Entrepreneurship: Business Ideas and Feasibility

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Entrepreneurship 1
Contents
Introduction............................................................................................................... 2
Task 1...................................................................................................................... 2
Task 2...................................................................................................................... 4
Business Ideas......................................................................................................... 4
Feasibility.............................................................................................................. 5
Production feasibility............................................................................................. 6
Marketing feasibility.............................................................................................. 6
Business planning forecast using financial techniques......................................................10
Luggage bags.................................................................................................... 10
Online website................................................................................................... 12
Folding laptops.................................................................................................. 15
Selection of business idea......................................................................................... 17
Business plan for Smart luggage bags.............................................................................17
Business mission................................................................................................... 17
Situational analysis................................................................................................. 18
PESTLE analysis...................................................................................................... 18
SWOT analysis of Bag-tech designs............................................................................... 20
Marketing Mix...................................................................................................... 21
Market segmentation and profile................................................................................ 23
Targeting............................................................................................................. 24
Positioning........................................................................................................... 25
Financing................................................................................................................ 25
Controlling and monitoring mechanism...........................................................................26
Task 3.................................................................................................................... 28
Conclusion.............................................................................................................. 31
References.............................................................................................................. 32
Appendix................................................................................................................ 36

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Introduction
Entrepreneurship is the process of initiation, scheming and running a new corporate. This
report is classified in three tasks on the basis of business idea (Souto, 2015). In first task, the
discussion is made on the social and commercial entrepreneurship. In second task, three
business ideas are proposed and then feasibility of the business will be tested. As per the
stability test, one business idea has been selected on which the marketing and business plan
will be developed. The process of business plan includes situational analysis and marketing
plan includes the STP, and marketing mix. In the last task, the reflection would be presented
which would be based on the experiences of the different type of enterprises.
Task 1
Social or commercial entrepreneur is the one who majorly form the enterprise with the aim to
solve the social problems or effecting the social change. This can be said in other words that
they are the one who benefits the society in the form of the new goods and services so that
can lead to the transformative social impacts (Taylor, 2019).
It has been found that social or the commercial entrepreneurs are successful because of the
different factors that include finding your passion. The entrepreneurs become successful
when they follow their passion and bring new product and services that can bring comfort
and change in the lives of people. In this, they make their mission statement that shows what
they want to service and exactly how they reduce the emerging issues. In addition, the
research of the field is one of the major factor due to which the entrepreneurs become
successful (Weicht and Dajani, 2018). The proper research of the market is the one of the
way through which the entrepreneurs can register the success because this research will help
them to known about the social business landscape. This research helps the entrepreneurs in

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conceptualizing providing the unique offering in the market. This unique offering helps the
business to attain the attention of the customers because this idea solve their problems and
lead to the success of the business. The entrepreneurs become successful in the business
environment by developing the successful business model. The successful business model is
considered as the roadmap for how the enterprise will make the profit out of their business
operations. This business model effectively contributes in serving and assisting the customers
present in the market. Another aspect that is considered as the backbone of the appropriate
selection of the employees for their business as without the proper personnel the
entrepreneurs will not be able to perform their business operations. Entrepreneurs select the
team members who can freely and opening share their business idea. These personnel support
the business model that is prepared by the entrepreneurs in order to achieve the success.
I found that entrepreneurs need skills and attribute in the area so that they can become the
successful entrepreneurs. According to me, I have different skill sets in the areas that help me
to deliver the better services to the customerspresent in the market. I have the skill set of
strong communication through which I can easily communicate about the product as well as
can motivate the employees to grow the business. These skills will be used in order to
communicate about the mission statement among the employees. I think that innovative and
creative mind-set that makes me connected with the technology. I believe that this connection
and interest in the use of the advance technology helps me to propose the new ideas for the
people present in the social market. The motive of the use of technology like 3D, virtual
reality and many other is done in order to improve the business and provide the value to the
customers. I think this attribute helps me to bring the successful business idea in the market.
Further, I am capable to take strong decision in the difficult market situations as these
situations can affect the working. Considering the market research, I can take the decision in
which field we should bring the business so that success can be registered in the market. This

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skill enhances my attribute of the being confident for the steps that are taken by me in the
market.
Considering all these skills and attributes the business idea that is proposed are three ideas.
The first one is smart luggage bags with face recognition feature that can deal with the issue
of high security. Another business idea that is pitched is to develop a new website in which
we can get the idea for any kind of outfit (dress) on persons as people generally deal with the
issue of selecting and making decision for purchasing the dress as they remain in dilemma
that it will suit them or not. Thirdly, well-designed laptops that can be folded by the
customers to carry it from one place to another and they can open laptop for making the use
of it.
Task 2
Business Ideas
The first business idea is based on the smart innovation in the tourist and hospitality industry.
As the time passage, entrepreneurs need to be unique as well as innovative in order to survive
for long time in the market. Unique ideas also help to beat the competitors in the market. The
business ideas which can be introduce in the market with the highly innovative idea is smart
luggage bags with the new features. The smart luggage bags with face recognition system
that helps unlocking and locking the bag. The three-dimensional face recognition technique
uses 3D sensors to capture information about the shape of a face. The new feature of face
recognition system helps to attract the large number of consumer towards the bag.
The second business idea is beneficial for the online websites or clothing industry.
Nowadays, people are more worried about their personality and their looks for the different
occasions and purposes. Everyone wants the different and new looks as per the occasions but

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due to which they face challenges because they get confuse in selecting the clothes. As the
people prefers the online shopping in order to save their time instead of visiting the stores that
is why; they are not able to wear the dresses to check their looks and outfit. The new website
is launch in order to reduce the challenge of selecting the dresses while online shopping. The
online website will be created with the use of virtual technology. The people will upload their
picture and can click on the dresses that they want to check it. This website helps the people
to show their picture in the selected dress in order to reduce the challenge of decision making
of purchasing the bags.
The third business idea helps to reduce the challenge of carrying the heavy weight while
traveling from one place to another place. As the technology is developing, the people have
done their whole work with the help of laptops, mobile phones, and computers. Nowadays,
official works are also done with the laptops due to which the people face the issues of
carrying the heavy bags. People would like to avoid the heavy luggage while travelling from
one place to others. The new laptops will be introduced with the folding feature so that the
people can carry their laptops while moving from one place to another. The people can easily
fold their laptops and carried in their pockets in the size of smart phones. The challenge of
heavy bags are reduces by introducing the folded laptops for people (Broadley, Champion,
Johnson, and McHattie, 2016).
Feasibility
Feasibility is the process of evaluating a proposed project in different terms such as
technically feasible, cost feasibility and profit feasibility. The main aim of this process is to
understand the strength and weakness of business in the market. A well-designed feasibility is
more attractive for the consumers. The feasibility is determined as per the perception of
consumers as well as the entrepreneurs. Feasibility test is conducted on the different areas
such as marketing feasibility, production feasibility and many others. In this report, the

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production feasibility and marketing feasibility will be discussed in order to evaluate the
feasibility of business ideas (Bock, and George, 2017).
Production feasibility
Production feasibility defines the evaluation in which the product is design with the existing
technology in order to meet the quality requirement, production rate, and the cost
requirements. The production feasibility of all three ideas will be evaluated on the basis of
quality, cost requirement and the production rate.
Marketing feasibility
Marketing feasibility helps to analyse the target market in order to identify the potential
threats and findings out solutions to overcome them. The analysis is based on the ideas,
campaigns, processes and products (Ojala, 2016).
Production and Marketing feasibility of business idea first
Marketing feasibility test
Analysis of current market
It has been analysed that the Smart Luggage bags marketplace is expected to spread with the
sales $15405 million in 2016 and it is expected to reach at the $24027 million in 2023. The
growing airline travel and tourism industry support the innovative product design, and
quality, demand for the IOT based applications. The smart bags have the high opportunity to
grab the market as it has high scope (Allied Market Research, 2018).
Competition
The competitors of the product are Zoomlite, Bagworld and many others as they provide the
similar nature of services to consumers. The smart bags can face the high competition with

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the competitors but as it adopts the new technology that is why it has a scope to beat its
competitors.
Potential buyers and sources of revenue
It has been evaluated that the buying behaviour of consumers has been fluctuated as with the
changing lifestyle of consumers. The consumers are shifting towards the innovation to add
value in their life and to make their daily operation easy and suitable. The revenue is
generated through selling the product.
Product feasibility
Raw Material Cost
The clothes and technology are used to develop the luggage bags that consume the less cost
that is why it can be said that the smart luggage bags are feasible.
Quality
The good type of fabric and the software are used to produce the products. The quality of
product is high as it is produce to attract the consumers. The consumers can easily check the
quality of product by touching it or taking the demos. It is highly feasible in terms of high
quality.
Production and Marketing feasibility of business idea second
Marketing feasibility test
Analysis of current market
As per the research, it is observed that e-commerce sales is rising with the amount of 2.3
trillion and retail revenues are expected to grow 4.88 trillion in the year 2021 (Statista, 2018).