BM311 - Business Plan Group Report: Entrepreneurship in Digital Age

This report presents a business plan for OurGroup, a new social media platform designed to capitalize on the opportunities presented by the digital age. It highlights the transformative impact of Information and Communication Technology (ICT) on entrepreneurship, particularly in e-commerce and social networking. OurGroup aims to offer a comprehensive platform for communication, social networking, dating, and trading, with features that differentiate it from existing social media platforms. The report analyzes the current social media landscape, referencing platforms like Facebook, YouTube, and Instagram, and emphasizes the importance of modern technology and marketing strategies for OurGroup's success. It concludes by highlighting the potential of OurGroup to capture a significant market share through its innovative and cost-effective approach.

Running head: ENTREPRENEURSHIP IN A DIGITAL AGE 1
Entrepreneurship in a Digital Age
Name
Institution

Entrepreneurship in a Digital Age 2
Successful Business Plan Group Report
Executive Summary
The advancements in the field of Information and Communication Technology (ICT)
have, indeed, revolutionized entrepreneurship. Unlike it was before, today, people only need the
internet and the internet-enabled devices like, tablets, smartphones, and Personal Computers
(PCs) to engage in commercial activities. Technology has created room for electronic commerce
(e-commerce) whose adoption has made it quite easy for the buyers and sellers to exchange
commodities and complete transactions in the virtual space. ICT has made life much better
because it supports ad sustains e-commerce and social networking. All these are lucrative
opportunities that still need to be explored because they have lots of potential especially for the
upcoming entrepreneurs. OurGroup is a new business whose philosophy is purely based on e-
commerce. It is a new social media platform that will get to enjoy a competitive advantage as
well as a substantial share of the market because of its novelty, progressiveness, innovativeness,
dynamism, and cost-effectiveness in comparison to its rivals.

Entrepreneurship in a Digital Age 3
Introduction
OurGroup is designed to be a new business which seeks to target the all he segments of
the market including the kids, teenagers, youth, and the adults. OurGroup is a social media
platform that will be designed to operate in the PCs, tablets, and the smartphones. This implies
that OurGroup will be operated as a website and a mobile application. In terms of functionality,
OurGroup will serve as a new social media platform in which the users simply have create their
personal profiles by signing-up using their personal identification information including the
names, date of birth, age, physical address, and all the other information such as ethnicity, race,
physical address, and images. What makes OurGroup superior in the market is that it will be
enabled to perform a wide range of activities that no any other social medium offer to the users
today. These include the sharing of information, live video chat, live text chats, and a platform
for commercial and dating activities. All these indicate that OurGroup is a one-stop medium for
communication, social networking, dating, and trading. At the same time, the medium will be
developed using a sophisticated technology that will make it possible for the users to operate it
without using the internet. These are the strategies that the medium will use as a competitive
advantage to enable it strategically position itself and be able to enjoy a substantial share of the
market.
Analysis and Research
ICT has revolutionized life and made it much better and convenient than it has never
been. OurGroup is a new business that is aimed at offering a wide range of services to the
internet users. One of the major ways through which ICT has transformed the society is that it

Entrepreneurship in a Digital Age 4
has created room for e-commerce. With the availability of and accessibility to the internet and
internet-enabled devices, people can easily engage in e-commerce without having to travel for
long distances to make purchases or transactions. Rather, all these activities can be easily
executed virtually (Hudson, Huang, Roth & Madden, 2016). Nearly all he business is embracing
the use of e-commerce because it has emerged as the most attractive business trend in the market
today.
ICT has also revamped the use of social media. According to research, social media has
become a very powerful and influential tool that has attracted billions of people. Currently, there
are billions of people who currently use the social media to communicate, network, and engage
in various commercial activities. Some of the leading social media platforms in use today include
Facebook, MySpace, SnapChat, Twitter, Instagram, Skype, and WhatsApp. These are platforms
which have attracted millions of users. For example, according to latest statistics, Facebook,
YouTube, Instagram, and WhatsApp command a following of 2.7 billion, 1.3 billion, 1 billion,
and 1 billion users respectively (Chong, Lacka, Boying & Chan, 2018). These are people who
use these social media platforms each and every day so as to perform a wide range of activities
such as communication, entertainment, social networking, and e-commerce. So, by joining this
market, OurGroup is assured of tapping into this clientele (Armstrong, Delia & Giardina, 2016).
As a new business, OurGroup is bringing an a better alternative that it is more innovative, novel,
convenient, efficient, and cost-effective as compared to all the other alternatives that currently
exist in the market. However, in order to achieve all these, OurGroup should do everything right,
right from its inception. Among the success strategies that it should consider implementing is the
use of modern technology and marketing (Cawsey & Rowley, 2016). These are the strategies

Entrepreneurship in a Digital Age 5
whose proper application can enable OurGroup to succeed in accomplishing its short and long-
term objectives.

Entrepreneurship in a Digital Age 6
References
Armstrong, C.G., Delia, E.B. & Giardina, M.D., (2016). Embracing the social in social media:
An analysis of the social media marketing strategies of the Los Angeles Kings.
Communication & Sport, 4(2), pp.145-165.
Cawsey, T. & Rowley, J., (2016). Social media brand building strategies in B2B companies.
Marketing Intelligence & Planning, 34(6), pp.754-776.
Chong, A.Y.L., Lacka, E., Boying, L. & Chan, H.K., (2018). The role of social media in
enhancing guanxi and perceived effectiveness of E-commerce institutional mechanisms
in online marketplace. Information & management, 55(5), pp.621-632.
Hudson, S., Huang, L., Roth, M.S. & Madden, T.J., (2016). The influence of social media
interactions on consumer–brand relationships: A three-country study of brand perceptions
and marketing behaviors. International Journal of Research in Marketing, 33(1), pp.27-
41.