Foundation of Business - IoT Product, Ownership Structure, Fundraising, ABN, Economic State and International Business

Running head: FOUNDATION OF BUSINESS
FOUNDATION OF BUSINESS
Name of the Student
Name of the University
Author Note

1FOUNDATION OF BUSINESS
Describe your IoT product?
With the growing technology, IoT has implemented several technique has improved
he way of living. IoT has found its importance from homes to workplaces, making lives
easier. This becomes very much necessary to launch a product that will help in easy accessing
the product and tracking the devices. Thus, the aim is to develop a product that will help to
easily track someone’s location or the working of the organization. This is very much
necessary to track the activities. This product will give all the details with exact location.
With implementing the tracking device with IoT, the information getting generated will get
stored automatically. The product that has been thought to be manufactured by our
organization is smart tracker. The tracker will help in easy detection. Implementation of IoT
with the tracker will help in tracking the devices and also provides flexibility towards the
devices connected. The key feature provided by these product is to improve assets utilization
(Jensen, Mandeville and Karunaratne 2017). In order to promote the product and improve the
marketing for this product. The product is going to be launched overseas with implementing
websites for these product. This products aim is to facilitate easy tracking and improving the
tracking capability.
Describe the ownership structure you and your partner will choose. Explain your
reasoning for your choice (e.g. partnership or company), outlining the pros and cons.
The aim of the team is to work as an organization. That will facilitate all the
employees and the team members aiming for launching this product. The organization aims at
launching the product overseas. The organization has decided to set a small team that will
promote the product throughout the Australia. These people will sell the product and will
aware the people about the importance and facilities provided by the product (Wortmann and
Flüchter 2015). In addition to this sales, the organization has decided to develop a website
that will help in expanding and promoting the product overseas.
There are several advantages with launching this product these are as follows:
 The organization structure will help to track the activities easily.
 Organizing the activities and diving the responsibilities among the members will be
easier.
 The organization will be able to operate the tasks easily.

2FOUNDATION OF BUSINESS
 The structure of the organization will help in easy promotion and will also able to
convince the customers about this product.
Disadvantages
 The main disadvantage is that while selling the product offline it will take a lot of
effort.
 Organization will be under pressure as this is the responsibility of their team to launch
a product that will gain huge profit.
 Managing the employees is the biggest challenge.
Explain the process you will go through to raise money to start the business. Do this on
the assumption that you and your partner both own houses.
Before starting any business it is necessary to raise funds that will help the business to
expand. Every organization needs some basic funds so that they can move with forward with
the plan and launch the product in the market. There are several plans that will help in raising
the funds for starting the business, these are as follows:
In order to raise fund, product details can be shared with large organization or governments.
This will help to raise fund once the government finds it beneficial they will eventually
approve the plan and will be ready to fund the proposed product.
 By approaching for loans one can start their business.
 Friends and family can help by providing funds.
Explain the purpose of obtaining an ABN and the steps you need to go through to get
one.
ABN stands for Australian Business Number. This is necessary for the people who
aims at gaining profit and are planning to start a business or has started the business. Thus,
ABN is an important for the upcoming business plan and for launching the product. In
addition to this, there is a need of registering with the Australian Tax Office by law. With the
help of ABN, ATO can easily track all the activities and trading taking place within the
companies of Australia. This is necessary to have an ABN number (Drucker 2015). ABN
number is 11 digit unique number allocated to the business which has started gaining money.