Question

Select a business idea which you would like to implement and complete this assignment. Note: You may use the same idea that you have used in discussion topics during Week 2 through Week 4.

Write a seven to eight (6-8) page paper in which you:

1. Propose the value proposition of the product or service the business will offer and explain the rationale.
2. Outline the competitive market and the industry in which the business will operate.
3. Determine at least two (2) strategies of each for protecting the following:
   1. the branding
   2. the logo
   3. the product technology
4. Suggest methods to test the product idea for feasibility.
5. Suggest at least three (3) strategies to incentivize the founding management team.
6. Estimate the amount of cash needed to start the business. Provide a rationale to support your estimation.
7. Use the Internet or Strayer databases (located at https://research.strayer.edu) to locate at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Answer 1

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INTRODUCTION

Any strong business in the world was one time an idea. Ideas are the source of any business. Ideas can be generated by listening to various customers’ perspective on various concepts and needs, motivational business speakers, conducting pilot programs and having a keen observation on the already established programs. It is upon every individual to connect various workable ideas so as to create a sound business plan. Every business person should be vigilant to spot every business opportunity that avails itself.

After doing a number of researches on mobile industry and knowing the challenges in the industry, I’m now confident to start a mobile barber shop. After weighing my strengths and weaknesses, I’m confident that I can do well in this business.

PRODUCTS AND SERVICES TO OFFER

The mobile barber shop will concentrate on beauty. Services such as hair dressing, hair cutting, pedicure, manicure and massage will be offered. Products such as ladies wear, lipstick, make ups, beauty velvet and body lotions.

1. VALUE PROPOSITION

Value proposition is the process of developing ways and methods of making your services and products attractive to your customers through innovations and creating new ideas. Value proposition attracts customers to your business as it creates the huge and desire in people to want to know what you are offering. The curiosity you create in people attracts them to your business hence creating a platform of marketing your services and products. In order to create value and attract customers to my business I will use different ways to create value proposition of the products and services I will be offering. For instance, I will use posters to create attention of the customer on every entry area. In these posters, the writing will be clear. The statements of the services and products the business will offer will be clear for the customers to understand easily without necessary interpretation the message the writings tries to pass across.

Use of images portraying people doing the various services offered in my business will be a great step to creating value proposition as a single picture is more than a hundred words. The images will be of the best models in this business. Images of people doing pedicure, manicure, massage and hairdressing and different hair styles will be on every corner and all entries of the business. Boosters such as the services and products offered at a discounts, customized products and free bonus for a certain level of purchases. In addition, this information will be displayed on a screen within the business premises and free lessons on physical fitness. The business will use posters along major streets.

2. COMPETITIVE MARKET AND INDUSTRY

Beauty industry is an industry that is evolving and keeps on changing day in day out. This is a competitive business. The market requires high quality services. The key competitors in this industry include the following;

i) Spa businesses

ii) Beauty salon businesses

iii) Hair dressers businesses

iv) Barber shops

3. STRATEGIES TO EMPLOY

For any business to keep good track of success it must have good strategies that will guide it on its success path. It is necessary to develop strategies to protect business branding, the logo and product technology. Understanding the industry well helps to know the best strategies to put in place in the operation of the business. For instance in order to protect the branding, the business will use strategies such as competitive strategy. This strategy will help to analyze the competitors in the industry and come up with a way that will make business branding unique and protect it from been damaged by opponents in the industry. Co- branding is another strategy which will help the business to protect its branding. Here the business will connect two existing brand names to come up with an identity of an appealing new product.

For the business to protect its logo it has to develop customer based strategy. A customer based strategy helps the business to protect its logo as the customers will be ambassadors of the business. Furthermore, to protection of the logo can be achieved through relationship strategy where the business established a good relationship with the competitors.

Not only branding and logo need to be protected, product technology too needs to be protected. There many individuals who can steal the technology of business products. This calls for a sound strategy to be put in place to protect the technology employed by the business. Legal strategy is one of the great strategies that can be used to protect product technology. For example, have a non- disclosure agreement. This ensures that there are no information linkages between businesses. All business information is kept confidential. Another legal strategy that can be used to protect product technology is the work for hire agreement. Here you own all the ideas, improvements. Even the new insight brought in by the workers you own them.

4. TESTING PRODUCT IDEA FEASIBILITY

Testing product idea feasibility is a great input in any business. This helps to avoid economic tension and frustrations. In order to avert tensions and frustrations, one need to carry out test on product idea feasibility. There are various ways in which the business may use to test its product idea feasibility. These include the following;

i) Carrying out frequent product evaluation: - evaluation will help the business to understand the purpose of the product. It will also to know whether the same product exist in the market. The business will be in a position to know how to differentiate the products it is offering. Product evaluation will assist the business to identify the potential customers. In addition, the business will be in a position to estimate the profit growth in a certain period of time.

ii) Commercial feasibility: - after knowing the perception of the customers on the product idea and the various ways to differentiate the product, you management of the business will have to look on the financial requirements to make the product available. The management should know how much money it needs to introduce the product, what is the source of the funds to avail the product, the price the customers will be willing to pay for the product and the forecast of the product sales.

5. STRATEGIES TO INCENTIVIZE FOUNDING MANAGEMENT TEAM

For proper progress and management of the business, sound strategies which incentivizes the founding management team has to be developed. The strategies that may be used to incentivize the founding management team include the following;

i) Employee ownership strategy: - the management should feel that they own the business and responsible for it.

ii) Nurture strategy: - with this strategy the management will be able to acquire and retain the best skills required in the business and the performance of the employees is raised.

Iii) Trust and empower strategy: - this strategy allows engagements and curiosity to unfold. It allows employees to have more and more control in their work hence helping them to demonstrate their capacities.

6. THE CASH NEEDED TO START THE BUSINESS

In order to start the business, I need $200. This is to cater for the venue the business will be conducted and the required equipments. The break down for the cash is as follows;

Rent for the business house                          $20

Hairdressing and hair cutting machines       $100

Advertisement and printing                            $30

Hiring employees                                            $50

Total                                                                $200

References

Entrepreneur Website

Forbes Official Website

Youth central Gov Website

Refinery 29 Website

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