Discuss about the Effective Leadership Promotes Perioperative.
The startup opportunity which I am planning to take is the skill trade, the start-up opportunity is a website called Skill Trader. Skill Trader will be an established website which will utilize the skill set of individuals in exchange for work people require. For example, someone might want their laundry done for a week because their washing is broken in exchange for a week of home cooked meals. The adaption of this model increases the output of the enterprise as compared with that of other competitors in the market places
There are multiple reasons behind choosing this as a business
Firstly, the root of this approach lies in our history. Everyone has studied history and thus might remember the barter system in which people used to exchange goods for getting a service. It was the period when not everyone had money. Today people have money but their expenses have increased equally (Fabozzi, 2011).
Secondly, in this era of globalization where there is so much competition human beings who have average trade skills are unable to make their both ends meet (Hox, 2010).
Thirdly, there are big industries available for providing a small service. For example, a job, once something so simple has become a tedious task. Consider how many recruitment agencies one must go through before getting a job, how many checks must be completed before gaining employment (Kendrick, 2010).
Fourthly, the major problem for starting up a venture is finding a suitable location. There is no need for operational site. A small room is enough for back-end work (Psaltopoulos, Stathopoulou and Skuras, 2005).
Keeping all these problems in mind, a solution which comes to mind will be creating the website that will be purely based on the barter system. Using this website, if you want to get your car repaired without giving money then you give the service of building a website if you are a web designer (Choudhry, 2010).
Although a proper plan will be required for executing this business effectively. A strategy will also be required to safeguard overextending the services in return as an exchange (Davis, 2013). Moreover, if a person will always be involved in skill trade, earning income will not be something they will have success with, therefore one should keep in mind the following:
This business has proved to be quite essential in the past and it will be quite helpful to industries also. There comes a time in an organisation when individuals approach their retiring age and the human resource personnel have not found a suitable candidate as a replacement of this person, at this point of time they can search the candidates using the website and their work will be done while searching for the appropriate candidate, this could be done in exchange for work/industry exposure/experience. For instance, a law student might find this extremely beneficial to get a foot in the door by offering work in exchange for industry experience.
The macro economic factors or the environmental factors are external for firms. These are the factors that are not under the direct control of firms and leaders. The key tools for macro environmental factors can be discussed as:
The PESTLE analysis is a powerful too that could be used to assess the external factors. It is important to mention that PESTLE analysis is generally applied at industry level and not at the company level. The various factors of PESTLE analysis for online bartering industry can be discussed as:
Political & Legal: It would be correct to say that the political and legal factors are positive for the e bartering business. The Australian government has created a good platform for startups. Moreover, government wants that more and more job opportunities should be created. Therefore, there would be minimal legal challenges for Skill Trader.
Economical: The economic factors are also positive for this industry. In fact, the end consumers want more and more options. The globalization has increased the demands of the best quality of services at the affordable price ranges and it is, therefore, much importance to assist the clients with the satisfactory services as this will bring out positive outcomes with great results for the association
Social: The social factors can also be termed as positive for this industry. The people or the end consumers want to collaborate with each other so that a sustainable society and business model could be developed. As per the changing trends all through the different areas of the market segments, the needs for the latest and innovative services have significantly increased and thus, the demands for the adaptation of this canvas business model has increased as it fulfills the needs and the desired of the clients (Zheng & Xue, 2009).
Technological: It is correct that there would be technological challenges to create a responsive website of this sort. However, there is no shortage of talent in Australian market. There should not be much of the problem to get the best engineers and graphic designers from the market that can create this subtle website (Chapman, 2011).
Environmental: This business model does not create any harm to environment. Therefore, it can be said that environmental factors are positive in this case.
The Porter Five Forces analysis is also a powerful too that is used to assess the existing competition in the industry (Walker, 2004). The five forces as per the Porter model can be discussed as below:
Threat of new entrants: The threat of new entrants is high in this industry segment. The underlying product is the technological product and it does not need any huge initial investment. Therefore, there would be more and entrepreneurs entering the industry. The other entrepreneurs would want to enter the industry if it appears profitable.
Threat of substitutes: The threat of substitutes is moderate to high in this industry. There are no direct substitutes for this business model. However, the customers can anyways decide not to trade on the website.
Bargaining power of customers: The entire business model is based on customers and end-consumers. Therefore, it can be said that the bargaining power of customers is high in this industry segment. Managing the relationship with the different consumers is one of the crucial responsibilities of the firm as it affects the mental level of the clients (Walker, 2004).
Bargaining power of suppliers: The bargaining power of suppliers is also high in this industry. The strength of this business model lies on the interaction between suppliers and consumers. Therefore, it is the mutual relationship between these two parties that would eventually be useful for the business (Steven, 2003).
Industry rivalry: The existing industry rivalry is low in the business. This is due to the fact that there are limited players in the market. The industry rivalry might increase with the more players in the market.
Unlike macro analysis, the micro analysis is done at the firm level. The micro analysis would include consumer analysis and competitor analysis. The individual factors under micro analysis can be discussed as:
It would be correct to say that end consumer is at the core of this business model. The relationship with the customer needs to be improved as to completely satisfy them with the offerings of the products along with services. There is the vital scope for self-service to the entire customers with the use of this website. This will help in utilizing the time of the customers and will retain them towards the business. Setting up of the customer care will provide effective and reliable services to all the customers (Buckley, 2013).
Identification of the different target market segments for the different clients are crucial as this will offer satisfactory services as peer the change in trend throughout the market segments. The customers can be reached through e-mail, channels, websites and social media to draw their attention towards the firm. This consists of the mass markets, segmented markets, niche markets, diversity and the multi-sided platforms (Zook, 2014).
The customer market segments are an important component as it provides the actual view regarding the needs and the demands of the clients within the targeted market segments. The customer relationship is another important component which has been selected to provide unmatched service to the clients for retaining them within the firm (Makarov, 2015).
The existing competition is limited in the market. There are not much of the players in the market that provide this services. The majority of startups have a high failure rate due to which finding investors becomes a cumbersome task (Ryall, 2010). This can be alleviated by this idea being introduced to friends and family at the very early stages, further, to minimize cost spend, the website could be initially advertised on free and minimum cost advertising platforms. Once the website starts getting hits, it will be automatically come up in the rating and on the other hand, the best way to advertise any upcoming venture is by word of mouth (Adams, 2014). It is important that the startup should be able to bridge the gap and make competitors irrelevant.
There are various strengths and weaknesses of this idea and at the same time there exists various opportunities in the market that the company should assess. The SWOT analysis for the company can be discussed as:
|
STRENGTHS The idea of bartering is unique The underlying innovation behind the idea The technological advantages of product (McDonald, 2014) |
WEAKNESSES It is not possible to set the benchmarks No previous organizational development experience Limited funding (at this moment) Limited knowledge of market |
|
CHALLENGES Dynamic Australian market Changing consumers’ preferences Absence of market benchmarking Absence of external support External factors like government intervention, licensing, etc. |
OPPORTUNITIES Opportunity to tap the unexplored market To emerge as first mover in this segment To generate huge commissions with each transaction on the website To get customer share of mind and share of profit |
Conclusion
It can be said that this business model could be successful if it has the support of various stakeholders. The collection of the preferred resources such as intellectual resources, physical resources, human resources and the customer relationship resources are crucial as this assists in enhancing the effectiveness of the complete business. The resources are the most significant assets of the firm. For the proposed business, there are some of the vital partners as to execute the business they are website developers, graphic designers, software developers and the web designers. The role of the key partners is to improve the overall performance of the firm and to increase the rate of productivity. For this business, the role of graphic designers and the other web designers are very crucial as they help to increase the efficiency and reliability of the website which is going to be used for the business procedure.
References
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Buckley, M. (2013). On the Essential Nature of Business. Business Ethics Journal Review, pp.92-98.
Chapman, R. (2011). Simple tools and techniques for enterprise risk management. Chichester, England: Wiley.
Choudhry, M. (2010). Capital market instruments. Basingstoke: Palgrave Macmillan.
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Fabozzi, F., and Markowitz, H. (2011). The theory and practice of investment management. Hoboken, N.J.: John Wiley & Sons.
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McDonald, M., Mouncey, P. and Maklan, S. (2014). Marketing Value Metrics. London: Kogan Page.
Makarov, I. and Plantin, G. (2015). Rewarding Trading Skills without Inducing Gambling. The Journal of Finance, 70(3), pp.925-962.
Psaltopoulos, D., Stathopoulou, S. and Skuras, D. (2005). The Location of Markets, Perceived Entrepreneurial Risk, and Start-up Capital of Micro Rural Firms. Small Bus Econ, 25(2), pp.147-158.
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Steven Chang, T. and Ping Li, P. (2003). How to succeed in e?business by taking the haier road: formulating e?business strategy through network building. Competitiveness Review, 13(2), pp.34-45.
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