Business Opportunity Assessment Action Plan

BMGT 330

UMCG

Peter Hurlock

15 June, 2021

Business Opportunity Assessment Action Plan

Instructions:

Complete the following assessment form by answering questions and or completing tasks set forth in the four assessment areas. Use the answers and data collected to summarize and evaluate the potential for success of the new business idea.

1. Why do I want to start this business?

I want to start a business because I love providing Information to those who are not able to acquire such Information. Additionally, I want to start the business because of the little capital required and have gained experience from my publishing of eBooks

2. Do I have the ability and personal commitment to run this business?

I have the capability to run the publication due to my experience in publishing eBooks from the initial stage to accomplishment. My personal commitment comes from the love of providing Information to those who do not

3. Why is this idea likely to be successful?

This publication idea is likely to be successful because of the lack of a supplier on the neighboring college

· Who is the Customer?

University Professors

Students

Public

· What do they look like (demographics)? RESEARCH

Customers range between the age of 15 and 70 making the major population of the working class (Zippia, 2021).

They consist of a one to one ratio of male and female making the eBooks equal in gender distinction and having an equal market opportunity.

The professors are employed making them able to afford the services rendered easily and as of the students, may acquire the services on a loan or higher purchase model to allow for service delivery.

The students depend on these materials for their studies and the professors for their teaching purposes.

· Do they have the money to buy the product (likely price of the item vs. demographic income)?

The estimated customer base is able to purchase the materials as the professors can afford a 10 dollar book from a 2000 dollar salary and additional allowances.

The students having invested over 1000 dollars in their academics also have a source to get the funds to purchase the product.

· Does the product or service solve a problem or fulfill a need that would justify a customer buying the product?

The eBooks provide concrete Information relevant to different studies

· Are the customers likely to be repeat customers?

The quality of the eBooks remain relevant to the users hence marketing the business allowing for repeat purchases

· Why will a customer come to you rather than your competitor?

The business will provide proximity to the professors and students unlike the competitor who faced distant costs for the consumers.

· Collect data on your competition by searching the internet for existing and potential competition for your new idea. Research by reviewing competitor’s ecommerce websites and local newspapers, journals or newsletters to get an idea of who your customers would be, what they do with the idea of why your product would stand out from the others.

One such competition is Bookboon, this company markets free eBooks and is selected for online purchases (bookboon, nd). To beat such a competition, we offer guidelines for the books and their comprehensive review to help consumers get books that suit their preference.

4. Do you have the money to start this business?

To start this business, I have analyzed that it is not costly to start the publication allowing for easy start and affordability of the investment.

· How much will it cost to start the company?

It will cost about 1000 dollars

· How much money will you be able to contribute personally?

From my saving and planned capital I would be able to invest 85 percent of the total cost

· Where will additional funds come from if needed?

Additional funds will come from a loan or share holding of private or public investors

· Access the Market

· Create a focus group using friends, family or classmates asking their ideas via survey or interview as to the validity of the customer need and desire for the product or service. And/or

· Create groups on social media and ask their general impressions. In both suggestions, be sure to ask if they would buy the product AND how much they would pay for the service or give the price you want to charge and ask if they would pay that price. Research may be needed to develop the best questions but not required.

5. SUMMARY AND EVALUATION OF THE MATERIAL COLLECTED

· What major points did you learn about the strength of your startup idea?

Proximity of the business location and the ability to offer remote access to the materials allows the consumers access both customer service, easy solution to problems, and fast delivery of publications.

The competition is easily defeated as the consumers and publications can be validated and published with onsite payments.

· What did the data from the market analysis and competitor review tell you about the likelihood of success in the marketplace?

From the analysis the likelihood of success is extremely high due to the defeated competition and access to the targeted clients; professors and students.

The low cost of establishing the publication business allows room for making additional investment towards advertising and gaining consumer reviews. Such approaches will increase guaranteed success of the business.

· Is the business likely to be successful? If so why, if not why not?

Yes the business is likely to succeed.

This success is the case due to proximity to the client base. The business will have three types of clients hence increasing its chances of success.

· If not or if the evaluation suggests modifications of the idea what would you do? (Do not continue in the course with an idea that will not make money. Contact the instructor for directions.)

If the evaluation proves this idea is not concise, I would do research on the solutions and implement further modification of the business idea to ensure success. So as to attain a particular objective there should not be an option to give up. I would seek further advice and research from already succeeding business to ensure the success of the publication business near the college

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