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.
Many people believe being an entrepreneur would take away from their family, friends, and social life, which is simply just untrue. Being an entrepreneur could essentially bring them closer to their family due to the fact that they could work from home if they are wanted to. With being an entrepreneur comes making your own set of rules and own set of hours. Having your family and friends by your side while you are creating as well as running your business is one of the best things to have. No one will support you as much as your family and friends would. There also isn’t anyone that would set you straight, give you the truth, and let you know when you are messing up like your family and friends would.
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.
Requirements to Establish a New 3D Scanning Application
The USP or the unique selling point will differentiate the 3D scanning machine from other applications.
The end purpose of the 3D scanning machine on the solution should be clearly stated like what purpose exactly the app would serve to the people or what difference will be brought about in people's lives by using this 3D scanning machine
The exit plan or the end goal of the company should be defined like an acquisition by an external entity or an IPO or for personal cash flow.
The type of company entity should be finalized like an LLC or C-Corp or any other corporate entity.
The end user market should be stated including the total available market, the serviceable available market and the serviceable obtainable market.
Statistics should be used for market projections of the future to have clarity on the future growth expectations of the company.
The competitors of the company need to be assessed in depth along with their service offerings. SWOT and PESTEL techniques can be used for market assessment.
The marketing strategy for the company should establish the customer acquisition strategy, product development strategy and other key metrics for business sustenance.
The financial plan should lay out the operating model for the company for revenue generation like advertising, app charges, in app purchases or subscription fees.
The financial plan should also incorporate the startup costs like onetime cost and recurring costs. This will also help clarify if additional funding is required for the 3D scanning machine development.
There would be several external parties involved. The platform for application development should be decided iOS or Android.
Once finalized, the respective parties need to be contacted to obtain the guidelines required to be fulfilled by any 3D scanning machine. If the app uses advertisements as a revenue generation source, then the app needs to get in touch with the app providers all use Google AdSense on AdWords features outsource their affiliate marketing plan to an external agency.
Further, if the app is an aggregator service like cab aggregator like uber or hotel aggregator like air bnb, then the external parties involved would be much more like the cab drivers and the hotel owners respectively. The app then needs to clearly define the information exchange happening and what all access in the app does those people or external parties get.
The 3D scanning machine at the time of installation should exchange information with the end user as to what all access does it need in the mobile like GPS, camera, microphone, file access or any other access it needs from the mobile after obtaining due permission from the person concerned.
External parties are bunches outside a business or individuals who are not straightforwardly working inside the business but rather are influenced here and there from the choices of the business, for example, clients, providers, competitors, creditors, network, worker's organizations, and the administration. The administration needs the business to settle government obligations, utilize more individuals, pursue laws, and honestly report its money related conditions. Clients need the business to deliver quality items at sensible costs. Providers need the business to keep on purchasing their items. Loan bosses need to be reimbursed on schedule and in full. The people group has a stake in the business as managers of nearby individuals
Methods for Integration External Parties in Business
Enterprises that prevail at coordinating outer gatherings into their organizations consider it to be a basic supporter of productivity, not as some wooly subjective action. They oversee it like some other business work, utilizing the three center devices of extraordinary administration: making capacities, setting up procedures, and estimating results.
Companies can build up their aptitudes of incorporation outer gatherings into business through a blend of hands on involvement and formal preparing for workers. As a rule, especially at senior dimensions, these abilities are best created in a few regions of the business involvement in advertising, for instance, prepares officials to dissect and speak with partners, involvement in tasks to convey change on the ground. Formal preparing is a valuable enhancement, especially for progressively concentrated abilities, for example, arrangement.
Setting up procedures:
Putting abilities set up isn't sufficient; organizations should formally join outer gatherings into business forms at all dimensions. Each procedure regardless of whether it causes an organization to set corporate system, structure items, or plan ventures must incorporate endeavors to think about its effect on partners and ramifications for the business. Helge Lund portrays this methodology at Statoil: "Partner interests, exchanges, dangers, and openings are profoundly incorporated in each business choice that we take. Each and every undertaking or venture choice accompanies reflections, chance maps, and alleviation activities around the specific theme that we're talking about."
Raising Funds by an Organization
Every organization requires funds in it reserves in to handle its operations and to initiate projects. There are numerous ways an organization can raise funds. Some of these ways are grants, in-kind donations and fiscal sponsorship.A comprehensive research can be undertaken from the internet on the many community foundations and community trusts, government agencies and cooperate institution that offer funding to organizations in need of funds.
Grants are offered by government agents, corporations, foundations, or trust. Some grants are offered on a matching basis. This is where for every coin extended to an organization; the organization is required to raise another coin from other sources for complementation. This allows for project completion since projects become fully funded. It is easier getting the second financier once the first is obtained. Evidence of the first financier is issued to the second so that trust is placed upon the organization in need of grant.
These are tangible or intangible gifts extended to the organization for free. The sources for these gifts can be individuals, other organization and companies. Most gifts are from local small business communities from within the area of its operation. The tangible gifts include computers, stationary, machinery and phones. The non-tangible gifts are services that can be rendered to the organization including, grass cutting, washing, cleaning, and cooking. Since business enterprises are motivated to give to gain, organization can market this businesses by include the details of the gifts in their newsletters and their business events.
Bank Loans and Program-Related Investments
Nonprofit making organizations can approach financial institutions for funding. Such institutions can extend lower interest loans if talks are held to discuss this issue. In addition to loans, organizations can get financed from income generating projects which have money value on them. In case the loans are unplayable the projects can be sold to settle the debt.
Stating organizations can approach established nonprofit making organizations for sponsorship. The established organization can also provide it non taxation status to the infant organizations to transact their business. This relationship is kept simple and precise.
This source of financing can be ideal if you can afford it. It puts you in full control of how much you are going to get. Furthermore, you never have to justify yourself to investors. This last point is an important benefit. You have the freedom to operate as you see well. There is a trade-off, though: this freedom usually comes at the expense of having little money.
We use also our credit either through credit cards or a home equity loan to start our businesses. Credit cards are best used to pay expenses that are directly related to a project. Once the project is completed and the client pays, pay the credit card back.
Family members and friends
If you start your business using friends and family investors, decide whether to sell them equity or take a loan from them. Both have advantages and disadvantages. Investments from selling equity don’t have to be paid back. However, the person to whom you sold the equity becomes an owner and shares the profits. Loans, on the other hand, have to be paid back. However, once the loans are paid, the transaction concludes. Small Business Administration
In our businesses in certain industries need equipment to get started. One way to finance the equipment is to lease it through a finance company. Most equipment leases are structured so that the finance company buys the equipment and rents it to you for a monthly payment. Once the term of the lease concludes, we can buy the equipment from the finance company for a fairly modest cost.
Conclusions and Recommendations
From the overall discussion it can be concluded that funds are crucial in the operation of any organization. The management of the organization should ensure funds are not misappropriated or projects left unfinished. Such situations will make donors to shy off in future from funding the organization. The underutilized form rising funding, known as challenge grants should be a choice to many since it is an effective form of fund generation for any starting organization.
The data collection procedures to be used by the manager in the case presented in this study must adhere to the confidentiality procedures throughout the investigation. The manager must ensure the confidentiality of the data collected having in mind that the investigation being carried out involves the son of a high profile company stakeholder. In line with this statement data collection must be in line with the data privacy procedures that are legally accepted (Grama, 2014). In the investigation to be carried out on the mobile devices in the company confidential information collected must remain in privacy to protect the driver’s right to have his personal information withheld from the public. The data collected must be protected from access by persons not permitted to avoid interfering with the personal living of the driver under investigation (Grama, 2014).
In the process of the investigation, hard evidence is required in order to start legal action on the employee. The evidence must support the breach of law in the company. As a manager initiating this investigation, you must decide on the best time to let the driver know that you started an investigation against his misconduct. This approach must be balanced with employees right of defense stipulated in the labor laws.
java assignment help, java homework help, programming homework help, python assignment help, programming assignment, computer science assignment help, computer science homework help, python homework help, do my programming homework, computer science assignment, computer science homework, c++ homework help, java programming assignment help, php assignment help, coding assignment help, coding homework help, r programming assignment help, c++ assignment help, pay someone to do my programming homework, c programming assignment help, python programming assignment help, c++, programming assignment help