Business Plan: Electric Hyper - Electric Bike Startup

This report presents a comprehensive business plan for an electric bike startup, Electric Hyper, located near Sydney Olympic Park in Australia. The report begins with a description of the business idea, highlighting the growing demand for electric bikes due to rising fuel prices and the increasing popularity of cycling. It then outlines the process followed to develop the business idea, including idea generation, assessment, planning, development, testing, and launch. The report emphasizes the importance of practical skills, time management, creativity, and interpersonal skills for entrepreneurial success. A SWOT analysis is conducted to assess the viability of the business, considering its strengths, weaknesses, opportunities, and threats. Finally, the report discusses the significance of Electric Hyper within society, emphasizing the benefits of electric bikes for commuters, professionals, and various demographics in Sydney, promoting a sustainable and convenient mode of transportation.

Running head: ENTREPRENEURSHIP, INNOVATION AND START-UPS
Entrepreneurship, Innovation and Start-ups
Name of the Student:
Name of the University:
Author’s Note:
Course ID:

1ENTREPRENEURSHIP, INNOVATION AND START-UPS
Table of Contents
Introduction:...............................................................................................................................2
1. Brief description of the business idea or opportunity:...........................................................2
2. Process followed to develop the business idea or opportunity:.............................................3
3. Skills needed to be a successful entrepreneur:.......................................................................4
4. Viability of the business enterprise through feasibility study:...............................................6
5. Importance of the enterprise within the society:....................................................................7
Conclusion:................................................................................................................................8
References:.................................................................................................................................9

2ENTREPRENEURSHIP, INNOVATION AND START-UPS
Introduction:
The current paper intends to find out an innovative business idea or opportunity based
on which a new organisation could be established. The first section of the assignment would
focus on providing a brief overview of the innovative business idea or opportunity. The next
segment would concentrate on explaining the process followed for developing the stated
business idea or opportunity. After this, the assignment would emphasise on the necessary
skills required for individuals to emerge out as a successful entrepreneur. The fourth section
would analyse the viability of the business enterprise with the help of feasibility study.
Finally, the assignment would shed light on the significance of the enterprise within the
society.
1. Brief description of the business idea or opportunity:
For this assignment, the business idea or opportunity chosen includes electric bikes,
which act as an alternative form of transport in order to cater the growing demand. The
electric bikes look like regular bicycles and the users do not have to pedal, since they are
developed with electric motor (Autio et al., 2014). Moreover, these electric bikes include new
innovative features such as the ability of connecting to the smart phones via an application.
The increase in fuel prices along with growing neighbourhoods and suburbs have
increased the demand considerably for electric bikes. The international sales of electric bikes
are estimated to rise from $32 million in 2014 to a minimum of $40 million in 2023 (Cajaiba-
Santana, 2014). Some nations maintain a historical affinity for biking as an integral portion of
living. Fortunately for the enhanced health of many people and the environment, almost a
million people use bikes for going to work. In fact, many cities in Australia are including

3ENTREPRENEURSHIP, INNOVATION AND START-UPS
short-term bike rental systems and this offers a splendid opportunity for positioning e-bike
business in the process (Chatterji, Glaeser & Kerr, 2014).
The business will operate under the name of Electric Hyper near Sydney Olympic
Park in Australia. The primary aim of the business will be not only to lease or manufacture
high quality electric bikes, but to embed them truly into the spirit of the local community.
They will endeavour always for capturing the imagination of the users with the functionalities
and timeless look.
2. Process followed to develop the business idea or opportunity:
It is necessary for any start-up business to follow different procedures and processes
for assuring that the business is developed properly. The business owners should follow the
process starting from idea to launch by complying with the stringent standards along the way
(Drucker, 2014). In order to develop the electric bike business idea, the process followed
involves a series of stages that are enumerated briefly as follows:
Creation:
The key to concept creation is brainstorming (Galindo & Méndez, 2014). There are
three ideas that evolved during the brainstorming session and they include Infant Warmer,
Electro-Mechanics Micro Hydrogen Generator and Electric Bikes. After gathering all ideas,
they are varied and reviewed to ascertain their appropriateness. After evaluating all ideas,
electric bikes have been identified as the most valuable and profitable.
Assessment:
In this stage, market research is conducted, in which information about the idea is
gathered and analysed. Based on the market research, the target market is identified along
with market needs and the willingness to pay of the customers for electric bikes.

4ENTREPRENEURSHIP, INNOVATION AND START-UPS
Planning:
In this stage, the goals of the business are identified clearly and information has been
provided regarding income statement, balance sheet statement and cash flow statement. This
will help to steer the business in the appropriate direction along with increasing the
possibilities of having a successful product launch (Huggins & Thompson, 2015).
Development:
After planning, a prototype of the product is developed, which could be offered to the
market. Moreover, manufacturing and operational processes are developed as well along with
plans for market launch and market testing.
Testing:
This phase involves a test market, which is near to a real market situation. A
prototype has been released into the public market, which is tracked and based on the market
test outcomes; this has proved to be a valid idea to move forward as a product.
Launch:
For the successful launch of electric bikes, certain aspects have been addressed and
they include the existence of adequate number of products, correct planning and execution of
marketing activities, creation of documentations and proper training plan for the staffs to
support the product.
3. Skills needed to be a successful entrepreneur:
Most of the entrepreneurs believe that the most vital factor that facilitates in
determining their level of success within the business start-ups relates to their overall skills
and experiences. The successful entrepreneurs had developed their set of skills which has

5ENTREPRENEURSHIP, INNOVATION AND START-UPS
facilitated them to attain their success goals (Yan & Yan, 2016). While the entrepreneurs
have the enthusiasm to launch and run a new business they also feel the need to nurture few
necessary skills that is considered to be important in ensuing future success of the business.
Certain necessary skills that are needed by the entrepreneurs to launch and operate a new
business successfully are indicated below:
 Practical skills: The entrepreneurs must have practical skills that can facilitate them
in developing necessary knowledge and learning for effectively producing goods and
services (Wagner, 2017). Such practical skills needed by the entrepreneurs includes
goal setting abilities, panning and organising capabilities, business knowledge and
entrepreneur knowledge fir developing as successful business model.
 Time management: In order to ensure their business success, the entrepreneurs must
develop certain time management skills that take into consideration careful priority
planning, explaining business growth milestones along with executing the same. In
order to lead towards progress the entrepreneurs must attain right project management
along with time allocation capabilities that facilitates in accomplishing tasks
successfully (Thébaud, 2015).
 Creativity: An entrepreneur must have necessary creative thinking skills so that he
can come up with innovative ideas and decision making opportunities that can ensure
competitive positioning and success of the business venture. In addition, creativity
skills of the entrepreneurs must also include problem solving abilities, capability to
recognise business growth opportunities and ability to observe business situations
from various perspectives.
 Interpersonal skills: The entrepreneurs generally deal with defeats and failures in
successful implementation of successful business plans. In positioning themselves as
useful entrepreneurs, the business owners must develop necessary entrepreneurship

6ENTREPRENEURSHIP, INNOVATION AND START-UPS
skills such as leadership, motivation, listening and communication skills (Sahut &
Peris-Ortiz, 2014). In addition, skills related to maintainice of personal relations,
negotiation and ethics so that is important in leading teams responsibly.
 Courage and risk taking: In order to employ the power of creativity, the
entrepreneurs need the skills to implement exceptional ideas and plans. Researching
on the developed business success ideas is important along with that the entrepreneurs
must have the skills of courage to take risks.
4. Viability of the business enterprise through feasibility study:
In order to conduct the viability of Electric Hyper, feasibility study is conducted with
the help of SWOT analysis, which is presented in a tabular form as follows:
Strengths:
1. Eco-friendly
2. Silent
3. Minimal ownership cost
4. Cheaper to use and run
5. Savings in energy accomplished from
regenerative braking system
6. Easier mechanism
Weaknesses:
1. Requires time to recharge
2. Absence of recharging infrastructure
3. Changing batteries is costly
Opportunities:
1. Subsidy provided by the government for
ownership
2. Absence of congestion charge
3. Minimised taxes
4. Rising costs of fossil fuel
Threats:
1. Increase in electricity cost
2. Rivalry in the form of alternative fuel,
hydrogen-powered cars and alternative fuel

7ENTREPRENEURSHIP, INNOVATION AND START-UPS
5. Importance of the enterprise within the society:
Since Electric Hyper will focus on selling electric bicycles to the people of Sydney, it
will carry immense significance within the society. The electric bikes will be favourable to
the citizens of Sydney travelling long distances, enjoying natural scenery and preferring
limited physical effort. With the help of electric bikes, the commuters could travel longer
distances compared to those they could by using normal transportation like walking or
manual bicycles (Karlsson & Warda, 2014). The suburban residents depend on motorised
vehicles like cars and buses for travelling long distances into the city. However, after they
arrive, absence of parking or traffic congestion might restrict their mobility.
Like manual bicycles, electric bikes provide the mobility benefits within the city
traffic and comfort within the inner city environment. Compared to buses and cars, the users
will be able to experience the sceneries around them vividly along with saving time of being
stuck in traffic. Therefore, electric bikes include the benefits of manual bicycles in motorised
and downtown vehicles from the suburban districts in Sydney (Maritz & Donovan, 2015).
Depending on demographics or occupation, the individuals put different weights on
different transportation aspects in the form of time saving, restricted physical efforts, safety,
diversifying the radius of action along with demonstrating wealth and status (McDaniel,
2014). When it comes to the minimisation of travel cost, manual bikes are preferred more
over cabs and buses. The users of e-bikes are mainly professionals, couriers, students, food
delivery men, elders and housewives. All these occupations have varying reasons of using
electric bikes. The white collar workers use electric bikes for assuring prompt arrival at work,
while the blue collar workers such as delivery men depend on electric bikes for conducting
their business. In a similar fashion, housewives and students use electronic bikes for

8ENTREPRENEURSHIP, INNOVATION AND START-UPS
travelling between school buildings or markets in their day-to-day routines (Phillips et al.,
2015). On the contrary, the elders use electric bikes in the form of an alternative to regular
bicycles owing to the physical limitations.
Therefore, by considering all these aspects, it could be said that the role of Electric
Hyper will be extremely important within the society.
Conclusion:
The current paper intended to find out an innovative business idea or opportunity
based on which a new organisation could be established. The report revealed that the business
idea or opportunity chosen includes electric bikes, which act as an alternative form of
transport in order to cater the growing demand. The electric bikes look like regular bicycles
and the users do not have to pedal, since they are developed with electric motor. It is
necessary for any start-up business to follow different procedures and processes for assuring
that the business is developed properly. The business owners should follow the process
starting from idea to launch by complying with the stringent standards along the way.
Moreover, the report also considered that since Electric Hyper will focus on selling electric
bicycles to the people of Sydney, it will carry immense significance within the society. The
electric bikes will be favourable to the citizens of Sydney travelling long distances, enjoying
natural scenery and preferring limited physical effort.

9ENTREPRENEURSHIP, INNOVATION AND START-UPS
References:
Autio, E., Kenney, M., Mustar, P., Siegel, D., & Wright, M. (2014). Entrepreneurial
innovation: The importance of context. Research Policy, 43(7), 1097-1108.
Cajaiba-Santana, G. (2014). Social innovation: Moving the field forward. A conceptual
framework. Technological Forecasting and Social Change, 82, 42-51.
Chatterji, A., Glaeser, E., & Kerr, W. (2014). Clusters of entrepreneurship and
innovation. Innovation Policy and the Economy, 14(1), 129-166.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Galindo, M. Á., & Méndez, M. T. (2014). Entrepreneurship, economic growth, and
innovation: Are feedback effects at work?. Journal of Business Research, 67(5), 825-
829.
Huggins, R., & Thompson, P. (2015). Entrepreneurship, innovation and regional growth: a
network theory. Small Business Economics, 45(1), 103-128.
Karlsson, C., & Warda, P. (2014). Entrepreneurship and innovation networks. Small Business
Economics, 43(2), 393-398.
Maritz, A., & Donovan, J. (2015). Entrepreneurship and innovation: Setting an agenda for
greater discipline contextualisation. Education+ Training, 57(1), 74-87.
McDaniel, B. A. (2014). Entrepreneurship and Innovation: An Economic Approach: An
Economic Approach. Routledge.

10ENTREPRENEURSHIP, INNOVATION AND START-UPS
Phillips, W., Lee, H., Ghobadian, A., O’Regan, N., & James, P. (2015). Social innovation and
social entrepreneurship: A systematic review. Group & Organization
Management, 40(3), 428-461.
Sahut, J. M., & Peris-Ortiz, M. (2014). Small business, innovation, and
entrepreneurship. Small Business Economics, 42(4), 663-668.
Thébaud, S. (2015). Status beliefs and the spirit of capitalism: Accounting for gender biases
in entrepreneurship and innovation. Social Forces, 94(1), 61-86.
Wagner, M. (2017). Entrepreneurship, innovation and sustainability. Routledge.
Yan, J., & Yan, L. (2016). Individual entrepreneurship, collective entrepreneurship and
innovation in small business: an empirical study. International Entrepreneurship and
Management Journal, 12(4), 1053-1077.