Personal Business Plan, Risks, Ethics Report

Exclusively available on Available only on IvyPanda® • No AI

Table of Contents

Vision and Opportunity
Marketing and Implementation Strategy
Risk and Mitigation
Entrepreneurial Ethics, Personal ‘Board of Directors’ and 6 Word Summary
References

Vision and Opportunity

When setting my life goals, I see myself as a successful businesswoman in several years. After graduation from University, I plan to get a second degree in psychology. I think understanding people’s and my own feelings and mind can help to build my professional and personal life. However, my main goal is to create a clothing brand and open a cozy boutique that maybe would look like the one on the picture (Accommodating advice to startup a women’s clothing boutique 2019). I also want to create an atelier making comfortable and stylish clothes for women and helping them not lose themselves in many fashion trends.

My entrepreneurship experience includes working with technological tools as I have created a social media app. At first, it seemed almost impossible to create something new in this sphere, as there are various websites and apps where people can communicate. The first variant of the app could not offer people something innovative. However, now we are fixing it, and the app has wider functionality. Thanks to the first failure, I have learned to analyze market and clients’ needs, which can be helpful for my future businesses.

My mission is not to do business only for money but to be useful for people. I want to create an atelier that makes stylish and comfortable clothes using an individual approach to the clients and not following blindly fashion trends. I would formulate my credo as following: “do not give up.” It may sound simple, but for me, it refers to different spheres of my life. It means not to give up my dreams and values, not to give up facing difficulties, and not to give up an initial purpose to be useful for society. It implies hard work and self-development, including both one’s skills and character traits. I want my values always to be in the first place for me regardless of circumstances.

Following my goals, I state several essential questions: who I want to be, what I am passionate about, what inspires me, and how I can overcome my fears. The first question echoes with my credo, referring that I want to be the strong and independent person following my life principals. Inspiration and passion of my life also go together and imply that only doing what you like it is possible to gain success. Overcoming my fears is probably more about psychology, and, when understanding myself, I can learn how to cope with fears. Following these questions can help me to build a more stable foundation for all my beginnings.

Successful goals achievement is often connected with opportunities a person may face building his or her career and life. For me, one of the most important aspects is an opportunity to gain knowledge both through studying and meeting more experienced people. In my opinion, it is crucial to learn everything you can about the sphere you are going to work in. Useful contacts are another opportunity allowing not only learn from someone else’s experience but also apply their skills in your own business and build a successful team. Teamwork is an important factor that helps one’s business grow. I also hope that with my future team we will create such a positive atmosphere as on the following picture (The value of teamwork in the workplace 2017).

Marketing and Implementation Strategy

For maintaining a focus on one’s brand, it is necessary to formulate a market positioning statement. Appealing to potential customers, I would formulate it for my business as following: “For women who value style and comfort, BeGlorious Atelier offers clothes for home, business and everyday life. Unlike mass-market brands, we help you to create your style, respecting your right to feel comfortable and confident. We use high-quality materials for our clothes to last a long time. Forget about clothing that does not fit your figure or individuality, our stylists will help you to choose garments and accessories from our collections, and our designers can create something unique for you.”

Thus, one of the key differences from many companies would be an individual approach to each customer. I see my purpose in inspiring women not to follow beauty standards if they do not like them but wear what they want and be who they want. In this regard, I like the approach used in Nike advertising, showing women strong and independent (Nike 2019). It is significant for me to put on the first place a person’s individuality and help to express it. I want my customers to smile regardless of their appearance and weight as the girls in the photo (Is plus size equal? 2015).

It is also crucial for me to create friendly working environments for my employees. I believe that only working with minimum stress people can do their best. However, the main value that I want to offer to my employees is an opportunity to be equal even with their boss. I would like to be the heart of the company. That idea is reflected in the film The Intern, in one episode, Jules, the owner of the company, performs the work of customer service employee (The Intern 2015). Thus, being the heart of the company means understanding how its elements work and take an active part in the working process.

Risk and Mitigation

For goal achievement, it is important to attain milestones of one’s business successfully. I have included in my business plan the following milestones:

Market analysis.
Production adjustment (rental of premises, search for suppliers, hiring of personnel).
Opening a boutique with ready-made garments of own production.
Opening atelier that takes orders for tailoring.
Advertising and promotion.
Development of website and mobile app.

The success of milestones and business is identified through meeting customers’ needs, providing high-quality products, and profit-making. The factors that may affect my ability to attain success may be connected with the market condition and a number of competitors. Such external factors and their impact cannot always be predicted. However, competent market analysis and fair competition can have a positive effect.

Of course, every business can face risks that can affect it negatively. One of the strategies allowing reduce risks includes testing of products before launching. It is important to test the quality of materials and how durable the clothes can be in everyday wear. Depending on the results of the testing, the replacement of materials or search for a new fabric supplier is possible. It is also crucial to have additional sources of materials and equipment.

Entrepreneurial Ethics, Personal ‘Board of Directors’ and 6 Word Summary

I see the main purpose of my business not in a financial gain but in providing my customers an opportunity to be themselves and express their individuality. Following ethical principles, I would not save on the quality of materials and would create fair pricing. It is of great importance for me to build an honest relationship with my customers, employees, and even competitors. Even despite the higher risk of failure, it is worth it, and maybe one day my customers will be as confident and happy as these ladies on the picture (Business casual attire: examples for women & men 2019).

Thinking about people who could be my mentors or whose advice I would follow, I remember Jules from the movie The Intern. She possesses some features that I would like to see in myself creating a business: she is the heart of her company and does not give up her values, even facing difficulties. In addition, her business is also close to the one I would like to create.

Another person that influences my views and inspires me is Winston Churchill. Some of his words help me to see that life does not consist only of failures and successes but of the actions that allow you to move forward whatever happening. These words are the following: “Success is not final, failure is not fatal: it is the courage to continue that counts.” I think they also echo my credo never to give up.

The third person I would like to mention is Coco Chanel. Her views on women’s clothing were brave and innovative, and she managed to popularize new style standards. She also herself participated in the process of creating clothes, as can be seen in the photo (Coco Chanel’s fascination with fashion started early in life 2018). Her deeds and her character inspire me to gather my courage for creating something new and innovative.

Summarizing my Business Plan, I can say that it includes an individual approach, a positive environment, and high-quality products. My company’s strengths are in the quality of materials, positive individual attitude both to the clients and employees, and the high level of my involvement in the working process. The possible weaknesses of my business may include such points as the absence of experience in the sphere of clothing.

Opportunities for my brand are in its difference from mass-market clothing. We can offer clothes meeting the need for comfort; we can help a woman to understand how she wants to look and create her style contributing to her self-confidence. Threats may include the risk of a low number of clients as people are used to mass-market clothes and may have not enough time or money to work on their style with our stylists and designers.