The Main Concept of the Business - Research Proposal Example

Business Description and research plan Name: Institution name: Business Description Business idea We, A, B, C decided to venture into a profit making business. We decided to come up and analyse the viability of business idea. The ideas were to engage in mobile oil-change service, bicycle vending machine and to competition with the video gamers suggested by A, B, C respectively. We evaluated the mobile-oil change service and found that the service requires the use of a vehicle, and constant moving searching for clients. The clients again were not many. So we ruled out the business since it will be costly. The same applied to bicycle vending machine. We finally decide on the video gaming completion reason were that the business has a wider market. The foot ball completion is an end user game and has a wide range of customers. The main concept of the business is to video gaming competition, specifically foot ball competition. Tickets will be sold at price between 25-30 AED. From this suppose we have 100,000 participants paying the least ticket price of 25 AED will shall get 100,000 X 25. This amount subtracted from 100,000 AED grand winner price the remaining amount will still be huge. The idea is creative in that other than being any other video gaming competition we decide it will be a football one because many people like foot and since they cannot form a 21 playing team in a field what they need is just two people to compete, but here is an advantage we set a winning price so that we get many participants and finally earn more income while spending less. Registration for participation Participants who intent to join the competition have to pay would have to pay a small amount of money, which is between 25-30 AED per ticket as an entry into the competition and stand a chance to win 100,000AED and other gifts. Participants shall hear from us through social media invitation and posters. Rules and regulations Register, participate and win. The rules of the game are simple. After registration, there shall be no refunding the money. The participants shall have time to ask questions before the competition begins. The business is a partnership comprising partners A, B, C. A being the organizing secretary, B treasure and C manager, this was agreed basing on capital contribution and expertise Sources of funds One of the major sources of fund shall be personal contribution. But we intend to find more investors as the business grow. We shall solicit funds from investors by first requesting their contribution thorough advertisement in print and social network Research plan The research plan has the sections, Specific aims, Research strategy (Niaid.nih.gov, 2014). Research design is the overall integrate the different components of the study. It constitutes a plan for collection, measurement and analysis of data (Libguides.usc.edu, 2014).It also defines the type of study, research question, hypotheses, variables, data collection methods. Types of research designs are descriptive, correlational, and experimental (Boundless.com, 2014). Specific aims of the study The study aim; i. To find out the importance of the business to the community ii. To find out the sources of business support iii. To describe the a gap in gaming competition iv. To identify the potential customers for the product or service v. To find out the relevant skills needed to run the businesses vi. To manage time and resources efficiently to produce the best results Sources of information There are two types of data sources, primary and secondary sources, primary sources are records or documents containing first and information or from people who are in context of the research secondary sources comprise of any published or unpublished work that summarizes data from original sources (Uvic.ca, 2014).We shall use both the primary and secondary data sources. The primary sources shall include members of the public especially those in urban areas, estates, because that is where our business shall mostly be. We shall also involve other prominent business people around so that we get information about challenges and potential sources of investors. The secondary sources of information shall comprise of internet for information about setting up a video game, financial information books, journals, newspapers and social Medias. Data collection methods Data collection is an important to a research. Getting the wrong data can really negatively affect the results. There are various data collection methods, observation, face to face interviews and questionnaires (People.uwec.edu, 2014). Questionnaires We shall use pencil and paper kind of questionnaires, which can be sent to a large group of people. It will save us time and money. We believe people are more truthful when answering the questions. Questionnaires shall be administered directly to the target area and collection of feed done immediately. In case the participants are not in a position to finish answering the questions at the stipulated time. Arrangement shall be made so that the filled questionnaire shall be collect at the agreed time. It is important to note that questionnaires shall be administered without respondent prior knowledge in order to avid bias Face to face interviews This is where an interview have a one on conversation with the interviewer .This is advantageous as it enables the researcher to establish a rapport with the potential participants and therefore gain their confidences (People.uwec.edu, 2014). Face-to-face interviews conducted on people who do not have enough time to go through the questionnaire and business people round. This method is appropriate since it enable us to get first hand information. Observation This involves examining and analysing the situation and drawing up conclusion based on it (People.uwec.edu, 2014).This method of data collection shall be used the partners, A, B, C to gathered any other relevant information the two sourced of data did not capture right. This will however depend on the critical analysis of the situation by the partners. Analysis of the information The information gathered will help in making decision about marketing mix that is pricing, people, product and promotion. The information will also enable us to know important information about the potential investor. Questionnaire Dear respondent, We are starting up a video gaming competition where we invite participant who register and finally the winner goes away with 100,000 AED will we are carrying out a survey. We would like you to kindly answer or ticket as appropriate the questions below to assist us server you better. 1. What kind of computer video gaming does you like do you like?................................. 2. Do you play video game for money?...................................... 3. Have you ever participated and won in a video game competition? 1. Yes 2. No If yes, how did you feel? …………………………….were you satisfied with the grand price?........ 4. How often do you play?............................ 5. How far can you travel to a video game competition? 6. What do you like most about our new product?................................... 7. What changes would most improve our new product do you recommend?........................ 8. What would make you most likely to use our product?................................ 9. If the business was there today how would you use it instead of the products from our competitors? Extremely [] Quite [] Moderately [] Slightly [] Not at all [] 10. If not why? 11. What do you like most about the similar products and services from our competitors? 12. If our business was there today how would you recommend it to others? Extremely important [] Quite important [] moderately important [] Slightly important [] Not at all important [] 13. How important is the registration price and the grand price?......................................... 14. What other prices would you recommend? Extremely important [] Quite important [] moderately important [] Slightly important [] Not at all important [] References Boundless.com,. (2014). Determining the Research Design - Boundless Open Textbook. Boundless. Retrieved 25 April 2014, from https://www.boundless.com/sociology/sociological-research/the-research-process/determining-the-research-design/ Libguides.usc.edu, R. (2014). Types of Research Designs - Organizing Your Social Sciences Research Paper - LibGuides at University of Southern California. Libguides.usc.edu. Retrieved 25 April 2014, from http://libguides.usc.edu/content.php?pid=83009&sid=818072 Niaid.nih.gov,. (2014). NIAID Glossary of Funding and Policy Terms and Acronyms -- NIAID Research Funding. Niaid.nih.gov. Retrieved 25 April 2014, from http://www.niaid.nih.gov/researchfunding/glossary/pages/r.aspx#resplan People.uwec.edu,. (2014). DATA COLLECTION METHODS. People.uwec.edu. Retrieved 25 April 2014, from http://people.uwec.edu/piercech/researchmethods/data%20collection%20methods/data%20collection%20methods.htm Uvic.ca,. (2014). Primary or secondary sources - University of Victoria. Uvic.ca. Retrieved 25 April 2014, from https://www.uvic.ca/library/research/tips/primvsec/index.php Read More