Completing the revision of my business plan by using insight and suggestions from my instructor/peers helped me to take a critical look at my business plan. When creating the infographic I took the some of the most important information from my business plan and added to the visual component.
The purpose of this activity is for me to reflect on my progression through the Media Entrepreneurship course. This allows me to evaluate what I did in this course and take what I learned into my future courses.
Providing a peer review for one of my classmates work helps me to provide them with valuable feedback that may help them with their final revision in week four of the MEN course. This also helps me to take another look at my own project with a critical eye and examine things I can fix to help elevate my work.
Here is the link for Molly’s Week 3 Project.
- Reflect – What struck me about your plan in a positive manner was all of the information that you included in your executive summary. You were able to highlight the facts of your plan perfectly and reading the summary actually made me want to continue on to read more of your plan. The business idea you have developed is very positive and I believe you will be successful in attracting your target audience with your business venture, Tillid Clothing, because all women are looking to feel comfortable in the skin they are in and that is exactly what your message portrays. It made me want to revisit my own business plan and redo my own executive summary to edit it in order to attract readers.
- Inquire – What were you trying to communicate by creating an online only store? Did you mean that you would create an Etsy shop? Instagram boutique? Or Website for your company to sell the clothing? I believe that this is a very positive way to get your company off of the ground by utilizing the popularity of online shopping. There are so many avenues that you can take with online shopping, but maybe a combination of online options will reach your target market. Possibly you can use social media to draw people to your online shop if you were just going to create a website to sell your items.
- Suggest – Have you considered revising your age range of your target market? You might want to correct this because in your executive summary you have ages 15-45 and then under the target market category of your business plan you stated the age range was 18-45. You have established a good marketing plan and sales strategy. It is great to see that you are going to utilize the many avenues of social media to promote your company. Do not forget that it may take up much of your time to run your company and then connect with consumers by way of all that social media accounts you have listed under the social media marketing section. You might need to hire a social media manager to help you fulfill your needs.
- Elevate – Perhaps you can add more insight by clarifying the needs financial needs you have included in your budget. If you are going to start off creating your t-shirt line in your house why will you need $250 in improvements and remodeling along with $985 for your initial rent? You could possibly repurpose this idea to use the funds for a different aspect/cost in your budget.
MEN Week 3 Project: Finalized Business Plan December 12, 2014
Completing this assignment allowed me to see all of the work I have put in this month come together as a finalized project. Compiling the information together and revising it helped to me clearly define my vision that I have for the company I “created”, Flashify Communications.
Link to downloadable PDF document for MEN Week 3 Project: Business Plan Part III.
MEN Week 3 Analysis: Financing December 10, 2014
Link to Prezi
Calculating all of the expenses for my company, Flashify Communications, will provide me with a realistic view of what it will take to become operational. Exploring the pros and cons of funding options allows me to see what would work best for the company.
This practice is very significant because it presents a real life scenario, an elevator pitch. Being an entrepreneur you never know when the opportunity may present itself for you to be able to pitch your idea(s) to an investor on spot. You have to be clever, quick, and compelling to grab their attention.
Examining other entrepreneurs success and failure will allow me to get familiar with what I should do and not do when developing my own entrepreneurial endeavor. The advice and insight these business owners provide is very valuable when creating my business plan.