Fashion Entrepreneurship and innovation by Niamh Naylor

Module Aims

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The module offers you a rigorous understanding of the entrepreneurial values and skills involved in creating a new
business and the tools (both thinking and business tools) with which innovation and creative problem solving can be applied
successfully in this environment.

The module objective is to combine business analysis with innovative thinking and demonstrate the need for balance between the two.

Key Skills

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Problem solving and critical analysis
analysing facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions.
Research: the ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence
Commercial acumen: based on an awareness of the key drivers for business success, causes of failure and the importance of providing customer satisfaction and building customer loyalty.
Innovation, creativity and enterprise: the ability to act entrepreneurially to generate, develop and communicate ideas, manage and exploit intellectual property, gain support, and deliver successful outcomes

Learning Outcomes

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Analysis

Analysis - Analyse research materials leading to the generation of some new concepts with existing key themes which inform and underpin project development.

2.1 Demonstrates a systematic understanding of the fundamental role that entrepreneurship plays in the fashion retail industry as well as the importance of investors and securing financing
2.2 Demonstrates high levels of insight through the sophisticated analysis of data and information in developing a business plan for potential investors.

Learning Outcomes

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Presentation

Presentation - Communicate projects and business solutions effectively, creatively and professionally (visual, oral or written form) to a wide range of situations appropriate to the audience and the purpose of the work.

5.1 Recommends improvements or alternative communication methods, which could be used to seek support for their opportunity from a wider audience

Learning Outcomes

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Evaluation and critical engagement

Evaluation and Critical Engagement - The ability to critically evaluate the subject of study as well as your own performance at all stages of the project; to synthesise and evaluate a range of information and develop a course of action; to reflect on performance and independently set personal learning goals.

8.1 Responds in an effective and reflective manner to feedback. Formulates independent decisions and reasoned responses to the critical judgement of others
8.2 Arguments and ideas are unambiguous and logical.25

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1. Executive Summary – An overview of the offer put succinctly.

2. Management team – brief overview of the people involved perhaps names, job titles and a photo, micro bio.

3. Fund raise –The amount you are seeking in working capital to start your business and briefly describe, how you intend to
utilise the funds.

4. Vision and Strategy – What is the gap you have identified in the market. What makes the business special and implementation about how this will be achieved.

5. Market and demographics study and analysis –
proving you understand the marketplace being - targeted. Who are your key competitors and why.

6. USP/ CVP. What is your USP/CVP. What problem are you fixing, or solution are you providing.

7.Client profile – who is the niche audience, target demographic and psychographic.

8 .The business – detailed look at the business proposition, with emphasis on the problems the offer solves. This include setting out the key pillars/foundation of the proposition.

9 .The Market - a close look at the size, location and characteristics of the chosen market, including current trends, consumer spends and other habits, so as to precisely make products and services relevant

10. Marketing & Advertising – Spell out plans for advertising including relevant platforms. How the business will attract
customers using various promotional channels, digital, physical, below and above the line marketing material, setting out examples of strategies and associated costs.

11. Business timelines/objectives – short 6-
12 months, Medium 13 to 36 months and long term, 37months plus. Communicate realistic targets achievable reference each
time frame.

12. Financial Section – Anticipated revenue
– and overview setting out key revenue streams. Pricing – how much will you charge versus market price for the same or
similar offer. Financial projections – 3–5-year projections

Why you need a business plan

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https://www.linkedin.com/learning/creating-a-business-plan-2/why-you-need-a-business-plan?u=78717114

How to think big

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https://www.linkedin.com/learning/how-to-think-big/give-yourself-permission-to-dream?u=78717114

Steps to starting a business

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https://www.linkedin.com/learning/start-a-business-online/first-steps?u=78717114

Learning financials

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https://www.linkedin.com/learning/business-financials-explained/run-a-small-business-successfully?u=78717114

Business financial essentials

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https://www.linkedin.com/learning/finance-essentials-for-small-business/five-characteristics-of-businesses-that-fail?u=78717114

Clothing Buisness

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Brands are being able to adapt to creating new collections with items that are in trend especially with hoodies and tracksuits for the season.

Sustainability

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Being sustainable and showing this to customers can definitely make people interested into the product, sustainable beauty items, hair items, clothing items.

Creativity Nature

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If business creativity depends on nature, then only a few of us can
operate in that sphere - Result – business grinds to a halt!
• Luckily, we know, from experience and from research that we can
learn techniques which support creativity.
• We may not all be creative business gurus who come up with
fabulous ideas while sitting in our armchairs BUT we can apply
creative techniques and thinking processes which help us develop
new ideas and keep our businesses flexible and successful.

Elitist View

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Getting New & Valuable Ideas
• A Rare Talent
• Creating Great Works of Art or
Scientific Discoveries
• Unable to be Taught
• Not Relevant in My Job/ Organisation
•A Lonely Individual Process

Developmental View

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Available to Everyone
• Evident in Personal & Modest Insights
• Released Through Training & Development of
Personal Potential
• Within the Scope of All Jobs
• Encouraged or Discouraged Within Groups According
to their Climate
• Escape from ‘Personal Stuckness’ & Reveals Itself in
Results Which are Original & Potentially Valuable

The Reality

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Creativity Is Not Exclusively for ‘Elite’ People
• It Can be Developed in All Persons
• Creativity is a Personal Problem-solving Process
of a Non-routine Kind
• It Can be Learned, Practiced & Successfully
Applied by all – in Every Walk of L

Entrepreneur

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Someone who sets up a business or businesses.
Takes on financial risk in order to drive profit.

INTRAPRENEUR

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An intrapreneur is simply an entrepreneur that works for
someone else. They can posses all the same competencies, skills
and behaviours as an entrepreneur but they are an employee of a company

Disruptive Innovation

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Disruptive Innovation describes a process by
which a product or service initially takes root in
simple applications at the bottom of a market—
typically by being less expensive and more
accessible—and then relentlessly moves
upmarket, eventually displacing established
competitors.
Disruptive Innovations are NOT breakthrough
technologies that make good products better;
rather they are innovations that make products
and services more accessible and affordable,
thereby making them available to a larger
population.
DISRUPTIVE
INNOVATIONS

Sustaining Innovation

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• Sustaining innovations are best thought of
as improvements to existing products,
processes or markets.
• Sustaining technology is essentially
companies improving their products, and
competing with other organisation.
providing similar services, in a race about
who has the best tech.
• Some sustaining innovation can be slow,
year-on-year improvement.
• Some can be huge.
• Sustaining innovation all takes place within
pre-existing markets that customers,
consumers and users have demonstrated
they value already.

Buisness Models

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Online Marketplace: This is an internet-based company that aggregates different suppliers who compete with each other, usually by price or the products that are sold. The source of revenue is the commissions on each product which is advertised on their platform.

Aggregator: when the company sells several services aimed at the same niche, under the same brand and the revenue comes from commissions, such as Uber and Airbnb, for example.

Dropshipping: it is a kind of e-commerce without stock, something like a virtual showcase. The products are displayed in its online store but are delivered and invoiced to the customer by the suppliers. The source of revenue commissions.

Subscription: the objective is a long- term contract in which the customer regularly pays for services, usually a monthly fee.

Freemium: typical of Internet products, it is the business model in which the company offers something for free and charges for any extra product/service. In general, there are different plans for different benefits.

Social enterprise: Businesses whose primary purpose is addressing a social
or environmental challenge rather than creating profit for owners or shareholders. They bring together the
entrepreneurial skills of the private sector and the values of public service.

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Rental Service

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Rental is an affordable way for customers to be able to shop what they like and be able to return it by the time they are finished with it and pay a fraction of the price.

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https://smallbusiness.chron.com/marketing-techniques-rental-properties-40755.html

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Demographics

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Age: 19+

Occupation: Employed/ Retired

Location: Greater London

Religion: Open to all

Family Structure: Nuclear

Income Level: 20,000+

Age: 16-18 years old

Occupation: Student

Location: Greater London

Religion: Open to all

Family Structure: Nuclear

Income Level: Part time/ temporary

Behaviour

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Likely to connect with people on social media

Likes to leave reviews and advertise small businesses

Wishes to always find the lowest price possible due to tight incomes

Being less mature might develop further stubbornness

Has a consistent routine each day and likes to be set in time and organised

Likes to be able to be more sociable in person than online

Open minded and friendly

Motivations

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Likes to be able to leave positive online reviews

Wishes to be included in many services that require feedback

Self motivated and strived to become the best version of themselves

Thrives on being provided with the best customer service to re visit the business

Likes looking into the future and hoping for things to develop

Purchasing habit

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May search around for the most affordable price

Spends a large amount of time on online websites considering the purchase

Requires retailers and buisnesses to provide deals and discounts

Values many quality buisness that go above and beyond to make the customers feel worthy

Likes to have fast paced decisions with making purchases

Influences

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Constantly visits Instagram, Facebook and Tiktok

Video advertisements and model images will influence young audiences

Information and opinions provided by adult influences

Facebook is the biggest platform that the consumer visits

Magazine advertisements and leaflets will provide the customer with time to sit down to find out further information

Friends and family will recommend services and items

Oh polly

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Oh Polly targets fashion-conscious female customers aged between 16 and 34. These customers are sensitive to the ever changing fashion trends, and they want to be noticed and are influenced by social media influencers. Oh Polly are also aware that many of their target customers are students and offer a 15% student discount promotional code when you sign up to their newsletter and this is on many of their items to encourage purchases by those with a lower income. The secondhand market is expected to out-grow and double the fast fashion market by 2030, with 3 in 10 women having purchased secondhand garments in the last 12 months. Oh Pollys traffic on their website has decreased by 2.18% compared to February 2023, and this will be from the consumers not currently active on their website looking for products to purchase due to the cost of living crisis. The main market that their customers shop from has been United States in the most recent months, followed by the United Kingdom. (Similar Web 2024).

Hurr

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Hurr community currently targets mostly a more mature generation of millennials aged 25 - 35, although a number of their customers are women in the 35 - 45 age bracket. Hurr had raised £4.1million in their original funding and this was used to scale up the disruption of their business, and the current turnover is £1.9million per year (Rigby 2021). The rental and resale buisness is growing 10 to 20 times faster than the retail market and the plan is for the market to account for 1/4 of the consumers wardrobes across the next decade (Lei 2021).

Hurr have seen a huge increase in registered users from 2021 to this current time and a 200% year over year website traffic growth and a 150% year over year increase in rentals that are being purchased on their platform, online and in store which is exceptional for their rental service. Lenders are purchasing into Hurr and are happy to be paying nearly £500 per month to rent clothing out for their events and wardrobes, which is a wide growth that the buisness is now seeing (Santamaria 2019).