Four Sources to Collect Information about Business Idea

Published: 2021-07-18 07:10:06
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It is essential for the new venture capitalist to source the proper research method to collect the information about generating the business ideas. The four of the basic research method for business start-up are stated as follows (Weissbrod, 2017):Start searching on the internetGo frequently to business/trade showCall-upon the friend circleMaking a habit to read about the relevant industryMost Important FactorWhile making up my mind about the business idea, the most important factor for me to read about all the details of the supporting industry. It helps me to visualize the industry ups and downs and what the companies have been delivering in the marketQuestion 2Business IdeasTwo of the main ideas which I really passionate about are:To invent the car that works on the solar energy or waterTo start a consultant service to guide students to choose a passionate perfusionsI am going to focus on the invention of the car that works on the solar energy. In this regard, the financial estimation of inventing the car is as followsEstimated Cost45,000 per carEstimated Sale100 cars per monthEstimated profit5,000 per carQuestion 3Business Ideas/ opportunitiesResources requiredResources availableSkills required Skills availableTo invent the car that works on the solar energy or waterEngineers to suggest model and designEngineProper wiring systemColourThe available resources include the material from the destroyed cars And, engineers to design the productsA proper training is required complete the solar process and electrolytes processHardworking Motivated Time-management Leadership style Decision making Conflict resolutionQuestion 4The Four similar products that match the business idea areTrucksHeavy BikesAmbulancesBusesThese are some similar products to the cars, which needs to be specified on the solar or electrolyte process in order to save the energy.Part BQuestion 1Personal attributes, qualities, and skills that belief will help to run a successful micro-business include:A proper communication StyleThe critical thinking and evaluationThe keen focus towards the disciplineHaving a competitive spritePassionate about getting things donePrefer to work as a teamDecision making and time management skillsQuestion 2The brief description of the proposed business idea is as follows:First of all, it is required to analyze that the need of addressing the innovation of inventing the car on the solar energy and water electrolytes really existThe differentiation factor is required to analyze in order to stand in the marketHow the promotion aspects will be done and how to make money out of itHow the initial phase implementation will be doneQuestion 3The business Idea and its related pros and cons are stated as followsProsConsThe strengthen and sharp brand identityCost-related issuesEngineer is familiar with car manufacturingThe problem associated with the solar panel lifeThe ultimate and unique driving machineThe problem associated with the solar energy due to the consumption of exceeding energyQuestion 4Business IdeaA product that matches the business ideaTo analyze that the need of addressing the innovation of inventing the car on the solar energy and water electrolytesSolar energy boards Electrolytes processThe differentiation factor is required to analyze in order to stand in the marketSolar system Process of electrolytesThe promotion aspects will be done and how to make money out of itAdvertising camping E-advertisementThe Initial Phase ImplementationProper resource allocationQuestion 5Customer ProfileMajor CustomersThe major customers for this car are the teenagers and low-income families. Hence, it focuses on the concept of B2B.Customer ProfileIn this section, the demographics variable, psychographics variables, and buying behavior is analyzedDemographics VariablesAge18 to 35GenderBoth Male and FemaleGeographic locationUrban and developed areasPsychographic VariablesThe people will buy this car because it is cheaper than fuel system. Moreover, the innovative design will attract the customersBuying BehaviorThe customer buying behavior depends on the need and requirement of the product. However, the customer make purchases by booking online or by visiting the storesQuestion 6Important Business Skills ListSkillImportanceA proper communication StyleThe communication style is essential to focus to convey the ideaThe critical thinking and evaluationIt is highly needed to signify the car innovations and designThe keen focus towards the disciplineIt is required to achieve the targetsHaving a competitive spriteIt helps to gain an edge over a competitive advantagePassionate about getting things doneIt helps to complete the task in a limited timeframePrefer to work as a teamIt helps to work effectively and profoundlyDecision making and time management skillsIt helps to get things done in an efficient wayLeadership styleIt encourages team building and team workingConflict ResolutionIt helps to resolve issues and problemAbility to generate team buildingIt defines the maximum outputQuestion 7Market InformationMarket information is gathered by focusing following pointsHigh center around making a solid connection between the client and brand by following a methodology of relationship marketingFocus on customizing the showcasing endeavors by following a system of coordinated marketingFocus on the utilization of innovation energy to connect with the clients by following a system of ongoing marketingFocus on putting the marketing message on the web by following a technique of viral marketingCustomer InformationCustomer information is gathered by focusing following pointsBy gathering data from the relevant web sourceBy distributing a questionnaire to analyze the customers need and demandCompetitor InformationCompetitor information is gathered by focusing following pointsBy reviewing the market position in the industryBy visualizing the ongoing market trendQuestion 8The market trends over the last 1- 2 years for your product or service and project future trends for the next five to 5 years: Last 1-2-year changes in similar products :Changes in Product (more advanced techniques to increase the solar system and electrolyte efficiencyChanges in Prices (The change in pe vary according to the technological advancement)Changes in where people buy the product (Place): (They can also make purchases from online stores as per to availability)Changes in promotion (Advertisements, Public relations etc.): (The promotion by means of proper advertising channel)Competition: (Increase or decrease): ( the competition rate increase as solar energy is cheaper than fuelWhat are the underlying reasons that account for these past market trends? (Customers demand innovation and technological advancement)What sources of information did you use to answer the above questions? (The both primary and secondary information is used in order to answer the question)Possible changes in next 1-2 year in similar productsChanges in Product (more advanced techniques will be used)Changes in Prices ( varies according to the innovation and advancement techniques)Changes in where people buy the product (Place); ( might occur)Changes in promotion (Advertisements, Public relations etc. social media campingCompetition: (Increase or decrease); (the competition rate increase)What are the underlying reasons that account for these future market trends? (Customers demand innovation and technological advancement)What sources of information did you use to answer the above questions? Both primary and secondary information sourceQuestion 9Secondary InformationThe secondary information is analyzed from past and historical trends of cars. The information is gathered from the previous researches an article. The use of secondary information helps the venture capitalist to analyze the measure changes by reviewing the past trends (Waston, 2018).Question 10Rights and Responsibilities of a Customer and Business OwnerIt is the responsibility of the business owner to Sharpen and fortify brand characterIt is the responsibility of the business owner to Engineered in approach to natural for assembling best auto on the planetIt is the responsibility of the business owner to offer one of a kind and extreme machine for drivingIt is It is the responsibility of the business owner to guarantee to convey the best esteem, involvement, and conviction to potential clientsIt is the responsibility of the customer to stay loyal to the brandIt is the responsibility of the customer to promote the brandProblems Experience with customers and solutionThe customer might face the problem in the delivering of the carThe customer might face the problem of longtime waitSolution to the problemAchieving goals in a time frame mannerLong-term target with the backup registrarQuestion 11Business Idea to Tap into New Emergence MarketBusiness idea to tap into the new emergence market at the initial stage is not acceptable because the owner is in the initial working phaseAssociated Risk of Entering into Emergence MarketHowever, some of the associated risks of entering into emergence market are: a) Availability of a number of choices b) Cost-related hazard c) Risk related to solar-based vitality framework because of devouring surpassing vitalityQuestion 12Possible Risk Associated with Business IdeaRISK AREASCommercial & LegalEconomic/ FinancialTechnologyOperationalPoliticalManagement ControlsHuman ResourcesNatural EventsWHS/Environmental/ Disability accessFailure of policy implementationEconomic recessionThe rapid change in technologyLow working efficiencyPolitical instabilityLack of management controlPoor recruiting methodDisasterLack of ElectricityLess focus on laws and regulationPrice floor and price ceilingNew innovative techniquesFailure of solar panelGovernment interferenceFrequent hiringHiring inappropriate trainerStorms and floodsLack of water resourceQuestion 13Demographics Changes in the Target Market for Next 2 to 3 YearsAge18 to 50GenderBoth Male and FemaleGeographic locationUrban and developed areas/ rural areasIncomeBoth low/ high-income customers will be targetedQuestion 14Changes in prices within last 1 yearIt varies according to the demand exist in the market. However, a little change in prices will be considered as business activities have been performing at the initial level.Projected changes in the availability of resources you may require in next 1 yearThe more advanced use of solar systemThe more advanced use of electrolytesQuestion 15Market trends and new developments Considering the market trends and new product/service developments identify the potential impact on business your ideas In order to visualize the potential business impact, it is essential for the owner to focus on the following circumstance In a request to prevail in objectives high spotlight would be made on in-build capacity Always center on the positive point of view Learn to acquire alteration and modification in life Do not detect the dread of losing force and disappointment Do not demotivate from the negative aspectReferencesWatson, K., McGowan, P., & Cunningham, J. A. (2018). An exploration of the Business Plan Competition as a methodology for effective nascent entrepreneurial learning. International Journal of Entrepreneurial Behavior & Research, 24(1), 121-146. Weissbrod, I., & Bocken, N. M. (2017). Developing sustainable business experimentation capability–A case study. Journal of cleaner production, 142, 2663-2676.

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