BUS202-Case Study of Helene Murphy - Business Management Assignment Help

Assignment Task

Task

Just two years ago. Melbourne mum Helene Murphy was making baby bibs at her kitchen table and thinking of turning her hobby into a small business.She had the product, she had a plan, but she had a few hurdles to jump before she could take her bibs to market."I thought 'How hard could it be?'Two years later, we chat to Helene about the pleasures and pitfalls of how she turned her dream of Mucky Bubba bibs into a small business.

Q. When we first spoke in late 2015, you were looking to take your Mucky Bubba bibs from a kitchen table hobby to a commercial business. You originally looked at patenting and licensing the bibs to a third party but ended up going out on your own. What led to that decision?

Q. I made the decision to do it myself mainly because this was my baby and it would have felt like I was giving it away. I thought, "How hard could it be?' I was also concerned that although licensing to a third party would be lucrative in the beginning, I could lose control of the product in the long term.

Q. You estimated $50,000 was required as start-up capital. Did that projection end up being accurate?

Q. How did you go about raising funds and did you consider more than one funding option?

Q. What kind of assistance did you seek in bringing your product from the DIY stage to a manufactured product? Were there any design or material changes necessary to get it to that stage?

Q. What would you say have been the biggest differences between what you thought having your own business would be like when you started out, and the reality?

Q. Would you do anything differently?

Q. Where would you like the business to be in two years?

Q. What would be your top tips to other small business owners locking to bring a new product to market?

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