Fashion Business Entrepreneurship and Innovation

1. WEEK 1
Course Title:
Fashion Entrepreneurship and Innovation
Topic:
What is innovation? What is a Fashion Entrepreneur?
The Mind-set of an entrepreneur , Where does innovative ideas
come from?, What is an inspiration board?
Dr. Lena Cavusoglu
19-23 January 2020

2. CLOs covered at Week 1
• Demonstrate personal attributes and skills that characterize the
successful entrepreneur

3. All course presentations are prepared based
on the assigned textbooks below:
Student Main Textbook:
Michele M. Granger, Tina M. Sterling,
and Ann Cantrell, Fashion
Entrepreneurship: Retail Business
Planning, 2019, Fairchild Books; 3
edition, ISBN-13: 978-1501331619
Other Resources:
Melissa G. Carr and Lisa Hopkins
Newell, Guide to Fashion
Entrepreneurship: The Plan, the
Product, the Process, Fairchild Books,
2014, ISBN-13: 978-1609014933

4. WHAT IS

5. innovation
The process by which ideas are transformed into new products and
services that will help firms grow.

6. WHY DO FIRMS CREATE
NEW PRODUCTS?

7. WHY DO FIRMS
CREATE
NEW
PRODUCTS?
Changing Customer Needs
Market Saturation
Managing Risk through Diversity
Fashion Cycles
Improving Business Relationships

8. WHY DO
FIRMS
CREATE
NEW
PRODUCTS?
• For customers who gets bored with the
current product or service offering.
• Sometimes companies can identify
problems and develop products or services
that customers never knew they needed.
• Customers may enter new stages in their
lives that intensify their demand for
innovations
• Social trends/concerns
Changing Customer Needs

9. WHY DO
FIRMS
CREATE
NEW
PRODUCTS?
• The longer a product exists in the
marketplace, the more likely it is that
the market will become saturated.
• Without new products or services, the
value of the firm will ultimately decline.
• The firms sustain their growth by
getting consumers excited by the new
looks and new features
Market Saturation

10. WHY DO
FIRMS
CREATE
NEW
PRODUCTS?
• Through innovation, firms often create a broader
portfolio of products, which help them diversify
their risk and enhance firm value better than a
single product can.
• If some products in a portfolio perform poorly,
others may do well.
• Firms with multiple products can better withstand
external shocks, including changes in consumer
preferences or intensive competitive activity.
Managing risk through diversity
The Keebler line’s
risk is lessened by
offering many
variations of its
basic product,
cookies.

11. WHY DO
FIRMS
CREATE
NEW
PRODUCTS?
• In industries that rely on fashion
trends and experience short
product life cycles—including
apparel, arts, books, and soft-
ware markets—most sales come
from new products.
Fashion cycles
To generate sales,
apparel fashion
designers produce
entirely new
product selections
a few times per
year.

12. WHY DO
FIRMS
CREATE
NEW
PRODUCTS?
•New products do not always target end consumers; sometimes
they function to improve relationships with suppliers.
•For example, Kraft, the maker of Capri Sun, found that its
lemonade flavor was selling poorly. Through a little market
research, it realized that the reason was the placement of the
packages in pallets.
•Because it was placed at the bottom of the stack in pallets,
lemonade was the last flavor retailers would sell.
•By changing and innovating its pallet, Kraft offered chimney
stacks for each flavor, enabling the retail stockers to reach
whichever flavor they needed easily.
•Sales of Capri Sun’s lemonade improved by 162 percent.
Improving Business Relationships

15. AN ENTREPRENEUR;
• Identifies an opportunity/need in the market and provides
a product or service to meet that need
• Starts a new business and responsible for its development
• Operates, organizes and manages the business
RESEARCH

18. Core business practices for fashion entrepreneurs
focus on topics such as creativity and innovation,
writing business plans, raising finance, sales and
marketing, and the small business management skills
needed to run a creative company.
Fashion entrepreneurs seek to deliver fashion
business expertise in retail, manufacturing, money and
marketing.

19. For those who don't already know, an inspiration
board (sometimes referred to as an idea or
vision board) is a collage of images meant to kick-
start your imagination for a project.
AN INSPIRATION
BOARD

20. AN INSPIRATION BOARD FOR
ENTREPRENEURS INCLUDE
• The problem (images, quotes…etc)
• The feeling due to the problem
• Possible solutions
• Feelings after solution
Digital inspiration board is part of your first assignment, which is
due 4th week (5 marks).

21. QUESTIONS?