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You are a Business Entrepreneur and you are hired by a team of foreign investors who wish to launch a new Business in your hometown. As an entrepreneur you are assigned to make a market research and examine the customers' demands. According to the research, you are requested to prepare a project and present it to them.
Report:
1) Decide what kind of Business can be launched in your hometown and provide a short description. When it comes to starting a business, there are a lot of factors that are expected to take into consideration before going ahead to invest in any business. Among the factors that need to be considered is the size / population of the city town you indent to launch the business, the level of competitions you are going to face and the availability of the market demand for your services or product.
2) Methodology: Visit the marketplace of your town and conduct a short research gathering data from 5-10 customers randomly (Quantitative Research). Prepare a questionnaire of 8-10 close-ended questions. The research will help you decide what kind of business you are going to propose to the investors.

Size of the market

It is important for any business to consider the factors that will help them in operating in the market in a free manner. The business that will be launched in the United Arab Emirates (UAE) market is that of commercial photography, where it will provide to serve the clients by clicking pictures and videos of the events for which they are being hired (Drucker, 2014). This will enable the clients in creating a memory of the event so that they can cherish it on a later stage. The business will be providing the clients with excellent shots with a personal touch so that it can add value to the needs and demands of the clients (Kirzner, 2015). The name of the company will be ‘Exposure N Shutter’ that will provide efficient services to its clients so that the event can be captured and given to the client at an assigned date in and around the town of Abu Dhabi. The company will be hiring a studio space and hire staffs along with the lighting equipment so that it can serve both types of clients that is who are willing to get clicked within the office premises and the outdoor shoots as well (Kuratko, 2016).  

Size of the market

It is very important to understand the demands of the market that are present regarding the photography business so that it can help in increasing the chances of better level of profits for the business. A survey had been conducted before the launching of the business so that it can help in highlighting the efficiency of the business that it would create in the market (Kavadias, Ladas & Loch, 2016).

Managing the cash flow

It is also very important for the company to manage the monetary resources that are being injected in to the business so that it can be used in a nominal manner that will result in increasing the profit levels in a positive manner. The planning of the business needs to be done in meticulous manner so that it can result in calculating the expected cost that will be incurred approximately and the returns that it is expected as well (Barringer, 2015).

Management skills

The persons responsible for running the business needs to have a clear idea regarding the services that they can provide to the clients and the ways in which low usage of resources can increase the output of the firm (Zikmund et al., 2013). This will ensure that the level of profit increases to a greater extent. The managers also need to make sure that the employees that are hired are given proper responsibilities so that the diversification of the work can increase the level of efficiency as well (Sadgrove, 2016).

Managing the cash flow

Risks

It is important to calculate the risks that may be present in the business so that these contingencies can be taken in to account when the business is in operation in the market. The calculated risks will help the company in tackling the situation if it arises within the market with the help of the necessary resources so that the business does not incur any losses. This will also allow the business to increase its loyalty in the market, as the rival companies may suffer due to the risks that are not calculated by them (Taran, Boer & Lindgren, 2015)

In an attempt to find out the likeliness of the business in the market, a survey was conducted among the customers with respect to photography. This will help the company in analysing the data that has been collected so that the business can result in the maximum satisfaction of their needs and demands (De Reuver, Bouwman & Haaker, 2013). The analysis has been given below:

Age and gender

Age and gender

Less than 18

18-36

37-54

55 and above

Male

1

3

5

4

Female

1

1

4

1

The survey had been conducted on 20 customers in the UAE market so that their views on commercial photography business can be collected. From the analysis, it can be seen that most of the participants were male and the highest number of responses were collected from the age group of 37-54 years (Samu & Wymer Jr., 2013).

Particulars

Never

Rarely

Monthly

Yearly

Responses

Nil

3

12

5

The analysis has shown that the customers have stated that they hire photographers on a monthly basis due to the events that takes place and it needs to be covered by the professionals (Thamir & Poulis, 2015).

Particulars

Less than 1

More than 1

1-3

More than 3

Responses

1

4

13

2

The customers have stated that they hire the photographers for a package of mostly 1-3 shoots. This helps them in covering the entire event and the price that is quoted is also lower than the individual shoots, which helps in increasing their savings (Allen, 2015).

Particulars

Portraits

Headshots

Products

Client’s need

Responses

4

2

3

11

The customers have stated that most of the photographers work according to the needs of the client and also provide them with necessary insights so that the photos can look better. The briefings are done by the clients and the company tries to provide a personal touch so that it can be unique and appealing in nature (Urbano & Turro, 2013).

Particulars

Word-of-mouth

Social media

Photography agent

Photographer website

Responses

10

5

4

1

The customers have stated that most of the photographers that they have knowledge are through word-of-mouth, as it helps them in understanding the quality of work that they have done for their friends and relatives. The word-of-mouth also help the customers in building up a better relationship with the professionals (Sadgrove, 2016).

Particulars

Quality of photographs

Cost of work

Location of the photographer

Speed at which the entire delivery of the image is completed

Responses

5

7

4

4

Management skills

The customers in the survey have stated that the cost of hiring the photographers is the main factor, as their budget needs to be adjusted accordingly. The customers are given the cost according to their requirement, which increases with more number of demands (Allen, 2015).

Particulars

Studio

At-home

Any location

Responses

4

3

13

The customers in the survey has also stated that they prefer outdoor locations apart from home or studio so it can provide a better environment to the photographers in clicking the pictures (Zikmund et al., 2013).

Conclusion

Therefore it can be recommended that the commercial photography business can be started in the UA market, as the customers who have been surveyed has given a positive feedback. The main aim of the business will be to satisfy the needs of the client by providing better level of service along with the flexibility of personal touch, which will create the image in a unique manner. The photographs will be selected by the clients after being clicked, which will then be printed by the company on the best paper that is available in the market so that it can be preserved for a long time. The company will be using different types of cameras along with equipment so that it can cater to all the needs of the clients. The package that the company will be offering are Premium, Super-premium and Exotic out of which the clients can choose and the amount will also vary. Apart from these, the clients also have the option to provide custom package for which the rates will be set accordingly.

Reference List

Allen, K. R. (2015). Launching new ventures: An entrepreneurial approach. Nelson Education.

Barringer, B. R. (2015). Entrepreneurship: Successfully launching new ventures. Pearson Education India.

De Reuver, M., Bouwman, H., & Haaker, T. (2013). Business model roadmapping: A practical approach to come from an existing to a desired business model. International Journal of Innovation Management, 17(01), 1340006.

Drucker, P. (2014). Innovation and entrepreneurship. Routledge.

Kavadias, S., Ladas, K., & Loch, C. (2016). The transformative business model. Harvard business review, 94(10), 91-98.

Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.

Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning.

Sadgrove, K. (2016). The complete guide to business risk management. Routledge.

Samu, S., & Wymer Jr, W. W. (2013). Nonprofit and business sector collaboration: social enterprises, cause-related marketing, sponsorships, and other corporate-nonprofit dealings. Routledge.

Taran, Y., Boer, H., & Lindgren, P. (2015). A business model innovation typology. Decision Sciences, 46(2), 301-331.

Thamir, A., & Poulis, E. (2015). Business intelligence capabilities and implementation strategies. International Journal of Global Business, 8(1), 34.

Urbano, D., & Turró, A. (2013). Conditioning factors for corporate entrepreneurship: an in (ex) ternal approach. International entrepreneurship and management journal, 9(3), 379-396.

Zikmund, W. G., Babin, B. J., Carr, J. C., & Griffin, M. (2013). Business research methods. Cengage Learning.

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My Assignment Help (2021) Commercial Photography Business In The UAE - Exposure N Shutter Essay. [Online]. Available from: https://myassignmenthelp.com/free-samples/ecbs6233-empirical-research/business-model-innovation.html
[Accessed 02 March 2024].

My Assignment Help. 'Commercial Photography Business In The UAE - Exposure N Shutter Essay.' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/ecbs6233-empirical-research/business-model-innovation.html> accessed 02 March 2024.

My Assignment Help. Commercial Photography Business In The UAE - Exposure N Shutter Essay. [Internet]. My Assignment Help. 2021 [cited 02 March 2024]. Available from: https://myassignmenthelp.com/free-samples/ecbs6233-empirical-research/business-model-innovation.html.

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