A business concept is often based on the need for a certain product or service that will make life easier for the consumer. Running a business in the modern era has increased the need to cater to the desires (in the form of needs and wants) of the consumer-with the 4IR (Fourth Industrial Revolution) at the forefront of modern-day innovation, the desires of consumers are all but being fulfilled as we move with the times. Modern-day business running is no longer based solely on geographical location but is more based on accessibility technological innovation. Technological advancement has gradually increased over time, leading to the status quo being challenged and concepts people are accustomed to, are slowly being replaced with a prime example of the business plan.
Identifying a need-The most important part of a business plan
Business plans have very vital information with regards to a business’ concept, and in that case, given different clients, for example, client A’s important part may be different to that of client B and so and so forth-with the rise of companies that offer business plan writing services, one often finds that some business plans may not be necessarily tailor-made or unique. (Raiz, 2010) states that Banks only provide finance to entrepreneurs on the basis of a business plan, and yet 96% of small businesses fail-this This leads to an identification of a loophole in the use of the business plan as part of the financing criteria. Here is a non-conventional, modern-day of the bat steps to identifying a need:
- What product/service is scared to the public?
- Is there a demand for this product/service?
- Is it possible to supply this product/service efficiently, cost-effectively and optimally?
- Is it possible to make use of 4IR innovation in supplying this product or service?
- Will it cater to the consumers’ needs efficiently?
The business that has found the niche in massive industries
Given the dynamics of continuous transformation and the challenging of the status quo with regards to accustomed concepts, there are a number of businesses that have striven in the massive industries with the aid of the 4IR. Some examples include Airbnb, Amazon, Uber, and Google amongst many others. Here is a look at others that have striven or have the potential to strive further in their respective industries.
- CAD (Canadian Dollar) Casinos and Online Casinos
The online casino concept has presented bettors/gamblers with an opportunity to take part in their activities at their own convenience without a large number of demands and/or barriers to entry. CAD casinos present Canadian players with an opportunity to bet/gamble in Canadian dollars thus eliminating the factor of conversion rates and to take part using a currency one is familiar with, they do, however also present an opportunity for people in a different region, given accessibility to be able to bet using a stronger currency, for example, someone in India may want to combat the Rupee with Canadian Dollars.
reviews on a number of CAD casinos such as Captain Spins, Lucky Nugget, Royal Vegas, Jackpot City, and Lucky Days amongst many others. The casinos have minimum deposits ranging between $5 to $20 as well as a few deposit diverse bonuses. This concept shows that the creator/s saw a loophole in the market and used the aforementioned non-conventional, modern-day steps to identify a need and made use of the 4IR to make the concept a reality.
- Garmin wearables and smartwatches
With the use of an industry they are accustomed to (GPS navigation), Garmin introduced a range of wearables and smartwatches in order to facilitate the active individual. Their products range from automotive, sports and fitness, outdoor recreation, marine and aviation. They have used the 4IR in order to cater to the needs of different consumers with versatile tastes and experiences.
- Kylie Cosmetics
Founded and owned by American media personality, Kylie Jenner. Using her influence, Kylie made use of the 4IR by taking note of her audience through how they react to her money moves with the aid of reaching out through social media, she then decided to launch her cosmetics range which has now increased her net worth to a reported $1 Billion (estimate) becoming the youngest self-made billionaire at age 21.
Modern-day entrepreneurship is very dynamic, therefore sticking to the status quo may or may not be an obstacle to one establishing a viable, profitable and successful business. Nowadays business is more about what you have to offer to the public and less about what your perceived financial projections are. So if you are able to fund a business without the need of a formal business plan, then, by all means, ditch the business plan and take that leap of faith because as they say, you will never know unless you try.
Photo by julie aagaard from Pexels