Business Opportunity Assessment, Business Concept - Problem and Solution - Coursework Example

Name: Date: Institution of affiliation: The Business Concept: The problem and solution We all have special occasions in our lives that we would love to celebrate in the most remarkable way. The success of such occasions depend more on proper preparation made in advance. Sadly, many people find it hard planning for such events and those who do lack basic ideas on how to go about it. Consequently, I seek to establish the “Queens Decorators” to help sort the problems faced by such individuals by offering services needed. The vents covered include; Gala dinner events, cocktail events, marquee events, themed events and venue gallery. Business Opportunity Assessment 2.1 MARKET/CUSTOMERS AND INDUSTRY Our customers will be comprised of all individuals who not only express interest but also posses the ability to acquire the products and services offered (Frisendal, 2012). We expect to serve a wide range of customers who will express interest for varied types of events that will also vary with the amount of money paid. These customers will include: 1. Occasion/event planners: This will take in individuals or businesses who are contracted to organize events for other people but lack their own materials and equipments to help them accomplish the needs at hand. Queens Decorators” will offer them a great relief since they will be able to get all they want from one place. In such happenings, the proposed business will negotiate with them on payments and provide the required materials and services. 2. Institutional customers This is group is comprised of both public and private institutions such as self help groups (both women and youth), religious institutions i.e. churches, and educational institutions e.g. schools .here, the proposed business is expected to benefit when called upon to organize events such as graduations, anniversaries and even fundraising. 3. Individuals customers This will take in all persons who want to be assisted organize special events such as home coming, weddings, birth days, The proposed business falls under the service industry since it will concentrate in offering event decoration services to its customers. This will include tent pitching, advisory services, venue preparation and many others. 2.2 PRODUCTS/SERVICES Products lights chandeliers vases & bowls branches chargers plates LED lights candleholders vase fillers artificial trees place card holders Banners & Signage candles vase lights crystal decorations apothecary jars battery operated lights candle shades under vase lights tulle & ribbon outdoor weddings string lights fuel cells crystal fibers paper lanterns shepherd hooks under table/wall wash lights Ribbon tall vases petals bird cages net lighting Baskets chair sashes glow necklaces feathers SERVICES a. Event decorations b. Sound system leasing and video recording c. Plastic chairs and canvas tent leasing 2.3 ORGANIZATIONAL/MANAGEMENT The organization management will be very instrumental in driving the enterprise efforts to achieve the laid down objectives and goals (Aaker, 1984). For this reason, qualified personnel’s will be outsourced to take respective positions that will support the organization functionality. The structure below shows how the organization team will be organized. Organization chart A. BUSINESS PRESIDENT The president will be the person elected by the members and should have contributed most shares of the business. He will be the chief decision maker and will be responsible for daily operation of the enterprise. He will preside over all meetings and be the executive committee chair His other duties will be; Planning where he supervise a prepared program of activity Responsible for formulating business policies and performances Responsible for facilitating the implementation of enterprise desired goals Responsible for recruiting employees promoting and demoting Delegating work to all personnel under him Responsible for all purchase to be made by the enterprise. B. VISE PRESIDENT Qualification Must have a degree in any related field Must have undergone managerial training and entrepreneurial skills Must have been in a similar organization e.g. youth group Must be versed in event decoration, entertainment e.g. drama songs etc Must be over age of 18 years Duties and responsibility Undertakes duties of the president during his absence Reporting to the manager Co-ordination work progress towards achieving a common goal Will head disciplinary committee Advice the president about policies of enterprise C. SECRETARY Qualification Good communication and written skills Good basic computer skills Demonstrated familiarization with the quinolone victim community Demonstrated ability to maintain strict confidentiality in regards to research and medical information Foster a positive working relationship with other board members, researchers, medical professionals, and victims. Duties a. Custodian of records b. Scheduling of official Meetings c. Maintaining Archives belonging to the organization d. Facilitate proper Communication within the organization e. Maintaining a Diary of events in the organization D. FINANCIAL MANAGER Qualification • Should have a degree in Business Finance • Good interpersonal relation • Strategic accounting management skill Duties and responsibilities • Prepare monthly management accounts • Authorize payment • Prepare salary for workers • Analyze current and future business operation and to determine financial effectiveness • Keeping and collecting cash for the business E. PERSONNEL MANGER Qualification • Have at least a degree in business management and any other rebated qualification. • Have good personal relations • Work experience of one year Duties • Ensure security guards and cleaners attend to their duties • Supervise the location of the event and ensure safe delivery of the business tools and equipments • supervise the casual laborers employed to carry out a specific task F. CO-COORDINATOR Qualifications • Should be well versed with modern sound systems • Have satisfactory qualification in event management or any other related qualification Duties • Will ensure repairs and maintenance of the sound systems and other event equipments • will ensure Organization of the sound system at the location of the events 2.4 EVALUATION FRAMEWORK The business will succeed because it will pool individuals skilled at various activities to make up one strong team. It will require only but little assistance from experts. This will ensure sustainability as the business is self – dependent. The proposed business will also succeed following the its situation which is strategic with regard to the number of customers it will serve. Such is the case that the existing business which operate in the same line are poorly managed ,offer single products which make a whole thing of organizing for an event cumbersome and expensive. In addition, individuals manage most of them with a little entrepreneurial skill. By combining everything needed for festival/event under one roof, it will reduce cost hence attract more customers even from other localities. Not only the resources available will determine the business success but also the opportunities presented (McKeever,2002). In our case, a number of things will measure success; First, we will assess the market share we enjoy. It is expected that within the first six months of operation the business should be enjoying a 30% market share. This is expected to increase as the business grows until we capture over 50% of the market. Secondly, the business success will be assessed basing on our growth. Here, we intend to open new shops in the nearest cities and ultimately the whole country. By opening new business centers, we will be able to serve the needs of our many loyal customers who reside far. Lastly, we will employ the use of new technology and employ new strategies that will ensure we maintain our competitive advantage. However, the business may suffer some drawbacks since its new and the personnel may not be experienced in handling customers effectively though experience will grow with time. The business will create employment to the jobless in the community nurture talents of individuals that earn them income hence improve living standards of the dwellers. 3. BUSINESS MODEL/STRATEGY To accomplish the goals set for the proposed business a number of services offered by other supportive enterprises this will include. First, the enterprise will require undergoing proper registration that will see it acquire the necessary documents to operate. This will be acquired from the relevant authorities after completing the due process and paying the required amount. Secondly, the business will need Banking services, auditing (external that will be very key in assessing the growth of the enterprise and analyzing strategies to be carried out, Insurance services to cover both the business and the workers against possible risks. In addition to this, the enterprise will seek the telephone services for communication and a lawyer to represent it in legal matters. Lastly, the enterprise will ensure it meets all labor, health and any other requirement before it officially begins its operations. References Aaker, D. A. (1984). Developing business strategies. New York: Wiley. Finch, B. (2010). How to write a business plan (3rd ed.). London: Kogan Page. Frisendal, T. (2012). Design thinking business analysis business concept mapping applied. Berlin: Springer. McKeever, M. P. (2002). How to write a business plan (6th ed.). Berkeley, CA: Nolo. Murdick, R. G. (1969). Business research: concept and practice. Scranton, Pa.: International Textbook Co.. Weltman, B. (2000). The complete idiot's guide to starting a home-based business (2nd ed.). New York: Alpha Reference. Young, P. (2007). Business plan. Chandni Chowk, Delhi: Global Media floralytes & aquabrites, lumininarias, luminaria Read More