Entrepreneurship, Essay Example

• Identification of business idea

Medical equipment sales is a lucrative venture that an entreprenuer. This is becouse millions of dollars of equipments are sold in the United Kingdom and United States of America (O’Brien, & Marakas, 2011). The process of securing a portion of this lucarative market is bnot very difficult for an entreprenuer willing to do research and invest the capital required. The implementaion of the project can either be done by establishing a retail store to sell the medical equipments to customers and online shoppers using a store website or becoming an indipendent sales consultant to represent the variuos manufactures of medical. This bussiness idea revolve aroung beig able to sell the medical equipments to hopitals and health centers through the tender process in which these health institutions frequently ask for bids to replace the equipments.

• Marketing analysis/feasibility study

Feasibility study is important being an anylysis of the potentila of the business is not only important in unveilling the strengths and weaknesses of abusiness venture but to also look at the opportunities and threats in the business envrioment that the particular business is to operate in. this feasiblity study will therefore seek to establish the cost of doing business and the ultimate value that is to be attained. (Justis, & Kreigsmann, 2007)

This feasiblity study will therefore will bnot only provide the background of the business, but will more importantly define the products, look at the business accounts. Other factors important rin this study will include the provison of information in the four main areasthat consist of industry, customer, competition and margin of profitablity.

• Strengths

There are a lot of strenths in this form of business. This is becouse it is a medical field that require the technical experience and expertise of the organisation. The company therefore needs to have the people with the technical expertise to meet the specification and demands of the customers who are the health institutions (Bentley, &Whitten, 2007). As such, the availability of the proffessionals like the medical engineers, marketing staff and the clerical support and management should be able to work together to provide effient services to customers.

• Weaknesses

The medical equipment sale is a field that requires a lot of technical feasibility asessment to be done. This business will need a lot of capital to be invested in the labour that provides the technical services (Justis, & Kreigsmann, 2007). It also requires clear organisation structures and systems hardware and softwares for effeciency.

Goal of the study is to provide information on 4 major areas

• Industry

The medical equipmemt sale is a very lucrative industry that is with very many oppoertunities for new business. This is becouse it requre some level of technical skills to effectively supply the right products to the clientele (Bentley, &Whitten, 2007). With the aging population in the western world, theres is a demand for modern medical equipments in the hospitals for early and accurate diagnosis dof ailments and management of the chronics diseases as well.

• Customer

The customers for this business or proeject consist on mainly the hopitals and other health care facilities. The patients are increasingly preffering health facilities that are highly technical in diagnosis and treatment of the diseases hence increasing the market for the medical health equipments.

The small health facilities recognise the need to use medical devices and innnovations to address clinical needs and delivery proper health care. The treatments of such sicknesses like cancer and other chronic illness have no other alternative treatments and assesment mechanism except using the medical equipments of imaging (Georgakellos, & Marcis, 2009).

• Competition

The medical equipment sale businnes is a type of business face very huge competition from the firms with very big capital. This is becouse it is very profitable venture and the winning of tender to supply these equipmnents normally runs for many years. Most of the current competitors in the medical equipment market are large multinationals like the GE healthcare and Phillips. This are mainly manufacturing campanies that the company will come up strategy to partner with these campaniees to be there parners and retailors (Bentley, &Whitten, 2007). An effec tive strategy to win the bids will be a combination of low prices of the equipments and additional after sale services like servicings and maintenance.

A strategy that will be adopted to win the business ofver competitors is by targeting businesses health centers that are just new in the market. The firm will tailor the products to be affordable to this group of people.

• The margin

The business will start initially with a small home based office and such important facilites like warehouse , and retai strore front will, be hired as the business picks up to enhance visibility of the business. A truck will be purchased to supply the equipments to the customer’s health facilities when the order is made. The initial start up for this form of business will need $ 50,000 and is very lucurative with very high profit margin. The profit potential for the business of selling medical equiment will range $50,000 and $100,000 per year (Georgakellos, & Marcis, 2009). This involves conducting of economic feasibility studies in which the process will involve quantification of all the benefits and costs expected.

Works cited

Bentley, L., &Whitten, J. System Analysis & Design for the Global Enterprise, 7th ed. (p. 417). 2007.

Georgakellos, A., & Marcis, M., Application of the semantic learning approach in the feasibility studies preparation training process. Information Systems Management 26 (3) 231240.2009.

Justis, T., & Kreigsmann, B., The feasibility study as a tool for venture analysis, Business Journal of Small Business Management 17 (1) 35-42, 2007.

O’Brien, A., & Marakas, M. Developing Business/IT Solutions in Management Information Systems (pp. 488-489). New York, NY: McGraw-Hill/Irwin. 2011.