P1: Describe the potential business opportunities for a micro business start-up
YOU MUST GIVE AT LEAST ONE EXAMPLE FOR EACH OF THE HEADINGS
Introduction
Idea generation
In this task I will be describing a potential business opportunity that will help a
business to set it up.
Pounch is a non-technical breakthrough idea, which is the ideas were taken from
somewhere because before it there was another company in the market name
“honey” which was launched in the market back 2012.Thediffeenceofthis company
and the honey I, this companies has result of 97% of having a right promo code
where as a other companies like Honey, student beans, unidays and much more are
wrong because they do take to update their self, most of the time the codes are
expired, and the consumers are unsatisfied. Where as in the pouch you just add ait
as a extensions in your browsers and start shopping, before you coming to checkout
and it starts generating the promo codes for the items you have in the cart.
Decision matrix
A decision matrix is a tool that helps you to weigh up the different factors that need
to be considered before taking a micro- business from the initial ideas stage into
something that you can use to work on and then develop into a serious proposition
and, ultimately, into a business plan. Moreover when a person tries to start the
business based on their knowledge, the first few questions that comes on their mind
,is what business, what product, does is have demands for it in the market, how much
it will cost, how much space it will take me, how much time it will consume me, all
this questions are made before choosing a product or a business which is called
decision matrix. As a example if a person tries to open a restaurant business, he
need to know what type of restaurant does he need to open.
Business activity
Primary
Primary resources are coming from natural resources that comes from naturally, and
businesses working with them such as a salt mineraling or farming. Primary sector
business normally works with a earth’s natural resources. Such as a BP.
Secondary
The secondary sector of business normally works with a manufacturing and
construction site. The secondary sectors business normally produces goods from
natural product within first sector. As a example of creating of Automobile
production, textiles and much more such as a Nike or H&M they base their factories
in 3rd world country and company produce their goods from their from the raw
material.
Tertiary
, The tertiary sector business sells products or services created by the primary and
secondary sectors directly to the consumers. This business is normally really on
interactions with a customer who is usually the end user. Such as insurance, travel
agents, restaurants, health care services. Such as an Admiral, restaurant workers or
NHS.
Business process ;
It is important to be aware of the process that is involved in a specific business,
these are manufacturing outsourcing, sourcing and channels to the market.
Manufacturing
Manufacturing happens when a machine or a human being transforms a raw
material or readymade material or parts into a final product. People are hired to
maintain the necessities of the machinery. As an example in the milk factory the milk
is not touched by humans by many years now, everything is done by robots and to
keep everything clean and without being in touch of virus or microbes, all done by
robots from cow to milk packets
Outsourcing
Outsourcing is a company importing or having contracts with other companies to
make parts or services which in the end could be used to make a main product or
final product. Instead of them making it. As a example, Apple uses Samsung’s
camera, or AA that has a big network with several garages as a example in the
accident case they contact the local garage and send the damaged car and e it to
the customer and in return the garage earns some amount of commission.
Sourcing
Every firm must do some sort of sourcing, where they look for and evaluate the
goods they require to function. Even if a company plans to produce its own items, it
still has to get the raw materials required to create those products. A designated
department, such as purchasing, is likely to handle sourcing in a large organization,
although the owner or a senior manager may do it in a smaller one. Many other
methods of sourcing may be used, from internet research to traveling abroad to
physically view, touch, or use the items before deciding to buy. As a result, this has a
YOU MUST GIVE AT LEAST ONE EXAMPLE FOR EACH OF THE HEADINGS
Introduction
Idea generation
In this task I will be describing a potential business opportunity that will help a
business to set it up.
Pounch is a non-technical breakthrough idea, which is the ideas were taken from
somewhere because before it there was another company in the market name
“honey” which was launched in the market back 2012.Thediffeenceofthis company
and the honey I, this companies has result of 97% of having a right promo code
where as a other companies like Honey, student beans, unidays and much more are
wrong because they do take to update their self, most of the time the codes are
expired, and the consumers are unsatisfied. Where as in the pouch you just add ait
as a extensions in your browsers and start shopping, before you coming to checkout
and it starts generating the promo codes for the items you have in the cart.
Decision matrix
A decision matrix is a tool that helps you to weigh up the different factors that need
to be considered before taking a micro- business from the initial ideas stage into
something that you can use to work on and then develop into a serious proposition
and, ultimately, into a business plan. Moreover when a person tries to start the
business based on their knowledge, the first few questions that comes on their mind
,is what business, what product, does is have demands for it in the market, how much
it will cost, how much space it will take me, how much time it will consume me, all
this questions are made before choosing a product or a business which is called
decision matrix. As a example if a person tries to open a restaurant business, he
need to know what type of restaurant does he need to open.
Business activity
Primary
Primary resources are coming from natural resources that comes from naturally, and
businesses working with them such as a salt mineraling or farming. Primary sector
business normally works with a earth’s natural resources. Such as a BP.
Secondary
The secondary sector of business normally works with a manufacturing and
construction site. The secondary sectors business normally produces goods from
natural product within first sector. As a example of creating of Automobile
production, textiles and much more such as a Nike or H&M they base their factories
in 3rd world country and company produce their goods from their from the raw
material.
Tertiary
, The tertiary sector business sells products or services created by the primary and
secondary sectors directly to the consumers. This business is normally really on
interactions with a customer who is usually the end user. Such as insurance, travel
agents, restaurants, health care services. Such as an Admiral, restaurant workers or
NHS.
Business process ;
It is important to be aware of the process that is involved in a specific business,
these are manufacturing outsourcing, sourcing and channels to the market.
Manufacturing
Manufacturing happens when a machine or a human being transforms a raw
material or readymade material or parts into a final product. People are hired to
maintain the necessities of the machinery. As an example in the milk factory the milk
is not touched by humans by many years now, everything is done by robots and to
keep everything clean and without being in touch of virus or microbes, all done by
robots from cow to milk packets
Outsourcing
Outsourcing is a company importing or having contracts with other companies to
make parts or services which in the end could be used to make a main product or
final product. Instead of them making it. As a example, Apple uses Samsung’s
camera, or AA that has a big network with several garages as a example in the
accident case they contact the local garage and send the damaged car and e it to
the customer and in return the garage earns some amount of commission.
Sourcing
Every firm must do some sort of sourcing, where they look for and evaluate the
goods they require to function. Even if a company plans to produce its own items, it
still has to get the raw materials required to create those products. A designated
department, such as purchasing, is likely to handle sourcing in a large organization,
although the owner or a senior manager may do it in a smaller one. Many other
methods of sourcing may be used, from internet research to traveling abroad to
physically view, touch, or use the items before deciding to buy. As a result, this has a
