Entrepreneurial Development Project Report On

A study of new innovative product .

Submitted For partial fulfillment of the requirement for the award of Bachelors of business administration IB

GUIDED BY, MR.Archisman Sen

submitted by, Harshita jakhodia Surbhi kapoor Nandita wangkhem Deepika srivastava

ACKNOWLEDGEMENT
We would sincerely like to thank my guide Mr, Archisman Sen for giving me an encouragement to work freely and boldly to develop an innovative product, which we have loved to work in. Then we want to extend my warm thanks to our college library without the help of which we would not be able to complete our report. We are whole-heartedly thankful to AIBS, Amity University for giving us this opportunity to prove our self and also excel our skills by gaining research experience. We are also very thankful to God, without whose blessings, we would have not been able to finish this project successfully. He gave us strength to overcome all the difficulties I faced in the preparation of this project with ease. we also would like to thank all our friends for guiding and supporting us doing this project and being with me at every step. Last but not the least we would like to give our regards to my parents who have supported us in every stage of our life.

DECLARATION
I hereby declare that project report entitled A Study of the Innovative idea . is written and submitted by our group. under the guidance of my faculty guide Mr. Archisman sen . The information collected by our group is authentic and is done through data analysis and interpretation and we have thorough knowledge of the project. We further declare that this project report has not been submitted to any other university or Institute for the award of any Degree or Diploma.

Date:13/08/2013

Harshita jakhodia Surbhi kapoor Nandita wangkhem Deepika srivastava

EXECUTIVE SUMMARY
Given the inherent risk of innovation, the company can improve the odds of success by pursuing parallel objectives. Since innovation drawn on many source of ideas, the company can also improve their odds of successful innovation by accessing a large number of knowledge sources. In this project, we introduce a mobile revolver which has a great impact on the day to day life. This project is feasible for : young girls business man women (in organization) As the crime is increasing day by day, so this product can be misused, therefore, for safety purpose, this product can only be used by the person who give reliable and legal identity proof. So the supply of this product is done after proper verification. This revolver bullet will does not kill anybody but might hurt someone for few hours. And a small pepper spray bottle will also there for alternative purpose in this mobile.

Key findings of the survey include:

Mobile phones and bullet revolver are in widespread use:

87 percent of the Indian population has a mobile phone. 44 percent of mobile phones are smart phones users so they want some safety application which can be run without internet usage.

84 percent of phone users are worried about their safety (against rappers, terrorist, etc.)

The ubiquity of mobile phones is changing the way, consumers access safety services.

51 percent of mobile phone owners want to use used mobile cum revolver in which they might not kill anyone but yes they hurt them

13 percent of those think that they should also have pepper spray like thing in it.

The most common use of mobile as we know is communication but due to this bullet system one can be safe from been harmed by others.

Mobile phones are also changing the way consumers make payments

50 percent of mobile cum revolver owners are willing to make advance payment

The most common use of mobile payments was to make an online bill payment (47 percent of mobile payment users)

21 percent of mobile payment users transferred money directly to another person's bank, credit card, or Paypal account

Perceptions of limited usefulness and concerns about security are holding back the adoption of mobile financial services

The primary reason why mobile phone users had not yet adopted mobile cum revolver was that they still do not have awareness about the product.

Concerns about the security of the technology were the primary reason given for not using mobile cum revolver was that 51% users do not like to use revolver

OBJECTIVES

To launch an innovative idea The purpose of our innovative project is to improve study areas and the quality of resources for the students at AMITY INTERNATIONAL BUSINESS SCHOOL. To check the feasibility and reliability of the project. To get the approvals from the large number of people. To reduce the risk factor of the project.
To conduct large survey on different part of the country

The company
The company name will be georevolver &co. which is registered under the government act ,1932. And the product name will be georevoler 36. Basically it will be a private company but for security purpose it will be partially controlled by government . firstly, it will launch in India, and then many more.

The mimimum paid up capital will be 10 billion rs. For the manufacturing of 12000 mobile phones.

THE NATURE OF THE INDUSTRY AND THE MARKET

In 1830, when he was only 16, Samuel Colt left home and took a job on a merchant ship bound for India. In his spare time, he toyed with designs for a new sort of gun -- one that could be fired repeatedly without reloading. While a number of repeating weapons had already been developed, none of them had caught on with the public, mostly because they were too complicated and cumbersome. Mobile devices have increasingly become tools that consumers use for banking, payments, budgeting, and shopping, but have we have ever think that we can use mobile not just for the communication and entertainment purpose but now for the safety for girls and business man,

after the short survey of our product the following things that people should want in their product. We live in the era of the semi-automatic handgun. Since the dawn of the 20th century, semi-autos have evolved from clunky curiosities, passing through a stint as military-only side arms before emerging onto the civilian market in force during the last quarter of the century. Semiauto domination of the market seemed certain and, some would still argue, remains the current state of the handgun world. But think of the young girls, when they go out for school and college, they feel so unsafe. Around 35% of girls do not able to complete their education because of increasing crime day by day and they have to leave their education and sit at home. But now this trend is gone forever by developing this innovative product. Now every girl is using a mobile. They do not have to wait for the police to come and save her. They just have to press some buttons in mobile. A bullet will come out and will hurt the criminal and they are safe.

WHY mobile cum revolver SAFETY? there may be no way to guarantee safety, handgun owners can take steps to help prevent many accidental shootings. This study will give you valuable information to help you become a safe and responsible mobile cum revolver owner.

THE MANAGEMENT TEAM

A single director or manager rarely has the combination of skills that a management team might have. Each member of a management team can concentrate on their own area of expertise. In addition, the business benefits from having its overall direction and goals viewed from different perspectives. So we have the team of different people which have different skills. The rapport within a team is very important and can add further value beyond the individual talents and skills of each employee. Teams whose members relate well to one another contribute significantly to the overall success of their businesses. A disjointed management team could well put off anyone involved with your business, e.g. employees, customers, clients or suppliers. This could ultimately lead to corporate failure. so we appoint a professional manager who have managerial skills. A strong management team is particularly significant if we want the business as a whole to grow and develop. As a business grows a management team is also important in spreading leadership responsibility. It is crucial if:

business operates in more than one location We will have homogeneous product. But have franchisee with different mobile sector. your business has different cultures, for example after a merger or acquisition It is worth remembering that management teams can also operate at different levels. Consider establishing teams to help run particular locations or divisions. This provides additional opportunities for staff development and involvement and will benefit your business. It may be helpful to find a training course that covers the ways a management team can support your business. MANAGEMENT TEAM SKILL SETS The skills required to run a business successfully include:

sales and marketing production finance administration procurement and buying Not every business needs these competencies to the same degree or in the same combination. While all businesses need sales and administration skills, for some production will be critical, while in others buying ability will be more important. A review of your business should identify skills that are important to it and those skills that your current staff, including yourself, already possess. Do these need developing with formal training or monitoring? Some types of expertise might only be needed from time to time and it may be better to outsource as required, e.g. using a financial consultant on a short-term basis during a capital expansion phase.

Another option might be to use outside directors or non-executive directors, who can bring substantial commercial knowledge and experience on board. One of your key tasks is to ensure that all roles and responsibilities are clear and that good communications structures are in place in both formal (management meetings, briefings, progress reports) and informal (team building sessions, general feedback) areas. BUILDING THE TEAM WE might like to consider the following stages in developing our management team:

Review our business' progress to date and decide what direction we want it to go in. Measure our performance in the market against your competitors. Analyse any strengths, weaknesses, opportunities or threats - commonly known as a SWOT analysis - to identify what gaps there are between where the business is and where we would like it to go. Analyse what skills the business requires and consider what strengths and weaknesses we offer personally. Learn the skills, potential and ambitions of your existing staff and consider less-defined skills such as leadership qualities. Analyse the fit of existing skills to business requirements and establish priorities for the acquisition of missing skills. Establish where staff development could fill skills needs and consider reallocation of responsibilities to create a genuine team, rather than a group of individual managers. Re-examine any skills gaps. Consider other options such as consultants, outsourcing, contract workers, with a cost/benefit analysis. Look to permanent staff recruitment - where possible it is best to plan ahead by recruiting for future positions and anticipating any prospective skills gaps.

TRAINNING AND DEVELOPMENT OF MANAGERS In developing a management team it is important to recognise that most people will need some help and training to be able to fulfill the new roles required of them - especially if they are being promoted from within an organisation. Formal training may be appropriate to increase their specialist knowledge, as the product is too dangerous. but the main support will probably be to help them grow into their new management role with confidence. There is a wide range of training options now available, including formal courses run externally or in-house. Internal, less formal training sessions can also prove useful, and individuals might benefit from onthe-job training, distance learning, or part-time college courses. In addition to defined skills training, some thought should be given to developing team spirit and training managers in diversity and flexibility. Team-building exercises can play an important part in helping the management team to better understand and communicate with each other. PROFESSIONAL PERFORMANCE MEASUREMENT Development of a management team is an ongoing process. Performance feedback should identify skill gaps, leading to training and future improvement. As you delegate management responsibility and become more removed from the day-to-day feel of the organisation, you will need to have in place good systems to be able to monitor performance. A suitable balance has to be achieved. You need sufficient feedback from managers to appreciate the overall position of the business, but you also have to allow them the freedom to be able to manage their designated areas. Performance assessment can usually be divided into two parts measurement and evaluation.

Performance measurement concentrates on key performance indicators (KPIs), objective factors that can be clearly identified and measured, such as: sales figures production output financial performance machine downtime

THE MARKETING PLAN

Having established your goals for your product launch, you will know the particular outcomes you intend to achieve. Meeting these goals usually involves building product awareness and demand in the marketplace, which will lead to sales. At the time that your organization sets the goals for the product launch, have your marketing team outline their marketing strategy, which will take your products buyer personas into consideration. Note that this plan should dovetail with the rest of their overall marketing plan, and that the marketing team will also be responsible to help build the sales tools for the new features. Building awareness Awareness is a precursor to demand. By building awareness, you improve the chances that your market will be interested in buying your product. Use the following tools to strengthen your efforts: Press releases: Many companies use press releases to announce new products or upgrades to their existing ones. Press releases are most effective when the content is newsworthy (like a major product release) and they include a customer

endorsement. Conduct beta programs to elicit product endorsements that you can use at the time of the launch. When distributing press releases through a newswire agency, news outlets will often republish them, spreading awareness of your new release. Press outreach: Over time, your marketing team will build relationships with different journalists and press outlets. At the time of a product release, your team can reach out to the press to entice journalists to write about the new upgrade. Website updates: Announce every new product or feature release on your corporate website. If you blog, then write about the new functionality and why it benefits customers. Anyone who regularly views your website will soon learn of the new upgrade. Twitter announcements: If your organization has a Twitter account, then tweet about the upcoming release, including links to the press release, any web content and other marketing efforts. Aim to have your Twitter followers retweet these announcements, which can help to create viral awareness of your new release. Endorsements: Building relationships with third-party industry analysts and receiving endorsements can boost your marketing efforts. For example, Gartner Group and Forrester are well-known analysts that follow the technology space and evaluate and recommend solutions to their customers. Advertising: Advertising is another option for building awareness. This includes search-engine marketing (e.g., buying Google AdWords) and other forms of advertising (e.g., print, online).

Building demand
Your marketing team can engage in the following types of activities to help generate demand for your product and create a sense of urgency for your prospects to buy. Email campaigns: Email campaigns designed for existing prospects can help encourage their purchase decision. Follow-up these campaigns with a phone call to maximize effectiveness. Referral campaigns: Use your existing customer base to generate additional leads through a referral campaign. Offer an incentive to your existing customers to refer a friend (e.g., free maintenance for a year, or a gift). Because these new prospects

will have had your product endorsed by a friend, the chance for you to close the sale is much higher. Contests: Hold a contest to collect contact information for prospects for a particular release. Set up contests prudently; make sure that you attract legitimate sales prospects, and not just anyone who wants to win the prize. Tradeshows: Tradeshows enable you to connect with a targeted audience that wants to see solutions to their market problems. Use tradeshows with care, however. They can prove a costly and labour-intensive way to generate leads, and might not provide the buyer persona you seek.

Product launch marketing plan

Company has a new release of facial recognition functionality for its product image. The company wants to make a big splash. The goals of the release are to have 1,000 new prospects in the sales funnel. Company ABC has been conducting a beta program with 50 customers over the last three months, and customers love the new functionality. The marketing team decides to do the following:
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To build awareness: Endorsements: Theyll secure five quotes from beta program customers.Press release: Theyll use the best quote to create a press release. Journalists: Theyll pitch a story to the photo management media, spotlighting how theyve solved the problem of facial recognition for users, and include customer endorsements supporting the product. Advertising: Theyll buy the termfacial recognition on Google Adwords. To build demand: Email campaign: Theyll create an email campaign for past trial users of the software to inform them about the upcoming release. They will reach about 10,000 people through the trial database. Referral campaign: Theyll inform 3,000 existing customers about the new upgrade to prepare them for the release. Theyll also ask those customers to refer a friendif they do so, theyll be entered into a draw for an iPad. The marketing team estimates that they can generate 1,000 leads using these different tools to build product awareness and demand. By keeping careful metrics

and tracking their activities and results, the team can assess for next time the effectiveness of every launch activity.

The big day is finally here. After years of preparation, its finally time for your company to launch its new, revolutionary product. It could be the greatest thing to hit the market since the wheel, so how do you ensure that it gets the launch it deserves? Here are some preparations that any smart marketer will make before launching a product, as well as the lessons learned from failed products. 1. Research your audience. Knowing is half the battle. Really get to know them. Why do they need your product? What problem do they have that your product solves? What other types of products do they buy regularly? Will your product even show up on their radar? How do you earn their trust with your product? The more you know about them, the more youll be able to tweak your launch to appeal to their needs. Remember, necessity is the mother of invention, not the other way around. If there isnt a market for your revolutionary product, the launch will be challenging, to say the least. Consider the Segway. It was supposed to make cars obsolete, and guarantee that humans never had to put their feet on the ground again. It was built on the assumption that everybody would want it once they saw it, but reality proved otherwise. Was this flop due to the Segway being a bad product? Or was it a good product launched poorly? The marketing for the Segway appealed to a very broad audience -- basically, everything that walks on two legs -despite the fact that not everybody wanted one. Over time, the Segway settled into its niche, and is now primarily sold to law enforcement and urban tour guides. How different the launch -- and legacy -- of the Segway might have been had the marketers zeroed in on their audience before they launched. 2. Understand what makes your competition successful. Why do customers buy their products? What is their marketing strategy? How is your product different, or better? Old habits die hard, so convincing consumers to stop buying the competitions product and start buying yours will be no easy task. Studies show that American families usually buy the same 150 items repeatedly, and this constitutes about 85% of their household needs. And timing is everything. If

Microsoft had released the Zune a few years earlier, it may very well have been the product that took the nation by storm. However, it was released in 2006, when Americans were still in the iPod craze. Both were great products, but the iPod captured everyones attention first, and held onto it. The lesson: if your product is a category changer, dont launch it right after another category changer. Better to try and get into the market earlier, or wait a while for weaknesses in the other product to be exposed that you can exploit. 3. Build an appropriate product launch marketing plan. Determine which media are optimal for reaching your target audience, and then run small scale tests on focus groups to gauge their responses. Adjust as necessary. Remember Windows Vista? If so, the first thing that comes to your head is probably a sense of disappointment. There was a huge amount of hype before the release, as in $500 million of marketing. When the product was released in 2007, It was full of bugs and compatibility errors. Apple took advantage of this in their forever famous Im a Mac campaign. The lesson to be learned from this is not to build up more hype than your product can live up to.

4. Fill out a SWOT chart.

This will help you to set achievable goals by identifying internal and external factors that are both helpful and harmful to the success of your

product. It will help your company figure out where you stand in relation to your prospects and your competitors. 5. Check to make sure your distribution channels can handle the demand. In some cases, a product launches and takes off with such velocity that the company cant keep up with the demand, which is the best way to lose customers. In other cases, the company is forced to merge with or sell to a larger, more capable company, and the success of their product is dwarfed by the fact that the larger company gets to reap what the smaller company sowed. Imagine you have a garden. You plant the seeds, water it, and take care of it like its family. When the time comes to harvest your fresh tomatoes, you have to sell them all to your neighbor for 50 cents each, only to watch them distribute them for $5.00 each. All this because you dont have a big enough basket. In short: hope for the best, prepare for the best. Knowledge is power, so the more you know about your product, your audience, your competitors, and the market environment, the better the position youll be in to launch your product. Take your time and develop a strategy that efficiently communicates to the demographics your company is targeting.

THE FIANANCIAL PLAN Firstly, we as entrepreneurs are encouraged to first investigate our
funding options and conduct comprehensive market research to fully understand our potential targeted consumer base and any major competitors. The information superhighway The internet has become the fastest and most efficient means by which a new business owner can perform market research and find out ways to raise capital. One important website to visit is the large Business Administration (LBA) (www.LBA.gov), which can provide the

necessary facts and resources needed for starting their new business. We as an entrepreneur would take advantage of this valuable online resource so that we can become aware of all the different types of funding available. We will also be able to learn about how to meet the desired criteria in order to effectively raise capital for our new business.

Personal funding Using personal finances will be our first source that we will consider when we decide to raise capital for our new product. Money can be obtained from personal checking and savings accounts, credit cards, and retirement accounts. In addition, equity can be collected from the sale of real estate properties, vehicles, recreational equipment, and even rare collectables.
Secured loans we will finance from secured loans. Secured loans- we will need to find collateral in order to raise capital for our new business. Personal, commercial or residential properties, invoices, or even recreational equipments can be considered deposits to secure the loan. Government funding Government loans by the Large Business Administration are also considered a valuable source for new business owners who seek to raise capital. So we will apply a resourceful means of funds from government. Bank loan

we will firstly estimate that how much funds still left to raise. So balance we will take from the bank In this way we will generate the funds for infrastructure, spare parts etc. And we also do the pricing strategy to place the cost of the product. .

RISK AND CONTINGENCIES

Ignorance and carelessness are major causes of accidents. So to help reduce the number of accidents, it is critical that mobile cum safety rules are understood and practiced at all times by every family member. Following are some examples of which can place an accidents, that could have been avoided if the basic safety rules had been practiced: Two young children playing in their home found a revolver mobile with the magazine removed on a bedside table. One child was injured when the mobile bullet was pressed. A mobile revolver may assumed to be a normal handset. While playing in it, you accidentally fired , causing injury to yourself.

 While practicing or showing demonstration to someone, user may distracted by a noise behind her. And he might press the mobile bullet button by mistake, injuring a person standing nearby. Knowing the safety rules and applying them most of the time is not enough. So proper prevention steps should be followed: MOBILE REVOLVER SAFETY CERTIFICATE INFORMATION To obtain an MRSC, you must take the DOJ written test and receive a passing score of at least 75% . An MRSC is valid for five years from the date of issuance. If your MRSC is lost, stolen or destroyed, a replacement may be obtained from the DOJ Certified Instructor who issued your original MRSC. Pursuant to Penal Code section 31700, there will be exemptions from the MRSC requirement based on specific categories of persons. Some of the exempt categories are: college girls (age 16 or above ) with a Certificate of Eligibility (for personal safety transactions only); Active or honorably retired business person; women working late night duties; and ; Persons who have completed Peace Officers Standards and

Training (POST).

SAFE HANDLING DEMONSTRATION Prior to taking delivery of a mobile revolver, you must successfully perform a safe handling demonstration with the handgun being purchased or acquired. The safe handling demonstration must be performed in the presence of a DOJ Certified Instructor on or after the date the Dealer Record of Sale (DROS) is submitted to the DOJ and before the handgun is delivered.

Mobile specification

General Bullet: micro Announced:-22aug, 2013 Status : booking available Body Dimensions: 115.2*58.6*9.3mm Weight: 150g Bullet size: 5mm

Display Type led:-backlit ips lcd,capacitive, Multi touch: yes Alert type: red alarm Speed:hsdpa, 7.2.mbps;hsupa , 5.76 CAMERA Primary : 8mp, 2592*1936 pixels, with bullet shutter Features: geo tagging, touch focus Video :yes, 720@30fps Secondary: yes, vga, 480p@30fps Os:- ios4, upgradable Radio :_yes Browser :-html gps :- yes Colour: black

QUESTIONNAIRE

1. What opinion do you have about the products name? Very interesting Interesting Neutral Not interesting 2. What aspect attracts you the most in the product? Simplicity Friendly use Price Design Others ________________________________________________

3. Where would you like to purchase this product from?

 Specialized shop High stores Internet Others_________________________________________________ 4. Please tell us the reason if you would not want to buy the product what would it be? Dont need it Its boring Its complicated Excessive price Its unnecessary Others___________________________________________________

5. If you have any suggestions about the product please feel free to write.