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Implementing a business idea: an example of a business model for a digital marketing agency
Tomaž Gjergjek, 2022, undergraduate thesis

Abstract: In the diploma thesis, we researched the process of implementing a business idea, mainly because we live in a rapidly changing digital world, where more and more individuals opt for entrepreneurship, yet many business ideas remain unrealized due to lack of knowledge about the implementation process. We prepared a business model for the development and implementation of our business idea, namely the establishment of a digital marketing agency where we will provide services related to support in digital marketing and IT solutions. In the first part of the thesis, we defined the development and generation of business ideas in more detail, presented the ways to assess business opportunities, defined the importance of a properly designed business model, presented the models for assessing the value of business ideas, defined the general importance of a business plan, presented different types of business structures and possible ways of obtaining financial resources when starting a new company. In the following, we analyzed modern methods of developing a new business referring to the lean start-up method which is currently considered an innovative approach to business development in the world of entrepreneurship. We then compared the lean start-up method with the traditional business planning approach, analyzed key arguments, and formed an opinion on an approach that is suitable for the implementation of our business idea. In the empirical part, we developed our business idea according to the "lean" canvas business model with the corresponding financial plan. With the help of this model, we tested the viability of our business idea. In each segment of the "lean" canvas business model, we wrote down in detail the factors that we obtained from the research. We found that the lean start-up method with associated financial plan is a suitable method for developing our business idea. The reason for this is that we will be operating in a global market where the competition is very high, which consequently makes our business idea time sensitive. We have also found that the financial plan used in the traditional approach should not be completely neglected, mainly because of the insight into costs, revenues, and possible opportunities for obtaining external funds. With the help of the mentioned method and the analysis of the financial side of our business idea, we found that our business idea will be profitable, and that the business idea can be realized with the set investment.
Keywords: business idea, business model, lean start-up methodology, digital marketing.
Published in DKUM: 30.11.2022; Views: 823; Downloads: 73
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