While the modern digital technology and virtual connectivity are bringing new trends to the contemporary business world, some of the major challenges facing businesses are remaining unsolved. Stiff competition has continued to be one of the most challenging factors threatening business closure in most of the organizations, whether small or big. For this reason, therefore, it becomes very vital to brainstorm, as an entrepreneur to bring forth the best business idea that will succeed when established. This is often made possible by seizing an opportunity that fills a market gap or identifying a service or commodity in the market that is not offered as it should be. In coming up with these feasible business ideas, several factors have to be considered.
It is imperative to consider the consumer tastes and preferences as well as the amount of dispensable consumer income that can be channeled into the consumption of the proposed commodity. It is also important to research and establish the necessity of the commodity to be supplied. In this case, it serves well when the commodity in question is a “must have” for almost all households. Other factors that ought to be considered are the benefits realized after of the implementation of the proposed business idea, “the critical success factors” that will drive the business into success upon implementation and most importantly the business model that will be used for the proposed business. Concerning the above considerations, partnership and with and largescale manufacture of ASA scarf was identified as a feasible business idea.
The market gap
According to significant research carried out by (Yew Wong, 2015) on the consumer needs in ASIA and other parts of the world, it was found that scarfs are among the highly consumed products related to fashion and design in the cold regions. A similar research that was done by (Bartkowski, 2015) holds that as opposed to a popular view scarfs unlike jumpers and sweaters are not only used in cold areas. While the report holds that the commodity is widely used all over the world, it disputes the notion that the commodity is a protective wear against cold. In many parts of the world, a wide market has been yearning for quality scarfs to no avail.
Research shows that a huge percentage of the scarfs in the world’s market are not worth whatever they are sold for and that most of them are not of the recommendable quality (Yam, 2017). Funny enough, there’re exits a small company famous for the sale of ASA scarfs that are made out of sheep and hare’s wool. The company is regarded as the world’s leading producer of high quality scarf according to statistic. Even though the company produces high quality products, it has not yet been able to extend its borders of operation to other countries. It is therefore, in this regard, that we saw it necessary to partner with the company to produce the scarfs in largescale and supply the commodity to almost all parts of the world, if not all.
Benefits generated by the idea
This business idea of manufacture and the sale of ASA scarf with this French company will bring about a couple of benefits to the entrepreneur, the consumers, and the general public. The owner of the business will earn income from the business that will help him get better standards of living. After getting better living standards, the owner of the business will be able to have an improved social status and get an opportunity of attaining the actualization state (Wyckham, 2015). Again, the owner will have an opportunity of being branded one of the most innovative entrepreneurs for inventing up with a viable business idea that will earn him profit alongside helping to bring about convenience and give the consumer value for money.
The business will have tapped an opportunity that has existed in the market for quite some time. As a result, consumers will be able to enjoy a quality products from a trusted brand as opposed to the substandard products they buy from other substandard outlets. Again, the business will create several employment opportunities. That will enable them to earn income on their own thereby reducing the ratio of dependency. That consequently reduces the poverty level and hence helping achieve sustainability. The business’ tax can be used to improve social amenities and infrastructure like roads, schools, hospitals, among others. By so doing, the public will have benefited.
The proposed business model
Due to the nature of the organization, the long tail business model is the most appropriate model for this business and therefore the highly recommended and proposed model. The main reason for choosing this model is because it will target the customer segment that will earn the business more income according to (Lin, 2017).
It will, therefore, be cheaper and profitable to provide value propositions to them. In this business, the segmentation of customers will be carried out from age and level of income. By so doing, it will be easy to determine the customer segment that earns the business more income and therefore target it (Katila, 2017). Acquisition of raw material, production and marketing will be the key activities carried out in this business. The business will require human, physical, financial and technological resources to start. The appendix gives a business canvas illustrating the other business model building blocks.
The critical success factors
To ensure that the business prevails upon implementation, a couple of factors will be put into an account.
Customer satisfaction
Firstly, the business will ensure that customers are served to their satisfaction. Many are business organizations that are deteriorating and registering large loses due to poor customer service (Jia, 2016).
Use of modern production technologies
Modern production technologies as suggested by (Hong, 2016) will be used to ensure that the highest quality products are produced. Microbusiness environment will also be wisely used to create competitive advantages.
Use of internal resources to create competitive advantages
In most of the times, businesses that are in the same industry have the same external environment and thus wisely using internal resources would result into better competitive advantages that enable the business to outcompete its rivals (Douglas, 2016).
Employee motivation
The employees will also be motivated by getting awards, good working environments, among others. A research done by (Cooper, 2016) shows that employees who are highly motivated have improved performance hence improved productivity.
Division of labour and specialization
The idea of division of labor and specialization will also be utilized to ensure that every employee does what they are best in. That not only improves productivity but so the quality of output.
The business will involve the manufacture and sale of charcoal briquettes made from organic waste products. The product will be a major requirement for consumers as they have for quite a long time been using wooden charcoal and other sources of fuel that are costly and have hazardous effects to the environment. This alternative source of fuel will thus save the consumer a substantial amount of income that can be channelled to financing other projects. As a result, it is certain that the gadget will get an overwhelming reception in the market as hinted by (Umble, 2014).
Target market feasibility
Now that the idea has not spread in many parts of the globe, it is believed that there will be a certain market for the commodity. The business will aim at producing high-quality products that meet the diverse and changing customer needs in the contemporary society. It will also ensure that the customer relation is up-to-date and therefore there is an expectation that the product will fetch a wide market when launched according to (Somers, 2016).
Organizational feasibility
The business will have different departments that will carry out their specific functions such as marketing, public relation, supply chain management, among others. These departments will be given all the support they deserve to ensure that they flawlessly carry out their duties. For improved employee performance, modern human resources information management systems will be used as advocated for by (Nelson, 2014).
Financial feasibility
This business will require as low as 200USD to begin. The entrepreneur will use individual savings and sell shares to acquire the initial capital. The organization will use ploughed back profits for business diversification and maintenance of its daily operations a move suggested by (Muthokoi, 2017). The breakeven point is anticipated to be reached upon working for thirty days.
Conclusion
This paper has established that it is very imperative to consider whether a business idea fills a certain market gap before implementation. Unique and original ideas get little or no competition upon the establishment and also fetch a wide market. Other than originality of the idea, it is also imperative to consider the legal requirements and the trade policy of the host country before implementing idea lest it is banned just a few days after establishment. Other key factors to consider are whether the business idea will bring benefits to the entrepreneur and the general public, the most suitable business model for the proposed business and the critical success factors during implementation among other key factors. Since these considerations have been made in coming up with the idea, it is therefore certain that this idea will maneuver up after being implemented.
References
Bartkowski, J. (2015). Religious Organizations, Anti-Poverty Relief and Charitable Choice: A Feasibility Study of Faith-Based Welfare Reform in Mississippi. PricewaterhouseCoopers, Endowment for, the Business of Government, 68(8), 50-78.
Cooper, R. (2016). Benchmarking the firm’s critical success factors in new product development. Journal of product innovation management, 4(7), 55-67.
Douglas, E. (2016). The interaction between feasibility and desirability in the formation of entrepreneurial intentions. Journal of Business Venturing, 6(8), 50-79.
Hong, K. (2016). The critical success factors for ERP implementation: an organizational fit perspective. Information & Management, 4(8), 46-69.
Jia, F. (2016). Investigating the feasibility of supply chain-centric business models in 3D chocolate printing. Technological Forecasting and Social Change, 3(6), 34-57.
Katila, R. (2017). Energetic and economic feasibility associated with the production, processing, and conversion of beef fat to a substitute diesel fuel. Biomass and Bioenergy, 3(6), 67-87.
Lin, Y. (2017). BPMN-based business process model feasibility analysis: a Petri net approach. International Journal of Production Research, 67(7), 34-46.
Muthokoi, T. (2017). The impact of critical success factors across the stages of enterprise resource planning implementations. Proceedings of the 34th Annual Hawaii International Conference on the Business process, 33(6), 56-72.
Nelson, R. (2014). Energetic and economic feasibility associated with the production, processing, and conversion of beef tallow to a substitute diesel fuel. Biomass and Bioenergy, 3(88), 66-83.
Somers, T. (2016). The impact of critical success factors across the stages of enterprise resource planning implementations. Proceedings of the 34th Annual Hawaii International Conference on the Business process, 67(7), 43-61.
Umble, E. (2014). Enterprise resource planning: Implementation procedures and critical success factors. European journal of operational research, 1(6), 50-60.
Wyckham, R. (2015). Factors related to venture feasibility analysis and business plan preparation. Journal of Small Business Management, 56(6), 74-82.
Yam, Y. (2017). BPMN-based business process model feasibility analysis: a Petri net approach. International Journal of Production Research, 4(6), 76-98.
Yew Wong, K. (2015). Critical success factors for implementing knowledge management in small and medium enterprises. Industrial management & Data Systems, 24(77), 78-93.
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