with a creative and innovative solution.
Finally, my future business will be more innovative with people and a mixture of culture and design. I want to show a complex space together in online and offline shops so that it can take the form of a magazine and an application for mobile devices as well as exist as offline shops, both in the UK and South Korea. South Korea still is a fast developing economy with openness to technological innovation, as for example e-commerce has grown incredibly, which can be good opportunity for my business.
Denis (2010) stated that South Korea is the only country worldwide which is perfectly connected by broadband at100Mb.Technology is really high tech so that Samsung and LG which had been founded in South Korea have grown significantly through their technology divisions and are now the second and third biggest mobile phone companies globally. Based on this environment, I can interact with people easily and advertise my business to use social media and online websites in South Korea. A lot of South Koreans already paid to use their smartphones and to watch TV. More than 97.7 per cent of people between18 and 24 years have smartphones (Frances, 2013).
Cooperative work
My first cooperative work with the Loolala team was really appreciated but it was not easy at the first time. I should say that I made a lot of mistakes with my language and understanding. Our team background was different in terms of age, country of origin, language and culture. I tried to understand all team members but it was not easy. We had to communicate until we reached a common understanding and thus learnt from each other. All in all, the characteristics and abilities among the team members formed a good group. When I will set up my future business I will have to deal with a lot of different people but I will also have more knowledge of how to cooperate with them and solve occurring challenges, based on my previous experience.
Research by the American Academy of Family Physicians (2006) states that seven characteristics make up good, successful work relationships. Firstly, trust is the foundation of a successful relationship. Secondly, the team members should accept different opinions to generate diversity.
For example, your colleagues provide a different way of opinions compared to yours. You can consider it and encourage each other. Thirdly, mindfulness means that you have to take the responsibility of your opinions and behavior. People can be open minded and state their opinion without fear of criticism. Fourthly, Interrelatedness happens when people work hard so that people encourage each other every time and contribute to the goals. Fifthly, respect is most important in a competitive situation. Sixthly, varied interaction such as social relationship is also very crucial as it affects the outside of work and activities. Lastly, effective communication should be open minded, friendly and honest which can be better around you and your business.
Marketing plan
Themarketing part is also very vital for small businesses and entrepreneurs. Dragan (2009) defined that the marketing plan shows a business plan about your products or services to potential customers. A marketing plan provides details of marketing strategies, tactics, activities and prices which will become helpful to make your business successful, such as business profits and revenue.
A marketing plan intends to coordinate business aims and departmentalize the market and definition of market as well as a organization of the market strategy.
1) Market strategy: target audience, competitors, selling point, product value and quality
2) Marketing action: Advertising video, Trade fair, Competition
3) Promotion plan: special offer, user trials, social media marketing, advertising sale.
Business & Social media
The most important part I learnt in my “designing a business” class is that I can use social media now. Until then I had not been fully aware of the potential professional usage of social media and I knew that it is a really crucial part of a future business but I have had no idea of how to use it and how to start it. Starting a blog and tweeting were very tough for me and currently I realised that a lot of professionals cannot use it and have got the same problems as me.
Emily (2013) claimed that social media boosted small businesses. For instance, using a Facebook page and the free platform in Twitter can gather a lot of potential customers globally. LinkedIn is also useful for connecting with potential colleagues and recommending people. Moreover, social media is an essential way of knowing the competitors’ thinking and listen to customers’ needs which is a very important of selling point. Social media can build a strong connection with consumers and lead to buy the same brand again. People should spend time in social media and develop a character then interact with the community. Building relationships through social media is also a crucial part so people have to see their profile and get customers’ needs such as sharing information and writing comments (Jacquelyn, 2014).
In the nearfuture, I am definitely going to use social media for my business as well as I have already built my social media so I will continue it developing it and interact with my future colleagues and customers.
Conclusion
Designing a business is not easy and a special undertaking. Creative and innovative thinking is a starting as a first step, then people can build a good working relationship. I learnt from my course everything and my future business is already built up in my mind with creative ideas. I need to find out how to solve more real problems such as communication with potential professionals to gather their opinion and make a benefit together. Then my business will become an online and offline business in 5 years. Firstly, I am thinking that creating an event online as donation would be working for advertising of our company so I will have to contact a lot of organizations and volunteer people.
Secondly, I have to advertise our event for selling tickets of which the profit will be donated to poor people or children. The event will be related to the fashion industry where it can be more attractive to potential customers and colleagues. Finally, after the events we will announce our company for volunteers, customers and even organisations. Our project will continue and it will be interrelated with everyone. The charity event is as a strategy part of our marketing in my fashion company initially. Lastly, interacting with potential customers online then will lead to the creation of offline shops in the UK and South Korea.
David (2014) expressed that recently new two tech businesses started up successfully without money. For example, an angel investor company founder Michalowicz thought that starting a business with a good idea is better than nothing so he just set up his enterprise company and tried to respond fast and to make decisions quickly. Hard work, thinking big and commitment came first and profitability was a goal for a later stage of development. Another case is the Door to Door Organics founder Gersenson who started his company without big money and concentrated on tits deliveries service before profit making, so the business became a big benefits just two years later. As we can see, starting a business is not very difficult as long as you think and have creative ideas and know how to react with people later, which is crucial for making a “real” business.
Bibliography
David, P. (2014) With as Little as $500, These Entrepreneurs Created Multimillion-Dollar Businesses. Learn Their Secrets. Available at: http://www.entrepreneur.com/article/231909. (Accessed: 25 April 2014)
Denis, F. (2013) 10 Interesting Facts About South Korea. Available at: http://news.liveandinvestoverseas.com/Travel/10-interesting-facts-about-south-korea1.html. (Accessed: 25 April 2014)
Dragan, S. (2009) MARKETING PLAN – WHAT IT IS AND WHY IS NEEDED?. Available at: http://www.entrepreneurshipinabox.com/22/marketing-plan-what-it-is-and-why-is-needed/. (Accessed: 25 April 2014)
Emily, W. (2013) Small business tips: how to use social media to boost business. Available at: http://www.theguardian.com/small-business-network/2013/aug/29/social-media-boost-business-tips. (Accessed: 25 April 2014)
Erica, S. (2012) Can Innovative Thinking Be Learned?. Available at: http://www.forbes.com/sites/ericaswallow/2012/04/19/innovators-dna-hal-gregersen-interview/. (Accessed: 25 April 2014)
Frances, C. (2013) 10 things South Korea does better than anywhere else. Available at: http://edition.cnn.com/2013/11/27/travel/10-things-south-korea-does-best/. (Accessed: 25 April 2014)
Jacquelyn, S. (2014) How To Use Social Media To Make Sales. Available at: http://www.forbes.com/sites/jacquelynsmith/2014/01/10/how-to-use-social-media-to-make-sales-2014/. (Accessed: 25 April 2014)
Karen, E and Rohit, S. (2010) Assessing the Economic Impact of Competition. Available at: http://www.odi.org.uk/sites/odi.org.uk/files/odi-assets/publications-opinion-files/6056.pdf. (Accessed: 25 April 2014)
Robert, H. (2012) Introduction to Creative Thinking. Available at: http://www.virtualsalt.com/crebook1.htm. (Accessed: 25 April 2014)
The American Academy of Family Physicians. (2006) Seven Characteristics of Successful Work Relationships. Available at: http://www.aafp.org/fpm/2006/0100/p47.html. (Accessed: 25 April 2014)
