In Monday's lesson we presented our business ideas to the class. I found it very interesting to see what everyone had come up with because, after studying business and innovation for five months, I know that they have a unique perspective on what might be happening next in the evolving book industry. I enjoyed listening to their ideas and found it very useful to hear their feedback on my own.
My business idea is for an online book club, 'Bookfeed'; a monthly subscription service which would offer a free eBook each month and forums to discuss it, as well as other benefits such as frequent articles on books and the book industry, discounted eBooks and the latest reviews. I decided to do this because my research has shown that the traditional book club is dying out, perhaps due to the declining popularity of the physical book and the inconvenience of traveling to meet and discuss it. An online book club would solve these problems, because it would sell the increasingly popular eBook and could be 'attended' from the comfort of each member's own home.
The feedback I got suggested that I need to make my reasons for choosing my demographic more clear, to look more closely at the finance behind the business and to improve my pitching method; I need to draw the audience in and convince them that my business will be a success. This is meaningful feedback that I can use to improve any future business pitch I encounter.
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