It is unbelievable to me to be sitting here writing to those who have followed this post to tell you that I am in my last module for the MBA, and I am thick into the Career Applied Research Project.
It has been such a busy and intense time that I didn’t even get to writing about my last module, Business Strategy, culminating in a Strategic Business Proposal for Ruby Red Jewellery, preceded by an Environmental Analysis assignment for my business. Both were highly advantageous to structuring my business and improving strategies to secure a brighter, more profitable future for the company. I had to do a competitive advantage analysis, which threw me right into answering the following question: What is it that Ruby Red Jewellery does differently from everyone else?
Jewellery is a highly competitive and saturated market, so it was incredibly useful to drill down, be honest with myself and find those aspects of the business that set me apart from others. Even though the differentiating areas of my business are not unique, such as repurposing metals and gemstones, re-modelling jewellery into new bespoke designs, simply the thought-provoking nature of examining one’s own company while looking into key competitors, their market share, and my company’s core competencies and competitive advantage, led to me creating a new vision for Ruby Red Jewellery: To create enduring bespoke jewellery without mining using only repurposed precious metals and gemstones.
That day was pretty exciting for me! I didn’t really have a vision written down. That is what my future plan for the company is. And so it has begun. My three-year goal is to be providing 90% sustainable jewellery, with a continued vision to become 100% sustainable. Next year, I will launch my first sustainable ready-to-wear bespoke line of jewellery, which will be available on my new website. How do I do that?
By slowly collecting second-hand gemstones and only using repurposed, refined precious metals through a trusted refinery and my workshop, where we are already working with many clients to repurpose their jewellery. Once I had decided to take this path, the next part of the assignment was to do a business risk, and mitigation dive into the obstacles Ruby Red Jewellery might experience and create a strategy to overcome those obstacles.
As you can see, it is a very useful degree to do! Thank you, WNA, Navig8 Biz, and Ducere Global Business School. Even though I now wallow in the self-pity of this gigantic Research Project, which will see me hit the finish line on 2 December, I still have room for excitement and gratitude. I am doing my Research Project on what consumer perception of Laboratory-Grown Diamonds is and how this is driving change in the Australian Jewellery Industry. This research question (among others) was driven by being approached several times to supply and work with these disrupters in our industry. I have no problem with them, but the burning question is whether they are truly environmentally sustainable, as they are being sold. Do consumers care that they are devaluing rapidly? I can only supply these lab-grown diamonds if they align with Ruby Red Jewellery’s vision to become a 100% sustainable jewellery supplier.
If you would like to contribute to my research, I have two surveys that will help me get an idea of consumer perception. I’d be eternally grateful if you took them. The Thoughtz survey has four questions, no written answers, and the possibility of winning $50 if you put your email address in! The Survey Monkey one has only three quick questions.
My next and final blog will explain my research and the solutions I have devised to move forward in this rapidly changing information age. Stay tuned, and thank you for reading so far! I look forward to seeing you at the Awards night to celebrate our wonderful members who are making an Impact.
Click on these links for the surveys:
https://www.surveymonkey.com/r/9KX5F7M
https://tms.thoughtz.com/tokenLink/66e399c40fb110768b957b6a?linkType=SMS
