Entrepreneurship is a process that starts from generating an idea to a business venture. It has several stages that direct business people throughout the process, from validating the idea and then outlining all the required elements to start a business enterprise. It is the understanding of this process that helps in understanding the essence of the venture. The key thing in the entrepreneurial process is assessing whether the business idea is an opportunity since it’s the opportunity that initiates the experience. Before deciding to start a business enterprise, thorough research and thinking have to be done before concentrating on the idea. The purpose of this report is to find out the various data or information sources that can be used to plan and develop an already identified business opportunity (Tanwattana & Santiboon, 2020). Once a business opportunity has been identified, it is important to use some information sources to gain enlightenment on planning and developing a business opportunity.
Description of The Organization
Shalom daycare center is a new daycare that seeks to offer a safe, comfortable and nourishing environment for children under the age of five to promote overall development to kids. The aim is not only to take care of the kids as our clients, who are their parents, are committed to handling other matters but to enable the development of their minds and bodies in the course of their severe growth years. Shalom daycare will be operated with trained attendants who will serve the roles of teachers and facilitators. The education program will be founded upon the precept that toddlers learn and grow best through meticulously controlled play with informational resources. The daycare will serve residents around its location at approximately a range of 4 miles. Shalom daycare is led by Glory, who has experience in the daycare business for about a decade; he had taught nursery classes and worked in this industry before even though he at no time operated a daycare amenity by himself. Shalom, therefore, has an adequate understanding of the daycare business and knows how to manage and use it. The organization is founded upon the increasing number of households who rely on two incomes, and so they have created a need for a child care business since this means that many kids require a safe, educational place to go. Shalom daycare will flourish by ensuring that there is a safe care environment for the kids of its clients.
Business Opportunity to Improve the Organization
There are presently no exclusive daycare centers in the locality Shalom will be operating in. Additionally, the local population has been surveyed, and results indicate that clients would be receptive to the services as soon as the operations are set in motion. The location has a substantial number of high-income households; this means that target customers have means of finance with a basic demand for the business to succeed. Clients are also getting more concerned about the development of their infant kids. Studies show that the brain matures and character in kids develops when they are below the age of four, and so they need bonding with caregivers both psychologically and socially. As a result, most of the high-income parents ready to pay for the services that will nurture their children as per their expectations. These are the opportunities that Shalom daycare has discovered and are prepared to improve in the organization so that it becomes the most influential business in the market by meeting the clients of the needs (Tanwattana & Santiboon, 2020). The company will employ qualified staff to ensure that children are well nurtured with their minds and personality developing as required.
Business Questions
The following are business questions that Shalom daycare center reviewed before starting the business to ensure that they address the challenges faced by its clients. The first one is, does the enterprise require daycare insurance? Facilities that need childcare insurance are usually those that are large, those offering childcare from home, providing daycare services to clients or workers, or any facility run by a non-profit organization. And since Shalom intends to provide services to its clients, this question enabled it to know that insurance is necessary. the coverage shields the venture from having serious liabilities (Tanwattana & Santiboon, 2020). The aim is to protect kids against situations that result in them getting injured; the insurance covers property faults that are a source of injuries in children. In case a child gets hurt, the policies recompense for treatment medically, and the owner cannot be charged by law when a child is bruised. The insurance cover generally protects the owner, the enterprise, and the workforce. This business question will reduce conflicts and disagreements between the business and the client while enabling the venture to address the business challenge.
The next question is, what are the state’s licensing requirements for the business? Since licensing requirements differ from state to state, Shalom daycare center needs to find the ones that relate to the state in which the company is located. The first thing for the industry to do before it starts operating is to acquire a business license; this is done by the owner applying for it from the appropriate authorities. The local authorities then arrange for an inspection to confirm that it satisfies all the requirements and standards. All the staff in the daycare need to have first aid professionalism and a daycare license depending on the requirements of that state.
Is there any funding available to fund the startup of this kind of business? Reviewing the options available to support the business setup is important in enabling owners to get good selections, which helps deliver quality daycare services. This business question allows the business to know that several grants exist to those who own daycare facilities through the government. They understand that it is upon them to file for those grants to cover for initial cost if they have limited resources. The question aids in understanding how government programs assist organizations in providing incredible services to clients as they attend to other duties.
Will the daycare center offer educational programs to the kids? The organization needs to be clear about the issue of educational programs to make thorough preparations concerning it. Daycare centers provide educational solutions daily and the staff providing the services are required to have formal qualifications for them to be effective. If the daycare wants to offer the programs, it’s necessary to ensure that they have qualified personnel (Tanwattana & Santiboon, 2020). This is to ensure that they meet the needs of the clients effectively; the mental and physical development of the kids is key.
Is there an already set budget model to be used by the daycare center? Establishing a budget model enables the owner of Shalom daycare to avoid extravagance and manage all overhead costs. The budget describes the paid workers should receive and assess whether the business can afford extra equipment needed for the kids. Setting up a small budget poses more limitations to the enterprise as it limits the number of children the facility can contain. This question helps the owner to outline how the business will be initiated and identifies the requirements to be satisfied before commencing operations.
What Shalom Daycare Center Needs to Know to Be Effective
Shalom needs to know how to make their curriculum exciting and varied. They need to come up with their most preferred curriculum depending on what they want for the children. There have to be ways of allowing kids to participate in resources and learning and balance key educational outcomes with the toddlers’ interests. There has to be a partnership between parents, the owner, and teachers to improve the learning experiences of kids. An understanding of the need for home-school relations is key for effectiveness to be a reality.
Data and Information Sources for Daycare Business
There are data and information sources available that can help in answering the business questions mentioned above. There is the Child Care and Development Fund (CCDF) and is a source that outlines the funds that were granted for childcare initiatives and arranged programs concerning child development. The Child Care in America information source makes available data on matters that are associated with the condition for quality childcare. It makes known the educational programs available for the kids across the country, cost related to daycare, the workforce, and situations parents go through to find an affordable and quality daycare (Tanwattana & Santiboon, 2020). The National Database of Child Care Licensing Regulations is a data source containing licensing requirements for states and regions and information on how to contact the agency. Whenever new legislation is formed, further research is done, data is analyzed, or when there are recent industry trends, the licensing regulations in the database are updated in response to this.
The data and information sources available help the owner of Shalom Daycare center know how to go about ensuring that his business becomes effective and successful. They help learn how he can receive funds for his business from the government’s laid-down programs. The owner can understand the criteria to use for him to be part of these programs. The sources are useful in understanding what quality means in childcare, the average cost for offering daycare services, and the education programs available for one to choose from; these helps in planning. With the database, information on what licensing regulations are general at the state where the business is located can be easily accessed; the owner gains an understanding of what is needed at then takes a step to acquire one.
The data and information sources for this business can be accessed online for free. They are available in a portal dealing with early childhood assistance; all one needs is the internet to access the portal and then download information from there. The data sources do not require any departmental authority; anyone requiring the information can have access to it at any time with no restrictions. When it comes to the credibility of these data sources, they are highly reliable. There is accuracy in the information they present; this is after comparing the information in the heads with what was already known. The data from the seeds was also double-checked from trustworthy sources; the content is accurate (Tanwattana & Santiboon, 2020). The authors of the sources are responsible for a copyright statement at the lower part of the page and have proper authorizations on the issue. The content of the sources suits the informational requirements of the organization; it is relevant to daycare. The Child Care in America
Mind Map-Style Diagram
This mind-style diagram intends to show how the sources answered various business questions. The business question about licensing requirements is responded to by The National Database of Child Care Licensing Regulations data source. Concerning the availability of funds, the Child Care and Development Fund (CCDF) reacts to it. Child Care in America answers the business question on whether educational programs should be provided and goes on to list different programs available in the country. The source also addresses the inquiry about the budget model by displaying some of the average costs associated with daycare services.
When a business opportunity is identified, thorough planning needs to be done to come up with ways of initiating a venture. The business needs to be effective in such a manner that it addresses the needs of the client. For this to be possible, one has to find out what is needed in it and then obtain information that will help to meet the needs. One must use reliable information sources that are not prone to misleading but instead act as a helpful tool in contributing to the effective realization of customer needs and business goals.
Reference
Tanwattana, J., & Santiboon, T. (2020). Setting the Goals for Early Childhood Development of Their Desirable Characteristics Standards and Their Creative Thinking Abilities on Physical, Emotional, And Social Developments’ Specifications in The Child Development Centers (CDCs). Systematic Reviews in Pharmacy, 11(11), 891-912.