It is essential for the new venture capitalist to source the proper research method to collect information about generating business ideas. The four of the basic research methods for business start-ups are stated as follows (Weissbrod, 2017):
- Start searching on the internet
- Go frequently to business/trade show
- Call-upon the friend circle
- Make a habit of reading about the relevant industry
Most Important Factor
While making up my mind about the business idea, the most important factor for me to read about all the details of the supporting industry. It helps me to visualize the industry’s ups and downs and what the companies have been delivering in the market
Question 2
Business Ideas
Two of the main ideas which I am really passionate about are:
- To invent a car that works on solar energy or water
- To start a consultant service to guide students to choose a passionate perfusions
I am going to focus on the invention of the car that works on solar energy. In this regard, the financial estimation of inventing the car is as follows
| Estimated Cost | 45,000 per car |
| Estimated Sale | 100 cars per month |
| Estimated profit | 5,000 per car |
Question 3
| Business Ideas/ opportunities | Resources required | Resources available | Skills required | Skills available |
| To invent a car that works on solar energy or water |
|
The available resources include the material from the destroyed cars And engineers to design the products |
Proper training is required to complete the solar process and electrolytes process. | Hardworking Motivated Time-management Leadership style Decision making Conflict resolution |
Question 4
The Four similar products that match the business idea are
- Trucks
- Heavy Bikes
- Ambulances
- Buses
These are some similar products to the cars, which need to be specified on the solar or electrolyte process in order to save energy.
Part B
Question 1
Personal attributes, qualities, and skills that I believe will help to run a successful micro-business include:
- A proper communication Style
- The critical thinking and evaluation
- The keen focus on the discipline
- Having a competitive sprite
- Passionate about getting things done
- Prefer to work as a team
- Decision-making and time-management skills
Question 2
The brief description of the proposed business idea is as follows:
- First of all, it is required to analyze that the need to address the innovation of inventing the car on solar energy and water electrolytes really exist
- The differentiation factor is required to analyze in order to stand in the market
- How the promotion aspects will be done and how to make money out of it
- How the initial phase implementation will be done
Question 3
The business Idea and its related pros and cons are stated as follows
| Pros | Cons |
| The strengthened and sharp brand identity | Cost-related issues |
| The engineer is familiar with car manufacturing | The problem associated with solar panel life |
| The ultimate and unique driving machine | The problem associated with solar energy due to the consumption of exceeding energy |
Question 4
| Business Idea | A product that matches the business idea |
| To analyze the need to address the innovation of inventing the car on solar energy and water electrolytes | Solar energy boards Electrolytes process |
| The differentiation factor is required to analyze in order to stand in the market. | Solar system Process of electrolytes |
| The promotion aspects will be done, and how to make money out of it | Advertising camping E-advertisement |
| The Initial Phase Implementation | Proper resource allocation |
Question 5
Customer Profile
Major Customers
The major customers for this car are teenagers and low-income families. Hence, it focuses on the concept of B2B.
Customer Profile
In this section, the demographic variables, psychographic variables, and buying behavior are analyzed.
Demographics Variables
| Age | 18 to 35 |
| Gender | Both Male and Female |
| Geographic location | Urban and developed areas |
Psychographic Variables
The people will buy this car because it is cheaper than the fuel system. Moreover, the innovative design will attract customers.
Buying Behavior
The customer buying behavior depends on the need and requirement of the product. However, the customer makes purchases by booking online or by visiting the stores.
Question 6
Important Business Skills List
| Skill | Importance |
| A proper communication Style | The communication style is essential to focus on conveying the idea |
| The critical thinking and evaluation | It is highly needed to signify the car innovations and design |
| The keen focus on the discipline | It is required to achieve the targets |
| Having a competitive sprite | It helps to gain an edge over a competitive advantage |
| Passionate about getting things done | It helps to complete the task in a limited timeframe |
| Prefer to work as a team | It helps to work effectively and profoundly |
| Decision-making and time-management skills | It helps to get things done in an efficient way |
| Leadership style | It encourages team building and teamwork |
| Conflict Resolution | It helps to resolve issues and problem |
| Ability to generate team-building | It defines the maximum output |
Question 7
Market Information
Market information is gathered by focusing following points
- High center around making a solid connection between the client and brand by following a methodology of relationship marketing
- Focus on customizing the showcasing endeavors by following a system of coordinated marketing
- Focus on the utilization of innovation energy to connect with the clients by following a system of ongoing marketing
- Focus on putting the marketing message on the web by following a technique of viral marketing
Customer Information
Customer information is gathered by focusing following points
- By gathering data from the relevant web source
- Distributing a questionnaire to analyze the customer’s needs and demand
Competitor Information
Competitor information is gathered by focusing following points
- By reviewing the market position in the industry
- By visualizing the ongoing market trend
Question 8
| The market trends over the last 1- 2 years for your product or service and project future trends for the next five to 5 years: Last 1-2-year changes in similar products : |
| Changes in Product (more advanced techniques to increase the solar system and electrolyte efficiency |
| Changes in Prices (The change in pe vary according to the technological advancement) |
| Changes in where people buy the product (Place): (They can also make purchases from online stores as per availability) |
| Changes in promotion (Advertisements, Public relations etc.): (The promotion by means of proper advertising channel) |
| Competition: (Increase or decrease): ( the competition rate increases as solar energy is cheaper than fuel |
| What are the underlying reasons that account for these past market trends? (Customers demand innovation and technological advancement) |
| What sources of information did you use to answer the above questions? (The both primary and secondary information is used in order to answer the question) |
| Possible changes in the next 1-2 years in similar products |
| Changes in Product (more advanced techniques will be used) |
| Changes in Prices ( varies according to the innovation and advancement techniques) |
| Changes in where people buy the product (Place) ( might occur) |
| Changes in promotion (Advertisements, Public relations etc., social media camping |
| Competition: (Increase or decrease); (the competition rate increase) |
| What are the underlying reasons that account for these future market trends? (Customers demand innovation and technological advancement) |
| What sources of information did you use to answer the above questions? Both primary and secondary information sources |
Question 9
Secondary Information
The secondary information is analyzed from past and historical trends of cars. The information is gathered from previous research and articles. The use of secondary information helps the venture capitalist to analyze the measure changes by reviewing past trends (Waston, 2018).
Question 10
Rights and Responsibilities of a Customer and Business Owner
- It is the responsibility of the business owner to Sharpen and fortify brand character
- It is the responsibility of the business owner to Engineered in approach to nature for assembling the best auto on the planet
- It is the responsibility of the business owner to offer one of a kind and extreme machine for driving
- It is the responsibility of the business owner to guarantee to convey the best esteem, involvement, and conviction to potential clients
- It is the responsibility of the customer to stay loyal to the brand
- It is the responsibility of the customer to promote the brand
Problems Experience with customers and solution
- The customer might face a problem in delivering the car
- The customer might face the problem of a long wait
The solution to the problem
- Achieving goals in a time-frame manner
- Long-term target with the backup registrar
Question 11
Business Idea to Tap into New Emergence Market
A business idea to tap into a new emerging market at the initial stage is not acceptable because the owner is in the initial working phase.
Associated Risk of Entering into Emergence Market
However, some of the associated risks of entering into an emerging market are:
a) Availability of a number of choices
b) Cost-related hazard
c) Risk related to solar-based vitality framework because of devouring surpassing vitality
Question 12
Possible Risk Associated with Business Idea
| RISK AREAS | ||||||||
| Commercial & Legal | Economic/ Financial | Technology | Operational | Political | Management Controls | Human Resources | Natural Events | WHS/Environmental/ Disability Access |
| Failure of policy implementation | Economic recession | The rapid change in technology | Low working efficiency | Political instability | Lack of management control | Poor recruiting method | Disaster | Lack of Electricity |
| Less focus on laws and regulation | Price floor and price ceiling | New innovative techniques | Failure of solar panel | Government interference | Frequent hiring | Hiring inappropriate trainer | Storms and floods | Lack of water resource |
Question 13
Demographics Changes in the Target Market for the Next 2 to 3 Years
| Age | 18 to 50 |
| Gender | Both Male and Female |
| Geographic location | Urban and developed areas/ rural areas |
| Income | Both low/ high-income customers will be targeted |
Question 14
Changes in prices within the last 1 year
It varies according to the demand that exists in the market. However, a little change in prices will be considered as business activities have been performing at the initial level.
Projected changes in the availability of resources you may require in the next 1 year:
- The more advanced use of solar system
- The more advanced use of electrolytes
Question 15
Market trends and new developments
Considering the market trends and new product/service developments, identify the potential impact on business your ideas.
In order to visualize the potential business impact, it is essential for the owner to focus on the following circumstances.
In a request to prevail in objectives high spotlight would be made on in-build capacity
Always center on the positive point of view
Learn to acquire alteration and modification in life
Do not detect the dread of losing force and disappointment
Do not be demotivated by the negative aspect
References
Watson, K., McGowan, P., & Cunningham, J. A. (2018). An exploration of the Business Plan Competition as a methodology for effective nascent entrepreneurial learning. International Journal of Entrepreneurial Behavior & Research, 24(1), 121-146.
Weissbrod, I., & Bocken, N. M. (2017). Developing sustainable business experimentation capability–A case study. Journal of cleaner production, 142, 2663-2676.
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