Long Lasting Bank Relationships And Growth Of Firm

Discuss about the Long Lasting Bank Relationships And Growth Of Firm.

Today, many individuals are preferring to start self-managed businesses and for the right reasons. Approximately, a big number of people may expect more than two business ideas during their life time. Those leave the employment often think about the first or the second business idea. Additionally, those retiring as well think on what to do next. Hence, starting a new business is in the reach of almost every individual overwhelming those employed and unemployed (Anonymous, 2013).

This business idea is centered on improving the management of small-scale fisheries in Australia by introducing the modern technology of personal computer software and mobile enabled auto-feeding robots. Among the fishing organizations, the diversifications of fisheries are an essential strategy to owners of fisheries in relation to the variability within the market .(Simpson, Barber, & Winfield, 2018).

Fish from the small-scale farmers have not been able to compete in the market due to their low quality. The poor quality is contributed by potential compounding aspects like the environmental changes which makes it a big challenge in predicting the conditions there for their growth. Hence in this piece I will embark on introduction of auto-feeding robot technology in small-scale fisheries which are able to provide the right and quantity of feeds in order to sustain the growth and development of fish. The technology will as well help in preventing any unnecessary feeds from forming the waste which would pollute the pod. These auto-feeding robots will also have feed-need sensor that will be able to detect when the fish want to feed and this will assist greatly in reducing feed wastage. The technology does not demand the person to be there to control it since it can be controlled through a personal computer software and developed mobile application Therefore, the main targets of this technology are generally small-scale fisheries owned by the individuals, small firms and families (Lien & Chen, 2013).

• Takes the advantage of the environmental trends - strong
• Solves the problem - moderate
• Fills the gap within the market place – moderate

2. Time of entry in the market – very timely
3. The extent to which the idea add value to the end users – High
4. The extent to which the customer is satisfied by the idea – moderately satisfied.

The extent to which the business idea requires the consumers to change their basic practices – Moderate changes.

The primary necessities for the sustainable growth of small scale fishery communities is the future of good management procedures. The technological management knowledge is an aspect which has not been embraced by almost all small-scale fishery firms in Australia. The technology is only used in large scale fisheries hence these industries are able to stand out in the competitive fish marketing compared to SSFs (small scale fisheries). Therefore, there is need for small-scale fisheries to improve their management skills for the purpose of securing sustainable market growth. Currently, the right competitive advantages have been established by the available new technologies for crucial investments of profitable resources. Such promising opportunities can help the small-scale fishery firms in Australia to put their profits back in their firms. The use of auto feeding robots on small-scale fishery firms portrays the initial phases since its also a big challenge in determining its adaptability in the firm. The key role that should be played by the small-scale fisheries in supporting the economic growth in Australia has not been attained due to their slow growth. Therefore, I believe by incorporating the auto-feeding robots small-scale farming, will help the farmers to increase their productivity. Tech-oriented management process will as well help the farmers to link with different individuals and other organizations across the globe through the online platforms. This will in tern facilitate the establishment of other opportunities like funding. The small-scale fisheries are always believed in receiving low operating margins compared to other large-scale fisheries (Gambini & Zazzaro, 2013). The following are the industrial-related issue scores:

The Extent to which the Idea

Number of the competitors – Few (0)

The stage of industry life cycle – Emergence phase (+1)

The importance of the services to customers – Strong growth (+1)

The industry operating margins – moderate (0)

• The benefits

The main target market for this mobile application and personal computer software enabled auto-feeding robots are the small-scale fish farmers in the Australia. There are a wide range of market entry barriers that may help in preventing other potential rivals from entering the same market or an industry. Some of these may be monitored by the organization itself or incorporating the government. In this I shall employ self-monitory and government protecting my mobile app and computer software auto-feeding robot technology. On the government part, I will ensure have obtain the license and patent for the product. I will as well obtain the trade secret to discourage other competing organization from getting the product through the legal methods. The technology shall be advertised in all social media and through free demonstration on the farmer’s farm in order to create awareness (Varadarajan, 2017). Thus, marking a high growth potential of marketing the product.

Identification of the target market – identified (0).

The capability of creating barriers to entry – Can create (+1).

The purchasing power of the customers – High (+1).

Ease of making the customers aware- High (+1).

The growth potential of the target market - High (+1)

The auto-feeding robot was first used in Japan by the fisheries workforce. The technology is used in supplying the feeds to fish on a specific schedule and help in monitoring other parameters like changes in temperature. However, the tech-management system has not been able to incorporate other small-scale fish farmers in many states. This has been facilitated by its user complexity and flexibility. Hence by introducing the mobile application it will be more flexible and can accommodate more fish farmers overwhelming those practicing small scale farming in Australia (Ibrahim & Ismail, 2015).

The founders experience in industry – moderate experience (0).

Founder skills in relation to the new venture – moderate skills (0).

The level of investing in mobile application and personal computer software enabled auto-feeding robots is generally low depending on the development and growth of country’s economy. For the small-scale farms in developed countries like the Australia, the cost of investment is essentially low (Pomeroy, 2012). Although the field needs some analysis by the fishery economists to provide the fish farm owners with clear information on the investment plans. As a mobile application enabled and personal computer software owner auto-feeding robot’s business owner, the revenue will come from charges paid by the farmers in order to use the service. Each farmer will be required to pay around 15 dollars each to download and install the mobile and personal computer software as well as auto-feeding robot’s installation fee. The technology will as well invite the individuals who wish to learn small-scale fish farming from various farms and certain subscription fee will be charged on them (FAO, 2015).

Identification of the Target Market

An efficient business must operate within a surrounding characterized by dynamism and information which helps it to thrive in a competitive market. The other similar business is Docomo mobile phone operators based in Japan. Their main role is monitoring the changes in temperature within the seaweed fishing farms. Then the information is sent to the experts in their mobile application to take the right measure to rectify the condition. According to Docomo mobile operators, that technology is able to attract more consumers which has significantly increased their finances (Castello, McGrath, & Beck, 2011).

The source of income for this technology will come from the cash raised through Kickstarter crowdfunding website. This will begin with a set goal to raise about $ 5000 within a period of two years through the strangers, family members and friends (Bœuf, Darveau, & Legoux, 2014). The financial issue score is as follows;

Investment capital – moderate (0)

Number of revenue drivers -  more than three (+1)

Time to break even – more than two years (0)

The financial performance of the similar business – Strong (+1)

Ability to fund initial product – high (+1)

The overall potential

Conclusion

For many years, fishery owners have shifted their efforts among the fisheries due management issues. The main objective of this technology is to increase the percentage rate in fishery and a significant increase of the income in Australia. Furthermore, the old management strategies are not able to address the management issues among the fisheries. Thus, the new technology will as well attract more individuals in fish farming.

This business idea will basically be centered on the modern technology of personal computer software and mobile enabled auto-feeding robots. This technological has not been embraced by almost all small-scale fishery firms in Australia. Therefore, these are the main targets for this technology are the small-scale fish farmers in the Australia. The key areas of evaluation are the consumers, related industries, the stakeholders who mainly the small-scale farmers and the financials issues.

References

Anonymous. (2013). Biology, history, and assessment of Western Australian abalone fisheries. Fisheries Western Australia Fisheries Research Report.

Bœuf, B., Darveau, J., & Legoux, R. (2014). Financing creativity: Crowdfunding as a new approach for theatre projects. International Journal of Arts Management.

Castello, L., McGrath, D. G., & Beck, P. S. A. (2011). Resource sustainability in small-scale fisheries in the Lower Amazon floodplains. Fisheries Research. https://doi.org/10.1016/j.fishres.2011.05.002

FAO. (2015). Voluntary Guidelines for Securing Sustainable Small-Scale Fisheries in the context of Food Security and Poverty Eradication. Fao.

Gambini, A., & Zazzaro, A. (2013). Long-lasting bank relationships and growth of firms. Small Business Economics. https://doi.org/10.1007/s11187-011-9406-8

Ibrahim, H., & Ismail, H. (2015). A Generational Cohort Study of the Relationship between Religious Intensity and Religious Assurance for the Purchase of Non-food Products. International Journal of Economics and Financial Issues.

Lien, N. H., & Chen, Y. L. (2013). Narrative ads: The effect of argument strength and story format. Journal of Business Research. https://doi.org/10.1016/j.jbusres.2011.12.016

Pomeroy, R. S. (2012). Managing overcapacity in small-scale fisheries in Southeast Asia. Marine Policy. https://doi.org/10.1016/j.marpol.2011.10.002

Simpson, S. D., Barber, I., & Winfield, I. J. (2018). Understanding fish populations. Journal of Fish Biology. https://doi.org/10.1111/jfb.13574

Varadarajan, R. (2017). Innovating for sustainability: a framework for sustainable innovations and a model of sustainable innovations orientation. Journal of the Academy of Marketing Science. https://doi.org/10.1007/s11747-015-0461-6