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Is Blynk A Success Or Failure

Decent Essays

The purpose of this memorandum is to evaluate whether the idea behind the startup company Blynk, will be a success or failure. The company, was co-founded by Shums Kassam (CTO), Engineering Science student at the University of Toronto, and Jaclyn Ling (CEO), Finance and Entrepreneurship graduate at McGill University. Jaclyn also has prior experience in fashion consulting services and had also built a purse brand that sold to customers in over 19 countries.
The idea behind Blynk , providing a personal stylist to all individuals is an innovative one, but in entrepreneurship an idea has no weight unless it can be converted into an opportunity, that provides a 'solution to a problem' and therefore yields profit. In my opinion Blynk will be a great success as it provides a solution to many problems of the current world as well as generates profit. …show more content…

Blynk provides busy individuals a platform to remain fashionable without wasting time going to the retail shops and selecting outfits, as this application could be used on the go. It not only helps fashion conscious individuals, which in today's generation is the majority but will help outmoded people dress better for all occasions and events.
In order to evaluate whether or not this business idea is an opportunity and will be a successful business it is important to analyze five crucial components: (1) customers (2) competitors (3) suppliers and vendors, (4) the government, and (5) the broader global

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