Feasibility Analysis Of A New Innovative Product {type) To Use As A Writing Model

There is a need to understand the term entrepreneurship before starting a business. For that reason, it is good to comprehend the entrepreneurship concept. Various economists have varying definition regarding entrepreneurship. Each entrepreneur has a wide vision on how he can succeed in a certain niche, meaning that they try to be innovative and capture a market that has not been captured before, to present a unique product or service. For that matter, entrepreneurs enhance the economy of a country by stabilizing sales and this increase per capital income, thereby shooting the economic status of a country.
2.0 Feasibility Analysis of a New Innovative Product
There is a need to understand the term entrepreneurship before starting a business. For that reason, it is good to comprehend the entrepreneurship concept. Various economists have varying definition regarding entrepreneurship. However, each of them settles at the emphasis on something new. In that case, it can be either an innovative product or service. Entrepreneurship is one of the factors that are increasingly raising the standards of one country to the other no matter whether it is directly or in an indirect manner. Books and college courses are showing that there is increased interest in entrepreneurship in America.
An innovative product needs to be attractive, robust, and timely and adds a value to the end users. When an opportunity meets the above criteria, it becomes more of a chance than an idea. According to Kuratko (2009, P.79) finding, a gap in the markets serves as the best way of identifying an opportunity. However, thus does not mean that there are no other ways of identifying ideas. This arises where a product or a service serves a particular group of people where there is no enough market for them to get the product. Solving a problem and observing trends are some other ways of identifying opportunities. The paper aims to describe feasibility studies on an innovative service. Public kitchen is the innovative service in this case.
3.0 Elements of Self Analysis
There are many reasons why people want to become entrepreneurs. Pursuing one's ideas, financial reward rewards and being your boss are some of the primary reasons why people want to become entrepreneurs (Kuratko 2009, P.79). In our case, a feasibility study is a public kitchen that is an innovative service in the food sector. The opportunity was through identifying a gap in the market. In specific, the gap is around the universities market. However, for this opportunity to be long-lasting, there is a need to carry out a feasibility analysis. The report will help us to get the idea of how the business will operate and the chances of the firm survival regarding providing service and financial cash flows.
The analysis is about feasibility studies on the public kitchen. The target market is the New York University students. In assessing the viability of this business, there is a need to incorporate porters five forces, pestle analysis as well as the cash flow analysis. The success of this business will give room for improving I in future. On the other hand, in case the feasibility study shows that there is a mess somewhere, there is a need to fix it in the shortest time possible. I chose New York as the target market since I come from there. In that case, am familiar with New York education system than in any other state in the US. More so, my target market is college students in New York. Moreover, since I was a student in one of the colleges in New York, am familiar with most of the colleges as we interacted during festivals and athletics seasons. One day, we were to take my nephew to the State University of New York. During orientation, we were taken through some facilities in the college. I was shocked by the kitchen that the school uses to handle the vast number of the students in the university. The kitchen can handle around `15 cooks, yet the campus has many students. There was no public kitchen around. I enquired about the meals, and one of the students informed us that almost all students use three meals in two times to save time. For that reason, some are forced to order always take, or get food from canteens around the school. These canteens were not up to the standards, but since the students have no alternative, one has to crowd and buy something to eat.
3.1 New York market examination
New York economy is growing at a high rate. Therefore, there is increased demand for the task force in the state. However, most companies and industries require a working group with much experience. For that reason, there are many employment pressures. Regarding this, the New York has policies that enable fresh graduates to engage in business (Patzelt and Shepherd 2009, P.63). Being one of the newly graduated students therefore, I stand at an opportunity to start a self-employment through taking advantage of the policies. Fresh graduates are those why are two years and below since the graduation. These extraordinary measures include paying the registration fee in installments other than in full terms, free professional training, and financial grants through small loans. These actions save time and make the procedures cost effective. The New York government has many agents around the state, which make it easy for the fresh graduates to access the services.
3.2 New York food sector
4.0 Market Analysis
In the recent years, there have been changes in the consumer eating habits. These study from healthcare units. The results show that there are reduced the number of patients in the hospitals in the recent past. Therefore, this shows that in New York, people are concerned with their health status than in the past. The reduced number shows that most people are pursuing their healthy life through eating habits. Assumingly, these eating habits include taking three balanced meals, which have little fat, and pretty of fruits. In that case, launching the public kitchen will be a way of complementing and reinforcing a healthy lifestyle. Again, the university students have the opportunity to learn new cooking style in the public kitchen. Most of university students in New York have tight schedules in the school. After schools, the students have learning programs at either school or home, as everyone is busy reading to make sure that they pass their exams. For instance, State University of New York has the largest education system in New York (Neumark 2013, p 56). Therefore, you find that students have no time to learn some skills like cooking. Parents have no choice than to do some duties for them. Education mode, in this case, takes them off the opportunity to learn basic skills in life.
4.1 Technology Overview
Mobile phones, more so smartphones are widely used in New York. These devices use the idea of information technology. Therefore, notifying the public and the students at large is easy with the help of the social network. These sites include Facebook, Twitter, Pinterest amongst others. In the universities nowadays, almost every student has a mobile phone, and highest percentage use smartphones (Neumark 2013,p 82) Therefore, it becomes easy to use these sites to advertise our services and helping the students to book appointments with us. In these apps, we can upload our recipes that can help our esteemed customers to learn about our meals in a convenient manner. Advertising on such sites is an example of a win-win strategy.
5.0 Porter’s five forces analysis
Porter's forces include suppliers, new entrance, buyers, competition and rivalry (Porter 2008,p.90)Target market, in this case, is the students who almost have similar characteristics. For instance, all of them have a little income from their primary source of revenue is parents. Again, demographic factors include is that all have an education level. However, the nationalities differ which means that they are likely to have differing meals preferences.For instance, when considering psychographic part of it, African students schooling in the US may miss the food, which is not common in their localities. Again, the canteens around the school may not satisfy this need. Some people use their leisure time for various activities. They include dancing, drawing, amongst others. Therefore, some people can take cooking as part of their business during leisure time. Therefore, the public kitchen will serve as part of fulfilling their interest.
The primary competitor of the public kitchen is university canteen. Canteens offer meals to students at low cost. The reason is that universities get some money from the government as a subsidy. However, some advantages come along despite these challenges. Microwave and refrigerator are the main electrical appliances in public kitchen. In the case of labor, it is easy to get since students want a part time job to get cash. Again, the university schedule is that when some are in classes, others are out there. For that reason, this gives them an excellent opportunity to work with us. However, the fact that public kitchen is new in the market, some parents might be related to allowing their children to cook by themselves. Again, we are expecting that there will be other competitors in the market.
6.0 Cash flow analysis
We need a startup capital to launch public kitchen. The finances will be used to buy ovens, filters, mixer taps, and dishwasher amongst others. In the beginning, there will be no flow of cash since we want to advertise, pay workers and buying appliances. Since students will be off in summer season, there are expectations that the cash flow will fluctuate, as there are fewer students during this time. We shall cut down the cost to cater for the income fluctuation
7.0 Marketing plan
Marketing plan involves a product, place, price people, promotion, process and physical evidence (Cohen 2005, p. 49) The public kitchen will provide the customer with cooking space as long as one book early in advance. Regarding discounts, it will be based on how often the customer uses our facilities.It will be based in State University of new York where we are targeting school students. The price will vary depending on the hours they use in our premises. To increase popularity, we need to advertise our services on the social sites. There will be full time and part time workers who will report to the public kitchen manager. For the proper arrangement of the items to use in the cooking, customers are supposed to book in 30 minutes time. We shall use decorations from the best industries in the kitchen. Workers will have outfits that will distinguish them from other
8.0 Conclusion
The economy is growing a day after the other. Improving eating lifestyle is also among the development. Our public kitchen will offer an opportunity to students who require cooking as part of their life. We shall start the business in debts, and the season will affect it too. However, the income will be a little bit more than our estimated expenses. In that case, our public kitchen stands a feasible, innovative service.
9.0 References
Cohen, W.A., 2005. The marketing plan. John Wiley & Sons.
Kuratko, D.F., 2009. Introduction to entrepreneurship. Australia and the UK: South- Western.
Patzelt, H. and Shepherd, D.A., 2009. Strategic entrepreneurship at universities: Academic Entrepreneurs' assessment of policy programs. Entrepreneurship Theory and Practice, 33(1), pp.319-340.
Porter, M.E., 2008. The five competitive forces that shape strategy.
Neumark, D., 2013. New York City Named Number One In The World For Technology, Innovation And Entrepreneurship: Evidence from New York City. Economic Development Quarterly, p.0891242413490795.