NEW ENTERPRISE IDEA AND FEASIBILITY STUDY

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ASSESMENT 1: NEW ENTERPRISE IDEA AND FEASIBILITY
STUDY

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Table of Contents
Introduction......................................................................................................................................3
Provision of opportunity and idea description.................................................................................3
Followed process identification for opportunity and idea development.........................................4
Required skills to be a successful entrepreneur...............................................................................6
Viability and feasibility study..........................................................................................................6
Importance of the enterprise within society.....................................................................................8
Conclusion.......................................................................................................................................9
Reference list.................................................................................................................................10

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Introduction
Innovation is recognized as the modern idea for fostering creative thoughts along with
manufacturing of innovative products. Innovation is closely related to the fostering of new
business ideas because it helps an entrepreneur to think about customer satisfaction or service
along with the development of brand value and business profitability. The study emphasized on
the business start up by focusing on the establishment of a commercial enterprise called “Pole
star enterprise”. The enterprise manufactures a product which helps in tracking GPS and works
as a navigator for individuals. Besides, the paper put its focus on entrepreneur skills to be a
successful business man along with the importance of the organization towards society.
Moreover, the paper is going to emphasis on process identification for a successful business start
up following some evidences. Therefore, it can be understood that the core aim of this paper lies
on conduction of feasibility study in respect to the new business start up.
Provision of opportunity and idea description
This section helps in identifying opportunities or ideas overlapped with Pole star enterprise in
respect to business development and customer satisfaction. The commercial enterprise will be
acted as manufacturing hub for a special electronic product named Smart mentor. The product
will be manufactured with a strong GPS tracker along with risk detecting software. It helps in
detecting possible risk within ongoing way and detects the location of any stolen item promptly.
Moreover, the product will be embedded with a navigator which provides service to the customer
for finding their expected location with a proper map and available transportation ways by
counting expected time to reach. The design of this product will be compared as a smart watch
which included with a wrist band. Therefore, it can be understood that the enterprise is going to
launch a digital product to the business market. As the global world keep their focus on
enrichment of digitalized service, the enterprises who deals with digitalization can easily capture
the share market for future growth (Bechtsis et al., 2017). Likewise, Pole star enterprise also
will be successful to establish a strong position within the digital business market.
The innovative idea of the product influences the successful start up of the commercial enterprise
by focusing on smart digitalized product manufacturing. Apart from the ideas motioned in above,

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the product also provide a safety service to the customers with one click to the smart mentor
special button. The product will provide a special facility to implement 10 phone numbers of the
consumers which they want to put for emergency support. Therefore, when an individual will
face any risk on the way can press the button to send an alert notification to their dearest ones
which helps them to get rid out of the risk. However, it is to be understood that the product is
going to provide a best digitalized service to the customers for reaching their destination safely.
Customer satisfaction can push an organizational growth through brand value increase (Hassan et
al., 2015).
Followed process identification for opportunity and idea development
Before identifying the process for opportunity and idea improvement, an individual must
differentiate between these two factors. This idea can be considered as a magnificent concept
which can be applied to upgrade a revolutionary system. Considering this, Pole Star enterprise is
going to implement such idea to develop the system to provide best service to its customer. Idea
is a concept whereas opportunity is an achievable thing; idea can be turned into an opportunity
by following significant process. Therefore, Pole star enterprise also followed some process to
make their idea into opportunity by following
 Brainstorming
It is the most significant process for creating innovative ideas for turning the ideas into
opportunities. It is a significant process for generating several ideas regarding a specific topic
where Pole star enterprise emphasized on technological advancement. In this process a group of
people is asked to share their creative ideas for making innovation (Bikse, Rivza & Riemere,
2015). In a nutshell, it can be said that Pole star enterprise gathers relevant idea, such as brain
storming from the market and utilize them to form an innovation.

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Figure 1: Brainstorming
(Source: Bruce, Barringer & Duane Ireland Pearson, 2018)
 Focus group
Focus group is a significant process for gathering a selected population of 5 to 10 peoples
regarding their problems related to society or other focused aspects. It helps an enterprise to
understand relevant requirement of a population for further transformation of the ideas into
reality.
 Trend observation
In the context of developing opportunity regarding any business idea observation of ongoing
trend of business market needs to focus. The business market trends generally include economic
and social trends, political action, regulatory changes and technological advances (Bujor &
Avasilcai, 2016). The determination of the mentioned trends helps an enterprise to determine the
ways by which the enterprise can increase opportunity for success. Besides, trend observation
helps in solving problems by analyzing gaps within the market places.

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Figure 2: Trend observation
(Source: Bruce, Barringer & Duane Ireland Pearson, 2018)
Required skills to be a successful entrepreneur
This section helps to identify the significant skills of an individual which push the person to be a
successful entrepreneur. According to the study depicted by Bruce, Barringer & Duane Ireland
Pearson (2018), an entrepreneur holds a special ability called sixth sense which helps them to see
future opportunities. Moreover, an entrepreneur must hold the experience regarding their prior
industry which helps to determine such possible risks and potentiality of that organizational
activity. Besides, an entrepreneur needs to hold the ability for creativity establishment, taking of
risk (Geissdoerfer, Bocken & Hultink, 2016). The entrepreneurs must focus on the employee
motivation intensively to achieve the targeted goal. In addition to the entrepreneurial skill, an
individual needs to be ambitious and confident in nature which surely help to achieve business
dreams (Kohler, 2016).
Viability and feasibility study
Feasibility study is conducted during the ongoing process of any project or in the context of
assuring the viability of the project or planning. Feasibility study can be conducted by following
some significant process which helps to understand about the future stability and development of
any project (Baghdadi et al., 2015). Therefore, it can be understood that for measuring viability
of Pole star enterprise, feasibility study must be conducted.
Feasibility study of Pole star enterprise
Product description Smart mentor is a digitalized product like a
watch which helps in navigation and GPS
tracking along with safety service providence
Technology consideration Tracking software, risk detecting software,

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navigator, alter sending software, memory
cheap
Product or service market place Melbourne, Australia
Marketing strategy Promotional program including quiz contest on
technology and rewarding
Organizational structure Proprietor, Managing director board,
Departmental managers, sales and customer
service team
Schedule Market survey, Brain storming, stakeholder
identification, Product manufacturing,
advertisement and promotional program for
product launch
Financial project Total expenditure $ 3,55741
Manufacturing cost for each product $ 1235
Product price $ 1500
Table 1: Feasibility study of Pole star enterprise
(Source: Self created)
Based on the feasibility study of the enterprise mentioned in the above, some strength and
weaknesses can be detected which helps in measuring the viability of the Pole star enterprise.
The table helps to find the significant strength of the enterprise including product scope, the
market place, technology consideration and market strategy. The enterprise chose Melbourne as
the market place which is one of the most significant places of technological advancement;
therefore, it helps the organization to launch their product easily. On the other hand, product
scope lies on the development society and customer service where lots of advanced technologies
are used and it sharpen the power of the product. Besides, the organization put its emphasis on
the market strategy for quiz contest on technology and rewarding. It helps to attract most of the
young generations as they prefers digitalization and technology (Zhilenkov & Chernyi, 2015).
Moreover, the young generation may increases the possibility of product sale as it meets the

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criteria of them. On the other hand, rewarding concept helps in participating peoples in the
promotional program which fetch its success to its door steps.
On the contrary, the organizational structure of the enterprise seems little bit poor as it did not
focus on the formation of risk management team. It may impacts negatively on smooth
operational process and financial enrichment (Hottenrott, Rexhäuser & Veugelers, 2016). The
price of the product seems quite higher as the base wage of Australian people lies on $ 1820
AUD as per the record of 2018. Therefore, it can be understood that it affects negatively on
product sale increase within middle income based peoples. However, based on the weaknesses
found in respect to Pole star enterprise viability, the enterprise can follow some aspects
 Implementation of pricing strategy
 Proper market survey
 Formation of proper organizational structure
Importance of the enterprise within society
This section helps to find out the importance or significance of Pole star enterprise to the society
based on its opportunities. The significance of the enterprise may reflect on society by focusing
two different perspectives, one lies for customer safety increase and another lies for economical
growth. Based on the ideas and characteristics of the manufactured product of the commercial
enterprise, it is analyzed that the product helps in improving consciousness of the peoples. GPS
tracking facility helps society to recover their stolen items. On the other side, safety alert helps in
improving the administrative structure of the society which impacts positively on child or
women abuses along with other criminal activity. Besides, navigation helps to improve the
psychological through process of society as it will provide an image in front of the peoples to
reach in destination by following smart and easiest way. As per view of Markard, Suter &
Ingold, (2016) a society or world only can improve their decision making process when it will
get the light of technology and advancement.
On the contrary, the enterprise can be recognized as most significant influence of digitalization
development within specific region. If the enterprise successfully launches their product to the
business market can make their local region an iconic brand of safety zone and digitalization. On

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the other hand, it can helps in providing economical support to the native country by increasing
product sell and export business which influences the GDP growth for the country. Weller, Kleer
& Piller (2015) opined that the economic structure of a country can be strengthened with the help
of modern technology world. Therefore, it can be understood that Pole star enterprise can play a
significant role within societal development by increasing GDP growth with its digitalized
product.
Conclusion
The entire discussion helps in concluding about business start up with the significant process for
opportunity creation. The feasibility study helps in summarizing that the viability of an
organization can be measured through strength and weakness analysis of an organization. Brain
storming is the most significant process for measuring future success. Therefore, it can be
concluded that brain storming helps Pole star enterprise to determine their future growth based
on market need. Apart from this, the paper influences the conclusion about how an
organizational success is depends on societal developments. Finally, the paper sharpens the
summary of business start up process and success measurement techniques.

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