My Business idea – Self Discovery
To generate business idea in the current world is very important since it will benefit you as an individual and the rest of the community. They is many business ideas which one can exploit in fill the market gaps available in the marketplace. Therefore, the process of utilizing these market gaps is a process of being an entrepreneur. An entrepreneur is an individual who is willing and able to utilize the limited economic and human resources available to fill the gaps existing in the market. For an individual to produce a viable idea is required to have done analyzes which will enable him/her to get a clear requirements needed. After the initial stage of analyzing the business, one is required to apply the entrepreneur skills and knowledge in the rest of the stages to ensure the idea is implemented successfully. The business idea is supposed to meet the market needs and fulfill the potential customer needs and wishes. If the business idea is viable and is implemented successful in the market through entrepreneurial process, this will lead to the success of the idea in the market therefore, generating establishment of the organization which will serve the economy.
Self-Motivation
Entrepreneur is an individual who have professional skill and knowledge on how to deal with a new innovation and creativity in the market. Also, not all professional skills which will generate successful business idea using professional entrepreneur skills, this means that possessing entrepreneur skill can be also inborn characters. Some percentage of individual possesses both professional and inborn characters which enable them to generate viable and successful business idea in the market.
Due to the existence of many market gaps in the marketplace I feel motivated to become to become an active entrepreneur. Despite the existing gaps, they are many reason which motivates me to be a good entrepreneur and feel I can make it without failure. Am very creative individual in different fields, therefore, I used my creativity to fulfill market gaps using the current innovation and thus resulting to the idea implementation which provides solution of existing problem. I personally, I possess both inborn and well trained skills and knowledge which I acquired throughout my course, therefore, sharping my future in entrepreneurial activities.
They are many reasons which motivates me to become a successful entrepreneur in the market. Those reasons are both personal and economical motivation which influences my character to become an entrepreneur. The following are the reasons which motivates and inspires me: To become my own boss. In the current world economy is very hard to be sure 100% to get a job employment. Therefore, due to uncertainty in future I feel comfortable to train myself on how to become my own boss in the employment market. Another reason behind this, is that I will offer job opportunities to the individuals who are facing the challenge of unemployment, thus improving their living standards. To provide the missing products and services in the market is my passion. Am well trained individual on how to utilize the limited resources available in the market, therefore, is good to provide high quality and sustainable products to the customers. This improves the status of the economy together with individual living standards. This encourages much since becoming entrepreneur on your own, it motivates a maximum use of time and resources available thus one becoming own time manager and not being restricted or monitored by another. This facilitates free stress life style thus improving the innovation and creativity thus being pushed. Another viable reason which motivates me to become an entrepreneur is to enjoy earning income generated from entrepreneurship activities. I personally will be responsible in managing the earnings from the business therefore, being happy enjoying my reward without much people involved in.
Despite, all the above motivations to become a successful entrepreneur also, I need to perform my self-assessment which will help to identify my strength and weakness and how to deal with them. This self-assessment is important since will help to accomplish all the targeted strategies am aiming to accomplish as an entrepreneur. Also, this self-assessment will help to create and have a roadmap direction of my entrepreneurship skills application. This assessment will help to answer several questions like; how am I prepared to handle the current innovation in the market using the entrepreneurial skills? Is my source of capital viable to rely with it? How will I manage my time in the activities in the market as a starter? How will I apply my inborn and acquired entrepreneurial skills from my education in the real practical world? How much the expense is required to run a successful business activities? How I will use the generated income within and outside the business development? By getting answers of these personal questions will help me to identify where my strengths and weakness lies. The following are my strengths which will motivate to go ahead and produce and implement the viable business plan. Am able and well equipped to apply the entrepreneurship skill I possess in the market, am creative enough to get the solution of any problem arises within my line of specialization and I have much time free which I can manage in dealing with business activities thus proving my services in the market. Am ready to improve my existing weakness which may hinder the process of implementing and having successful business idea. Most of the weakness am facing are based on my personal characters which I experience. These weakness are: am not patient enough to allow time to pass while waiting something to be accomplished, poor cooperation within team building activities, and the other weakness is on how to make urgent decision in case of emergency. To be more successful in the entrepreneurship sector I need to have viable solution to how to handle and improve my weakness as an individual. Already I have a clear program which will help me to manage my time in having patient on something. This program indicates the time frame scheduled for each and every activity therefore, this improves my patient character for now and in future since time factor is well indicated. The weakness of poor cooperation, I will improve it slowly through generating interest and passion of interacting with different peoples. Through interaction with people of different characters in different professional and non-professional activities will improve my characters. This will generate a successful character on me since in business they must be interaction of individual who will be working together as a team to fulfill the organization strategies.
The Business Idea
Business ideas are many to be implemented in the market. These business idea helps to fulfill the market gaps thus providing the missing product or service to the targeted customers in the marketplace. To generate a business idea is difficult since it requires much involvement of time through carrying out the study of the idea and its benefit before implementing it. The business idea which is existing in my mind is to open and operate business related to the office stationaries and equipment together with printing services.
My analysis of the business idea was based on the current products in the Technology and printing industry. Therefore, the business idea is to own an enterprise which will deal with Cyber and Computer services. The main product and service which will offered in this enterprise is internet, printing, computer services, and selling of office stationeries in the market. This has been the background of my study where I identified several market gaps which need to be filled. In the current world organization are growing up and others are being establish fresh, this means that also offices are being created simultaneously as the organization grows. An office cannot operate successfully without office stationaries and printing material since they act as the product in the office. Printing in every organization is also increasing as the organization grows since most of the communication is being done through printing process or materials. All organization presentation in the market or inside the organization are made through printing material which is termed as stationaries. This is a clear indication that no printing without required stationaries within the office. Stationaries, printing, and internet services are the new innovation in the technology industry which is growing as the time goes. This study finally brings my decision to the conclusion of starting an enterprise which will deal with stationary, printing, and providing internet services as part of the technology innovation. However, the following will be detailed description of the business plan including the marketing strategies to be accomplished.
Cyber and Computer enterprise will include stationary, printing, and internet department within the enterprise thus creating unique characters in the industry which makes it different from other business in the market. Also, the business it has a lot benefits within the market since also it will provide unique products which are quality and viable to meet customer needs. The benefit of the enterprise to the market is a lot, the benefits will be from individual level, group level all the way to organization advantage. The enterprise will assist other small business with quality stationaries, printing services which be used in marketing and record keeping of the business and internet services will be plenty since in the current internet is like a basic requirement. Our services will easy accessed in locally or globally through the website which will be created for the business. Those are the main benefits the enterprise will provide to market place among others. The features of our product services are very unique fulfilling the customers need in a greater percentage. The available products will be of high quality meeting all the required standards, cheaply available, and experts will already available for the support to our customers in case of any question.
In every market there is existence of business competition. Therefore, the business which is not having strong marketing strategies cannot sustain market pressure thus ending to be closed down. Our Cyber and Computer enterprise business is well established with unique and strong strategies which are different from our competitors. Provision of quality, cheap and available product in the market from our organization will be a strong competitive advantage. Another unique quality is provision of good and valuable customer services which will build a good reputation of our products/services, and the enterprise as whole. What about the selling position of our organization? Our enterprise is aiming to have different located branches in different areas of the market despite the main branch. Several branches will opened in the market unlike our competitors who always depend on the premises of operation in the market. Our Enterprise will operate in both physical and virtual market in the market place. This means the enterprise will be involved in e-commerce services which the competitors in the market have never invested in. All this will improve and increase the access point of our product and services in the market, therefore, providing a big challenge to the competitors available. This is a strong marketing strategy which will help the enterprise (Cyber and Computer Enterprise) to penetrate in the market with full force.
Our Vision Statement
The vision statement helps the organization to set a long term objectives which the enterprise will accomplish through adding value to the society. The enterprise vision is, “To establish a one stop enterprise which will provide cyber and computer services (stationaries, printing and internet services) in both local and global market by opening a chain of stores.”
Our Mission Statement
Our mission will focus on the both internal and external objectives the enterprise is pointing to establish and accomplish within a short term of the operation. The enterprise mission statement is, “To establish cyber and computer outlets which will make availability of stationaries, printing and internet service in the market with a wide range from top and quality brands at affordable price together with selling our franchise.”
Analysis – Strengths and Weaknesses
The study of business idea is good before establishment of any enterprise. This study involves analysis and deep investigation of what the business will involve to carry its operations successful in the market. Through performing out the study as an entrepreneur have identified several factors which will influence the business idea negatively and positively in its accomplishment. Also, I have identified the strong area of the business idea which will make perform successfully not forgetting to identify its weakness and the solution on how handle them. The study of the business idea helps to identify the relationship between the idea and the entrepreneurial skills am possessing. The following are the strength and weakness of the business idea and the one which is affected by my personal characters.
| My Strengths: Hardworking individualInnovative and creative individualWell trained and having the necessary skills as an entrepreneur | My Weaknesses: Poor in socializing habitAm not patientSlow decision making |
| Idea Strengths: Is demanding idea in the marketCurrently up to date | Idea Weakness: It will grow slowlyWill involve a lot time |
Market Orientation
Market orientation is a new market approach which is focused with the customer needs identification and how to meet them within the market. When the market uses the market orientation methodology it means is focused on the designing of the product and their selling strategies which will lead to the viable profit.
In this business plan the section will deal with enterprise industry which it belongs, competitors and market trends in the industry. This research will help to identify how our business enterprise is viable in dealing with the market competition in the industry. This research will be guided by the market strategies which the business (Cyber and computer enterprise) is aiming to accomplish in its services.
Target market
Target market is the potion of the market which the organization is aiming to provide it products and services through identifying the potential customers. Target market is selected by considering factors like age, income status, geographical sector, social and economic status, and the interest of the potential customers in the market. In more details the target market is described with terms like market segmentation, proposition, and market mix.
Cyber and Computer enterprise is an organization which belong to the both Information Communication Technology and retail within the countries industry. This is amongst the top performing industry in the market since their products and services are current as per the 21st century era. The technology system in the country (Unites state) is growing at high rate since the customers are appreciating the greater use of the internet and other forms of communication through printing. The market in this industry is growing at high rate since the government is supporting the industry very much. The industry of Information is the key pillar in the economy of United State since the GDP value is increasing with estimation of 4% in the total value of GDP, this is equivalent of GDP amount of $646 billion in the economy. Job employment is increasing in the sector meaning the demand of the product and services are required at high demand therefore forcing to increase the labor force within the industry. Compared to the past two years the employment opportunities has increased with a rate of 2% which is equivalent to 2.7 million vacant in United State. Also the industry is ranked amongst the best top ten performing industry in the state.
Target market is very essential if is well identified in the marketplace. Our enterprise is targeting a wide market in the economy since all potential customers regardless their age, economic power, and their location within the state. Youths and old aged people are all targeted potential customer in our organization, all customers across all economic level are able to access our product since are affordable and available in the market. Youths in school, colleges, and universities are in need of printing materials for their assignment and presentation to the administration. Printing of school projects and other task are important during the presentation in the class. The use of internet service is important in producing all this researches therefore, ending to the printing process. Public customers also needs internet services for their basic requirement like online application. Offices in different organization are in need of stationaries to make their work operate smoothly, therefore, our organization is ready and able to supply stationaries in all offices of the organization. Our services is affordable to all members of the public according to their pocket weight. Both students, non-student that is public, and offices from different organization are our main targeted customers in the market.
Our product and services are very valuable to the market in such a way that are attractive in the market. Services and products from our enterprise are of high quality and well branded to attract the customers. All printing materials from our business are being printed our address, contacts, and location which improves our access to the new customers using our products. Stationaries are of high quality therefore, meeting the standards of the office requirement in the economy. Our internet services are of strong wave length thus being dependable. Internet services are reliable by many institution in their basic activities.
Trends Analysis
This is the analysis which shows the current and past performance of the industry in the market. This is described by the consumer behavior pattern in the market towards the organization product in the environment. Trend analysis is carried out through market survey within the market environment. Performing out this analysis will help the business to understand the future expectations in the market towards the market product, therefore, being used as strategic tool in analyzing the potential market.
In both industries they is always changes which influences the market. Let discuss the recent changes in the Stationary sectors in the market over a period of five years. The stationery services and products supply has been decreasing by -0.4% resulting to the revenue of 9 billion dollars in 2018. At the same period of time the business population increases by 1.9% resulting to the increase of employment opportunities by 1.2%. The retail stationary sector is improving to venture up to the online business in the industry. Printing sectors is not left behind to get the market changes. Commercial printing is growing with a rate of 1.5% to 2.5% in the sales output of one year (from 2017 to 2018), therefore, our organization is aiming to increase this rate by end of year 2019. Total population of 60% is said to have involved with printing activities in the industry and still the industry is expecting much within the market in next financial year. Due to the positive changes which influences the industry the business is expecting future growth compared to the past statistics in the industry.
If the industry will continue growing this way, it means our new organization will grow together with the economy while serving the viable market. Our enterprise is expecting to grow at a rate of 5% in each year thus increasing the level of profit and marinating the steady growth. The enterprise is aiming to increase the other products as the business grows.
Implication in the market can affect the business operations, thus affecting the marketing strategy the business is aiming to accomplish. If changes occurs always will affect the changes in the business. Our enterprise is ready to face those changes by not losing their target customers in the market. If the changes occurs also the business strategies will change, changing the current and the future expectation. Our business is equipped well with flexible, movable and effectives strategies which will act as an alternative and advantage still to the organization. Our experts are well trained on how to face the changes in the market by maintaining the steady performance of the business.
Competitive Advantage
Competitive advantage is very essential for our business since will help to have quality and affordable products which will penetrate the market easily. They is existence of other business in the market which offer products which are similar to ours. Printing and stationeries services are being provided to the market including individual are offering this from their homes. But our products and services will remain very competitive in the market when compared to others.
The following are three competitors which our organization if aiming to face in the market.
Artemis IT Company, is a well-established organization which deals with IT solution in the marketplace. Also the business is selling the computer accessories in the market and supports customers’ computer system in full time.
Ezilon Computers is a USA organization which offers computer related services to the market in small and large scale. These services includes: computer accessories, computer education, computer games, computer hardware, and other computer services which satisfies the customer needs.
The above organization they act as our mentor and the same time our competitors in the market. Those organizations are benefits to our organization since they offer legal advices in the field of computer products and services and how to secure a share in the market successfully. Artemis and Ezilon Companies only are specialized with IT and computer services meaning are limited to explore the market. This discouraging our organization which is aiming to have abroad specialization in the market.
Benefits to Clients
The following are the few benefits which our potential customer will consider coming for our services than for the competitors.
- Our organization is offering variety of services in the market therefore acting as one stop shopping zone, despite our competitors who are specific.
- Since our organization is new in the market, we are offering quality and affordable products to our customers.
- Our products will be ready available and accessible to many outlets unlike of those of competitors which are located in only one station.
The SWOT of the Business
This will alight the strength and weakness of the business internally and opportunity and threat affecting the business in the external environment.
| Strengths: Qualified and active workersUse of current innovationSmooth Internal communication | Weakness: Poor decision making Poor bookkeepingHigh rent rates |
| Opportunities: New market expansionLoyal actions from the customersThe growth of young population which will act as the future market. | Threats: Political instabilityHigh taxes leviedPoor environment condition of operation |
Market Strategy
Market strategies are the plans gives the organization the road map and on how to achieve the marketing strategies. These strategies can be said to be the procedures and techniques which will be used by the organization to achieve current and future market goals. Market strategies are used to describe the market mix used by the organization.
| TOWS Matrix | Strengths Qualified and active workersUse of current innovationSmooth Internal communication | Weaknesses Poor decision making Poor bookkeepingHigh rent rates |
| Opportunities New market expansionLoyal actions from the customersThe growth of young population which will act as the future market | ||
| Threats Political instabilityHigh taxes leviedPoor environment condition of operation |
The Market Mix
References
- Weihrich, H. (1982). The TOWS matrix – A tool for situational analysis. Long range planning, 15(2), 54-66.
- Dyson, R. G. (2004). Strategic development and SWOT analysis at the University of Warwick. European journal of operational research, 152(3), 631-640.
