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Constructing Effective Business
Order Instructions:
1. Select a product or service for this assignment in which you believe your organization should invest capital resources to develop for sale in a global environment. 2. Review Ch. 4 of Business Communication Essentials. 3. Create a Microsoft® Word analysis of no more than 1000 words that includes the following: A. Describe the product or service, including its main characteristics. B. Why do you believe this product is worthwhile? C. A profile of your audience/s. Why are these audience/s important? How different would you approach each audience? D. Explain how you would establish credibility. 4. Explain why you selected the channel. 5. Select the appropriate channel for delivering your message based on context, audience, and purpose.
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Constructing Effective Business
For this assignment, the selection of a product that should sell in the global marketplace is critical. The product should be one that the organization is willing to spend capital resources on for it to develop as a global brand. This paper will look into the characteristics of the chosen product and explain why it is worthwhile. In addition, a profile of the various audiences, their importance, and the different approaches are outlined, as well as an explanation on establishing credibility and the rationale behind the selection of a suitable channel for business communications.
A description of the main characteristics of the product
The product of choice that will be developed by the organization is an environmentally friendly bag. The bag is reusable as opposed to the single-use alternatives used in most retail stores and homes today. This eco-friendly bag will be produced in several shapes and sizes and targets to replace the single-use plastic bags. The bag has a special feature where it completely decomposes down in ten days.
Once thrown into a pit, which is the recommended method of disposal, the bag should be watered and covered with earth, and the decay process begins. The bag is made from natural materials that are interwoven to create a strong fabric. This strength enables users to carry heavy loads without the bag ripping apart.
Why the product is worthwhile
The proposed product is important not only to the firm but also to the society. The eco-friendly bag is a worthwhile project for the organization to invest in due to the effect it would have on the environment. The replacement of plastic carrier bags and especially the single-use plastic bags should help reduce the levels of environmental pollution caused by the polythene bags that are currently in use around the world (Bucher, Drake-Brockman, Kasterine, & Sugathan, 2014).
In addition, once the user has the ability to use the bags for multiple tasks over the lifetime of the eco-friendly bag. Once the environmentally friendly bag completes its usefulness, it is buried and becomes beneficial as a form of organic manure. This should lead to a reduction of the over-dependence on various types of fertilizers on enriching the soil.
A profile of the audiences
The communication messages targeting the proposed environmental friendly bag has a number of audiences. The profile of the product’s audience is composed of governments and government agencies, retail stores, and individual users.
Why the audiences are important
The three identified audiences are important for various reasons. Firstly, the three audiences are direct and indirect users of the plastic bags that the eco-friendly alternative aims to replace. Second, the environmental impact of the garbage caused by the single-use polythene bags affects all three, as do the costs of environmental maintenance. A third reason is that the three groups are important beneficiaries of the better agricultural practices boosted by the use of the bags as manure after they are disposed of. The three groups are the target customers of the proposed product and, therefore, the audiences of the business communication.
Constructing Effective Business
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Hospice Nurse Transition
Business Plan
Executive Summary
Transitioning from a student into a professional practitioner is a difficult experience for most people. However, the transition experience is especially difficult for graduate nurses who are ushered into a demanding work environment. Most new nurses are shocked at the sheer contrast between student life and work. Just a few weeks after employment, Graduate nurses are expected to take up serious responsibilities including patient care and supervisory duties. This business plan sets out to bridge the gap in knowledge about self-care strategies that NGNs can use as they transition to hospice.
Business Plan-Transitioning Nurses into Hospice
1.0 Preliminary
1.1 Objectives
The business plan aims to educate the nurses that are transitioning into hospice on how to identify, explore, and improve our health and self-care practices. The plan will also help teams to evaluate risks for burnout and compassion fatigue, and learn more effective strategies for work and home-life balance. The self-management transition plan hopes to decrease attrition rates to zero in the next six months.
1.2 Philosophy Background
Hospice can be defined as a model of care formulated to afford comfy, and support to the patient as well as families especially when a life-limiting malady does not react to remedial prescriptions. The philosophywas startedin 1960 by Dr. Cicely Saunders, a British physician. The phrase “hospice” comes from the Latin word “hospital” that implies guesthouse. Today there are more than 4,100 hospice programs that offer this specialized care to patients.
1.3 Problem Statement
While the demands for hospice service are greater than the resources, it leads to nurses being put into the field to care for these patients too soon. However, experience demonstrates that nurses who transition into hospice are thoroughly orientated and trained on how to care for dying patients. In short, nurses tend to care deeply for others, at their peril. The underlying cause is that the nursing orientation and training lacks on self-care and time management, which ultimately results in compassion fatigue and high attrition for nurses in hospice. There is, however, there is a need to equip hospice transitioning NGNs’ with “Self-Management skills to decrease compassion fatigue and attrition rates.
2.0 Situation on the Ground
The Georgetown Hospice office is growing at a rapid rate in their patient census and so is the attrition rate with the nurses. This situation forces the current nurses to take on larger caseloads and more on call. Nurses are being hired, but most are new to the field of hospice, which requires some extra training. Often this training and orientation are not completed, due to the need of the new nurse in the field to help with patient coverage (Casey et al.2004).
The incomplete orientation can cause nurses to feel unsupported, inadequate and insecure. These feelings and emotions without the necessary skills or training on self-management lead to burnout, compassion fatigue and high attrition. Developing this self-management project will, in turn, help this office and company as a whole by saving the cost of new hires.
3.0 Critical Assumptions and Constraints
The Georgetown Hospice Leadership Team has all agreed that this self-management project will be essential to manage the growth of the office (Dyess & Sherman, 2009). The Leadership Team believes this project will build up the moral and confidence in the nurses. Decrease the amount of physical, psychological and emotional exhaustion felt by the nurses (Scott, Engelke & Swanson, 2008).
Predict the risk of compassion fatigue and give the tools to be successful in the field. This project will require collaboration and feedback between the Executive Director, Quality Manager, Manager of Clinical Practice and the RN Case managers. Some constraints are:
Conflicts in the nurses schedules- not all be able to meet at the same time
Inadequate nursing coverage- high patient to nurse ratio
Poor communication- limited feedback
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4.0 Key Success Factors
Educate the staff on coping strategies for facing death with assigned patients.
Encourage effective communication between managers and staff.
Schedule RN Case-mangers with sensible ratios that will allow the nurse to spend adequate time with patients to build rapport.
Incorporate burn-out prevention strategies in every monthly nursing meeting.
Team building to show the nurses a sense of belonging.
Teach Nurses to safeguard their boundaries.
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5.0 NGNs’ Experiences
Nurses experience difficulties when transitioning from student to practicing Registered Nurses. NGNs initially find the role of practicing nurse extremely stressing and challenging. However, role stress decrease as NGNs gain confidence, obtain clinical support and develop competence (Duchscher & Cowin, 2004).NGNs describe the transition as a difficult time filled with feeling or incompetence, fear of physicians, an overwhelming sense of responsibility, and difficulties in prioritizing, organizing or delegating tasks.
Approximately 30% of NGNs quit their first nursing jobs within the first year of employment. In just two years, 57% had moved from their first jobs (Duchscher & Cowin, 2004). The high nurse turnover hinders work productivity, quality patient outcomes and the morale of the staff. Moreover, high turnover means healthcare organization have to incur the cost of rehiring and retraining new nurses to take the roles of those who leave.
While training more nurses may solve the nurse shortage problem, the problem of deficient patient care and supportive work environment needs to be handled to smooth the nurse transition. However, NGNs are not satisfied with their working environment as they complain about the lack of a consistent preceptor, struggles with authority, a feeling of being undervalued, and workload issues (Delaney, 2003). There are high burnout rates among new nurses.
The nurse also complains about the lack of support, limited access to resources and opportunities as their main barrier to productivity at the transition phase. However, the job satisfaction outcomes of NGNs improve significantly after the first 18 months of practice. Nurses start to enjoy their work once they can organize their time, prioritize tasks, access resource, understand job expectation, and were made aware of the availability of professional development opportunities.
The transition is a stressing time for graduate nurses. NGNs’ confidence is initially low as they are unsure about the experience and knowledge; they also fear the interaction with patients as they feel they will not be able to understand their issues. NGNs are also worried about acting autonomously and deciding when it is necessary to call physicians (Twibell et al. 2012). Therefore, this business plan will demonstrate how to boost NGNs confidence and ability to make informed decisions about service delivery.
6.0 Management Summary
Key stakeholders for the project has been identified and interviewed to obtained and assess their requirements/needs, as well as input for successful implementation. Key stakeholders include Executive Director; Jackie Williams, Quality Manager; Anna Hamilton, Manager of Clinical Practice; Aneko Jackson and Manager of Clinical Practice Tracy Sudduth. All requirements were obtained, reviewed, prioritized, and approved by the project sponsor and team members(Bowles & Candela, 2005). Key Stakeholders, Executive Director; Jackie Williams, Quality Manager; Anna Hamilton, and Manager of Clinical Practice Tracy Sudduth, will be updated on a weekly basis in person or via telephone regarding the progress of the business plan.
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7.0 Strategy and Implementation
7.1 Strategies
7.1.2 Control
Many NGNs are concerned about the control or autonomy of their new roles as practicing nurses. In addition, they complain that being responsible and accountable to patients was stressing. Student nurse roles are inadequate in equipping NGNs for the responsibilities awaiting them in practice. Patient care decision and outcome responsibilities often overwhelm new nurses (Romyn et al.2009).
However, the reactions of the NGNs vary as some embrace the new responsibilities, but most report a feeling of being overwhelmed. Control is a double-edged sword in the transition period. For nurses who embrace responsibility and accountability easily, it is exhilarating and exciting. In contrast, control brings about a feeling of anxiety for nurses who are unprepared for the new responsibilities.
NGNs may also suffer disorientation and poor sense of control as a result of unfamiliarity with the practice environment. NGNs are surprised when they realize that the practice environment is significantly different from the school context (Chang & Hancock, 2003). NGNs can experience as a result of the uncertain expectation of the new role which gives rise to role ambiguity.
7.1.3 Support
Support by supervisors or coworkers plays a significant role in easing the NGN transition process. Often NGNs expend much effort in trying to familiarize themselves with existing workers in their healthcare setting. Moreover, NGNs are in need the support of other members of the multidisciplinary team. The majority of NGNs report that there are adequately supported by preceptors and colleagues, which makes them part of the team (Cho, Laschinger & Wong, 2006).
However, the new nurse cannot challenge established ways of doing things as they lack the necessary support. Nurses also need support from family and friends outside the workplace. In fact, nurse reports that they perform better when they receive external support.
Some of the interventions to support NGNs include teaching nurses to self-manage the transition by performing recommended self-care practices. The use of internship programs and preceptor pairing to expose the nurse to the “real world” before commencing practice is also effective (Halfer & Graf, 2006). Nonetheless, NGN transition research lacks anadequate measure of interventions to support the process.
7.1.4 Self-efficacy
NGNs feel incompetent and inadequate as they begin practicing as nurses. Many new nurses report feeling as if they do not possess the necessary skills or knowledge to work as RNs. NGNs also greatly double their clinical competence as they lack the basis, unlike experienced healthcare workers. Furthermore, NGNs feel that their inadequate knowledge was a severe limitation (Edwards et al, 2015). However, NGNs have a higher self-efficacy and confidence scores as they continue to gain clinical experience.
7.2 Implementation
There are three options considered in the development of this Self- Management Project.
1. Weekend training carried out once a month that would only focus on the well-being of the RN Case Managers (other disciplinary team members would also be welcomed). This time, would allow the nurses to reflect on challenges and solutions as a team (Pellico, Brewer & Kovner, 2009).
2. Develop a month long structured orientation that includes a week of orientation that is dedicated to healthy coping mechanisms in the field of hospice.
3. Incorporate the self- management education in the monthly nursing meetings and encourage a brief self-evaluation on current feelings and emotions weekly during IDG meetings.
After discussing all three options with the sponsors, option 3 was the most feasible and would not change the budget since these meetings are already included in the budget during the nurses normal work hours. Option one sounds good, but it defeats the purpose which is self-management; we want our nurses happy, we want them to relax when they are off and enjoy with their families.
This also increases the budget for extra overtime (Waite, 2004). A month-longorientation forces our veteran nurses to work that much longer with the high patient to nurse ratios. High ratios are very stressful to these nurses. We want our nurses to enjoy their employment with the company and allow them the opportunity to give quality care to patients.
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8.0 Financial Plan
8.1 Budget Estimate and Financial Analysis
The cost of this project is no added cost to the budget since the sponsors have requested that execution of this project is incorporatedinto the standard meetings.
8.2 Schedule Estimate
The Georgetown office has determined this is a critical need, due to the rapid growth in the census; therefore, the projection is to be completed by May 1, 2016. A time estimate has been provided to the project sponsors, and will be the responsibility of the Project Champion, to ensure the expected completion date is obtained.
9.0 Conclusion
The nursing career has a plethora of challenges especially for NGNs, who complain of limited orientation, disorientation, feelings of confusion and loss, overwhelming responsibility as the primary barriers to successful transitions. The difficulties of the NGNs transition to practice are further complicated by other changes in their life. The truth is that the new nurse transition face is fraught with difficult, and there is a need for support and self-management strategies to handle the stresses of this phase of a nurse’s career.
This care plan hinted about training to help fix anomaly. Formal classes; evidence-based practice, and guidance and mentoring as crucial precepts of nursing practice. As such, all medical care should be involved in presenting, the presence of a designated preceptor and rewards for those who successfully carry out the preceptor’s role. Again, extended residencies and structured orientation to support the NGN transition may improve job satisfaction and reduce the high nurse turnover.
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Casey, K., Fink, R. R., Krugman, A. M., & Propst, F. J. (2004). The graduate nurse experience. Journal of Nursing Administration, 34(6), 303-311.
Chang, E., & Hancock, K. (2003). Role stress and role ambiguity in new nursing graduates in Australia. Nursing & health sciences, 5(2), 155-163.
Cho, J., Laschinger, H., & Wong, C. (2006). Workplace empowerment, work engagement and organizational commitment of the new graduate nurses. Nursing Leadership, 19(3), 43Y60.
Delaney, C. (2003). Walking a fine line: Graduate nurses’ transition experiences during orientation. Journal of Nursing Education, 42(10), 437-443.
Duchscher, J. E. B., & Cowin, L. S. (2004). The experience of marginalization in new nursing graduates. Nursing Outlook, 52(6), 289-296.
Dyess, S. M., & Sherman, R. O. (2009). The first year of practice: New graduate nurses’ transition and learning needs. The Journal of Continuing Education in Nursing, 40(9), 403-410.
Edwards, D., Hawker, C., Carrier, J., & Rees, C. (2015). A systematic review of the effectiveness of strategies and interventions to improve the transition from student to newly qualified nurse.International journal of nursing studies, 52(7), 1254-1268.
Halfer, D., & Graf, E. (2006). Graduate nurse perceptions of the work experience. Nursing Economics, 24(3), 150.
Pellico, L. H., Brewer, C. S., & Kovner, C. T. (2009). What newly licensed registered nurses have to say about their first experiences.Nursing outlook, 57(4), 194-203.
Romyn, D. M., Linton, N., Giblin, C., Hendrickson, B., Houger Limacher, L., Murray, C. & Weidner, A. (2009). Successful transition of the new graduate nurse. International Journal of Nursing Education Scholarship, 6(1).
Twibell, R., St Pierre, J., Johnson, D., Barton, D., Davis, C., Kidd, M., & Rook, G. (2012). Tripping over the welcome mat: Why new nurses don’t stay and what the evidence says we can do about it. American Nurse Today, 7(6), 357-365.
Waite, R. (2004). Psychiatric nurses: Transitioning from student to advance beginner RN. Journal of the American Psychiatric Nurses Association, 10(4), 173-180.
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Infinity Solar-Powered E-Bike Business Plan
EXECUTIVE SUMMARY
The Infinity Solar-powered E-Bike is an innovative bicycle technology that allows users to enjoy a manual ride and experience an electric bike at the same time. While there are many varieties of e-bikes in the market, the Infinity bike is an exceptional model in that it is not only solar powered but it also has an electronic motor control, such that the rider can switch between three modes of propulsion.
Besides this, the bike comes with a speedometer, which helps the rider determine the speed at which they are riding. The Infinity solar-powered e-bike is bound to attract major fandom based on its unique features which make it ideal for protecting riders from knee and back injuries.
The Infinity solar-powered bike targets three customer segments: adventure riders, people seeking cheaper transport alternatives, and employees and students who commute regularly. To reach the customers, the company will utilize digital media and social media marketing. These methods are capable of effectively promoting the bike to the selected group.
To successfully implement this lucrative idea, a considerable amount of resources is required, including set up expenses, equipment and material, staff and marketing. The amount available to the owner is however limited, hence the need to seek funding. This business plan details information that may be necessary in informing the bank’s decision to fund the business. If successful, this will be the beginning of a highly rewarding business venture.
Introduction
As the world increasingly embraces ‘green energy’ to reduce the impact of global warming and natural resource depletion, valuable innovations have emerged in the market, with solar energy being described as one of the most sustainable sources of energy. Solar energy has been successfully used in lighting houses, water heating running machines and equipment and most recently for the solar-powered cars. In the same bearing, the motivation to build a solar E-Bike resulted from observing the endless possibilities that can be achieved using solar energy.
This is a form of energy that is not only freely available but cannot be depleted like other natural resources. This means that it will offer continuity while providing cheap energy to power the E-Bike. While the idea of the solar E-Bike is highly feasible based on research and projected benefit to individuals and the environment, the execution remains an enigma, partly due to the need for financial resources necessary to begin production.
This business plan details the major concepts behind the solar-powered E-Bike and the commercial viability of the venture. Through this business plan, it will be possible for the bank to understand the motivation behind this business venture and how the finances obtained will be used in setting up an exceptional idea that will influence future generations.
Business Plan
Business Name and Address
Name: Infinity Solar-Powered E-Bikes
Address: .,,.,,.,.,.,..,.
Proprietor’s Name and Address
Name: Jiachen Bonnie ZHANG
Address: ………………………
Business Form
This business is a sole proprietorship run and managed by the business owner.
Business Activity
Infinity Solar E-Bike is the newest innovation in the market, featuring a bicycle that has an integrated electric motor and a solar panel which can be used for propulsion. The unique bike comes with a direct charging system that allows the user to charge the bike from a power socket and a solar panel that feeds solar energy into a battery. This power bike allow the user to not only take a manual ride but also use the electric motor control and solar motor control to propel the bike, thus increasing comfort and offering flexibility. The bicycle has an electronic display on the handlebar that shows the speed and battery level at any time.
An additional feature that makes the Infinity E-Bike attractive is the fact that it is a portable and foldable bike. This makes it suitable for expeditions and long-distance adventures since they can be easily transported in a motor vehicle and retrieved when needed. The flexibility of the bike also allows users to carry it around when taking public transport and then unfolding it for use in navigating areas that are not covered by public transport. It is therefore very versatile and convenient.
Aims of the business
The solar E-bike was developed with the aim of providing users with a superior experience from ordinary bikes. The solar bike provides a cheaper option than driving a car, given that it can effectively run on solar power, requires to gas or insurance. The E-bike targets people who are working and constantly endure long hours of traffic during rush hour. With this bike, users can make it to work in good time.
The bike is designed to increase user comfort. Compared to the traditional bicycle, the Infinity E-Bike is friendlier to knees and joints, thus minimizing discomfort and chances of injury. The Infinity solar-powered e-bike provides a more upright seating position and this plays an imperative role in reducing back and neck pain. The ride is also in a position to watch for obstacles and cars more easily, thus reducing risk of accident. The e-bike does not get hot when riding uphill and riding in the wind is no longer a challenge.
The e-bike also comes with a security feature aimed at protecting the bike from theft. The e-bike requires a key to operate is heavier to move, hence making it harder to move than traditional bikes.
Objectives
To reach 5000 customers within the first three months of operation
To achieve $2,640,000 in sales in the first year of operation
Market size and growth
The idea of a solar-powered bicycle is relatively new and has not been optimally explored. However, as solar panels become increasingly portable and affordable, competition is expected to rise significantly, thus saturating the market. Solar bikes first came into existence in the 1980s but their bulky nature which consisted of a trailer to carry the solar panels negatively affected their popularity. Currently, solar powered bikes are sleeker and less bulky.
The manufacture of solar powered e-bikes is still on small scale and not commercially exploited, with innovations mostly consisting of individual creations and custom-made orders. This is associated with high manufacturing costs and low adoption by potential users. The same applies for electric-powered bikes, which have continued to gain in recent years.
Competition analysis
Competitors
Name
Developer
Strengths
Weaknesses
eZee
NYCeWheels
-Electric bike – Popular brand -Folding varieties -In the process of developing solar-powered bikes -Financial strength-Superior power in all terrains
– Expensive to use -Better variety emerging in the market – Bulky
ELF
Organic Transit
-Bicycle-car hybrid -Roofed -Stable and can be used by non-riders (Has 3 wheels) -No gas required, runs on solar energy
– Lacks flexibility for use as a bike due to its size -Designed for smooth roads -Cannot navigate small spaces like a normal bike
Solarbike
Jesper Frausig, Germany
-Sleek design -Solar panels on wheels saves on space Both manual and electric -Light and portable – full battery could propel the user for over 40 miles and go up to a speed of 30mph.
– Still in product development stage -No backup source of energy, only solar
Infinity solar-powered E-Bike
Strengths
Weaknesses
-Sleek design -Foldable -Speed reader -Solar and electric power -three riding modes -Cheap -No need for gar/insurance -High chair for easy survey of surroundings and traffic -Does not heat up when going uphill
-Heavy -New in the market hence no customer base -Not yet tested by customers on the ground -Lacks funding for development
Competitive Advantages
The Infinity Solar-Powered E-bike is designed in such a way that it seeks to provide great value for cyclists, by offering them three power modes. The user can choose to either ride manually or switch between solar and electric modes. This provides backup power and the rider is not likely to get stranded, such as when there is no sunlight. The bike provides a solution for people who want to enjoy a bicycle ride but may not desire the physical intensity involved in manual riding. Furthermore, the bicycle offers a cheap alternative to vehicle transport since it does not require the use of gas. The e-bike is of high quality and is expected to serve users in an effective manner while providing value for money.
Proposed Customers
Selecting a target market ensures that the company can design products that are tailored towards satisfying their customers (Chuwiruch, N, Jhundra-Indra and Boonlua, 2015). Proposed customer identification also ensures targeted marketing, thus enhancing efficiency (Johnson et al, 2014). The Infinity solar e-bike will target three types of customers:
Adventure riders: The e-bike is designed in such a way that it can overcome tough terrains and uphill riding. It is therefore perfect for people who ride for fun or adventure.
Individuals seeking cheap transport alternatives: The price of gas is highly volatile and maintenance of cars can be quite expensive. Public transport also has its limitations in terms of costs and convenience. The solar e-bike takes care of this by providing a cheap alternative that is also convenient.
Employees and students: This group of customers consists of individuals who must either go to school or to work every day; often spending significant amount of time in traffic. The e-bike promises to reduce the time taken to get to work by a great percentage, thus enhancing convenience. Furthermore, the e-bike is useful for traversing areas where public transport is unavailable instead of walking.
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Marketing Strategy
Marketing strategy denotes the approaches taken in ensuring that the company’s products attract demand and that they can effectively compete with others in the market (Chuwiruch, Jhundra-Indra and Boonlua, 2015). A well-structured marketing strategy will assure high sales and profitability for the company. In reference to the marketing mix, the Infinity Solar-powered E-Bike will design its marketing strategy based on the following aspects.
Product
The Infinity solar e-bike aims at providing the highest level of customer satisfaction. This will be attained through producing quality products that are long-lasting, made possible through investing in high technology machines and quality input materials (Najmaei, 2014). To ensure maximum customer satisfaction, the e-bike will be made to accomplish all the positive features described. A return policy will be put in place, such that customers can return any faulty bike.
People
At infinity, the guiding principle will be to provide customers with the best quality e-bike and the best customer service possible, with the objective of turning them into loyal customers. Customer needs will be given first priority and every employee will be required to possess customer care skills and product knowledge necessary to provide effective feedback to customers. As noted by Valick, A. & Benavides (2011), responding to customer queries is not only a responsibility of customer care representatives and marketers but a common duty for all company staff; hence the need to familiarize with all product aspects.
Price
Price is a direct determinant of demand and the company must therefore set a price that is attractive for the customer while allowing a reasonable profit margin (Davari and Strutton, 2014). The pricing policy at Infinity will be to provide e-bikes at a reasonably low price. Due to the uniqueness of the brand, the bike will not be the lowest priced but it will be lowly priced for a product of its caliber. All e-bikes will be sold at the same price even where distributors and re-sellers are involved. This will enhance uniformity in price and hence create consistency. The cost for one solar-powered e-bike will be set at $1,100 per piece.
Promotion
This refers to the method of communication to targeted customers. This must be designed to appeal to the target market so that it can be effective in attracting customers (Davari and Strutton, 2014). Infinity solar-powered e-bikes will be advertised through digital media such as television and social media. Digital media is preferred due to its ability to show motion and hence give customers an idea of how the bike works instead of placing a still picture advertisement on print media (Kotler and Armstrong, 2015).
Social media is bound to be effective because the targeted market spends a significant proportion of their time on social media (Kumar, et al, 2016). Through videos and post shares, the company will ensure that the e-bike is advertised to target customers.
Place
The need to ensure that the customers can access the product easily calls for the creation of an effective supply chain (Kirovska, Josifovska and Kiselicki, 2016; Ashby, Leat and Hudson-Smith, 2012). In essence the company must ensure that the e-bike is accessible for potential customers through considering various channels of distribution including direct sales, franchising, wholesalers and retailers (Chelliah, et al, 2013). To begin with, the Infinity solar e-bike will be available in the United Kingdombefore expanding the company’s presence in other regions. The bike will be available in leading sports stores, supermarkets and individual retail stores besides direct sales from the factory.
Equipment
Effective production of solar-powered e-bikes will require the following equipment:
Equipment
Cost
Fork fixture
$1,675
Frame building tool
$4,100
Grinders
$300
Mill
$234
Lathe
$1500
Files
$150
Vacuum cleaners
$350
Bicycle assembly machine
$4500
Rim making machine
$7,000
Tube benders
$3000
Handlebar machines
$10,000
Welders
$6,500
Grinding and polishing machines
$13,000
End-forming machines
$9,500
The number of equipment and costs involved may initially be too high for the start-up company to afford. Accordingly, some of the equipment required will be leased for the first one year.
Key people and job functions
Financial Highlights
Forecast Profit and Loss Account
Infinity Solar-Powered E-Bike
Profit and Loss Account
For Period between August 2016 to July 2017
Sales
$2,640,000 (A)
Less variable costs
Materials
$550,000
Direct wages
$40,000
Transport
$230,000
Miscellaneous
$160,000
Total variable costs
$980,000
Gross profit
$1,660,000 (B)
Less Fixed costs
Salaries and wages
$150,000
Rent
$120,000
Equipment lease
$300,000
Electricity
$60,000
Telephone costs
$170,000
Advertising
$250,000
Insurance
$24,000
License renewal
$2,000
Taxes
$230,000
Depreciation
$5,000
Other costs
$3,000
Total fixed costs
$1,164,000 (C)
Net profit
$496,000
Break-even point
(A) x (C)
(B)
= 1,851180 units
Cash flow Forecast
Month
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
SALES
Volume
3
5
5
10
15
20
25
27
30
32
33
35
Value
33,000
55,000
55,000
110,000
165,000
220,000
275,000
297,000
330,000
352,000
363,000
385,000
RECEIPTS
Sales – Cash
33,000
55,000
55,000
110,000
165,000
220,000
275,000
297,000
330,000
352,000
363,000
385,000
Sales – Debtors
0
0
0
0
0
0
0
0
0
0
0
0
Capital Introduced
100,000
140,000
250,000
Grants, loans
250,000
Total (A)
383,000
195,000
55,000
110,000
165,000
470,000
275,000
297,000
330,000
352,000
363,000
385,000
PAYMENTS
Materials
85,000
40,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
Wages/Salaries
8,000
13,500
15,500
16,000
16,000
16,000
16,000
16,000
16,000
19,000
19,000
19,000
Rent
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
Equipment lease
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
Electricity
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
Telephone costs
25,000
22,000
19,000
14,000
13,000
11,000
11,000
11,000
11,000
11,000
11,000
11,000
Advertising
30,000
30,000
25,000
20,000
20,000
20,000
20,000
20,000
20,000
15,000
15,000
15,000
Insurance
24,000
0
0
0
0
0
0
0
0
0
0
0
License renewal
2,000
0
0
0
0
0
0
0
0
0
0
0
Taxes
0
0
0
0
0
0
0
0
0
0
0
230,000
Depreciation
0
0
0
0
0
0
0
0
0
0
0
5,000
Other costs
250
250
250
250
250
250
250
250
250
250
250
250
Capital Purchases
200,000
0
0
0
0
0
150,000
0
0
0
0
0
Loan repayments
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
Drawings/dividends
0
0
0
0
0
0
0
0
0
0
0
0
Total (B)
424,250
155,750
139,750
130,250
129,250
127,250
277,250
127,250
127,250
125,250
125,250
360,250
CASH BALANCES
Cash flow (A) – (B)
-41,250
39,250
-84,750
-20,250
35,750
342,750
-2,250
169,750
202,750
226,750
237,750
24,750
Opening balance
350,000
-41,250
-2,000
-86,750
-107,000
-71,250
271,500
269,250
439,000
641,750
868,500
1,106,250
Closing balance
-41,250
-2,000
-86,750
-107,000
-71,250
271,500
269,250
439,000
641,750
868,500
1,106,250
1,131,000
Approach to value creation
The process of value creation for the solar-powered bike business entails a five step process from when the product is developed, to when it achieves value creation.
The first step has mostly been accomplished, having developed the concept of the E-Bike and how it will operate. Gallego, Rubalcaba and Hipp (2013) present the case for innovation, stating that creating value is about presenting innovative products and services. The E-Bike presents a unique innovation which will allow users to use a E-Bike with three functions namely; manual ride, electric motor control and solar power motor control. Electronic display on the E-Bike allows the user to read speed and battery level; further demonstrating the level of innovation. The E-Bike, which is also foldable provides exceptional convenience.
The second step is demand creation, which basically includes marketing the E-bike to potential customers and convincing them to buy it. This will involve showing the value of the innovation and how it will impact their lives, affordability and durability of the E-bike (Lynch, 2012).
Once demand has been created and sales made, the next step is to convert buyers into loyal customers. This will be achieved through ensuring that the E-Bike meets their needs as expected during the marketing stage (Rath and Mousumi Singha, 2013).
Next is to enhance customer satisfaction through meeting their needs and addressing any concerns they may have regarding the E-Bike. At this level, the customers are likely to refer potential clients based on their level of satisfaction (Johnson et al, 2014).
The final step to value creation is to make customers part of the organization. By working with customers as partners, the company can seek ways to further improve the E-Bike’s performance and probably develop a new product that is more innovative (Grant, 2016). This step sets pace for the next value creation process.
Factors encouraging entrepreneurship
In life, every day is a learning process and a chance to become a better person. When I initially lost my job as a Digital Social Media company manager where I worked for six years, the next best thing would have been to seek employment elsewhere. However, I was inspired by a drive for independence and an opportunity to make a difference in the society, hence my decision to venture into business.
Moving to entrepreneurship depends on the kind of product one is dealing with and whether customers might be interested. Having observed that bicycles are widely used as a means of transport and recreation, I thought that users might be interested in a bike that offered them greater capabilities than just the manual ride. Internet searches revealed that solar power is the next energy frontier and the idea of an E-Bike appeared best suited to help me achieve my objective.
It is notable that the high level of instability in the country has impacted employment significantly. Job security is no longer assured and even where available, the level of remuneration is barely enough to sustain a favorable purchasing power. Entrepreneurship however opens endless possibilities, particularly when the product is innovative and appealing to customers. I therefore found it reasonable to increase my earning capacity through entrepreneurship, not only to improve my life but also contribute to national building through creating employment opportunities for others.
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Developing and appraising personal potential as an entrepreneur
As an entrepreneur, it is important to understand my competence and potential. In this regard, I will apply various techniques in developing and appraising personal potential as an entrepreneur. This will mostly include taking professional tests and self-assessments available online such as BDC Entrepreneurs First. The site provides a list of 50 questions on entrepreneurial attributes, motivation, attitudes and aptitudes which the user is expected to fill in.
Once completed, the site makes an analysis of the responses, which will then be used in determining entrepreneurial potential (BDC, 2016). Common professional assessment tools include Myers-Briggs Type Indicator, The Entrepreneur Equation, the StrengthsFinder, Teamability and FourSight Thinking Profile.
Functional skills appropriate to the management of SME
In the management of SMEs, certain functional skills are necessary to enhance performance and resilience in a competitive environment (Botha, Vuuren and Kunene, 2015). These skills include:
Finance management: SMEs must be in a position to manage their finances in order to stay afloat. The management must therefore be capable of managing cash flow, credit and have knowledge on financial reporting (Ayub, 2014).
Marketing: Being a small business, there is need for high level marketing to promote growth. Every contact with customers should be a chance to market the company (Goodman and Dingli, 2013). Functional skills also necessary include advertising and public relations.
Personal business skills: These include oral and written communication, computer skills, negotiation skills and organizational skills among others (Botha, Vuuren and Kunene, 2015).
Problem solving: The management of an SME should be capable of dealing with challenges and problems whenever they occur (Goodman and Dingli, 2013).
Dispute resolution: When working with a team, disputes and conflicts are also likely to emerge. The management should be in a position to resolve disputes amicably to enhance collaboration.
Conclusion
Infinity Solar-Power E-Bike presents an innovative product that is bound to change the face of solar e-bikes. The e-bike provides customers with a unique brand with flexible capabilities, demonstrated by its three function modes. This sets the bar higher because the rider can either use the manual, the electric motor control or the solar power motor control. The target customer group is expected to find the bike useful, both for navigation and fun expeditions.
As a cheap alternative to cars, the bike’s demand is expected to increase tremendously following its introduction. To enhance successful launch and sale of the product, various factors in the marketing mix are put into consideration to ensure that the product appeals to customers. The price of $1,100 is relatively cheap and the quality is excellent.
These characteristics coupled with effective promotional strategies, customer service and convenient access to the e-bikes will ensure that the company realizes adequate profits to make the business successful. The Solar E-Bike has great potential and at this juncture, the idea’s execution is only limited by unavailability of funds, hence the need to seek funding in the form of a business loan.
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