Reported to: Mr.

Aaron Mejia

Reported by: Bui Tran Khanh Linh

Date: 30/10/2022

TOPIC: IDENTIFY SUITABLE BUSINESS

1) INTRODUCTION

This project aims to demonstrate the process I went through to pick out the most appropriate idea
for my enterprise project. The three option that we thought and analyse are accessories, adapter
sollution and organizing service. The report includes various aspects such as profitability,
possibility, resource-wise, and time-based.

2) EVALUATION OF OPTIONS

2.1.1) Option 1: Accessories business

People always love beautiful things and accessories are what make their stuff look more
interesting, especially for young adults and teenagers so I think this is a great business idea. I
would need devices to design the products and a factory that can help me to produce the products
such as stickers, and keychains, ...
2.1.2) RESEARCH FINDINGS

Do you like to have accessories that help you decorate?

(stickers, keychains, photocards,...)

No
25%

Yes
75%

The pie chart above shows the percentages of how many people need accessories to help them
decorate. The chart shows that 75% out of 120 people need accessories that can help them
decorate. This number let me know that there’s a high demand for accessories around me and
accessories could be a profitable market.

When asked if they have any specific needs for accessories, most answers are visual-based, with
barely any answers regarding materials (easy-to-peel or smooth surface, ...). This means that I
can choose the cheapest acceptable material for my products rather than expensive ones to save
money and create more profit per sale.

2.1.3) EVALUATION
This business idea is great and it can be successful. When my business idea starts to run, I am
sure that I will need kinds of special or unique accessories that other shops don’t have so I can
attract customers. I will often need to update the design of our products so they can attract more
kinds of customers. I also have to pay more attention to marketing. I need to push up advertising
my products on social media platforms with videos and photos about my accessories because my
brand is new and not many people know or care about it.

2.2.1) Option 2: Big adapter solution

Nowadays everyone has their own smart devices and some of them are having large adapters that
cover other holes too and people can’t plug in other adapters. Many people feel uncomfortable
and take time to find other holes that can charge their devices. My idea is to create a solution to
this problem. I want to make a small, light, and convenient product so people can bring it and use
it when they need it even outside of their houses.

2.2.2) RESEARCH FINDINGS

If yes, rate the frequency that you use those devices on a daily
Number of basis
respondents
60
50
50
40
30
20 22
21
10
0 6 6 Frequency
1 2 3 4 5

Never Always
This bar chart shows the frequency that people using devices that have big adapters. There’re
21% of respondents often use this kind of device and 47.6% said they always use it. These
numbers mean that people usually need to charge their devices and they are likely to have the
adapter issue. From the chart, I know that there’s a high demand for the adapter solution and our
product can be profitable.

How much would you pay for this type of smart extender,
with designs that offer space for each port and outlet?

> 1500k / Over $65

1200k-1500k / $50 - $65 3%
3%

800k-1200k / $35 - $50

30%

600k-800k / Up to $35
65%

Half of the respondents are likely to pay 600,000 - 800,000 VND (up to $35), which is the
cheapest price. Because of that, I will need to produce my product using the cheapest materials,
and this product should not be complicated to produce so it will not cost more.

2.2.3) EVALUATION
This solution is very creative, I think. The most important and difficult thing is to design our
product. This will take time, so I need to start it as soon as possible. If I don’t have the complete
design soon the business can’t start. After that, I need to find and cooperate with a supplier and
manufacture them then choose the materials so that the product could be durable and cheap as
much as it can be. This could be harder than I thought before.
2.3.1) Option 3: Organizing stuff

People usually don’t have time to organize their living/ working/ studying spaces so I think about
organizing services. My business idea is for people to pay money for me and I will clean, and
organize their spaces for them. To run this business, I just need some tools like garbage bags, and
a rag, … to clean.

2.3.2) RESEARCH FINDINGS

How much would you pay for this type of smart extender,
with designs that offer space for each port and outlet?

12 and below
Above 18 6%
19%

16 - 18
23%13 - 15
52%
This chart is about the ages of respondents. Most of them are 13-15 years old (52%), others are
from 16-18 (23%), over 18 (19%), and just 6% are under 12. From this data, I will know to focus
on how old the potential customers are and find some information about their habits, and daily
life, … and give them the best service. Seeing the age range of the survey respondents, I can
exploit the potential of my service by offering it in schools, where each student has their own
desk and personal space that might need cleaning.

Do you like to have some advises or help from others to help

you organize things when you don't have time?

No
24%

Yes
76%

This chart shows the number of people who like help and advice in organizing spaces. 76% of
respondents like somebody to help them tidy up their room if they can’t do it alone or if they are
busy with their work and don’t have time. Now I can see that people are interested in this service
and it can be profitable.

2.3.3) EVALUATION
This business idea can be profitable when people are always busy and they can’t take care of
their space. It can need a lot of labor because I and my group can't do all the things from
receiving orders, marketing, managing the money, and organizing spaces for customers, … so I
need to think about spending a part of the budget to hire more employees to separate work. Also,
it will be hard for me if I want to expand this business in the future.
3) Final choice: ACCESSORIES BUSINESS
In my opinion, the accessories business is the best choice because the survey received many
positive feedbacks from respondents. Nowadays many people like to decorate their things so this
business can make profit. The cost to run this business is not really high because I don’t need to
think about hiring people to design products for us when my team has 2 designers who can speed
up our manufacturing progress and lower costs. Also, I predict that my team doesn’t need to pay
money or just a small amount of money because we can make videos and posters by ourselves,
and post them on social media.

4) Why don’t choose the other business

OPTION 2 costs a lot of money and is much riskier to produce the products and I need a big
budget for it so it’s not fit with a new small enterprise, and does not fit us. It’s also hard to design
this product because my team doesn’t have anyone who can deeply understand electricity and
machines. After the design, we also need to test it many times and ensure safety before selling it.
We would also face various legal issues if customers are electrocuted or injured while we are just
students and we can’t solve the arising problems.

OPTION 3 has the fewest respondents so this means people are not interested in it. The biggest
problem with this idea is labor. It can cause a lot of money to hire labor as I said above, and even
if there’s somebody who applies to work for us, it’s hard to control them and be sure that they
have done their work. Not only that, I think that I can’t manage everything if I want to widen my
business to other places not just at school.
5) Appendix
1. Organizing Market Survey

2. Adapter Market Survey

3. Accessories Market Survey