Innovative Business Idea Briefly Describe Your Innovative Essay
- Length: 6 pages
- Sources: 3
- Subject: Business
- Type: Essay
- Paper: #65369148
Excerpt from Essay :
Innovative Business Idea
Briefly describe your innovative idea
At present we operate in a highly profitable market in a growing economy. Because of the presence of large number entrepreneurs and high competition amongst existing companies, it has become necessary to have an up-to-date and relevant market information and services for companies to succeed and to stay ahead We help clients with customized solutions and provide advice to make right decisions and strategies to grow and benefit from the economy.
For a company that is proactive and exploring new markets with new products and requires distribution networks, the XYZ consultancy provides the best expertise through Business and Training Services for the public and businesses.. The Business Services include marketing research, writing reports, creation of business plans, relevant documentation, company registration, etc. Our Training Services conducts workshops and seminars on sales and marketing, such as in-house training for administrative staff and sales and marketing personnel.
Determine the business structure that would be the best choice for your venture. Support your decision
The management team comprises of shareholders that have an in-depth knowledge and expertise of the services and markets to enable the businesses to reach their goals. Based on our growth and prospects, we will seek required consulting help and hire personnel.
Management style will reflect the shareholders participation. The company will respect its surrounding community and treat employees well (Pinson, 2004). We will make efforts to develop and nurture the company as a community with less hierarchy.
XYZ consultancy will be managed by working partners. Due its size and during the early stages, the company will function as a coherent entity than a corporate organization in order to function well to communicate with and support each other. As the company evolves so also the structure of the organization to accommodate new entities and several new roles will come across to meet the requirements. The company will have full-fledged staff and will operate as any closely-knit organization and efforts will be made to provide lifelong development to each employee and his or her personal interests and goals and the family welfare will be our high priority as they contribute to the organization (Pinson, 2004). At the start of this venture we will commence as four business partners.
There is a very high level of expertise, knowledge and analytical abilities which are required by XYZ Consultancy. Because of this it will be harder to leverage in the common consulting company mode in which the sales are made and the business is run by the partners while fulfillment is done by the associates. The main responsibility of the partners will be to fulfill the core business proposition as well as to provide the clients with their expertise. The early personnel plan still is tentative. There should be 3-5 partners, 1-3 consultants, office manager, good staff and a secretary involved in it. Later on, it is our intention to add more sales staff, consultants and partners (Pinson, 2004).
There is an appendix included in the detailed first year monthly personnel plan. There is an inclusion of the annual personnel estimates in it. It is our belief that the commitments of our mission are met by this plan and that it is a suitable compromise between expedience and fairness. Neither is there any requirement from our industry nor do we intend to become a large or "top heavy" organization. Our goal is to keep the company flexible and lean and to respond to the needs of the clients in quick manner. We will be doing this by making use of the outside consultants and in most of the cases there fees will be passed indirectly through our fees to the clients. Although, we do plan on increasing the number of our personnel as we increase and expand in size.
It is our aim to compensate our personnel nicely as, this will help us in retaining them and ultimately their expertise and with the help of proper compensations and motivations job enrichment and satisfaction will be ensured. There will be substantial profit sharing, health care and at least 2 weeks of vacation included in our compensation plan.
There will be continued in-house training along with consistent external training which will especially be carried out whenever there will be any latest developments within the market. This will be done in order to make sure that the needs and problems of our clients are being anticipated and solutions are being provided to them as, this is very important in our business.
Create an outline of the stages in the entrepreneurial process that you would need to follow when starting this business. Determine the resources and tools you would need to be successful at each stage
The XYZ Consultancy is a comparatively new company which provides the clients with high-level expertise when it comes to the development, distribution strategies, market identification and development, marketing strategies and channel development of local business. Its main focus will be to satisfy and provide two types of markets (Robbins and Judge, 2007):
Providing local clients who at planning to develop their business with market research, whether these are established or new clients (Robbins and Judge, 2007).
Providing the foreign investors who are looking to invest in the local markets with market research (Robbins and Judge, 2007).
With its growth it will be able to do consulting work in the connected markets. By establishing representations and relationships with the international organizations which conduct market research, it will look for further leverage (Robbins and Judge, 2007).
Determine the market for your innovative idea. Include details on regarding your potential customers, the predicted size of the market, and the competitors that already exist in the marketplace
Potential Customers and Market Size
The main focus of XYZ Consultancy will be on the local businesses and the foreign investors who will be looking to invest in the country. These will mainly be large, medium and small-sized companies which will be planning to provide quality work and total service (Robbins and Judge, 2007).
Foreign investors are going to be our most significant group of prospective customers. These are going to be the potential investors who would like to have an understanding and feel of the local markets as well as the constraints and opportunities provided to them by these markets. They don't like wasting their time and money on questionable expertise or bargaining information. They become very concerned about risking the reputation and name of their company when they go into the markets in search of opportunities (Robbins and Judge, 2007).
Large corporations: large organizations that are looking for penetration into new or existing markets are one of the most significant market segments for us. XYZ Consultancy will be called by these companies in order to develop functions which rather than being managed in-house should be spun off for feasibility studies as well as market research (Robbins and Judge, 2007).
Medium-sized growth companies: especially in the quicklygrowing markets attractive development alternatives will be given by XYZ Consultancy to the company that is facing management constraints and is not able to address the opportunities in the new markets and their segments.
Small-sized companies: with this increase in the competitiveness in the markets, the entrepreneurs have become more cautious about the markets that they want to enter or regarding the establishment of new market opportunities. They prefer having some research conducted in order to have the possible markets identified that will complement their capabilities and resources before actually entering those markets. Therefore, the kinds of businesses which will most probably need our services include:
New businesses that are looking for start-up capital or investment.
New firms that are in search of doing investments in the country.
Companies that already exist but want to introduce or expand into new service/product.
We have tried to identify the competition by looking for the companies which are catering to the same client needs and wants that we are planning on satisfying. In our main service there are few competitors whereas, there are many in our ancillary services which includes the Government agencies. There exists a need for us to differentiate ourselves from the rest of these businesses (Robbins and Judge, 2007). Although, speaking on a broader scale there are many forms that our competition is present in:
The no market research consulting is the most important form of competition. This happens when the companies opt for the in-house market research, channel development and business development. These jobs are performed by the managers as a part of their regular business job. The most important advantage that we have when it comes to the in-house competition is that these managers who have to conduct the market research are already burdened with a lot of work and they don't have a lot of time for these additional responsibilities in the development of new channel or market. Along with this, the channels, alliance and investment bodies can be approached by the…