Report: Developing a Viable Business Idea for the Market

This report details the development of a business idea for an advisory and rehabilitation company, designed to address a market gap by providing expert advice and support across various life aspects. The report includes an executive summary outlining the business concept, followed by an introdu...Read More

Running Head: DEVELOPING A BUSINESS IDEA
DEVELOPING A BUSINESS IDEA
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Running Head: DEVELOPING A BUSINESS IDEA
Content

Running Head: DEVELOPING A BUSINESS IDEA
s
Executive summary...............................................................................................................................3
Introduction...........................................................................................................................................4
The market gap......................................................................................................................................4
The benefits generated by the idea.........................................................................................................5
Evaluation of feasibility.........................................................................................................................6
Service feasibility..............................................................................................................................6
Target market feasibility....................................................................................................................6
Organizational feasibility...................................................................................................................6
Financial feasibility...........................................................................................................................7
The proposed business model................................................................................................................7
The critical success factors....................................................................................................................7
Conclusion.............................................................................................................................................8
References...........................................................................................................................................10
Appendix.............................................................................................................................................12
A simplified structure of the proposed business model canvas........................................................12

Running Head: DEVELOPING A BUSINESS IDEA
Executive summary
The chief purpose of this paper is coming up with a visible and viable business idea that will
maneuver up well when introduced into the market. In coming up with the idea, some of the
factors considered are the entrepreneurial gap the idea is set out to fill, the level of
competition, the available market, among other key considerations. Other factors to be
considered are the critical success factors, the business feasibility and the benefits of the
business. After making all the necessary considerations, the business that was arrived ay was
starting and Advisory and Rehabilitation Companywhere clients with any problem related to
any field will be advised, given the important suggestions to come out of the problem as well
as the approach to be used. The company is set out to accommodate clients with diverse
needs related to any field. The main reason for choosing the business idea is because it fills a
market gap that has existed for centuries. Some of the recommendations are acquiring the
best workforce and establishing a close relationship with its clients as well as maintaining
high levels of confidentiality in the services offered.

Running Head: DEVELOPING A BUSINESS IDEA
Introduction
In the modern business world, there are quite a large number of businesses stocking different
goods and services. While most of them are doing exemplary well, others are in the process
of getting shut down due to some factors among them stiff competition arising from the
wrong choice of a business idea. When choosing the business idea to venture in, one has to
consider a member of factors. Some of these factors are an entrepreneurial gap or problem
that the business idea is set out to solve, the exact product to sell, whether service or good as
well as the level of competition. Other factors are the existing trade policy of the host country
as well as the legal requirements of starting the business. After getting the idea, it becomes
crucial to determine the benefits that will be brought about by the business idea upon
execution, the critical success factors as well as evaluation of the feasibility of the business.
After making the necessary considerations, the business idea that was arrived at was
beginning an advisory and Rehabilitation Company. People who have problems related to
any aspect of life will come to the company and get experts to talk to them andsuggest the
possible solutions to their problems and give a strategic guide towards implementation.
The market gap
Research hasshown that most of the people are living with “heavy heads” due to some things
disturbing their minds (Amit, 2016). This fact explains the reason as to why people choose to
commit suicide or other suffer from fatal diseases like stroke, heart attack, stomach ulcers,
among others due to life stress. Another research on the same topic hints that human beings
are created in such a way that it is difficult to find consolation and help from within oneself
(Aversa, 2014). As a result, it becomes imperative to have someone to speak to when in need.
The idea aims at beginning a company with experts in different fields of life whether
political, social, economic, religion, academic, among other experts. When people are faced

Running Head: DEVELOPING A BUSINESS IDEA
with problems, of which they are, will come to the company, express their problem and an
expert categorize it into the relevant field and the client is sent to an expert in the field. The
reason for coming up with this idea is that a lot of people in the world are suffering from
none to lend a hand. The business will maneuver up well because theidea has not percolated
around the world.
The benefits generated by the idea
The benefits of the business idea can be measured in three dimensions, benefits to the
founder, clients and the general public as a whole. To begin with, thefounder of the business
will get a lot of income from the business that will enable them to improvetheir standards of
living, social status or even reach the state of self-actualization. The founder will become a
hero and will be celebrated all over the world for coming up with a unique business idea that
is not only focused on earning profits but also helping the general public (Bocken, 2016). In
the side of the clients, they will be able to get help and be able to move on with their lives
seamlessly. One of the major thing disturbing people around the world has unsettled mind
either as a result of domestic problems, political complications or other problems (Jia, 2017).
These problems make the victims opt for taking drugs like alcohol amongothers, but the
effect of these drugs is short-lived, and thus after some time they find themselves with the
same feeling again, (Martins, 2017). The company, therefore, will make them live a better
life than the one they used to live. It will also eradicate all the disease’s related to stress,
restore human health and enable people to live good lives, the way they should be living.
The business will also be paying corporatetax. This tax will be used to better socialamenities
such as water, schools, and hospitals, among others and help the general public find it
interesting and convenient to live and navigate from oneplace to another with ease. Again, the
business will offer Job opportunities to a large number of people. That meansthat the

Running Head: DEVELOPING A BUSINESS IDEA
dependency ratiowill go down and consequently the level of poverty will go down (Nanlohy,
2017). The business will thus help in attaining sustainability because one of the majorgoalsof
sustainability is the eradication of poverty. As a result of reduced poverty, the effects of
poverty like theft, immorality, and robbery will be countered.
Evaluation of feasibility
Service feasibility
The service provided by the business will include consultations, advisory and rehabilitation
services. These services will be very helpful to victims as they will be able to recover from
the problems they are facing. The services will also help them live better lives than the ones
they used to live before visiting the company. As a result therefore the service will be
overwhelmingly received in ghe market. Services will be if the highest quality and
confidentiality will be upheld.
Target market feasibility
The business has a certain market because most of the people around the world are suffering
from none to help. As a result, therefore, the business will have the highest consumption
because it will offer quality and highly confidential services, advising even the presidents and
big people in the world (Prasad, 2015). In short, the company will offer advisory services
related to any field to anybody. However the business targets everybody, a priority will be
given to the high income earning customer segment because they tend to earn the business
higher profitmargins (Rapp, 2015).The business will not have competition because it is based
on a new idea that has not been implemented elsewhere in the world.
Organizational feasibility
The organization will be organized into various departments each department specialized
according to its job. It will embrace the most recent and sophisticated human resource

Running Head: DEVELOPING A BUSINESS IDEA
information systems that will enable it monitor the performance of its employees. All the
departments will be given the due support and resources required to attain the highest levels
of productivity. The organization will partner with otherorganizations like hospitals to help
referrals for clients in the field of health.
Financial feasibility
The business does not require a lot of initial capital to begin because less than half a million
US dollars willbe enough to start and run the business. The initial capita will be gotten from
the saved funds as well as the sale of shares. For maintenance of the business operations and
diversification, profits will be ploughed back into the business. The business will be expected
to make the first sale within three days of operation. It will be required to operate for nit more
than a month to reach the breakeven point.
The proposed business model
The proposed business model for this business is the long tail business model. This model
targetsthe most profitable customer segments in the provision of value propositions (Wang,
2016). Customer segmentation will be done depending on the scope of the problem of the
customers because it will be cheaper and profitable to supply value propositions to them. The
value propositions will be referrals, rehabilitation among other related services. The resources
required in the business are human, physical and financial. The key activities will be advising
and rehabilitating. The other building blocks of business models are illustrated in the
appendix by use of a business model canvas.
The critical success factors
During the establishment of the business, several factors will enable the business to thrive
well. For instance, the hiring of employees will involve getting the most skilled workforce to

Running Head: DEVELOPING A BUSINESS IDEA
ensure that the services rendered are of the best quality and up-to-date. Hiring unskilled
workforce leads to poor performance, something that drags a business backward leading to
failure (Rayna, 2017). The business will ensure that it establishes the best culture by getting
highly skilled experts to start the process. Again, the business will embrace high levels of
employee motivation. Employees who are constantly motivated usually perform better as
opposed to those that are not (Sinha, 2017). Therefore, employee motivation will lead to
increased productivity. The business will also ensure that there is good human resource
management. It will make use of the modern human resources management systems toensure
that the department does a flawless job. Again, customer relations will be given a big priority.
The business will seek to establish a personal relationship with its customers through social
media platforms and also carry out mass mainstream media advertisement.
Conclusion
The success of business highly depends on the selection of a business idea. A business that
was chosen without thorough consideration to determine what is feasible and what is not will
eventually suffer closure due to failure. As a result, therefore, it becomes imperative to
consider some factors before coming up with an idea to determine whether the business will
thrive when introduced into the market. The major factor to be considered is the
entrepreneurial gap to be filled when the business is established. It is important to spot a
market gap before starting a business. Other factors are the available market, competition as
well as the existing legal requirements governing the establishment of the business. It is also
important to evaluate the business feasibility, its critical factors and establishes the benefits
that will come along as a result of the establishment of the business. Now that the necessary
considerations have been made, it is anticipated, therefore, that this business of an advisory
and rehabilitation company will do well when executed.

Running Head: DEVELOPING A BUSINESS IDEA

Running Head: DEVELOPING A 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. In 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-

Running Head: DEVELOPING A BUSINESS IDEA
89.
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.

Running Head: DEVELOPING A BUSINESS IDEA
Appendix
A simplified structure of the proposed business model canvas
Key Partners Key Activities Value
Propositions
Customer
Segments
Key Resources
Commercial
banks, Hospitals
and other
interested
parties
Advisory and
rehabilitation
services
Bonuses,
Customized
jackets, and
delivery
Acute, mild and
chronic
problems
Human,
physical,
financial and
technological
resources
Channels Cost Structure Revenue
Streams
Customer Relationships
Direct sales,
Group
purchasing
organizations
and distributor
sales
Raw materials-
100K
Human
Resources-
200K
Onetime
payments for
goods and
recurring
payment for
value
propositions
24/7 toll-free customer support,
social media platforms, and live
chat programme