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Idea Based Business Management

   

Added on  2020-03-13

8 Pages1754 Words27 Views
Running head: BUSINESS MANAGEMENT1Management and Business ContextName:Institution:Date:

BUSINESS MANAGEMENT2IntroductionThe business idea is based around mobile money transfers and the convenience it brings to send and receive money from any part of the world in real time. It will be based on a Mobile Network Operators (MNO) or still can be supported Mobile Virtual Network Operators (MVNO). The primary idea behind this idea is to enable people in countries to remit money from where they are to mobile networks of their intended receivers(Aaker, 2001). Since most money transfer business from country to country takes a minimum of two to three days for the receiver to get the money, in mobile money transfer the money is received in real time and is converted by a currency converter. Example, if a husband is sending money from Australia in Australian dollars to the wife in India, the money sent will be directly converted to Indian rupees and received in real time.The advantage of this business is that it can be developed into many platforms including mobile application systems where the sender is able to engage with the receiver if the money has been received. Using the currency converter, any form of currency could be transferred but at different rates and at different times(Brown & Clinton, 2010). The business model is aimed at providing financial services right from transfers and growing the business to becomea mobile money banking system. IndustryThe company will operate on a telecomm industry although it may also be in the financial and banking services industry. This is because it uses the mobile money operating systems to get its network for transfer of services and transmission of information and acts as a financial service provider. It has an unlimited potential to grow as a very potential business idea coming into play when a lot of financial services are needed across countries. The industry is dominated by big players but their idea is not based on real time money transfers.

BUSINESS MANAGEMENT3SizeThe size of the start-up is not that big. Firstly, it will be a national company and transferring money to neighboring countries but will be aiming to cross the continents based on the impact of the business in transformation of lives. As a small sized company compared to its competitors, its startup capital is between the ranges of 1 million to 1.5 million dollars(Business and management practices in greece, 2014).Countries of operationIt is operating in Australia, the Americas, Asia and Africa. Europe too has not been left behind in operation of the business.Vision and missionThe vision of the company is to provide mobile money transfers nationally and internationally through the use of mobile phones in real time. The mission is to be the numberone provider of quality money transfer services efficiently, fast and affordable(Kew & Stredwick, n.d.).Business StrategyAs part of its innovation strategy aimed at offering its customers increasingly modern, simpleand efficient channels to carry out their transactions and thus satisfy their financial needs withthe highest quality, BBVA Provincial offers the new service "Mobile Money", which Allows you to send cash from the online bank of the entity to another person's cell phone, to have it withdrawn at an ATM of the institution, without the need for a Debit CardAccess to this new service is very fast and simple. To do this, customers must enter the website www.provincial.com and select the "Mobile Money" option, place the beneficiary's

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