Smart Home Solutions: Entrepreneurship and Innovation Business Plan

This project presents a detailed business plan for an A-Z smart home solutions company, encompassing various aspects of entrepreneurship and innovation. The plan begins with an overview, including targeted customers and the problem the business aims to solve. It continues with an executive summary, followed by a general company description outlining the objective, vision, mission, and short, medium, and long-term goals. The project then delves into the market opportunity, industry analysis, and market segmentation using the four Ps. A comprehensive strategy is presented, alongside an analysis of the team's organizational structure and composition. The marketing plan covers niche versus mass products, branding elements, and competitor analysis. Operational and financial plans are also included, offering a complete view of the proposed venture. This project provides a thorough exploration of the key elements necessary for launching and managing a successful smart home solutions business.

ENTREPRENEURSHIP AND
INNOVATION

Table of Contents
1. OVERVIEW ...............................................................................................................................1
Targeted customers-.....................................................................................................................1
Problem that can be solved-.........................................................................................................2
2. EXECUTIVE SUMMARY ........................................................................................................4
3. General company description......................................................................................................5
Objective- ....................................................................................................................................5
Vision...........................................................................................................................................5
Mission.........................................................................................................................................6
Short term goals- .........................................................................................................................6
Medium term goal- .....................................................................................................................6
Long term goal- ...........................................................................................................................6
Vision- what is your aspiration ?.................................................................................................6
How will you achieve your mission.............................................................................................6
4. Opportunity .................................................................................................................................7
Why you started? ........................................................................................................................7
What opportunity you saw?.........................................................................................................7
5. Industry & Market .......................................................................................................................7
Chamber of commerce ................................................................................................................7
Respective market........................................................................................................................8
Is it a port or land locked market?...............................................................................................8
Why you have chosen that area for market?................................................................................8
Segment the market, four P's.......................................................................................................8
6.Strategy.........................................................................................................................................9
7. The team ....................................................................................................................................14
Organizational structure ............................................................................................................14
On what basis you are forming the team...................................................................................14
8. Marketing plan ..........................................................................................................................14

Niche product or mass product..................................................................................................14
Marketing ..................................................................................................................................14
Logo or slogan or both...............................................................................................................15
Competitors of the product .......................................................................................................15
Direct or indirect or potential.....................................................................................................15
Diversification............................................................................................................................15
New product- New market ........................................................................................................15
Existing product- existing market..............................................................................................16
Market skimming.......................................................................................................................16
9. Operational plan ........................................................................................................................16
10. Financial plan...........................................................................................................................16
REFERENCES..............................................................................................................................17

1. OVERVIEW
Smart home technology makes the life easier and more convenient. Henceforth, it is
equipped with special platform enabling the inhabitant to control all functions remotely and
program an array of automated home electronic devices. Additionally, the major purpose is to
serve deeper engagement on term that how this entity enables safety and security for the
connected home that assists to create the unique user experience. Therefore, the major key
drivers of the Smart home market are as enhancement in need of convenience, safety, demand
for energy efficient solutions, to get control over lighting facilities, security with technical
advancement and home entertainment.
Thus, smart home technology is kind of integration of technical advancement services
that aids to have better quality of living. Henceforth, Smart home services are the part of the
internet of things and devices that often operate together and shares the consumer usage data and
automated the actions based on homeowners preferences. Thus, one of the major beneficial
advantage of this is to have some energy efficiency savings. It offers some tremendous
advantages to elderly people who lives alone. Additionally, home automation services supports
to have improvement in efficiency, reduces the complexity and works as to improve user
experience to make it more enjoyable and beneficial for users.
However, the present report will based on manufacturing industry type. This entity will
manufacture Smart Home automation tools as video surveillance, access control, energy
monitoring, smoke detector, intrusion detection and energy alerts etc. Therefore, these new
technical advancement will become the part of the environment in which individuals can able to
live effectively.
Furthermore, it can be stated that smart building is a smart home. Henceforth,
commercial, industrial, residential buildings of all the size and shapes that inclusive of offices,
skyscrapers, apartment building and other technical advancement that reduces the cost of energy
and environment impact that ensures security as well aids in improving occupant satisfaction.
Targeted customers-
Targeted customers Functionality Solutions offering
Communication service
providers
It will assist in providing the
one solution.
The offering will be provide as
single, integrated solution that
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takes the advantage of internet
of things.
Resell this services to other
B2B customers such as owner
of the real estate etc.
Mobile application and web
for business to business
customers.
This helps in order to provide
service to end users.
It aids in making business
decision for the customers.
Corporations and interior
designers
Interior designers will define
that where to have the use of
home automation tool products
and at which place that needs
to be placed.
It will help2. EXECUTIVE
SUMMARY s customers to
know about it usage so that
utilization of the service can
be done effectively.
Individual upper middle
class
Home owners can works as to
association managing the
resources such as gym, library,
swimming with the use of
M2M solutions.
Henceforth, it will be
supported in web application
and mobile application.
Real state companies The new houses can be
enabled with the any or all of
the offerings such as safety,
energy management, waste
management and security etc.
Solutions support to the any
industry vertical.
Problem that can be solved-
Home automation tools makes the life of consumer easier and convenient. Therefore,
security system aids to provide an immense benefits in an emergency. Therefore, the one of the
solution of Smart homes are to provide some energy efficiency savings. Henceforth, it can be
stated that technology promises tremendous beneficial advantages for elderly people living alone
(Roberts, Murray and Kim, 2019). Additionally, system like Z-wave and ZigBee works as to put
the some devices to have reduced level of the functionality. Hence, it can be stated that east to
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control of the automated system provides similar benefits with the disabilities and limited range
of movement. This enables the direct interaction within the user and smart commodities.
Henceforth, it mainly focus on emotional needs, desires that attached to domestic
environment. To achieve the effective well being with the help of smart home solutions to design
smart home product and services effectively. It is also beneficial for the adult children who lives
elsewhere to have participation in the care of ageing parents. However, easier to control the
automation system provide tremendous benefits to the people who have limited range of
movement (Wu and Huarng, 2015). However, it is true to stated that consumers values the
technology as it aids to makes the life easier. Technological integration aids to enhanced safety,
reduced clutter and improved cooking ability.
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2. EXECUTIVE SUMMARY
The present report is based on topic as “Entrepreneurship and Innovation”. It is term that
relates with the developing new business venture and growing out the existing ones. This results
when ideas can implement within entity and this satisfy the need and expectation of customers.
Therefore, report has covered activities as to set up the business plan for A-Z smart home
solutions to customer.
The following activities has covered to undertake new innovation as overview of the
company and product that is about to launched in new market, object, vision, mission and
medium term goal, opportunities etc. Lastly, report has covered financial plan and that is
inclusive of balance sheet, income statement, cash flow etc.
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3. General company description
Entrepreneurship defined as process of developing new business venture or growing
existing ones (Si, Cullen and et.al., 2018). Henceforth, it can be stated that management
specialization in the entrepreneurship and innovation aids to provide the diverse set of options to
hone their entrepreneurship skills. Thus, innovation is the process that can be termed out as to
generate the ideas in ant context. Activities of the entrepreneurship cannot be survived without
the innovation facilities.
In addition to this, it can be termed out as innovation and entrepreneurship are the two
differ terms that are linked to economic develop through different characteristics to each other. It
is the ability to apply the creative solutions to problems and opportunities so that there can be
enhancement in the people lives. On the other words. Entrepreneurship innovation is the key
value that aids to enhance the longevity of the business. It is term that is relate with developing
thinking skill that aids to create new value.
The present report is based on the business activities of the A-Z smart home solutions,
this is enterprise that deals with the streamlines the setup, installation and to integrate the smart
home devices. Therefore, the main aim of this enterprise is to come up smart technology that aids
to simplify the life and produce commodities that aids to create value within market.
Objective-
The main objective of the firm is to come up with the innovative services and to produce
the useful commodities that aids to enhance the productivity and profitability of the enterprise.
Hence, innovation and creation is the two tool that aids to develop the image of enterprise within
the market.
By providing the smart home solution, the life of the consumer will be more easy and
convenient (8 Matthews and Brueggemann, 2015). Therefore, integration of technology and
services aids to home networking for better quality of living. This focus on technical
advancement that are connected and supplement to each other.
Vision
 To build the largest specialized technological lifestyle network by providing and
innovative solutions for home and building all available in one roof. Thus, main aim is to
have continuous improvement of our smart-home team.
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 The vision of the company to make the core functions of the home more smarter, efficient
and more comfortable.
Mission
To provide the highest standard of living by providing them utmost concepts and solution
using the reliable and renowned commodities while demonstrating innovative devices to exceed
customer expectation. It is vital to have success to provide the ultimate environment building
catered in lifestyle environment.
Short term goals-
 To attract the customer with innovative features.
Medium term goal-
 To enhance the sale of enterprise by attracting customer with innovative facilities.
 To expand the business working by adding new features to product and services.
 To reach out the maximum customers to enhance the growth within enterprise.
Long term goal-
 To reach out the customers to develop a system that can be easily installed, cost efficient
and able to provide genuine home automation to consumers.
 To listen the complain of customers so that modification can be done in commodities.
Vision- what is your aspiration ?
The corporate vision of the enterprise is to define future with best home automation
services. Hence, the main aspiration is to be the acknowledged world leader in design and
manufacturing of home automation tool so that better SMART services can be brought down.
Therefore, the ultimate vision of the enterprise is to be recognized as market leader in the
management of and execution of all the facilities. To become the organisation that can able to
answer higher standard of professionalism (Mazzarol and Reboud, 2017). Therefore, the overall
aspiration is ro become the admired business and service provider in the world.
How will you achieve your mission
Technology has become the integrated part of the people lives. Hence, home automation
business uses technologies like internet, sensors and automation control to create the centralized
and digital system for homes. In order to be driving force for the enterprise across the value
chain. Therefore, the main consideration must be over to understand the customer needs and
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focus on satisfaction of customer. By putting main consideration over design and quality aids to
provide dealers with superior commodities innovative solutions.
4. Opportunity
Why you started?
Home automation system are designed to integrate all kind of home devices, lights,
heating and security system. Henceforth, connected home solution consist of set of devices and
services that are connected to each other. The most of the individuals are professionally working
in this present scenario so this kind of facilities will be beneficial for them to control the
activities. Therefore, home automation system mainly used for controlling indoor and outdoor
lighting, air conditioning and electronic appliances with appropriate sensors.
What opportunity you saw?
Future scope of home automation system is to have key improvements existing digital
tools and to make the home more smarter. Therefore, homes can be interfaced with sensors as
motion, light, temperature that provide automated toggling of devices based on the conditions. It
has vast scope in future as it provides the savings, safety, control and convenience etc. In future
growth of home automation tool will be enhanced as it reduce power consumption and
automatically turn off the lights and appliances.
5. Industry & Market
Chamber of commerce
A- Z smart home solutions gives the opportunity to meet with other local business owner
and the network. It holds regular networking events that allows member to exchange ideas,
develop relationship and very assistive in terms to bring improvement in professional network. It
is essential for the growth in market as it helps in connecting local businesses.
Bank
Commercial banks makes money by lending to individuals and businesses. This provides
the company financial dealings with an institution that provides business loans, savings and
credit (Modrego and et.al., 2015). Henceforth, bank financing is one of the primary source of
capital so that entity can easily able to expand, acquisition, equipment purchase in order to
simply meet growing operating expenses.
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Respective market
A-z home solution will select the market that is covering of the number of customer and
local residents. This aids to gain competitive advantage within the market. By choosing effective
market the customer within the market can be attracted towards the product and services. It has
to be chosen wisely in order to gain longer term competitive advantage within the market.
Is it a port or land locked market?
Port-lock offers the high level of convenience with the local shops, cafes, businesses,
professional resources and beautiful surroundings. With the help of choosing this market, the
firm can able to gain competitive advancement.
Why you have chosen that area for market?
Port-lock market will be chosen, as in this entity will get the chance to get interact with
maximum number of the customer and innovative feature of home automation services will
attract the customer within the market.
Segment the market, four P's
Gaining the marketing advantage in the competitive landscape has been one of the
biggest challenge for the business. It is process of dividing the target market group into sub-
section that can communicate with through specific communication channels and key messages
(Goll, 2018). Therefore, the business can segment on the following grounds as-
Geographical segmentation- It is used to identify the business target market that based on
where the business are located. This is very useful for identifying media and marketing channels
that designed to reach certain geographic areas. It means dividing the groups into the subgroups
in the manner as age, gender, values etc. However, segmentation can be based on the income of
the customer.
Psycho-graphic segmentation- This is the method in which consumers are eager to try the new
ideas on the basis of their psychological that is personality, attitude and lifestyle. Henceforth, it
can be done with the help of following basis as-
 Innovators- At this, there are number of the influential individuals with whom the
average person can checks out the process of innovation.
 Early majority- Under this group tends to deliberate before adopting the new
commodities. This is very crucial to legitimising an innovation so that whole process can
be conducted effectively.
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 Late majority- Under this, new ideas can be adopted after the process of innovation.
Behaviour segmentation- The consumers are classified into the market segments not the basis
of knowledge, attitude and product attributes. Thus, these defined in following manner as-
 Purchase occasion- It can be differentiated on the basis of product and services. It is
crucial to identified the needs and wants of the customers.
 Benefits sought- The key points that needs to be considered are as high quality, good
taste, speed, sex appeal etc.
 user status- Potential buyers may be classified as regular users, occasional user and non
user.
Marketing mix- It is inclusive of the components as are-
 Product- A to Z smart home solutions works towards to full-fill the need and wants to
the customers by providing better home automation tool. Therefore, unique advantage of
the commodities can determine and this aids to make unique image within the market.
 Price- It is one of the technical advancement in which product offering is established at
the time of making some pricing decision. Therefore, the price determination has huge
impact over the profit margin, supply, demand and strategy of marketing.
 Promotion- In orderer to promote the awareness of home automation tools it is crucial to
undergo with elements like advertisement, public relation, social media marketing, email
marketing and search engine market etc. With help of using better advertisement tool the
entity can promote its product and services in better and efficient mode (Eesley and
Miller, 2018).
 Place- The terms marketing is all about the putting the right commodity for the right
price at the right place at the right time. Henceforth, port-locked market will be selected
so that it can be easy to reach customers, local residents etc. This aids to gain competitive
advantage within the market.
6.Strategy
Compete in the market
For competing into market A-Z Smart Home Solution use innovative ideas to gain
advantage in the marketplace. Identifying the needs and wants of customer will help in
increasing profit for future. As it is providing the best customer service so that it can be able to
compete in market. For sustaining into market a strong strategy is to be made so that it will
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