Proposal for a Business Incubator Project Coursework

Proposal for a Business Incubator Project - Coursework Example The project is commercially viable as a business and will form foundation for the development of new businesses and entrepreneurship. Background There is a growing preference among the young people for self-employment with plans for future expansion through experience and accumulated knowledge gained over the period of time in the business. The initial expenses in setting up the office for the business involve rental, purchase of office equipments and appointment of office assistant, in addition to purchasing vehicle for transport in connection with the business. Many of the dreams and well conceived plans for the businesses do not see the day light due to lack of seed capital. The business incubator project proposed is expected to address these problems effectively with little investment on the part of the entrepreneur. Business problems and the concept underlying the project The project aims to solve the problems in raising seed capital for the businesses by the entrepreneurs. The businesses initially started by the entrepreneurs are mostly one man shows. The entrepreneurs need to plan their businesses, establish administrative facilities for the businesses and engage in marketing their products or services. The most important part in the initial stages of the business is to establish office facilities or creating an ‘address’ for the business. This is important since the suppliers or service providers, the customers and other agencies need to contact the people in business in person or send couriers or leave messages. It is also required for storage of materials like drawings, CDs and books connected with the business. Therefore, a place with easy access to customers will be useful in keeping the contacts alive for growth in business and for being abreast of the developments in the markets and technology. Costly rental, capital investment needed for installation of facilities and working capital required for maintaining the office or work place act as deterrents in start-up businesses in most of the cases. Therefore, if the problems associated with this part of the business are effectively addressed, the entrepreneurs are free to plan their other business and marketing activities without bothering about the issues related to establishment of an office. Solution to the business problems There are several jobs which require minimal paper work but extensive travelling in meeting the customers to explain about the product or services. For example, CRM software for a small boutique, clubs or optical products stores keeping in tune with the changes taking place in technological front could catch up in the market in future. Sophisticated software used by the big corporations will be too costly to install in small businesses. This software developed by an entrepreneur might solve various issues connected to the data management relating to small businesses. The development of software is not a problem to a software engineer. But, m arketing of the software needs extensive travelling, demonstration of the product to the prospective clients’ needs conference hall and the business needs an office to attend the calls of the clients and receive the couriers addressed to the business. It is also important to note that the office should be equipped with facilities for communication,