Reported to: Mr.

Aaron Mejia
Reported by: Do Thai Minh An
Date: 4/11/2022
Title: Identifying a suitable project

1.0 Introduction
The purpose of this project is to discover which business ideas would be the best to start an
enterprise. We came up with 3 ideas that were based on our daily problems before having a
final choice for the enterprise idea.

1.2.1 Option 1: DIY Accessories

Since teenagers like to customize their things such as phone cases and phone straps, … we
think that helping teenagers decorate their accessories will be a great business idea. We don't
have to hire anyone because Phuong Linh and Khanh Linh are artists themselves but our team
has to find a factory to produce our final product.

Research findings:
Based on our data, most of the answers are from teenagers between the ages of 13-15. Most
of the respondents like to decorate their belongings, and most of them need help in designing
which provides a potentially profitable market with a high demand for services to assist
people to decorate. We also study that people like aesthetic, and vintage themes so our artist
will be more specialized in creating the stickers and accessories in this theme so it can speed
up the manufacturing process. Also, there is a high demand for stickers about media (books,
movies, games …) so we know what to focus on producing based on the character or quotes
in those media pieces. However, this topic can cause us copyright-related problems when we
create our products. Most people don't have a specific need for the products. Mostly the
demands are based on visual aspects instead of materials, or peeling features,...
 How much would you be willing to pay to
have accessories that help you decorate?
(VND/USD)
2%
9%

51%
38%

Under 100k / Under $5 100k - 300k / $5 - $15 300k - 500k / Up to $20 Over 500k / Over $20

The survey also shows that people like cheap products, about 100k and or more to help with
decorating. So we can choose the cheapest material for our products but still guarantee the
quality. We can be cautious while choosing the sizes of the product so the manufacturing
costs stay under 100k so we can make a profit for each sale.

Evaluation:

Chart Title
125

120

115

110

105

100

95

90
Number of responds

Accessories Adapter Organize

Decorating accessories is the most possible idea with the most interest and the majority
support our idea; however, to be able to run this business, we need a lot of ideas to come up
with the design for our accessories and material for our business.
1.2.2 Option 2: Adapter
The second idea is about the big adapters used in our daily life for our devices. Big adapters
provoke space occupation, causing the socket to be blocked, and having no more space left
for us to plug in the power outlet. To start an enterprise for this matter, we need to find a
place to produce our small, light, and convenient outlet design.

Findings:

How much would you pay for our

adapter?
3%3%

30%

65%

600k-800k / Up to $35 800k-1200k / $35 - $50

1200k-1500k / $50 - $65 > 1500k / Over $65

We know their price range and budget according to the chart so we know how to put the
prices accordingly and fairly. We even found that a lot of people have the same problem with
inconvenient adapters because most of them use the adapters frequently, and it helps us know
why they want the service and how likely they are to get it.
We discover that most people will like to get our products, therefore ensuring our success.
People use electronic devices that have big adapters which lead to our problem, so we think it
can help a lot nowadays.

Evaluation:

We want to offer a solution to the problem of inconvenient adapters. Students are starting to
use electrical devices more frequently and it will be much better if they can have a more
manageable adapter than their current one, it would be much lighter and easy to carry around,
therefore helping people do their work more efficiently without the frustration of big
adapters. But this solution needs a lot of money and knowledge of electricity to be able to
build one. So we think this idea is not possible.
1.2.3 Option 3: Organize
Lastly, many students nowadays have a messy study area, so we thought that we can help
them clean up, and re-organize the space for them. This last idea is the easiest idea to
accomplish but it will cost us time because we have to tidy their workspace. To run this
business, we just need tools to clean up the place.

Findings:

Most of our respondents are a teenager and according to the chart and we know that people
are struggling with cleaning. Most of them are interested in our service. A lot of students like
their study area to be organized so this can benefit our enterprise. We know their struggles
and they need advice or service to help our responder what they want so we know what to
provide them with our enterprise. People also want to keep their study place clean but are
unable to do so we know what to expect when starting the enterprise like what service to
provide or who will likely contact us. We need to come up with the price range that they are
willing to pay for it.
Evaluation:

Do you struggles to find time or energy

to clean?
2%

21%

77%

Yes No Maybe

We found that a lot of people especially in our school have trouble cleaning their places like
study tables or cabinets due to lack of time or motivation but still want a clean and
manageable place. We want to offer this service that we clean for them in exchange for
money. We can do it within the school and help people stay organized even when they don’t
have the time or effort to do so. We can help them in their free time and come up with ideas
for the arrangement of things because people have different stuff and want to put it
somewhere convenient for them to use.
1.3 Final choice: Customize Accessories
In my opinion, the accessories business is the best and most possible choice because a lot of
people were interested in this idea and we received much positive feedback. Nowadays, many
people like to decorate their things so they can fit their style. That makes this business can
make a profit. The cost to run this business is not really high because we don’t need to hire
people to design products for us when my team has 2 designers who can speed up our
manufacturing progress and lower costs. Also, for marketing, we can design our poster or
video and post it on social media and ask our friends to help with our business or at least
market our enterprise. We just need to find a place to help us produce our quality accessories
at a cost that can adapt to people's needs.

1.4 Justification:
Why don't we choose other businesses?
Option 2: it costs a lot of money and is risky to produce a product that we don’t know much
about and the quality might be bad since we don’t have much budget for it. Designing an
adapter to fit people's devices small is hard since our team doesn't have any members who
major in electricity and machines. We also need to experience the adapter after it is produced
to test the safety and if it works.
Option 3: This idea has the least response compared to the others so it means people are not
really interested in it. The biggest problem with this idea is labor. It can cause a lot of money
to hire labor, and even if there’s somebody who applies to work for us, it’s hard to control
them and make sure that they have done their work. We also have to share our profit with
them and this business has the least income of all our ideas so it's not possible.
1.5 Appendix:
1. Accessories Market Survey
2. Adapter Market Survey
3. Organizing market survey