While starting a new business requires a good deal of thought and preparation, this discussion is...

While starting a new business requires a good deal of thought and preparation, this discussion is designed to provide a quick, hands-on experience with the bare fundamentals. You are now an entrepreneur, and you must determine what kind of business you would like to launch and answer the following questions. Be creative but be thorough and thoughtful in your responses.

What is your core product or service?
What is your point of difference versus the competition?
Why will you succeed?
How much funding would you need for start-up through year one?
How would you allocate that money?

Now a different scenario: You are a wealthy investor, eager to discover and fund the “next big thing.” Your upper investment limit is $750,000, but obviously you want to spend the least possible amount for the highest possible return. Evaluate the business you outlined in answers 1-5 on the following criteria:

Is it a breakthrough concept? Explain.
What is your clear point of difference versus competition?
What types of focused planning must you do to be successful?
What would be a smart allocation of the available funds?

Solutions

Expert Solution

My core product is Vehcile which run on 3 different source of energy viz solar, wind and suspension energy

The competition is very less as we have some companies which is maing electric car based on electrical energy but very rare are the development in this product

I will succeed by implementing my design and the product in the common crowd and making them aware that we can rely totally on the alternate source of energy without using fuels which are extinct and this will depend that how much the public or the customer is satisfied with the product in initial test marketing of the product

I would need about $1 million in the initial plant of the company to run and to make order on demand .

I would spend the money based on the need , the main cost would be in Research and development , manufacturing ,quality control , design dpartment , labor expense ,material and equipment expense

Scenario 2

yes it is breakthrough as it is an innovation which will overtake the automobile market in anyways .It is totally anew concept which will definitely be in market for loing term and will provide with higher return than any other business idea Answer The clear point of difference versus competition is about the uniquenss and the innovation which is not currently in the competitors .Altough the competition will be in other bsuienss but her the very rare companies make such type of vehicle and is not know in the market much

Answer I will focus on the design , aesthetic ,quality , weight ect of the product and for successfully making the business run .I will focuss on the team management , marketing ,sale forecasting , proper allocation of resources to the company in order to be succesful

The smart allocation fund would be in r&d , manufacturing , material and equipments , customer service, management etc .

Have a good day !

Rahul Sunny answered 1 year ago

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