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Kazoo Toys Business Plan

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on 31 December 2014

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Transcript of Kazoo Toys Business Plan

Case 4.1 (p 140-141) Kazoo Toys Discussion Question 1 - Nelson familiarized herself with the toy industry very quickly Entrepreneur Skills Executive Summary Drop Shipping - Various selling methods Group 7: Amanda Alvarado, Nassim El Rhazoui, Cassee Haven, Jessica Glover Introduction - Diana Nelson - Buy a business instead of creating one - Decided to buy Kazoo Toys - Difficulty and risks of raising the funds - Outthink competitors to succeed Kazoo Toys' Business Plan - Differentiate from Walmart, Toys "R" Us Keys of Success - #1 toy store in Denver within the first 4 years - Differentiation (Unique products and did not try to compete on price) - Otherwise, would have been driven out of business Discussion Question 2 Could she have convinced investors? - "She saw untapped potential in the store and decided to buy it" - Creation of a new segment Yes However - Strong business plan - "It wasn't easy to get the money together to close the deal" - Very strong competition (Walmart, Toys "R" us) Who needs to believe on the accuracy of the business plan? - Investors vital - Most important: Believe in oneself Indeed Nevertheless - Ready to invest your own money? Moreover - Employees - "strategies and goals (...) consistent with overall plans and goals" How is belief important in the early years? - First 4 years crucial - 33% of businesses fail (Brian Headd, US Small Business Administration, p.5) - Perseverance key skill - Strong belief in your own project (cf "ready to invest your own money?") Discussion Question 3 Discussion Question 4 - What is drop shipping? - Advantages of drop shipping - Risks of drop shipping Questions? - Special relationships with the medical professionals - Small and organized design (Unlike Walmart and Toys "R" Us) Awards http://entrepreneurreview.wordpress.com/2012/10/08/diana-nelson-denvers-toy-queen/ - Cater to customers needs - Educational and non-violent toys - Inventory frequently updated Manufacters are now selling to larger retailers (Walmart, Toys "R" Us) Challenges (http://www.kazootoys.com) https://www.facebook.com/kazooandcotoys/page_map - Took a unique route - Minimizing competition - Expanding target market - Putting the customer first - Preparing for the worst
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