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Founders' Guide to Entrepreneurship

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Added on  2019-11-25

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Running Head: Entrepreneurship Entrepreneurship 6 Entrepreneurship Business Idea and its components Contents Introduction: 1 Need Analysis: 1 Target Market: 1 Business Model: 1 Services offered: 1 Currency Consultation 1 Live Screen 2 Customized Strategies 2 References: 3 Introduction: Entrepreneurship is the process of starting one’s own business, however it is a very broad concept. However, there are various exporters and importers whose businesses get impacted by these currency movements and this currency consultation firm will aim to help them track,

Founders' Guide to Entrepreneurship

   Added on 2019-11-25

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Running Head: EntrepreneurshipEntrepreneurshipBusiness Idea and its components
Founders' Guide to Entrepreneurship_1
Entrepreneurship 1ContentsIntroduction:....................................................................................................................................1Need Analysis:.................................................................................................................................1Target Market:.................................................................................................................................1Business Model:...............................................................................................................................1Services offered:..............................................................................................................................1Currency Consultation.................................................................................................................1Live Screen..................................................................................................................................2Customized Strategies..................................................................................................................2References:......................................................................................................................................3
Founders' Guide to Entrepreneurship_2
Entrepreneurship 2Introduction:Entrepreneurship is the process of starting one’s own business, however it is a very broad concept. At the core, it is a mindset, a way of thinking, solving problems and creating values (Business News Daily, 2017). Entrepreneurship is very essential for any economy. It brings about a drive of innovative growth. This is why government provides for various subsidies to individuals who have their own startups.My idea today, involves the formation of a ‘currency consultation’ firm. Today we see there is a lot of fluctuation in the Australian Dollar against the US dollar. Over the last five years, we have seen the currency touch a lot of 0.6863 and a high of 1.0509 (XE, 2017). Now as an individual, these fluctuations will not directly impact the citizens of Australia. However, there are various exporters and importers whose businesses get impacted by these currency movements and this currency consultation firm will aim to help them track, monitor, control, reduce the effect and take advantage of these movements.Need Analysis:Foremost aspect of any business is to identify a need in the society and aim to fulfill that need with its offerings. The exports in Australia are consistently on a rise and the outlook for the sameis upbeat (Reuters, 2017). So much so that Australia exported AUD 31.07bn and imported AUD 30.61bn worth of goods and services in the month of July this year (Trading Economic, 2017). Most of the country’s trade transactions are done in US dollars and hence it strongly and sometimes adversely impacts various exporters and importers who are unable to forecast these currency changes. Our firm aims to bridge that gap by providing consultation services where finance experts will be tracking the market and guiding the clients on when to book orders, how to hedge their currency from risk and also provide advisory on their banking charges.Target Market:Target market will be firms importing to Australia specially Iron ores, petroleum, coal, gold and wheat and firms exporting from Australian especially Wool, natural gas, minerals and agricultural products. Geographically, we wish to start from an office in Sydney as the city inhabits exporters and importers in abundance, however we will be serving clients in other parts of the country as well.Business Model:We are offering a niche service and hence will be targeting clients with an annual turnover of at least AUD 10mn. We will be offering two different business models to our clients to choose from. Firstly, they can pay us an annual consultation fee which will be different for different clients based on their turnover. This fee will be paid in two parts. One advance and one after 6 months of service. Secondly, clients can choose to share their profits monthly based on our advice. We would have systems in place to track when and how much have they benefitted from our service.
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