Creating an Idea
Project Stage #1: Creating an Idea – 50 points – This is where you start creating your idea for a business you would start. Read and answer each of the items listed here (1 through 6)
1. Think about what goods or services would improve your life or those of other(s). List examples:
i. Research paper editing
ii. Interior designing
iii. Dance instruction
v. Portable blender machine
vi. Laundry basket
vii. Yoga mat
2. Decide whether you’d like to provide a product or a service.
I would like to provide a service. The reason for choosing services over product is that offering free samples in the case of products will cost my company. The other reason is that services can be customized quickly unlike in the case of products. The cost incurred in the customization process of services is lower when compared to products.
3. Identify an opportunity with an existing industry.
There is a high demand for paper editing services in the educational service industry. This is because many learning institutions now require undergraduates to carry out several research studies before graduating. This also applies to those students undertaking their postgraduate studies
4. State your business idea or build upon an existing business or idea.
My business idea is research paper editing. My task as a business person will be assisting college students edit their research papers to eliminate all writing mistakes in the papers. The significance of removing the mistakes is that kit will enable the students earn high marks.
5. Look towards the future. What are industry trend(s)? Is there much growth potential? Why?
The educational service industry is currently growing and is expected to continue growing tremendously in the future. There is a high growth potential which is due to the increasing population in the country. The effect of the increasing population is that it will increase the demand for more schools and colleges. This means that there will be so many students doing researches. The anticipated high demand for research editing services is more likely to compel me to hire more experts to enable me satisfies the demand.
6. Conduct preliminary consumer research. Who would buy this product or service? Explain.
The people that will mainly buy my service are college students who will have finished writing their research proposals and reports. Students in these two categories will seek editing services to enable them eliminate any writing mistakes that they may have made when writing the reports or even the proposals. Many students are usually unable to recognize the mistakes that they have made in their writing. This is because they are usually not aware of grammatical rules. My company will hire experts in writing to enable the students deliver high quality papers.
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