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Innovative Technology: Personal Business Plan Essay

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Updated: May 14th, 2021

Vision and Opportunity

I have three main goals. The first is to create a popular and useful product. The second is to establish my company. The third is to compete with other young entrepreneurs who successfully reached their goals. My purpose is to change the way people interact with everyday objects through my work. I value innovation, transparency, and creative thinking. My mission is to create an innovative product or service that would facilitate this change.

I have three questions driving my actions. What can I improve? How can it be done? What do I like to do? There are many opportunities to crowdfund projects through sites like Kickstarter and Indiegogo. The money raised through these sites can be used to attract bigger investors in the future. While I would prefer to lead a company, I believe that graduating from HCT would let me get a job at a large company to provide funds before my projects take off.

Marketing and Implementation Strategy

My marketing statement is simple but sincere: innovation to improve lives. I direct it at the world at large because I plan to make products that would change the lives of people across the globe. These products will be innovative but with a focus on affordability. I believe that affordable technology would greatly benefit society because it is essential in the modern world. People spend too much money on products that can be cheaper, and I would like to help them. Many students want to make it big, but I believe my goals are different because I want my products to serve a larger market. Today, a lot of companies compete through incremental updates to their product. This process lacks innovation and does not fix the problems of the product. I intend to follow my values instead of following behind the big corporations.

Risks and Mitigation

My key milestones are the creation of the prototype product, its refinement into the final version, raising funds through crowdfunding, raising funds from investors, an establishment of a company, production, and selling of the product. I define success as the interest in the product, the amount of money raised, and the quality of production. External factors may affect my plan in different ways.

If interest in crowdfunding wanes it would be harder to raise money from the investors. A competing product may steal attention from mine. The production company may encounter difficulties during manufacturing. My initial product may not gather enough attention to receive proper funding. To combat these risks I have developed contingency plans. Instead of crowdfunding, I can go through the traditional route of investing.

It would be harder, but I do not plan to give up. To make sure a competing product does not ruin my plan I believe that multiple products should be prepared to substitute one that has been replaced by the competitor. For Production issues, multiple companies would have to be considered, and substitutes have to be chosen. Finally, if my product does not gather attention at first, a different marketing and pricing strategy will be used next time.

Ethics

I plan to be ethical in my work by focusing on affordable solutions to existing problems. I do not want to add excessive charges for products. I want to run a company through authentic leadership with full transparency. I would choose Nicola Tesla to work with me for his creative thinking and humble personality, Charles Dickens for his way with words, and Jeff Bezos for his business prowess. My “six-word memoir” is affordable, innovative solutions, to change lives.

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IvyPanda. 2021. "Innovative Technology: Personal Business Plan." May 14, 2021. https://ivypanda.com/essays/innovative-technology-personal-business-plan/.

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IvyPanda. (2021) 'Innovative Technology: Personal Business Plan'. 14 May.

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