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Developing a Business Idea (PDF)

   

Added on  2021-05-31

12 Pages2367 Words110 Views
Business Development
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Running Head: DEVELOPING A BUSINESS IDEADEVELOPING A BUSINESS IDEABy (name)Student numberFaculty ofProfessor (tutor)Name of school (university)CountryDate
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DEVELOPING A BUSINESS IDEAContentsExecutive summary....................................................................................................................2Introduction................................................................................................................................3The market problem...................................................................................................................3Benefits to be generated by the idea..........................................................................................4The proposed business model....................................................................................................4The critical success factors.........................................................................................................5Evaluation of feasibility.............................................................................................................6Market feasibility....................................................................................................................6Commercial feasibility...............................................................................................................7Conclusion..................................................................................................................................7References..................................................................................................................................8Appendix..................................................................................................................................10The proposed business model canvas...................................................................................10
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DEVELOPING A BUSINESS IDEAExecutive summaryThe primary purpose of this paper is coming up with a feasible business idea that is to be introduced and implemented on the market. To generate a viable business idea, the business will consider the market gap that will be followed by the execution of the business. Other facts to be considered are where to locate the business and why, what product to sell, what the legal requirements are and what resources are required to start and run the business comfortably. The paper will also explore the benefits that will be accompanied by the implementation of the business, its critical success factors, the proposed business model as well as market and commercial feasibility evaluation. After thorough consideration, the business idea arrived at is the start of a fruit processing plant in Bangkok, Thailand. The reason as to why this business was chosen is because of availability of raw materials and a ready market. About the report, the success of the business will be owed to proper use if internal and external resources, acquisition of quality employees and developing a good customer relationship. Some of the recommendations are empowering the supply chain management and making high-quality products.
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DEVELOPING A BUSINESS IDEAIntroductionIn the contemporary business world, the presence of different businesses almost covering all customers’ requirements has brought about the necessity to develop a precise business idea that does well in the environment it is implemented. Steady competition in the business market has also prompted the selection of a unique idea that will perform exemplary well when executed[ CITATION Bar15 \l 1033 ]. As a result, therefore, it becomes imperative to consider a few things before coming up with a business idea. Some of the considerations that ought to be made are the type of the commodity to sell, where to locate the business, the target market segments, the raw materials needed to start and sustain the business, the currentlegal requirements, among a few other factors. It is also crucial to determine the market gap that will be closed by the generated idea. This paper aims at generating a feasible idea and writing a brief report about it.The market problemThailand is one of the countries in the world whose biggest percentage of Gross Domestic product originates from agricultural products. However, most of the fruits and vegetables produced in this country are deemed for export leaving the domestic market with little or no fruits to consume[ CITATION Coo16 \l 1033 ]. To the warm tropical climate of Thailand, most ofthe people require fruit juices to keep them cool and refreshed. As a result, therefore, I would suggest starting a large fruit processing company in that country. The proposed company is tobe located in Bangkok, the capital city of the country. Now, the reason for choosing this business idea is that there is a ready market for the product and that there are locally availableraw materials as well as a labor force.
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