So don’t just say “everyone wants a happier life”, instead say “A GlobalValues Survey in 2016 showed a continuing global trend towards self-fulfilment in countries as diverse as Vietnam and Austria (GlobalValues, 2016).” These examples show the value of being PRECISE, definite, and evidence-based, rather than just broad and waffly.
- Effective explanation of the customer/market problem that needs solving and/or the reason the innovation is required.
- Persuasive argument of the benefits to be generated by the idea
- Discussion of the proposed business model
- Critical success factors to be managed during execution of the idea
- Evaluation of the feasibility of the idea
- Quality of written submission, referencing
Problem Identification: Entrepreneurial problem that needs solving and/or the reason the innovation is required is effectively explained.
Persuasive argument of the benefits to be generated by the idea.
Discussion of the proposed business model"
Problem Identification: A Solution to Business Closure
While the number of business units operating across the world is increasing in droves, competition is forcefully leading to the closure of quite a good number of them every day. As opposed to a popular view, financial and human resources are not among the major factors that are leading to business closure in the contemporary business world. One of the key factors affecting businesses across the glove is the choice of a wrong business idea, often without regarding the necessary considerations resulting in a stiff competition which culminates in business closure. As a result, therefore, it is very vital to consider some major factors before implementing a business idea. Some of the factors that ought to be considered before any business idea is implemented in the market is the market gap to be filled by the business idea, the level of competition expected in the market, the benefits that accrue to both the entrepreneur and the general public upon implementation of the idea as well as the feasibility study. Prior research before implementing the business idea ensures that the proposed business thrives well and maneuvers when implemented in the proposed market. After the necessary considerations, starting an advisory and rehabilitation company for people with problems in diverse fields was the business idea that was proposed. The company will offer premium services to people frustrated by different aspects of life, investment advice and solve any issues brought to them whether legal, technological, social, and religious among others.
Substantial research conducted by (Bartkowski, 2015) on the reasons behind decreasing life expectancy in almost all parts of the world unveils the fact that at least seven out of every ten people have issues disturbing their lives, whether domestic, legal, social, etc. The research further shows that out of these seven people, only two manage to have their problems solved by sharing with friends and seeking medical advice. Now, that shows that more than half of the world’s population is living with unsolved issues disturbing their minds with none to lend a hand to solve them.
Another important research by (Cooper, 2016) shows that most of the fatal diseases such as cardiac arrest, stroke, diabetes, heart attack, stomach ulcers among others could be prevented by having people relieve their mind burdens. While this research has been carried out, according to (Douglas, 2016) there has not been an affirmative action taken to solve these unresolved life struggles. Almost all the business organizations are dealing with consumer goods and commodities that are used daily without acknowledging that helping man live a better life may be a business opportunity. It is in this regard, therefore, that we saw it imperative to launch this business idea to seize this untapped opportunity as well as help man to live a better life.
Persuasive Argument for the Proposed Idea
The benefits brought about by the implementation of the idea that was arrived at can be looked at in three perspectives; the benefits that accrue to the entrepreneur, those that accrue to the clients and those that accrue to the general public. Firstly, the entrepreneur will earn a good amount of income from the business thereby improving his standards of living as well as his social status in the society as discussed by (Yam, 2017). The owner will also get recognition and appreciation for coming up with such a feasible business idea that will help free humanity from the shackles of mental slavery. Having earned a considerable amount of income, the owner will have an opportunity to attain self-actualization (Katila, 2017). On the side of clients, they will be able to free up their brains and get salvation from the bondage of unresolved issues that have for quite long been disturbing their lives. As a result, they will be able to live better lives having gotten solutions to their problems.
The time they used in contemplating the fate of the chains binding them will be channeled to other income generating activities (Muthokoi, 2017). They will also live lives that are free from health complications since some of these health problems are caused by stress. Again, they will be able to make informed decisions regarding investment, legal, social issues among other complications. The general public will also benefit. The business will pay a corporate tax that will be used in bettering social amenities and infrastructure. It will also provide employment thereby improve people’s standards of living hence reducing poverty and overdependence.
The business will offer advisory, consultations and rehabilitation services. These services will be a primary requirement for almost every person because apparently everyone has a problem that needs to be solved, whether economic, religious, etc. (Yew Wong, 2015). These services will ensure that people live happy and free lives. As a result, therefore, the services will certainly be well received in the market and endorsed by a large number of organizations and special interest groups.
The business idea has uncompromised sure market since it has not percolated many parts of the globe and that quite a large number of people are helpless with none to lend a hand. The business will, therefore, have a large number of consumers since realistic, cleaver and implementable solutions will be given. Besides, a high level of confidentiality will be upheld. The company will offer services related to all fields of life, and therefore everybody will be a potential customer. However, the company targets all the customer segments, the high-income earners will be prioritized as they earn the business high-profit margins according to (Wyckham, 2015). There will be no competition since the idea is unique and original.
The Proposed Business Model
The organization will be segmented into different departments that will be accorded the due support to enable them to undertake their duties accordingly. The company will also make use of modern human resource management systems as suggested by (Umble, 2014) to ensure that the performance of all the employees is monitored. It will partner will NGO’s, hospitals and government institutions for referrals.
The business will require about 400 USD to begin, finances that will be gotten from savings and sale of shares. The finances required for major operations as discussed by (Somers, 2016) product promotion, diversification and maintaining the business will come from plowed back profits. The first transaction will be expected within three days, and the business will be expected to operate for about a month to reach the breakeven point.
The long tail business model is the proposed business model for this business. This model aims at reaching the customer segments that are the most profitable concerning the providence of value propositions because they earn the business more income (Lin, 2017). The segmentation of customers will be based on the degree of the client’s need, the field of expertize required and their level of income. That will help the business determine the best segment to supply value proposition concerning profitability and how cheap it is (Nelson, 2014). The value propositions associated with this business are rehabilitation and referrals. Physical, human and financial resources will be required for this business. The key activities carried out are consultation services, advisory, and rehabilitation. The appendix shows the other business model building blocks.
The business will establish the best culture by acquiring highly skilled personnel as the first employees. The hiring of employees will be based on the ability and readiness to deliver. The employees hired will be result oriented as this move ensures that the best is given to the client. The hiring of an incompetent workforce leads to customer dissatisfaction leading to failure and eventual business closure (Hong, 2016). The employees will also be motivated and given the best working environment to deliver as that improves their performance and consequently productivity. In this business, customer relation which is key according to (Jia, 2016) will be given a priority. It will be enhanced through social media platforms and mass media advertisements.
The question of whether a business idea is feasible and what the resultant effect of its implementation is is a major priority before implementing any business idea. Many are the businesses around the world that are registering very low-profit margins and others having a threat for closure due to the implementation of business ideas without prior scrutiny to establish whether the idea will maneuver up well when the business is established. Before any implementation, an entrepreneur should consider the entrepreneurial gap to be filled in the market upon establishment of the business. If there is no an evident gap, then the entrepreneur can look at a product or service that is not offered satisfactorily and base their entrepreneurship on the same. After getting an idea, it is very crucial to establish the benefits resulting from the implementation of the business as well as the critical success factors that will enable the business pick well and outcompete its rivals upon establishment. Since the all the requirements were considered when in developing the business idea, it is therefore certain that the proposed business succeed upon establishment.
Bartkowski, J. (2015). Religious Organizations, Anti-Poverty Relief and Charitable Choice: A Feasibility Study of Faith-Based Welfare Reform in Mississippi. PricewaterhouseCoopers, Endowment for, the Business of Government, 68(8), 50-78.
Cooper, R. (2016). Benchmarking the firm's critical success factors in new product development. Journal of product innovation management, 4(7), 55-67.
Douglas, E. (2016). The interaction between feasibility and desirability in the formation of entrepreneurial intentions. Journal of Business Venturing, 6(8), 50-79.
Hong, K. (2016). The critical success factors for ERP implementation: an organizational fit perspective. Information & Management, 4(8), 46-69.
Jia, F. (2016). Investigating the feasibility of supply chain-centric business models in 3D chocolate printing. Technological Forecasting and Social Change, 3(6), 34-57.
Katila, R. (2017). Energetic and economic feasibility associated with the production, processing, and conversion of beef fat to a substitute diesel fuel. Biomass and Bioenergy, 3(6), 67-87.
Lin, Y. (2017). BPMN-based business process model feasibility analysis: a Petri net approach. International Journal of Production Research, 67(7), 34-46.
Muthokoi, T. (2017). The impact of critical success factors across the stages of enterprise resource planning implementations. Proceedings of the 34th Annual Hawaii International Conference on the Business process, 33(6), 56-72.
Nelson, R. (2014). Energetic and economic feasibility associated with the production, processing, and conversion of beef tallow to a substitute diesel fuel. Biomass and Bioenergy, 3(88), 66-83.
Somers, T. (2016). The impact of critical success factors across the stages of enterprise resource planning implementations. Proceedings of the 34th Annual Hawaii International Conference on the Business process, 67(7), 43-61.
Umble, E. (2014). Enterprise resource planning: Implementation procedures and critical success factors. European journal of operational research, 1(6), 50-60.
Wyckham, R. (2015). Factors related to venture feasibility analysis and business plan preparation. Journal of Small Business Management, 56(6), 74-82.
Yam, Y. (2017). BPMN-based business process model feasibility analysis: a Petri net approach. International Journal of Production Research, 4(6), 76-98.
Yew Wong, K. (2015). Critical success factors for implementing knowledge management in small and medium enterprises. Industrial management & Data Systems, 24(77), 78-93.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2021). Advisory And Rehabilitation Company: Solving Personal And Business Problems (essay).. Retrieved from https://myassignmenthelp.com/free-samples/mgmt20143-marking-rubric/energetic-and-economic-feasibility.html.
"Advisory And Rehabilitation Company: Solving Personal And Business Problems (essay).." My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/mgmt20143-marking-rubric/energetic-and-economic-feasibility.html.
My Assignment Help (2021) Advisory And Rehabilitation Company: Solving Personal And Business Problems (essay). [Online]. Available from: https://myassignmenthelp.com/free-samples/mgmt20143-marking-rubric/energetic-and-economic-feasibility.html
[Accessed 01 December 2023].
My Assignment Help. 'Advisory And Rehabilitation Company: Solving Personal And Business Problems (essay).' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/mgmt20143-marking-rubric/energetic-and-economic-feasibility.html> accessed 01 December 2023.
My Assignment Help. Advisory And Rehabilitation Company: Solving Personal And Business Problems (essay). [Internet]. My Assignment Help. 2021 [cited 01 December 2023]. Available from: https://myassignmenthelp.com/free-samples/mgmt20143-marking-rubric/energetic-and-economic-feasibility.html.