Electric Scooter Business: Hi-Tech Growth, IP, Strategies & Finance

This project details a business plan for developing and selling electric scooters and motorcycles, emphasizing the high-growth potential within the context of increasing environmental concerns. It explores the utilization of hi-tech technologies to enhance business operations, focusing on communication, efficiency, and security. The project identifies mechanisms for protecting intellectual property, such as understanding relevant laws, safeguarding business ideas, and determining their value. It further discusses resource exploitation, commercialization strategies through effective marketing, and the financial resources needed to launch the business, including startup costs. The plan assesses the ability to execute the idea, acknowledging skill gaps in vision and execution, and suggests addressing these gaps through studying successful examples. The recommendation emphasizes quality, durability and solving past issues of similar products.

BUSINESS RESEARCH

Table of content
Introduction of the business idea
Defining and exploring the high growth nature of the Hi-Tech concept
Identification of appropriate mechanism that will be used for protecting the intellectual property
of the business idea
Exploitation of resources, commercialization Strategies and Finance needed to bring the concept
of market
Assessing ability to take forward the idea and explore how knowledge and skills gap could be
filled with respect to the characteristics of high tech entrepreneurs
Summary and Recommendation
Research and resources
References
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Introduction of the business idea
The business idea is a fundamental idea through which the development of business is performed
and idea needs to be innovative and practical to be implemented in today's context. It is to be
mentioned that through the use of an efficient business idea an entrepreneur can effectively enter
the market which will help in better development and operation of the business. The business
idea which will be discussed in the current assessment is the development and selling of electric
scooters and motorcycles. Through the analysis of the current environmental demands and
change in environment, it has been seen that the need of pollution-free vehicles will be the need
of future automobile market hence the business idea is to be implemented to succeed in the
future operations by the entrepreneur.
Defining and exploring the high growth nature of the Hi-Tech concept
There are many effects of Hi-tech technology in business operation. Even a small business
nowadays need a hi-tech technology in order for the growth of their business. Hi-tech technology
has both tangible and intangible benefits and this benefits will help you to grow your business
properly, earn money and also help your company to produce the results and satisfy your
customer's needs (LIAO, ZHANG and HE, 2016). Efficiency, culture and relationship of a
business can be affected by the hi-tech technology infrastructure (Marvel and Lumpkin, 2017).
Hi-tech technology helps an organization in many ways like:
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1. Communication: For the growth of any business proper communication is very necessary.
An effective and fast communication is needed by every firm in order to communicate
with their customers. Nowadays it is very necessary for the employees to contact or
interacts with their clients clearly and quickly. With the help of a good communication
system, an organization can advertise and make the customer know about their products
very well. According to Ioanid, Scarlat and Militaru (2015), communication allows helps
fast shipment of the products over a large geographical area. So if a customer or client
use any technology to interact with the company or business then because of a good and
effective communication it will benefit the business and also create a stronger public
image of the company.
2. Efficiency in growth and operation: Hi-tech technologies also help a business in their
operation and growth. They help a business to understand the cash-flow needs and helps
the company to preserve their precious resources such as time and physical state. With
the implementation of hi-tech machinery, a firm can produce their products in an
effective manner and it also speeds up the process (Rodríguez-Bolívar, Alcaide-Muñoz
and Cobo, 2018).
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3. Security and research capacity: With the help of a hi-tech technology an organization can
make their companies more secure. Most of the business of the modern era is subject to
security threats. With the help of technology a company can protect their confidential
idea data, financial data and other proprietary information which leads to competitive
advantages protected. Technology also increases the company's research capacity and the
business who tries new opportunities will stay a step ahead of its competition (Erçek, and
Sarıtemur, 2018).
Identification of appropriate mechanism that will be used for protecting the
intellectual property of the business idea
Before the starting of any business, every individual or an entrepreneur needs to learn that how
they can protect the intellectual property of their business idea (Drahos, 2016). Some of the
appropriate mechanism that will help to protect the intellectual idea is as follows:
1. Knowledge of the law: a smart business owner can protect their business idea by knowing
the law properly. First of all, an owner should put a copyright and trademarks in their
business idea and then expand your research from there. These two points are must be
needed to safeguard your intellectual property (Peltier, 2016).
2. Don’t advertise the idea of your business: One of best was to protect your business idea is
to keep that idea with yourself. It is important to test the ideas before running with them
but it's also very important to protect the idea and ensure that no other individual will
know about it before you reveal them (Asante, 2017).
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3. Determination of value of your idea: Before the protection of your idea you must know
the value of your idea. Knowing the financial worth of your idea will also help you to
determine how much to invest in protecting it.
4. Recording of intellectual property in colid ways: Every business owner should write or
record their intellectual property in a solid concrete way because in many cases it has
been seen that every intellectual property claims need to be supported by some physical
evidence. So if your right your idea or create a model of it then it will help you to protect
your idea.
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So for the every business owner it is very important to protect their intellectual property as your
ideas are the path to the profit.
Exploitation of resources, commercialization Strategies and Finance needed to
bring the concept of market
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Resources, commercialization and fiscal needs are very much there in order to support any type
of business idea to come to life or to be implemented in the market. Resources related to the
operation and implementation of the stated idea is very much needed in order to make sure that
idea is well implemented and that the business conducted in an evident manner (Dees, 2017).
Now for the producing and selling of electric scooter and motorcycles the need for resources
such as physical resources, human resources and monetary resources. Physical resources for the
production of scooter and motorcycle are very important in order to make sure that there is done
in an evident manner (Kirzner, 2015). For this purpose the need of parts needed for the
development of the product such as metal for chassis, brake parts and some spare parts as well.
All of thee -will comprise of the product and will be traded without local supplier which are into
such at fair prices to optimize the cost of physical resources which are used in the production
although the quality of products will it be compromised and the firm will look forward to
rendering high-quality products. On the other hand, the need for skills human resources is very
high in the production of the products. High-level automobile engineers and other engineers will
be required to imply there prominent knowledge for the production of the product under the high
level of quality control and to make sure that the machines are noise and pollution free in nature.
Other unskilled labour will be hired by the company in order to make sure that other operational
activities for the production is carried out in an evident manner (Drucker, 2014). The main aim
of the company is decreased the overall cost of resources which is needed in the production
without decreasing the overall prices of resources which are used within the firm.
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Commercialization of the business Idea is very important as the following will help in
monetizing the business idea and to make sure that the business idea implemented generate high-
profit margin increase its overall profitability of entrepreneurs. Commercialization of the product
produced in the manufacturing will be done through effective marketing and promotional
activities have been seen that the use of electric scooters and motorcycle are more viable for city
commuting as they need less energy supply for running in daily cost, as well as they, are
pollution free. The product will decrease the cost of daily commuting for their customers. This
means the product will be cost-efficient and environmentally friendly and this will be used as a
Unique Selling Proposition for the product based on which the promotion and marketing of the
product will be done (Hitt and Duane Ireland, 2017).
The company will need financial resources in order to gain effective funds for production and
operations of the business in an evident the following startup cost will show the initial
requirements which is needed for setting up the business idea in a prominent manner.
Start Up Cost
Particular Amount Amount
Machineries £ 10,000.00
Plant and equipment £ 20,000.00
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Wages and salaries £ 50,000.00
Setup of infrastructure £ 80,000.00
Promotion and marketing £ 20,000.00
Building for development of
showrooms
£ 15,000.00
Total startup cost ` £ 1,95,000.00
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Assessing ability to take forward the idea and explore how knowledge and
skills gap could be filled with respect to the characteristics of high tech
entrepreneurs
In the current scenario for the development, the business idea has high potential to earning high-
profit margins in future and the business idea is intensive to the use of high technology for the
conduction of business within the firm. Currently, the ability to carry out such an idea is not
there because of financial depicts (Parker, 2018). The financial need to carry out such an
operation is not there in the current moment. It is to be mentioned that through the use of
effective business strategies and effective financial funds the business idea can be executed in an
efficient manner. On the behalf entrepreneur skills, there is a gap of having the vision and
execution strategies. This means in the current moment I lack the proper combination of vision
and its execution which means as there is low experience how the following can be executed is
not there through which the idea may not be effectively implemented. On the other hand, it can
be expressed that such gaps are to filled through efficient use of studying strategies and examples
through which such ideas have already been implemented to gain further experience and in
getting skilled enough to conduct the following business idea (Kuratko, 2016).
Summary and Recommendation
In the above of the above context, it can be said that in the upcoming future of the new
generation, the world is more likely to evolve in new and advanced technologies. With the
evolved versions of the technologies, it is likely to have new and improved methods of transport
which are faster and less time consuming but also easier to maintain, friendly to the environment
and are easily parked for the sake of growing population of the earth. The idea discussed in the
given business idea is the concept related to the future mode of transport which is electric cycles
and scooters.
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The recommended solutions related to the business idea discussed are stated below and with the
required description.
 The company should also consider quality as a primary factor and durability of the
product they offer to the consumers as because the better quality of the product the
company will produce, the more brand value and image the company will have.
 The idea has been implemented in past by few companies but there were many faults in
the given motor, due to several reasons.
 The problems were not accelerating properly, very lightweight (more the weight6 lesser
the distance it would go), and very less range. It would be recommended to solve such
problems in the business idea and provide maximum range, add weight and extra
features, such as emergency backup, TFT Console for navigation and etc.
 The company for such a business idea should always focus on the needs and the comforts
of the customers in order to get more attraction of the consumers and possessed more
sales.
 The idea here is to discussed to develop a technology in which electricity can be used as
the fuel and can be served for the better environment for the future, also adding a sense of
evolution.
Research and resources
The research has been done considering the future of mankind. The research is a very important
part of any business idea given, if the research work is not done and described properly then the
business idea is more likely to the be get unimplemented and eventually get failed. The given
business idea is derived from observing the needs to the upcoming pollution, concerning their
needs and the resources that will be available in future (Correa and Yusuf, 2016). The resources
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