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.
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:
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).
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 Sar?temur, 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).
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.
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
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.
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 |
|
|
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 |
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).
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.
The recommended solutions related to the business idea discussed are stated below and with the required description.
1. 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.
2. The idea has been implemented in past by few companies but there were many faults in the given motor, due to several reasons.
3. 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.
4. 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.
5. 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.
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 will be needed in the making or implementation of the business idea discussed in the given paper. First of all lots of capital will be needed in the process of setting up a manufacturing unity in any place. Secondly the raw materials in making of chassis and the fibre parts of the body of cycle and scooters. The most part of the electric motorcycles are the battery, the battery must be of best quality. It should be durable and waterproof. In addition, it should also possess to have enough amount of charge to go the distance.
References
Asante, S.K., 2017. The concept of the good corporate citizen in international business. In Globalization and International Investment (pp. 139-176). Routledge.
Correa, C.M. and Yusuf, A. eds., 2016. Intellectual property and international trade: the TRIPs agreement. Alphen aan den Rijn: Wolters Kluwer.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Drahos, P., 2016. A philosophy of intellectual property. Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Erçek, M. and Sar?temur, M., 2018. The Dynamics of Entrepreneurial Networks: A Qualitative Assessment of University Incubator’s Role in the Early Stages of Hi-Tech Startups. In Nascent Entrepreneurship and Successful New Venture Creation (pp. 239-258). IGI Global.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Ioanid, A., Scarlat, C. and Militaru, G., 2015, August. How Managers and Entrepreneurs use the Innovative Social Technologies. In European Conference on Innovation and Entrepreneurship (p. 298). Academic Conferences International Limited.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
LIAO, M.J., ZHANG, J. and HE, Q., 2016. Evaluating Knowledge Sharing Risk in the Service-oriented Manufacturing Cluster Based on the EBP Model. Industrial Engineering Journal, 5, p.018.
Marvel, M.R. and Lumpkin, G.T., 2017. Domain Learning and Opportunity Development in a High-Tech Context. Journal of enterprising culture, 25(01), pp.67-96.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Peltier, T.R., 2016. Information Security Policies, Procedures, and Standards: guidelines for effective information security management. Auerbach Publications.
Rodríguez-Bolívar, M.P., Alcaide-Muñoz, L. and Cobo, M.J., 2018. Analyzing the scientific evolution and impact of e-Participation research in JCR journals using science mapping. International Journal of Information Management, 40, pp.111-119.
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