1. My new business idea is to create a new company that will focus on providing innovative solutions
to the challenges facing National Highways. I believe that there is a significant opportunity to
improve the safety, efficiency, and sustainability of the UK's road network, and I am confident that
my company can make a significant contribution.
The benefits of my new business idea to National Highways include:
•
Improved safety
•
Increased efficiency
•
Enhanced sustainability.
2. The risk that the technology and solutions developed by my company may not be effective in
improving safety, efficiency, or sustainability.
•
Risks: Two primary risks faced by my company are inadequate funding for technology
development and commercialization, and a potentially limited market for our products and
services.
•
Benefits: Despite the risks, I firmly believe in the advantages of my business idea, which
outweigh the challenges. I have confidence in our ability to develop effective technology and
solutions.
•
Market Potential: While there is a risk of a small market, I still believe that there is a
significant potential market for our products and services.
•
Funding Prospects: Currently, we have secured seed funding, and I am optimistic about
attracting further investment to support our business idea.
•
Conducting extensive market research to assess the size and potential of the market for my
products and services.
•
Developing a strong team of experienced professionals with a track record of success in the
technology and transportation industries.
•
Building strong relationships with key stakeholders, such as government agencies, investors,
and potential customers.
•
Developing a robust risk management plan that identifies and mitigates potential risks.
3.
4.The entrepreneurial traits and characteristics that are important for the strategic positioning of my
new business venture include:
•
Vision: I have a clear vision for the future of my company and the role that it can play in
improving the UK's road network.
•
Drive: I am driven and determined to succeed, and I am not afraid to take risks.
•
Innovation: I am always looking for new and innovative ways to improve my company's
products and services.
•
Communication: I am an effective communicator, and I am able to build relationships with
key stakeholders.
•
Teamwork: I am a team player, and I am able to work effectively with others to achieve
common goals.