Answer

Enterprise

Business Ideas

Idea 1: Marketing Copy Writer: The business will entail writing simplified copies of brochures, magazines or advertisements and selling through the internet.

Idea 2: Personal Trainer: The business will target both elementary and high school students who would want their learning skills enhanced through home trainers.

Idea 3: Social Club Business: The business will entail setting up a social site where people can relax and socialize.

Idea 4: Party Supplier: With the prevalently increasing rates of parties across the town, the Party Supplier business will aim to supply party equipment such as chafing dishes to party clients across the town.

Idea 5: Editorial Services Business. The business will provide online editing services such as proofreading for students.

TOTAL SCORES

Idea no 1: 128

Idea no. 2: 98

Idea no. 3: 161

Editorial Services Business

Starting an editorial service is preferably the best business opportunity due to the prevalently increasing number of research activities over the past few years (Carroll, 2014). The business entails proofreading and editing customer’s research materials to enhance their writing and academic skills. Most colleges and universities have initiated online learning for wider coverage and reduced learning costs. While learning has been made easier, such aspects as grammatical errors have been a great concern among students and supervisors. The business will, therefore, target online students and researchers who would want to enhance their research through outstanding written materials free of grammar errors. Simplified learning materials illustrating how to avoid grammatical errors to achieve academic excellence will also be sold to customers through the internet. Due to the wide network coverage provided by the internet, the business will help students advance their grammar while learning various skills that would enhance their academic performances. The business will entail inviting students and researchers to present their written materials on the business platform for editing and proofreading. The business will, therefore, gain revenue through online subscription fee to receive editing services.

Starting an editorial service business will be a preferable business opportunity for various reasons. Firstly, all students strive to excel in their academics. While students desire academic excellence, most learning institutions have advanced their academic expectations whereby students are required to portray high writing and analytical skills to achieve academic excellence. On the contrary, many students, including native students, have been observed to experience difficulties achieving the academic requirements for excellent writing and analytical skills. The business will, therefore, help students enhance their writing skills and achieve the desired academic requirements for academic excellence. Besides helping students, the business will help researchers in presenting high-level research materials for the public. Secondly, starting an editorial service business requires little investments since it will be a service production business as compared to goods distribution business which would require more investments. Thirdly, due to the excellent writing and analytical skills learnt in all learning levels, the business will provide quality services which would attract more customers to the business. Finally, as an online based business, the editorial service business will earn wide network coverage of both local and global students and researchers.

Weaknesses of the Business

While the editorial service business is perceived to excel in the online marketing industry, the business has various weaknesses. Firstly, the business is more likely to be affected by technical obsolescence which is more likely to foster its downfall. According to Barber, Metcalfe & Porteous, (2016), technology has made it easier for organizations to market their products online. What is more is that organizations can constantly communicate with their clients through the internet thus enhancing the organization’s customer value. As an online business that highly relies on technology, the editorial service business is more likely to be impacted by changes in technology. The issue of technological changes can, however, be overcome by employing an information technology expert who would keep the business platform updated to avoid loss of customers due to technological failure.

Secondly, the business is more likely to receive competition in the online market. The online market is wide and covers all aspects of the business. While the business intends to take advantage of online business and marketing to access wide network coverage, the business will, however, receive competition from already established editorial agencies that help students and researchers enhance their writing skills. The business will, however, counter competition through premium pricing strategies with the intention of achieving a long-term competitive advantage through price-quality signaling (Kotler, Keller, Manceau & Hémonnet-Goujot, 2015). The business will also counter competition by producing high quality services for customer retention and attraction. Besides providing quality services, the business will create customer value by creating constant communication with the customers through the internet. By constantly communicating with the customers, the  business will identify the needs of the clients and provide according to customer specifications for efficiency and quality.

Finally, due to the limited proprietary rights, other entrepreneurs are more likely to steal the business idea fostering the downfall of the business. As an online business, the business will store the company secrets on the internet which are at risk of hacking from competitors or other civilians. The business can, however, counter the loss of business idea by encrypting the business’s information (Ilyas, 2015). Encrypting business information will secure the businesses’ secrets and ideas from hackers.