Discuss the feasibility of an original business idea and business model by using a screening inventory. Note: this is not a business plan. Include a screening inventory with supporting rationale on the following elements:
Original business idea (specific idea to meet unmet need)
Description of service or product (overview)
Value Proposition (how will need be met)
Business Model (what criteria supports the model selected)
Market Size and Growth (large enough market potential for venture to be profitable; potential for growth)
Competitive Advantages (what will make the venture stand out among competitors within industry)
Management (skills of entrepreneur and team to develop venture)
Revenue/ Growth Projections (how long will it take to be financially viable)
Financing Requirements (financing requirements to begin operations)
Summary (identification of specific supporting information that will enable the potential of the business idea to develop into a viable venture and overcome any risks)
Running Head: ENTREPRENEUR PROJECT
Table of Contents
Business Idea 3
Value Proposition 5
Business Models 5
Market Size and Growth 6
Competitive Advantage 7
Revenue and Growth Projection 11
Financing Requirements 12
Entrepreneur indicates to the person or individual who wants to start new business on his/her risk. In this, required capital to start the business is associated with him or her. Entrepreneur is related with starting a new business on the basis of personal risk and personal responsibility at small level. Additionally, cover start-up cost is also used by individual as venture capital to start the business. It is an important concept for entering in the market and start new business (Harper, 2003).
There will be a discussion about the new idea for an entrepreneur to start new business. Requirements to start that business will be also described in this project such as market size, required skills, team and value proposition for developing effective business for an entrepreneur. Additionally, required financing will be also discussed in this report to establish and run this business successfully in the competitive market. Additionally, other requirements those are important to establish and run Salon in the US market will be also discussed in this report that will support effective entrepreneur project.
In the competitive marketplace, it is tough for anyone to enter in the market. Additionally, in the present age, everyone wants to be stylish and trendy without wasting time and high efforts. For the project, a "Salon cum meditation centre" is selected as a business idea for an entrepreneur (Sandlin, 2009). It will be beneficial for entrepreneur to start business in this area. In addition, for the firm "Health and Beauty Salon" name will be used. It reflects to the firm's positivity towards attracting customers.
Offered services or products are important part of the business to acquire and retain the customers. In this, attractive and profitable services will be included those will be beneficial for the customers as well as organization (Henderson, 2009). So, in this business, following services will be included those will be offered by the entrepreneur to the customers.
Meditation: Meditation will be included under the services that will be provided by the firm to attract the customer. In the present environment, life is going very fast and people are so busy and they do not have enough time to manage their life and health. Level of stress among the people is high that is the reason of rising diseases. So, to attract the customers, meditation will be offered. Under this, value added services will be offered by the firm to the customers. Additionally, instructions for conducting meditation programs to the customers will be provided. It will make easy for the customers to participate in these programs and maintain their health (Tezak, 2001).
Hairstyles and care: Different hairstyles will be offered by the firm to the customers to attract and acquire them. In this, to attract the customers, preferred hairstyle by the customers will be provided to make them stylish and trendy. Hair care products like, shampoo, conditioner, etc and services will be also included under the service portfolio of the firm. In this, coloring, cutting, hair care, hair spa, etc will be provided (Sherrow, 2006).
Beauty care: To increase the customer base of the firm, its services and product portfolio play a crucial role. Beauty care services and products will be offered by the firm. In this, different services can be included by the firm. These are as follow:
Massage: To ensure relaxation to the customers, physiotherapy and soft handed massage will be provided by the firm to its customers. It will make comfort for the customers by availing services of the firm (Sandlin, 2009).
Facial & Cleaning: To attract the customers, facial will be offered by the firm to give them extra glow. In this, various types of facial will be provided by the firm. Additionally, cleaning services will be also offered by the firm (Tezak, 2001).
Waxing: To make the smooth skin of the customers, waxing service will be provided by the firm to the customer (Henderson, 2009).
Make-up: Make-up will be provided by the firm under the services of the firm. It will make customers attractive that will be beneficial for both customers and organization.
So, these services or products will be included under this business of entrepreneur. Additionally, customer's ideas and suggestions will also be invited to identify their needs and preferences related to maintain their health and beauty. It will help to maintain their faith and trust on the firm.
Value proposition will be developed by the firm to attract the customers. In this, effective and reasonable cost will be charged by the firm to its customers. Additionally, effective services and safety environment will be provided by the firm to its customers under the value proposition. Well trained employees will be hired ...
The expert discusses the feasibility of an original business idea using a screening inventory model.