Business Idea Generation Report for Entrepreneurship Module

This report, submitted by a student, analyzes the generation of a business idea, specifically focusing on the potential of a Medicare business and online medical facilities within the context of entrepreneurship. The report evaluates three initial business ideas, ultimately selecting Medicare as the most promising due to the increasing demand for online healthcare. It explores the importance of online medical facilities, detailing the proposed business model, critical success factors, and potential risks. The report emphasizes the need for technological upgrades and market analysis, including SWOT and PESTLE analyses, to ensure the business's success. The report concludes that the Medicare business idea is viable and beneficial for both Australia and its citizens, offering a promising startup strategy for the future. The assignment also covers elements of a business pitch for securing financial backing, as required by the assignment brief.

Running head: BUSINESS IDEA GENERATION
BUSINESS IDEA GENERATION
Name of the student:
Name of the university:
Author Note:

BUSINESS IDEA GENERATION 1
Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Suitable Business idea............................................................................................................2
Importance of online medical facilities..................................................................................3
Success of the Medicare.........................................................................................................3
Implementation of the key business changes.........................................................................4
Conclusion..................................................................................................................................6
References..................................................................................................................................7

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Introduction
Startup business actually plays significant role for the development of the sustainable
future. Constant improvisation will automatically help the economy of that country to grow
and on the other hand, it will create employment opportunities of that country. The conducted
study is regarding the improvisation in the technology may be considered as the innovative
startup idea in the coming generations of the business. Due to enhancement in technology in
the technological era, it is quite important to improvise the inputs related to the technological
improvements in the business. The three business idea are related to the parcel delivery
service in Australia, another business idea is Medicare and at last is the development of the
healthy food trucks.
Discussion
The three chosen business idea of the company is actually helpful and further much
convenient to implement in the real life projects in the business. Based on the project scenario
of the three conducted business project it further examined the most viability of the project.
In each and every business the main problem which is actually faced in the real world must
be addressed by the main architect of the business plan. After that, the business model is
created along with the critical execution of the potential idea. This further includes the
criticality of the risk and the assumptions, which is involved in that case. Later on, the
feasibility of the study is checked based on the parameters of the real world aspects of the
business (Burns, 2016).
Suitable Business idea
By examining the business prospects and the startup idea it is actually important for
the protagonist to come to the actual solution regarding the best business idea for the purpose

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of undertaking the project. Due to the technological enhancement in the real life it will be
better to go for the business of the Medicare. As there is a huge demand in the business of the
online medical facilities then it is actually important to adopt this start up idea of the
business. The other two business idea is satisfactory but among them the most promising
business plan is the Medicare online business related to the sale of the medicine (Fitzpatrick,
2019). The online treatment of the medical facilities is important for the business to take into
consideration as it basically falls under the significant business parameters.
Importance of online medical facilities
The online healthcare facilities is actually the future of the traditional healthcare
facilities. The business model, which is actually depicted by the business, is quite effective
along with the channels on the existence of the websites and prints on the advertisements. It
is important to manage the business despite of the busy lives. The business model in that case
is effective along with the other parameters which are involved with it. The promotional
activities of the Medicare services are considered as one of the best possible way which will
benefit their lives. There are certain risk which is involved in the business as it is significant
for the business to provide quality services at the right time (Child 2019). The department
must play significant role in the development of the overall business prospects which is
divided into various segments such as the Finance, HR, Operations and System. In the startup
business these are actually considered as the important department and the efficiency in the
system must be ensured by the top level management of the company. The business model of
the Medicare as evaluated accordingly is perfect based on the awareness of the customers.
The criticality of the business must be evaluated along with the risk associated with the
doctors and hospital for the diseases along with it (Olokundun et al., 2019).

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Success of the Medicare
The business idea of the Medicare will be effective which further includes the key
responsibilities which are the doctor’s appointment, proper hospital facility along with the
appointment of the nurses. The human resource department in the hospital actually plays
significant role in recruiting and selection of the potential individual which are involved in
this case. The finance department on the other must take care of the potential business losses
along with the management of the revenue of the business involved with the operations of the
business. This will further benefits the employees in the business and the other factors which
are associated with it.
The implementation of the business idea is actually effective after the commencement
of the startup it is needed by the business to take care of the senior level management system
of the company. The business feasibility in this case is effective along with the manipulation
of the main factors which are related to the identification of the opportunities, determining
objectives, successful outcomes along with the alternative benefits which are associated in
that case. All the parameters in this case are considered in case of preparing the project report
associated in this case (Vogel, 2017).
Implementation of the key business changes
The online system of the Medicare facility must be taken into consideration by the
directors of the company along with that it is quite the responsibility of the engineers to
upgrade the technological factors which are associated. The idea is actually related to build
an effective system so that the management system of the company can further optimize the
main facets of the operations associated with the business. Going through the various types of
feasibility it is quite possible for the business to consider the market along with the
commercial feasibility. In this particular business prospects it is actually important to analyze
the strength and weakness of the potential competitors associated with it (Fonseca, 2017).

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The operational department in that case must apply the significant tools in that case,
which are the SWOT analysis, PESTLE analysis and many more. Utilizing this tool will
further help the board of directors to reach to the potential conclusion regarding taking the
main direction which are associated with the business. In case of the significant change in the
business it is important for the managers of the company to notice the fluctuation or the
reason behind the downs in the business. Then it is needed to take the significant business
strategy to enhance the overall business policies and the other factors which are associated
with it (Pearson, 2017).
The future online business is actually going to be effective as there is actually a lot of
demand for the customers in the market and the other parameters associated with it. The
online business will include all sorts of services including the suppliers of medicine which is
possible by utilizing the application of the Medicare. This will be helpful to deliver
healthcare related services throughout Australia and to serve accordingly the people
associated with it. The tools and techniques in that case must be properly utilized so that the
company can achieve the business objectives in that case. Further addition of the virtual
healthcare will automatically improve the overall business objective of the company. The
utilization of the strategy actually reduces the workforce included in that case. The network
of service in that case must be properly addressed and effectiveness of the network will help
the business of the company to grow and prosper. This is the most proficient business startup
strategy and the other factors which are associated with it (Halinen, 2017).
The suitability of the business is further based on the potential changes which must be
addressed along with the limitation involved with it. Adopting the strategy will enhance the
overall healthy environment which will further be beneficial for both the country and the
citizens of Australia. This is the most effective business prospects which must be adopted by
the company in order to create a potential business setup in that case.

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Conclusion
From the above discussion, it can be concluded that the startup business is related to
the Medicare business and the significance of the overall application of conducted in the
business of the company. All the parameters have been considered at the time of the
evaluation of the business idea which are associated along with the prospects of the
employees in that case. The delivery of services in that case must be effective along with the
proper management of the financial business prospects of the company in that case in
important for the company. The startup idea will boost the healthcare activities along with the
economic factors of Australia.

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References
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.
Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and entrepreneurship. Macmillan
International Higher Education.
Child, J., 2019. Hierarchy: A Key Idea for Business and Society. Routledge.
Fitzpatrick, R. (2019). The Mom Test: How to talk to customers & learn if your business is a
good idea when everyone is lying to you. Rob Fitzpatrick.
Fonseca, J. L. M. (2017). New business idea generation practical implications of a systematic
approach.
Halinen, A. (2017). General Process for Business Idea Generation.
Olokundun, A. M., Ogbari, M. E., OBI, J. N., & Ufua, D. E. (2019). Business incubation and
student idea validation: a focus on Nigerian universities. Journal of Entrepreneurship
Education, 22(1), 1-6.
Pearson, R. (2017). Business ethics as communication ethics: Public relations practice and
the idea of dialogue. In Public relations theory (pp. 111-131). Routledge.
Southon, M., & West, C. (2018). The Beermat Entrepreneur: Turn your good idea into a great
business. Pearson UK.
Vogel, P., 2017. From venture idea to venture opportunity. Entrepreneurship Theory and
Practice, 41(6), pp.943-971.

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Wood, D. J., & Logsdon, J. M. (2017). Theorising business citizenship. In Perspectives on
corporate citizenship (pp. 83-103). Routledge.