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?

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 2 years ago

Have you ever thought of starting your own small business? Think of a good or service...

Have you ever thought of starting your own small business? Think of a good or service you might like to provide to your community. Then, describe how you would supply the good or service. How would you go about estimating demand for your good or service? Evaluate whether there would be enough demand for there to be a “market” for your good or service.

why do you think the preparation of vertical and horizontal analyses are a good starting point...

why do you think the preparation of vertical and horizontal analyses are a good starting point when analyzing financial statements.

Mark and Betty are thinking about starting a family. In preparation for this new phase of...

Mark and Betty are thinking about starting a family. In preparation for this new phase of their life, they visited a local hospital to learn about the costs of delivery and care. They learned that the average cost for a normal birth is $7,500. This took Mark’s breath away, until he remembered his employer-provided insurance coverage, under which he and Betty are covered. The plan features are as follows. ● $500 per person deductible. ● 20% coinsurance. ● $3,000 out-of-pocket...

Purpose of Assignment Starting a new, international business venture requires creativity, planning, financing and marketing among...

Purpose of Assignment Starting a new, international business venture requires creativity, planning, financing and marketing among the key ingredients for a successful undertaking. Additionally, the different risk analyses that are obligatory of a start-up are equally important for a flourishing company. By putting all of these success factors in motion, the student should have all of the information considered necessary for a winning venture. Assignment Steps Resources: Suggested but not required: Abbott, Riley J. (2015). PESTEL Analysis for Students. London,...

Many of us have thought about starting our own business. If you started a business, what...

Many of us have thought about starting our own business. If you started a business, what business formation would you use: sole proprietorship, partnership, LLC, corporation, etc.? Why? I personally would like to work with a nonprofit business can you provide me a scenario of a nonprofit using the above please

A new tractor is considered a good while food is considered a ___ good. disposable;...

A new tractor is considered a ____________ good while food is considered a _______________ good. disposable; durable durable; nondurable nondurable; durable durable; recyclable Which type of expenditure is NOT counted in GDP? Exports New car sales Farmland purchases Equipment purchases John used to work at a factory but was fired because his job can now be done with a machine. Now he cannot find a similar job. What type of unemployment is John experiencing? Fictional Cyclical Seasonal Structural

If you have never thought about starting a business or have no desire to own one,...

If you have never thought about starting a business or have no desire to own one, tell us why. Would you rather not have the responsibility or burden? Include the advantages of not starting a business and the cons about it.

Given all the recent news about the pandemic, I thought we could have a good discussion...

Given all the recent news about the pandemic, I thought we could have a good discussion just on that this week! What is the economic impact of the shut downs and travel bans? What about the proposed tax breaks? What are your thoughts? There aren't right or wrong answers, but this is a good way to apply theory to the real world, so use some of those economic terms you have been learning! Feel free to post relevant news links....

Opening any kind of business requires a great deal of patience, dedication and perseverance. Lynn Leach...

Opening any kind of business requires a great deal of patience, dedication and perseverance. Lynn Leach jumped into the world of restaurants with both feet when she decided to open her own quick service restaurant. Truthfully, the industry is filled with stories of people who dove in, got knocked down, but pull themselves back up. In the small town of Wilmington, Ohio, Lynn opened a Skyline Chili franchise. The town of 12,000 people has embraced the location and Lynn’s friendly...

Suppose that, to deal with adverse selection problems, a new federal lemons law requires all used...

Suppose that, to deal with adverse selection problems, a new federal lemons law requires all used car dealerships to provide a one-year warranty for each car they sell. Explain how this new law, designed to reduce adverse selection, might increase the problem of moral hazard.

Question