The Entrepreneurial Idea - Building New Cinema for Ladies Only in Oman - Example

The Entrepreneurial Idea (Building New Cinema for Ladies only in Oman) Table of Contents Introduction 3 An idea for a better tomorrow 3 Business Competition Chain 4 Barriers in implementation of the idea: 5 Financing the new idea: 7 Related Risks 7 STEEP Framework 9 7 P’s of marketing 10 Marketing Research Cycle: 12 Overview 12 Detailed Elaboration of the 7 Step process: 12 Conclusion 15 References 16 Introduction Entrepreneurship and innovative thinking complements the progress of any business entity. An entrepreneurial innovation generally comprises of two things one is idea generation and other is implementation of the idea. Merely the creation of an idea or discovery of new knowledge is not enough to make it acceptable for others. (UOPX network, 2010, p. 76). (Loyala University.na.p.6) Oman is a progressive country based in Middle East and has mainly derives its income from natural resources. It has a total population of about 2.85 million and the sex ratio is 1.23.Despite of increased participation in the education and the employment sector the rights of woman in Oman are limited leading to discrimination against woman in all walks of life. Thus for advocating woman empowerment in the country the totally new idea of “Building of new cinema only for woman” in Oman can be suggested (CIA, 2013, p.76). An idea for a better tomorrow . Life of Woman in Oman have been relegated to the duties of household since ages but now they are allowed to pursue new careers and are now making a march towards woman empowerment by drifting from mere household duties and making their presence felt in public sphere. In Oman 17th October is celebrated as the Omani Women’s Day. Despite of all these efforts in woman empowerment woman are still taking a backseat in comparison to man in all the walks of life. Due to restrictive religious norms woman are not able to make their presence felt in the society. There literacy ratio is .87 which is fairly well but there income ratio is in the miserable state i. e 0.23. Despite being literate what possible factors can pull back an Omani woman from pursuing a profession should be understood. Business Competition Chain The idea of building a new cinema for ladies in Oman shall be explains with the help of a business competition chain. What draws the entrepreneur towards the idea of building a new cinema for ladies only in Oman is to bring about a new lease of life of a woman in the public domain. The basic motive of such establishment shall be to create awareness among woman in Oman so as to enable them to identify their rights and work towards achievement of the same. Such cinemas as they will be meant only for ladies can touch several issues concerning a woman which could have been seen comfortably by woman in presence of man. The days are gone when movies used to be only male dominated. Nowadays, many women centric movies focusing on woman empowerment, woman’s rights have come up which greatly create awareness among woman. Such movies shall be inspiring force for the Omani woman to fight for her rightful position in the society. The entrepreneur can draw the required capital from several woman centric organizations that are supporting the cause of woman empowerment. Few of them are the “Kuwait Economic Society” and “Dar all atta”, “Abu Dhabi’s Businessman Council”. The entrepreneur can seek assistance from the government as well. Organizations like “Fund for development of Youth Projects” and “SANAD” programs can also be approached for the same. Oman is not a country where people party late night .They tend to entertain themselves through outdoor excursions, social get together, cinemas and food. The competition with other cinema won’t be that stiff due absence of large number of cinema halls in the country. However the concept of having movie specifically for woman can have problems which are discussed at length below. Barriers in implementation of the idea: Considering women’s position in Oman there are several impediments in execution of the idea of building a new cinema only for woman in Oman. They can summarize as under; Gender Bias: Omani woman suffer a tremendous setback due to gender discrimination. In the country man are always looked up favourably whereas woman are always considered secondary. They are primarily considered for the job of looking after the family and other household duties. Thus the society’s attitude towards woman has been very dissatisfying. The majority of man disapproves working woman or their going out alone in the public. They prefer their woman indoor where no other male can see them. Such attitude towards woman in the society is a major hindrance in enabling them to pursue their hobbies and the like. Building of a movie which is only for woman would not be seen favourably by man for they will in no way like to allow the females to grow more wiser through such movies which shall in many ways inspire them to change their way of living their lives and would in still them with greater confidence and urge them to be at par with man at every walk of life. For these reasons man would surely impose restrictions on their females to watch such kind of movies (Wikan, 1991, p. 2; Eickelman, 1984, p.2) Lack of entrepreneurial intensity: Oman is not a very active entrepreneurial economy and hence the entrepreneurial management is limited to very small and limited organizations. One of the possible reasons cited for this is that a there is relatively small number of entrepreneurs to the large number of public sector organizations. Due to these reasons the funding of such ideas becomes difficult and especially when the purpose is that for a woman things become more difficult. Promotional Difficulties The media is not playing an active role in safeguarding the interest of woman in Oman. Even they have not bought into light the true picture of woman’s condition in Oman. The act of domestic violence, sexual harassment goes unmentioned in the media or in the official records. Under such circumstances making of cinema which is purely woman centric would not be welcomed by the media to a large extent and the degree to which they shall be willing to promote such movies though their advertising channels would be very much doubtful. Lack of awareness Based on a survey conducted, it has been seen that most of entrepreneurs are not aware of the government and institutional support they shall be getting for the starting of a new business. For starting of business of this king where there is the dual purpose of making revenue as well as promoting the well being woman the support of the government would be very essential. Thus lack of awareness about the possible assistance that the entrepreneur can get for such kind of projects can prove to be a barrier. (Varghese and Hassan, 2012, p.320) Financing the new idea: For an idea of building of cinemas for only woman and which is oriented towards woman empowerment and creating woman awareness the financing offered will be blessing in disguise and it will be for a good cause (Tahsin, 2012, p. 171). A movie can be of low or high budget which will depend on the script of the writer. But at an initial stage it would be go for a low budget movie but one which has a powerful impact across its audiences. However whatever the case may be the entrepreneur has to decide what source of financing he shall be using for the same. As this will be his first venture and as his concept of building cinemas for woman in a country which is primarily male dominated there is high degree of risk involved in the venture. Hence it is very much suggested that the entrepreneur should start of the business by contributing more than half of the total investment from his own capital. The reason for this is that in case the idea does not works out well he will not have to be accountable to high interest charges if he borrows the money through other sources of finance. Moreover if the investor wants to take the help of bank loans he has still needs to have some amount of capital in hand for the bank will always ask for an amount to be offered by the entrepreneur. From the rest of the capital required the entrepreneur can opt for bank loans that are offering low interest rates. The entrepreneur can also go for venture capital funds that are offered in the country. The entrepreneur should also maintain a business credit card to borrow flexible amounts of money as and when required (King, 2008, p.5). Related Risks The risk related to the different sources of finances the entrepreneur will resort to while building cinema specifically for woman in Oman are inevitable. With relation to the enterprise value chain these risks can be identified. The various aspects of the enterprise that creates value for the organization and the people outside the organization are its several divisions. In this particular case it would be the whole team who will be involved in making of the cinema , the manpower requirements in making of the movie like the ,dialogue writer, scriptwriter, narrator, technician ,cinematographer, spot boy etc. Secondly if in case of a low budget movie the minimal technology requirements will be required which entails a high costs. The marketing and sales team are also constantly required for taking the movie to the masses specially the woman. As the promotional activities will be directed towards woman so marketing survey specifically in the households would prove beneficial. Moreover few woman support groups of Oman must be approached for assistance for they will be greatly instrumental in putting across the idea of the movie among the Omani woman more effectively. The entrepreneur should also very carefully decide on the distributing partners as well as the distribution areas for the movie. The cost involved in all the above case is substantial. For the building of a new cinema requires a lot of legal sanctioning. The paper work involved in these cases is large and can cost highly. The several human resources involved in the making of a movie are also high. The content of the movie should have a tremendous impact in the minds of the woman and there will be a need for an eminent scriptwriter which will entail high costs. The success of such a movie shall basically depend on a sound script. The technological requirement like light arrangements, cameras etc would also costs high. The sales and promotional team hired should also be fairly knowledgeable about the condition of woman in Oman. They need to do a thorough research work on the same and it also incurs a high cost. The other kind of risk involved in the same is the risk of financing in the project. If the entrepreneur decides to start the venture on his own he needs to have a good amount of capital in hand. If he decides to take up the capital from the commercial banks the risk of high interest rates are always looming large on him. The interest rates always keep on fluctuating over time and the time the movie is all prepared for commercial release the interest rates will be soaring high. Moreover the response of the movie from its prospective customers that is woman is uncertain. Similarly venture capital funds also have their own set of risk. When an entrepreneur resorts for venture capital he starts losing control over its operations so relying too much on venture capital is not a very good proposition. STEEP Framework Social Social factors cultural aspects and health consciousness along with population growth and emphasis on safety. The country of Oman has shown their inclination in cultural associations like clubs and theatres in due course of time. The cultural relations between Oman and the bordering nations have been cemented and it is the living reality since antiquity (Brown, Horowitz and Salem-Murdock, n.d., p. 1). Technological The technological factors include ecological and technological aspects like research and development in the concerned area and the rate of technological advancement. The development of technology has direct effect on the production of movies. The invention of compact discs presents one such revolution when the cost of movie production came down drastically. The development of broadcasting equipment also contributed to the cause. Environment The environmental aspects in Oman witnessed massive transformation in the last few years. Organizations like Environmental Society in Oman contributed to the cause by hiring new staffs to take care of the project management. New projects are on the timeline and the continued funding in the process has enabled the authorities to undertake research in this regard (Environmental Society of Oman, 2011, p. 2). Economy Economic factors include economic growth, inflation rate and exchange rates to name a few. Currently the government of Oman is failing to attract foreign direct investments apart from oil and gas sector. The local banking sector is also under the curse of bad debt and just on the phase of recovery. The international environment lacks the potential to provide comfort with anticipated modest growth. Moreover the interest rates are supposed to become cyclical. The time calls for the government to reformulate the reform process with initiatives to promote private sector in the country. Political The political situation of the country is relatively stable. The capital market is progressing and in the next few years the country can emerge as the destination for investors. The government funding encourages foreign and local entrepreneurs. In spite of presence of certain political risk factors it can be concluded that Oman has the capability to carry on its promises. 7 P’s of marketing Product: The product is making of a cinema for a woman and would be related to woman driven subject to which an Omani woman can easily relate to Price: The movie tickets shall not be charged highly. They will be made available to woman at a nominal price that will be affordable by her. Place: The movie shall be made available in the nearby movie halls and the public places like shopping malls, colleges and universities. Promotion The promotional strategies would be specifically demonstrations in shopping mall by woman activists or through commercials in local channels. People: The people who will be involved in the making of the movie shall be from the creative field and with technological expertise. Process: The process generally involves coordination between different human resources’ used in movie making. Physical Evidence: Along with the movie tickets people females will be offered coupons with specific numbers. There shall be a lucky draw system and on the scheduled day the winner will be receiving a home delivery for the gifts. Marketing Research Cycle: Overview Marketing Research is often considered as a very crucial part of marketing, which helps in the process of identification of the needs and demands of the consumers. It also plays a crucial role in helping the product and service marketing firms to understand the psychology of the intended target consumers as well as understanding their desired consumer behaviour based patterns. It is of significant importance to state in these regards that marketing research helps in identifying the gap that has currently emerged in the market place, and thereby provide the commercial organization to fulfil that gap through effective positioning of their marketing mix. It needs to be mentioned that the marketing research comprises of a considerable number of small steps that needs to be followed for the purpose of effective collection, analysis and synthesis of data (Beri, 2007, p. 48). Detailed Elaboration of the 7 Step process: Step1: Problem Definition It can be said the problem definition is the very first step that has to be implemented while taking a market research exercise. For the purpose of successful identification of the problem, in many cases, the researcher focuses on conducting significant analysis of secondary data, and even conduction of interview of various industry experts and focus group interviews (Burns & Bush, 2006, p. 28). Step 2: Development of an Approach to the Problem The development of a suitable and relevant approach for the purpose of effectively handling the previously defined problem is the mandatory second step of any market research initiative. Talking on these regards, it can be said that while designing the approach to the problem, the researcher should be focusing on the process of designing a proper framework of theoretical or objective nature. He or she should also focus on the process of significantly developing the various desired analytical models, framing the research questions and even developing and testing the hypothesis concept for the defined problem (Parasuram and et.al, 2006, p. 30) Step 3: Research Design Formulation It can be highlighted that the research design is a framework that is highly essential for the purpose of successful conduction and execution of the market research. Talking in these regards, it can be said that while formulating the research design in the proper manner, the researcher focuses on outlining the processes that are considered highly necessary for the extraction of the required information. Step 4: Designing the questionnaire It can be said that for the purpose of collection of consumer responses and primary data from the market, the questionnaire is often implemented by the researcher. The questionnaire needs to be designed in such a way, so that it addresses the issues related to the main research problem. Step 5: Data Collection After the process of designing the questionnaire, the next step that needs to be suitably followed by the researcher is the process of data collection. Talking about the traditional methods of data collection, it can be said that the researcher can use field agent for the purpose of data collection. However, in the recent times, many researchers focus on the process of collecting data in the electronic manner, since many consumers of today’s date are permanently connected with the virtual world through the usage of internet technology powered connectivity devices like the Smartphones, laptops, I-pads, etc. Step 6: Data Preparation and Analysis After the data is being collected by the researcher using the traditional medium, electronic medium or both, it can be said the next important task is to prepare data for the purpose of suitable analysis. Talking on these regards, it can be said that the while preparing the data, the researcher should be focusing on the process of coding the responses of the questionnaire, while also focusing on the process of verification and transcription of the data. The next part comprises of usage of various data analysis tools and techniques to find out the hidden meanings of the data. This will lead to proper and effective analysis of the collected and prepared data (Malhotra & Dash, 2009, p.11 ). Step 7: Preparation of the Final Report The final part of any market research exercise is the process of preparation of the final report, which will provide effective glimpses about the study and findings of the entire marker research project. The report will be completely prepared while using a significant amount of data statistics, tables, graphs, charts etc (Malhotra & Dash, 2011, p. 10). Conclusion The implementation of a new idea is always fraught with a number of difficulties but the road the entrepreneur has to traverse for realization of this idea is quite challenging and annihilating. Its success depends all on the business plan the entrepreneur chooses. The idea of building a cinema only for woman in Oman is quite innovative and it invites a thorough research on the life of an Omani woman. The competition may not be that intense for the newness in the concept but degree to which it will be accepted within the society’s framework has to be considered. The revenue and cost shall be determined through a financial plan. As already mentioned finances should come from the entrepreneur himself and a chunk of it from bank loans and venture capital funds. References UOPX writer network, 2010. The relationship between entrepreneurship and innovation.[online]. Available at: http://www.phoenix.edu/colleges_divisions/business/articles/2010/11/the-relationship-between-entrepreneurship-and-innovation.html [Accessed: 15th January, 2013]. Loyola University Chicago, nd . ENTREPRENEURIAL MARKETING .[Online]. Available at: http://www.luc.edu/media/lucedu/quinlan-undergraduateprograms/images/MGMT%20482%20Entrepreneurial%20Marketing%20Syllabus%20SP12.pdf [Accessed: 15th January, 2013]. Central Intelligence Agency, 2013. The world factbook .[online] . Available at: https://www.cia.gov/library/publications/the-world-factbook/geos/mu.html[Accessed: 15th January, 2013]. Farsi, A.K. , 2012 . Omani Women in Labour Market . [ Online] . Available at : http://unstats.un.org/unsd/gender/Jordan_Mar2012/Presentations/Panel%201.a/Panel%201.a_1_Oman_presentation%202.pdf [Accessed: 15th January, 2013]. Varghese, T and Hassan, A .2012. Youth’s entrepreneurial attitudes in Oman . [pdf].Available at: http://wbiaus.org/25.%20Thresiamma.pdf [Accessed: 15th January, 2013].. Tahseen,A.A .2012. Entrepreneurial Intensity in the Corporate Sector in Oman: The Elusive Search Creativity and Innovation . Canadian Center of science and Education. Wikigender .2008. Gender Equality in Oman.[online]. Available at : http://www.wikigender.org/index.php/Gender_Equality_in_Oman. [Accessed: 15th January, 2013]. Wikan,U . 1991. Behind the veils in Arabia: Woman in Oman . University of Chicago Press Eickelman ,C . 1984 .Woman and Community in Oman . NYU Press King,C.D.2008.Cultures of the World. Marshall Cavendish . Environmental Society of Oman, 2011. Progress report. [pdf]. Available at: http://www.environment.org.om/UserFiles/files/ESO%20Annual%20Report%20English%20FINAL%20WEBSITE.pdf. [Accessed: 15th January, 2013]. Brown, R., Horowitz, M. and Salem-Murdock, M. n.d. SOCIAL AND INSTITUTIONAL ASPECTS OF OMAN: A REVIEW OF THE LITERATURE. [pdf]. Available at: http://pdf.usaid.gov/pdf_docs/PNAAN826.pdf. [Accessed: 15th January, 2013]. Beri, G.C., 2007. Marketing Research. 4th Ed. New Delhi: Tata McGraw Hill Malhotra, N.K., & Dash, S., 2011. Marketing Research: An Applied Orientation. 6th Ed. India: Dorling Kindersley Pvt. Ltd. Malhotra, N.K., & Dash, S., 2009. Marketing Research: An Applied Orientation. 5th Ed. India: Dorling Kindersley Pvt. Ltd. Burns, A.C., and Bush, R.F., 2006. Marketing Research. India: Dorling Kindersley Pvt. Ltd. Parasuram and et.al., 2006. Marketing Research, 2009 Ed. USA: Houghton Mifflin Co. Bibliography International Labor Organization, 2010. SULTANATE OF OMAN. [pdf]. Available at: http://www.ilo.org/public/english/bureau/program/dwcp/download/oman.pdf. [Accessed: 15th January, 2013]. Read More