Week 1 Analysis: Vision and Scope

The purpose of this activity is to understand and document the what, why, where, who, when and how about my business idea. Placing my business objectives in perspective helps me understand the purpose for this business. This is for the media entrepreneurship course.

What?

Service: Multimedia production house

Company Image: This company will be know for developing various forms of media for private and public businesses/organizations. Media on the lines of short films, music videos, websites, brand design, print/digital publications and photography

Owner’s Role: My role as an owner would be creating an organizational structure for consistent and effective workflow. I will be spending my time going through client proposals for creative content development. I will also be spending my time effectively delegating my vision to my co-workers and encouraging them to create quality work.

Where?

Business: I will begin as a local business and once I establish a strong foundation and a consistent flow of clientele, I will expand the business onto a regional platform and based on its success there, global. The end goal is to provide this service on an international platform.

Customers: Currently, my customers would be limited to the state of Florida. Cities that I will be focusing on are, Orlando, Jacksonville, Penny Farms, St. Augustine, Tampa, Miami and Key West.

Business Operations: There will be a headquarters allotted to our crew, which will consist of a studio, voiceover room, conference hall, booths and chairman’s office.

Who?

Customers: My customers are businesses, corporations and NPO’s who are looking for branding, rebranding, visual media development (promotional videos, office photo-shoots, product videos, media campaigns), publishers and online presence.

Strategic Alliances: I can partner with independent production houses for collaborative projects. I can also partner with various environmental organizations to promote a better environment alongside creating content supporting that (cross-promote). I can partner with freelance/independent writers and designers, providing them a platform to work from.

Advisors: I think that my father would be an extremely resourceful advisor because he began a T.V station back home and was actively involved in the content development and resource allotment process. The development of the T.V station and fresh content 24/7 much aligned with what I have in mind for this multi-media production house. Therefore he would be a good advisor in this scenario.

When?

Start-up: This business will be operational once I gather the manpower and the funds for gear expenditure.

Facilities: Office space will be required when I have the necessary funding not only for gear but also studio infrastructure.

Systems: Systems will be placed alongside the company’s proposal for funding. (Crowd source or private investors)

Why?

Owner: The reason I am creating this business is because I have an urge to constantly create visual media. I don’t consider it my absolute passion because I feel like I am yet to find that. However, as of now, content development is what I am interested in.

Customers: The power of visual media is evident in our everyday life. Sometimes we realize it, sometimes we don’t. But it greatly influences us. When I think of making a difference in this world, I feel like I can do it the best by creating effective visual content. When my demographic understands my core values and how it aligns with my company, I think that they would develop a company to customer relationship with my brand. Besides that, I think that companies out there constantly look for ways they can develop a brand and an online presence. They tend to individually create all this by hiring a designer for their website, a photographer for their office shoot, a publicist for their content, etc. My company would eliminate all that hassle and provide that umbrella of multimedia services all from one source.

Investors/Bankers: Investors would be interested in my business because the revenue stream isn’t so complicated. There aren’t many streams of passive income. This could be a disadvantage for me because I assume investors would want more streams of passive income as that would give them more room to pull revenue for themselves and seek a profitable deal. For this reason, I might lean towards crowd sourcing as I can convey my vision more effectively.

How?

Financing: This business will be financed by crowdsourcing. Although I have my speculations about seeking a potential investor, I would still be open to that opportunity.

Culture: I want to maintain a culture an empathy, discipline and quality of work. I expect my employees to maintain a consistent work ethic and constantly elevate their quality of work. I expect to maintain a close relationship with my customers and constantly interact with them.

Personal Beliefs: My personal beliefs about business might hinder the revenue stream slightly. I say this because I don’t want to be the company that creates media solely for the income. I want to be the company that creates media because they love it, they are the best at it and they care about it. I might shut down certain offers if my company’s vision doesn’t align with that client’s proposal. I think that this would provide my company with loyal customers and employees.

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