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Feasibility Plan Idea

 The Business Idea

My idea is to develop an online jewelry store. Jewelry and accessories are very popular in

foreign countries these days. The business will not be limited to the geographical boundaries

of one country. It will cater to many different countries where traditional jewelry and other

jewelry is liked by the people.

 The Product / Service

The product will connect the people with their culture and traditions. They will get

something unique and different in terms of design and looks. The product will help the

customers in getting the accessibility of the product from anywhere in the world. The main

focus will be to deliver quality product in the shortest possible time.

 The Industry and Market

The market will not be limited to one country; it will be spread all over the world. The access

to the markets will be thorough the online channel only. The market research of the different

countries will be done before offering them the product. This will be done using a

questionnaire that will be also spread with the help of mass mail.

 Financial Projections

Initially, the cost of setting up the online presence will be costly because aggressive

marketing is required for promoting the product in the market of foreign companies. But,
subsequently, the costs will decline because there is no physical store that will be set up so,

there will not be any running or maintenance cost for the same.

 Future Action Plan

The future action plan is to collect data about the need and preferences of the customers in

the foreign markets and to become more aware about their traditions and customs so that the

products can be developed accordingly.

Chapter 2 Mini Case

Answer 1

Advantages are:

 The rules and regulations related to rum are well-known by George.

 He has great skills of entrepreneurship and leadership so he can manage the business and

the people well.

 His networking is strong because he know many people who can help him in this.

Answer 2

Problems:

 George could get confused between investing in farm or the distillery because he does not

know that which business will be more profitable in the future.

 Just like the profits, the risks also unknown so incorrect risk assessment may cause

problems in the future.


Answer 3

In my opinion, George was a high growth entrepreneur because he set up the distillery, he

planned everything in advance and as a result of it the working was successful and it grew in the

future. The first step to set up the business i.e. making a proper plan was done by him in a proper

way and after that all the things fell in place. So, he is a great entrepreneur.