Business model✤ Most people addressed marketing really well✤ Some considered business structure...
First thing to consider...✤ How many people in your group?✤ Do you trust them all?✤ If one gets in trouble, do you all get in trouble? Is this fair?
Options for business structure✤ Sole trader: one person is the boss...so if no one does the work, HE is accountable (unlimited liability)✤ Partnership: 2-20 owners. If one person does no work, everyone gets into trouble (unlimited shared liability)✤ Company: Seperate legal entity from the people that are running the business (limited liability)
Business Structure✤ Heirarchical structure will not work with a small amount of people. Therefore, it must be ﬂattened.✤ Even if you have one person in charge, this is still a ﬂattened structure.✤
Marketing✤ There were some really good marketing points raised.✤ Some of them were: ✤ Use of social networks ✤ Use of Viral marketing ✤ Marketing to a select market (ie, schools) ✤ If you’re a starting (or young) business, it’s important to give value to your marketing. (ie, Utility marketing)
Tools, equipment, plant✤ Some groups covered these....but did not relate to the problem statement. Ie, we’re going to mass produce (can you do this without money?)✤ The headphone people spoke about producing products Just In Time (JIT) which is a good way to reduce overheads and production costs and needed storage space, particularly for a new product where demand is not known.✤ If you’re a small new business, most of your production is hand made. You wouldn’t be mass producting.
Workplace Culture✤ Some groups spoke about the workplace being a “Great place to work”.✤ How will you do this? How do you promote workplace culture?