Essay about Developing a Business Plan

Running Head: DEVELOPING A BUSINESS IDEA
DEVELOPING A BUSINESS IDEA
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DEVELOPING A BUSINESS IDEA
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DEVELOPING A BUSINESS IDEA
s
Introduction................................................................................................................................4
The market gap...........................................................................................................................4
The benefits generated by the idea.............................................................................................5
Evaluation of feasibility.............................................................................................................6
The market feasibility.............................................................................................................6
Commercial feasibility...........................................................................................................6
The proposed business model....................................................................................................7
Critical success factors...............................................................................................................7
Conclusion..................................................................................................................................8
1. Appendix...........................................................................................................................10
The proposed business model canvas...................................................................................10

DEVELOPING A BUSINESS IDEA
Executive summary
This paper is aimed at generating a feasible business idea that is supposed to be implemented
in the market. In determining the kind of the business to start, the considerations made are the
presence of a market gap that should be filled, the level of competition, market needs and the
where to locate the business among other factors. The paper also looks at the feasibility of the
business idea, the market gap it fills, the benefit it brings as well as its critical success factors
during execution. After the necessary factors were considered, the idea that was arrived at is
coming up with a technology for developing a dual purpose mobile device that adequately
serves the functions of both an ordinary Smartphone and a desktop computer to relieve
people the burden of buying two different gadgets and make operations convenient. The chief
reason as to why this business idea was chosen is because it brightens the future of computing
and makes it easier for people to carry out their tasks from the convenience of one device.
Some of the recommendations are good customer relationship and hiring a highly skilled
workforce.

DEVELOPING A BUSINESS IDEA
Introduction
In the modern business world, businesses are faced with several problems, among them
competition. For businesses to remain relevant and maneuver up well, they should be
established from a thorough consideration to determine whether the business idea is viable or
not. In the process of coming up with a business idea, some factors should be considered.
These factors include and are not limited to the market gap to be filled by the business upon
execution, the type of commodity to be sold, the level of competition among others. Upon
coming up with the business idea, it becomes imperative also to determine the benefits that
will be brought by the idea when implemented into the market, the critical success factors as
well as the evaluation of the business feasibility. Now, after all the necessary considerations
were made, the business idea that was reached was coming up with a mobile device that
serves both the functions of a smartphone and a computer to make operations convenient and
executable using only one gadget. The user will be able to use the gadget like a mobile device
and then toggle back to computer mode and execute computer-related operations.
The market gap
Research shows that most of the world’s population uses both mobile phones and
desktop computers daily because some of the tasksthey want to perform can't be performed
by a gadget using Android technology (Amit, 2016). It won’t be shocking to see people
carrying both their laptop and smartphone daily just because they don’t have one gadget that
can perform the required tasks altogether. As a result, therefore, it would be imperative to
introduce into the global mobile device that can perform both communication and desktop
operations. The reason for choosing this business idea is that it will fill a wide entrepreneurial

DEVELOPING A BUSINESS IDEA
gap that has existed for decades and bring about convenience in doing things related to
computing (Aversa, 2014). Again, most of the people in the world are using smartphone
technology and have the zeal to perform more using the convenience of their single gadget.
The paper is aimed at writing a report that briefs about the business idea.
The benefits generated by the idea
The benefits of the business idea are three dimensional, implying that the business will be
beneficial to the founder, the customers and the general public. The founder willbe able to
earn income from the business resulting to improved standards of living and increased social
status for coming up with a viable and feasible business idea that not only focuses on earning
profit but also benefiting the general public (Bartkowski, 2015). From a client perspective,
the business idea will make computing operations easier and convenient as people will be
performing all the tasks in one device. It will also reduce time wasted switching from one
device to another. For instance, most of the workers have to use mobile phones for
communication and switch to a desktop computer to log into the organization system and
possibly feed data into the system just because the system does not have a mobile site
(Bocken, 2016).
The business will create job opportunities that will leave several people employed. When
people get employed the dependency ratio declines, and the level of poverty consequently
decreases (Cooper, 2016). By so doing, the business will be helping to attain sustainability
because one of the major goals of sustainability is poverty eradication. By reducing the level
of poverty, the business will help fight social evils like theft, robbery, and prostitution which
are fueled by poverty when most of the people can’t adequately provide for their basic needs
(Douglas, 2016). The business will also lead to an increased Gross Domestic Product of the
host country. Increased GDP means an increased per capita income which is an implication

DEVELOPING A BUSINESS IDEA
of economic growth thereby improving the living standards of the citizens. Again, the funds
paid to the government by the business in the form of corporate tax can be used to improve
infrastructure and social amenities in the country thereby enabling people to live good lives.
Evaluation of feasibility
The market feasibility
The product is expected to have a high demand because it is a new invention that provides
quality products with no competition because the idea is a new invention. The customers
targeted by this business are the mobile and desktop users who would opt to have one device
that meets all their requirements (Hong, 2016). The target market is more than 90% of the
smartphone users globally. The business will also aim at diversification to reach out to all the
smartphone users in the world. The gadget is expected to have a high market demand due to
the innovative technology involved and the ability to perform dual tasks at the same time
from the same device (Kert, 2016). The role of distribution will be charged with the supply
chain management that will ensure that the product reaches the final consumer in an effective
manner and the right state. The business does not have evident competition because it’s a new
invention that has not yet been established in the world.
Commercial feasibility
Less than 500 USD will be required to start the business where the business will use the
criterion of ploughing back of the realized profits to ensure that it grows and diversifies its
market. Finance will be gotten through the selling of shares and debentures as well as
borrowing (Lin, 2017). The business will only be required to operate for less than a week to
make the first salesand approximately two months to reach breakeven sales volume. It is

DEVELOPING A BUSINESS IDEA
certain that the business will thrive immediately because of proper planning and the factthat
all the necessary considerations have been made
The proposed business model
The business model suggested in this business is the long tail business model. This model
targets the customer segments that are more profitable to the business in the provision of
value propositions (Nanlohy, 2017). Customer segmentation will be based on the age to have
three segments, i.e., the young, the youth and the aged. The youth will be targeted in the
provision of value propositions because it is they who use these devices for a long time and
therefore targeting them would be cheap and cost-effective (Somers, 2016). The key
resources needed in the company are human, physical, technological and financial resources
(Nelson, 2014). The value propositions are the change of operating system, system upgrade,
and maintenance. The key activities are the acquisition of raw materials, manufactory, and
distribution. The key partners will be commercial banks, insurance companies, and mobile
service providers. The role of distribution will be undertaken by the logistics management
component of the supply chain management.
Critical success factors
During execution of the business, several critical factors will help the business thrive well.
Firstly, high technology will be employed to make sure that the products manufactured are of
the best quality and that they meet diverse customer requirements. Again, the business will
enjoy the benefits of monopoly since there are mo rivals in the business as it is a new idea
that has not yet percolated around the world. The business will also ensure close customer
relationship so that they feel part of the company. The business will also apply the idea of
division of work and specialization to ensure that employee performance is increased (Prasad,

DEVELOPING A BUSINESS IDEA
2015). When the idea is used, each employee does what they are best in and what they have
been used to doing for quite some time hence increased performance. The business will also
be very considering when hiring workforce. The highly skilled workforce will be hired to
ensure that good business culture is set and that high productivity is achieved.
Conclusion
Is it possible to run a business without competition? Can a business benefit not only its
founder but also the general public? These are some of the questions that most of the people
ask themselves. The answer to the questions is straightforward that it depends on the choice
of the business idea. A business idea that is arrived at after adequate consideration can enjoy
monopoly benefits and be in a position to benefit its founder and the public. Sone of the
factors to consider in coming up with a feasible business idea is the entrepreneurial gap
existing in a certain market, the level of competition, the amount of capital required to start
the business, where to locate the business, among other factors. It is important to also
consider the benefits of the business, its critical success factors during execution as well as
the appropriate business model. Therefore, since the necessary considerations were made
before coming up with the idea of the dual purpose device, it is anticipated that the business
will do exemplary well in the market.

DEVELOPING A BUSINESS IDEA
Bartkowski, J. (2015). Religious Organizations, Anti-Poverty Relief and Charitable Choice:
A Feasibility Study of Faith-Based Welfare Reform in Mississippi.
PricewaterhouseCoopers, Endowment for, the Business of Government, 68 (8), 50-78.
Cooper, R. (2016). Benchmarking the firm's critical success factors in new product
development. Journal of product innovation management, 4 (7), 55-67.
Douglas, E. (2016). The interaction between feasibility and desirability in the formation of
entrepreneurial intentions. Journal of Business Venturing, 6 (8), 50-79.
Hong, K. (2016). The critical success factors for ERP implementation: an organizational fit
perspective. Information & Management, 4 (8), 46-69.
Jia, F. (2016). Investigating the feasibility of supply chain-centric business models in 3D
chocolate printing. Technological Forecasting and Social Change, 3 (6), 34-57.
Lin, Y. (2017). BPMN-based business process model feasibility analysis: a Petri net
approach. International Journal of Production Research, 67 (7), 34-46.
Nelson, R. (2014). Energetic and economic feasibility associated with the production,
processing, and conversion of beef fat to a substitute diesel fuel. Biomass and
Bioenergy, 3 (88), 66-83.
Somers, T. (2016). The impact of critical success factors across the stages of enterprise
resource planning implementations. Proceedings of the 34th Annual Hawaii
International Conference on the Business process, 67 (7), 43-61.

DEVELOPING A BUSINESS IDEA
1. Appendix
The proposed business model canvas
Key Partners Key Activities Value
Propositions
Customer
Segments
Key Resources
Commercial
banks, insurance
companies, and
mobile service
providers
Acquisition of
raw materials,
manufacturing,
and marketing
Delivery,
troubleshooting,
and system
upgrade
The young,
middle-aged and
the aged
Human,
physical,
financial and
technical
resources
Channels Cost Structure Revenue
Streams
Customer Relationships
Direct sales,
Group
purchasing
organizations
and distributor
sales
Raw materials-
100k
Manufacturing-
200k
Distribution-
100k
Onetime
payments for
goods and
recurring
payment for
value
propositions
24/7 toll-free customer support,
social media platforms, and live
chat programme