Developing a Business idea PDF
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Added on 2021-06-18
Developing a Business idea PDF
Added on 2021-06-18
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Running Head: DEVELOPING A BUSINESS IDEADEVELOPING A BUSINESS IDEABy (name)Student numberFaculty ofProfessor (tutor)Name of school (university)CountryDate
DEVELOPING A BUSINESS IDEAContentsExecutive summary....................................................................................................................3Introduction................................................................................................................................4The market gap...........................................................................................................................4The benefits generated by the idea.............................................................................................5Evaluation of feasibility.............................................................................................................6The market feasibility................................................................................................................6Financial feasibility....................................................................................................................7The proposed business model....................................................................................................7The critical success factors.........................................................................................................7Conclusion..................................................................................................................................8References..................................................................................................................................91.Appendix...........................................................................................................................11The proposed business model canvas...................................................................................11
DEVELOPING A BUSINESS IDEAExecutive summaryThe core purpose of the paper is to come up with a feasible and viable business idea that is to be executed and implemented into the market. To come up with the idea, some of the factors to be considered are the open market gap that ought to be filled, the available market, the competitors as well as the amount of capital required to start and run the business smoothly. The business idea that was arrived at is coming up with an Android technology that troubleshoots a vehicle before it is driven. The technology will involve fitting a sensory device to the vehicle that will be scanned using Android software to confirm countercheck the vehicle has any flaws before it can be driven. If there is a problem, the software will suggest the possible solution. The founder will patent the idea to prevent other people from starting the same business to bring about competition. The reason as to why the idea was chosen is because it fills a big market gap and provides drivers with an easy and convenient way to test their vehicles. Some of the recommendations are working in partnership with the government and vehicle manufacturers to sell the product.
DEVELOPING A BUSINESS IDEAIntroductionIn the contemporary business world, companies and businesses are under constant competition, something that has left other businesses unable to operate eventually resulting inclosure. Due to the competitive nature of the business world, it becomes imperative to "think big" and come up with a viable business idea that can maneuver up well when implemented into the market. For an entrepreneur to come up with a good business idea, they have to consider some vital factors such as the entrepreneurial gap that ought to be filled in the market. After that, one has to consider the commodity to be supplied to the market, the customer segment to target, the existing market trade policies and legal requirements of the business. It is also crucial to discern the market and know what benefits will accrue to the business founder and the general public as well as the critical success of the business idea during execution. Having considered all these vital factors, the business that was arrived at was coming up with Android software that will be able to test a vehicle before driving. A driver will be required to run a few seconds troubleshooting before driving. The software willalso enable the user track the vehicle and get alerted when something happens to the vehicle in their absence. The market gapResearch has proven that most of the people owning vehicles in the world are living in phobiathat something uncertain may happen to their vehicles while they are away, say, being stolen, broken into or anything else[ CITATION Bar15 \l 1033 ]. Another research on the same shows that most of the accidents occurring in the roads are as a result of flaws in the vehicle, which could otherwise have been solved before the vehicle is driven[ CITATION Coo16 \l 1033 ]. As a result, therefore, there is an evident need to come up with a business idea to curb these problems. As mentioned earlier in this report, the business idea chosen is designing Android
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