Business Idea for Small Business Start-Up-Free-Samples for Students

Question: Discuss how to present new business idea or plan for small business start-up. Answer: Title of the Project How to present new business idea or plan for small business start-up The Agenda The agenda of the study is to highlight the reasons on why new business start-ups fail that includes market problems, business model failure, and poor management team, running out of cash and product problems (Welsh, Kaciak and Minialai 2017). The next segment explains the importance of sound business model. After that, it was important to identify the management skills that are required for an entrepreneur for 2 years of business operations. Why new business start-ups fail Market Problems- Several reasons are present that signifies what is the actual point where small business start-up fails that they run into the difficulty of being little or no marker for the given product that they have initially built (Sousa 2017). Some of the frequent symptoms are as follows with proper justification: There is no perfect plan that can actually force consumers or buyers to purchase the product or service that are offered by the start-up business by any chance. It is all about how well the market research had been conducted by the marketers as they have clear idea regarding the present needs, expectations, preferences and viewpoint of the consumers (Robinson and Stubberud 2014). The market timing is wrong. Business Model Failure- It is clearly mentioned in the introduction of business models section that the most frequent reason of failures in the start-up business is that where entrepreneurs are too optimistic on how to acquire customers. Entrepreneurs are of the opinion that after spending money on website, product and service, they can easily beat a path to their door. The case is true only in case of first-time clientele but after that, it rapidly becomes an exclusive affair to attract and win customers. It is noted that cost of acquiring the customers is much higher to that of life value of the client (Rezaei-Zadeh et al. 2014). Poor Management Team- One of the major issue or drawback that causes small business start-ups to fail is a weal management team. Weak management team start committing mistakes in several areas and these are as follows: Weak management team consists of members who are weak on strategy and building a product where no one feels like buying the product, as team do not work well to validate the ideas before as well as during development (Rahman and Day 2015). Weak administration team are poor at implementation that leads to problems with the product for not getting built as well as go-to market execution that are poorly implemented. Running out of cash- One of the main reasons that small business start-up fails is because they ran out of cash. It is the responsibility of CEO to appreciate how much cash is left as well as whether that will carry the business to a milestone that leads to victorious financing or making positive cash flows. Product Problems- Most of the time it happens that start-up company fails to develop a product that meet the need of the market. The reason may be simple execution or strategic problem that is a failure for achieving product or market fit. According to the market research firm, there are more than 135 failed startups and as part of that effort, it is asked by the people that gets involved in each start-up why they though the business failed. The study had even highlighted several reasons with most start-ups citing multiple reasons. Arrogance (85%) Successful entrepreneurs are mostly overconfident and that can be a good thing. It is because without overconfidence, nobody can buck the odds to start their own business. The overconfidence turns into arrogance and causes startups to fail: It is recommended to tempering overconfidence with the humility for accepting criticism without becoming defensive (Niehm et al. 2015). Shortsightedness (55%) Start-ups cannot afford to think for short span of time that they need to be a good anticipator of future. Shortsightedness mainly causes start-ups to fail in the near future. It is recommended to maintain some reserves that do not crash as well as burning for the first time that hit a speed (Nabi et al. 2017). Egotism (36%) Start-up business needs talented, experienced as well as energized employees who have specialized knowledge. Building a business is always a team effort and goes for smooth functioning of business enterprise. Egotism causes start-ups to fail and need to be taken care off in the near future. It is recommended that reading the newly published book named as Team Genius as it contains team-building rules based upon actual scientific research. Sloppiness (34%) Entrepreneurs need to be meticulous when nothing falls through the cracks. It happens when big companies do a slipshod job, and then they can float on their brand reputation or throwing money at the problem. Sloppiness causes start-ups to fail where poor product (17%), bad location (9%) and legal challenges (8%) (Mujtaba 2013) Imbalance (30%) Thousands of articles and books publish about the lack of work or life balance as it creates stress as well as lead to bad decisions. Imbalance causes start-ups to fail where loss of focus at 13%, loss of passion at 9% and burning out at 8% (Mosey 2016). For example: British Satellite Broadcasting is a television company that provides broadcast satellite television services to the United Kingdom. The company had further merged with Sky Television PLC and started its broadcasting from the year 1990. The reason of failure of British Satellite Broadcasting in the year 1985 was because cost of set up and the viewers were not justifiable at all. It is because the government had insisted the company that they should pay for the costs of constructing as well as launching a dedicated satellite. Importance of a sound business model Bricks and clicks business model- One of the business model named as bricks and clicks business model takes into account offline as well as online storefront. For instance, Wal-Mart is a company that offers physical neighborhood location and allows shopping online as well as delivered on time (Morris et al. 2013). Cutting out the intermediarys model- One of the business models is cutting out the intermediaries as it includes removing the intermediaries like brokers or wholesalers that connects directly to the customer (Mason and Brown 2014). Direct sales model- Direct sales model is one of the models where sales are not made in a trade position but by utilizing conversation advertising, personal selling techniques as well as hosting product demonstration parties. Franchise- Franchise is one of the types of trade model that it perform of using another firm victorious trade model. In addition, for the franchisor, franchisee considers as an option for building chain stores for distributing goods as well as avoiding investment and liability over a chain. The achievement of franchisor is directly related to success of franchisee. Freemium business model- Freemium business model is one of the business models that offer a basic service or packages free of cost like online services like Hootsuite, Hulu and Pandora Internet Radio. In addition, the business actually charges a fee for the premium services as well as upgraded features (Martn-Rojas, Garca-Morales and Bolvar-Ramos 2013). The direction as well as anticipated scope of the company over long-term projections considers being basic element of any of the business strategy. In addition, it becomes easier for allocating resources as well as determining operational costs and expected profit margins. Furthermore, it will enable to look at the potential venture that relates to the market as well as competitors at the same time. Business model was one the great buzzwords as well as routinely invoked that glorifies all manner of half-baked plans. Successful business model mainly signifies a better way than the existing alternatives (Leyden, Link and Siegel 2014). It help in offering worth to a separate group of clientele as well as replacing the old way of performing things in the most appropriate way. Planning is important for developing own small business firm. A sound business plan mainly differentiate between a business that succeeds as well as when business fails. More than 90% of small business fails before 2 years of time span as mentioned by the Small Business Association. There is no actual guarantee that start-up business will succeed after 2 years of time span. It is essential for the entrepreneur for finding ways that can improve the chances of succeeding in the near future. There are some aspects where all the business plans have in common. For instance, whether the business deals with offering products or services It is important to have clear business goals as well as realistic appraisal for any potential pitfalls or obstacles (Kuratko 2016). It is necessary for overcoming problems that anticipate how these compensatory measures that influence business in the short-term and long-standing. It is required for beginning the procedure of creating a sound trade policy by answering a few simple investigative questions. Long-term view mainly helps in guiding immediate decisions on how big and robust things will actually be. Sometimes, people carve out a niche in a very restricted as well as unique way where it contributes to a huge business that is already engaged in operational activities. It is one of the most important things that need proper attention is competition. It is necessary for identifying who are the top business rivals as well, as how they perform their operations in certain ways. It is not possible when it comes to manufacturing as well as production where small business for competing it that comes to customer service after identifying the strengths. It is important to outline the resources as it is available and any of the projected earnings that increases the benefits of ending up receiving it in the near future. One of the necessary factors of achievement takes into account preparation and by planning the prospect of the business after increasing the chance of achievement. Companies will have shareholders that have lot of expectations from the company (Kasemsap 2016). It is because it is the investment of the shareholders who allows venture for going into the operation and considering generosity and opinions at the same time Many people desire to start-up their own trade but they need to contribute something directly in the world and purpose of direction. It is not difficult to understand why being boss might be something people are looking forward for performing things. Most of the business owners jump straight into the things that aims at generating decent business strategy for given span of time. Some people need to do well against all odds as well as logic when vast mainstream of them fails. It is required to take every opportunity that ensure activities for attainment of business success after preparing and sound business strategy (Jones and George 2015). Business Model Canvas One of the popular model that are used by business enterprise is Business Model Canvas. This model is a strategic management as well as lean start-up template that is used for developing a new or documenting existing business models. This model is a visual charts with elements that describes products of business firms, value proposition, customers as well as infrastructure and finances. This model help business for aligning their activities through proper illustration of potential trade-offs. Key Partners Time dotcom Bhd Maxis Bhd Key Activities Sole suppliers of Direct to Home satellite multi-channel television services in Malaysia Largest television program production facility Interactive and multi-media services that include stipulation of content for mobile telephony Value Proposition 188 TV channels broadcast via DTH satellite TV OTT platforms and IPTV Customer Relationship Quality Price Channels Co-creation Dedicated personal assistance Automated services Customer segments Economy market Key resources Physical resources Intellectual resources Financial resources Human resources Channels Non-subscription freemium service YouTube channel E-commerce Mobile technology Cost Structure Economies of scale Fixed costs Variable costs Economies of scope Revenue streams Dynamic pricing Figure: Business Model of Astro Malaysia (Source: Astro.com. 2017) The above business canvas model had been presented for the company Astro Malaysia that operating in providing DTH services to the customers. The business canvas model had been prepared by understanding the needs and expectations of the customers so that they purchase the services provided by the company for specified time. Astro Malaysia is an existing company that provides direct broadcast satellite as well as Pay TV services to its targeted customers. Business model is prepared for Astro Malaysia so that the management has a clear idea on whether the company can go for further expansion or development. This model canvas help in highlighting the aspect or segments that are needed at the time of planning for further expansion or development to an existing business The business can vas model here brings out the key activities, key resources available, revenue streams, cost structure, customer relationship and value proposition. The above canvas model clearly explain each of the segment in proper ways that makes it clear that Astro Malaysia should plan for further expansion and development activities so that they can generate more profits in the business A sound business model should focus on four key areas that include: Revenue sources- One of the key areas that need proper attention by the small start-up business is revenue sources. It is necessary to identify the key revenue streams as well as size and significance of the various revenue capital. After that, it is then disaggregate the revenue data for uncovering the key income drivers. Cost drivers- One of the key areas that need proper attention by the small start-up business is cost drivers. It is necessary to recognize the cost components that have greatest impact on the cost structure (Johnson et al. 2013). After that, it is then disaggregate the cost data for uncovering the key cost drivers Critical success factors- One of the key areas that need proper attention by the small start-up business is critical success factors. It is essential to identify the key drivers as well as metrics that are most essential for achieving the profit goals. Investment size- One of the key areas that need proper attention by the small start-up business is size of investment. It is necessary to identify how much working capital is needed for sustaining the business as well as determining the total investment size for achieving positive cash flow operations. It is easy to consider the fact that the approach to business model analysis will bring some of the noteworthy benefits for the trade. It helps in quantifying the feasibility of the business model that decide on when to correct the course as well as taking appropriate actions. It is required for developing an understanding of the key drivers as well as metrics that influences the trade and developing specific and targeted strategies. It help in raising funds that give proper insights into the activities as well as resources that is needed to be winning after understanding how much cash is required to get productivity (Hatten 2015). Investors believe in the financial projections where start-up business gets started with a motive. Smart entrepreneurs need thorough understanding of the trade after combining an pioneering product with solid business model finances. People often find it hard to understand the business model at the time of discussing start-up business. Business model explains ways that involves targeted customer, value proposition, competitive strategy and many others (Gundry, Ofstein and Kickul 2014). Holding a reverse auction is one of the interesting business models that involve extreme price-sensitive buyers for naming their price for a service. In addition, if the seller accepts the price, then buyers commit to the terms of the seller (Griffin 2013). Orchestrating demand aggregation is one of the interesting business models that collect all the sellers as well as buyers for some stuff in the similar virtual location. It will bring sellers after involving deepest pool of buyers for business such as E-bay as it keeps working because buyers and sellers for getting tough ratings and use of PayPal that provides a level of security. Cutting prices for gaining an industry share as well as profit lately as it is one of the interesting business models. It needs targeting a huge market as well as selling a product at the lowest price with fast delivery and better service at the same time. As the company grows, it expands the product line, negotiating volume discounts with suppliers as well as investing in technology for speeding up customer-respond time for cutting waste from the operations. It is needed for delivering the lower costs to customers in the form of lower prices. Management skills required over the first 2 years of business to achieve break-even business volumes In order to start-up business, it is firstly required to decide mission statement that signifies what are the future plans of business and where they want to reach within a time span of next 2 years. The mission statement mainly states the main purpose of the business as planned by the entrepreneur. The moment one start thinking of starting up a business, it is important to have a purpose of it otherwise it is not going to be beneficial or it will be difficult to run the business. For instance, if a business were based on selling bikes then the purpose or mission statement would be selling the product with good profit and become biggest company. In order to maintain or succeed the purpose of the business, it is necessary to have an aim. SMART objectives are the best way to judge the activities according to which business need to run in proper ways (Garca-Snchez, Garca-Morales and Martn-Rojas 2017). S stands for Specific that means providing a statement on what they will offer M stands for Measurable that means keeping a track on the achievement progress A stands for Achievable that means targeting the possible areas that need to be achieved R stands for Realistic that means target need to be sensible T stands for time-constraint that means work should be completed within a specified time limit An instance of SMART objective is Minimizing the price by 10% for first six months as well as after that increase cost by 5% in every single product for making profits. The example explains that it contains a specific point that means minimizing the price and increases the prize. It is measurable as it has a target of 10%. It is achievable, as it is not reducing too much because that will affect and increasing the price to great extent will affect the consumers as well. In a business organization, it is required to increase the profits as well as size and scale of business. It is thereby needed for setting aims and objectives for improving their business and making more profits during recession. Aim is a target that helps start-up business to reach the mission statement of the business (Garca-Morales, Bolvar-Ramos and Martn-Rojas 2014). Break-even point Particulars Year 1 Year 2 Year 3 Selling Price per unit MYR 3,500.00 MYR 3,587.50 MYR 3,677.19 Variable Expenses per unit: Raw Material MYR (1,500.00) MYR (1,537.50) MYR (1,575.94) Direct Labor Cost MYR (1,000.00) MYR (1,025.00) MYR (1,050.63) Variable Manufacturing Overhead MYR (650.00) MYR (666.25) MYR (682.91) Sales Commission MYR (17.50) MYR (17.94) MYR (18.39) Travelling Expenses MYR (26.25) MYR (26.91) MYR (27.58) Total Variable Costs per Unit MYR (3,193.75) MYR (3,273.59) MYR (3,355.43) Contribution Margin MYR 306.25 MYR 313.91 MYR 321.75 Fixed Costs: Depreciation on Property, Plant Equipment MYR 2,100,000.00 MYR 2,100,000.00 MYR 2,100,000.00 Depreciation on Furniture Fixtures MYR 100,000.00 MYR 90,000.00 MYR 81,000.00 Depreciation on Computer Equipment MYR 180,000.00 MYR 158,400.00 MYR 139,392.00 Amortization of Patent MYR 100,000.00 MYR 100,000.00 MYR 100,000.00 Amortization of Trademark MYR 150,000.00 MYR 150,000.00 MYR 150,000.00 Insurance MYR 12,000.00 MYR 12,300.00 MYR 12,607.50 Rates Taxes MYR 6,500.00 MYR 6,662.50 MYR 6,829.06 Salary of Office Staffs MYR 100,000.00 MYR 102,500.00 MYR 105,062.50 Cleaning Charges MYR 5,000.00 MYR 5,125.00 MYR 5,253.13 Electricity for Office MYR 15,000.00 MYR 15,375.00 MYR 15,759.38 Telephone Internet MYR 8,000.00 MYR 8,200.00 MYR 8,405.00 Interest on Bond MYR 1,959,301.58 MYR 1,959,301.58 MYR 1,959,301.58 Interest on Loan From Bank MYR 1,772,701.43 MYR 1,772,701.43 MYR 1,772,701.43 Depreciation on Motor Vehicle MYR 1,959,301.58 MYR 1,959,301.58 MYR 1,959,301.58 Salary of Marketing Staffs MYR 1,772,701.43 MYR 1,772,701.43 MYR 1,772,701.43 Total Fixed Costs MYR 10,240,506.00 MYR 10,212,568.50 MYR 10,188,314.56 Break-Even in Units MYR 33,438.39 MYR 32,533.82 MYR 31,664.93 Break-Even in Dollars MYR 117,034,354.29 MYR 116,715,068.57 MYR 116,437,880.71 No one can establish a new venture without knowing their break-even point, believing it can be achieved and being able to protect as well as converse to the potential stakeholders. For an capitalist, the attainment of the break-even point can be termed as special milestone as t vindicated their judgment in taking risks for launching a new venture. It is important to conduct their job that majorly has new economic value (Eesley, Hsu and Roberts 2014). Most of the people who start new venture are least worried with the concept of break-even, as it is wrongly believed that they will make profit in the near future. Entrepreneurs become obsessed with profits. Seasonal entrepreneurs as well as new venture financiers argue that it takes 18 months to 2 years for a new venture to break-even (Edelman et al. 2016). The main game for the entrepreneur is to get the new venture from launching status to financial sustainability. In addition, the break-even point marks the point where the new venture takes a new step for becoming financially stable by nature. It does not mean that had recouped with the losses and incurring it in the near future. At the time of evaluating an investment in a new venture, there are mainly three break-even points that need to be taken into account. This includes financial break-even, sustainable break-even and equity break-even. Sustainable break-even is the revenue volume point where all the contributors to the income of new venture that involves founders that are necessarily compensated. In addition, it takes into account proper compensation for the founders time as well as market returns on equity investments that is made in accordance to the market rate payments for any other contributions a made to the business venture. It is kept at a minimum level where the entrepreneur needs to strive for any of the undertaking of new venture in all possible types. It is due poor business modeling that involves 50% of all the new ventures that falls between these two break-even marks (Durkin 2016). Financial break-even considered as the revenue volume point that involves all the external financial obligations. Externally, it includes obligations that does not include for the equity owners and investors. It depends upon this point of time where at least especially the external players have saved it from being takes out of the game (Costanzo et al. 2014). Equity break-even point is one of the points where the investors in a new venture recovers their investment or have earned the same amount for investment purpose. The time undertaken for achieving it is also known as payback period. Therefore, the break-even type can be considered as important especially for the investors as well as venture capitalists. Profit is the reward for delivering the appropriate service in the most effective way. Fixed costs per month are those cost that is need for maintaining business or product sales each month but do not change in line with changes in the sales volume or trade activity. Other fixed costs take into account equipment rental or lease arrangements, plant and equipment expenses, salaries of permanent employees, debt interest and business licenses. Variable costs are those costs that largely differ in line as well as usually in direct proportion for changes in sales volume or trade activity. The most frequent variable cost is the cost of buying or manufacturing the goods that are sold. Therefore, the cost is often termed as Cost of Goods Sold. Variable costs take into account packaging as well as labor that gets involved in the manufacturing or sales process, telephone calls and vehicle fuels (Chen et al. 2015). In large part, the break-even point that explains the end of the entrepreneurial reigns where capitalist skills that slowly give way to trade organization or management skills It is the break-even point that mainly marks the commencement of the alteration that takes place in every new venture that focus as well as strength moves from building the trade after getting client reception of the benefits offered to building the earnings after getting monetary return for the business owners. The break-even point considers as one of the significant milestone for the entrepreneur because they have done their job when they creates new financial value as well as decision after taking necessary risks at the time of launching business venture (Chang, Benamraoui and Rieple 2014). The break-even point has its origins in the financial concept of the point of unresponsiveness. From the financial perspective, it mainly indicate the quantity of some good where decision maker would be unresponsive that would be satisfied for celebrating it in the most appropriate way. The costs and benefits are precisely balanced at this particular quantity. The managerial concept of break-even analysis mainly helps in finding the amount of production as it covers all costs where no loss is generated. In addition, managers mainly resolve the least quantity of sales where the business avoids a loss in the production of a given good. In that case, if a product cannot cover its own costs that reduces the abundance of the business enterprise (Certo and Certo 2013). The break-even point of the business is the amount of sales or revenues that generates as it equals to expenses. It is that point that company neither makes profit not loss. It is needed for calculating break-even point where it provide simple as well as powerful tool for the mangers. In addition, break-even analysis help in providing approaching into whether or not proceeds from a product or service that has the aptitude for covering the applicable costs of manufacture. It is the responsibility of the managers for using the information for undertaking wide range of business decis ions that takes into account setting prices, loan application and preparing competitive bids (Bullough et al. 2015). Analyzing the risks involved in the business and states the action plan A professional business plan mainly involves a discussion of business risks as well as challenges. The business plan needs to discuss the significant ones as well as indicate how management mitigates their potential impact on business operations (Asah, Fatoki and Rungani 2015). Almost all companies face uncertainties in association with the general economic environment that some enterprises are less business cycle that is sensitive to others. Most trade faces dangers that are connected with natural disasters. It mainly relates to changes of the weather as well as consequences as if time lost in manufacture and allocation those results at the time of economic downturn that depress sales. The risks as well as challenges sections of the plan discuss mainly the industry-specific risks. It is one of the challenges that is industry rivalry where venture strategies for competing efficiently as outlined in the rivalry as well as promotion plan as mentioned in the trade plan (Al?Aali and Teece 2014). Action Plan Objectives Tasks Time Frame Resources To drive cultural changes Accountability for decisions and results 2 months Human resources To drive profitable growth Driving margin improvement 4 months Financial resources New sales from new customers Hiring experienced sales representatives 2months Human resources Sales resources Retention of existing customers Offers and follow-up process 4 months Human resources In case of start-ups, there are several suspicions in association with raising start-up capital as well as maintaining adequate funding. In addition, operations cannot originate when adequate funds are raised for funding the attainment of plant, property as well as initial capital requirements at the same time Sources of proof from the literature and the local marketplace circumstance In this particular assignment, information is collected from well-sourced articles like peer-reviewed journal articles, academic books and authentic websites. Information is related to how to start a small business plan where entrepreneurs desire to start something by their own. The current segment highlights the reason on how start-up business fails with proper examples and illustrations at the same time. Furthermore, the study even explains importance of sound business model with proper examples and illustrations. In addition, the study list different management skills that is needed for an entrepreneur for 2 years of business operations. It is important for identifying the risks that is involved in the start-up business as well as drafting the action plan. Reference List Al?Aali, A. and Teece, D.J., 2014. International entrepreneurship and the theory of the (long?lived) international firm: a capabilities perspective. Entrepreneurship Theory and Practice, 38(1), pp.95-116. Asah, F., Fatoki, O.O. and Rungani, E., 2015. 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