Recognizing potential issues and positive results

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Freshman (College 1st year) ・Business ・MLA

TO: Joe, Jack, and Jill, Computer Scientists

FROM: Jayden Edward, Start-Up Firm Consultant

DATE:  March 3, 2017

SUBJECT: DEVELOPING A PLAN TO MOVE FORWARD

The memo aims at recognizing potential issues and positive results. The clients developed an encryption software applicable in any business organization. Federal encryption standards provide guidance on the use of encryption software for business purposes. Organizations require the knowledge of the Federal principles to operate in the encoding legal environment. The three entrepreneurs secured $250,000 capital from a private firm. However, they are yet to test the capability of their product in the market. The scientists’ idea creates a chance of running a successful business through a good strategic plan. The development plan includes:

  1. customer discovery,
  2. identifying source of income,
  3.  intellectual property,
  4. value proposition and
  5.  business difficulties.

Customer discovery

The organization requires customer development in its initial phase to identify particular prospective clients and the suitability of their ideas to them. The three entrepreneurs need to focus on individual customers instead of a group of potential organizations. The availability of first customers reflects a gap in the market to fill by the introduction of the encryption software. The previous clients then play a significant role in the promotion of the product by sharing its advantages with other firms.  The customer discovery results in an occupation of the larger market as companies embrace the utility of the new encryption software.

Start Up Funding

The $250,000 financial assistance from a private firm cannot meet the entire monetary requirement for the beginning of the implementation of the business idea. The young company can seek assistance from financial institutions and other willing shareholders. The acquired fund should be utilized in customer discovery process, product promotion and maintenance of reserve against operations risks.

Intellectual Property

The business should obtain intellectual property protection against possible copying of the enterprise inventions. The company acquires some intellectual properties automatically such as brand but has to apply for patents and copyrights. Hence, the company has a chance of thriving without the threat of losing their innovations.

Value Proposition

The moving forward strategy relies on a strong definition of the enterprise’s value proposition. The business plan should have an influential claim of offering the best products compared to its competitors. The high-value proposition provides a foundation for marketing strategies. A greater value proposition displays a business advantage in the market since the company will not require intensive marketing. Creating a compelling value proposition requires the company to:

  1. Know the strength of its products and own it.
  2. Quantify the value of its services and products.
  3. Share the past success of the company with the public.
  4. Advertise the unique advantages of the encryption software.

Although the advertising technology provides growth chances for startups, the new business faces several challenges to fit in the market. The starting plan of the encryption company will face the following problems in the industry.

  1. Stiff competition from established encryption business organizations; However, the startup can survive through differentiation of its product.
  2. The financial problem for meeting rapid growth due to the high demand of the encryption software
  3. The high cost of hiring new staff to meet future expansion.
  4. The challenge of keeping up with the fast growth of technology by updating their innovations

The company has an excellent opportunity to perform in the market after testing the capability its products and raising customer awareness of their findings. Hence, the company needs to adhere to the development plan to realize its goals

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