Social change and wealth are created by individual who have commitment and strive on their own. These people are much devoted to worthy enterprises and tasks that always make difference in the society and the entire world. A person who assumes the initiation of a business or an enterprise that has an opportunity of making profit or achieving success is referred to as an entrepreneur. An entrepreneur can be easily distinguished through his or her ability to accrue and manage knowledge and also the capacity to mobilize resources in order to achieve a certain business objectives or social goal (Bocken, Short, Rana & Evans, 2014).
An entrepreneur is an audacious, artistic deviator from established business practices and methods who persistently seeks a prospect to commercialize fresh business, processes, technologies and arrangements.
I consider myself as an upcoming entrepreneur, the skills I have gain so far through learning makes me to believe in myself. I am able to apply creativity, strive to respond to customer challenges, create visions and be a solution to people’s problems. I am also ready to forge new ventures and risk failure, nevertheless I persistently seek success.
I will prove my entrepreneurship skills in this report by summarising three business venture concepts and provide business model for one of the business concepts.
A large company that package materials with large sales, distribution and marketing capabilities can creates several business concepts to be part of the planning strategy.
Start to vend and dispense biodegradable packaging to companies in Canada, The United States and Mexico in order to capitalize on the firm’s needs to indicate evolution on their sustainability objectives.
The current situation is that small number of packaging in the South American fast-moving consumer goods segment is biodegradable. In the past few years, the value of the biodegradable materials reduced to an extend that it could be compared to traditional plastics. I consider this as an opportunity because most large companies in this industry initiated an objective of creating products and most of their operations to be sustainable.
Given that the current customer relationship, network, experience and distribution in the packaging industry, I would be in a unique and be in a position to capture important market share in this developing and strategic production sector.
The concept
To build a high-speed rail that would exist between Chicago and New York, the rail would capture most variety of business that are enjoyed currently by airlines that operate this route because it would be cheaper, convenient and faster.
Technical feasibility
It would be a technical feasibility for a fast moving train to beat a plane moving on 600 mile route if time that is needed to get to move in and out of the airport is considered. The assumption for this is that the security department for speedy rail doesn’t care about early check in and another assumption is that the rail lines are control from train stations that are nearer than to the population centres than airstrips.
Financial feasibility
I have little knowledge on the start-up cost and the operational cost. I still need to carry out feasibility study that will enable me to estimate return on investment.
Developing countries in the modern day have certain major problems in the current healthcare system that cause confusion to patients. An example of the problems are related directly with selecting a suitable medical specialty and amongst specialist. Due to unavailability of structural healthcare facilities, there is need to seek guidance when choosing the most appropriate diagnosis and treatments of patients with different diseases and physical disabilities, there is need to give patients basic knowledge on self-treatment methods, there is need to eradicate current boring diagnostic procedures and treatment, there is need also to reduce the cost of diagnostics and treatment of diseases, the heath sector have insufficient strategic planning because of lack of important information of patients, problems that are caused by traffic congestion amongst other problems. All this problems is an opportunity for me as an entrepreneur to amend the current healthcare system in the developing countries through application of new methods like the use of data mining (DM) and web-based programs. My main business concept will focus on the application of data mining to create models that will assist in solving the said problems.
I developed this business ides through my observations of problems that are faced by healthcare sectors. This problems are mainly caused by application of old-fashion in the healthcare systems. The use of Electronic Health Records (EHR) can be used to address these problems. EHR stores information about the patient or an individual life-time, status of health and health care. EHR can also be used to boost patent’s therapy through dynamic process. There are certain problems that cannot be solved by the use of EHR such as patience confusion.
My business idea of a web-based system would be able to determine the accurate diagnostic of patients in some cases. The advantage of my proposed system would be backing up of data in the internet. The internet would be a database for health records, these records would be monitored and updated regularly. This model would assist the doctors and nurses in identifying some of the key problems that are faced by healthcare facilities in keeping medical records for patience. The records as stated earlier would help the physician to review medical records for patients (Flood, Minkler, Hennessey, Lavery, Estrada & Falbe, 2015).
The use of data mining is very common in medical literature. The use of data mining is to descript and predict, the use of the descriptive DM in healthcare can help in deriving models which can use patient’s data to foretell the results of clinical decision-making. Furthermore, the technique can be used to construct decision models for processes such as diagnosis, prognosis and treatment planning.
In this reports I applied two approaches in developing my Business model Ontology. One of the approaches is data mining and another one is content analysis. First of all I will talk about the content analysis and thereafter introduce data mining approach which I proposed for the BMO.
Because I decided to analyse earlier researches, studies and surveys that are concerned with computer diagnosis assistance, I should apply a methodology for qualitative analysis. Thus I consider the content analysis to be suitable for my research. In this method, below are factors that should considered.
The content analysis is initiated by identification of important phrases, the keywords of the phrases should be recognized. The next step to be addressed is distinguishing the content of the key words by the use of the qualitative approach which is dictionary-based.
In this report, I am going to propose data mining method which would classify the diseases, and I choose to recommend a diagnosis. Because of the said problems that are faced by the healthcare sector, classification approaches must be applied. Between the decision trees, classification methods, neural networks and Bayesian network , the decision trees is commonly use in research which has be applied by many entrepreneurs. Proposing of the methodology for operating the business plan is the use of data mining, with the use of DM, predictive knowledge would be developed (Alonso, Martínez, Pérez & Valente, 2012).
To express my design business model, I will initiate a business plan for an organization that would have an objective of gaining profit. The company would assist the healthcare systems and patients to gain fees and dues. This business plan can be operated by any organization it can be either an NGOs or by government.
For a business to be very successful it would be very important to have key partners and it should be studied very carefully. The key partners for my initiative would be health experts, pharmacist, technical experts, traditional physicians, HER systems, healthcare knowledge, healthcare database, finance organization (s) and healthcare governance systems (Han, Kamber, & Pei, 2012).
Health experts would involve medical professionals, physicians and many more. They would help me to construct an intelligent systems through prescriptions and diagnosis for patients and diseases. Besides, the health experts would assist in an anomaly situations whereby the system would be incapable of diagnosing rare diseases (Rahman & Hasan, 2011).
Because the main goal of my business model is to diagnose diseases and to treat patients through the use of healthy medicines such as herbal medicines, another important partner would be traditional physicians. This physicians would help in providing their knowledge of herbal medicines that would use in system design (Mastouri & Sartipi, 2009).
Chemical treatment would be perform by surveillance experts, these experts would be pharmacists. In order to develop an electronic venture, availability of technical experts would not be avoided. This is because they would assist in creating modes, extracting knowledge, designing web-based program and website and many more. In this case technical experts would be my fundamental partners.
This initiative is a great one, thus I must be supported by the government. Healthcare governance system is related to government. The governance systems can be funded by the government so as to assist patience to enjoy the services without paying for feed or dues. Healthcare governance has got huge data about people, this database would be a foundation of my business venture. Furthermore it will assist me to create and develop an Electronic Health Record (HER) system (Yeh, Wu, & Tsao, 2011).
For this business venture to succeed, there is need for finance by financial organization. Financial organization can be referred to as a non-profit institution which give grants to a profitable organization that have an intention of starting a new business.
The main activities for this business would be as follows
Resources that would be used are necessity that cannot be avoided. The resources that would be used in the business venture would be:
Technical knowledge would be applied in programming of the web-based software, designing appropriate and convenient website, and updating the software. Furthermore the knowledge of the technical experts would to extract knowledge and model.
In order to run the website very smoothly, a powerful server should be used. This server would assist in developing and extending DM models. My proposed web-based program would be updated very often, and to do this internet would be a necessity.
The cost would be calculated attentively in order to achieve the main objective of starting up this business that is to gain profit. The cost that would be incurred in the business would be:
Server is the main cost that would be examine. It will be very important to have a powerful server that would enhance integrated system for diagnosis and treatment.
The cost of developing an appropriate website should be considered. Huge investment for this profitable business would be reasonable.
I classify the values for my business into three classifications. The first one would be creating values for strategic objectives such as focused healthcare systems, strategic planning for healthcare and many more. The second one is created values for the healthcare systems like refining the accuracy of diagnostics and treatment, reducing self-treatment and so on. The third and the last category is that would be made for patients as end users, for instance decreasing confusion for patient. The details for strategic values is as follows: Alonso, Martínez, Pérez & Valente, 2012
The following sections shows how I will divide customer relationship.
Some hospitals and clinics rash patients especially in an urgent division. My proposed system would categorise and assign many patients with a quick data.
I am going to describe that would be used to connect business to customers. The channels that I would use will be reports, web-based program and website.
Table 1 channels and aspects
|
Channel |
Aspects |
|
Website |
Introducing the healthcare system , train on usage and provide information about the merits, capabilities and the website visitors |
|
Wen-based program |
It has tendency to relate patient to be direct costumer |
|
Report |
To provide information that would be necessary for the improvement of process that will assist in making viable decisions. |
Every business is created in order to offer services to customers. My customers that will enjoy the services of my system would be:
For the company to survive it must generate reasonable revenue stream. I will identify six channels that I will use to gain revenue from my E-diagnostic system.
Table 2: revenue channels and ways that would be used to gain revenue
|
Revenue channel |
Method |
|
Healthcare governance system |
The subscription of the website services and software Selling the copy right of website and software |
|
Hospitals and software for health experts |
Selling of software to clinics and website |
|
Reports |
Providing variety of reports for health governance system, medicine, clinics and hospitals. |
|
Marketing medicine companies and health experts |
The right to subscribe for medical marketing and health experts. |
|
Advertisement |
To put suitable advertisement of the key activities |
|
Patient |
Patient dues and fees. |
Step 1: Idea generation
I generated my business idea by doing the analysing of the current market and problems that are faced by people in the society. This help me to determine the existing market gap that would be most profitable and has minimal competition. I select the main idea to be E-diagnostic system because currently there is now existing system that solves problems that is faced by the healthcare sector. Another consideration is that I will sell to large market and enhance I will realize higher profit than the other two business concepts.
Step 2: Confirmations that the selected products or services solves the challenges in the society
Once the service will be exposed to customers. The delight and excitement that would be easily tell from the customer’s feedback and in this case I will be sure that the people’s problems are addressed accordingly.
Step 3: Testing my support strategy and channel
It would be to put the whole business model into group of clients or a selected group. This would include all elements of distribution, marketing, maintenance and pricing. This would be a chance to create pivots with no cost.
Step 4: Seeking advice from the investors and experts
An advisory board that exist outside the people with prior knowledge of the firm would give me unbiased feedback I require and also a connections for laying down distribution and channels to use.
Step 5: Planning and executing local rollout or a pilot
Great pull on a narrow rollout is a good proof for a business model. It assisted me to on quality, cost and pricing.
Step 6: Focusing on gathering customer references
Giving extra attention to new customers and requesting them to offer word-of-mouth supports and publishable testimonies.
Step 7: Target business association groups and trade shows
I received positive credibility, feedback and visibility from these organization, it was my final validation of my business model and also the product model. This was great source that plays an important role of the final rollout and the scale-up efforts.
Most entrepreneurs focus on building an innovative product or service by they forget that an elegant solution to people’s challenges does not translate automatically to realization of business success. Any business venture needs an equally a sophisticated business model that has a right price, messaging and a right channel to distribute products to the right target segments that will help in keeping the drive alive and experiencing a significant growth.
Defining an appropriate business model needs similar diligence as creating the right product. The only difference is the skills and approaches that used. This is the reason why investors admit that two founders are always better that one.
Conclusion
In this report, I have utilize the content analysis and data mining methodology to extract important information for the business model that I have proposed. The system that I will develop will mainly base on E-diagnosis. The application of the system in current medical facilities would helped in reducing the cost that is incurred to patience and many other benefits that has been discussed in the report (Sinkovics, Sinkovics & Yamin, 2014).
References
Alonso, F., Martínez, L., Pérez, A., & Valente, J. P. 2012. Cooperation between expert knowledge and data mining discovered knowledge: Lessons learned. Expert Systems with Applications, 7524-7535.
Azar, A. T., & El-Metwally, S. M. (2012). Decision tree classifiers for automated medical diagnosis.
Bocken, N.M., Short, S.W., Rana, P. and Evans, S., 2014. A literature and practice review to develop sustainable business model archetypes. Journal of cleaner production, 65, pp.42-56.
Flood, J., Minkler, M., Hennessey Lavery, S., Estrada, J. and Falbe, J., 2015. The collective impact model and its potential for health promotion: overview and case study of a healthy retail initiative in San Francisco. Health Education & Behavior, 42(5), pp.654-668.
Han, J., Kamber, M., & Pei, J. (2012). Data Mining Concepts and Techniques. Waltham: Morgan Kaufmann.
Marcano-Cedeño, A., Chausa, P., García, A., Cáceres, C., Tormos, J. M., & Gómez, E. J. 2012. Data mining applied to the cognitive rehabilitation of patients with acquired brain injury. Expert Systems with Applications.
Mastouri, N., & Sartipi, K. 2009. Scenario-oriented information extraction from electronic health records. Computer-Based Medical Systems, 1-5. Osterwalder, A., Pigneur, Y., Smith, A., & countries, a. 4. (2010). Business Model Generation. self published.
Neural Computing and Applications. Bellazzi, R., & Zupen, B. 2008. Predictive data mining in clinical medicine: Current issues and guidelines. medical informatics, 81-97.
Rahman, R. M., & Hasan, F. R. 2011. Using and comparing different decision tree classification techniques for mining ICDDR,B Hospital Surveillance data. Expert Systems with Applications, 11421–11436.
Sinkovics, N., Sinkovics, R.R. and Yamin, M., 2014. The role of social value creation in business model formulation at the bottom of the pyramid–implications for MNEs?. International Business Review, 23(4), pp.692-707.
Yao, L., Zhang, Y., Li, Y., Sanseau, P., & Agarwal, P. 2011. Electronic health records: Implications fordrug discovery. Drug Discovery Today.
Yeh, J.-Y., Wu, T.-H., & Tsao, C.-W. 2011. Using data mining techniques to predict hospitalization of hemodialysis patients. Decision Support Systems, 439–448. Zhao, D., & Weng, C. (2011). Combining PubMed knowledge and EHR data to develop a weighted bayesian network for pancreatic cancer prediction. Journal of Biomedical Informatics, 859-868
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