Business plan for a new entrepreneurial business Research Paper

Business plan for a new entrepreneurial business - Research Paper Example The target segment is mostly the old people who need to take medicine at the right time and at the right amount. The product AutoMed will serve that purpose by alerting the patient to take the medicine at the required time. The plan gives a brief overview of the company’s product offerings as well as the industry analysis and market analysis. Company description Company history The company, Digital Medical Instruments is a US based company was the brain child of few experts in the field of medical sciences. Founded in the year 2009, the company was quick to identify the growing needs and pains of the consumers in terms of healthcare solutions. Coming together in the form of a team, the team of experts wanted to provide value for money end user products related to the medical field, which will provide greater benefits to the patients and their family members, thereby helping them to derive a greater value for the money spent on purchasing medicine and medical services in times of global financial slowdown. Mission statement The Mission objectives for the company is to cater to the growing the needs of the customers for individualized healthcare products at affordable prices, while promoting quality for the products The vision of the company is to be the most preferred vendor for providing of healthcare based products and services to the individual clients within a span 6 years, from now. Products and services The product offering of the company is AutoMed. AutoMed is a highly technologically advanced modern day healthcare equipment for the end users. AutoMed’s main purpose is to cater to the needs of the sick and old patients, who prefer to stay independent despite their health related weaknesses. In order to prevent them from skipping their medications at prescribed intervals and to cut the costs of maintaining a healthcare person to look after their medication needs, the AutoMed will remind the patients by alerting them to take the prescribed med icines with the exact dosages. This device will also enable the family members of the patients to have a peaceful day at work, with the assurance that the device will alert their dear ones to take the prescribed medicines at the right time. Current status The company is planning to venture into the consumer market by attempting to tap the demand arising out of personal needs of the patients on a regular basis in the domestic front. Legal Status & Ownership The company is formed by a team of highly motivated, entrepreneurial team of medical experts who have the much needed skills and relative business acumen to understand the needs of the consumers in a better way, when it comes to managing physical healthcare in the