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Developing Personal Business Ideas

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Question:

Discuss about the Developing Personal Business Ideas.
 
 

Answer:

Introduction:

The business plans have been critical for succeeding in any new project. They have been serving as the framework for the organizations. They have been also providing the benchmarks to fetch the goals (Boiko, 2016).

The business idea on solar chargeable bag is focused in this report. The following report is prepared to see the opportunity in learning how to perform with others for realizing the business ideas.

The report has summarized the personal ideas of business. It has also included the various model components of a business.

Developing the personal ideas of business:

Every new idea gets its origin from an individual. Everyone is unique in thinking. So do the capabilities of human beings. The ideas never get generated from the thin air. They are born out of the known facts. The business builders generating bold ideas have the high level of knowledge with them. These are there from the prior education or experiences. Firstly the ideas get birth from the listening to the needs of the customers. This also includes the view point of the customers regarding the latest concepts. The entire aspects also include the information collected on the products sold and manufactured, from the outcomes achieved from the program pilots, from the summaries of marketing research and through observing the established methods (Wynne, 2016).

For instance, with the rising demand of the cost-effective solar chargeable bag, many people have been going for opening the business on this. It is a lucrative business and the advantage is that the investment needed has been minimal and the return has been higher. Any employee could see the scope to begin the new business through the automation of the expensive business procedure and the labor intensive. This is done through the software application purchased by any industry.

The knowledge has also been indicating the market research. The actual data and the facts are to be used in the field using that knowledge for developing the business concepts along with the enterprise. The people needing to start the business on solar bag also require knowing the solid format of the concept or idea. The solar chargeable bag where there have been charging plot of the mobile phones and laptops are present. This must also include the manner in which the things have been related to the enterprise (McKeever, 2016). Examples of this are the finances, customer targets, marketing segment, organization, marketing channel, leadership that would branch out from that.

The idea of business plan could be longer. This depends on how complex the fund usage has been. However, the summary of the business plan like that of the loan application has been no more than a page. Under that space, the person would need to deliver the synopsis of the complete plan of the business. The primary elements to develop the business are included here.

 

The business concept:

This has been describing the business, the product and the market it has been serving. This has been pointing out the exact thing to be sold and to whom. This also includes why the business would hold the competitive advantage.

Financial features:

This has been highlighting the crucial financial points of business on solar chargeable bag such as the return on investment, cash flows, profits, and sales. 

Financial requirements:

This has been clearly stating the capital required to begin the business and to extend. This has been detailing the way in which the capital could be utilized. This also includes the equity that must be delivered for funding. As the loan for the initial capital would be on the security-basis rather than equity, the business opener must specify the origin of the collateral (Schaper et al., 2014).

The present business position:

The business initiator must furnish the relevant information regarding the organization, their legal form of the operation as it was created, the primary owners and the key personnel.

The major achievements:

The initiator must detail the developments under the company that has been important for the business success. The main achievements have been including the items like the crucial contracts, the location of the facilities, prototypes, patents that have to need to be in the place for the development of the product. This could also include the outcomes from any of the test marketing conducted (Watson, McGowan & Cooper, 2016).

The essential business model components:

The creation of the business model of solar chargeable bag has not been only about finishing the business plan or recognizing what products are needed to be pursued. This has been also all about the mapping out the way in the ongoing value for the customers could be created. The essential models are discussed below.

Identifying the particular audience:

The targeting of the broader audience has not been permitting the business to hone in on the clients that really require the service to product. Rather than creating the business model, the audience must be narrowed down to few detailed personas of the buyer (Blank, 2013). Every demographics of each persona is outlined along with the general challenges and solutions offered by the company.

Establishing the business processes:

Before the business of solar chargeable bag could go into life, the initiator requires understanding the activities needed to make their business model working. The primary business activities are to be determined by first recognizing the key aspects of the offering of the business. They must also find out whether they have been responsible for delivering the service and shipping the offering or product consulting.

Recording the primary business resources:

The initiator must find out what their organization has been required to carry out regularly, new customers and reaching the business aims. The important business resources are to be documented assuring that business model has been prepared enough to the system the perquisites of the business (Brinckmann & Kim, 2015). Examples of this are the customer lists, intellectual property, warehouses, capital and website.

Developing the strong proposition of value:

The initiator must determine how the business could stand out in the competition. The establishment of the offering of the business properly is to be done. This must also include the finding of why that has been better than the competitors has been the starting of the strong proposition of value.

Determining the primary business partners:

None of the business could function appropriately without the essential partners contributing to the ability of the business to serve the customers. While generating the model of business, the key partners are to be selected. This includes the advertising partners, strategic alliances and the suppliers (Ward, 2016).

Creating the strategy of demand generation:

Unless the initiator takes any radical approach for launching the company, they require the strategy building the interests in the business generating and lead and designed to the close sales. They must query how could the clients find the, what would they do as they understand the brand. Creating the strategy of demand generation has been creating the blueprint of the journey of the customer.

Leaving the room for innovation:

To launch the company and to develop the business model, the business model has been lying on the basis of various assumptions. It has been vital to leave space for the further innovations. The initiator neither must nor make mistake by assuming that the initial plan has been as static document (Simón-Moya & Revuelto-Taboada, 2016). Rather than doing so, they must review that very often and impose the changes as required.

Conclusion:

A business model on solar chargeable bag represents how a company makes or intends to make money by turning its innovation into profit. The business initiator must determine from where to start, how to advance, and when they would know that they have been successful and creating value for the customers. The primary elements of the business of solar chargeable bag are included are financial features, financial requirements, present business position and the major achievements. The essential business model components are the identifying the particular audience, establishing the business processes and recording the primary business resources. Moreover, there has been the developing the strong proposition of value, determining the primary business partners, creating the strategy of demand generation and leaving the room for innovation. Thus keeping the above models in mind, a solid business planning about solar chargeable bag could be created fueling the success of the startup.

 

References:

Blank, S. (2013). Why the lean start-up changes everything. Harvard business review, 91(5), 63-72.

Boiko, V. I. (2016).Methods Of Designing And Implementing A Business Plan In The Cultural Sector Of The Regions Of The Country. In Perspective Directions Of Scientific Researches (pp. 169-172).

Brinckmann, J., & Kim, S. M. (2015). Why we plan: the impact of nascent entrepreneurs' cognitive characteristics and human capital on business planning. Strategic Entrepreneurship Journal, 9(2), 153-166.

Jones, C., & Penaluna, A. (2013). Moving beyond the business plan in enterprise education. Education+ Training, 55(8/9), 804-814.

McKeever, M. (2016). How to write a business plan. Nolo.

Schaper, M. T., Volery, T., Weber, P. C., & Gibson, B. (2014). Entrepreneurship and small business.

Simón-Moya, V., & Revuelto-Taboada, L. (2016). Revising the predictive capability of business plan quality for new firm survival using qualitative comparative analysis. Journal of Business Research, 69(4), 1351-1356.

Ward, J. (2016). Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. Springer.

Watson, K., McGowan, P., & Cooper, S. (2016). Reimagining the extracurricular business plan competition through the incorporation of effectuation.

Wynne, H. S. (2016). 4 Wynnes Boating Manufacturing Company: A Market Analysis and Business Plan for Northwest Arkansas.

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