Learning From Our Mistakes
Hello fellow SMC members! Below are my minutes from one of our recent meetings.
Date: 6/10/2010
Meeting Topic: House of Cards
The Challenge: Elena's friend wants to invest in the Power Bot toy to sell at the flea market.
Business Analysis: After an examination of the data, we found there is certainly an established market for Power Bots but they are a fad. So what was the problem you may ask? A fad is something that is very popular for a short period of time so it's not worth the investment. For example, Silly Bandz are just like Power Bots and Nose Whistles. They are really popular right now but soon enough they will be out of style.
Solution: Learn from your mistakes. Or better yet, learn from the mistakes of others!
Fads come and go quickly so it's important to invest in a business that is dependable otherwise you could lose your money. Examples of dependable businesses are Target, Old Navy and Nike.
That concludes my latest minutes.
Radley
Date: 6/10/2010
Meeting Topic: House of Cards
The Challenge: Elena's friend wants to invest in the Power Bot toy to sell at the flea market.
Business Analysis: After an examination of the data, we found there is certainly an established market for Power Bots but they are a fad. So what was the problem you may ask? A fad is something that is very popular for a short period of time so it's not worth the investment. For example, Silly Bandz are just like Power Bots and Nose Whistles. They are really popular right now but soon enough they will be out of style.
Solution: Learn from your mistakes. Or better yet, learn from the mistakes of others!
Fads come and go quickly so it's important to invest in a business that is dependable otherwise you could lose your money. Examples of dependable businesses are Target, Old Navy and Nike.
That concludes my latest minutes.
Radley
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