The aim of our new business venture is to make profits. It can be achieved if customers are satisfied. The venture mainly aims at providing high-quality services to the customers so that they can keep coming back. In its turn, this fact can attract even more customers as the services offered will be highly recommendable.
Value propositions are one of the main factors of each business. Taking it into account is possible to say that services that are to be introduced will greatly benefit the customers as their main value suggested to them will be the fact that people will not have to travel far to access gasoline for car fueling. It will be very convenient, especially for the people who are in a hurry or have very busy schedules as our services will be quick enough to save time. The car repair and the car wash service will also be readily available for consumers at acceptable prices. Shopping will be faster, more convenient, and the customer care services will be good enough to attract people to continue doing business with us. There will be a supermarket and motels where customers can dine and be accommodated. The need in the economy of time and comfort will be satisfied.
There are several uncertainties that can be critical to the success of our team corporate venture.
- Market risk which is usually known to result from many factors which include:
- The market size. If the size of the market is bigger, more services and products will be needed, and this fact will make the business larger. If the size is smaller, the demand won’t be too high, and the business may take a lot of time to grow. These are the kind of trends that exist in the industry. If there is a seasonality in demand for some goods and services, production will be likely to decrease at some season, and this will greatly affect the growth of the business
- The competition structure. If there are many business firms offering the same kind of services, the competition is likely to be high, and it will affect the growth of the business.
- The working distribution. If the market is shifting away from the services and products which an enterprise renders, the appearance of a great number of new customers will be quite difficult. Market risk is known to be a very important factor in the feasibility analysis. It is obvious that if the gas station is not situated in the area where it can be readily available, it will be difficult for customers to get to know about its existence. Understanding the particular nature of the market will help to reduce the risk of suffering losses from the corporate venture.
- Operational risk which analyzes whether the business can be able to meet the customers’ needs. It also identifies the efficiency of the business and its ability to take effective control of the costs internally to achieve success.
- Financial model risk which refers to the success of a business and analyzes all numbers connected with the financial sphere. Our team should ensure that it has generated financial projects that will be beneficial.
The hypothesis which our team will set up is to find out if the decrease in the number of funds we have received as a team will enable our business to be viable. The experiments that we will use to test our hypothesis will be to explore our problem and the market. We have to determine the need for specific products and services that we have to offer. Another point is to explore the solution we have at hand and the main sence of which is to attempt to use all the funds and not to decrease them. The main idea will be to find out whether this solution can be efficient or not. If the merits outweigh the disadvantages, we can carry on with our plan of decreasing the funds.
We can collect data about the market from our customers by using questionnaires, interviews or also using social media. Basing on this information, we can quickly find the preferred ratio for our products also services. We can interview some people in the neighbourhood where we plan to set up our business to know whether they might prefer to have such services and products near them. We can also set up some questionnaires and posting some of our services on social media, and from the responses of the people, we can tell whether the services will be needed or not.
Chances of getting false positives will be high because respondents will not be representing the views of every individual in the population. The choice of these people is not obvious to satisfy the rest of the population as human beings are known to have different tastes and preferences. The business may fail in such environments as we may have the wrong description of the market.
The minimum viable method that can be used to acquire customers feedback is to try to sell the services and products online. If there is a great demand for our products, it will be an indication that the advertising works well. With the help of this practice, we can get to know what type of products people prefer and try to invest more in these products and services in order to increase customers satisfaction.