Management and Business Idea MNO Samples †MyAssignmenthelp.com

Question: Discuss about the Management and Business Idea MNO. Answer: Introduction The business idea is based around mobile money transfers and the convenience it brings to send and receive money from any part of the world in real time. It will be based on a Mobile Network Operators (MNO) or still can be supported Mobile Virtual Network Operators (MVNO). The primary idea behind this idea is to enable people in countries to remit money from where they are to mobile networks of their intended receivers(Aaker, 2001). Since most money transfer business from country to country takes a minimum of two to three days for the receiver to get the money, in mobile money transfer the money is received in real time and is converted by a currency converter. Example, if a husband is sending money from Australia in Australian dollars to the wife in India, the money sent will be directly converted to Indian rupees and received in real time. The advantage of this business is that it can be developed into many platforms including mobile application systems where the sender is able to engage with the receiver if the money has been received. Using the currency converter, any form of currency could be transferred but at different rates and at different times(Brown Clinton, 2010). The business model is aimed at providing financial services right from transfers and growing the business to become a mobile money banking system. Industry The company will operate on a telecomm industry although it may also be in the financial and banking services industry. This is because it uses the mobile money operating systems to get its network for transfer of services and transmission of information and acts as a financial service provider. It has an unlimited potential to grow as a very potential business idea coming into play when a lot of financial services are needed across countries. The industry is dominated by big players but their idea is not based on real time money transfers. Size The size of the start-up is not that big. Firstly, it will be a national company and transferring money to neighboring countries but will be aiming to cross the continents based on the impact of the business in transformation of lives. As a small sized company compared to its competitors, its startup capital is between the ranges of 1 million to 1.5 million dollars(Business and management practices in greece, 2014). Countries of operation It is operating in Australia, the Americas, Asia and Africa. Europe too has not been left behind in operation of the business. Vision and mission The vision of the company is to provide mobile money transfers nationally and internationally through the use of mobile phones in real time. The mission is to be the number one provider of quality money transfer services efficiently, fast and affordable(Kew Stredwick, n.d.). Business Strategy As part of its innovation strategy aimed at offering its customers increasingly modern, simple and efficient channels to carry out their transactions and thus satisfy their financial needs with the highest quality, BBVA Provincial offers the new service "Mobile Money", which Allows you to send cash from the online bank of the entity to another person's cell phone, to have it withdrawn at an ATM of the institution, without the need for a Debit Card Access to this new service is very fast and simple. To do this, customers must enter the website www.provincial.com and select the "Mobile Money" option, place the beneficiary's cell phone number (customer or not of the financial institution), the name and amount to be transferred. With this action, BBVA Provincial takes a step forward in its objective of making life easier for its customers, by facilitating the sending of money through Proven Web to customers and non-customers, by making available the most extensive network of ATMs Count ry(Lee-Ross Lashley, 2011). The entity currently offers new technological solutions that represent a new way of understanding banking, closer to its customers, who now have new channels to interact and carry out their transactions where and when they need it, with total independence, autonomy and greater security. Internal and external environmental factors affecting the business Internal factors and external environmental factors complement the businesses vision and mission strategy. Internal factors may include the following Business structure- the business does not need a complex organizational structure. In fact a simple organizational structure is more efficient than a complex where decisions would take quite a long time before they are affected or implemented. The type of employees that have been employed by the business will also affect the business. As a startup it will require experienced staff that has previous knowledge of what is going on in the money transfer systems. Other internal environmental factors include the business strategies of market penetration which includes marketing and financial capacity of the company(Liu, Jiang, Ma Chong, 2007). Competition A degree of competition that is brought by established companies and upcoming in the industry. Competition is important for the formulation of the business strategies and the realization of the business vision and mission. Legislation Legislation affects business activities in all spheres. Financial services industry is most affected by the legislation due to tighter and probably very tough laws on transfer of money from one jurisdiction to another(Liu, Jiang, Ma Chong, 2007). Internal policies of a company also affect the business activities. External influences like political environment, taxes and organizational culture also affect the environment of the business. Economy The economy is an external factor that makes the success of your company. Your customers' ability to pay directly impacts your base, regardless of whether you are selling a product or service. Other internal environmental factors include the business strategies of market penetration which includes marketing and financial capacity of the company. Risks that affect the businessLimbo. Everyone thinks, nobody decides.In many projects, all say to ensure the success of the project involved, however many discussions may take a long time to give light decisions because things are in the meeting room and no one takes responsibility for decisions Finally decisions are taken in an ambiguous and unconsolidated way, this implies two risks: 1. that the decisions have been taken wrongly and No one takes care of that they are carried out when they must be executed(Nelson, 2012). The fall of implantation is imminent. What risk assessment procedures should be applied by the external auditor to avoid a ny doubt on this issue and what implications would be generated in your financial report? In order to answer these questions or any question related to the continuity of the operation of any entity, the auditor should refer to the regulations to which the Administration or Management of the company is attached in the recording and control of the financial information and, Therefore, in the preparation and presentation of the basic financial statements. Accounting regulations Unless evidence is obtained to the contrary, normal and frequent operations carried out by the economic entity will be expected to continue in the future on a permanent basis for the next twelve months or more, as of the closing date of the financial statements. . The industry is dominated by big players but their idea is not based on real time money transfers. Important Functions of the business organization For this set up the most important function is the setup of a company structure that is ready to have the vision of this company implemented to the fullest. Planning as a function of the business is needed to make sure that the company strategies are implemented of having a good mobile money transfer system. However, it should expressly indicate any situation that causes a deviation in the progress of the entity or let you see in the immediate future problems of business continuity; For example: suspension of operations, bankruptcy, dissolution, liquidation, merger (in the case of a merged company), unforeseen physical accidents or caused by third parties(Paavilainen, 2002). Also, any uncertainty in the continuity of the entity, due to insufficient working capital, recurring operating losses, negative operating flows and breach of contracts should be disclosed. It will also be important to disclose, where appropriate, the action plans to be implemented or implemented by the entity, in order to solve the problem and / or uncertainty that may arise. References Aaker, D. (2001). Developing business strategies. New York: J. Wiley. Brown, J., Clinton, M. (2010). Horse Business Management: Managing a Successful Yard, 4th Edition. John Wiley Sons. Business and management practices in greece. (2014). [Place of publication not identified]. Kew, J., Stredwick, J.Human resource management in a business context. Lee-Ross, D., Lashley, C. (2011). Entrepreneurship and small business management in the hospitality industry. New York: Routledge. Liu, D., Jiang, W., Ma, W., Chong, A. (2007). Chinese business strategies. Singapore: Asiapac. Nelson, W. (2012). Advances in business and management. New York: Nova Science Publishers, Inc. Paavilainen, J. (2002). Mobile business strategies. London: Addison-Wesley. Price, A. (2015). Human resource management in a business context. [Mason]: South-Western Cengage Learning.