ENTREPRENEURSHIP & INNOVATION

SID number: 1632971/2

Submission date: 3rd July 2020
Lecturer name: Mr. Patrick Samuel
Word count: 2500
Module Code: MOD001093
Executive Summary
▪ Company Name: Dynamic Health Solutions Ltd Company (DHS)
▪ The idea of the business is to implement medical robotic personnel within the nation’s
hospitals.
▪ The entrepreneur is in the business of health medical supplies.
▪ Provide services in Robotic personnel to augment strength at Hospitals by tending to
patients in unique ways.
▪ The business will be trading under a Limited Company
▪ DHS will be located at #60 8th Avenue Oropune Gardens Piarco
▪ The nation’s hospitals and private health facilities are constantly understaffed and with
the current corona virus pandemic hospital personnel are more prone to the disease when
coming into contact with patients.
▪ The planned start date for this business would be the 3rd of January 2020
▪ The top team would be the owner, the receptionist who will manage phone calls and give
information based on the products, a manager to overseer the company operations and
handle procurements and four highly skilled and qualified technicians to handle
maintenance and software updates of the robotic devices.
Confidentiality Statement

Information, data and drawings embodied in the business plan are strictly confidential and are
supplied on the understanding that they be held confidentially and not disclosed to third parties
without the prior written consent of 1632971/2

Contents Page Number

1.0 Introduction...........................................................................................................................................3
Background..................................................................................................................................................4
1.1 Vision.....................................................................................................................................................4
1.2 Mission..................................................................................................................................................4
1.3 Values....................................................................................................................................................4
2.0 Analysis of the current situation............................................................................................................4
2.1 Feasibility...............................................................................................................................................5
2.2 Current Industry Analysis.......................................................................................................................6
2.3 PEST Analysis.........................................................................................................................................7
2.4 Competitor Analysis.............................................................................................................................10
3.0 Porter’s Five Forces Analysis................................................................................................................12
4.0 Market Segmentation..........................................................................................................................14
5.0 Product Positioning.............................................................................................................................15
6.0 Competitive advantage and Unique Selling Point................................................................................16
6.1 Dynamic Health Solutions SWOT Analysis...........................................................................................17
7.0 Marketing............................................................................................................................................19
7.1 Marketing objectives...........................................................................................................................19
8.0 Market concepts and strategies..........................................................................................................21
9.0 Operational management....................................................................................................................22
10.0 Financial Requirements.....................................................................................................................25
11.0 Legal requirements............................................................................................................................26
12.0 Action plan.........................................................................................................................................28
References.................................................................................................................................................30
Appendix...................................................................................................................................................31

List of Tables
Table 1 PEST Analysis...................................................................................................................7
Table 2 Competitor Analysis........................................................................................................11
Table 3 Porter’s Five Forces model..............................................................................................12
Table 4 Market sgementation………………………………………………………...………….14
Table 5 SWOT Analysis...............................................................................................................17
Table 6 Marketing Plan.................................................................................................................19
Table 7 Operational Management Process....................................................................................23
Table 8 Company Criteria.............................................................................................................26
Table 9 Action Plan.......................................................................................................................28

List of figures

Figure 1 GEM Model......................................................................................................................3

Figure 2 Robotic Nursing assistant Market....................................................................................7
Figure 3 Competitive Strategy......................................................................................................13
Figure 4 Sustainable Advantage...................................................................................................15
Figure 5 Product Positioning.......................................................................................................16
Figure 6 Porter’s generic Strategy................................................................................................21
Figure 7 Ansoff Growth MAtrix...................................................................................................21
Figure 8 Input/ Output Transformational Model..........................................................................23
Figure 9 : Layout of Dynamic Health Solutions...........................................................................25
1.0 Introduction
Entrepreneurship is the process of making a product or a business while constructing and
ramping it up to make profits (Ferreira, 2020). This process is taken up by individuals who take
their jobs and aspirations in their own hands and lead same in the path of their own choosing.  A
Business Plan however, is a structured framework that illustrates the objectives and goals of a
business and explains how the organization plans to achieve such (Stokes and Wilson, 2017).
One of the largest global analysis of entrepreneurship is the Global Entrepreneurship Monitor
(GEM) which has encompassed about 75% of the world population with the Gross Domestic
Product being at 90% (GEM, 2014). The principle of entrepreneurship identified in terms
of economic growth is “Any undertaking of a new business venture, such as self-employment,
business development or expanding of a current business, by a person or a group of persons, or
an already established business” (Reynolds et al., 1999). The following figure displays the GEM
model

figure 1

Source: GEM (2014)

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Background
The author is a serving member of the Trinidad and Tobago Police Service for the past 20 years
and has made various observations in that the staff at the nation’s hospitals and other medical
facilities are at great risk of becoming infected by diseases as a result of being in contact with
patients especially during the current Coronavirus pandemic (Covid-19) which has infected over
9 million persons globally. The author has thought of the need for artificial intelligence namely
Medical Robotic Personnel in all health facilities in Trinidad and Tobago to mitigate the spread
of infectious diseases.

1.1 Vision
To transform medical institutions into Robotic oriented facilities through the use of Artificial
Intelligence (AI).

1.2 Mission
To envisage on the establishment of Artificial Intelligence (AI) to transform all medical facilities
in to a healthier and safer environment for patients and medical personnel.

1.3 Values
Our business aims at creating a safer and secure environment for all medical personnel and
patients in all medical institutions with astounding perfection represented by our business ethics
and logistics. With the new innovative concept our company plans to develop, we will offer
greater personal health options which in turn shall benefit all.

2.0 Analysis of the current situation

The author’s decision to venture into this business stemmed from the observations he made while
at different medical facilities where there was a lack of personnel at these institutes and patients
were seen by the handful and not being attended to. Also, his 14-year-old son who was present
on various occasions stated that “he wished he had a remote-controlled robot to attend to the
patients as they cannot get sick. With the author’s innovative capabilities along with the care and
concern for patients and his son’s statement, decided to venture into the business of Medical
Robotic Personnel (Dynamic Health Solutions). The preceding business plan will

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however examine venturing areas and include appropriate strategies to address any uncertainty
which could occur. The key focal point for venturing into the Medical Robotics Personnel
business are:

▪ The lack of medical personnel to attend to the number of patients at medical institutions
▪ Product positioning, as this venture shall present many benefits to the medical industry
and is seen as a great opportunity and the cost would be very affordable with different
payment plans available.
▪ Location – 8th Avenue Oropune Gardens, Piarco
▪ Market preparedness- fully prepared to distribute to all medical and health institutions
throughout Trinidad and Tobago.
▪ Product differentiation: this is a new product in Trinidad and Tobago and would benefit
the medical industry

2.1 Feasibility
Johnson and Scholes (2012) stated that feasibility assesses whether the organisation has the
resources it needs to carry out the strategy. The objective of a feasibility study is to qualitatively
and logically identify the strengths and weaknesses of an existing or proposed business venture.
The author seeks to venture into the medical robotics business as he sees the need for robotics to
be involved in treating with patients in the nation’s hospitals on a daily basis and to augment the
strength at hospitals where short staffing occurs. The company seeks to acquire funds that will be
utilised to offset the budgeting of this new venture, which includes: operating expenditure,
product development, administration, marketing and distribution of legal and regulatory
requirements. In order to offset this new development a pricing strategy must be put in place.
Pricing strategies assist companies to position products based on their perceived place in the
market relative to competition (Bonnici and Channon, 2015). The author’s pricing strategy for
the Robotic units will be penetration pricing. This would allow the company to set a low price
for the robotic devices in order to maximize quick market penetration, since it would be a new
market in Trinidad and Tobago. The target markets will be the Government hospitals and Private
health facilities and depending on the flow of patients at these facilities. for one Robotic device
with standard features will be at $50,000 TTD, however, the author had chosen penetration

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pricing strategy so the cost will be lowered to $45,000 in an aim of penetrating the market. This
would be especially feasible for Government hospitals due to the rapid flow of patients in these
hospitals throughout the east, west, north, and south and even Tobago, with the quarantine
hospitals such as the Couva and Caura hospital that are currently quarantining individuals who
have been infected or suspected of having the Corona virus. Another procedure will be rentals
of the robotic devices, these will be set at a price of $2000 per day per device and will include
features such as blood pressure and sugar testing, and thermal scanning. The Robotic device
features consist of Thermo scanning, blood pressure testing, blood sugar testing CT scan, MRI
testing, Prostate Specific-Antigen (PSA) Testing and the auto-clean and sanitize feature (ACAS)
which will prevent patients from being contaminated. Private health facilities such as St
Augustine Private hospital, Medical Associates, Valsayn Medical Clinic and St Clair Hospital
can also utilise this service though the flow of patients at these facilities is much lower than that
of the government hospitals and may consider renting the Robots. The company aims at selling
25 medical robots in the 1st year.

This form of pricing

strategy, also known as promotional
pricing,
involves temporarily setting prices
below the
market price or even lower than cost
price. This
is often used to maximize rapid market
entry
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into new markets, or the market entry of
new
products into existing markets.
This form of pricing
strategy, also known as promotional
pricing,
involves temporarily setting prices
below the
market price or even lower than cost
price. This
is often used to maximize rapid market
entry
into new markets, or the market entry of
new
products into existing markets
2.2 Current Industry Analysis
In the global fight toward COVID-19, technology has played an important role in helping
people to contain the spread of the virus and to deal with present cases. Robotics is one of the
key technologies that have made a huge difference and many hospitals around the world are
currently using robots to help both patients and assisting medical personnel (Mordor
Intelligence, 2019). In 2019 the robotics market was valued at approximately 40 billion and is
expected to register a Compound Annual growth (CAGR) of 25% over the period 2020 to

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 2025. Notwithstanding considerable progress, the Caribbean healthcare systems tends to
concentrate heavily on diagnosis and treatment and are understaffed, nurses in particular
(Thomas et al., 2017). There is a growing demand for robotic nurses globally whereas they carry
out various activities in assisting elderly patients and patients with disabilities (Grand view
Research, 2019). Such robots often help in minimizing nurse to patient population ratios in
countries where there is a shortage of healthcare personnel, which is another significant factor
driving the development of the market demand for robotic nurse assistant. According to Grand
View Research (2019), the going price of a companion robot is around $5000 USD and can
exceed almost $250,000 USD in some low income countries where these robots are
not affordable. the figure below illustrates the Robotic Nurse assistant market from 2015 to 2026.

figure 2

Source: Grand View Research (2019)

2.3 PEST Analysis

for the purpose of Dynamic Health Solutions (DHS), a pest analysis will be undertaken to
identify the Political, Economic, Social and Technology

Table 1

Factors Impact on Business Opportunities Threats

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Political Factors The inspection Time
span can be extended
Premises to be The company shall All individuals shall
inspected by Ministry conform to all comply with the health and
of Health. (MOH) Company policy must building policies safety requirements
be aligned with the
Government Policies: policies of OSHA. Possess high Some safety regulations
Health and Safety, standards of safety will be breached in certain
cases
May fluctuate
depending on changes
in the government Generous salary for Price of products may
climate professionals with increase
Salary increases
experience and
Business can incur expertise in robotic
more cost annually
Business can generate Slow sales of products are

Application for Value more revenue as likely to prevent the

Added Tax (VAT) prices will include company from achieving

certificate VAT targets

Economic Factors

Economic patterns Business profits is The business Profits The possibility of a drop in
help to define both maintained through may increase over revenue and business
market sustainability high levels of time. having to resort to closure
and productivity. productivity.

The current state of Less sales and Hire qualified May affect the purchasing

the economy and high productivity due to the individuals that and shipping of additional

rate of unemployment lack of manpower. possess the experience spare parts from overseas

can have an impact on and knowledge in

the artificial robotics and

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intelligence industry Information
resulting in a higher Communication
rate of unemployment. Technology (ICT).

Foreign Exchange The company may Given the situation it Increased or varying rates

Policy have some difficulties is likely to seek will make it increasingly

in acquiring products assistance from challenging to accurately
via the internet. government entities. measure currency and
reduce earnings.

Company can freely Opportunity for the Competitors may also

move goods services company to increase increase their supply
and technology its inventory of intake and upgrade their
without any products, spare parts inventory at a faster rate.
restrictions. and accessories.

Social Factors

Special training in Creates awareness and The company can now Other companies may be
robotics for the recognition of the expand its business inclined to enter the
younger generation company’s new throughout the nation. market with a similar
product. business venture.

Individuals with high The company’s The shortage of skilled

skill levels and productivity level will labor is a threat to the
experience would be be much higher consistent growth of
an asset to the profits of Dynamic Health
company. Solutions (DHS).

This technology can

Culture (Gender roles, Shared beliefs and This type of technology

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social activities) attitudes of the create other avenues may disrupt human life in
population has a for persons in society. the future.
positive impact on the For example: driver-
company’s culture less vehicles

Technological

Research and The company will Profits generated can New products on the
Development (R&D) gain more recognition allow the R&D team market, could attract new
Team’s continuous and generate more to develop future players and could increase
strategies for revenue by penetrating innovative products. the number of competitors
sustainable the market with new entering the market.
development in the products
future.

Current technological The company has the Technological innovations

Technology can
developments and potential to become introduced by a competitor
quickly demolish the
advancements by more innovative for may pose a serious threat
pricing strategy and
competing companies future endeavours and to the company in the
competitive
the possibility to medium to long term.
environment of the
improve technologies
company

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 2.4 Competitor Analysis
Dynamic Health Solutions (DHS) indirect competitors are D.N.A & Associates Ltd and Trius
Medical sales and service. Nonetheless, DHS will compete directly with two major medical
firms A.A. Laquis Limited and Pharmaco Industries limited in an active business field. AA
LAQUIS (AAL) is a multinational, multi-sector health distribution organization headquartered in
Trinidad and with different distribution centres (A.A. Laquis, 2018). They provide medical and
hospital equipment, and medical supplies for customers and distribute to medical facilities
throughout Barbados and Jamaica. Pharmaco Industries Limited is also a trusted medical
supplier in the medical market that distributes medical and hospital supplies along with health
and safety products (Pharmaco, 2018). The company’s high prices mainly target high class
individuals. The competitive edge for DHS is the implementation of a Medical Robot personnel
that will not only augment the strength of staff and act as a clean-up crew at medical facilities but
will also provide optimum care for both in-patients and out-patients so as to mitigate the spread
of infectious diseases limit human contact. The following table illustrates the competitor
analysis:

Table 2

Company Name Size of Company Product/ Years in Business

services offered Business Reputation
Ranking Scale (1-5)
A.A. Laquis There are Provides medical 67 5
Limited approximately 205 equipment and
employees across all health supplies
of the business with distributions
locations to medical
facilities.

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Pharmaco The company has Markets and 25 4
Industries limited only one location distributes
with a strength of 63 medical supplies
employees. and equipment to
hospitals
nationwide

3.0 Porter’s Five Forces Analysis

Companies should be aware of the need for the community in which they
conduct operations. DHS operations should work strategically where critical decisions could be
effectuated easily and effectively adjusted. An examination of the Porters Five Forces model is
employed to demonstrate the DHS environment with the aim of assessing the attractiveness,
productivity and profitability of the industry. The following table demonstrates porter’s five
forces model in respect of Dynamic Health Solutions (DHS):

Table 3

Element Particulars Impact on Measure Strength/

Company (1-10) Weakness
Supplier Reduce risk by reducing Company will be 6 Strength
Power the payment duration of supplied
the supplier consistently by its
supplier at an
affordable cost
Buyer Power Monitor and control price New products and 8 Strength
and buy at a competitive affordable prices
rate. and affordable
pricing plans
would help
maintain

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 customer
loyalty to DHS to
their rivals.
Competitive DHS will collaborate The company 8 Strength
Rivalry with competitors with the shall maintain its
aim profitability long
of significantly increasin term
g the market size.  
Threat of Products with similar No significant 5 Weakness
Substitutes features as the Medical impact as the
Robotic Personnel. company’s
robotic product
will be registered
and insured to
guarantee
authenticity.
Threat of New DHS needs to construct The company 4 Weakness
Entrants effective barriers to may be driven to
maintain its competitive lower pricing
advantage. strategies,
reduced costs, and
deliver new value
proposals.

figure 3

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4.0 Market Segmentation
Market segmentation is dividing the market into separate groups of purchasers who may have
different needs, character traits or behavioural patterns, and who may require separate products
or marketing combinations (Kotler, 2005). Dynamic Health Solutions (DHS) main aim is to
produce a commercial advantage. Segmentation will provide for customers to fully understand
the modus operandi of the business in order to mitigate risks and prompt decision DHS will
target Hospitals and develop strategies that will generate more profits. The following illustrates
the market segmentation:

Table 4

GEOGRAPHIC Medical and health industry. Hospitals throughout the nation

East, West, North, South and Tobago including private health
institutions. To attend to both in-patients and out-patients.

DEMOGRAPHIC This is beneficial for individuals of all classes and lifestyles.

Individuals of all ages and both male and female.

PSYCHOGRAPHIC Hospitals that have a high patient intake on a daily basis. For

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 every individual no matter their personality traits.

BEHAVIOURAL Patients have the benefit of getting their blood pressure, sugar
level and temperature tested in a timely manner as to avoid the
long wait they would normally endure at hospitals.

Dynamic Health Solutions will analyse the market intelligence and practices with an aim of
promoting and delivering high quality service to preserve competitiveness. The company ought
to be efficient and have market positioning to support and improve the quality and value of its
services. The robotics industry is a new and growing industry with rising visibility and
competitive rivalry and ample potential. DHS will implement Product differentiation for its
activities in order to draw on the customer's interest and satisfaction in order to differentiate and
retain that competitive edge. Product differentiation is where the companies aim to persuade
consumers that their products are unique than those of their competitors through product design ,
branding, advertising and packaging (Hamilton (2012). The figure below sows the where the
company falls within the model

figure 4

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5.0 Product Positioning

figure 5

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Source: Kotler and Armstrong (2005)

6.0 Competitive advantage and Unique Selling Point

In order to retain a competitive edge over its competitors, DHS is the only organization to
produce the Medical Robotic Personnel in Trinidad and Tobago. The quality of this
comprehensive service for patients throughout public hospitals and private health facilities is
provided by a special pricing package that is competitive over other competitors who do not have
such quality. Qualified and experienced personnel are readily available to carry out the required
repairs and any additional programming of the robot to meet the needs of patients and medical
staff. The mentioned competitive advantage will lay the groundwork for the unique selling point
(USP) for profitability and product growth.  The USP is the element or criterion raised by the
seller as the justification that this product or service is unique and different than that of
competitors (Entrepreneur, 2006).

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6.1 Dynamic Health Solutions SWOT Analysis
The SWOT analysis of Dynamic Health Solutions is illustrated below

Table 5

STRENGTHS WEAKNESSES
Affordable Price Plans Prices of products may increase
Experience Entrepreneur Unable to meet sales targets
Advertise Product Via Social Media Unsuitable or unqualified
Medical Attention for Patients technicians to service the devices
Augment Strength of personnel at Government regulations may
Hospitals change
Quality Service Technical support

OPPORTUNITES THREATS
Expansion of business Competitors may offer similar
services
throughout the nation
Substitutes may be brought to the
Brand recognition market
Increase profits Complaints from Patients
Foreign exchange rates keep fluctuating

Source: Entrepreneur (2019)

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Part 2 Recommendations for Future Action

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7.0 Marketing
Marketing is a method of collaborating with the target market to achieve future sales with a view
to meeting consumer needs and desires, creating successful partnerships and knowing needs of
customers, delivering better value, setting prices, selling and promoting them efficiently, making
it easier for the product to sell (Kotler and Keller, 2012).

7.1 Marketing objectives

Objectives will adopt the SMART approach. The following are objectives that Dynamic Health
Solutions (DHS) plans to achieve:

▪ To distribute Robotic devices to all Government hospitals in Trinidad and Tobago in the
first year.
▪ To promote health and safety in the nation’s hospital both Government and Private.
▪ Focus on building Brand Awareness.

Marketing plan

Table 6

Promotion The target audience would be supported by a large digital

platform on social media sites such as Snapchat, Facebook,
Internet ads, and Government forums such as the Ministry
of Health website. Daily advertisements, including posters
along with verbal communication, is also necessary and
will also be implemented. Demonstrations of the devices
will also be done to give a broad view of the unit’s
operation.
Price Penetration pricing will be used as part of the method of
sale. Competitors as well shall also provide special services
on our behalf; however, our pricing strategy will exceed
that of our two competitors meaning DHS prices will be
significantly lower.

Physical Evidence The Units will be on display at the company’s compound

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 and a full demonstration would be given to demonstrate the
full potential of the unit for clarity and in keeping with the
stated functions of the device.
Process The business processes within the company will be
demonstrated by use of our user’s handbook and bar graph.
Such methods are designed to achieve our organizational
objectives in line with our vision and mission statements
and basic principles.

People The people will be trained and skilled technicians from the
University of Trinidad and Tobago who specialise in
robotic maintenance and support. The company would be a
customer service oriented company
Product Emphasis on product improved performance and guarantee
that each device is tested precisely and authorised for
patient care in compliance with global quality standards.

Place Our facility is located in the Trincity industrial estate

Macoya and will house all the devices and equipment.
there is also a demonstration area on the compound for
device testing. Staff consists of 10 individuals with
different job roles in the company that operates on a daily
basis.

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8.0 Market concepts and strategies
Porter (1980) cited in Torgovicky et al., (2005) stated that there are three generic strategies that
are utilised to gain competitive advantage through three aspects namely: Cost leadership,
Differentiation and Focus. The figure below displays porter’s three generic strategies

figure 6

Cost

Dynamic Health Solutions

Differentiation Focus

Source: Porter (1980)

In light of the previous figure Dynamic Health Solutions will focus on Differentiation with is
services to hospitals and Private health facilities as the company progresses in growth. In
addition, the author has included the Ansoff growth matrix in order to determine a suitable
strategy relevant to the company. The following figure shows the Ansoff Growth Matrix

figure 7

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Source: Cima (2014)

9.0 Operational management

Operational management is a significant area in successful business as its factors nust be in
alignment with the requirements of the business. The figure below illustrates the input/output
transformation model followed by Dynamic Health Solutions operational management processes
table:

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figure 8

Source: Slack (2010)

Table 7

Elements Input Requirements Cost/Month $

Operations 6 staff members at $5000 per Highly skilled and $30,000

month experience personnel
specialised in robotic
maintenance and
programming
Materials Small vise, Hammer, Metal $1000
saws, Square, measuring tape,
scriber Drill Press, Sharp
utility knives, Hot glue guns,

Equipment Equipment would include a $1500

robotic analyser, workbench,
goggles, tables and chairs
soldering iron, tin solder,
pliers, precision screw

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 drivers, micro USB cables,
Tweezers, adhesive, Allen
keys, a small vice, operations
software, anti-virus, Arc
welder
Management The manager and proprietor A fixed salary will be
Processes will manage the paid to staff with an
company's activities on a additional allowance for
daily basis with 1 employee technicians working
serving as a receptionist, to beyond the 8-hour work
take stock and make and period and callouts
receive phone calls. 4 during non-working
technicians to conduct hours
maintenance and software
updating of the robotic
devices. All financial matters
shall be the responsibility of
the proprietor. Continuous
control of all procedures will
be undertaken by the
Manager / Proprietor.
Insurance Medical coverage for injuries Four thousand two $4,200
sustained on the job, hundred dollars annually

Workman compensation,
fires, natural disasters.

figure 9 : Layout of Dynamic Health Solutions

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10.0 Financial Requirements
Businesses need a stable capital with the aim of becoming successful. For the purposes of
meeting the required funding for Dynamic Health Solutions, a of capital five hundred thousand
dollars had been obtained from the proprietor's accumulated shares through the Police Credit
Union. This capital will be utilised for the purchase of material and equipment shipping the
robots from overseas and to pay employee salaries. Sales for one Robotic device with standard
features will be at $50,000 TTD, however, the author had chosen penetration pricing strategy so
the cost will be lowered to $45,000 TTD VAT inclusive in order to penetrate the market. The
company is expected to yield a profit from the sale of 25 robotic devices within the first year
amounting to $573970. Rental of the Robotic device will be at a cost of $2000 per day per each
unit. Servicing and software updating of the robotic device would cost around $1500 per unit and
must be serviced every 2 months. Robots with additional features such as sanitizing areas and
surface CT Scanning and Prostate testing will be at an additional cost. The cash flow statement
which illustrates the optimistic and pessimistic business financials for he year can be seen at
Appendix A and B respectively

11.0 Legal requirements

The laws relating to the Trinidad and Tobago Companies Act 81:01 state that: any individual
wishing to operate a business is obligated by law to register his or her company. Dynamic Health

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Solutions (DHS) shall meet all criteria. The following table shows the statutory criteria for a
company.

Table 8

ELEMENT Activities Legal SOURCE

Requirements/Cost
Name Company Name Fee for search: $20.00 Ministry of legal
request, through the affairs (2020)
Ministry of Legal Affairs
to ascertain if other
businesses carry the
same business names.
Registration Register business Articles of association: Ministry of legal
through the company $560 TTD affairs (2020)
registry.
Permissions Rental agreement N/A N/A

Bank Accounts Open a Business and no cost to acquire the First citizen’s Bank
chequing account business account (FCB)
however bank interests
and charges are
mandatory
Patents, IP Acquiring of Patents for A charge of $500 TTD Ministry of legal
company name. for the business seal Affairs
Company logo done at
the Intellectual Property
Office (IPO)
OSHA Adhere to all provisions Ministry of Legal
of the OSHA Act Section Affairs (2019)
88:08, as it applies to the
health and safety of
employees
Companies Act Comply with all laws in Ministry of Legal
keeping with regulations Affairs (2019)
of the Companies Act
Employment law Employees shall work in An 8-hour work period.
accordance with the Weekends and public
Civil Service Act 23:01 holidays on an on-call
basis.

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Value Added Tax Register company under A deduction of 15% for Ministry of Finance
(VAT) the VAT system incomes exceeding (2014)
$500,000
National Insurance National insurance (NIS) As according to the National Insurance
(NIS) will be deducted from Board (2016).
salary class rate a
employee’s salary
deduction of 13.2% will
be implemented:
$15322
Health Surcharge Deduction of HS to be Health based on a Ministry of Finance
(HS) done. (2004)
weekly rate of $8.25 per
week per employee:
$9504 annually
Business levy Business levy deductions 0.6% on gross sales Ministry of Finance
to be made in accordance (2019)
with the business levy
act
Green Funds Deductions to be made 0.1% on Gross income

Wages In accordance with the Company’s ICT Ministry of Finance

minimum wages act the (2020)
technicians and
average salary would be
at $17.50 per hour receptionist salary will
be at $50.00 per hour.
Labour Special benefits will be Employees have the Ministry of Labour
(2017)
bestowed upon right to join unions for
employees in accordance representing them as
with the Labour Laws: employees
Sick leave, injury
occurrence while on the
job etc.

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12.0 Action plan
Having developed the Business plan, the owner is assured that the innovation framework will be
successful and also that the annual growth would be significant on the basis of the competitive
advantage implemented by owner. The following table shows the steps of the Action Plan.

Table 9

Phase Action Plan

Start Date ▪ Start date for this new business venture will be on the 4th
January 2020.
▪ Promotions will be done for advertising the product.
▪ Constant Networking with suppliers and distributors to
ensure quality standards are maintained
▪ Publish guest posts to be featured through the business
sector and within industry publications.
▪ A post launch will be implemented in order to keep the
target audience engaged which will be done through
facebook and by advertising in the newspapers

Launch ▪ An internet Blog will be posted to educate individuals on

the robot’s features.
▪ The author shall hire an event planning firm to launch the
product.
▪ The Minister of Health along with the Chief Medical
Officer (CMO) would be invited to witness the launch
along with members of the media will also be present.
▪ A free trial of the unit will be done to keep the target
audience inclined.
▪ A full demonstration of the robotic device would be
conducted.
Staff training ▪ the author will hire staff specifically from the University
of the West Indies (UWI) with knowledge and
qualifications in robotics and ICT.
▪ A receptionist will also be hired and trained in the basics
of the robotic device in order furnish customers when
enquiring about the products.

Contingency ▪ In case of fire or natural disasters the establishment shall

claim for all insurances.
▪ In the event of the author’s untimely passing the author’s
son will carry on future endeavours of the business.

Source: Author (2020)

Page | 30
References
Exploring Strategy

https://www.ue.wroc.pl/p/aktualnosci/2014/Ansoff_Matrix_1 1.pdf

KOTLER, P., & KELLER, K. L. (2012). A framework for marketing management. Boston, Pearson Hall.

https://www.entrepreneur.com/encyclopedia/unique-selling-proposition-usp

Page | 31
https://www.pharmaco-trinidad.com/

https://blogs.iadb.org/caribbean-dev-trends/en/9397/

https://www.gemconsortium.org/report/entrepreneurship-the-driver-for-economic-diversification-in-
trinidad-and-tobago

Eryılmaz,Mehmet. (2017). Entrepreneurship. 10.4018/978-1-5225-7766-9.ch034.

https://www.oberlo.com/blog/what-is-entrepreneurship

Dynamic
Health
Solutions

Appendix

Page | 32