Posted on : 2024-03-08 02:58:38
Article : Good evening, Friday Management TASK 284- An innovative out of box business idea that made markets look at- Exclusive Male jewellery and accessory sales outlet by local artisans of Australia.
Management related articles need not necessarily restrict to companies’ performances, or market competition or business regulations and policies of different countries or job functional related examples, marketing/advertising and brand management/innovations. Many articles do speak about business strategies, market research, new business opportunities. Similarly Wings of Management has offered few of their articles on various new business models, start-up success stories and many more to encourage new entrepreneurs and to guide existing business entrepreneurs for corrective actions to succeed in their endeavours, these are apart from our handled projects in different countries for top global companies. Now this Management TASK-284 is another business angle to think and doing different, gaining opportunistic local governments and communities help that encourage business development.
It is very common that entrepreneurs choose their business in established product sectors or services path for their start-up companies. Few opt for innovation in technology or products, but very rarely some will think out of box to start something unusual or unique that has very low business opportunity but can ultimately succeed with their multifaceted efforts. In this TASK 284 we discuss on Exclusive Male jewellery and accessory business- a rare segment operated by a small business entrepreneur from Melbourne -Australia. His ideology is “make in Australia” model to encourage local small artisans and could succeed in his business model. “Lord Coconut” is a men’s jewellery and accessory retail outlet located on the fourth floor of Mitchell House in central Melbourne.
“Lord Coconut” is the unique vision of proprietor Mark Boldiston, who is driven by a passion for local artisan craft and a strong desire to support fellow small and micro operators in Melbourne. In fact, most of the jewellery and accessories sold at Lord Coconut are produced by local micro operators. Mitchell House is a rare example of Art Deco among Melbourne’s mix of nineteenth-century facades and glass boxes. Lord Coconut is likewise something of a rarity: selling jewellery and accessories for men only and showcasing innovative, even avant-garde designs in unique retail space that recalls more an old curiosity shop or natural history museum than a showroom.
Mr. Mark had left his job and took six months off to frame his passion of business idea. With the great passion of Australian made, he had a lot collection of hand-crafted cufflinks for self and necklaces he bought for his wife. Growing his sustained passion, he decided to get into the business of hand-crafted men jewellery made by the local artisans. This led to the realisation that as a collector at heart; Mark was drawn to pretty, shiny little things like jewellery. He was already aware of the extensive female contemporary jewellery stores in Melbourne, which he did not want to compete against, but he observed there was a gap in the market as there was nowhere specialising in jewellery for men.
With this thought he moved further scouting for outlet location which is crucial for any business enterprise. Location may bring in more advantageous support from local government bodies and even communities as this does happen in every geographic area. Based on this one can strategize their operation model.
Post your comments on what should be preferred location for Men exclusive Jewellery store that works with local artisans. Our solution with thoughts on location selection will be posted on Good Monday Morning Solution for TASK 284 post on 11th March 2024.
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