There are various places one can get or develop a business idea. First, a person may identify a problem and try to come up with a solution. Such a scenario becomes an idea that can become a profitable venture. In the IndieU case, the proprietor, Natalie Edell identifies the problem that upcoming artistes are securing a recording deal with major music labels. She also saw the need to have campus students organize events where they can invite their favorite musicians or bands directly without involving many agents (Eesley et al., 2015) . The second source of a business idea comes from the need to make people’s lives easier. There are many ventures whose main purpose includes simplifying how to undertake certain actions (Ivanisevic et al., 2016) . This action in turn attracts many customers who prefer the modern way of doing things. Lastly, saving people money and time is another source of a business idea. Many prefer a venture that reduces the price and time while giving the required quality.
DQ 1 B
Various factors greatly contributed to my development of business ideas. First, I had to consider my personal goals. Those are objectives one desires to achieve by engaging in a certain business. Personal goals may be in the form of financial gains and interests that satisfy one’s desire in a particular venture. The second factor that contributes to a certain business idea is the availability of certain skills. Having certain expertise about a certain product or activity ensures that one will start and run a certain venture with little challenges (McCready & Molls, 2018) . Through those skills, it would be easier to determine the specification of the commodity, the procedures to follow in starting and running the business, the market to serve, and how to overcome competition. Lack of such knowledge and expertise will make an entrepreneur not achieve the desired goals thus the business not viable. Lastly, there was a need to consider the availability of capital and the necessary resources. A person may develop an idea but fail to materialize it due to a lack of those materials. The resources available may also be inadequate thus making the venture not work as planned. My idea business idea involves connecting college students with private tutors and event organizers. The primary source of this venture is the subscription fee users pay.
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References
Eesley, C., Yang, D., & Hu, X. (2015). Business Idea Sources and Entrepreneurship: An Institutional View. Academy Of Management Proceedings , 2015 (1), 13735. https://doi.org/10.5465/ambpp.2015.13735abstract
Ivanisevic, A., Katic, I., Buchmeister, B., & Leber, M. (2016). Business plan feedback for cost effective business processes. Advances In Production Engineering & Management , 11 (3), 173-182. https://doi.org/10.14743/apem2016.3.218
McCready, K., & Molls, E. (2018). Developing a Business Plan for a Library Publishing Program. Publications , 6 (4), 42. https://doi.org/10.3390/publications6040042
DQ 2
When developing a business plan, various people can offer the assistance one needs in this process. The first group to consult is business partners. Such people are great assets to a person as they offer advice on the best venture and how to go about it. This information enables a person to make an informed decision in terms of location, finance, and mode of operation about a particular business. Secondly, one can seek assistance from financiers when developing a business idea (Nikolov & Stoyanova, 2015) . They form an integral part of any venture by providing the finances required to run the business. Therefore, it would be appropriate to involve them when developing an idea as the advice they give helps an individual make the appropriate decisions, especially on financial matters. The third group of people one can seek assistance from when developing a business idea are the potential customers. Such individuals form an integral part of any venture as any product or service is made to their specifications (Gabler et al., 2017) . This feature makes a potential customer a source of vital information concerning the market structure. One can reach such people through market research which will reveal their needs and reaction towards a certain product or service. The fourth person one can seek assistance from in designing a business plan is a business consultant or advisor. He/she is a professional specializing in business matters. When coming up with a business idea, such a person plays a critical role in giving professional advice on the steps a proprietor needs to follow in making the venture operational (Ponnamma Divakaran, 2017) . They can advise on financial, legal, and cultural matters related to a particular business. Lastly, a proprietor can seek assistance from government bodies or officials concerning legal matters of a particular venture. It is through this activity that a proprietor can determine what legally pertains to a particular business. Such information helps one determine how to navigate the legal system in starting and running a business.
References
Gabler, C., Panagopoulos, N., Vlachos, P., & Rapp, A. (2017). Developing an Environmentally Sustainable Business Plan: An International B2B Case Study. Corporate Social Responsibility And Environmental Management , 24 (4), 261-272. https://doi.org/10.1002/csr.1409
Nikolov, K., & Stoyanova, T. (2015). New Public-Private Partnership Management idea in manufacturing business. Perspectives Of Innovations, Economics And Business , 15 (3), 95-103. https://doi.org/10.15208/pieb.2015.09
Ponnamma Divakaran, P. (2017). Idea-generation communities: when should host firms intervene?. Journal Of Business Strategy , 38 (6), 80-88. https://doi.org/10.1108/jbs-04-2016-0041
DQ 3
The primary targets of this business are the school youth who wish to put a balance between academic work and social life. The system connects them to curricular work while at the same time informing them of social events near their locations. Before one could use the service, he/she has to confirm the age to get all the information that pertains to his/her years (Grüner, 2016) . Event organizers are also potential customers as they can connect to the consumers of their services. The potential market for this service is around ten million people who are college going students, tutors, and organizers (Erstad et al., 2016) . The platform simplifies the process of the student meeting a tutor or an event organizer. The primary source of income for this service is the subscription fee that one pays to register. Each subscriber is supposed to pay a five-dollar fee for one year. With the number of students growing, the revenue will likely rise thus giving the company a much-needed capital to expand. The second source of income for the venture is featured advertisements. Advertisers will pay fees have their products appear on the company’s website. The commodity featured must not offer direct or indirect competition to the firm’s services but be a compliment. Another source of income for the venture is ticketing for various event organizers (Belykh, 2020) . To simplify the process and attract more revenue, it would be appropriate to adopt producer to the client channel. In this model, the amount one spends in looking for agents who in turn bring the actual proprietors of a particular product or service is greatly simplified. Finally, the most effective promotional strategy for this business would be an online advertisement. The reason for this choice is because the youth are the primary consumers of digital content.
References
Belykh, V. (2020). A mathematical model of company revenue amid demand uncertainty. Economics And The Mathematical Methods , 56 (1), 100. https://doi.org/10.31857/s042473880008560-5
Erstad, B., Mann, H., & Weber, R. (2016). Developing a Business Plan for Critical Care Pharmacy Services. Hospital Pharmacy , 51 (10), 856-862. https://doi.org/10.1310/hpj5110-856
Grüner, G. (2016). Market research, market pull. Translational Materials Research , 2 (4), 040101. https://doi.org/10.1088/2053-1613/2/4/040101
