After a very stressful first semester full of schoolwork and concussions, I managed to submit all my college applications on time. I’m really excited that this process is done as I anxiously await admission results. I am hoping that I will have more free time this semester to hang out with my friends and get up to Mammoth a couple more times before the season is over (more than 72 inches of snow in the past couple of days).
I believe that the most challenging part of the capstone project will be figuring out the problem and our solution to that problem. Once we have a solution that we are passionate about, I expect there to be few obstacles. The only other challenge is the time constraint (the rest of the semester) because the problem we tackle could be hard to complete in only a few months.
The main difference between products that are made for profit and products that are made to benefit others is the price. For similar products, for-profit products are generally more expensive. This is due to the fundamental goal behind the product. For-profit products want to make money while products that are made to benefit others want everyone to have access to them. This is similar to for-profit vs. non-profit organizations because for-profit organizations market their products to maximize profits while non-profit organizations price their products as low as they can while still staying in business.
Simply put, the benefit of for-profit products is that they make money. The con is that not everyone can afford the product. The benefit of a product made to benefit others is that more people can get their hands on the product. The cons are that the seller doesn’t make as much money (if any) and it is harder to expand. An example that highlights the differences between the two methodologies is a Supreme vs. a Goodwill t-shirt. While these products are the same (t-shirt), a Supreme t-shirt is for-profit, while a Goodwill t-shirt is used to help others. The difference is evident when looking at the price.