Benefits to Entrepreneurs, Manufacturers, Customers, Society, and Government
Discuss about the Entrepreneurship and Small Business Policy.
The problem identification is related with the customers here. It is seen that all the individuals want to enjoy a fast life. They want that the things or the activities could be done quickly and if the access of the activities or the information they needed come easily to them (Qian and Haynes, 2014). In the past it was seen that there are no electronic devices which could store and retrieve the information as and when required by the individuals. The rapid pace of technology and the high use of the electronic devices by the individuals let them feel that they are not so much secured of the devices they are using for storing and retrieving information as and when they actually require (Qian and Haynes, 2014). So there is the development of an innovative product which has the access in all the electronic devices. The product is the pen drive which can be used in multi direction and it matches with every USB port.
Entrepreneur- The entrepreneur should be able to improve the decision making as well the problem solving skills. The entrepreneur will also be able to improve on the innovative and inquiry skills. The entrepreneur will improve the research oriented skills as the market research was conducted in a proper manner.
Manufacturers- It is seen that the manufacturers are getting the benefit from this new innovative product. There is increase in demand for this new type of pen drive which can be inserted in multi direction. This is seen that there is high profit of margin for the manufacturers developing the pen drive and providing it to the distributors or the third party providers. They are distributing the products to the electronic stores located at different regions.
Customers- The customers mainly are getting the benefit of using the pen drive in any direction when it gets inserted in the USB. This will help the customers to support any pen drive in any USB so the cost of purchasing different pen drive for different USB could be minimized as well (Qian and Haynes, 2014). This provides satisfaction and easy access of the information from any part of the electronic devices the customer will be using be it the laptop or the computer or the notebooks which are used by the customers.
Society- The benefit is also from the employment opportunities to be made as there are much more selection of the local people who will be doing jobs in electronic street shops are taking place in order to develop the product so that it should satisfy the customers (Qian and Haynes, 2014).
Description of Business Model
Government- The government will also be providing the funding for the development of this type of innovative pen drive so that it matches with any USB port. The funding is done for the manufacturers and for the development of the hardware.
The business model is the framework which is useful in the development of how the operational activities are performed in order to generate high revenues for any business. . The business model is laid down under a visual cover which is constituted of nine blocks which will be the nine elements presented inside a block (Qian and Haynes, 2014). These nine elements are the main factors for which any business will be able to assess and evaluate the revenue. It should also identify that how the business will function it properly. The explanation of the nine building blocks is explained in detail below.
Key Partners- The key partners could be the electronic companies operating locally as well the international companies who will be having strategic alliance with the new business to be operated (Storey, 2016). The local and the international suppliers are also the key partners for this new business. The hardware manufacturers are also the key partners involved in this new idea.
Key Activities- The key activities should be the supply of the hardware materials for the development of the pen drive, the distribution of the products, the promotion and the marketing of this new product (Storey, 2016). It also includes the record keeping and the administration for this new business as well.
Value Proposition- The value proposition should be the online marketing and innovative marketing activities to be made for this new business to be started. The quality of the pen drives to be delivered to the customers provides high value for them. The discounts on the first launching of the product to be made in the market by the electronic companies add up value (Sahut and Peris-Ortiz, 2014). The free sample for testing to be given to the customers for using the multidirectional pen drives.
Key resources- The key resources should be the skilled staffs. The operational and manufacturing cost of the innovative pen drives.
Customer Relationships- The customer relationships will be maintained with the help of the development of the matching pen drive which could be inserted in any direction in the USB port (Nguyen, Newby and Macaulay, 2015). The quality of the product delivered to the customers. The cost is also an important factor for maintaining good relationship with customers and the functionalities to be able to understand for the customers with ease.
Key Components of Business Model
Customer Segments- The customers who should be targeted in this business should be the young adults and business executives.
Channels- The channels should be the electronic shops located in different regions delivering the product to the customers. The shopping malls located at different regions or country where the business will be started (Nguyen, Newby and Macaulay, 2015). The third party providers from where the customers will be able to get this product.
Cost Structure- The manufacturing cost, the cost of the materials used for the development of this product and the distributor costing for the distribution of the product to the customers (Qian and Haynes, 2014).
Revenue Streams- The revenue stream should only be the product sales in market.
The critical success factors are defined as the factors which should be useful to analyse the success of any new business. During the execution of the new business idea, the critical success factors which should be involved could be development of market share if this business gets started, the branding in future for this new business, the value proposition to be measured for the customers, the effectiveness of the business idea in the long term and the customer satisfaction (Gale and Brown, 2013). This new business to be started will always measure and analyse these critical success factors.
This business idea will be highly feasible in nature. The use of the pen drive in multi direction and matching it up with any USB ports should be used in different devices at a time. This will be helpful for the individuals using the product to have multitasking at a time. The individuals using the pen drive in multi direction can support all the documents required by the individuals in the laptop (Blackburn, Hart and Wainwright, 2013). This product is compatible with the portable devices brings in new revolution in electronics. This business idea is also providing high value for the software analysts as well in the electronic industry. This business idea will help in making the software analysts and the hardware manufacturers to think out of the box to invent this type of innovative product in the future (Jacob and Issac, 2014).
It is recommended that the price for the special type of pen drive should be cheaper so that it should be able to penetrate into the market. It should be portable and could be used in any of the electronic devices which are generally used (Schaper et al., 2014). The pen drive should be made smaller than the traditional pen drives and the design should be innovative in order to have much more demand for the users.
Conclusion
It is concluded that it has varied usage for the customers and providing the utmost value to them as they enjoy the application of this new product idea to be developed. It is evident that it will provide the opportunities for the new researchers to do research on this innovative product in the future.
References
Blackburn, R. A., Hart, M., & Wainwright, T. (2013). Small business performance: business, strategy and owner-manager characteristics. Journal of small business and enterprise development, 20(1), 8-27.
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.
Gale, W., & Brown, S. (2013). Small business, innovation, and tax policy: A review.
Jacob, S. M., & Issac, B. (2014). The mobile devices and its mobile learning usage analysis. arXiv preprint arXiv:1410.4375.
Nguyen, T. H., Newby, M., & Macaulay, M. J. (2015). Information technology adoption in small business: Confirmation of a proposed framework. Journal of Small Business Management, 53(1), 207-227.
Qian, H., & Haynes, K. E. (2014). Beyond innovation: the Small Business Innovation Research program as entrepreneurship policy. The Journal of Technology Transfer, 39(4), 524-543.
Sahut, J. M., & Peris-Ortiz, M. (2014). Small business, innovation, and entrepreneurship. Small Business Economics, 42(4), 663-668.
Schaper, M. T., Volery, T., Weber, P. C., & Gibson, B. (2014). Entrepreneurship and small business.
Storey, D. J. (2016). Understanding the small business sector. Routledge.
Wang, Q., Ren, X., & Sun, X. (2016, November). EV-pen: an electrovibration haptic feedback pen for touchscreens. In SIGGRAPH ASIA 2016 Emerging Technologies (p. 8). ACM.
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