After the meeting of the Board of Directors, the Chairwoman of the Board calls you into her office. She offers you a cup of coffee and is impressed with the information that you presented in the meeting and your understanding of new ventures. She says:
“We’re ready to invest in a new generation of business leaders. There is so much talent arising from business schools, and the passion for entrepreneurism, innovation, and business excellence helps to build a strong economy. I’d like you to work with a multicultural team of entrepreneurs to develop a global small business.
You will need to prepare an executive business plan overview for the global small business for the Board of Directors, a brand logo, and a prospective commercial that could be used to advertise the global small business’s product or service. If the global small business idea is successful, the Board of Directors may approve startup funding of up to $1 million.”
Using the resources in the CTU Library, research entrepreneurism and small businesses, and create an executive business plan using this template that includes the following:
Company Information: The name and background of your global small business including founders, history, current number of employees, and location.
Mission Statement: The purpose of your global small business.
Product or Service: A description of the products or services that your global small business will offer.
Company Logo: An original creative graphic that identifies your company or brand.
Market: The market for your global small business, including regions served and competitors.
Advertising: Prepare a description of an original, creative commercial for the products or services offered; Include what advertising medium you would use (Social Media, TV, Radio, for example) and include the identified target audience
Financials: The projected operational financial needs for your organization and the potential investments needed.
Growth Potential: The projected financial and market growth of the company for the next 5 years.
Provide a reference list of up to 3 resources at the end of your project of the resources you have found in the CTU Library, and include in-text citations for the articles in APA format.
The name of the small business company is Electronic Suppliers and technological Assistance (ESTA) enterprises. The company was formed on June 2021 by a team of six selected by the board of directors who worked collaboratively to expand its operation and source new customers. The company operates in the United Kingdom, the United States, and China. It has over 5,000 employees worldwide who facilitate the selling and advertisement of its products. It has its headquarters in Bristol, United Kingdom.
To be a leading dealer and supplier of electronics and technological services that meet the needs of our clients in different parts of the world while maximizing profit.
Products and Services
The business will offer a wide range of goods and services in the electronic and technology industries, including televisions, cellular phones, tablets, media recording devices, audio equipment, computer applications, and wireless devices. It will also provide computer hardware and software, cloud services, technical support services, networking equipment, and data security. Technical assistance will be provided either on-site or remotely. Customers will also have an opportunity to order goods online. In addition to selling the electronic product, the company will help in the installation process at an agreed cost.
Market and Competitors
Concerning the market, the business targets electronic firms and industries, different institutions such as education, healthcare, entertainment, government agencies, and private companies. It will serve several regions, including the United States, Europe, Australia, Asia, and Africa. Most of its customers are from the growing private sectors in the business and information technology. The company anticipates expanding its client base and will continue venturing into different countries as time goes on.
Since this is a small business company, it will face significant competition from large electronic and information technology. These include Cisco, Dell, IBM, Microsoft, and Intel. The company will also face competition from local companies that have been dominant in most countries, delaying its penetration (Cantwell & Zaman, 2018). Regardless of these competitions, the company has the potential of thriving and expand to different continents.
The company will use commercial advertisement through television to create awareness of its products and services. It will also use social media platforms such as Facebook, Twitter and Instagram to reach potential customers (Voorveld, Van Noort, Muntinga & Bronner, 2018). The company will also use its website for advertising its upcoming events, promotions and expansions. Due to the high rate of competition the company faces, it will adopt agency advertising that can reach customers globally while considering the cultural, economic, and social beliefs of different countries. The target audience in this advertisement includes business and technological institutions, government agencies and private firms.
The company will need approximately one million dollars for it to be operational. It is required to pay for start-up operations which may cost around 300,000 dollars. This money will be used to complete legal requirements, perform market research, establish new markets through advertisement, and pay for rent. It will also make an investment of about 600,000, which will be used to pay for the staff, purchase goods and develop the information system for the business model. This amount will also be used in the development of infrastructure. The remaining amount will be used for emergency purposes.
The business can grow and become a leading provider of electronic and technological services globally in five years. It is anticipated that the industry will source new clients from different parts of the world who will provide a ready market for its products and services. The company will be making sales of approximately 4 million dollars per month. Since the business has a strong focus on quality aligning all its strategies to value proposition, it will be able to attract many investors and entrepreneurs from all parts of the world. This will generate significant profits for further investment. The new model on the high-technology industry and increasing digitization of the word will boost the company’s economic growth (Matyushok, Krasavina, Berezin & García, 2021). The company can be a leading provider of electronic and technological products and services if it effectively manages its resources while maintaining the client base. As it expands to new markets, the company will be able to introduce new products by adding new features and advancing its technology, thus attracting new customers while maintaining the existing ones.
The establishment of this new company will be critical in filling the prevalent global market gaps in the electronics and technology industry. The operation of this company will be based on the needs and desires of the customers. Adopting teamwork and collaboration will be critical in meeting the growth goals of this business. Effective management of the business finance and resources will envision the business’s expansion goals in the global market. It will also help respond to risks that the new company will be exposed to as it continues to venture into the new areas.
Cantwell, J., & Zaman, S. (2018). Connecting local and global technological knowledge sourcing. Competitiveness Review: An International Business Journal. https://www.emerald.com/insight/content/doi/10.1108/CR-08-2017-0044/full/html?casa_token=erypj9f7ebgAAAAA:BO2fI35DakUoA1U1LCaTIHPsyLBO-DAygI4Stm3eTRHu6reez9-RWGpwe4F-m00vdU-NwiD2tHOkI-SYn_DAF-Os6Es8rhWGU8eN-nGQ62dFauAT-JNc
Matyushok, V., Krasavina, V., Berezin, A., & García, J. S. (2021). The global economy in technological transformation conditions: A review of modern trends. Economic Research-Ekonomska Istraživanja, 34(1), 1471-1497. https://doi.org/10.1080/1331677X.2020.1844030
Voorveld, H. A., Van Noort, G., Muntinga, D. G., & Bronner, F. (2018). Engagement with social media and social media advertising: The differentiating role of platform type. Journal of advertising, 47(1), 38-54. https://doi.org/10.1080/00913367.2017.1405754