This article consists of 18 pages and 3662 words. Emerging Economies In order to have full access to this article email us thedocumentco@hotmail.co.uk
Ref No: 1483
TABLE OF CONTENTS
INTRODUCTION
In times when the world is moving fast, information is more crucial than money and control over technological innovation is desired, those businesses which belong to IT sector are flourishing and not only generating exponential revenues for its owners but helping them grow to expand their knowledge of various things across the globe. Our business plan focuses on initiating software house while providing dozens of other services in addition to software development. This business will be a partnership based business, and eight partners will equally pitch in equity to initiate operations. The emerging market economy that I have chosen for setting up my venture in Ghana. The business has a strong prospect of being successful because the Ghanaian IT industry is progressing very fast.Emerging Economies.
Four of our firm partners will actively participate in the day to day operations whereas the remaining four partners will only help by putting in equity. Working partners will get paid for their operational activities. Tax exemptions make this business more profitable, because it will be operating in a free zone, plus pro forma statements show that the business is profitable and has the potential for future growth. According to the act 504, companies that are operating in the free zone are exempted from taxes for 10 years and after 10 years of operation, the companies’ only pay 8% tax (Prichard, 2009) Emerging Economies.
DESCRIPTION OF VENTURE IDEA
It is very critical to start up a business because there are many other small and big firms in this field making it crucial to kick off well. We will look at all the important areas which need to be discussed while commencing our business. The name of our software house would be “BIOTEC”. The location of the venture would be in a free zone in “ACCRA” (the capital of Ghana). We would be renting the land for venture because there is no concept of land ownership in Ghana
PRODUCTS & SERVICES
Emerging Economies: In this fast-moving world, it is very important for a new business to offer a wide variety of products and services at the start so that they can pull many clients or, at least, the attention of many clients. Since we are starting an IT company, so we also have to provide IT products as well as consultation to clients so that they can choose products according to their requirements. The variety of products and services our company offers are:
- Virtual Private Network (VPN)
- Voice over Internet Protocol (VoIP)
- ERP Development
- Software Designing
- Web Designing
- Web & Enterprise Portal Development
- Web-based Database Programming
- Web-legacy Enabling Applications
- Open source software customization
- Business Application Development
- Secure Intranets/ Extranets
- Content & Document Management
- Customer Relationship Management
- Workflow management
- Supply Chain Management
- Graphic Design
- Multimedia
- Web Applications Development
- Flash Content
- Web Hosting
PROBLEMS TO BE SOLVED
Growing market (Local & International)
There is an increased trend in corporate sector towards technological advancement. Companies are going to website up gradations, online ordering, e-commerce scripts, implementation of ERPs and many more things. In this kind of situation, we have a huge market open in front of us to which we can cater (Turner et al., 2014).
- Collaborative ventures
As the demand for customized software, ERPs and websites increase it is very important for us to combine our resources with other related industries and businesses to produce the best solution and get more profit margins. The business can create collaboration with the experts in fields like Electronic research, telecommunication and other engineering fields. In return, the experts who collaborate with us will also get us business with their own clients. Hence, it will be a TWO-WAY EXCHANGE (Turner et al., 2014).
COMPETITION TO THE BUSINESS
There are many entrepreneurs and government-based IT firms that are successfully operating in Ghana. Some of these include Clyde stone Ghana Information technology, Rlg Communications and ACT ICT Ghana Ltd. These companies and ICT firms will definitely provide competition to “bites”. In order to successfully manage the competition, it is important to have a very strong relationship with the customers so that even when another competitor provides the same product, our customers would not think twice before deciding to stick with our company. This means that our business will aim to retain the existing customers and attract the new ones.
TARGET MARKET
The advent of the Internet has not simply allowed for the transfer of information but has also allowed organizations to service customers from all across the world. The business has enormous potential not simply because of the high demand but also due to the availability of very talented local designers and web developers. Software companies have fared very well in the past for Ghana has become famous for its IT professionals worldwide. The talent is limitless, and there is immense potential for growth in this industry globally…
Recent Comments