Feasibility Business Plan

Question: Discuss about the feasibility business plan. Answer: Introduction: The Incubation and Innovation concept which is initially derived from the constant need of students to develop their own unique individual concepts at affordable rates and at the same time being under the supervision of competent teachers and advisors who will provide appropriate guidance to the students. This particular concept was established in order to cater to various students who are equipped to come up with unique technological concepts but are not able to gain access to the required facilities and equipment regardless of their tuition fees. The location of this facility will enable the students to access various equipments which are quintessential for their development. The benefits of this facility will include:- Flexible working schedules for both instructors and students. Fostering and promoting of individual student talents. Fostering and development of unique ideas. The principle of this business plan is to present the institution with an outlined proposal of this venture so as to gain their funding as well as support. It is our belief that this plan will be established by the 3rd trimester of 2016 and be fully operational by the beginning of the year 2017. Structure and Service Details: The Incubation and Innovation Center will be under the current structure and ownership of this institution and the management rights will be leased to a detached entity. This facility will be situated at the old institution hall which fell vacant after the construction of a new hall. All the equipment which will be in the incubation and innovation center will be owned by the institution however, they will be provided as part of the leasing rights aforementioned. The expected services will include:- Maintenance services for various electronic devices. Inventing novel technology. Improving and streamlining of previous technology. S.W.O.T Analysis Strengths: Location. Expanding of tech. savvy market. Readily available manpower. Responses: Focus on external promotion and outsourcing. Weakness: Inadequate expansion due to facility. Invest in expansion of facility. Opportunities: Increase innovativeness. Promotion of institution due to technology sensitization. Offering guidance to tech. illiterate individuals. Threats: Decline of student numbers. Competition from major tech. firms. Retain current market. Base competition on price. Marketing Plan Suffice to mention that the core customers will be students as well as the general community within and without the institution in question. This will be the foremost focus group. The marketing mix will mainly focus mainly on three particular areas, viz, a viz, type of innovation, its efficiency, necessity, as well as its price. The main focus of the marketing approach will be price; this is estimated to occupy at least 70% of the marketing budget. Four Ps: Product The most generally understood shape of innovation tends to improve or introduce a service or product. The incubation and innovation centre will strive to provide a change in what is usually offered to various end users by engineering novel devices and improving on its quality, capability, and efficiency. An example of our product may be seen by a students innovativeness of creating a baby rocker. First and foremost, this is an errand which is particularly shunned off or ignored by many people. However, if a student creates or invents a baby rocker which is child-friendly, then a parent, particularly a mother, will have extra time to rest while the baby is being rocked by this particular innovation. Price Initially, we should ask ourselves what the process of delivering assorted products is. We must think about preparing or rather gathering tools and paraphernalia which are relevant to making electronic devices. We should then think about the labor which goes into making the finished products. Lastly, the detail which is put into the aforementioned product should be taken into consideration. After considering the above, we can then factor in the price which can be tagged on the finished device or product. To begin with, this product should appeal to the younger generation who are majorly, the student of this institution. Secondly, we must also consider the community populace and as such determine the specific price tag for the products. Promotion Unlike in the case of marketing mix, this stage is usually referred to as position phase in innovation. Promotion is related to our individual perception of a given product. It is thus a psychological category like one of the processes in this institution that affects the aforesaid aspect of innovation. We can therefore promote our product such that it appeals to the younger generation together with the general community. It is of paramount importance to consider the community as they will be drawn to the incubation and innovation centre due to novel innovations, thus expanding the wider market. Promotion and position is considered to be a significant phase in todays global marketplace. It is literally everything. Place The location of this institution is quite strategic. This simply means that the incubation and innovation center will provide the local people with the necessary novel innovations which will boost New Zealanders tech. market and position it on the global market. Market Segment: Demographic There are two types of demographics which the incubation and innovation centre will target. One will be the younger generation specifically from age 16 years to 28 years, and the other will be the rather older generation from age 29 years to 45 years. Market Share A market share is regarded as the percentage of a given market which is accounted for by a particular entity. The latter is said to be a vital indicator of market competitiveness. This means that the incubation and innovation centre will be in the advantageous position of gauging how well it is doing against its major tech. competitors. By capturing the share from competitors or growing with the market, the incubation and innovation centre will be able to gauge and forecast its perceived targets and expectations. The latter will also be able to closely monitor signs of change in the ever competitive landscape, its tactical actions as well as its frequent drives. Implementation Plan: In the initial six months, the incubation and innovation centre will be able to gain the necessary manpower which is required to firstly instruct the students and guide them, with regards to their individual projects. The latter will also be in the advantageous position of sourcing the readily available market within and without the institution by the use of word of mouth. The next six months will be about evaluating and following up on the projects progress. The incubation and innovation centre will hire professionals who will be in charge of assessing the performance of the business, pointing out mistakes or areas of improvement. Financial Plan Assets: Value Transistors 12000 Integrated Circuits 7000 Soldering Irons x30 9600 Rubber gloves x30 2700 Safety goggles x30 12524 Fire extinguishers x10 45656 Workstations x30 87454 Computers x30 360000 Safety helmets x30 1200 Total: 538,134 Pain Firstly, it is important to note that innovation and enterprise is no stranger to pain. Suffice to mention that each given stage of innovation tends to have a challenge; this is what is referred to as a pain point. By being able to appropriately identify a pain point in the development and promotion process of innovation, one is placed at an advantage because they will be able to mitigate the pain points. With regards to innovation and enterprise, pain refers to specific pain points which tend to influence the latter. For instance, in the aforementioned feasibility business plan, pain is inclined to arise from the designing process of a potential innovation, the prototyping process, the implementation process, and not to mention, the delivery process of the desired innovations which will be showcased in the Incubation and Innovation Center.