The IT Sphere
A personal business plan is an integral instrument for the setting of achievable goals that are worth pursuing. Personally, I have a passion for excellence, which is the primary motivation for having a career and educational goals in life. Currently, I am still pursuing the educational goals that are expected to create a platform for the achievement of my future long-term goals. This paper will critically examine my personal business plan.
Vision and Opportunity
My first educational goal is to have significant academic qualifications in information technology. I aspire to pursue master’s and Ph.D. degrees in the IT field. The second objective is to establish an online shopping mall dealing in sustainable products. Further, I would like my company to grow to the extent of contributing to the development of the society and empowering people through corporate social responsibility programs.
I strive to provide solutions for various problems in the IT sphere and design innovational products. The values that drive these objectives are based on the desire of achievement and motivation.
The three key questions are as follows:
- How are my personal achievements changing other people’s lives?
- Do my actions facilitate financial growth?
- Are the products that my company develops sustainable, and will they be useful for future generations?
The opportunities are present in the job market because the contemporary society is constantly embracing new technologies. Therefore, in the future, people will solve various problems using technology. The available software needs to be maintained and updated, which provides an opportunity for a knowledgeable individual to secure a job. Modern online shopping malls do not specialize in sustainable products, which is an opportunity for my idea to lead me to success.
Marketing and Implementation Strategies
The company will use an effective market positioning statement, “Eco-Mall for 100% sustainable products.” The statement will be addressed to all people who like to buy and use natural products. Some of the products that are expected to be sold via this platform include herbal medicine, chemical free detergents, and energy-saving electronics.
Thus, Eco-Mall brand will offer environmentally sustainable products to potential consumers. This aspect will also be the differentiation strategy and the competitive advantage for the company, which will allow it to effectively compete with other existing online shopping malls in the UAE.
Risks and Mitigation
The first key milestone for this project will be the conducting of prototype testing among various consumers. The feedback from the participants of prototype testing will provide a significant platform for the identification of the milestone. The key success indicators will also be based on the feedback received and the percentage return on capital.
The external factor that might affect the business entails competitions from other established online shopping malls that sell the same products and have a more stable financial base. Another potential threat is the high level of cyber-crimes which may scare prospective consumers from buying from the site.
The risk mitigation strategy will involve the establishment of the security system that will prevent instances of cyber-crimes and fraud that may take place. Further, the company will seek patent and copyright protection in the design and the codes used in the establishment of the website. This aspect will hinder the chances of another company using the idea without permission.
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The main ethical issue involved in this business is related to privacy. This is because consumers will be required to give their personal information, such as contacts. The company will ensure that the privacy of consumers is guaranteed and information is not disclosed to third parties. There will also be transparency in every transaction.
The mentors for this project will be selected from a list of successful entrepreneurs who succeeded in the same business. The mentors will be approached for guidance on the business and advice regarding the market penetration. The most suitable six-word-memoir for this PBP is “Success is like a daring adventure.”