The business idea and the business model

Students will develop a business plan to be submitted in module #5.  The business plan will serve as the final for this course.  Details for the assignment are provided in Canvas.  The first step in creating your business is to identify some critical information.  View the Small Business Administration’s website (link provided in Canvas) and read the Harvard Business Review article (link provided in Canvas). The second step is to develop the Business Model.
Be sure to answer all questions in complete sentences and thoroughly.
Part 1 – Business Idea
Answer the following questions about your new business:

1. What is the name of your business?
2. What is the primary product(s) or services will you provide?
3. Where will this business be located (which state, country, etc.)?
4. What customers will be served?
5. How do you plan to financially fund this business idea? (Think about private investment, friends/family, a bank loan, etc.)
6. Identify the legal form of your organization: 1) sole proprietorship; 2) partnership; 3) corporation; 4) non-profit

 

 

Sample Solution

My business is called Urban Green, and it will provide a range of green living services to customers throughout the country. Our primary product offerings include energy-efficient home design services, eco-friendly landscaping solutions, and sustainable construction projects. We plan to establish our headquarters in New York City but will also serve clients outside of the city.

Our main target customers are homeowners who would like to improve their current space while reducing their environmental impact by incorporating more sustainable practices into their lives. To fund this business idea, we plan on utilizing both private investment as well as seeking out bank loans or other forms of financing if needed.

In terms of legal form, I have decided that forming a corporation is the best option for this venture since it offers limited personal liability protection and allows us to raise capital from multiple sources with relative ease (Gunsalus & Conley 2019). Additionally, incorporating our business may grant us certain tax advantages which could in turn help us manage our finances more effectively over time (Mathews 2017). Ultimately, establishing Urban Green as a corporation allows us the flexibility needed to develop our own unique identity within the green living industry while also giving us access to essential resources such as funding or insurance coverage that can help shield us from potential risks associated with running a business.

Range of outright judgment

The range of outright judgment is characterized as the cutoff to the precision with which one can distinguish the extent of a unidimensional boost variable (Miller, 1956), with this breaking point or length generally being around 7 + 2. Mill operator refers to Hayes memory range explore as proof for his restricting range. In this members needed to review data read out loud to them and results plainly showed that there was a typical furthest constraint of 9 when paired things were utilized. This was regardless of the consistent data speculation, which has recommended that the range ought to be long if each introduced thing contained little data (Miller, 1956). The end from Hayes and Pollack’s trials (see figure 1) was that how much data communicated expansions in a straight style alongside how much data per unit input (Miller, 1956). Figure 1. Estimations of memory for data wellsprings of various sorts and digit remainders, contrasted with anticipated results for consistent data. Results from Hayes (left) and Pollack (right) refered to by (Miller, 1956)

 

Pieces and lumps

Mill operator alludes to a ‘cycle’ of data as the need might have arisen ‘to go with a choice between two similarly logical other options’. Hence a basic either or choice requires the slightest bit of data; with more expected for additional complicated choices, along a twofold pathway (Miller, 1956). Decimal digits are worth 3.3 pieces each, implying that a 7-digit telephone number (what is effectively recalled) would include 23 pieces of data. Anyway an evident inconsistency to this is the way that, assuming an English word is worth around 10 pieces and just 23 pieces could be recalled then just 2-3 words could be recollected at any one time, clearly wrong. The restricting range can more readily be grasped with regards to the osmosis of pieces into lumps. Mill operator recognizes pieces and lumps of data, the differentiation being that a piece is comprised of various pieces of data. It is fascinating to take note of that while there is a limited ability to recall lumps of data, how much pieces in every one of those lumps can change broadly (Miller, 1956). Anyway it’s anything but a straightforward instance of having the memorable option huge pieces right away, somewhat that as each piece turns out to be more natural, it very well may be acclimatized into a lump, which is then recollected itself. Recoding is the interaction by which individual pieces are ‘recoded’ and allocated to lumps.

Consequently the ends that can be drawn from Miller’s unique work is that, while there is an acknowledged breaking point to the quantity of pieces of data that can be put away in prompt (present moment) memory, how much data inside every one of those lumps can be very high, without unfavorably influencing the review of similar number of lumps. The cutting edge perspective on momentary memory limit Millers sorcery number 7+2 has been all the more as of late reclassified to the enchanted number 4+1 (Cowan, 2001). The test has come from results, for example, those from Chen and Cowan, in which the anticipated outcomes from a trial were that prompt sequential review of outright quantities of singleton words would be equivalent to the quantity of pieces of learned pair words. Anyway truth be told it was found that a similar number of pre-uncovered singleton words was reviewed as the quantity of words inside educated matches – eg 8 words (introduced as 8 singletons or 4 learned sets). Anyway 6 learned matches could be reviewed as effectively as 6 pre-uncovered singleton words (Chen and Cowan, 2005). This recommended an alternate system for review contingent upon the conditions. Cowan alludes to the greatest number of lumps that can be reviewed as the memory stockpiling limit (Cowan, 2001). It is noticed that the quantity of pieces can be impacted by long haul memory data, as demonstrated by Miller regarding recoding – with extra data to empower this recoding coming from long haul memory.

 

Factors influencing clear transient memory

Practice

The penchant to utilize practice and memory helps is a serious complexity in precisely estimating the limit of transient memory. To be sure a significant number of the investigations pompously estimating momentary memory limit have been contended to be really estimating the capacity to practice and access long haul memory stores (Cowan, 2001). Considering that recoding includes practice and the utilization of long haul memory arrangement, whatever forestalls or impacts these will clearly influence the capacity to recode effectively (Cowan, 2001).

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