NEW ENTERPRISE IDEA AND FEASIBILITY STUDY

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ASSESMENT 1: NEW ENTERPRISE IDEA AND FEASIBILITY STUDY
ASSESMENT 1: NEW ENTERPRISE IDEA AND FEASIBILITY
STUDY

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ASSESMENT 1: NEW ENTERPRISE IDEA AND FEASIBILITY STUDY
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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ASSESMENT 1: NEW ENTERPRISE IDEA AND FEASIBILITY STUDY
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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ASSESMENT 1: NEW ENTERPRISE IDEA AND FEASIBILITY STUDY
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.