BUSS 2085 Entrepreneurship Report: Face Lab Key Metrics & Concept

This report focuses on the entrepreneurship of "Face Lab," a business concept addressing the market problem of face recognition difficulties, particularly for individuals with Social Anxiety Disorder and Prosepagnosia. The report identifies key performance indicators (KPIs) crucial for measuring the venture's success, including user feedback (qualitative data), sales volume (quantitative data), and sales revenue. It presents a high-level concept of Face Lab, detailing its product (AI-powered software), its functionality (assisting users with face recognition), and its potential challenges. The report also considers the ease of implementation and the support requirements for the product. The report concludes with references to relevant academic literature on corporate sustainability and firm performance.

Running head: ENTREPRENEURSHIP
Entrepreneurship
Name of the student
Name of the university
Author note

1ENTREPRENEURSHIP
Key metrics
Identification of the key metrics is important due to the reason that it will help to measure
the extent to which the enterprise is succeeding in the market. In the case of face lab, the most
key performance indicator will be the determination of the feedback of the users and it will be
based on the qualitative data. This is important due to the reason that the positive feedback from
the users will denote the success of the idea and vice versa. Moreover, as the users will be the
direct beneficiaries of face lab, determination of the feedback from them will help in gathering
authentic data and trends from the market. Another key performance indicator will be the sale
volumes, which will be based on the quantitative (Rodrigue, Magnan and Boulianne 2013).
Determination of the sales volume within a certain time period will help to identify the success
rate. Increasing trend of the sales volume will ensure the success of the idea and vice versa. Sales
revenue is another indicator that can also be effective in measuring the organizational success.
This is due to the fact that even though increase in the sales volume should increase the sales
revenue but in some cases, added discounts and push market strategy can contribute in increasing
the sales volume while restricting the increase in sale revenue. Thus, determination of the sales
revenue will help to identify the increase in the cash flow for the business and vice versa. The
business viability can be identified from this variable and it will also be based on quantitative
data (Goyal, Rahman and Kazmi 2013).

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High level concept
Name of the business
idea:
FACE LAB
How easy will it be to complete this
part
Easy Hard Information sources
Market problem: Inability of the few people in detecting and recognizing face of their known
persons due to different issues such as Social Anxiety Disorder and Prosepagnosia.
Business opportunity Easy Currently there are no
treatments of prosepagnosia is
available in the market. Thus,
competition will be nil. In
addition, treatment for social
anxiety disorder is also limited.
This is also ensuring the higher
potentiality for the face lab.
Product: software that will be beneficial in treating the people with inability for recognizing
known faces
What does it do: Easy It will act as an added facility
for the target users in terms of
artificial intelligence to
recognize the known faces. The
software will assist the brand

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activities and will enhance their
effectiveness.
Will it work Hard It will be difficult for it to work
without any hiccups. This is due
to the reason that different users
will have different state of mind
and the software will also have
to adjust with each of them.
They might cause challenges
and technical limitations.
Support service
requirements
Hard Both the employees and the
users should be given proper
training in making them
accustomed with the concept.
The effectiveness of it will
depend on its usages. Periodical
servicing is required for long
term durability.

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Reference
Goyal, P., Rahman, Z. and Kazmi, A.A., 2013. Corporate sustainability performance and firm
performance research: Literature review and future research agenda. Management
Decision, 51(2), pp.361-379.
Rodrigue, M., Magnan, M. and Boulianne, E., 2013. Stakeholders’ influence on environmental
strategy and performance indicators: A managerial perspective. Management Accounting
Research, 24(4), pp.301-316.