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Assignment on new business idea

An Assignment on New Business Idea. The New Business is Selected as "Biogas Plant Service"

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ASSIGNMENT BIOGAS PLANT SERVICE TITLE:- BONDHU BIOGAS PLANT SERVICE Picture (1) - A biogas plant
Chapter-1 Introduction Biogas means a mixture of different gases produced by the breakdown of organic matter in the absence of oxygen. It is a renewable energy source and in many cases exerts a very small carbon footprint. It can be cleaned and upgraded to natural gas standards, when it becomes bio methane. The biogas plant is used all over the world including Germany, Sweden, USA, UK, China, Japan etc. Biogas can be produced from raw materials such as agricultural waste, animal’s waste, food waste etc. It is used for producing fuel to cook food in the rural areas. A biogas plant is the name often given to an anaerobic digester that treats farm wastes or energy crops. It can be produced using anaerobic digesters. The biogas is a renewable energy that can be used for heating, electricity, and many other Picture (4)- Biogas production in rural Picture (5)- A biogas bus in Sweden. Germany. operations. It gives a great business idea all over the world. It can brought a country’s solvency. Now a days, biogas plant service is the most creativity business and greatest service for the rural areas in Bangladesh. There are mainly two types of biogas plants used in Bangladesh, floating drum type and fixed dome type. Bag type plants are also used in the country but rarely. The biogas service may be a vast possibility for the students and unemployed persons in Bangladesh. It enhances students’ intellect power and makes good profit. It creates self- employment in Bangladesh. It also reduces burning trees and using firewood. So,
biogas plant service is a great business idea for the new sponsors in Bangladesh. In Bangladesh only 3% of the people enjoy the facility of natural gas coming to their homes through pipe lines. The lucky few mostly live in the cities. In spite of being insignificant in volume, the availability of biogas to very large number of rural people and to very remote areas makes the technology very suitable and effective. True, commercially produced pipeline natural gas plays and will continue to play vital role in the industrialization and urbanization of the country, but this gas will not reach the remote village households any time soon, if at all! In that respect there is no alternative to biogas for the millions of villagers. Most of the Bangladesh's rural people depend on biomass, crop residues, plant debris, animal dung and wood for fuel creating deforestation, flood, soil erosion etc. Picture (5) & Picture (6):- A biogas plant in rural areas in Bangladesh. Women and children, on whom the burden of collecting fuel falls, suffer the most. They are the worst victims of indoor air pollution such as smokes in the kitchens. Biogas technology is one of the best means to provide natural gas to the largest number of rural people. It can provide them with pollution free, efficient energy for cooking and at the same time protect them from diseases by giving them a cleaner environment. So biogas technology can be used to implement a sustainable waste management program suitable for rural areas, as wastes of all sorts are transformed into biogas or slurry.
Chapter-2 Management and Legal Perspective We friends have decided to create a biogas plant business firm. So, we have to create a partnership business firm. So at first, we have collected trade licenses from city Corporation or township where we live in. For this, we have to take a suitable name for our business firm. Secondly, we have to agree with an agreement and decided to create a written statement or deed. This written statement have been included the total representation of our business firm like number of general manager, managers, total amount of capital, partners’ name, address, designation, payable amount of capital, distribution of income and loss, objectives, business firm’s location, references etc. According to this statement, there are one general manager and three managers in our business firm. The general manager decides the whole activities of our business firm and the managers control the employees, managers and financial activities. Five employees and also three managers are specialist in placing biogas plant. They have to make and place biogas plant. The general manager and two managers account our business financial activities. Moreover, we have registered from BBDF (Bangladesh biogas development foundation) and GS (Grameen shakti) to be a member so that we can get maximum technical and managerial support and benefit of our biogas business firm. We also have collected license from BNDB (Bureau of natural defense Bangladesh). We also have offered two concierges for job for our office. Every business firm should have some legal perspective for loyalty. Our business has some legal perspective such as deed, evidence of 3rd party, government registered etc. These perspectives help to keep the business running. We will try to potent the management side of our business firm so that our business firm can be developed day by day.
Chapter-3 Technical Perspective Biogas is primarily methane (CH4) and carbon dioxide (CO2) and may have small amounts of hydrogen sulphide (H2S), moisture and siloxanes. The gases methane, hydrogen, and carbon monoxide (CO) can be combusted or oxidized with oxygen. This energy release allows biogas to be used as a fuel; it can be used for any heating purpose, such as cooking. It can also be used in a gas engine to convert the energy in the gas into electricity and heat. Biogas can be compressed, the same way natural gas is compressed to CNG, and used to power motor vehicles. In the UK, for example, biogas is estimated to have the potential to replace around 17% of vehicle fuel. It qualifies for renewable energy subsidies in some parts of the world. Biogas can be cleaned and upgraded to natural gas standards, when it becomes bio methane. Picture (6)- Simple sketch of biogas plant. Our business firm has been supplied two types of biogas plant. These are floating drum biogas plant and fixed dome biogas plant. The technical description of these two types of biogas is given below:- Floating drum biogas plant:- Floating drum biogas plants consist of a digester and a moving gasholder. The gasholder floats either direct on the fermentation slurry or in a water jacket of its own. The gas collects in the gas drum, which then rises
Picture (7) & (8):- Floating drum biogas plant prevented from tilting by a guide frame. The instruments of making a floating drum are mixing tank with inlet pipe, digester, overflow on outlet pipe, gasholder with braces for breaking up surface scum, gas outlet with main cock, gas drum guide structure, difference in level = gas pressure in cm WC, floating scum in the case of fibrous feed material, accumulation of thick sludge, Accumulation of grit and stones, water jacket with oil film. In ground, floating drum biogas plants made of wire-mesh-reinforced concrete are liable to hairline cracking and are intrinsically porous. They require a gastight, elastic internal coating. PVC drums are generally unsuitable because they are not resistant to UV. The floating gas drum can be replaced by a balloon above the digester. There are many ‘portable’ type home scale floating drum biogas kits now on the market. Like the ARTI unit these are often made of plastic, are light and easy to maneuver and very straightforward to operate. Fixed dome biogas plant:- The fixed dome biogas system is also known as Chinese model biogas plant which was developed and built in China the 1930s. The unit consists of an underground brick masonry compartment (fermentation chamber) with a dome on the top for gas storage. The instruments of making a fixed dome biogas plant are mixing tank with inlet pipe, digester, compensating, removal tank, gasholder, gas-pipe, entry hatch with gastight seal and weighted, difference in level= gas pressure in cm WC, Supernatant scum; broken up by varying level, accumulation of thick sludge, accumulation of grit and stones, zero line: filling height without gas pressure. A fixed-dome biogas plant consists of an enclosed digester with a fixed, non- movable gas space. The gas is stored in the upper part of the digester. When gas production commences, the slurry is displaced into the compensating tank. Gas
pressure increases with the volume of gas stored; therefore the volume of the digester should not exceed 20 m³. If there is little gas in the holder, the gas pressure is low. If the gas is required at constant pressure (e.g., for engines), a gas pressure regulator or a floating gasholder is required. Engines require a great deal of gas, and hence large gasholders. The gas pressure then becomes too high if Picture (9)-Fixed dome biogas plant there is no floating gasholder. Fixed dome biogas units have low construction cost, no moving parts, no rusting steel parts, hence long life (20 years or more), underground construction, affording protection from winter cold and saving space, creates employment locally. We have discussed about the full technical description of biogas plant. We have chosen two samples of these biogas plants for our business firm. For this, we have to need some technicians who are specialist in biogas plant. So, employees and managers of our business firm have trained from BBDF (Bangladesh biogas development foundation) and GS (Grameen shakti). They have faced and managed directly to place a biogas plant.
Chapter-4 Marketing Perspective We want to place a biogas plant business firm in Gazipur. Gazipur is a place where almost half of the people cannot use natural gas from government gas Distribution Company. So it is one of the best decisions to place our business firm in Gazipur. It will become a light possibility for our business. Though, three business firms were placed in Gazipur already. The names of these business firms are Sheba biogas plant service, Grameen biogas plant solution service and Polli biogas service. So, we try to penetrate in the market by selling our product at a lower cost. Anyway, ours is a new business firm. We will try to promote our product and business firm rigorously. Our business product is to place and make biogas plant. We also solve the problem of managing and maintaining biogas plant. Thus we earn profit from the business. We have decided that we will place per biogas plant in 15000 taka. Since ours is a new business firm; we will try to reduce per biogas plant cost as possible as we can. We have already known that rural area of Gazipur is not in the list of natural gas distribution area. The rural people are our target customer. They have to use and burn firewood for cooking. Using firewood is very expensive for the rural people. It is also harmful for our nature. We help the rural people to place biogas plant in their house at an affordable cost and they can be helpful. We have to advertise the importance of biogas plant. For this, we have distributed leaflet for the advertisement of our business. We should teach the rural people how gas can be produced from biogas plant. Moreover, we place a sample of a biogas plant in our office. As a result, people can learn about biogas and be helpful. We will improve our business by working hard. We will try to find new biogas technology and provide training facilities for employees. We will also try to enhance our service and widen our service area. As a result our business firm will be widen and make huge amount of profit.
Chapter-5 Financial Perspective We know that money is the heart of a business. A business firm will never run without money. So finance is a must for a business firm and helps to subsist a business firm. The financial perspective of a business firm includes a business’s income, expense, capital, liability, asset, owners’ equity. Our business is a partnership business. We four friends have invested capital in our business firm. Each friend has given 50000 taka for capital. The total capital of our business (including liability) is 250000 taka. We borrowed 50000 taka from Dutch Bangla Bank ltd. A flow chat that has been included our business’s capital, income, expenses, liability, asset, owners’ equity is given below:- No. Description Taka 1. 2. 3. 4. Capital:- Shourav Ismail Manik Kashem Total= Liability:- Loan from Dutch Bangla Bank ltd Total capital= Primary expenses:- Office furniture Advance payment for renting a office Others Total= Regular expenses:- Office rent (per month) General manager’s salary (per month) Managers’ salary (per month) Employees’ salary (per month) Concierges’ salary (per month) Instruments (per biogas plant) 50000/= 50000/= 50000/= 50000/= 200000/= 50000/= 250000/= 40000/= 60000/= 20000/= 120000/= 15000/= 20000/= 60000/= 40000/= 15000/= 7000/=
5. Others Total= Income:- Monthly income from the placement of biogas plant (probably) Monthly income from servicing of biogas plant (probably) Total income (monthly)= 5000/= 162000/= 180000/= 20000/= 200000/= We have displayed a written draft into a flowchart of our financial perspective. This information may be changed by different condition.
Chapter-6 Socio-Economic Perspective The biogas plant service plays a vital role in socio and economic development in developing countries and also in developed countries. In Bangladesh, this business plan may be a vast possibility for the unemployed people. Picture (10):- Processing of Biogas Bangladesh produces about 1100 million cubic feet of natural gas daily and imports about three million tons of crude oil and petroleum product per year. These are referred to as commercial energy and provide for 35 per cent of the total energy consumed in the country. These commercial energies are mainly used in urban based industries to generate electricity, to run industrial and commercial units and to supply domestic households in major cities and towns. Ironically, these commercial energies are mostly out of bound of the vast majority of the rural people of the country. So where does the nation's energy balance leave the vast majority of the rural population? It is the biomass energy source that is available to the latter and it consists of fuel wood, leaves, agricultural residues, cow dung and other organic wastes. These are referred to as non
commercial energy and actually provide for the remaining 65 per cent of the total energy consumed in the country. About 80 per cent of the total population of the country or about 100 million people live in rural area. The non-commercial biomass energy sources (fuelwood, cow dung, agricultural waste etc), these people traditionally use is inefficient and poorly managed. For generations, their energy technology base has remained inefficient and primitive. It is estimated that only about 19 per cent of the country's total population have electricity, 4 per cent have natural gas connection in the households. In the rural area, only 5 per cent of the population use kerosene as fuel. Picture (11), (12) & (13):- Improvement of the uses of biogas plant So, Bio plant service is one of the best business firms in Bangladesh. It creates employment and helps to develop economic growth in our country. It also helps to develop social condition by creating and developing employment, protecting national environment, developing economic situation.
Chapter-7 Conclusion We already have discussed about a biogas plant service. Definitely it is one of the most business ideas for the new comers. This business it is not only a business, it is a great idea for the development of social, economic and nation. So, we have to develop this business idea and trained about the technology of biogas plant of those people who are interested in biogas plant. If we involve advertising this business plant, customers and also interested people will take this service. Because it has hardly negative sites but has a great and likelihood sides. In future, People will use biogas and reduce using natural gas. As a result, it will help to protect the environment and we will live the society pollution free.

Assignment 1 Business Research Ideas

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SCHOOLOFBUSINESS BUSINESS RESEARCH METHOD

INDIVIDUAL ASSIGNMENT COVER SHEET

BABAIU11224

Business Research Methods

October 3rd, 2014, assignment item/ title/ question:, name: nguyn b hun, date submitted: october 3rd, 2014, assignment 1: research ideas, i declare that this assessment item is my own work, except where, signed: date: october 3rd , 2014.

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Chapter 1: INTRODUCTION 1.1

Research Background

During the last few years, entrepreneurship has played an important role which boosts economic development by innovative ideas and brings them all to life for the global innovation. In the current education environment, most of business education systems are developing with entrepreneurial trend which entrepreneurship courses are usually offered in business school, that students can learn essential skills, abilities, motivation, etc. to turn their ideas into actions for a start-up business in the future. Moreover, these courses have another objective that to change the mindset of the young people, give them more creativity and self-confidence through the entrepreneurial activities, utilize their potential sources, and make them more attractive in the work-market. As the same position of other countries in the world, the Vietnams demand of entrepreneurial education has been increasing continuously for long time. International University National Universities HCMC has offered Entrepreneurship and Small Business Management course, also, few years ago. However, in the past decades, many research papers proved that the educational support is not the only one factor which creates the impact on entrepreneurial intention of people. 1.2

Few years ago, a paper showed that active mode (learning by business plan seminar) creates positive impacts in intentions and attitudes (Sascha G. Walter and Dirk Dohse, 2009). Moreover, the parental role model and work experience reflects peoples motivations and capacities to recognize an opportunity and to utilize it (Ajzen, 1991). In addition, many researchers try to find out the relationship between personal characteristics, trait and entrepreneurial intention (Bolton and Thompson, 2004; John A. Parnell, 1995). Some other factors were identified in research of entrepreneurship such as locus of control, perceived barriers (Lthje & Franke, 2003; Leong Chee Keong, 2008) or attitude toward entrepreneurship (Carayannis, Evans, & Hanson, 2003); (Lthje & Franke, 2003); (Krueger et al., 2000); (Autio et al., 2001); (Francis et al.,2004). With the title of Factors Affecting Entrepreneurial Intentions among International University Students, this paper aims to study the impacting factors of entrepreneurial intention. The main purpose for the research is discovering main factors which create an impact on IU students intention on entrepreneurship. The result of this study will help policy makers and school masters recognize clearly the restraints and disadvantages in Vietnam, then conduct the correct plan of educating and training, design the suitable course for International University. Last but not least, it will support State of Vietnam in opportunity providing for young entrepreneurship.

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Essay Sample on Understanding the Business Idea

Paper Type: Essay

Pages: 7

Wordcount: 1824 Words

Date: 2022-07-15

Introduction

In understanding the business idea, it is essential to explain what it entails, its uniqueness, the target market, value proposition, customers, how to reach the clients, what they want and how the entrepreneur knows this and ways in which the business provides customer wants. The business idea that I would like to start is a music studio to teach music to interested students. I will start as a private lesson instructor to teach the violin, cello, and viola among other musical instruments. Music is one thing that I like and have been trained. I hold a Bachelors degree in music as well as a Masters degree in viola performance. I am a certified teacher to teach music for high school and college students and worked in the field for about eight years.

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The business idea for starting a music studio is unique because I will be concentrating on becoming a private lesson instructor. Music is a profession out there like others such as dance and sports. It is a field with endless possibilities. I enjoy teaching and practicing music and am guaranteed that other people out there will like the idea of joining me in the career. As a private lesson instructor, I will be dealing with one student for the lesson at a time. Instead of handling a crowd as in many cases, the learning will be individualized. I will be able to work and train students online and travel to local areas where I can find more clients. Therefore, there is high flexibility with the business idea.

When it comes to learning music, there are no exceptions to a particular market for the services. There are many people out there interested in learning music including music artists, upcoming artists, corporate organizations also have employees who want to learn music for entertainment purposes, schools have students who are willing to attend extra classes to refine their music skills, and families have kids interested in music. People from different levels in all walks of life fit within the target market. All these segments require a music studio to learn the necessary skills. The business idea suits their needs and will address the market demand for personalized training in music. Therefore, the target market is broad enough to provide the business idea with as many customers as possible.

The value proposition for the business idea is 'the smartest way to learn music, just sign up and train with an expert.' The value proposition summarizes the intention, goal, and purpose of the new business idea. By reading the statement, customers can get all the information about the business idea and the service to be provided. A value proposition statement serves the purpose of convincing potential consumers regarding a particular product or service in the market on the value it will add or the problem it will solve when compared to other similar products or services on offer (Lake, 2018). Through this value proposition, students will be convinced of the benefits they will gain by signing up with the private training music lessons with a private lesson instructor.

Our customers are students doing music lessons and any other individual willing to learn music as a career or for entertainment purposes. Students will be from different high schools, colleges, and universities. Individual customers will be from organizations and families. The choice of students and individuals as the customers is informed by the fact that music is a career like any other. Many people are making money out of music and students who may want to refine their music skills after classes and during holidays will be at my service. Parents with talented kids at home will be able to get the services within the locality or online for those in a far distance.

There are different ways through which I can reach customers for the proposed entrepreneurial idea including signing up with marketing websites such as the takelessons.com that provide private tutors with a platform to reach students and new clients in any field. Posters will also be made and distributed to the locals and inform them of the idea through word of mouth. Further, a webpage will be created on the internet as well as on social media were testimonials, and a demonstration of the service will be shared to reach as many customers as possible. The webpage will also be optimized to make it searchable on Google and other internet platforms by designing using keywords, catchy words, and phrases that customers are likely to search on the internet. Therefore, the music studio webpage will get exposure on many online areas through search engine optimization.

The targeted customers want a flexible, experienced music instructor who is available when they need to learn. From the description of the customer's needs, it is evident that they need training in their free time after school, work or when suggested by parents. Since the business idea is a music studio for a private lesson instructor, the customers are looking for a trainer who will meet their personalized training needs. Music students at the college, university, and high school will be requiring a private lesson instructor to refine their skills in areas that they did not understand well while in class. Employed people will be looking for a music instructor who will train them on the particular music or instruments that they are interested in learning. Parents will also want to enroll their children in a private lesson instructor who will train them on specific music and musical instrument that interests their kids. Therefore, the customers want a personalized service that meets their particular needs, flexible and available when they need it.

The business will provide the customer wants by offering in-person and online music lessons to those who will enroll with the program. All learners will be guided based on their area of interest in music and at their time of availability as scheduled with the private lesson instructor. All learners will sign up with the service, provide their details and time of training, the individual instructor will create a virtual learning platform for those who are far and meet in-person for the local customers. The music studio will have equipment for teaching and use by students, an updated calendar for the lessons with every student allocated time-based on their availability.

Entrepreneurial Themes Related to the Business Venture

Eckhardt and Shane (2003) define entrepreneurial opportunity as the situation with which people introduce new goods, services, and raw materials to the market. It is also the essence of organizing approaches to adding products and services in the market through new means and ends. Various themes relate to different business ideas that individuals identify for introducing into the market. For this essay, the two themes connect to the proposed entrepreneurial idea for the business venture are opportunity recognition and opportunity discovery. These two themes explain how the entrepreneur came about the proposed idea and the gap intended to be filled.

Opportunity Recognition

Opportunity recognition entails the ability of an entrepreneur to realize the business idea in economic activity (Sasso, 2013). According to Baron (2004), entrepreneurs can recognize a business idea in his or her background influenced by the environment. It is an essential aspect of the entrepreneurial process as the individual can recognize business opportunities and pursue through value creation (Hills, Hansen, Hultman, 2005). The theme of opportunity recognition relates to the proposed business venture because the individual has recognized an entrepreneurial opportunity in the music video business as a private lesson instructor. Based on the discovery approach, entrepreneurial opportunities do exist irrespective of a person's perception, and discovery is the only way through which an entrepreneur will recognize them (Shane, 2003). Therefore, the business idea of a music studio to offer private lesson instructor services to the targeted customers relates to opportunity recognition since the entrepreneur links the venture to the increasing market demand. The economic factors in the business environment are independent of the action of the entrepreneur. There are market changes in the way people are learning today, and the new business idea will be responding to these market demands where clients want personalized learning with a private tutor.

Based on the enactment approach, entrepreneurs subjectively create opportunities by imagining and designing the future using the available resources and responding to the needs of the environment (Baker & Nelson, 2005). The new business venture is related to the theme of opportunity recognition since the entrepreneur has identified the need for providing private lesson instructor services in the field of music. The enactment approach of opportunity recognition supports the business idea in that the individual has taken the necessary steps in gathering the needed information about the business and evaluated the entrepreneurial discovery. Entrepreneurs usually think differently than other people and see areas of business opportunities that can be established in profitable business ventures (Baron, 1998). Therefore, the business venture will be filling a gap in service delivery where other approaches to lesson instructors do not meet the needs of students requiring personalized and private training in music.

Opportunity Discovery

Opportunity discovery entails the ability of the entrepreneur to discover business opportunities arising from market disequilibria (Hang, Garnsey & Ruan, 2013). An alert business person will discuss these opportunities and venture into doing business based on the discovered idea. Opportunity discovery is an entrepreneurial theme that relates the proposed business venture as its execution requires new marketing, competitive development of products, social networks, and applying the best approach to achieving competitive advantage in the market among other aspects (Rezvani, Ghamari, & Ghahramani, 2013).

Based on the business idea of a music studio to offer private lesson instructions to customers, the business venture relates to opportunity discovery. The entrepreneur will require doing new marketing for the new venture, seek ways of achieving a large customer base and ensure the private lesson instructor services are developed to compete effectively in the market. Opportunity discovery is when an entrepreneur realizes the need to differentiate the products to gain a competitive advantage (Shane, 2003). The proposed business venture will be offering differentiated services to the targeted customers. In this case, learning by getting instructions from a private instructor is the key to differentiating the learning experience of the music learners. Social networks are required in marketing the new venture and the services that will be offered by the entrepreneur. Therefore, opportunity discovery explains the entrepreneurial process of realizing a business idea and working towards its establishment (Spinelli & Adams, 2015). The person has to provide the raw materials, gather data on the available market and best ways of reaching the customers.

The theme of opportunity discovery relates to the proposed business venture as entrepreneurship by itself is an act of discovering, evaluating and exploiting the identified chances to provide new goods and services in the market (Davidsson, 2004). The entrepreneur will be focused on organizing the market in a way that was not previously existed. The new business venture is a valuable opportunity that fills...

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