Unit 19: Pitching for a business
Micro businesses
P1
Idea 1: Gym clothing
Gymshark was one of the most profitable companies in the fitness market in the last few
years, this shows that There is clearly a great need for Gym clothes, and it is growing all the
time. This is because people are becoming more health-conscious, which has encouraged
them to become more active. According to research, fitness enthusiasts' interest in
attending to the gym and training will grow in the future years, as will the need for fitness
apparel.
Gymshark's goods are expensive, making them difficult to afford. I feel it would be a
fantastic idea to launch a new gym-wear business that caters to limited consumers. This
concept will be completely implemented with outsourcing and manufacturers in Asia, where
labour costs are extremely low. Because the company focuses on outsourcing product
manufacture, it will have a flat organisational structure because it will not require many
employees. This company's primary function is marketing and advertising. As a result, the
company will have to invest a significant sum of cash to start making the company
recognized.
Idea 2: Taobao Drop-shipping
In China, Taobao is like eBay in what they provide. Taobao is a popular business service that
allows companies to set up online stores and access millions of customers. There are 726
million active users on Taobao. Because of the competitive fees that follow from cheap
labour, China's prices are extremely low. This implies that customers may get a wide range
of things at low rates. The most significant downside is that shipping delays might take up to
two weeks. That would not be a problem, if the business expands and is able to acquire
storage and store the most popular items locally, resulting in faster deliveries. Taobao is
temporarily closed to international shipping, which means that customers from other
countries will be unable to purchase anything. The major goal is to establish a partnership
, between Taobao and my firm, as well as to secure a dependable shipping provider, to
expand the Chinese business to the entire globe.
Idea 3: Functioning Smart Pen
The main goal for the pen is to on address a very current issue: building a link between the
physical and virtual worlds. All of this is due to the application of technology that is currently
on the market. The sourcing technique is used in this industry since the suppliers may
manufacture the parts as well as the technologies required to generate this product. The
pen will use GPS and motion sensors to digitally depict what the user is writing and create a
digital copy that will be saved in the pen. The pen will be linked to an app as well as a
website that are all linked together, allowing users to view their drawings or notes to be
seen from multiple devices for wherever the user is to make it convenient.
looking at this business organisational structure this concept will require no more than four
personnel, indicating a flat firm structure. The chief executive will be the owner, and two
workers will oversee putting all the items together, as well as one person who will oversee
digital marketing.
Choosing the right business
Decision Matrix
P1: Explain the many business options available to a microbusiness start-up.
By applying graded rankings that represent the demands of the company concept, a
decision matrix can assist in identifying the best business idea. For the firm to succeed, each
of the components is completely examined based on its level of relevance. However, it is
also depending on my ability in terms of talents, space, time, and financial resources.
P2: Examine the variables to take while starting a micro-business.
Skills needed
There are many professionals looking for work in many areas, so finding someone with the
appropriate skills is not a problem. As a result, the needed skills score is 5.
Required time
This is a critical component since it determines the cash return rate and how fast the capital
will be completely recovered. Although it is critical to understand that timing is not the
most significant factor in the success of a firm, as long as the necessary cash to keep the
manufacturing process running. As a result, I'm going to give this factor a 4 out of 5.
Needed Space
This is a critical consideration, particularly in the United Kingdom, where housing prices are
quite high. A company idea that needs a large amount of space will be highly expensive,
necessitating a larger investment. As a result, this element will be given a score of 3.
Micro businesses
P1
Idea 1: Gym clothing
Gymshark was one of the most profitable companies in the fitness market in the last few
years, this shows that There is clearly a great need for Gym clothes, and it is growing all the
time. This is because people are becoming more health-conscious, which has encouraged
them to become more active. According to research, fitness enthusiasts' interest in
attending to the gym and training will grow in the future years, as will the need for fitness
apparel.
Gymshark's goods are expensive, making them difficult to afford. I feel it would be a
fantastic idea to launch a new gym-wear business that caters to limited consumers. This
concept will be completely implemented with outsourcing and manufacturers in Asia, where
labour costs are extremely low. Because the company focuses on outsourcing product
manufacture, it will have a flat organisational structure because it will not require many
employees. This company's primary function is marketing and advertising. As a result, the
company will have to invest a significant sum of cash to start making the company
recognized.
Idea 2: Taobao Drop-shipping
In China, Taobao is like eBay in what they provide. Taobao is a popular business service that
allows companies to set up online stores and access millions of customers. There are 726
million active users on Taobao. Because of the competitive fees that follow from cheap
labour, China's prices are extremely low. This implies that customers may get a wide range
of things at low rates. The most significant downside is that shipping delays might take up to
two weeks. That would not be a problem, if the business expands and is able to acquire
storage and store the most popular items locally, resulting in faster deliveries. Taobao is
temporarily closed to international shipping, which means that customers from other
countries will be unable to purchase anything. The major goal is to establish a partnership
, between Taobao and my firm, as well as to secure a dependable shipping provider, to
expand the Chinese business to the entire globe.
Idea 3: Functioning Smart Pen
The main goal for the pen is to on address a very current issue: building a link between the
physical and virtual worlds. All of this is due to the application of technology that is currently
on the market. The sourcing technique is used in this industry since the suppliers may
manufacture the parts as well as the technologies required to generate this product. The
pen will use GPS and motion sensors to digitally depict what the user is writing and create a
digital copy that will be saved in the pen. The pen will be linked to an app as well as a
website that are all linked together, allowing users to view their drawings or notes to be
seen from multiple devices for wherever the user is to make it convenient.
looking at this business organisational structure this concept will require no more than four
personnel, indicating a flat firm structure. The chief executive will be the owner, and two
workers will oversee putting all the items together, as well as one person who will oversee
digital marketing.
Choosing the right business
Decision Matrix
P1: Explain the many business options available to a microbusiness start-up.
By applying graded rankings that represent the demands of the company concept, a
decision matrix can assist in identifying the best business idea. For the firm to succeed, each
of the components is completely examined based on its level of relevance. However, it is
also depending on my ability in terms of talents, space, time, and financial resources.
P2: Examine the variables to take while starting a micro-business.
Skills needed
There are many professionals looking for work in many areas, so finding someone with the
appropriate skills is not a problem. As a result, the needed skills score is 5.
Required time
This is a critical component since it determines the cash return rate and how fast the capital
will be completely recovered. Although it is critical to understand that timing is not the
most significant factor in the success of a firm, as long as the necessary cash to keep the
manufacturing process running. As a result, I'm going to give this factor a 4 out of 5.
Needed Space
This is a critical consideration, particularly in the United Kingdom, where housing prices are
quite high. A company idea that needs a large amount of space will be highly expensive,
necessitating a larger investment. As a result, this element will be given a score of 3.
