Learning From Mistakes

Some Possible Set Backs

  • No customers
  • No Partners
  • No profit
  • The product doesn’t work/do what it claims
  • Competition is better
  • Not on trend

Anyone of these setbacks could happen if I do not give 110% of my attention and passion to my product. There are so many things that could wrong with my product. For example, if I am not organised, the entire project could fall apart. If I do not have the right amount of passion, I could lose interest in the project. But that is where I would have to trust myself. I could try to avoid making mistakes by making my price affordable, making a quality product and making sure I don’t false advertise. And even if I do make mistakes, as long as I learn from them and pick myself up, I will be fine.

3 Variation for the “iScanner”

  1. A clear substance you could “paint” onto your glasses, to prevent eye deterioration.
  2. A device that can your eyes, correct your vision and changes your eye colour (only if you want it to).
  3. A scanner that would get rid of the need to go to optometrists, it will tell you your prescription and you are able to order glasses and lenses with it.

Marketing Plan

 

Positioning – My target audience is anyone who has problems with their vision. My product is going to be advertised towards the mid leaning to the high end of the market. The reason for this is because it would cost a lot to manufacture a product like my own so I couldn’t sell for a cheap price as I would not gain a profit. But I am trying to make a relatively cheap price considering what the product is so that the target market feel that they are getting a very good deal. Another thought is that my target market would probably be more than willing to spend some money on their health.

Product – My product is a scanner like a device that scans your eyes and corrects your vision and stops your eyesight from deteriorating over time. My product is going to come in a box (kind of like Apple). This box would be white because white is associated with science and technology. The product itself will be sleek, compact (so that it is easily portable) and simplistic in design.

Price – The price of my product is going to be around $150. But the lenses in the scanner will have to be replaced every year and the lenses will cost between $80-$100. This would keep my customers buying at least one pair of lenses a year, which would mean that they would always come back.

Promotion – I am going to promote my product using social media (such as Facebook, Snapchat and Instagram), word of mouth, billboards, celebrity endorsements and at optometrists and hospitals. I might also venture into entering a partnership with big brands like Apple (since my product is based on technology). Apple would probably partner with me because their technology is one of the leading reasons why children’s eyesight is deteriorating rapidly. By investing in my product, they would be trying to solve the problem that they created and would look like they were trying to make a difference in the world.  Having the branding of Apple on my product would also increase the sales of my product and it would be easier to market and advertise something with the Apple logo.

 

Communication Concept

The target audience of my product is anyone who has issues with their vision. I am going to communicate my product with them by word by mouth, poster and it would be cool if I could partner up with a major technology company (like apple). I would also spread the word of product via celebrity endorsements because I know a lot of celebrities (Justin Bieber, Selena Gomez, Ariana Grande and so on) wear contacts, and my product could fix there vision. My message is rational because it is easy, saves time and is a little scientific. My product is also moral because it I will donate 15% of the profits to charities.

What are the Skills and Attributes Entrepreneurs Need to be Successful?

Top 5 attributes and skills entrepreneurs need to be successful:

  1. Passion

Passion is the most important trait of the successful entrepreneur. Passion means that a person genuinely loves their work and are not just doing it for the money. They are willing to put in those extra hours to make the business succeed because there is a joy that their business gives which goes beyond the money. A successful entrepreneur also needs to have the passion to try and make a difference in the world.

  1. Risk Taking

Risk taking and entrepreneurship go hand in hand. To have a working business you need to take the risks. E.g. New products and starting the business in the first place are both pretty big risks.

  1. Creativity

One facet of creativity is being able to make connections between seemingly unrelated events or situations. Entrepreneurs often come up with solutions which are a mixture of other items. Like repurposing products to market them to new industries.

  1. Open-mindedness

One of the most important qualities an entrepreneur needs is open-mindedness. Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills and potential new businesses. Entrepreneurs must have the ability to look at everything around them and focus it toward their goals.

  1. Determination

Entrepreneurs must have determination This means that they are not thwarted by their defeats. They look at defeat as an opportunity for success. They are determined to make all of their endeavours succeed, so will try and try again until it does. Successful entrepreneurs do not believe that something cannot be done.