Academic Master

Business and Finance

Four Sources to Collect Information about Business Idea

It is essential for the new venture capitalist to source the proper research method to collect the information about generating the business ideas. The four of the basic research method for business start-up are stated as follows (Weissbrod, 2017):

  1. Start searching on the internet
  2. Go frequently to business/trade show
  3. Call-upon the friend circle
  4. Making a habit to read 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 ups and downs and what the companies have been delivering in the market

Question 2

Business Ideas

Two of the main ideas which I really passionate about are:

  • To invent the car that works on the 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 the 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 the car that works on the solar energy or water
  1. Engineers to suggest model and design
  2. Engine
  3. Proper wiring system
  4. Colour
The available resources include the material from the destroyed cars
And, engineers to design the products
A proper training is required 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

  1. Trucks
  2. Heavy Bikes
  3. Ambulances
  4. Buses

These are some similar products to the cars, which needs to be specified on the solar or electrolyte process in order to save the energy.

Part B

Question 1

Personal attributes, qualities, and skills that belief will help to run a successful micro-business include:

  1. A proper communication Style
  2. The critical thinking and evaluation
  3. The keen focus towards the discipline
  4. Having a competitive sprite
  5. Passionate about getting things done
  6. Prefer to work as a team
  7. Decision making and time management skills

Question 2

The brief description of the proposed business idea is as follows:

  1. First of all, it is required to analyze that the need of addressing the innovation of inventing the car on the solar energy and water electrolytes really exist
  2. The differentiation factor is required to analyze in order to stand in the market
  3. How the promotion aspects will be done and how to make money out of it
  4. 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 strengthen and sharp brand identity Cost-related issues
Engineer is familiar with car manufacturing The problem associated with the solar panel life
The ultimate and unique driving machine The problem associated with the solar energy due to the consumption of exceeding energy

Question 4

Business Idea A product that matches the business idea
To analyze that the need of addressing the innovation of inventing the car on the 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 the teenagers and low-income families. Hence, it focuses on the concept of B2B.

Customer Profile

In this section, the demographics variable, psychographics variables, and buying behavior is 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 fuel system. Moreover, the innovative design will attract the customers

Buying Behavior

The customer buying behavior depends on the need and requirement of the product. However, the customer make purchases by booking online or by visiting the stores

Question 6

Important Business Skills List

Skill Importance
  1. A proper communication Style
The communication style is essential to focus to convey the idea
  1. The critical thinking and evaluation
It is highly needed to signify the car innovations and design
  1. The keen focus towards the discipline
It is required to achieve the targets
  1. Having a competitive sprite
It helps to gain an edge over a competitive advantage
  1. Passionate about getting things done
It helps to complete the task in a limited timeframe
  1. Prefer to work as a team
It helps to work effectively and profoundly
  1. Decision making and time management skills
It helps to get things done in an efficient way
  1. Leadership style
It encourages team building and team working
  1. Conflict Resolution
It helps to resolve issues and problem
  1. 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
  • By distributing a questionnaire to analyze the customers need 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 to availability)
Changes in promotion (Advertisements, Public relations etc.): (The promotion by means of proper advertising channel)
Competition: (Increase or decrease): ( the competition rate increase 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 next 1-2 year 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 source

Question 9

Secondary Information

The secondary information is analyzed from past and historical trends of cars. The information is gathered from the previous researches an article. The use of secondary information helps the venture capitalist to analyze the measure changes by reviewing the 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 natural for assembling 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 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 the problem in the delivering of the car
  • The customer might face the problem of longtime wait

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

Business idea to tap into the new emergence 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 emergence 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 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 last 1 year

It varies according to the demand exist 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 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 circumstance
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 demotivate from 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 & Research24(1), 121-146.
Weissbrod, I., & Bocken, N. M. (2017). Developing sustainable business experimentation capability–A case study. Journal of cleaner production142, 2663-2676.

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