Business Plan - Entrepreneurship in the Global Age (Term Paper Sample)
My fictitious business is a company called Smith, Inc. and the idea is to sell a semi-customizable smart phone. The idea is to deliver the phone at a fraction of the cost of the major suppliers, Apple and Samsung. Here are the details for the term paper.
Consider your chosen entrepreneurial opportunity. Using the template below, write a business plan for the opportunity. Address all sections as described in the plan.
Your paper should meet the following requirements:
Business Plan: Entrepreneurial Opportunity
Business Plan: Entrepreneurial Opportunity
This plan presents Smith Inc., a start-up firm aiming to develop smartphones for developing and developed nations around the world. The company will be based in the US, but it will have partners in Asia who will manufacture and supply smartphone generic parts. The product that Smith Inc. plans to introduce in the market is a semi-customizable smartphone which will be sold at $300 per unit. This is a fraction of the price other industry players are offering. The features of the business proposition that is expected to appeal to customers are the low pricing and the ability to customize the phone, both of which are not present in the industry.
The company will invest significantly in marketing, particularly in online platforms in order to reach its target customers. The firm will hire a marketing manager to oversee its promotional activities. The aim of marketing strategy will be to create and spread awareness of the brand in the market. The operations of Smith Inc. will be overseen by Mr. and Mrs. Smith as well as three employees that will be hired. The three employees that will be hired will be in charge of marketing, operations, and research and development (R&D). As for the finances, the owners will contribute $300,000 from their savings while $600,000 will be solicited from angel investors and venture financing for a percentage of equity in the firm. It is expected that the business will sell 40,000 units in the first year of operations, 60,000 in the second, and 80,000 in the third. These sales will enable the business to pick up and achieve growth. The income will also help the company in expanding operations.
Smith Inc will be a startup company dealing with the manufacture and sales of semi-customizable smartphones to customers in developed and developing countries around the world. The smartphone will be easily customizable by the buyer. The generic parts of the phone will be easily assembled and customized to fit demands of the customer. The company will thus operate in the smartphone industry, and it expects competition from major industry players like Samsung Electronics and Apple Inc. However, price and the ability to customize the smartphones will distinguish Smith Inc. from the competition. Smith will set up a manufacturing plant in an Asian country, Indonesia. According to Lomas (2017), the labor costs in China have risen, and companies are considering other low-cost manufacturing countries like Indonesia, Thailand, Vietnam, and Malaysia. Indonesia will be manufacturing hub as it starts the smartphones manufacturing and selling. As a start-up based in the US, managing operations in Asia will be challenging. The business will depend on partners in Asia to help in the manufacturing of the Smith phone generic parts.
The development of semi customizable phones is selected because it is not currently on the market and it is an opportunity worth exploring. The products of major industry players like Samsung and Apple does not allow easy customization by the customer. Smith phone intends to provide the customer with the ability to easily customize their smartphones to fit their desires. Therefore, the reason for selection of this product is to offer a new experience...
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