M01 Recap

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For those of you who missed our first meeting of the year (no worries!), here’s a recap.

We discussed and brainstormed what one needs to start a BUSINESS. We came up with a list:
  • An idea with a competitive edge
  • A team to spearhead it
  • A business plan to lay out the fundamentals (marketing, finances, long-term projected growth, etc.)
  • Meet a demand or fill a gap in the market. In other words…create something new or revamp an existing product in the market. 
We delved into the question, what is strategy?
  • Strategy differentiates a company/idea in a way that cannot be or is difficult to replicate.
    • Expl: Southwest Airlines aims to sell lower-priced tickets, but in return, customers do not have assigned seating. This is a strategy because they are targetting the needs of a very specific sector in the market. When Continental tried to copy Southwest’s plan, they failed because it interfered with sales of their original priced tickets. In other words, Continental’s failure in incorporating Southwest’s strategy into their own business plan proves Southwest has developed a real “strategy”.
  • Competing on price is not a strategy
    • When you lower the price of something, you promise less
Advertising is vital to starting a successful business. Some platforms for advertising:
  • Email – proven one of the most effective forms
  • Billboards
  • Social media*
  • Influencers

*  We asked ourselves why is social media not the most effective form of advertising:
  • People aren’t paying attention when they use social media
  • Less action, just scroll through posts rather than actually having to spend time on it like in email
  • For less professional usage
  • INTENTION: people go on social media to educate themselves or connect with others

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