Entrepreneurial Venture: New Australian Fintech Startup Business

This project outlines a new Australian fintech startup focused on providing a 'pay later' payment method for online retail purchases. The business model allows customers to buy products and pay in installments without interest, addressing the need for flexible payment options. The assignment details the business idea, its differentiation from competitors like Sezzle and Zippay, and its target market (young adults and women). It applies design thinking and lean startup methodologies for market validation and resource allocation. Key considerations include marketing strategies (web design, SEO, email marketing), industry trends, and potential costs. The project also explores entrepreneurial traits within the team, emphasizing self-motivation, risk-taking, and networking. It highlights the sustainable values of the venture, including economic benefits for both customers and retailers, along with social value by enabling access to products for those with budget constraints. The assignment concludes with a list of relevant references.

Running head: NEW BUSINESS
NEW BUSINESS
Name of the Student:
Name of the University:
Author Note:

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Introduction of business idea:
This new Australian entrepreneur start up will be focusing on the financial technology
operations. This will consist of payment method in the business segments the pay later
enables the retailers to offer the customers with the facility to buy currently and do the
payment later without any required traditional credit. in addition to this the company will also
not required interest for a front fees and allowed the customers to make any purchase at any
time and pay for them in in equal payment within fortnight there will be no interest charged
for the customers for using this service stuff the failure to make payment can result in late
fee.
Customers in the retail business want to buy things but they may not have money all
the time. In that case this company will be allowing them to buy now and pay letter. This will
help the retail business ensure growth in one hand and customer satisfaction on the other
(Hadi and Abdullah 2018). This idea of paying letter differentiate this business from the other
competitions in the market and the company will be able to take the advantage of larger
customer base within a limited period of time. The cultural context of buying western fashion
and other products has instigated this idea of start up (Sajilan and Tehseen 2015).
Reflection on/application of Design thinking and/or Lean start up:
In order to understand the design of this new start up the group members have utilised
market validation tools in order to determine whether this service is of interest to the given
target market. Firstly we wrote down our service concept which included the customer base
and what problems of these customers will be solved by our design. Next we understood how
our service can be helping the targeted customers and what will be our key features (Saleem
2017). Then we decided to take the start up in the real world but time and resources were

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scarce. We started with our Network and interview them because we needed to evaluate and
analyse the impact of this service among the larger community.
Key marketing and resource considerations:
This service will be associated with the Retail Industry because the customers will be
able to buy their preferred objects from different online retail stores but they can pay later for
their objects which not every retail company provides. Therefore this can be popular within
the target customers. The industry trend is growing where the online relating business in
recording sharp development and more people are buying different products from the online
retailers.
This company will not be facing harsh competition in the Australian market because
there are very few companies which provide this type of facilities to the customers. The
closest competition will be with Sezzle and Zippay.
The target customers will be the youngsters mainly from 16 to 35 years residing
maonly in Australia. Our main target will be the women customers because the survey
reveals that women buy clothes and other accessories more than the male customers.
In this service these customers can avail fashion, cosmetics, home appliances, kitchen
appliances, industrial appliances and other accessories. There will be segments for men and
kids also which will enable as to expand our business to the every segment of society.
As the company will be serving the customers through financial payment option
which will be enabling them to pay later for whatever object they buy from online retail
stores. Therefore there is no unit price for the service (Staniewski 2016).
The product and service will be distributed to the customers through the agents
associated with the retail company. Whenever the customers will buy an object they will get

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payment option and if they choose this company they will be able to pay now or pay later
option. From this they can choose any but their products will be reached by them within the
time decided by the retail company from where they are buying products. The main business
will be in the city of Sydney but will have only one office to be run. This business is
completely dependent upon the technology and online retailing business. Therefore starting
from the marketing to seeling of the services will be done online.
We will be promoting this service in the online sites. We will be e investing in the
web designing and search engine marketing and Optimisation. We also use email marketing
and social media marketing so that these services can be attractive towards the target market.
It is the young customers who buy online products more than the elder ones. Therefore they
will get the option to pay later for their products by using this service of the company.
Starting a business in Australia may have variable costs but depending on the business
structure I have chosen and the type of business I am starting the cost can vary from 700
AUD to 1000 AUD. We shall be starting this business by applying bank loan and will be
repaying this loan within 5 years.
Entrepreneurial traits/characteristics:
I have three members in my team who have the zeal to start a new business which will
be completely different from the traditional business format. This is the reason why this
design of business has been thought out and we are hoping that the entrepreneur traits of all
of us will be helping in gaining success in this business. Firstly self-motivation is an
important entrepreneurial skill which can help to push ourselves (Bujor and Avasilcai 2016).
One of our team members keep on motivating us to get moving without anyone to make
ourselves. We have started to be dedicated to our plan and keep moving forward (Li and
Martin, 2016). It is essential for our ambition to be erect which would have been ruined

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without this self-motivation factor. Secondly one of our team members is apt to take risk. He
has a strong intuition and foresightedness which has enabled us to analyse the market and
choose this type of unique start up idea (Bujor and Avasilcai 2016). The successful
entrepreneurs take risks and try to avoid playing safe all the time. It is a calculator part which
can lead us to gain immense success within few years. I personally have an in-depth
knowledge of networking. Knowing how to network I think is an important part of
entrepreneurship. Being able to be connected with the others and recognising the partnership
opportunities have taken me a long way as entrepreneurs (Jain 2017). I can figure out where I
have to go for networking opportunities and make a point for learning how to be effective.
Sustainable values:
This particular start up will be enabling the retail business to have economic and
social sustainable values. Firstly through this type of payment method the customers will be
encouraged to buy more things without thinking about payment options or payment pressure.
This will enable the retail business to flourish and they will be able to balance their
investment through us. On the other hand the customers will be able to manage their budget
and get the benefit of paying for the products later. This is creating an economic value for
both the customers as well as the retail company which will be connected with us for the
payment.
This start up will also create social value because it will enable the customers who
desire to buy a particular object but cannot do so because of money present at that point of
time. This type of payment method will help this customers to fulfil their wishes without
getting much affected by the payment pressure.

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References:
Bujor, A. and Avasilcai, S., 2016. The creative entrepreneur: A framework of
analysis. Procedia-Social and Behavioral Sciences, 221, pp.21-28.
Hadi, N.U. and Abdullah, N., 2018. The leverage of entrepreneur skills and entrepreneur
traits to business success: a case study of Pakistan's marble industry. International Journal of
Entrepreneurship and Small Business, 33(3), pp.315-334.
Jain, L., 2017. Traditional Wisdom of a Tribal Entrepreneur and Sustainable Livelihood:
Case Study-An Experience with Techno-Managerial Skills of an Illiterate Multi-Skilled
Personality.
Li, E. and Martin, J.S., 2016. Capital formation and financial intermediation: The role of
entrepreneur reputation formation. Journal of Corporate Finance.
Sajilan, S. and Tehseen, S., 2015. Cultural orientations, entrepreneurial competencies and
SMEs business success: The contingent roles of environmental turbulence and network
competence. Review of Integrative Business and Economics Research, 4(2), p.20.
Saleem, M.A., 2017. The impact of socio-economic factors on small business
success. Geografia-Malaysian Journal of society and space, 8(1).
Staniewski, M.W., 2016. The contribution of business experience and knowledge to
successful entrepreneurship. Journal of Business Research, 69(11), pp.5147-5152.