Feasibility Of Dual Battery Smartphones In The Global Market

Benefits to be Generated by the Idea

Discuss about the Enterprise Resource Planning and Procedures.

One of the greatest mistakes that an entrepreneur can make in the contemporary business world is coming up with a business idea without considering and evaluating its viability and determining whether it is viable. That explains the reason as to why some businesses start and after a while become extinct in the market. Most of them fail because they did not “think big” while generating the business idea. There are vital considerations that one ought to make in the process of determining which business idea to execute in which market (Umble, 2015). For example, one ought to consider the trade policy regarding the proposed business. Other significant considerations are the entrepreneurial gap to be filled by the business idea, the leg requirements, the available market and resources. The purpose of this paper is to come up with a feasible business idea and write a brief report concerning it.

Research shows that people spend more than 80% of their free time in mobile phones and more than 40% of the 24 hours of a day when committed to some other activities (Nah, 2014). Human beings have been addicted to their mobile phones and therefore do not feel comfortable when away from their phones. Another research has shown that the embarrassing and devastating moments in human life is when their phones (especially smartphones) go off or send a signal of low battery while using them (Osterwalder, 2015). From the research, it is evident that most of the smartphones do not have the capability of holding power for more than 24 hours when fully charged. For quite some time, the world has not provided a cool solution for that. Therefore, it would be wise to come up with a dual battery technology for smartphones to reduce power associated problems. Therefore, I arrived at starting a company that manufacturers dual battery smartphones to be located in Australia.

The selected business idea is very crucial in the modern world with the advent and mass growth of social media and virtual connectivity technology. Firstly, it will close that market gap that has existed in the world for decades. It will enable individuals to have mice time with their smartphones without the fear of their power running low. Again, the move will bring about increased social cohesion. Social cohesion is built and sustained by constant communication. The business will make it possible to communicate all the day long without problems. The business will also provide job opportunities both within and without Australia. Increased job opportunities mean reduction of poverty and ye related problems such as malnutrition, robbery, and theft, dependency ratio, as well as help attain sustainability. Again, the business will help improve the living standards of individuals. When they work in the business or vending stalls they earn some income necessary to improve their standards of living. Therefore, the business idea will have a couple of benefits to the world in general.

Application of the Nine Building Blocks to the Business Model

To come up with the best business model, the nine building blocks need to be used. Customer segmentation will be done according to age because smartphone usage decreases with age. The young tend to spend more time with their phones as opposed to the aged (Chesbrough, 2014). The business will give several value propositions to its customers like after-sales services, operating system installation, regularly check up and troubleshooting, delivery, customized manufacturing among others. The business will relate well to its customers and establish constant communication through the social media and advertising through the mainstream media to attract and maintain customers (Joyce, 2016). The business will distribute its products through the dedicated supply chain management team. The revenue streams will come from payment of the products by the customers as well as recurrent payment for the value propositions.

The business will be responsible for acquisition of all the required resources to start and run the business smoothly. The required resources are human, physical, financial and technological (Somers, 2015). The key activities to be undertaken are acquiring resources, manufacture, and distribution of the products. The business will form buyer-seller and strategic alliance partnerships. The costs that the business is to incur are for acquisition of raw materials, manufacturing, and distribution. The cost structure is summarized in the appendix in the business model canvas.

The success of business during execution is determined by the viability of the critical success factors. Firstly, the business will use modern digital technologies. To come up with this product, the business must use sophisticated technologies that will put the invention into practicality (Finney, 2014). Again, it will ensure that there is adequate employee motivation to improve performance. When the employees have motivated appropriately, the result is that their performance increases thereby but coming more productive (Morris, 2016). In avoiding legal complications which may later lead to the closure of the business, the business will ensure that it conforms to all the necessary legal requirements to be able to start and operate freely. Again, the business will employ the criteria of the division of work and specialization where every employee will do what they are best at doing (Jarrar, 2015). All these steps will be aimed at achieving optimum productivity.

The product has a certain market due to the big entrepreneurial gap that will be filled. The business targets 80% of the world’s population using smartphones bearing in mind that none would want to have a smartphone that drains power easily. Distribution of the Smartphone will be done by the supply chain management department. The competitors will be other smartphone selling technologies like LG, Infinix, Techno, Nokia, Samsung, among other developing brands (Yew Wong, 2015). For most of them, their competitive advantages are a proper use of internal resources and having already an established brand. Their weaknesses are flaws in the logistics management and customer relations. Currently, there are no evident barriers to entering the market.

Required Resources and Activities

In establishing the business, around $ 3.5 will be required. Much f this will be used to acquire fixed assets and technical resources. The funds will come from savings, the sale of shares and borrowing. Profits will be ploughed back onto the business to enhance growth and upkeep of the business (Chesbrough, The role of the business model in capturing value from innovation: evidence from Xerox Corporation's technology spin?off companies, 2017). The business will be required to operate for a month or so before making the first sales. It will be required to operate for one more month to reach the breakeven point from where it will start earning profits. Due to the viability of the idea and the fact that it conforms to all the requirements, it is expected that the business picks up immediately.

Conclusion

A fact that has to be appreciated is that all the successful business running in the world was once in the brains of individuals as mere ideas before they were put into practice. The effort has to be taken to determine whether the business that opted for is feasible and whether it can perform when introduced in the market. To come up with a feasible idea, one has to consider a few things among them the exact entrepreneurial gap that ought to be shut by the establishment of the proposed business. Having done that, it now becomes the come to consider other secondary factors like where to locate the business and why, the availability of the market, the legal requirements as well as the trade policy in the trading environment. The entrepreneur is also required to consider the benefits that will come along as a result of the establishment of the business, the critical success factors as well as market and commercial feasibility of the business. Having considered all those factors, an entrepreneur now becomes ready to begin execution of the business until it becomes operational. In conclusion, it is anticipated that the proposed business will perform exemplary well when launched into the market because all the necessary considerations have been made.

References

Chesbrough, H. (2014). Business model innovation: it's not just about technology anymore. Strategy & leadership , 2 (5), 66-87.

Chesbrough, H. (2017). The role of the business model in capturing value from innovation: evidence from Xerox Corporation's technology spin?off companies. Industrial and corporate change, 4 (3), 45-57.

Finney, S. (2014). ERP implementation: a compilation and analysis of critical success factors. Business Process Management Journal, 5 (53), 56-87.

Jarrar, Y. (2015). ERP implementation critical success factors-the role and impact of business process management. In Management of Innovation and Technology, 34 (67), 33-46.

Joyce, A. (2016). The triple-layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production, 3 (5), 29-45.

Morris, M. (2016). The entrepreneur's business model: toward a unified perspective. Journal of business research, 4 (7), 56-78.

Nah, F. (2014). ERP implementation: chief information officers' perceptions of critical success factors. International Journal of Human-computer Interaction, 45 (8), 45-60.

Osterwalder, A. (2015). Business model generation. A handbook for visionaries, game changers, and challengers, 3 (7), 44-65.

Somers, T. (2015). The impact of critical success factors across the stages of enterprise resource planning implementations. Proceedings of the 34th Annual Hawaii International Conference, 23 (26), 50-72.

Umble, E. (2015). Enterprise resource planning:Implementation procedures and critical success factors. European journal of operational research , 3 (6), 65-78.

Yew Wong, K. (2015). Critical success factors for implementing knowledge management in small and medium enterprises. Industrial management & Data Systems , 34 (67), 88-95.