Engineeringis one broad field with several branches that apply to differentareas. The challenges facing the world provide the opportunity forthe engineers to come up with various solutions. The business conceptis to find the particular problem and take advantage by exploiting itmaximally. The market for the engineers is extremely dynamic, and itkeeps on growing due to the current and future global challenges.There is a stiff competition in the engineering industry. The maincompetitors are those companies dealing with chemical, civil,electrical, and mechanical engineering among others. To mark a cleardemarcation from the competitors in the industry, the firm will comeup with excellent means to address the world needs. The proposedproduct is clearly explained to avoid any ambiguity. The features ithas, like shape, color and size makes it unique from others in themarket. The advantage is that it is very efficient in performing theintended purpose. However, it is slightly expensive compared to theexisting ones. It is realistic and capable of working efficiently.The simplicity at which the product is used makes it compelling tothe customers. The product is useful for all people globally. Thedecision to buy it depends on the challenges the customers face.Pricing decisions will be made depending on the value at which thecompetitors have attached to the similar products. They will bedistributed by wholesalers to reach the consumers. We will alsodeliver through online orders. The venture will require massiveamounts of capital but affordable. The sources of finance include thecontributions from members, grants from the government and loans frommoney lending institutions. Members of the management team are richin skills in the area and have a firm background in engineering. Allthese will contribute to the success of the business.
Therisks associated with the product include the stiff competition fromthe other companies producing similar items. There are market risksas the customers may take some time to respond positively to theproduct. As well, there is a financial risk if our sources fail toreach the intended target or the expenses increase than expected. Ifthis happens, we will modify the product, acquire other sources offinance, and implement strong marketing strategies. The underlyingassumption is that the customers will perceive the product positivelyand buy it in large numbers. As well, the finances received will fundall the operations of the company until the time the sales are enoughto earn reputable revenues. Lastly, we assume that no clone productsto damage the good reputation of the company product before thepublic.
Thecompany will resolve all the moral dilemmas by providing a productthat meets the needs of the users. It is safe for use by the publicas it poses no dangers whatsoever the circumstances (Harris,Pritchard, Rabins, James and Englehardt, 2013). The management teamdoes not have any conflict of interest, and if it happens to exist,it will be solved, and an amicable solution found. All thecontributions made are through innovation and no copying ofinformation from other firms. The responsibilities taken by membersobserve the maximum safety to the users and any other person at risk.The information provided about the product is true and notexaggerated in any manner. Each team member will stick to theassigned roles to enable to project to be completed in time avoidingfurther delays.
Harris,C. E., Pritchard, M. S., Rabins, M. J., James, R. W., &Englehardt, E. E. (2013). EngineeringEthics: Concepts and Cases.Boston, MA : Wadsworth Cengage Learning.