“How to Launch Your Entrepreneurial Venture.”
Innovating kindergarten showcases with real-time monitoring applications.
Introduction
Entrepreneurial venture: business ideas are the foundation of any successful enterprise. A business idea for kindergarten at universities and colleges that features real-time monitoring applications for parents to monitor and watch their kids through Android and Apple (IOS) smartphones. This idea will be presented and applied through structure and approach.
Any business needs a structure and approach to apply the idea and see if it has the potential for success in practice.
Structure and Approach
1. Competition Chain Model Structure
The competition chain model is a framework and structure for analyzing the competitive landscape of a particular industry.
It consists of four stages:
- Attraction: This is where potential customers are first introduced to the business idea.
- Commitment: This is when potential customers become committed to the business idea and decide to purchase the product or service.
- Launch: This is where the business is launched, with the product or service made available to customers.
- Sustain: This is where the business must sustain itself by attracting and retaining customers.
Applying the business idea to the competitive chain framework:
- Attraction: The business idea will attract working mothers and others because it allows them to pursue their educational goals while having their children close and monitored.
- Commitment: The business idea will generate commitment from working mothers and others because it would save them time and effort.
- Launch: The business would be launched at universities and colleges.
- Sustain: The business could be sustained by charging parents and others a monthly fee for the kindergarten service and app monitor.
The kindergarten for kids and babies at universities and colleges business idea has the potential to be successful at each stage of the competition chain model.
2. Strategy Using the Market Research Process and Approach
The market research process is a systematic approach to collecting and analyzing data about the market. It can assess the market potential for a new business idea, identify target customers, and develop marketing strategies.
The steps of the market research process are:
- Define the problem or opportunity: In this case, the problem is working mothers and others who want to continue their education. Those customers often have difficulty finding affordable and convenient childcare with the feature of an app monitor.
- Collect data: This can be done through primary research (e.g., surveys, interviews, focus groups) or secondary research (e.g., industry reports, government data, etc.).
- Analyze the data: Once the data has been collected, it’s analyzed to identify trends and patterns. This can be done using statistical analysis or qualitative analysis.
- Develop recommendations: The final step is to develop recommendations based on the market research findings to inform business decisions, such as product or service development, pricing, and marketing strategies.
3. Marketing Mix: Approach and Strategy
The marketing mix is a set of four variables. Businesses can use this approach and strategy to market their products or services. The variables are product, price, place, and promotion.
Applying the Marketing Mix
The product is a kindergarten service. The price is set to be competitive with other kindergartens in the area. The place would be the university or college campuses. The promotion would focus on reaching out to working mothers and others to inform them about the new kindergarten service, both online and on social media.
4. Information Pyramid Structure
The information pyramid is a framework structure for evaluating the success of a business idea. It consists of four levels:
1. The sales level measures the total revenue generated.
2. The profitability level measures the profit generated.
3. The market share level measures the percentage of the market that the business controls.
4. The customer satisfaction level measures how happy customers are with the business.
Applying The Information Pyramid
The kindergarten for kids and babies at universities and colleges business idea has the potential to be successful at each level of the information pyramid:
- The business could generate significant sales by charging parents and others a monthly fee for the kindergarten service and using the app.
- The business could be very profitable because the fixed costs would be low, such as rent, salaries, app purchase expenses, etc.
- The percentage level of market share can be high because of the location of universities and colleges and the high demand for childcare services among working mothers and others who want to continue their education.
- Customers should be satisfied with the business because it will provide and add value, such as saving time and effort.
Ending
In closing, business ideas must be clear, concise, and powerful to attract, convince, and motivate people with different interests. Also, success doesn’t just depend on a groundbreaking idea. It demands a structured and comprehensive approach to examining internal and external factors in practice and a practical manner.
Note: This structure and approach can be applied to any business idea.
- If you have any comments or feedback, please write them. I will be happy to receive them at any time.
- Please clap more than once, highlight, share, and subscribe if you like the article.
- Happy day or night to you all!
