The Market Gap
Discuss About The Energetic Economic Feasibility Associated.
In the modern business world, businesses are faced with several problems, among them competition. For businesses to remain relevant and maneuver up well, they should be established from a thorough consideration to determine whether the business idea is viable or not. In the process of coming up with a business idea, some factors should be considered. These factors include and are not limited to the market gap to be filled by the business upon execution, the type of commodity to be sold, the level of competition among others. Upon coming up with the business idea, it becomes imperative also to determine the benefits that will be brought by the idea when implemented into the market, the critical success factors as well as the evaluation of the business feasibility. Now, after all the necessary considerations were made, the business idea that was reached was coming up with a mobile device that serves both the functions of a smartphone and a computer to make operations convenient and executable using only one gadget. The user will be able to use the gadget like a mobile device and then toggle back to computer mode and execute computer-related operations.
Research shows that most of the world’s population uses both mobile phones and desktop computers daily because some of the tasksthey want to perform can't be performed by a gadget using Android technology (Amit, 2016). It won’t be shocking to see people carrying both their laptop and smartphone daily just because they don’t have one gadget that can perform the required tasks altogether. As a result, therefore, it would be imperative to introduce into the global mobile device that can perform both communication and desktop operations. The reason for choosing this business idea is that it will fill a wide entrepreneurial gap that has existed for decades and bring about convenience in doing things related to computing (Aversa, 2014). Again, most of the people in the world are using smartphone technology and have the zeal to perform more using the convenience of their single gadget. The paper is aimed at writing a report that briefs about the business idea.
The benefits of the business idea are three dimensional, implying that the business will be beneficial to the founder, the customers and the general public. The founder willbe able to earn income from the business resulting to improved standards of living and increased social status for coming up with a viable and feasible business idea that not only focuses on earning profit but also benefiting the general public (Bartkowski, 2015). From a client perspective, the business idea will make computing operations easier and convenient as people will be performing all the tasks in one device. It will also reduce time wasted switching from one device to another. For instance, most of the workers have to use mobile phones for communication and switch to a desktop computer to log into the organization system and possibly feed data into the system just because the system does not have a mobile site (Bocken, 2016).
The Benefits Generated by the Idea
The business will create job opportunities that will leave several people employed. When people get employed the dependency ratio declines, and the level of poverty consequently decreases (Cooper, 2016). By so doing, the business will be helping to attain sustainability because one of the major goals of sustainability is poverty eradication. By reducing the level of poverty, the business will help fight social evils like theft, robbery, and prostitution which are fueled by poverty when most of the people can’t adequately provide for their basic needs (Douglas, 2016). The business will also lead to an increased Gross Domestic Product of the host country. Increased GDP means an increased per capita income which is an implication of economic growth thereby improving the living standards of the citizens. Again, the funds paid to the government by the business in the form of corporate tax can be used to improve infrastructure and social amenities in the country thereby enabling people to live good lives.
The product is expected to have a high demand because it is a new invention that provides quality products with no competition because the idea is a new invention. The customers targeted by this business are the mobile and desktop users who would opt to have one device that meets all their requirements (Hong, 2016). The target market is more than 90% of the smartphone users globally. The business will also aim at diversification to reach out to all the smartphone users in the world. The gadget is expected to have a high market demand due to the innovative technology involved and the ability to perform dual tasks at the same time from the same device (Kert, 2016). The role of distribution will be charged with the supply chain management that will ensure that the product reaches the final consumer in an effective manner and the right state. The business does not have evident competition because it’s a new invention that has not yet been established in the world.
Less than 500 USD will be required to start the business where the business will use the criterion of ploughing back of the realized profits to ensure that it grows and diversifies its market. Finance will be gotten through the selling of shares and debentures as well as borrowing (Lin, 2017). The business will only be required to operate for less than a week to make the first salesand approximately two months to reach breakeven sales volume. It is certain that the business will thrive immediately because of proper planning and the factthat all the necessary considerations have been made.
Evaluation of Feasibility
The business model suggested in this business is the long tail business model. This model targets the customer segments that are more profitable to the business in the provision of value propositions (Nanlohy, 2017). Customer segmentation will be based on the age to have three segments, i.e., the young, the youth and the aged. The youth will be targeted in the provision of value propositions because it is they who use these devices for a long time and therefore targeting them would be cheap and cost-effective (Somers, 2016). The key resources needed in the company are human, physical, technological and financial resources (Nelson, 2014). The value propositions are the change of operating system, system upgrade, and maintenance. The key activities are the acquisition of raw materials, manufactory, and distribution. The key partners will be commercial banks, insurance companies, and mobile service providers. The role of distribution will be undertaken by the logistics management component of the supply chain management.
During execution of the business, several critical factors will help the business thrive well. Firstly, high technology will be employed to make sure that the products manufactured are of the best quality and that they meet diverse customer requirements. Again, the business will enjoy the benefits of monopoly since there are mo rivals in the business as it is a new idea that has not yet percolated around the world. The business will also ensure close customer relationship so that they feel part of the company. The business will also apply the idea of division of work and specialization to ensure that employee performance is increased (Prasad, 2015). When the idea is used, each employee does what they are best in and what they have been used to doing for quite some time hence increased performance. The business will also be very considering when hiring workforce. The highly skilled workforce will be hired to ensure that good business culture is set and that high productivity is achieved.
Is it possible to run a business without competition? Can a business benefit not only its founder but also the general public? These are some of the questions that most of the people ask themselves. The answer to the questions is straightforward that it depends on the choice of the business idea. A business idea that is arrived at after adequate consideration can enjoy monopoly benefits and be in a position to benefit its founder and the public. Sone of the factors to consider in coming up with a feasible business idea is the entrepreneurial gap existing in a certain market, the level of competition, the amount of capital required to start the business, where to locate the business, among other factors. It is important to also consider the benefits of the business, its critical success factors during execution as well as the appropriate business model. Therefore, since the necessary considerations were made before coming up with the idea of the dual purpose device, it is anticipated that the business will do exemplary well in the market.
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