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Economics 2.02 Factors of Production
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Assignment for economics 2.02 factors of production what will you produce for whom how will you produce overcome roadblocks
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Part AName your business: LuxStock
What will you produce? For whom?: LuxStock is a company that allows you to purchase authentic pre-owned luxury goods for a fair price. Secondhand goods will be verified for authenticity by professionals and priced accordingly by certified appraisers. LuxStock will only sell authentic items that are in good condition. This business is for those who appreciate the value and quality of luxury brands, but do not prioritize the newness of the item and therefore want to pay a fraction of the price. It is also a platform for owners of luxury goods to sell their items through a trustworthy company.
How will you produce?: -Land: As a company that serves as a bridge between previously produced goods and their new owners, we do not have any need for raw materials. All that is needed is materials like paper, beverages, and food for the employees.
-Labor: Experts in luxury brands, certified appraisers, advertising, PR, accounting, web design, graphic design, business management, branding, and customer satisfaction.
-Capital: Money to fund startup costs, employee compensation, office space, parking, computers, internet, and furniture.
-Entrepreneurship: Apply for business loans, create proposals to potential investors, build a customer base through advertising.
Anticipate and overcome roadblocks: A roadblock I anticipate running into is limited resources.
As a company that is just starting up, we do not have a large customer base or repertoire in the industry. I will have to find investors and take out loans to finance the business at first. Part B
Julie Wainwright
Julie Wainwright is an e-commerce entrepreneur and the founder of The RealReal, one of the most successful online luxury consignment websites. The company has amassed $288 million in funding and over $500 million in revenue since 2011 as of 2018 and is on its way to become a billion-dollar business. Wainwright came up with the idea of The RealReal when she witnessed a friend spend “$5,000 in 20 minutes” on consignment items in a store. She wanted to establish
an online platform where consumers could purchase consignment luxury goods that they could trust was authentic. The RealReal sold over 250,000 items in its first two years. Sources:
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