Describe Leonsis concept of idea generation and explain the approach you would take as an entrepreneur in this kind of busine

Small Business Management

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Small Business Management

1. Describe Leonsis concept of idea generation and explain the approach you would take as an entrepreneur in this kind of business.

Leonsis’ ways of idea generation are both creative and imaginative. With regard to the case study, he generates a business idea from an obituary of a renowned writer. He was able to go beyond the obituary into finding out the writing of the diseased. It is in the process that he came across the term Nainking and decided to use it in to produce a Chinese based film. Certainly, the film industry is very sensitive and requires imagination and high degree of creativity in order to realize positive returns. As an entrepreneur, I would start by designing my brand in such a way that it addresses the needs of a certain market. This is vitally important because it enhances positive reception.

This would be attained through undertaking of comprehensive and exhaustive market research. With respect to implementation, I would undertake effective marketing to ensure that my target market is well informed about the availability of the product in the market. At this point, it is worth acknowledging that customer knowledge about the availability of the product in the market enables them to acquire it. To enhance optimal performance of the product in the market, I would use creativity to ensure that the respective product is unique.

2. Describe your big idea and the methods you would use for finding statistics to validate the market size and growth opportunity for your potential business

My big idea pertains to the development of comedian films and computer games for teenagers and small children. Recent research indicates that these films and games enhance the motor skills of the children. They are therefore recommended for small children and the teenagers. With the current busy lifestyles, parents are finding it increasingly difficult to spend sufficient time with their children. Moreover, the pervasive nature of technological advancements has increased the accessibility of the children to technological devices. From a psychological point of view, comedies help in addressing incidences of stress and depression that undermine effective functioning of the teenagers.

Certainly, I would use wide ranging methods to validate the size of the market as well as the growth opportunities for this business. To begin with, there are a host of secondary as well as primary sources that provide useful insights regarding the size of the market for this business. These will be employed in informing decision making during the initial stages. Then, I would undertake actual field surveys to determine the size of the market. This can be undertaken online especially considering that a segment of the market representing teenagers can be easily found on line. Market trends indicate that sizes of markets tend to be dynamic in nature. Undertaking field surveys would enable me to generate factual information as well as data for decision making.

3. How would you leverage your resources and network of contacts to begin to accomplish your entrepreneurial goal?

It can not be disputed that resources are vitally important for effective and successful establishment of any business. Developing comedy films and compute games requires both financial and labor resources. I would mobilize sufficient resources by borrowing money from relevant financial institutions. In addition, I would make great efforts to attract investors in the business by ensuring that its operations yield beneficial results. Currently, research shows that there are various financial institutions that are willing to empower entrepreneurs accordingly. Winning their confidence would be imperatively important in ensuring that the financial ability of the business is secured.

With regards to leveraging contacts, I would attain this through advertisement and employment of word of mouth. In this regard, the target audience would be the adults with small children as well as teenagers. Ensuring high quality especially during production is useful in enhancing return purchase too. Maintaining a database of clients would also be useful in enabling me to have their contacts at all times.

4. What strategies would you use to set up your network to start your own business?

Starting up a business can be very tricky and it requires a high degree of creativity. The manner in which business operations kick off in most instances determines the performance of the business in future. For this reason, it would be important to ensure that business operations kick off well. To set up a network, I would employ social networking sites. Emergent research indicates that a significant percentage of the teenagers are always found on these sites. Creating a fan page or inviting friends in the business facebook account would for instance go a long way in improving the network of the business.

Because of the fact that the initial costs tend to be higher, it would be important to utilize the internet first before establishing a physical office. Nonetheless, it would also be important to liaise with important regulatory bodies in order to foster effective functioning. Initially, I would also collaborate with the existing businesses in identifying and establishing credible contacts with viable clients. Since they have been in business for a significant period of time, they ought to be conversant with the needs of the clients as well as general market trends. Therefore, merging the business with another existing one during the initial stage would be useful in helping me to kick start operations effectively and successfully.