The purpose of this assignment is to start working on a business concept that yo
ID: 398892 • Letter: T
Question
The purpose of this assignment is to start working on a business concept that you would like to develop throughout this course -- it may be a real or fictitious one.
Review the "Business Opportunities" questions on page 38 from Entrepreneurship 2nd edition and then answer the following questions below (from the "Your Bright Idea" worksheet on page 39 and "Basic Business Concept" worksheet on page 40).
I encourage you to conduct some Internet market research for this assignment and make sure you cite any source or sources that you use.
"What is your business idea?
How did you come up with it?
What excites you about it?
Is yours a retail, service, manufacturing, distribution, or Internet business?
Explanation / Answer
What is your business idea?
Our business will provide an e-marketplace for various kinds of domestic services including painting, plumbing, electrical work, flooring, gardening, baby-s Functions and so forth. Our solution will provide an online marketplace for technicians for these type of work. The customers registered at our website will be able to search for technicians having adequate skills (confirmed by user rating), and nearest to the locality of the customers. The value proposition is thus to provide an easy access to the domestic service market and ensuring quality service without getting harassed in the actual market. The payment will also be wallet-based secured transaction and there will be hardly any chance of over-charging because the payment will be made directly to our firm and the rates will be fixed by our firm with the technicians during the contract. The customers can compare the hourly rates provided by the technicians on the go on our website and can select a technician accordingly.
How did you come up with it?
I found this idea while doing a randomized survey in the society where I leave. A large group of people in this society are the young adults, working, aspirant for their future and want to spend less time with domestic activities. They feel that the negotiations with the unorganized service providers are a wastage of time in their busy schedule. On top of that, they are getting harassed by the poor and non-standard quality of jobs provided. This has led me to the idea that a common platform for these domestic services can be formed where the prices will be listed for every service and the quality of workmanship and material will be guaranteed.
What excites you about it?
With this particular business idea, there are two points of excitement - first, we will be able to work with a huge group of people both in the supply and demand side. The complexity and the operational challenges make us exited in this project. Second, the use of information systems and information technology to aggregate the domestic services and create a platform is something very unique and has not been yet explored to a great extent. From that point of view, it may be possible to find a target market early in the attempt and earn a premium price.
Is yours a retail, service, manufacturing, distribution, or Internet business?
The part of the business is definitely managed by information technology and the internet although the value delivered to the customers is in the form of quality service and reliability. Definitely, this will be a form of service retailing using e-commerce platform.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.