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Executive Summary 

This report is focused on identifying the key decisions and strategies that would contribute to become a successful entrepreneur. The idea of developing a new 3D scanning application has been focused that is supposed to make a lot of money. However, due to lack of funds the establishment of the business has been put on hold. Generation of funds have become inherently necessary for the development of software application and setting up of business. Discussion have been made in this report regarding various means of raising funds such as grants, in-kind gifts, bank loans, fiscal sponsorship, savings, lease and from family and friends. Moreover, it has also been identified from the discussion that the company needs to exchange information with various external parties, such as advertising agency, suppliers and lawyers. Findings of the study also demonstrate that various security, legal and ethical issues that may arise from the development and use of the software application. These include Malicious Software, Security Breaches, Unauthorized Software and Services, Social Media, Misuse of Information Systems, Poor Security Planning and Management, Employees’ Personal Devices. Plan for each issue have also been demonstrated that would allow for the successful establishment of the new 3D scanning application.    


The first step to build any business plan is identification of customer need. The 3D scanning machine should service an unfulfilled need of the customer or fill the gap in the services provided by the existing competitors.

Being a successful entrepreneur is something that doesn’t come over night. A successful entrepreneur is born through the ability of hard work and determination. There are many keys to becoming an entrepreneur with ways such as passion, perseverance, resourcefulness, open-mindedness, and to have a sense that will soak up new things to make it better. Becoming an entrepreneur is in many was also misunderstood. Being an entrepreneur is one of the best things that could happen for someone.

Many people think becoming an entrepreneur will require having all of the money they need right away, which simply isn’t true. Gaining the income an entrepreneur doesn’t happen overnight. It comes with hard work and determination. Entrepreneurs can also gain their money from getting a loan from someone who might want to become a silent partner with them, but it would be worth gaining the income if needed.

Having the passion and desire for something you want to put in motion business wise is the best way to get started. When you have an idea and vision that you want to bring to life, nothing will stop you from trying to make it happen. Having that passion for the business that you want to start will help things actively come into effect for the entrepreneur. Having the passion will help with missions and goals that are to be met, and the aspire of not wanting to waste the day on anything that doesn’t deal with the plan that is to go in effect. Having that passion will ensure the business will gain the spark that it will need to get started.

Having perseverance is something that keeps the future entrepreneur grounded. It is something that will help you have a story for how your business was built. Having perseverance is something that you will have to have a strong backbone for. You will constantly get told no while trying to create your business, but you have to get through the entire no’s in order to finally get the yes. The thought of quitting or idea of giving up could even pop in your head, but you have to get through all of that in order to succeed with opening the business. However, the report will discuss the key decisions needed to become successful entrepreneurs, the information required to make them, and the business processes that requires to be engaged in. The company will need to exchange information with various external parties. In this regard, discussion will also be made in this report regarding the identification of external parties, and specify the information received from and sent to each of them. The report will also mention the external sources of funding and the ways to approach them. In addition to this, explanation of the security, legal and ethical issues that may arise from the development and use of the software application will also be discussed in the report.

Disussion .

Besides having the vision of how you want your business to be run, a few of the best things that come with being an entrepreneur are flexibility, rule-breaking, and self-belief. Having flexibility means ensuring you are setting your own schedule. To the point you are able to do whatever you want whenever you want without any consequences. With rule-breaking, there technically aren’t any rules, considering you create all of the rules yourself. With being able to set your own rules and figure out what works and doesn’t work helps set a sense of guidance. Having self-belief is one of the most important things there is. If you don’t believe in yourself, then the business will never succeed.

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