Discussion
The entrepreneurial mindset is a set of values, cognitive processes, and worldviews that influence entrepreneurs’ conduct. They are imaginative, engaging, and determined to accomplish great things. It is now a well-known fact that automation technologies provide a significant increase and tremendous boost to every field of business (Daspit, Fox and Findley 2021). The process of automation can be an innovative idea for the aesthetic clinics and through this process, numerous treatments of the cosmetic practice can be done starting from cosmetic injectable and Neo graft hair transplants. The prime focus of the report is to identify the pain points and the innovative opportunity that the business will create in the industry concerning key concepts and models and also produce an action plan that is an indication of the implementation of the idea or solution, this new venture will provide.
This report will discuss the identification of the problem and also provide the innovative opportunity and also discuss the viability of the solution provided by the venture concerning concepts and models.
To promote a new business idea, the entrepreneurs have to brainstorm and identify the specific problem that can be solved by the new idea. This new venture of automation in cosmetic practice is also solving a certain problem that is there in society. This innovative idea of automation is being held to solve society’s issues with an aging population and healthcare provision, automation has recently moved into the area of patient-centric services. The purpose of the automation transformation is to improve healthcare efficiency while also empowering patients (Kesim 2018).
Several organizations deal with cosmetics treatments comprising Botox and filler and also Neo graft hair transplant (Wilson 2018). This indicates that there can be an opportunity to introduce the process of automation as these organizations are already dealing with several technologies in clinical practice and can introduce the same. It shows that there is a latent need for the process of automation technology in the clinical services of the cosmetic practice.
The company can implement this process of automation through the tactical domain which refers to taking the techniques through the execution process to produce effective value. As a result of the automated procedures, there is a potential that the company will achieve a favorable impact, as this will be a novel notion in the industry.
The viability of the innovative opportunity can be assessed through the several forms of the innovation process that helps the entrepreneurs to gain customer attraction in the market and also makes popular of their service in the industry. This new venture analysis of the automation process in the cosmetic practice will enhance the customer experience to a different level together. Patient experience plays a pivotal role in effective medical treatment in the advancement of technological improvement in today’s digital world. This is why more and more clinics are putting forth more effort to improve the patient experience. After all, the best ambassador for an aesthetic clinic is a satisfied customer. Automation technologies make it possible to personalize the entire experience and put the patient at the heart of it all. Each phase of the customer journey can be perfectly alright to accommodate the patient, from the initial conversation through the time the patient exits the clinic (Nguyen, Nguyen and Vo 2019).
Problem Identification
Innovation of any new process has to be incremental through the applicability of business operations, marketing, branding of the products or services, and also the usages of the tools and it will also help the entrepreneurs to identify and relate the lower risk assessment in the business. This new business venture can try some tailored and customized products for their target customer segment with the help of AI in the cosmetic practice and it will also help them to reduce the time consumption and money in this new idea that is completely new in the industry. Better service to the customers and minimized administration are the most immediate and instantly observable advantages of clinic automation. Clinic management software is far more productive at formulating planning, organizing, and processing changing timetables than complete administrative sectors because it has a comprehensive and immediate picture of the flow of information and data in the business (Malshani and Wanniarachchi 2021). In addition, automated injection saves the patients’ time and nerves, which improves their entire experience.
The business has to build up a sustainable business network and gain customer loyalty in the cosmetic industry market. This business venture can improvise their product quality and also reduce the inefficiency and defect of the existing products and services in the market so that they can be able to gain more customer attraction in the market to avail of treatments like neo graft hair transplant and cosmetic injection. Customers in the cosmetic practice industry tend to avail of high-quality services that will ensure they develop trust and honesty with the brand so that it will help the organization to get repeat purchases from the potential customer base (Heinonen and Medberg 2018).
The new business venture can be viable through the implementation of several operational tools and technological usages before introducing the products into the market. As for this new entrepreneurial activity the brand has to adopt new technologies that can strengthen the automation process in the cosmetic practices. Being the entrepreneurs in the industry, testing and sampling of the product prototype need to be done that will direct them to cover free samples for trial purposes so that they can check the viability of the business idea and enable the venture to achieve the forecasted results from the automation process (Lotfi, Yousefi and Jafari 2018). This new opportunity will permit the brand to create a new competence in the cosmetic practice industry market.
The covid-19 has disrupted every business industry and at the same time, it creates new technological demand as the customer behavior has changed in all the sectors of the business. The effect of the pandemic has also brought the demand for automated technological improvement in the cosmetic industry (Gironi et al. 2022). For the cosmetic market, the entrepreneur can adapt to market developments such as virtual makeovers utilizing Artificial Intelligence, which could be accessed via smartphone devices before testing out therapies. Customers will save time and energy due to the implementation of AI technology as well as this effort will be much helpful for the cosmetic sector and makes the industry to be capable of lowering operational expenses. It will be in high demand in the coming days, and businesses can capitalize on it.
Innovative Opportunity Provided
The new business venture can create a disruptive marketing strategy to increase the viability of the new business model. For the cosmetics industry, entrepreneurs may construct this new model by executing Chatbots, which are robots that can supplant human capital in the industry (Kwak and CHO 2019). This initiative of enabling the chatbot system would eventually save cash flow in the business while also facilitating client concerns at the same time. Chatbots will constantly be accessible for clients’ guidance and will facilitate them with their challenges, which will be a new strength for the business.
Every entrepreneurial idea has to undergo certain challenges that are associated with the industry and the existing market. Certain approaches can be used by entrepreneurs to identify the challenges associated with the market and also enables the firms to overcome the market challenges.
Firstly, the business needs to add small changes to the product processing and also to the existing products which will lead them to low investment and low-level risk from the existing market scenario. Here this new idealistic venture can bring little changes in their operational facilities through the implementation of automation will help them to innovate unique tailored products and services for their target customers. They can make significant alterations to their hair transplant treatments, such as adding some automation-based technologies to their filler as well as other cosmetic injectable surgeries (Gubitosa et al. 2019). In the next level of identifying the risk associated with the product making, here the firm can add higher facilities to their products and service by including new features to the existing products to come up with the new version of the products or service. In this report, this entrepreneurial endeavor can add new features to their treatment facilities that will reduce the errors in the process and also increase the efficacy of the process. This will bring a new degree of variation to the service, able to expand and deliver extra benefits. It enhances overall effectiveness and precision by using this innovation.
The entrepreneurs have to be accustomed to the financial risk and product risk that is considered the primary challenges associated with the idea innovation. The entrepreneurs have to ensure the needed changes in the process before starting a marketing campaign to surge the sales growth of the business (Morris and Tucker 2021). The business leaders have to ensure that the marketing of the products rightly expresses the actual benefits of the product or service. As for the cosmetic industry is concerned in this report the business needs to develop the market planning with the help of technology and also has to be sure about the involvement of capital, technological advancement, and extensive knowledge of the current market observation. Lastly, another fact that can be worked as the potential risk, is whether the innovation is bringing a certain change in the lives of the customers. This path of innovation of an entrepreneurial idea may comprise the highest level of risk and challenges as the brand will offer the customers a virtual makeover that allows them to experience the change without having to modify their physical appearance. As a result, customers will be able to experience something fresh in the sector that has never been done before.
Critical Assessment of the viability of the Innovative Opportunity
These above-mentioned risks may be present in the existing market of cosmetic practices. And the above paragraph has also mentioned how this certain business idea can overcome the market challenges to promote their brand and the formulation of the new idea.
The Business Model Canvas is a strategic framework in the management doctrine that is usually used to create new business models as well as to document existing ones. A business model is a blueprint for how an endeavor will be financed, how the initiative will create value for its stakeholders, including consumers, how the venture’s offerings will be manufactured and disseminated to target consumers, and how the venture will generate revenue through this procedure. A business model is a strategic plan used for operational processes, but a business model is more about the architecture of the business. Here in this part of the study, certain points for this new venture will be discussed.
Customer Segment:
The customers who avail the service of the cosmetic treatment industry value the high-quality service that eventually creates the loyalty and honesty of the brand and the customers in the industry work as a pivotal role as through this the business can get word of mouth marketing to attract more numbers of customers to grow the business (Manselius 2018). Thus, the customers will be from upper-middle- and middle-class families.
Unique Value Proposition:
The USP of the business will feature the key attributes that the business is providing to its customers to get a competitive edge in the market. Here in this new business venture, the USP is the automation of the clinical and customer service process (Letourneur et al. 2021). The innovation of a chatbot that will be accessible for the customer’s concern. It will help to resolve the customer query. And the current scenario of Covid-19, customers’ preference has got massive changes. And to cope with the market demand, the organization has brought the technology of virtual makeover through which the customer can avail of the service without taking the strenuous treatment.
Customer Relationship:
Maintaining customer relationships is one of the core ideas of a business and being in the service industry, customer focus plays a pivotal role in the business. They must pay close attention to the customer and concentrate on providing the highest quality items possible. This new business venture will develop a good customer relationship through the excellence of AI in their customer service department (Scholar 2018). The customer can always access customer support and get their queries resolved through the automated chatbot. And the venture will do a sample test to get valuable feedback from the customers about their products and service.
Marketing Channels:
This venture will use its social media pages and the official website to promote its brand and they will be running the campaign on the social media pages about its service features, the whereabouts of the USP model of the business, and additionally, the usage and benefits of automation in the cosmetic practice industry to make their target audience aware about the new concept launched in the industry (Cvitanovi? 2018). This new venture will be using the Omnichannel market to gain market acceptance.
Approach to Manage the Associated Challenges
Key Resources:
This new business venture will be used a cloud-based appointment scheduling solution designed for taking bookings from the customers and CRM software will be used to manage the customer data and manage the seamless operations of the business (Athanasoulias and Chountalas 2019).
MVP stands for Minimal Viable Product. This is the product version with enough features for early adopters’ purpose of providing comments on future product developments (Lenarduzzi and Taibi 2016). The particulars of MVP have been discussed below:
Pre-Testing Scope:
It is necessary to begin the testing process by integrating the prototype without investing in the complete process budget. In the cosmetic industry including among industry entrepreneurs, there is a need to spend on product expenditures, which will assist in taking the necessary initiatives and culminating in a best practice approach.
Collecting Feedback from Early adopters:
There is a necessity to provide the potential customer’s opinion on their expectation in the final developed products. Here the entrepreneurs in the cosmetics industry will be needing to gather customers’ feedback on the finished product to obtain better results, as these initiatives will be having certain changes that will need to be accomplished before launching the final product in the market.
Budget- Friendliness:
This process of examining the budget is important to identify the MVP during the early NPD (New Product Development) stage as this will direct the organization to assess the expected budget of the product launched (Cooper 2019). The firm needs to identify the accumulated budget identification to increase the viability and sustainability of the brand. It will assist the organization in moving forward with its development by managing the budget (Yadav and Bansal 2020).
An action plan is a strategic framework that is done by the organization to identify the task that needs to be accomplished to achieve the set target by the business organization (Strachan 2018). Here the business action plan will be highlighted to mitigate the challenges through the certain solution for enduring this business idea of automation in the cosmetic industry.
|
Objectives |
Tasks |
Concerned Person |
Time Frame |
|
Understanding of software application |
Requirement of sophisticated software is needed to maintain patient and quality control results |
A specialized IT team is needed to accomplish the problem of monitoring the software system and understanding the systematic level of automation. |
It can take time to 2-3months to set up tailored software that will infuse the process of automation. |
|
The problem of Troubleshooting in arise of errors in Automation |
Continuous tracking and monitoring are needed for diminishing the errors in the system |
Concern person for handling the objective is in the administrative department. |
Time will be taken from 2 to 3 months to solve this problem. |
|
Institutional knowledge loss in the automation process |
The marketing and sampling and testing method need to be adopted to get viable feedback from the client about the new process (Mahmood et al. 2018). |
The concerned person for increasing the institutional knowledge is the marketing and R&D department of the organization. |
It will take a longer period, specifically 6 months to set up the automation process in the age of digitalization. |
|
Modifications to the test mix |
New tests necessitate adjustments in supplies, which have ramifications for sample storage and manpower requirements. |
The HR department has to be liable for performing the task. |
It will take 3 to 4 months to adjust the test and sampling modification. |
|
Curve of learning |
When it comes to disclosing automation in the cosmetic treatment process, monitoring devices, conducting quality assurance, and determining whether or not to perform services have to be performed. |
The logistic department of the organization will take over the whole process of quality assurance. |
It will lead to up to 6 months to conduct the process. |
Conclusion
From the above-mentioned report, particles will help the business to grow in the market scenario. This report has identified the opportunity in the cosmetic practice and described the process of automation can eventually help to improve the efficiency of the cosmetic treatment, thus it is proved that the business idea has a potential market opportunity and the impact of Covid-19 has infused the process of the formulation of automation in the treatment of cosmetic injectable and Neo graft hair transplants. The action plan has been prepared to identify the challenges and promote a viable solution to encourage the formulation of the business idea.
References
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