Question

You will suggest a business to your client describing the following:

1. Identify a business opportunity in relation to the existing Canadian business environment.
2. Identify a product, either a good or a service, that will take advantage of this opportunity.
3. Who is your competition for this product, either direct competition or substitute products?
4. Thinking about your business venture, identify at least three ethical issues that could potentially arise.
5. Should your venture have a formal statement of company practices and business ethics or simply rely on your own individual ethical standards? What are the pros and cons of each approach?
6. Who are the primary stakeholders in your new venture? Rank them in order of their relative importance.
7. Does it make sense for a new business to develop a formal social responsibility program? Why or why not?
8. For the specific business you are starting, does it make more sense to start from scratch, to buy an existing business, or to buy a franchise? Why?
9. How will you most likely finance your new venture?
10. What factors will most likely contribute to your success? What factors might cause your business to fail? Is there a way to minimize or eliminate these risk factors?
11. What form of ownership will your group use? What are the advantages and disadvantages of this approach?

Answer 1

The business opportunity which I would like to utilize is artificial intelligence. Canada is focussing majorly on this new trend of artificial intelligence and the technological advancements in this segment. It is a newly developed technology that is making its roots in Canada. There are not many players in this segment. So, competition is very low in comparison to the other services which are there in the country.

The ethical issues involved in this business is the uneven distribution of income. Most of the work in artificial intelligence is performed by machines and equipment and it is very hard to maintain income equality and how the income can be distributed between the machines. Another issue is humanity. In the present scenario, as most of the people are attached to some of the other gadgets and so is the work of artificial intelligence, humanity is lacked behind. As the number of people is less and the number of machines is high so people do not have anyone to talk with. Nobody can talk to a machine. The third one is that the machines cannot be blamed for the mistakes which it makes. It can only understand the language which is entered in it and hence the accountability is badly affected.

I will have a formal statement of company practices and business ethics as it is based on the laws and it is easy to abide by the law. This will also help in making the employees comfortable by providing them a better working atmosphere and a well defined corporate culture. But, it will incur more cost for making such arrangements in the company and it also requires constant support by the management so that full utilization can be achieved.

The stakeholders will be the employees who work in the generation and development of the artificial intelligence system. The next will be the team of engineers as without them the company will not run efficiently. The human resources teams as they will assist in providing the best. Customers and the agencies that require artificial intelligence systems and last the legal system. These are a few stakeholders.

Yes, it is important to develop a formal social responsibility program as artificial intelligence is also used for the benefits of the society and this is also important for boosting up the morale of the employees and keeping them motivated.

As this business is new and requires a high precision with some desired qualifications, therefore, it has to be started from the initials.

The finances would be available from the bank which is the easiest way.

Proving the best and the desired services and results to the clients are the main motto of the success and this applies to this business also.

The partnership will be used as this helps in collecting the finances and the risk is also distributed among all the partners. The disadvantage is that there may be some conflicts among the partners as all the people do not think in the same manner.