Analysis of Coronavirus Essentials: Individual Concept Document Report

This individual concept document details the development of a business venture, Coronavirus Essentials, an online service providing monthly safety kits for homes, offices, and public spaces. The report begins with an introduction to the business concept, followed by a presentation of the original business idea, its rationale, and feedback received from market research. The document utilizes the Business Canvas Model to outline key aspects of the business. Section 2 focuses on testing the original concept, including environmental scanning, market research, feasibility studies, and customer response analysis. The reflection on the approach and feedback is included. The final section presents the second iteration of the business concept, refining the idea based on initial findings. The document concludes with a summary of the business idea and its potential for success, emphasizing the importance of adapting to market needs and competitor analysis.

Individual Concept
Document

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
SECTION 1: PRESENTING THE ORIGINAL BUSINESS CONCEPT.......................................3
Rationale......................................................................................................................................3
Feedback......................................................................................................................................4
Business Canvas Model...............................................................................................................4
SECTION 2: TESTING THE ORIGINAL BUSINESS CONCEPT..............................................6
Testing of business concept.........................................................................................................6
Reflection on the approach and the feedback received................................................................7
Reflection of creation of a process fitting the market needs........................................................8
SECTION 3: PRESENTING THE SECOND ITERATION OF THE BUSINESS CONCEPT.....9
Development of business idea......................................................................................................9
Final Idea......................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
A business is established by an individual or group of people in numerous size and with
separate scope. These businesses are developed with some new concepts or some innovation in
existing one (Lea, 2019). Every business idea refers to a concept which is used to buy people for
initial purpose of financial gain which is centred on a new offering either a product or a service.
The project is an individual concept document holding a detailed analysis of a new business
venture idea. The new business venture is known as Coronavirus essentials. According to the
current scenario it is an online service that is being provided to people with the help of social
media and advanced technologies. The current business idea is to provide monthly packages to
people of a whole coronavirus essential kit required at homes, corporate offices, hospitality
providers, grocery stores and other several public areas. An online application will be developed
through which people can order their personalised kits as well and can go for existing packages
developed by the experts with appropriate research. The current report will evaluate the
presentation of original business concept along with testing of the business idea. An Analysis is
also conducted in the second part of the report once appropriate feedback will be received.
SECTION 1: PRESENTING THE ORIGINAL BUSINESS CONCEPT
Every business idea which is developed and changed into an actual business text the
entrepreneurial to hold a lot of risk and an appropriate understanding of the fact that it can be a
disaster and a very huge failure. It was my intention from always to do something out of the box
which has my tags and my conditions (Quatse and et. al, 2020). Therefore, I have decided to start
my own business by looking at the current opportunity provided by a deadliest disease known as
coronavirus. My business idea is to provide people and online application where we can order
their monthly safety kits for them and their family members in order to keep their homes, offices
and other promises safe insecurity for themselves and their loved ones.
Rationale
A Primal rationale to start Coronavirus essentials the current scenario and environmental
condition is not at all safe for anybody. People are in lockdown from months, businesses have
been shut down, factories are stopped working and economy is rapidly moving towards

downfall. One day or the other people needs to move out and start their daily lives again going to
work and moving out is important. Show in such as sever conditions and life racking
environment I came up with an idea of providing people that personalized safety kits according
to their requirements on the doorstep with the minimum human contact. These coronavirus
essential kids will be available to people on their orders also there are annual, six months and
quarterly packages available hustle off ordering every month. People can just need enrol to our
packages and they will automatically receive their safety kit every month on the prescribed date
according to their flexible hours on their doorsteps (Rubensson and Salzmann‐Erikson, 2019).
This business concept fulfils the needs of people keeping them stress-free about their security
and safety also about their families’ security.
Feedback
For knowing and gaining understanding about the people prospects and mind-sets about
my new business idea or concept I conducted a research and market survey. Through this
research and survey I got to know what exactly people desire to have in such conditions. I
received mixed feedbacks for my idea from the potential people and customers about the
possibility of executive such business concept and few negative rewards on the pricing of such
services. This so we made me understand that as a beginner and entrepreneur I need to make
modification in my pricing strategy and provide better information and spread awareness in
public about my offerings. Therefore I have finalized to start working on my plans about this
new venture and hope that in future I will be getting positive results and feedbacks from my
customers and on profits (Abualigah, 2019).
Business Canvas Model
Key Partners
 Suppliers
of
essential
of safety
kits.
 Delivery
Key Activities
 Maintaining
the
application
for receiving
orders and
dealing with
customer’s
Value
Propositions
 The
core
value
of
Coron
avirus
Customer
Relationships
 Me as an
entrepreneu
r wishes to
maintain a
customer
centric
Customers
Segmentatio
n
 My
value
propo
sition
target

executives. queries,
concerns,
complaints
and
feedbacks.
 Delivering
right kits on
the right
address and
on the
prescribed
date and time
to the
authenticated
buyer.
essenti
als is
to
provid
e ease
and
comfor
t to
people
a
service
throug
h
which
we can
see the
secure
d
while
movin
g out
of their
houses
and
even in
their
houses
.
approach
while
performing
my business
tasks and
develop a
healthy
relation
with my
customers.
s or
potent
ial
consu
mers
are
those
who
are
requir
ed to
leave
their
house
s in
order
to
earn
their
liveli
hood
and
their
famili
es.
Key Resources
 Human and
financial
capital.
 The suppliers
and
customers
base. Also,
technology
and social
media
platforms.
Channels
 According
to current
scenario the
best source
of reaching
and
delivering
value to my
customers
is through
social
media by
developing
an
application

technology.
Cost Structure
 Major drivers of cost in my business
entrepreneurship is of collecting required
products and delivering the services to the
customers at the door steps with the help of
the best delivery persons and by
maintaining released human contacts.
Revenue Streams
 As an entrepreneur I do not have
multiple revenue generation
method only I hold is of providing
appropriate services to customers
by providing them their orders
according to their flexibility and
requirements and fulfilling their
desires and safety needs.
SECTION 2: TESTING THE ORIGINAL BUSINESS CONCEPT
Testing of business concept
As an entrepreneur and new business developer it is important to test the business concept
before finally entering the market and adopting it for execution. The testing of this concept will
make sure and provide appropriate information about the feasibility of the particular business
idea its profitability and future success and growth. There are few steps which are essential and
helpful enough interesting the business concept which are as follows:
 Scanning of business environment is the primal and foremost step of starting a business
an entrepreneur. As I always wanted to do something on myself and starting my new
business it is important that I know few important information about the market and
external business environment in which I am going to be flourishing my business.
Therefore the need occurs of scanning the business environment in order to identify
several opportunities available in it. This stage provides me understanding about the
feasibility of my online services and product portfolio as customer is in need of such
security kits (Madawala and Thrimawithana, 2019).
 Market research is a process of collecting interpreting and analysing all the information
that is being gathered from the external environment about different aspects of business
and industries such as targeted audience, competitors etc. Once I completed my market

research I was sure about the fact that my business holds an immense amount of potential
as customers nowadays prefers not moving out of their houses before any secured and
safety measures.
 Feasibility study is another important stage address which is required to be conducted
that helps in identifying and determining the profitability of my business as an
entrepreneur and as an innovative idea which is new and not exist in the marketplace.
Once I completed my feasibility study I found out that it is immensely profitable for me
to start my online store known as coronavirus essential for helping people to meet their
regular requirement of safety and security products such as sanitizers, gloves, masks,
antibacterial sprays use and throw tissues, hair caps etc.
 Customer response is one of the most potential stage for a business to flourish and for
an entrepreneur to gain knowledge about. With the help of the customer response activity
I found out the people really required search service provider in the market where they do
not need to involve themselves in any hustle and easily get all their required safety
products on that process without any human contact (Railsback and Grimm, 2019).
Reflection on the approach and the feedback received
My approach of starting my business in current economic conditions where everything is
falling apart is basically set upon the responses I received from understanding and gaining
knowledge about different perspectives of people, potential consumers and clients. According to
me this approach will help me in making sure and become confident about my business idea and
its success. As a service provider it is essential that customers 1 happy with our services and
satisfied enough to regularly make their orders with safety and security.
I received few mixed feedbacks for my business idea some people and I understand their
concerns and irrational attitude of some individuals towards it. Therefore, it made believe in my I
business concept more firmly and strongly. The need for me to provide such services and product
offerings are because people a very scared due to the current conditions flourishing in the
environment. I just need to make people believe in my entrepreneurship by delivering them the
exact offerings what they expect out of us with all the safety concerns and with all the
precautions required (Ghandhi, 2019).

Reflection of creation of a process fitting the market needs
An entrepreneur is an individual who develops a new innovative or inventive idea and
execute it in the real practical world with the motive of earning profits and surviving. Therefore
as an entrepreneur and for starting my new business it is quite crucial for me to make sure that it
I develop a very creative and innovative process which actually fits with the external market
conditions and needs of consumers in the most effective and efficient manner. This process and
direction towards success and all my desired objectives. Thus, while planning and designing my
business idea offer coronavirus essentials I came up with a particular process which would help
me in meeting the market’s needs. The process is as follows:
 Identification of needs and requirements is the primary step of an entrepreneur to be
successful in the marketplace and the competitive environment. Identifying needs and
requirements of people help a lot in getting the required and exact business idea which is
required for attaining sustainable success and growth in the marketplace. It will help mu
business Coronavirus essential in achieving the desired objectives and maximizing profit
standards in the future times (Ullmann, 2019).
 Identification of innovations is the key to success for an entrepreneur as this is the
foremost feature of an entrepreneurship. Therefore, in such dynamic business
environment and external conditions innovation is must as social trends are very
fluctuated and unforgettable. Thus, I found an innovative idea which can be carried out
with the help of technology, social media and appropriate precaution and care.
 Competitor analysis is must because an entrepreneur always needs to be aware about the
potential competitor who can easily destroy them but once identified it is beneficial for
the entrepreneur as he can use their competitors advantages and knowledge for success of
their business. Currently my idea of developing an application and providing such
offerings to people is new and there are no competitors present that doesn’t mean future it
cannot happen. The barriers to entry are very low and therefore I need to take appropriate
measures for keeping myself a step ahead from future competitors.
 Value to the customers is the most essential element for my business to flourish and
gain success in the marketplace. Since my Idea is related with providing people essential
coronavirus products and services I think that it is highly important for me to provide

value to my customers and fulfil their requirements on correct time which will help me in
keeping them happy and satisfied by my services and offerings.
 Applying the idea is the last stage where I need to develop a detailed plan for applying
my idea in the market and in the practical scenarios. Once I do that it will provide me an
opportunity to determine potential responses from my clients and feedbacks which I
received on my application for making necessary improvements and changes in my
services and offerings.
SECTION 3: PRESENTING THE SECOND ITERATION OF THE
BUSINESS CONCEPT
Primary idea is developed by me for testing the purpose of my new business venture which
I need as Coronavirus essentials. Numerous feedbacks are received from separate segments of
society and potential. Most of them were positive, few negative and few were mixed; therefore it
provided me surety about my business venture once I complete some necessary modifications for
higher level of efficiency and effectiveness.
Development of business idea
The original business idea which I designed was to provide safety and security kits to two
people on orders received on my web application. But according to the feedback I got to know
that it is important to spread awareness amongst people and therefore I have decided to you first
distribute some free samples to potential consumers and change them into buyer. Also I have
decided to adopt price penetration strategy because of some seed bags I received that these are
some essential goods and their prices are very high according to their nature (Dmitriev and
Novikov, 2019).
Final Idea
Once I completed going through do all received feedbacks and responses I have developed
the final idea for my Coronavirus essentials entrepreneurship after making prominent
improvements and necessary modifications according to the requirements and needs of
customers. Therefore the final idea is as follows:

 Desirability- After spreading awareness in people by distributing free samples and
showing the exact precautionary practices I am going to undertake while performing my
business with a small with you on social media which I posted the idea has become
desirable by the consumers. So I see that I can take my I business concept for there and
will be earning profits in future as desirability have increased.
 Feasibility- According feedbacks received I made required improvements in my Idea
which directly indicates that its feasibility have improved. Earlier costs were high
according to people but now I am adopting price penetration strategy allowing me to
attract and target larger customer base (Croce, 2019).
 Viability- The viability of my business idea have improved after making necessary
improvements according to the feedbacks as I made use of social media platform to
spread awareness in people by putting a small video about all the precautionary measures
that are going to be practiced while conducting business. Along with that I distributed
some free samples to the potential buyers which encourage to them and there feedbacks
were positive. Moreover required changes in pricing have also been made which is
another potential factor that made my business concept known as coronavirus essential
potential and profitable.
CONCLUSION
The above report summarises that business idea and concepts enables an entrepreneur in
availing the existing opportunities and innovate is possible it is in the market place. It is owner
the individual and entrepreneur about how the away with them and make sure that they earn most
out of it and sustain in the marketplace by regularly improving their profit standards and moving
towards growth and success.

REFERENCES
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interests.
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inductive power transfer system with individual control of phases. U.S. Patent
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Online:
What is Business Canvas Model, 2020. [Online] Available through:
<https://corporatefinanceinstitute.com/resources/knowledge/strategy/business-model-
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