Entrepreneurship could be defined as the willingness and investment factors for creating the value of the investment capital. This level of strategic planning and entrepreneurs use these businesses planning to earn good amount of profit and reducing the risk of the business. There are several internal and external factors which should be undertaken by the entrepreneurs to mitigate the risk and create the value on the investment. The new venture can be established to create value for the investment in developing a particular study app for the students. With the increasing, ramified economic changes and complex business structure, each and every entrepreneur should endeavour towards analyzing the business internal and external business factors. This report reflects the key ideas and other feasibility which will be required to implement a proper level of strategic plans and procedure. It is evaluated that the main objective of business is to earn profit from the value chain activities implemented. This report consists of financial, marketing, human resources management and another feasibility report that could be undertaken by entrepreneurs while setting up of new business or startup (Sekaran and Bougie, 2016).
There is simple saying which should be undertaken by each and every entrepreneur
“We Rise by lifting others
This has shown that entrepreneur needs to follow proper strategic functioning and helping others while implementing proper business functioning.
A small Synopsis of our idea:-
It could be defined as a business model which could be used by a businessman to create value for its investment and generate profit from the value chain activities (Kyle, 2008).
This tool shows how organizations could create value for its investment to generate profit from its business functioning. It is accompanied with key partners, key activities, customers relations and determining the segmentation (Dracker, 2014). The business idea is to developed student support app to help students in their particular learning course through the cyber computing systems.
|
Key Partners · Domestic companies · Firms · Partners and strategic alliance |
Key Activities · Generating systematic app · Implementing proper marketing support plans and procedure · Undertake franchises and support actions plans (Lanfranchi, and Giannetto, 2017). |
Value Proposition · Creating dashboards · Installing new leaning board · Developing new systems and designs · Implementing new systems and design board · Establish easy working channel. · Use of new methods and design. · Follow proper functions and methods. |
Customer Relationships · Conducting seminars and channels · Advertisement through Google image section · Strategic alliance with Google · Developing mobile app · apps · Fast and customer-friendly services at outlet · Direct sales Showcase the uniqueness of the new app |
Customer Segments · Australian population · Focus on the main young people · Generating data from the schools and college going, boys and girls |
|
Key Resources · IT solutions: Key IT staffs and promoters to develop app · Investment of 100K to handle all the IT development work |
Channels · Generate website of education support · Use of social network sites and values · E-mail marketing and Referencing |
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Cost Structure · Website cost · Maintain charges · Use of IT development · App development cost · Hiring IT staff members · Management of dashboard · Installing cyber computing system plan |
Minimum Viable Product · Use of highly advanced cyber computing system · IT dashboard · Use of Google image section · Implementing strategic alliance |
Revenue Streams · Developing posters · Installing cybersystem · IT team · Use of new system · Developing app and new system |
The main customers are the person who is indulged in the study program. All the people of age between 11 years to 30 years will be the main target for the student support education app program. However, there is below-given target market which could be used to grasp the clients in the market for the developed student support education app in Australian market (Boone & Kurtz, (2009).
|
Target Market |
Number of Target Market(Yearly) |
Market Size (Lakhs) |
|
Carrier Institutes |
45% |
15 |
|
Students |
40% |
25 |
|
University |
10% |
5 |
|
Others |
5% |
3 approx. |
|
Total |
100% |
43 |
It is accompanied with the products and services offered by organizations. Student support education app is the newly introduced app which provides services to support the students in their learning path and education program (Lager, (2010). With more than 1000 universities, Australia has the world’s largest higher education system in the world (Ró?ewski, et al. 2015). Education in career industry has grown to extend which is notable in today’s era and will continue in future according to today made analysis and will profit to our business at a golden rate. Students Gross Enrolment rate will be 30 percent and is achievable by 2020. Therefore, Student support education app will surely help all the students and learners to create effective learning process to create value in their study program. Education Industry rate is estimated to be at 75 percent in 2017 as compared to 47 percent in 2011. After evaluating the various secondary data, it could be inferred that the government has observed an increase in expenditure on education (Johnson, 2010).
Customer relationship is the important factors which assist in developing an effective business model canvas. It is the strategic relationship which will help. Student support education app is to connect with the students in easy and determined approach. However, its dashboard based grievances program will help clients to reduce the complexity and problems in determined approach (Lager, 2010).
The Main business idea to start-up the business is related to a developed online market portal which could be used by students to evaluate the share market analysis and learn new factors of the study market in an effective manner. The main business motto of the company is to earn high amount of profit from the internal and external business functioning. It is evaluated that if a person wants to start up a new business then he has to evaluate all the internal and external factors in determined approach (Williams, (2011). The main channel to promote the business is to use social media, loyalty card, use of Google image section and implementing new process system. The current alternatives to our idea are askiitians and Quora. These alternatives aren’t much versatile and are focused only on a particular service. We, on the other hand, have a lot more services, all under one roof with state of the art facilities. Satisfaction of our clients is our idea main motto. Initially, the company would start with basic services like counselling on chat and call public discussion forum, seminars and workshops later we would introduce paid services such as (Emma, 2010).
Key activities of the student support app are the help students and learn new things through its developed. The main objective of this student support app is to provide new learning pathway for the students (Lanfranchi and Giannetto, 2017). Customer who needs counselling at their any point of life will purchase our services from us and government which requires us to conduct education session in various part of the country on various topics such as Sex Education, Disaster management, safety and health-related issues and other (Radjou & Prabhu, (2015).
Key resources are the essential capital and manpower of IT department which will help student support app to implement a new strategy for the betterment of student learning plan for students. The main resource is to take a license from the authority to start up business in Australian online market. License to our unique feature of our product will stop other companies from entering the industry with same features which will make our company different and productive. As our industry works towards social causer government factor is ruined out but one factor which is common to all is dynamic nature of industry which has a serious impact on company productivity if not taken on a priority basis and can hamper the Profit rate of the company (Lober, 2015).
As our industry works towards social causer government factor is ruined out but one factor which is common to all is dynamic nature of industry which has a serious impact on company productivity if not taken on a priority basis and can hamper the Profit rate of company manufacturers etc. The business model of the company will be based on suppliers and franchises. The key partners of the student support app would be IT team and other existing players such as GE Capital and IBM who will help our company to support its business on the domestic and international level. They will support our business due to its newly developed plan (Scarborough, 2015).
Student support app will increase the overall efficiency of the learning pathway. It will use a credit card, debit card and other modes for taking payment. However, paying money or charges on instalment would also be acceptable in student support app payment program (Shabbir and Mirzaeian, 2016).
The cost structure of student support app will showcase the associated cost of the organizations for generating and developing. This given cost of the structure has shown how student support app could be developed in the market and the cost associated with each program (Christensen, 2013).
|
Cost of the startup |
|
|
Expenses |
Amount |
|
App generating cost Use of new system Legal charges and expenses Portal expense and IT cost Project escalation Total Start-up Expenses |
$20000 $20000 $2000 $13000 $10000 $65000 |
|
Start-up Assets |
|
|
Cash in hand Long-term and short terms assets Current assets |
$40000 $50,000 $15000 |
|
Total Start-up Requirements |
$105000 |
This given level of cost program and the associated cost has shown that promoters need to manage at least AUD 105000 to start up new student support app. In addition to this, it will increase this amount by using 20% project escalation cost.
The customer is something which is a need in today business and for this part customer will Government, University, schools, career training institutes and most important students.
Our customer is mainly based in rural part of our country as we are working for a social cause but students from all over Australian irrespective of caste, creed, race, and religion are invited and will be treated on equality basis (Song, Son, and Choi, 2015). The minimum product value is hard to determine but increased value of the investment and choice of investment in IT department will showcase the marginal cost of the student support app (Cascetta, Carteni, Pagliara and Montanino, 2015).
This has shown how the newly developed student support app will increase the overall learning of the students. The amount of investment or cost incurred in this developed plan may show that this will increase the value of the investment and will also add value to the student’s learning.
The market and industry is working at its full capacity and if money invested then 95% chances that the result will be positive and in fava our of research towards the services and product provided by company and will result towards benefit of education industry and university
The main technical feasibility of the student support app is related to implementing proper customer support program by using cyber computing enterprises resource planning. It will help all the students to develop new learning pathway. However, this newly developed app will decrease the complexity of the business (Walker, 2016).
The main financial cost of the student support app is related to hiring IT department persons and amount of investment in IT development app. However, at least AUD 100K amount of investment is required to develop a new system in student support app (West, Ford, & Ibrahim, 2015).
The main human requirement or IT persons would be 15 members who are expert in IT work. It is evaluated that if IT persons are no expert in their app handling issues and problems will increase the overall profit and return in determined approach.
|
Cost of the startup |
|
|
Expenses |
Amount |
|
App generating cost Use of new system Legal charges and expenses Portal expense and IT cost Project escalation Total Start-up Expenses |
$20000 $20000 $2000 $13000 $10000 $65000 |
|
Start-up Assets |
|
|
Cash in hand Long-term and short terms assets Current assets |
$40000 $50,000 $15000 |
|
Total Start-up Requirements |
$105000 |
Personnel Plan
|
KMP |
1st Year |
2nd Year |
|
Key managerial person IT person Cash managers IT solutions |
$0 $25000 $30000 $18000 |
$40000 $45000 $45000 $25000 |
|
Total pay amount |
$73000 |
$145000 |
Conclusion
This business idea adopted and undertaken business program has shown how student support app could help students in their effective learning program. After evaluating various details and data, it could be inferred that use of this strategic plan and feasibility analysis could provide the effectiveness of the implementing business idea. This newly developed business idea could increase the overall value of the invested capital but also help promoters to earn good amount of return from their investment functions.
References
Boone, L.E., & Kurtz, D.L. (2009). Contemporary Business 2010 Update. John Wiley & Sons.
Cascetta, E., Carteni, A., Pagliara, F., and Montanino, M. 2015. A new look at planning and designing transportation systems: A decision-making model based on cognitive rationality, stakeholder engagement and quantitative methods. Transport policy, 38, 27-39.
Christensen, C.M., 2013. The innovator’s dilemma: when new technologies cause great firms to fail. Harvard Business Review Press.
Emma, O. (2010). Knowledge Management for Process, Organizational and Marketing Innovation: Tools and Methods: Tools and Methods. Idea Group Inc (IGI).
Johnson, S. (2010). Where Good Ideas Come From The Natural History of Innovation. Penguin UK.
Kyle, T. (2008). Small Business Ideas – 400 Latest and Greatest Small Business Ideas: From Around the World – the World’s Largest Source of the Latest and Greatest Successful Small Business Ideas from Around the World; New Small Business Ideas, Small Business Management, Small Business Start-Ups and New Ventures. Terry Kyle.
Lager, T. (2010). Managing Process Innovation: From Idea Generation to Implementation. World Scientific.
Lager, T. (2010). Managing Process Innovation: From Idea Generation to Implementation. World Scientific.
Lanfranchi, M., and Giannetto, C. 2017. A feasibility study for a project of alternative energy production in an agritourism business in Sicily. International Journal of Environmental Studies, 1-9.
Lober, H. (2015). Different Phases of the Innovation Process: An Overview of Challenges and Customer Integration. Anchor Academic Publishing.
Mustapha, Y.I., Aun, I.I. and Akanbi, S.U.O., 2017. Business Opportunities Evaluation and Feasibility Report Writing. In The Entrepreneur: A Book of Reading in Honour of Late Professor Sunday Oyewole Otokiti (1951-2016). Business and Entrepreneurship, Kwara State University, Malete, Nigeria.
Radjou, N., & Prabhu, J. (2015). Frugal Innovation: How to do better with less. Profile Books.
Ró?ewski, P., Novikov, D., & Bakhtadze, N., & Zaikin, O. (2015). New Frontiers in Information and Production Systems Modelling and Analysis: Incentive Mechanisms, Competence Management, Knowledge-based Production. Springer.
Scarborough, N.M, 2015, Entrepreneurship and effective small business management. Pearson Higher Ed.
Sekaran, U., and Bougie, R. 2016. Research methods for business: A skill building approach. John Wiley & Sons.
Shabbir, I. and Mirzaeian, M., 2016. Feasibility analysis of different cogeneration systems for a paper mill to improve its energy efficiency. International journal of hydrogen energy, 41(37), pp.16535-16548.
Song, H.G., Son, M.H. and Choi, Y., 2015. Environmental factors on the entrepreneurship of successful restaurant establishment. International Journal of Tourism Sciences, 15(3-4), pp.96-109.
Walker, J.R., 2016. Introduction to hospitality. Pearson Higher Ed.
West, D. C., Ford, J., & Ibrahim, E, 2015, Strategic marketing: creating competitive advantage. Oxford University Press, USA.
Williams, L.V. (2011). Prediction Markets: Theory and Applications. Routledge.
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