Entrepreneurship Is Very Essential Economy â€Myassignmenthelp.Com

Question: Discuss About The Entrepreneurship Is Very Essential Economy? Answer: Introduction: Entrepreneurship is the process of starting ones own business, however it is a very broad concept. At the core, it is a mindset, a way of thinking, solving problems and creating values (Business News Daily, 2017). Entrepreneurship is very essential for any economy. It brings about a drive of innovative growth. This is why government provides for various subsidies to individuals who have their own startups. My idea today, involves the formation of a currency consultation firm. Today we see there is a lot of fluctuation in the Australian Dollar against the US dollar. Over the last five years, we have seen the currency touch a lot of 0.6863 and a high of 1.0509 (XE, 2017). Now as an individual, these fluctuations will not directly impact the citizens of Australia. However, there are various exporters and importers whose businesses get impacted by these currency movements and this currency consultation firm will aim to help them track, monitor, control, reduce the effect and take advantage of these movements. Need Analysis: Foremost aspect of any business is to identify a need in the society and aim to fulfill that need with its offerings. The exports in Australia are consistently on a rise and the outlook for the same is upbeat (Reuters, 2017). So much so that Australia exported AUD 31.07bn and imported AUD 30.61bn worth of goods and services in the month of July this year (Trading Economic, 2017). Most of the countrys trade transactions are done in US dollars and hence it strongly and sometimes adversely impacts various exporters and importers who are unable to forecast these currency changes. Our firm aims to bridge that gap by providing consultation services where finance experts will be tracking the market and guiding the clients on when to book orders, how to Helthcare their currency from risk and also provide advisory on their banking charges. Target Market: Target market will be firms importing to Australia specially Iron ores, petroleum, coal, gold and wheat and firms exporting from Australian especially Wool, natural gas, minerals and agricultural products. Geographically, we wish to start from an office in Sydney as the city inhabits exporters and importers in abundance, however we will be serving clients in other parts of the country as well. Business Model: We are offering a niche service and hence will be targeting clients with an annual turnover of at least AUD 10mn. We will be offering two different business models to our clients to choose from. Firstly, they can pay us an annual consultation fee which will be different for different clients based on their turnover. This fee will be paid in two parts. One advance and one after 6 months of service. Secondly, clients can choose to share their profits monthly based on our advice. We would have systems in place to track when and how much have they benefitted from our service. Services offered: Currency Consultation Primary service offered by the firm would be currency consultation. Where a team of experts will forecast the movements in AUD with respect to other currencies on the basis of fundamental and technical analysis. This forecast would be shared with our clients and they would be advised personally on every FX transaction they incur. Live Screen A Secondary service offered by the firm would be a live screen where clients can track the movement of AUD as and when it happens. Most of the websites and news channels show a lagged rate which the bank do not agree to. Only Reuters and Bloomberg terminals provide exact rates and these are really expensive terminals. Customized Strategies Once the client is on board, our experts would be making customized hedging strategies for our clients guiding them on how they can be protect from currency fluctuations. Currency can be hedged using various tools, our team has extensive knowledge of these tools and at any point of time they will help the client with the most effective tool. Due to the rising Australian dollar, currency hedging is again gaining ground with investors (The Australian, 2017). References: Business News Daily, 2017, What is entrepreneurship, https://www.businessnewsdaily.com/2642-entrepreneurship.html, viewed on 10 September, 2017. Reuters, 2017, Australias central bank holds fire as economy on the rebound, https://www.reuters.com/article/us-australia-economy-currentaccount/australias-central-bank-holds-fire-as-economy-on-the-rebound-idUSKCN1BG07D?il=0, viewed on 10 September, 2017. The Australian, 2017, Rising Aussie dollar puts hedging back on investors agendas, https://www.theaustralian.com.au/business/wealth/rising-aussie-dollar-puts-hedging-back-on-investors-agendas/news-story/431f95c162d6811d80b005330d8cd5f6, viewed on 10 September, 2017. Trading Economics, 2017, Australian Exports, https://tradingeconomics.com/australia/exports, viewed on 10 September, 2017. Trading Economics, 2017, Australian Management, https://tradingeconomics.com/australia/imports, viewed on 10 September, 2017. XE, 2017, AUD to USD Chart, https://www.xe.com/currencycharts/?from=AUDto=USDview=5Y, viewed on 10 September, 2017.