This study shall consider the discussion of a formation of a business idea or business plan. As per the business plan, a new business venture shall be setup in order to cater to the need, shape up the idea into reality, and give it proper shape. This assignment shall discuss about the needs, which have led to the culmination of the business ideas and discuss the benefits that shall be offered by it. Further, it shall discuss the business model (structure of the business) and then consider the success factors of the idea and its overall feasibility analysis.
The assignment shall inherently discuss about the development of a special kind of application that can be used by different people for academic purposes. Researchers and scholar in order to do their work have to refer to different kind of texts and literary documents for gathering information (Larson, 2015). Most of the times, it is seen that they have the keywords but do not get the exact book or journal that they need or do not get any related kind of materials (Thomas, 2017). Many a times, they only have an image or some lines of the text with which they are working but cannot really remember the name or search for 6the exact kind of article or book or journal. This issue can be solved by the new application that shall be designed. The new application shall helps the researchers to find fort the exact kind of documents and journals and books that they are working on or want to refer to white doping with similar kind of a topic of study. This app shall helps in solving the huge issue related to lack of information faced by the researchers and scholars and so with this solution, they shall be able to do with their work in a much better manner.
The application shall be designed and the new venture in accord to it shall be started. The new venture shall take up the responsibility of designing and maintaining the app. The application shall be a mobile and computer based application (Android and Windows based application). The name of the application software shall be “Docu-finder”. The mobile and computer based application shall run based on the most developed and systematic algorithms. The researcher has to enter the keywords or some of the sentences or words (the article, which he/she wants to find) in the exact order as they are in the search option (Beyene & Godwin, 2018). The option shall search for the exact article and present it before the researcher in no time. Further, the application shall also have other kind of facilities. It shall also allow the researcher to download and read the article (with marking and copy options). These options shall be available with the making of minimal charges. Further the application shall also offer yearly membership subscription where the researchers can get articles related to different genres of research and there shall be alerts related to new press releases and releases of new articles and books (on the basis of the subject of research that is put in the details box by the user). The application shall help the researchers to get access to different kind of books and journals and articles, which have been published hundreds of years ago, event (Margam & Dar, 2017). The application shall keep and maintain a huge literary archive. Further, many of the books shall also be available for audio book options. The audio books shall also be available for download with payment of some fees or shall be available for free streaming (Oliphant & Shiri, 2017). The application shall always alert and provide with regular updates with different kind of amendments that have also brought in the previous articles (the genre of the articles and books that shall be provided by the user).
Proposed Business Model
The proposed business model can be explained in reference to the table provided in the appendix. As per the column of key partners, the venture shall have the publishers of the various books, the online books and archive stores as their suppliers of the books, data and information. The venture shall also have a tie up with the various search engines such as Google and Yahoo in order to gather vast data and build up its own archives (Siegel, Ryan, Goodwin & Lattyak, 2016). As for the activities (in accord to the appendix), the venture shall aim to provide the users to access of millions of books and articles and keep options of reading and downloading for the users with yearly subscription. Further, audio book streaming (free live streaming) and download option with some charges shall also be kept in the provision of the application software (Harwell & Gallagher, 2018). In addition, alerts shall also be provided about release of new articles and amendments in the previous articles. The application shall also pave the path for finding books and journals for user with input of some minimal keywords or a sentence (of the book or article that the user if finding for). The value proposition by the company can be said to be offering innovative services such as finding books and articles in no time with only some keywords provided or some sentences of the articles fed in the search box (Kim, 2015). It can also be regarded as the first single app, which shall be offering searching of articles and books, reading them and hearing to them in form of audio book options (Chen & Ke, 2015). The customer relationship shall be availability of customer helpline in the application and online chatting option so that the users can ask and know about any kind of particular article and journal. Further, the service shall be very fast and book rating shall be provided. On basis of the ratings also, the books shall be provided and shown to the users. The customers segment shall comprise of mainly users such as Students, teachers, researchers, scholars, government research body and institutions, educational institutes etc (Kumar, 2016). While on the other hand, the key resources for the venture shall be things such as Machines for operating the application database, technology analysts, software engineers, content maintainers and update personnel, web developers, programmers, digital marketing specialist and other kind of physical assets (Johan, 2018). The promotion channels used shall be online ads in some other published articles and journals (with the help of the application). Further, for advertising about the launch of the app, the platform of Google ads and app stores shall also be used. The cost structure shall include elements such as cost of maintenance of the application, costs of keeping staffs, administrative building and offices. Further, costs related to paying of royalties and other copyright fees to the sources providing the articles and books to the venture company (Nalluri & Gaddam, 2016). As per the appendix table, the revenue stream shall include sources such as yearly subscriptions for providing reading and downloading options of the books, articles and journals. In addition, charges for giving download option for the Audio books (audio version of most of the books that shall be available in the archives) shall also be taken from the users which shall provide the income to the new company (Rose, 2016).
Critical Success Factors
- Use of the newest kind of technology:No other application in the market offers a combination of reading and downloading application as well as option for hearing the same books and journals in form of audio books (Hahn & McDonald, 2018). This shall help in the success of the app by making it unique in the market.
- Option for extensive search of documents with minimal references and keywords: The application has the ability (which is unique) to search for books and other documents by province only some keywords or just a single sentence (in correct order). No other application in the market has such kind of unique and futuristic abilities. This shall also ensure the success of the application.
- Reading and downloading option at minimal charges:The application believed to offer and provide knowledge at minimal maintenance charges. It keeps a very less amount of profit (depends on overall turnover) (De los Santos, 2018). No other application provided subscriptions at such low prices. This can also be said to be critical success factor for the app in the market.
Evaluation of Feasibility
The table below shows the overall costs that shall be incurred for the whole of the projects and the cash inflow that it shall bring in over a period of 5 years. In the first year, it is assumed that there shall be more outflow than inflow (that is loss). However, from the second year, when the app becomes famous, profits can be ensured (Bennett, Djukic & Kapitzki, 2018). Shipping costs involves shopping in of hard copies of various books and journals, which are not available on online platforms. Further, costs have to be borne for maintenance of the online store relocated to the app, which shall handle sales and subscriptions. Staffs also have to train so that they can handle customers and provide them with important data related to different journals and books (Yoon, Hulscher & Dols, 2016).
The assignment has dealt with an innovative kind of business idea related designing of a document-finding app, with reading and audio book options. The details related to its benefits, the model of the business and the checking of critical success factors have been made. Further, the feasibility of the idea has been studied and it has been projected in this assignment.
? The publishers of the various books
? The online books and archive stores.
? Providing the users to access of millions of books and articles.
? Reading and downloading option with yearly subscription.
? Audio book streaming (free live streaming) and download option with some charges.
? Alerts provided about release of new articles and amendments in the previous articles.
? Finding books and journals for user with some minimal keywords or a sentence (of the book or article that the user if finding for).
? Offering innovative services such as finding books and articles in no time with only some keywords provided or some sentences of the articles fed in the search box.
? A single app offering search, reading and audio book option.
? Customer helpline with the application and online chat option so that the users can ask and know about any kind of particular article and journal.
? The service shall be very fast and book rating shall be provided. On basis of the ratings also, the books shall be provided and shown to the users.
? Government research body and institutions
? Educational Institutions.
? Machines for operating the application database.
? Technology analysts
? Software engineers
? Content maintainers and update personnel
? Web Developers
? Digital marketing specialist
? Other physical assets
? Online ads in some other published articles and journals (with the help of the application).
? For advertising about the launch of the app, the platform of Google ads shall also be used.
? Application stores
? Cost of maintenance of the application.
? Costs of keeping staffs, administrative building and offices.
? Costs of paying of royalties and other copyright fees to the sources providing the articles and books to the venture company.
? Yearly subscriptions for providing reading and downloading options of the books, articles and journals.
? Charges for giving download option for the Audio books (audio version of most of the books that shall be available in the archives).
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