BUSI 1700 - Opportunity Recognition Shaping And Reshaping

Added on - Mar 2020

This reflection will discuss ideas for a new business and business ideas opportunities. We will talk about transforming the opportunity into a business and describe the business model.

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Student Name:Opportunity Journal 2 - Converting Your Ideas into a BusinessInstructions:1.Spend around four hours to work on this journal2.Work individually because the idea of this exercise is for self-reflection3.Submit the softcopy of your completed journal through LMS by the deadline date suggested in the turnitin linkNOTE: COPYING ANSWERS FROM OTHER RESOURCES WITHOUT PROPER REFERENCING WILL BETREATED AS A PLAGIARISM CASE.Reflection PointYour ThoughtsWhat ideas do you have for a new business? Youcan use your idea from opportunity journal 1.NOTE: write one to two paragraphs to explainabout this business idea. You at least need toidentify the product/service that can begenerated from the idea. What is the purpose ofthis product/service?I aim to establish business in the manufacturingand construction sector. I plan to start up newbusiness in the domain of construction bystarting up a new company. As I am extremelymotivated and self-driven, with hard workingskills, I can easily establish the business of myown and become successful. I will aim to set upbusiness in the construction sector by catering tohousing as well as commercial projects. Thereare a number of construction companies in Iranand the industry is highly competitive in nature.There are tremendous amounts of opportunityin the market in Iran as well.How can you check whether this business idea isan opportunity or not?NOTE: You need to identify what sort of researchyou need to do? Who you are talking to?You might need to act on your answer above toanswer the next question.The business idea is an opportunity in Iran asthere are very few companies in the space.Though the industry is highly competitive innature, but my business idea is unique and offerstremendous potential for growth. I aim to buildenvironmentally friendly sustainable smarthomes and commercial space. Such an idea isgradually creeping in the industry and has highpotential to be successful. This business idea willoffer opportunity to drive my business, as a largenumber of customers will be attracted towardsmy business. I will also be attracting customersfor transforming their existing spaces intoSMART homes.On a separate page, provide the opportunity checklist for your business.Opportunity Checklist:New ideaProspective new customersUnique selling pointSMART homes industry is still unsaturatedPopulation with high income dispositionHigh levels of populationRef: Bygrave, W., and Zacharakis, A., Entrepreneurship, 3ndEd., Chapter 2, 3, John Wiley, 2014
Student Name:Large number of homes and commercial spaces that can be transformedEnergy shortages is risingEnvironmentally friendly and economic homes offers attractive opportunitiesIf you transform the opportunity into a business,describe your business model:What are your primary sources of revenue?What are your main costs components?NOTE: write one to two paragraphs to justifyyour answer abovePrimary sources of revenue for the business willbe owned funds. The business will be set up byowned funds and then later in case of needfunds can be borrowed from the bank formeeting contingencies. I have saved some fundsby doing certain part time and other jobs at oddplaces. Such entire funds will be used duringestablishing the business. However, such fundswill not suffice and be able to meet therequirements hence additional funds will besourced from banks at low interest rates. I willaim to arrange funds from my relatives andparents as well whom I will repay after somedays of starting the business. There will beseveral expenses that will be incurred forestablishing the business hence such funds willneed to be arranged at significantly lower costsas initially it will not be easy to repay off any kindof loans. Once the business is set up andfunctional, it will start generating revenue, whichwill be used in repaying off the loan. I will aimcater to as many customers as possible forconstructing their homes and commercialspaces. The payments they will be making will beused in paying off costs and posts such will beretained as profits into the business.Cost components of the business will includeseveral set up costs amounting to funds foroffice, labour contract, telephone, insurancecontracts, legal contracts, material costs andvarious other miscellaneous expenses. Thebusiness will incur a varied types of costs thatwill be used in purchasing necessary equipmentand machineries for developing of propertiesand constructing sites in an environmentallyfriendly manner. There will be training costsassociated with providing training to masons andthere will be varied types of engineer costs. CivilEngineers will be hired for constructingproperties and they will be paid according tospecific contracts.Ref: Bygrave, W., and Zacharakis, A., Entrepreneurship, 3ndEd., Chapter 2, 3, John Wiley, 2014

At the end of this reflection, the entrepreneurial mind suggested that future small and large scale businesses would be more of mutual benefit in finding the right way of innovation through every experimental manner possible.

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