Feasibility Analysis For Tech Village ✓ Solved

FEASIBILITY ANALYSIS FOR TECH VILLAGE

The Tech Village online business idea for smartphones and smartphone accessories at Riverdale is one that requires a critical analysis of the factors that are likely to affect its operations. These factors are key for they will make the business idea either viable, sustainable, profitable or on the contrary lead to wastage of time, resources like technology, human labor, and money. The critical analysis spans across looking at factors like the industry and the market, the product or service, the finances as well as the entrepreneurial readiness.

All business ideas must surpass a certain level of acceptance so that the correct implementations are started. For Tech Village, during this period of idea conception, if any of these items are not evaluated, the likelihood of the business kicking off will be close to zero.

Industry and Market Feasibility

The consumption of smartphones and their related accessories is increasing. Many manufacturers are coming up with superior gadgets that are meant to solve daily human technological needs. Thus as many companies come up with new models of smartphones, many consumers tend to go for trendy and fully loaded smartphones with great features.

Hence the supply of smartphones and the level of differentiation is so high that increased innovation will make companies produce unlimitedly.

Target Market Attractiveness

Smartphones are used in various ways, to communicate both in audio and video, social media, taking photos of beautiful and memorable moments, automating processes like security, educational purposes, and even as a store of wealth. The young market prefers to use phones for educational purposes as well as socializing purposes. Smartphones come in handy. The older generation prefers to use smartphones to automate processes like monitoring business operations, shopping, as well as entertainment.

Therefore the smartphone market is wide and insufficiently explored in Riverdale.

Product or Service Feasibility

Online shopping is the new norm. People are now turning to online shopping to enjoy a variety of products, convenience, and value for their money. With online shopping, customers can reach many suppliers virtually and identify which suppliers have the best product options and deals while on the same platform. Tech Village brings together many suppliers from the adjacent towns to sell on one platform.

During this time when most of the business operations for many consumers and companies are going virtual or online, so is shopping. Customers are preferring to shop from the comfort of their locations and have their orders delivered. This helps them minimize the chances of contacting covid-19. As the pandemic is breeding a new culture, starting this kind of venture or business model is a well-thought idea.

Financial Feasibility

The business idea does not require so much capital to be invested in. With the two partners starting the company, one is a systems developer and the second person is a business management graduate. This means that the online platform (Tech Village) is being developed in house by the tech-savvy partner as the second partner will be offering strategic business management know-how.

With their current contributions as reflected in their bank account balances, the company will be able to secure an operations office and pay for marketing expenses. Looking at other similar startups, on average the startups have been started with a seed capital of between $2000 and $5000. The startups have fully blown to capacity and are making profits from trading online.

This tells that with the correct investment plan, Tech Village has enough seed capital to operationalize and make profits.

Entrepreneurial Readiness

The founders of Tech Village are graduates who have worked for different companies at both managerial as well as software development and tech support levels. They have been through various seminars as well as forums that focused on infusing the entrepreneurial culture among youths. The partners have worked in many startups incubation hubs, participated in many entrepreneurship contests, and won many awards.

The best of their awards is when the duo won a seed capital funding of $35000.00. This seed capital is the one that is propelling the Tech Village idea to implementation. Looking at their entrepreneurial journey that has subjected the partners to greater professional and hands-on experiences, their ability to start the business is unmatched and they are suitable. They are ready and have put in place all their resources from finance, human labor, as well as technology.

Conclusion

Looking at the above factors for discussions, Riverdale forms the best suitable target market for smartphones and smartphone accessories. The online business model is gaining traction as many shoppers both youths and adults are turning to shop online. The choice of product is ideal as smartphones are now becoming a basic requirement in our daily livelihoods. In regards to finances, the proprietors have enough seed capital, the venture has already put in place partners to help in delivery operations making the affair even more affordable to run. With enough hands-on experience as well as professional qualifications, the partners will be able to handle the venture in a more profitable means as the business model when compared to similar ones, it is highly profitable, and the venture should be pursued.

References

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• GlobalData. (2022). Smartphone market trends report.
• Harvard Business Review. (2021). The importance of entrepreneurial readiness.
• Smith, J. A. (2022). Understanding consumer behavior in online shopping.