Innovation & Enterprise Teamwork & Leadership

The Starting Point – Innovation & Leadership Sem 2

Initially, when my partner and I started ideating we came up with some terrible ideas before we thought of starting a media production business.

Our first idea was to make a brownie jar, a jar full of ingredients to make brownies.

An example of a brownie jar.

This idea didn’t work out too well because we realised that we would have to have razor-thin profit margins and we also didn’t have any passion to pursue the brownie jar idea, but the strength of this idea was that parents and students tend to buy more food products. After having a focus group with my other classmates, we realised that most people were willing to pay the price of $7. The initial expenditure for this idea was $47.55, so we would have to sell around 7 to make a profit. We only have 50 dollars to start with so using up all of it on an idea that could not work is not worth it. We didn’t even go into the prototyping phase because we figured it would be a waste of time and money.

How we calculated profit margins

After scrapping the brownie idea, we built on our passion project which was video editing and founded Stand Out Media. Our original idea was to offer our video editing skills on websites like Fiverr but we soon realised that there would be other companies or people with established brands on Fiverr. I came up with the idea to make school emails better as I find normal school emails boring to read, so why not make announcements for events in video form instead? After some more thinking, we realised that we would have a bigger audience and the company would be a lot more profitable if we offered promotional videos for school events. The only problem with this idea is the fact that some people might not want to buy a promotional video but that’s fine as this business has pretty much $0 initial expenditure.

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