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Speedster shoes are a new business idea that combines fashion shoes with self-adjusting wheels. This allows customers to easily move across any terrain while also wearing the shoes normally. The document evaluates the strengths of this idea, including that it is environmentally friendly, solves mobility issues, and meets customer needs in the Vietnamese market where traffic is often an issue. It also considers industry opportunities as the global smart shoe market is growing and competition is low. Finally, it analyzes founder strengths and outlines the financial plan to develop this new product over five years, finding that the idea shows potential to succeed on the market.

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Thu Phương Phạm
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25 views

Essay

Speedster shoes are a new business idea that combines fashion shoes with self-adjusting wheels. This allows customers to easily move across any terrain while also wearing the shoes normally. The document evaluates the strengths of this idea, including that it is environmentally friendly, solves mobility issues, and meets customer needs in the Vietnamese market where traffic is often an issue. It also considers industry opportunities as the global smart shoe market is growing and competition is low. Finally, it analyzes founder strengths and outlines the financial plan to develop this new product over five years, finding that the idea shows potential to succeed on the market.

Uploaded by

Thu Phương Phạm
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Our business idea is speedster shoes, a combination of fashion shoes and self-adjusting

wheels. This shoe saves users time and money and is especially trendy. With these
speedster shoes, customers can go on any terrain and unleash their will. You can wear your
shoes as usual or quickly move to the position you want with the addition of the touch wheel.
You can easily adjust the speed of the wheel on any terrain when using it. Assessing this
business idea, I find it really a breakthrough because, in the market, especially the
Vietnamese market, a shoe with integrated wheels solves a lot of problems in daily life.

Based on the first screen, I can evaluate my business idea by following these steps:
Strength of the business idea, Industry-related issues, Market and consumer-related issues,
Founder-related issues, and Financial issues.

The first is the power of ideas. Speedster shoes are considered environmentally friendly
because they do not directly release any kind of smoke into the air like other means of
transport. Besides, it also solves the problem for consumers, which is to move more quickly
on any terrain and easily carry a bag. Especially in the Vietnamese market, traffic jams
happen often; with this speedster, customers can be assured of this problem, move quickly,
and be environmentally friendly. These shoes have almost solved all problems for
consumers compared to competing products that are already available: they are compact,
convenient, environmentally friendly, and can be controlled at will through a dedicated
application. Really, this shoe is quite appreciated compared to other products on the market,
creating a new wave that makes moving easier.

The second is industry-related. It can be said that the competition for our products is low.
Although there are many models of shoes with wheels on the market, they have not been
integrated with technology or optimized for functionality. The growth rate of the industry in
the future is very wide open because the Vietnamese market is quite in need of products that
can help traffic congestion or travel problems become easier. Based on a report by
ResearchAndMarkets, the global smart shoe market size has reached a value of 226.92
million dollars in 2021 and is expected to grow at a CAGR of 16.5% during 2022–2027.
Additionally, the report also mentioned that the market's growth is driven by the increasing
adoption of wearable technology and the rising demand for fitness and wellness products.
Not only the Vietnamese market but wherever it is, this market is always open.

Third, there are issues related to the market and customers. The smart shoes sector covers
various materials for different types of customer groups like children, women, and men, or
for specialized purposes such as winter boots, heated boots, athletic sneakers, snowboard
boots, or protective footwear. In Vietnam, based on the data released by Statista, from 2020
to 2022, the spending of customers on sneakers and leather footwear had increased by
20.99 million dollars and 14.6 million dollars, respectively. Our shoes are priced at 4 million
VND, in line with the purchasing power of customers. Compared to other products, this is
really a reasonable price because it is both convenient and compact, and the experience it
brings is not inferior to other products. Regarding the level of customer awareness about the
new product, the company has used advertising and marketing campaigns to help
customers learn about it. Marketing mainly on social networking sites is being considered an
advantage in line with current 4.0 technology. Clearly outlined plans help the company run
better, and the product gets to the customer easily. A marketing budget plan is a detailed
roadmap outlining the costs of all marketing strategies and tactics involved in achieving the
intended results. This plan provides visibility into both the specific goals of the marketing
team and the costs needed to achieve those goals. Since our product is a brand new one,
there will be relatively large costs for the first year. The product's growth potential is
assessed at a high level because it is a product that combines both fashion and technology,
offering an optimal user experience.

Then there's the issue of founders. It would be quite difficult for our product founders
because of their lack of experience in this area. And this is also a fairly new product, so
accessing it takes time to research and learn. However, our founder will further improve by
understanding the market the company pursues. Besides social skills, she has enough skills
to be able to manage and implement product development plans. Our founder's desire to
build a product to solve problems for customers is quite appreciated. Finally, I believe that
the founder's inherent experience allows him or her to manage a team and build a strong
organization.

Finally and the financial problem. The cost of setting up our business or investing in our
organization for about 5 years is about VND 4,453,00,000. This amount comes from a bank
loan of VND 1 billion with a mortgage interest rate of 5% per year from Vietcombank and a
term of 3 years. The capital will be devoted mainly to fixed capital investment and working
capital. Our initial investment is average. Breakeven is one to two years later. The
company's financial position is stable. Financing for product development is clearly outlined
at around $500 million a year. The cost of setting up the company for a year is about 4 billion
453 million VND. This is quite a high level of finance to be able to develop products in the
future.

In general, speedster shoes are considered viable on the market. It is a fairly new product,
but it solves all consumer problems, such as being environmentally friendly, fashionable,
compact, and applying good technology. Our business product has really brought a new
wave to the market.

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