online money transfer
there are two instructions for this project one from the syllabus and the other one is more detailed so you can know what exactly you are doing for this project…::::::: first here is the instructions from the syllabus:::::::: You will submit a paper identifying a need that is currently unfilled or poorly met in the market place. Your will describe how the market currently addresses this need, also how your idea of a product or service will satisfy this apparent need. Creativity is encouraged in identifying opportunities and developing ideas for new ventures! Expected length of the paper is approximately 2 pages (single-spaced)………:::::::::: the other instruction which is more detailed than the one from the syllabus is on files I have attached. you must look at it and follow what it exactly says. please make sure you pick good idea and then make this paper good and easy to understand.
New Venture Idea Project
Description: To complete this assignment successfully, you will need to develop an idea that has potential to become a viable business venture. There are two main purposes of this project. The first is to encourage you to brainstorm and come up with new ideas for new ventures. Second, this project will enable you to utilize a basic framework to examine the feasibility of your ideas.
You will be evaluated on the following criteria:
Paper – Should be approximately 2 single-spaced pages.
- Your paper should cover the questions from the outline.
- The potential of the idea (at least as judged by me…).
- Well thought out and the quality of analyses.
“If I had more time I would write you a shorter letter.” Mark Twain
Outline for the Paper
- What is the need that is not being met or a market niche that could be better served? Concisely describe your idea or the opportunity that you see in a few sentences or less. Include the basic product/service, customers, and main benefit or value proposition in this description.
- How did you recognize this opportunity for your business idea? For example, did the idea just ‘pop in your head’ one day or did you exert deliberate efforts to think up an idea?
- What other organizations/businesses may be attempting to meet this need or would have the capacity to meet this need? Consider the industry and market. Describe the competition.
- What is the competitive advantage that would allow you to be successful in this venture? Who are your potential customers? Also, how does your idea satisfy customer needs better than they are currently being met. How would you get your idea out to potential customers?
- Identify some critical risk factors or reasons the idea might not work
- Summarize how you would make money (e.g., revenue streams) on this opportunity. You may also want to address how it is possible to overcome critical risk factors that you have identified.
The business of online money transfer is one that I would like to venture in. Through currently there are some companies that offer these services, they remain largely out of reach to many people, especially the poor populace. Specifically, I see an opportunity in starting a business that offers money transfer services to citizens in developing countries. Due to the fact that many people can work online today, there is the increased chance that there will be the need to transfer funds from countries where the services are rendered – like the United States – to the respective countries where the renderers of such services are based. By business would realize its profit by charging a small commission that is proportional to the amount being transferred.
I settled on this idea after carrying out extensive research on this area. Over the last few months, I have been searching through the web to identify potential ideas that one can invest in. I took note of the fact that several companies in the developed are seeking to recruit people who can work from home. I also took note of the fact that there was a preference to recruit workers from emerging economies, because they were becoming increasingly highly skilled while remaining cheaper. This ultimately introduced the need for intermediaries, who can transfer funds from the employer to the employee, because in most instances, the employer companies avoided the technicalities of dealing with their employees directly when it can to issues of pay. It was the case in almost all freelancing companies.
There are other companies that offer these services. I am also definitely sure that there are others who plan to do so in future. However, the industry offers great potential and there are avenues for entry for new firms. As of present, many of the companies offering these services have concentrated on high end clients, because for a long period, this has been the business of elites. Veteran money transfer companies like PayPal, Western Union, Wire Transfer, Pioneer and Skrill, have been successful in this business, but following the usual model of serving high end clients. My business on the other hand would target smaller and emerging businesses – as well as individuals exporting services – from developing countries. By targeting many entities, it would be possible for me to charge a low price the transfer services, striking a blow to already established businesses – and possibly poaching several clients in the process.
As already mentioned above, I would target clients from emerging economies who are increasingly becoming exporters of products to developed nations. For instance, the Africa Growth Opportunity Act (AGOA) has made it possible for even small scale African farmers to export coffee and horticultural products to the US. With many corporate companies contemplating on venturing in Asia and African markets, they have chosen to conduct surveys to test the popularity of their products in those countries. These surveys are being administered online and the respondents being paid over the internet. This offers an opportunity for me to venture in. My idea would satisfy customers better because it would provide them with better, cheaper and more reliable way of transferring funds to them. Besides, I would go beyond my competitors have done. Most of the existing money transfer companies have limited their partnership to banks only. However, developing countries have been innovative and come up with more effective ways of transferring money. For example, the Kenyan mobile money banking by the name M-Pesa has been a highly successful model and is currently being