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Bigger Foot Case Study

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Bigger Feet – Case study

October 29th of 2012 Kiara M Prof: Christine Clark

Bigger Feet (Case study nº 1) Entrepeneurship and New Ventures

Business opportunities are typically born when someone sees a problem, and then finds a solution to that problem. For “Bigger Feet”, the opportunity came to the entrepreneur in 2004 because his founder was having difficulties finding shoes that fit his 13 sized feet. Through his mother advice after a frustrating experience in a shoe shop, he then got the idea to start a website where people with large feet could order their shoes. After researching the market by meeting manufacturers and visiting trade shows, it was for him apparent that there was not only the means to a big foot wear company but also the market demand. This solved a big problem for many, and that is the crux of any big idea – finding a solution to a unique problem; And how not, if statistics say that across the UK, arounf 1 million people has bigger than average feet, size 12 and above for men and above 9 for woman.

The site was launch in 2005 and incredibly sold his first pair of shoes within half an hour! Within several weeks, “Bigger Feet” sales had gone international, receiving order from Saudi Arabia, USA and The Netherlands. In the following months, both Bigger Feet and Oliver got stronger. After winning the “Make Your Mark – Lloyds TSB award for teen entrepreneurship he started appearing in sources such as, the Finantial Times, Daily Mail, The independan ton Sunday, CNN, BBC1 and other local and international media.

Oliver, the entrepreneur behind Bigger Feet, had many successes with his startup. He has manage until today to remain profitable. He doesn’t require large amounts of venture capitalism. Bridge has been able to make negotiations with suppliers that allows him to operate with very low levels of inventory, avoiding the risk of storing large amount of stock and reducing his liabilities and working monetary problems creatively - as he explaines to startups.co.ukAlthough Oliver has had a big success with Bigger Feet, he has also had failures. The bigger example is his many failed tries to reach brands such as Nike and Reebook as one of his suppliers, he can’t seem to land them and get their serious attention, “They didn’t want to hear it at all… The representative gave us a business card and basically told us to get lost”. This, perhaps could have been arranged had he invested more in his business. Many people with above average sized feet will want to wear tennis shoes at some time in their life, and having those brands would give the site a big edge.

Bigger Feet is a sustainable business, because it will not lose massive amounts of capital during rough patches. He keeps a lean inventory and has good relationships with many shoe brands. The items that he sells are quality goods. If there is a bad month, all he’s out is the cost of his internet connection. Even though the business is sustainable, there are lots of opportunities to grow. The site could go from a just-in-time inventory system to buying shoes in bulk. This would involve the influx of capital from venture capitalists and other methods. However, it would make the company larger, and that could make vendors such as Reebok and Nike take him more seriously. Furthermore, he could expand internationally to the United States, where the plus-size shoe market has grown over a 10% a year (following 2008 statstics), showing that in the US, 12. million people can’t find shoes that feet correctly. Markets like this and other countries where men and women have a tendency to have larger than average feet could be a big opportunity for “Bigger Feet”.

Today, 21 years old Oliver Brige categorize himself as a serial entrepreneur, as he explains to yourhiddenpotential.co.uk; Even though he doesn’t own a conglomerate of succesfull businesses, he is constantly thinking on new opportunities. Describing himself and his actual work, it’s all about the midset and hungry of success and viability of his own achievements.

Sources:

-­‐ http://ezinearticles.com -­‐ http://www.thefreelibrary.com/Sole+man%3B+ONLY+17,+AND+BIG+IN+SHOES.-a0138976552 -­‐ http://www.arabnews.com/node/386617 -­‐ http://www.startups.co.uk/bigger-feet.html?page=2 -­‐ http://www.yasni.com/oliver+bridge/check+people -­‐ http://yourhiddenpotential.co.uk -­‐ http://www.theday.co.uk…...

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