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.
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.
a.The USP or the unique selling point will differentiate the 3D scanning machine from other applications.
b.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
c.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.
d.The type of company entity should be finalized like an LLC or C-Corp or any other corporate entity.
e.The end user market should be stated including the total available market, the serviceable available market and the serviceable obtainable market.
f.Statistics should be used for market projections of the future to have clarity on the future growth expectations of the company.
g.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.
h.The marketing strategy for the company should establish the customer acquisition strategy, product development strategy and other key metrics for business sustenance.
i.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.
j.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
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.
Making capabilities: 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."
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