Entrepreneurship Project assignment on development os new business products and their implementation.

Question

Task: How to develop a project proposals usingEntrepreneurship Project assignment research techniques?

Answer

OPERATIONS PLAN
The main aim of this Entrepreneurship Project assignment is to propose the development of a cybersecurity application that can be used to track incoming data real time and block any possible threats.
In addition, this software will also have an automatic alert system that will generate an alarm on the user’s device whenever a threat is detected or an unauthorised access is attempted on the user’s system. The application will be developed for both smartphones and computers and the users will be able to purchase a combined package for all devices used by them within their domestic networks. The system will be supported by the organisation’s central server that will provide diagnostic support whenever a user’s system is under attack.

As per the Entrepreneurship Projectassignment plan, users will be able to use a free version of the software with limited features and a paid version with all the features unlocked on regular subscription basis that can be cancelled any time. The product is targeted towards customers of all age groups who use internet for a significant amount of time on daily basis. The product can replace expensive system protection software programs that also have very limited functionality. The business will be managed by a team of 10 people including an operations manager cum owner, a financial manager, technical team members and support staff.

FINANCIAL PLAN
The initial investment for the start up will be significantly high considering the costs involved in the initiation project.
First, setting up the office will require annual investment of $50,000 (rent).
The server purchase and installation will require one time cost of $300,000.
Software development will require further investment of $250,000.
Daily running and maintenance costs, wages of staffs and other costs will require another $1M per year.
The estimated revenue for the first 12 months is approximately $500,000.
The revenue will be generated through subscription based revenue model.

STRATEGIC PLAN
The primary mission statement of this Entrepreneurship Project assignmentis “to provide regular internet users with one stop solution to detect threats, receive alerts during an unauthorised access attempt, safeguard the system from the threats and protect user day stored in the system”.

The first part of the strategic plan will be to grow awareness among the target users regarding cybersecurity. It has been seen that although cybersecurity is a major threat to the internet users for more than 2 decades, a majority of the users are still either unaware or casual about the impacts of cybersecurity threats. Another section of the users understand the importance of cybersecurity but lack sufficient knowledge on safe use of internet and protecting their systems from external cyber threats.

The next part of the Entrepreneurship Project assignmentplan is to promote the product that deals with all cybersecurity problems in one place without the user having to understand the technicalities. The software will be powerful enough to detect and block cybersecurity threats to the user’s system and alert the user whenever there is a threat detected.

MARKETING AND SOCIAL ENTREPRENEURSHIP
Marketing will be done through digital and social media through paid promotions and advertisements. Awareness campaigns will be conducted on mass scale targeting internet and digital media users of all age groups regarding the importance of cybersecurity and how this particular software can help protect their data without going through the hassle of high cost implementation and use of generic anti-virus software programs that require the user to have at least some knowledge of using the same.

Entrepreneurship Project assignment SWAT analysis
STRENGTH – The product is an essential solution for internet users with growing concerns of cybersecurity threats globally. WEAKNESS – Being a start up business in cybersecurity, it will be hard to gain the trust of the customers. Implementation costs are very high.

OPPORTUNITY – The product can be one stop solution to multiple cybersecurity measures.
THREAT – the product proposed on this Entrepreneurship Project assignmentwill have to compete with strong players in the market.