Opportunity Journal 2: Converting Ideas into a Business Plan

This assignment presents an opportunity journal focused on converting business ideas into a tangible business plan. The student explores an automation-based business idea, specifically a wristband phone, and identifies the product's purpose and potential market. The journal includes a description of the product, research needs, and target audience. The student then outlines a business model, detailing primary revenue sources (investors) and cost components (employee salaries, technology, loans, and promotion). A small market test is proposed. The assignment also includes a completed opportunity checklist evaluating customer demographics, market size, competition, vendors, and government regulations, with justifications for each point. This comprehensive approach provides a framework for assessing the viability of the business idea.

Student Name:
Opportunity Journal 2 - Converting Your Ideas into a Business
Instructions:
1. Spend around four hours to work on this journal
2. Work individually because the idea of this exercise is for self-reflection
3. Submit the softcopy of your completed journal through LMS by the deadline date suggested in the turnitin link
NOTE: COPYING ANSWERS FROM OTHER RESOURCES WITHOUT PROPER REFERENCING WILL BE
TREATED AS A PLAGIARISM CASE.
Reflection Point Your Thoughts
What ideas do you have for a new business? You
can use your idea from opportunity journal 1.
NOTE: write one to two paragraphs to explain
about this business idea. You at least need to
identify the product/service that can be
generated from the idea. What is the purpose of
this product/service?
The new business that I want to develop will
be based on the application of automation.
This can help in developing products that
does not require excess labour. The product
that I seek to automate is in terms of
development of phones.
The technology used for phones can be used
only as a wristband. Instead of taking out a
phone, the digital screen can appear in the
palm of the people making it easier for them
to communicate with others.
How can you check whether this business idea is
an opportunity or not?
NOTE: You need to identify what sort of research
you need to do? Who you are talking to?
You might need to act on your answer above to
answer the next question.
A sample of the product can be launched
among a few people that are willing to try out
new things. At the same time, the technique
can be written in blogs so that people can
read about it and remain excited about its
implementation.
I can talk to experienced businessmen about
the application of the object
On a separate page, provide the opportunity checklist for your business.
If you transform the opportunity into a business,
describe your business model:
What are your primary sources of revenue?
What are your main costs components?
NOTE: write one to two paragraphs to justify
your answer above
The primary source of revenue that is
required is for an investor to help me gain the
necessary technologies for the development
of the products. I will need support of people
that are technically sound and can make my
dream into a reality
The cost component will include payment of
the employees, searching for advanced
technology, gaining bank loans and
promoting the product via any promotional
media
In term of entry strategy, identify a small and
feasible market test before you launch your
business.
A small market test can be conducted among
the people earning a healthy sum as their
daily wage. This can include CEO of
Ref: Bygrave, W., and Zacharakis, A., Entrepreneurship, 3nd Ed., Chapter 2, 3, John Wiley, 2014

Student Name:
NOTE: write one to two paragraphs to answer
and explain your rationale.
companies or small time actors who usually
earn more than an average people
Opportunity Checklist
NOTE: Please see the Opportunity Checklist on LMS that can help you completing this checklist. In
the bottom of the table, you might need to put points to justify your answers.
CUSTOMER YOUR OPPORTUNITY
PTA Demographics Yes
PTA Psychographics Yes
Market Size (Number) No
Market growth (Rate) Maybe
Gross Margin (Percentage –
approximate)
Yes
Frequency of Purchase
(approximate)
No
Operating Expenses
(components only)
Yes
Volume of Sales (annually or
monthly or daily)
Yes
COMPETITORS YOUR OPPORTUNITY
Number of direct
competitors (approximate),
including their names if
possible.
Yes
Number of indirect
competitors (approximate),
including their names if
possible.
No
Strength of main
competitors
Yes
VENDORS YOUR OPPORTUNITY
The main vendors (type of
business or business name if
possible)
Yes
Relative strength of the
vendors (can be in terms of
Gross Margin or description)
Yes
GOVERNMENT YOUR OPPORTUNITY
Ref: Bygrave, W., and Zacharakis, A., Entrepreneurship, 3nd Ed., Chapter 2, 3, John Wiley, 2014

Student Name:
Regulation for your industry Yes
Taxes for your industry Yes
NOTE: Some Justifications might be needed for the points above.
Ref: Bygrave, W., and Zacharakis, A., Entrepreneurship, 3nd Ed., Chapter 2, 3, John Wiley, 2014