Ron’s lecture gave me a better idea what the business plan was all about. One of the important things I learned was the significance of the first step in writing the business plan, identifying the audience. There is one business plan, but it should slightly be different for two types of users. First one is for investors, which is showing the growth and business in a Long Run. The second one is for internal purposes showing the plan for the next quarter, for example.
When I was reading the business plan template, the projection of revenue section made me to stop and think about it. In a new business, with a new technology, no previous data on pricing, no number of items sold I would have to make projections of revenue. Ron answered my question. The revenue projection can be made up on facts.
Wednesday, January 27, 2010
Tuesday, January 19, 2010
5 Business Ideas
Here are my Business Ideas:
1. Live video wedding transmission. Since nowadays weddings are held in various places and not all invited guests are able to attend it, it would be great to have the wedding be video streamed live over the internet. So, the relatives can share the joyous moments. It is simple to do, but cost affective.
2. Digital menus for restaurants. The menu screen will display a message from a chef, his/her biography, and favorite/suggested dish; list and pictures of the dishes that are offered to customers, brief history of the dish, suggested drinks, FAQ’s, option to order or call a server. Kids menu will feature an entertaining option for kids. I will have to evaluate the cost and research the potential customers for the product. As of right now, it seems to be a great idea.
3. Vending closet for home. I always had a dream to build a closet with digital features of a choice of clothing like on-line store. There will be a screen with list/pictures of shoes, sweaters, coats, and everything you have in the closet. Instead of pulling everything out, you can scroll through the pictures, make your selection, and have it vended out to you.
4. Onsite gas delivery. For convenience matter people will pay the money for someone to deliver a gas for them on the spot thru the online request.
5. Easy Beverage. Happened to have no cash or credit card in the wallet but really thirsty? No problem. Walk up to vending machine, dial in your cell number and after 4 –digit confirmation (could be any), enjoy your beverage. The cost of the drink will appear on your cell phone bill.
1. Live video wedding transmission. Since nowadays weddings are held in various places and not all invited guests are able to attend it, it would be great to have the wedding be video streamed live over the internet. So, the relatives can share the joyous moments. It is simple to do, but cost affective.
2. Digital menus for restaurants. The menu screen will display a message from a chef, his/her biography, and favorite/suggested dish; list and pictures of the dishes that are offered to customers, brief history of the dish, suggested drinks, FAQ’s, option to order or call a server. Kids menu will feature an entertaining option for kids. I will have to evaluate the cost and research the potential customers for the product. As of right now, it seems to be a great idea.
3. Vending closet for home. I always had a dream to build a closet with digital features of a choice of clothing like on-line store. There will be a screen with list/pictures of shoes, sweaters, coats, and everything you have in the closet. Instead of pulling everything out, you can scroll through the pictures, make your selection, and have it vended out to you.
4. Onsite gas delivery. For convenience matter people will pay the money for someone to deliver a gas for them on the spot thru the online request.
5. Easy Beverage. Happened to have no cash or credit card in the wallet but really thirsty? No problem. Walk up to vending machine, dial in your cell number and after 4 –digit confirmation (could be any), enjoy your beverage. The cost of the drink will appear on your cell phone bill.
Monday, January 11, 2010
Opinion on etrepreneurship reading
Entrepreneurship is a challenging profession. A lot of people looking at entrepreneurs assuming it is a perfect job. You don’t have to work for anybody; you are independent and can set your own schedule and your own salary. I heard on the radio that one lady wanted her husband to open own business, so he could set his own salary. She realized that owning the business is way more challenging than she thought when they faced the problems.
Some of the disadvantages the author of the text mentioned were frustration, burnout, and sorrow along the way. I absolutely agree with this statement.
My mom used to be an owner of the little store selling outwear clothing. I was little at that time and all I remember is her hard work and often time frustration. My aunt opened the company for manufacturing some chemicals for hospitals about 5 years ago in Belarus. Only now, the company became profitable. She experienced some hard times where she had to pay salary to employees from her own pocket. My mom and aunt became entrepreneurs in a time when there were no good paid jobs in the market in Belarus.
It is more challenging to be the technology entrepreneur because of the fast changing technology market. In order to be successful, Owners of the company and their employees have to always come up with new ideas to fulfill the customer needs.
Some of the disadvantages the author of the text mentioned were frustration, burnout, and sorrow along the way. I absolutely agree with this statement.
My mom used to be an owner of the little store selling outwear clothing. I was little at that time and all I remember is her hard work and often time frustration. My aunt opened the company for manufacturing some chemicals for hospitals about 5 years ago in Belarus. Only now, the company became profitable. She experienced some hard times where she had to pay salary to employees from her own pocket. My mom and aunt became entrepreneurs in a time when there were no good paid jobs in the market in Belarus.
It is more challenging to be the technology entrepreneur because of the fast changing technology market. In order to be successful, Owners of the company and their employees have to always come up with new ideas to fulfill the customer needs.
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