ENTREPRENURSHIP

INTERNAL ASSESSMENT

Name:

Registration Number:1000200539

School: Clarendon College

Centre number: 100020

Territory: Jamaica

Year:2021

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 Table of Contents
Market Research
Objective………………………………………………………………….……..3
Introduction……………………………………………………………………..4
Population and sample…………………………………………………………...5
Methodology…………………………………………………………………….6
Findings…………………………………………………………………………..7
Analysis of results…………………………………………………………….….15
Conclusion and recommendation…………………………………………………18

Appendix
Questionnaire …………………………………………………………………..19

Business Model
Mission statement, vision statement and objectives………………………………22
History of venture…………………………………………………………………23
Value proposition………………………………………………………………….24
The Beneficiaries………………………………………………………………….25
Operations…………………………………………………………………………26
Product differentiation…………………………………………………………….27
Income generation…………………………………………………………………28
Growth…………………………………………………………………………….29
Financial statements
Summary of financial analysis of the venture…………………………………… 30
Cash Flow Statement………………………………………………………………31
Statement of comprehensive income………………………………………………32
Statement of financial position…………………………………………………….33

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 Objectives

 To ascertain what percentage of consumers who will be willing to purchase the good

in year one of operation in Chapelton Clarendon.

 To unearth what age and income group of persons who will be willing to purchase the

good within Chapelton Clarendon.

 To find out who are the major competitors to the venture within Chapelton.

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 Introduction

Imagine wireless tech is the proposed name of the business venture, which will be located in

the Chapelton town area. This area is ideal because it is peaceful and calm area will attract

potential customers as well as there are not many businesses who provide technological

devices in the area making competition little to none also because the cost to travel to this

area is not much making it easier for customers and workers to get there.

Imagine Wireless Tech is a sole trader business that seeks to provide customers with the best

and latest in technological devices such as phones, computers, gaming consoles, tablets,

smart watches, among others. The novel Corona Virus has had a direct impact on the way

that the society work and socialize causing them to be more dependent on technology which

lead to an increase the demand for technological devices resulting an increase in price.

This business came about to provide technological device at affordable prices so that

everyone can be connected socially as well as being able to work and study in the new norm.

The business is different from others providing technological devices as it offers services

where you can trade in your current devices for the latest devices in the same brand. The

mission statement of the business is “To provide customers with a new beginning in their

technological life.” The vision statement is “To become the leading provider of affordable

technological devices and systems throughout Clarendon”

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 Population and Sample

The sampling that was used was stratified sampling this means that the questionnaires were

administered to persons within a specific age, of 16-28, social class, and education level

within the lower, middle and upper class in the Chapelton area. This group of people was

chosen because they are more incline towards wanting the latest devices and cell accessories

also because this age group would more likely be the main customers of the business as they

would want to keep up a ‘ social image’ and change phone regularly.

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 Methodology

In order to successfully carry out the researcher used primary and secondary data. Primary

data is a type of data that is collected by researchers directly from the main source. The

primary source used by the researchers was a questionnaire. A questionnaire is a set of

printed or written question with a choice of answers, devised for the purpose of a survey or

statistical study. The questionnaire was chosen because data can be collected relatively

quickly. The questionnaires consisted of 12 closed questions. The questionnaires were given

out to 20 individuals between the age of 16-28 with specific social class and education. These

included seven males and thirteen females the questionnaires were issued and collected

within a one week period from January 16-23, 2021.

Secondary data is data that has already been collected by and readily available from other

sources. Secondary sources in the forms of internet articles and textbooks were used to

acquire information to support the project by giving the researcher a better understanding of

certain terms and theories. These were used as it is easily retrieved and also inexpensive.

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 Findings

How often do you change your technological device?

15%
5%

50% Every year

Every 6months
Every 2 years
Every 3 years

30%

Figure 1
According to figure1 above 50% of respondents stated that they change their technological

devices yearly, 30% said every six months, 15% said every 2 years, and 5% said every 3

years.

Based on the information gathered from figure 1 it can be concluded that most persons

change their technological devices every 6 months to a year. This will be extremely good for

the business and can increase the growth of sales yearly. Regardless of the monthly purchases

profits for the business will continue to grow yearly.

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 What would be the period of year you spend the most money on technological devices?

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%
Christmas Summer New Years No difference between
the periods

Figure 2
According to figure 2 above 40% of respondents stated that the spend more money on

technological devices in the Christmas and New Year period, 15% said summer, and 5% said

that there is no difference between the periods.

Based on the information shown in figure it can be concluded that the businesses profit

margins should more likely increase during the Christmas and New Year period. Therefore,

the business should be in full stock at that time.

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 How much do you usually spend on technological devices?

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%
$18 000 - $25 000 $26 000 - $39 000 $40 000 - 70 000 $71 000 - $90 000

Figure 3
According to figure 3 above 45% of respondents said they usually spend up to 71 to 90

thousand dollars on technological devices 40% said 40 to 70 thousand, 10% said 26 to 39

thousand and 5% said 18 to 25 thousand.

Figure 3 showed that majority of the respondents in the sample group spend up to 71 to 90

thousand on technological devices it can therefore be concluded that most person prefer to

purchase the high end brand devices so the business must consider this when purchasing

stock.

What are your two main criteria when purchasing technological devices?

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 18% 20%

Quality and Price

Brand and Price
Size and Brand
Size and Camera quality
21%

41%

Figure 4
According to figure 4 above 41% of respondents stated that when buying technological

devices, they mainly focus on the size and brand, 21% said brand and price, 20% said quality

and price, and 18% said size and camera quality.

Figure 4 shows what persons are looking for mostly in technological devices. Brand, price

and size is most important to persons so the business must stock the latest brand phones and

try to sell them at affordable prices.

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 What is the best medium to advertise our products to you?

50% 50%
45%
40%
35% 35%
30%
25%
20%
12%
15%
10%
5% 3%

0%
Email
WhatsApp
Online website
Social media

Figure 5
According to figure 5 above 50% of respondents said that they would prefer the business to

advertise to them via social media, 35% said online website, 12% said Email, and 3% said

WhatsApp.

From the information gathered it can be concluded that the business should have a social

media site and a website in order to create angles for business growth because that is where

every person communicates. This can be used as a tool to increase sales.

What is your income level?

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 Low

Medium

High

0% 10% 20% 30% 40% 50% 60%

Figure 6
According to figure 6 above 50% of respondents said that they have a medium income group,

30% said high while the remaining 20% said low income.

Based on figure 6 majority of respondents are from the medium income group. This will be

good for the business as persons of the medium income group will more likely be willing to

spend with the business.

How many persons are currently supplying technological devices in the area?

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 0.05
4 suppliers

0.15
3 suppliers

50%
2 suppliers

0.3
1 supplier

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Figure 7
According to figure 7 above 50% of respondents said that there are two other suppliers of

technological devices in the area, 30% said 1 supplier, 15% said 3 suppliers, and 5% said 4

suppliers.

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Graph showing the type of brand that customers prefer

10% 10%

40%

Apple
Samsung
Huawei
BLU

40%

Figure 8

According to figure 8 above 40% of respondents prefer to use the Apple brand, 40% said

Samsung, 10% said Huawei and 10% said BLU.

Analysis of Results

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Product characteristics

Imagine Wireless Tech is a sole trader business that seeks to provide customers with the best

and latest in technological devices such as phones, computers, gaming consoles, tablets, and

smart watches. We also stock the latest devices accessories such as customized phone cases,

laptop bags, computer stickers, wired and wireless earpieces, among others. Our store also

provides a service where customers can trade in their used phones and the amount for that

phone goes towards buying them a new more recent model of the same brand.

Market analysis

One thing is certain whether good or bad people will always look for the latest models in

technological devices to buy as they like to be portrayed by society as ‘rich’ or ‘cool’. The

market for technological devices is huge but within this area there are only two competitors

this gives the business a potential opportunity to expand into other areas or markets.one

major threat that the business is likely to face is economic downturn this is a slowdown in

economic activity over a sustained period of time it may affect purchasing power of

consumers and intern cause profits to decrease. The business realizes that 50% of the

respondents stated there are two other suppliers of technological devices in the area as shown

in figure 7 on page 13.

Sales analysis

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Imagine Wireless Tech has the potential to make up to $2,500,000 yearly (potential

customers times average amount to be spent) (1000*$2,500). Based on the research carried

out it can be projected that the businesses sales will increase during the Christmas and New

Year period as most person prefer to purchase new devices during this period.

In figure 2 on page 8, it is observed that 40% of the respondents stated they are using

purchase technological devices during the Christmas and New Year period. Therefore, the

business should increase its stock of technological devices during those time.

Customer Analysis

The potential customers of the business are of ages ranging from 17-35 who are of the

medium income group (with the exception of the 17-19 year olds whose parents are of the

medium income group) this group of people are more accustomed to the hype and popular

life style who will go above and beyond to portray perfection.

Figure 8 showed that consumers in the area are interested in the high end brand devices such

as Apple and Samsung and usually spend a lot to acquire them. The business will aim to

satisfy their needs by proving the latest phones in theses and more brands.

Promotion and Advertising

The best way to promote the business is by social media and sales promotion. Social media

provide a means to communicate information to a countless number of persons in mere

seconds as well as it is very cost effective. From figure 5, 50% of the respondents stated they

prefer social media as the means to view the different technological devices offered by the

business.

The business will use the social media platform for sales promotions to attract customers and

motivate them to recommend the others to the business.

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Pricing strategy

The business will offer a 5% followers discount to everyone who followers its social media

pages and a 10% discount if you are a regular customer r you buy three or more items in

store. The prices of all devices in the store will decrease by up to 20% during the Christmas

and New year periods as sales are projected to increase in these periods. This data is

supported by figure 8 which stated 40% of the respondents usually purchase devices during

Christmas and New Year periods.

When buying devices and device accessories at the same time the business will offer a

package discount prices the prices however will not change irrespective of age, class or

relationship with staff.

Competition

The research conducted has revealed that online sellers and other stores in the area are the

businesses main competitors they are the competition that the business will have to beat to be

successful in the market. The business will have to do sales promotions and offer discounts in

order to attract loyal customers. The competitive edge of the business is that it offers services

that the other business does not these include customized device accessories and the trade

your phone service.

Conclusion and Recommendations

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Customers will always want the latest and most unique products and as such it gives imagine

wireless tech to tap into the market both regionally and island wide. Imagine wireless tech

does not necessary bring a new product to the market what it brings is a wide range of

technological devices and accessories at the most affordable prices which will persuade

consumers to buy them.

The research conducted has proven that there is a demand for technological devices in the

Chapelton area the research has also shown that there are only two major competitors within

the area which gives the business a 20% share of the market and that the business can

capitalize on this as its prices are more affordable than the other businesses.

The research has proven that if this business idea was to be acted on there is a 50% of

making a profit if it uses the correct marketing strategies and have affordable prices.

Appendices

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Questionnaire

This research is being conducted as a requirement of the Caribbean Advanced Proficiency

Examination (CAPE) as part of our final grade in Entrepreneurship. Please tick the response

that is most appropriate for the question asked. Thank you for your cooperation.

1. How often do you change your technological device?

☐Every year
☐Every 2 years
☐Every 3years
☐Every 6months
2. What would be the period of year you spend the most money on technological
devices?
☐Christmas
☐Summer
☐New years
☐No difference between the periods
3. How much would you normally spend on technological devices?
☐$18 000 - $25 000
☐$26 000 – $39 000
☐$40 000- $70 000
☐$71 000 - $90 000
4. What are your two main criteria when purchasing technological devices?
☐Quality and Price
☐Brand and Price
☐Size and Brand
☐Size and Camera quality
5. Where do you normally purchase your technological device?
☐Other phone stores in the area
☐Online
☐Someone buys it from overseas

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 6. What is the best medium to advertise our products to you?
☐Email
☐WhatsApp
☐Social media
☐Website
7. What income group do you belong to?
☐High
☐Low
☐Medium
8. How many persons are currently supplying technological devices in the area?
☐4 suppliers
☐3 suppliers
☐2 suppliers
☐1 supplier
9. Are your purchases usually planned or spur of the moment?
☐Planned
☐Spur of moment
☐Either
10. When you are shopping do you?

☐Go in due to the window display/advertisement.

☐ Go to shops where there are special offers.

☐Return to the same stores

☐Search beforehand on information and then visit the right store for them.

11. Are our prices affordable?

☐Yes
☐No
12. What brand devices do you normally purchase?
☐Apple

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☐Samsung
☐Huawei
☐BLU

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