Sample Ideation and Feasibility Report
Sample Ideation and Feasibility Report
I) Ideation and Feasibility Report.
The purpose of this report is to create many ideas and assess them. This process will help you to choose the best business idea that you will eventually pursue in your business plan. The report should include three ideas that you will come up with. Each of the three ideas should include:
1- The pain points and the problems that you are trying to solve with the idea.
2- Mind Mapping (which is based on the brainstorming session that the group should conduct on their own). For more details on Mind Mapping, please See chapter 3 page 125.
3- Force-Field Analysis. For more details on Force-Field Analysis, please See chapter 3 page 126.
4- Idea Sketch Pad. This tool will help you to assess each idea. For more details, please see Chapter 4 page 146 – 148.
5- Feasibility Analysis for only the BEST idea. Please use “First Screen” template
Expert Partial Solution
Feasibility is defined as the competence and appropriateness of an industry or rather business. When carrying out a feasibility study, it makes it possible for one to investigate the opportunities and strengths of a business. The feasibility studies are important to any business development since they are specific and focused. Furthermore, they allow the business to discourse how and where it will work (Laamanen, 2016) Feasibility study also recognizes possible problems that may hinder its operations and identify the sum of capital it will require to get the business running. Generally, it aims at marketing strategies that could help in convincing the banks or stakeholders that investing in a particular business is a prudent choice (Im et al, 2020). Before making any concrete business plans, it is good to carry out a feasibility study of a business idea. More specifically, it is worthwhile to research market feasibility before one enters a target market. Additionally, research on market feasibility enables one to discover the exact potential of a business idea in the marketplace.
For an individual to start a business there needs to have a business idea. A business idea ought to be beneficial and money-making. A business idea is an initial breakthrough in the development of the establishment of a growing company (Isenberg, 2010). The features of a favorable business idea include; client satisfying, exclusive, lucrative, inventive, and focused. The firm’s business idea should be able to answer three important questions which are what, which defines the physiognomies of the product or service offered, the Second question is for whom describes the target client group and the third question is how which includes the implementation methods of the business idea a business plan (Sniukas et al, 2016). Generally, generating business ideas has become challenging due to development, it might be tough to develop something original( Arvanitis & Estevez,2018). For this reason, many individuals and corporations decided to make enhancements and create a business on the prevailing products and services. The three business ideas that I have come up with include Grocery delivery business, Job recruitment agency, and Food store business. These business ideas have pain points and problems, mind mapping, force-field analysis, idea sketch pad, and feasibility analysis.
To start with the grocery delivery business, the pain points and the glitches am trying to solve with this business idea are the productivity pain points. A pain point is a definite problem that the potential clientele of your business is facing (Keogh, 2013). For the grocery business, the prospects are wasting a lot of time going to the store to get the groceries they need. It is expensive and time-consuming. Seeing customer’s pain points in the productivity category allows an individual to start thinking about the solution to the prospect’s problems and what the clients need to be happy (Caruso, 2014). For a Business to develop an individual needs mind mapping to brainstorm the business idea. Mind mapping is essentially a tool that helps to organize information, helps an individual scrutinize better, understand, synthesize, remember, and create business ideas (Tucker et al, 2010). Everybody needs to eat, but not everybody enjoys shopping. In a sphere where the time crisis is continuously crunching harder, most people thankfully pay to have someone deliver their groceries. Like when starting any business, an individual needs to do market research and advertise.
The Grocery Delivery business is pretty easy and one of the most profitable practices of the delivery business. One can deliver the groceries on-demand or have a mobile grocery store which one sells as he moves (Frentz, 2020). Concentrating on delivery service only means that an individual only buys and delivers pre-ordered stuff. The initial step is to implement the online grocery delivery service business plan. Get to know your customers and get familiar with what they need. Moreover, plan the delivery margin well to ensure that the items that are perishable reach customers on time (Anesbury et al, 2016). To vend your items faster and minimize on wastage you need to identify the buying patterns and eating habits of the target customers. There should be continuous coordination with the customers to maintain their ordering records. An individual needs to use a business model like the ones used by E-commerce. Business models for online grocery delivery stores are founded on a market place model that’s used by closely all e-commerce supplies like Amazon prime. There should be an association with the wholesalers, local grocers, and distributors. Development of a resilient grocery delivery system to warrant timely delivery to the clientele...Read more
Anesbury, Z., Nenycz‐Thiel, M., Dawes, J., & Kennedy, R. (2016). How do shoppers behave online? An observational study of online grocery shopping. Journal of Consumer Behaviour, 15(3), 261-270.
Arvanitis, S., & Estevez, L. (2018). Feasibility Analysis and Study’. The Emerald Handbook of Entrepreneurship in Tourism, Travel and Hospitality. Emerald Publishing Limited, 109-129.
Caruso, R. (2014). Verbal protocol analysis of methods for identifying customer pain points & evaluation of classification techniques (Doctoral dissertation, Saint Louis University).
De Romree, H., Fecheyr-Lippens, B., & Schaninger, B. (2016). People analytics reveals three things HR may be getting wrong. McKinsey Quarterly.
Feng, O., & Hong-dan, Z. (2010, May). Study on the Feasibility of the e-Business Model. In 2010 International Conference on E-Business and E-Government (pp. 369-372). IEEE.
Frentz, F. (2020). How Online Grocery Shopping Influences Consumers’ Food Well-Being Compared to Offline Grocery Shopping. In The Pursuit of Food Well-Being (pp. 59-91). Springer Gabler, Wiesbaden.
Ghezzi, A., & Cavallo, A. (2020). Agile business model innovation in digital entrepreneurship: Lean startup approaches. Journal of business research, 110, 519-537.
Fredericks, W., Antcliff, K., Costa, G., Deshpande, N., Moore, M., San Miguel, E., & Snyder, A. (2010, January). Aircraft conceptual design using vehicle sketch pad. In 48th AIAA Aerospace Sciences Meeting Including the New Horizons Forum and Aerospace Exposition (p. 658).
Im, K., Nam, K., & Cho, H. (2020). Towards successful business model management with analytic network process-based feasibility evaluation and portfolio management. Electronic Markets, 1-15.
Isenberg, D. (2010). How to start an entrepreneurial revolution. Harvard business review, 88(6), 41-49.
Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models. Journal of cleaner production, 135, 1474-1486.
Keogh, G. L. (2013). The listing and categorization methods for simplifying the identification of customer pain points (Doctoral dissertation, Saint Louis University).
Kruglanski, A. W., Bélanger, J. J., Chen, X., Köpetz, C., Pierro, A., & Mannetti, L. (2012). The energetics of motivated cognition: A force-field analysis. Psychological review, 119(1), 1.
Laamanen, P. (2016). Feasibility analysis of a new business idea. Lahti University. Recuperado de: https://www. theseus. fi/bitstream/handle/10024/115894/Laamanen_Pirita. pdf.
Morgado, A. V. (2018). The value of customer references to potential customers in business markets. Journal of Creating Value, 4(1), 132-154.
Naredla, S. K., Shekar, P. R., Babu, D. R., & Condoor, S. (2018). Uniquely Addressing Customer Pain Points-the Case Study of Agritech App. International Journal of Mechanical Engineering and Technology, 9(11), 2306-2314.
Sniukas, M., Lee, P., & Morasky, M. (2016). The art of opportunity: How to build growth and ventures through strategic innovation and visual thinking. John Wiley & Sons.
Swanson, D. J., & Creed, A. S. (2014). Sharpening the focus of force field analysis. Journal of change management, 14(1), 28-47.
Singh, K., & Sharma, S. (2014). Effective use of social media for talent acquisition and recruitment. International Journal of Intercultural Information Management, 4(4), 228-237.
Tucker, J. M., Armstrong, G. R., & Massad, V. J. (2010). Profiling a Mind Map User: A Descriptive Appraisal. Journal of Instructional Pedagogies, 2.
Purchase the Whole Solution File or Place a New Order