Getting a Feasible Business Idea

This assignment is purposed at thinking big to get an opportunity that will be launched in the market with an expectation that it will succeed. The thinking big was accompanied by brainstorming and considering factors such as why the business is to be begun, the target market segments and the legal requirements associated with the proposed business.

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GETTING A FEASIBLE BUSINESS IDEA
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GETTING A FEASIBLE BUSINESS IDEA
Table of Contents
Executive summary...............................................................................................................................3
Introduction...........................................................................................................................................3
The market problem..............................................................................................................................4
Benefits generated by the idea...............................................................................................................5
Feasibility evaluation.............................................................................................................................5
Service feasibility..............................................................................................................................5
Target market feasibility....................................................................................................................6
Organizational feasibility...................................................................................................................6
Financial feasibility...........................................................................................................................6
The proposed business model................................................................................................................6
Critical success factors..........................................................................................................................7
Conclusion.............................................................................................................................................7
References.............................................................................................................................................9
Appendix.............................................................................................................................................11
The proposed business model canvas..............................................................................................11

GETTING A FEASIBLE BUSINESS IDEA
Executive summary
This assignment is purposed at "thinking big" to get an opportunity that will be launched in
the market with an expectation that it will succeed. The "thinking big " was accompanied by
brainstorming and considering factors such as why the business is to be begun, the target
market segments and the legal requirements associated with the proposed business. Issues
related to the impacts brought about by the business and factors that will help the business
succeed were put into an account. The consideration of these factors led to coming up with
the idea of developing an Android software that will enable the user to control all household
electrical appliances. The hiring of skilled workforce and good public relations are among the
recommendations in this study.
Introduction
Today, some businesses are thriving well while others are getting big loses and worse still a
large number of them closing due to inability to cope with the market challenges. A few
things, often ignored by quite a large number of entrepreneurs for being regarded minute cost
the businesses so much. One of the things usually forgotten by entrepreneurs is that many of
the businesses have the similar external environment and it is therefore upon them to come up
with strategies of using their internal resources to maneuver in the market. As an example,
stiff competition has to lead to the phasing out of several business premises, even some of
which had big brands celebrated worldwide. One of the key factors to bear in mind as an
entrepreneur is that business is very different from fashion and therefore it does not call for
doing what the rest are doing. It should be appreciated that doing what others are not doing is
one of the treasures hidden in the business world. As a result, therefore, it is important, as an
entrepreneur to think of a business opportunity that has not been seized or opt to offer a
commodity that is mot satisfactorily offered in the market. This is usually accompanied by
brainstorming to establish whether a certain opportunity will bring quantitative benefits to the

GETTING A FEASIBLE BUSINESS IDEA
entrepreneur and the world as a whole. Establishing the legal requirements associated with
the proposed business is inevitable as every business is expected to be located in a country
that has a government exercising power and control over activities taking place within the
country. The key considerations, having been taken into account, manufacture of mobile
software that will enable the user to control all the electronic gadgets at home was gotten.
The user will configure all home electrical appliances with their smartphone and start
controlling them at the convenience if a single gadget without moving around.
The market problem
Every feasible business idea fills an entrepreneurial gap that has been existing in the market.
Likewise, the proposed idea will fill a big market gap that has not been seized by any
entrepreneur for centuries. According to (Amit, 2016) and (Aversa, 2014) in their research
about the modern digital technology and the rapid growth on mobile technology, human
beings want to have more control over technology and want to do even more using their
mobile devices. (Bocken, 2016), in research about the consumption of electrical commodities
in the modern society holds that people are abandoning manual gadgets such as charcoal
ironing machines, warming foods with charcoal or paraffin stoves among others. In the zeal
to enjoy and take part in the rapidly changing and improving modern technology, human
beings have opted to use modern electrical gadgets that make work easier and yield a flawless
output with clicks of buttons after plugging the devices into a power source as held by (Jia,
2017). It is, therefore, certain, that those capable of purchasing home electoral appliances
have the capacity of owning smartphones. For this reason, it became necessary to come up
with software that will put all domestic electrical appliances under control. As a result, we
landed into the opportunity of coming up with software that controls all these appliances
using a smartphone.

GETTING A FEASIBLE BUSINESS IDEA
Benefits generated by the idea
This business, upon implementation, will bring quite a good number of benefits to the society
and the entrepreneur. To begin with, all home electrical appliances will be brought into
control. Under normal operation, without the proposed software, the user has to switch on
one gadget, move to the other, switch off some to prevent them from spinning out of control
and probably causing electric fire breakouts (Martins, 2017). Alternatively, several people
have to be present if multiple electrical appliances have to be running at the same time. Upon
implementation of this business idea, each household will need to only have one person with
the software installed in their smartphone and control all the electric appliances like
television, radio, microwaves, among others. These other people will have an opportunity of
engaging in other activities that earn them revenue, an idea steered by (Nanlohy, 2017).
Again, damages caused by electric appliances like fires among others will be highly reduced
since controlling them will be easy. In addition to that, the business owner will get revenue
from the business and be able to live a better life and even get an improved social status. The
business will see a large number of people get employed thereby making their living
standards higher than they used to live. As a result, overdependence and consequently
poverty will be reduced.
Feasibility evaluation
Service feasibility
The proposed business is a new idea that had not spread in many parts of the globe.
Moreover, it will bring most, if not all the domestic appliances under control. It will save the
consumer time and burden of moving from one gadget to another to switch on, off, or
operate. This software will thus be a primary requirement for all households. As a result,
therefore, it is believed that the business will thrive well and the product will have a ready
market as assured in (Prasad, 2015).

GETTING A FEASIBLE BUSINESS IDEA
Target market feasibility
This proposed business will be service oriented and ensure that its customers get the best
service and treatment. It will ensure that customers are given the priority and that there is a
good relationship between them and the business as advised by (Rapp, 2015). It also aims at
producing a high-quality product that doesn't malfunction or mess up with the household’s
appliances. Customer relations, high-quality products and the fact that this is a unique idea
when combined, make it certain that there is assured market for the product.
Organizational feasibility
This business, like any other, will have different functions such as the human resource, public
relations, marketing department, among others. These departments will be supported by the
company to ensure that they undertake their duties with precision and that they work in the
best interest of the company. The business will use sophisticated human resource
management systems to ensure that there is improved productivity resulting from improved
performance from employees as was recommended by (Rayna, 2017).
Financial feasibility
This is a business that is not capital intensive, requiring about 100K USD for start-up. These
funds, since relatively little can be gotten from personal savings and leasing and renting
property. In the zeal to diversify and grow the business, the company will plough back profits
into the business. Being a technology based business, it will be expected to make the first sale
in a week’s time and operate for a month to reach the breakeven point.
The proposed business model
Proposing a business model gives a hint of how the business will operate and how activities
will be undertaken in the business. For the suggested idea, the long tail business model is
recommended. One of the chief reasons that this model was selected is because it aims at

GETTING A FEASIBLE BUSINESS IDEA
providing value propositions to the market segment that will earn the business more revenue
(Wang, 2016). Concerning customer segmentation, segments will be based on the level of
income of the customers and their age. This segmentation will help the entrepreneur
determine the market segment that can acquire several electric appliances and target it. The
key activities that the business will carry out are acquiring the required resources, production
and the sale of the product often referred to as marketing. The value propositions associated
with this business are system upgrade, change of the operating system, troubleshooting
among others. This business will require physical, technological, financial and human
resources to start and run. The supply chain management team will ensure that the final
product gets to the consumer at the right place and time.
Critical success factors
For buyers to become routine customers, they have to be satisfied by the kind of the products
they purchase in a certain business. Satisfaction comes from the sale of legitimate, authentic
and acceptable quality products. As a result, this proposed business is obliged to being
service oriented when dealing with customers. The business will relate well with its
customers, a relationship that will be built through direct contact, social media platforms as
well as mainstream media advertisements. Employee motivation will be taken as a priority
because it enables them perform better and hence give quality and increased output (Sinha,
2017). The business will also emphasize on hiring of skilled workforce to prevent production
of a malfunctioning product. As a result, experts will be chosen in every sector, a move that
will be used to create a popular business culture.
Conclusion
Starting a business is more than seeing what people sell and venture into selling the same
product. As an entrepreneur, it is important to have in mind why you need to start a business,

GETTING A FEASIBLE BUSINESS IDEA
the type of product that will be sold as well as the target market segment, if any. It is also
crucial to ensure that the business to be begun benefits the entrepreneur as well as the society
in which it is established. That is made possible by engaging one’s mind to come up with a
unique and viable opportunity that will not face stiff competition after establishment. The
factors that will enable the business succeed as well as the market problem to be solved are
among the key issues to be considered before starting a business. Because these and other
crucial factors have been put into account, the manufacture and sale of a mobile control
software will succeed.

GETTING A FEASIBLE BUSINESS IDEA
References
Amit, R. (2016). Crafting business architecture: The antecedents of business model design.
Strategic Entrepreneurship Journal, 4 (7), 78-94.
Aversa, P. (2014). From business model to business modeling: Modularity and
manipulation. Business models and modeling, 56 (8), 68-89.
Bocken, N. (2016). A literature and practice review to develop sustainable business model
archetypes. Journal of cleaner production, 56 (7), 69-78.
deviMartins, L. (2017). Unlocking the hidden value of concepts: a cognitive approach to
business model innovation. Strategic Entrepreneurship Journal, 7 (89), 44-67.
Jia, F. (2017). Investigating the feasibility of supply chain-centric business models in 3D
chocolate printing: A simulation study. Technological Forecasting and Social
Change, 76 (4), 35-55.
Nanlohy, H. (2017). Management and Feasibility Analysis of Smoked Fish Business in
Ambon. In IOP Conference Series: Earth and Environmental Science, 3 (6), 46-72.
Prasad, S. (2015). The business model for transforming a coal mining asset into a rent-
generating the resource. A study under multiple strategic frameworks. Resources
Policy, 5 (7), 67-78.
Rapp, C. (2015). Not so risky business? How social policies shape the perceived feasibility
of self-employment. Journal of European Social Policy, 5 (7), 66-88.
Rayna, T. (2017). From rapid prototyping to home fabrication: How 3D printing is changing
business model innovation. Technological Forecasting and Social Change, 35 (7), 65-
89.

GETTING A FEASIBLE BUSINESS IDEA
Sinha, A. (2017). Analysis of issues controlling the feasibility of automobile
remanufacturing business in India. International Journal of Services and Operations
Management, 58 (6), 37-57.
Wang, Y. (2016). Big data analytics: Understanding its capabilities and potential benefits for
healthcare organizations. Technological Forecasting and Social Change, 3 (7), 49-68.

GETTING A FEASIBLE BUSINESS IDEA
Appendix
The proposed business model canvas
Key Partners Key Activities Value
Propositions
Customer
Segments
Key Resources
Commercial
banks,
insurance
companies, and
other interested
parties
Acquisition of
raw materials,
manufacturing,
and marketing
System
installation,
troubleshooting,
and upgrade
Middle-aged,
youth and aged.
Human,
physical,
financial and
technological
resources
Channels Cost Structure Revenue
Streams
Customer Relationships
Direct sales,
Group
purchasing
organizations
and distributor
sales
Technical
resources 40K
Human
resources 35K
Distribution-
27K
Onetime
payments for the
product and
recurring
payment for
value
propositions
Social media, live chat programs,
customer call service