FDY3005 Becoming an Effective Leader

Description of your business idea

· Describe your business idea.

· Explain how your business will make everyday life easier?

· How do you know your business idea will work?

Efficient leader is the capability to influence as well as support the team to accomplish goals. The report is made to discuss about AI smart assistance made with the unique features as well as designs which make the life easy by over simplifying the activities with the assistance of voice commands. AI is enhancing the level of efficiency, convenience as well as personalization in the smart home market. The report will emphasize on the IoT technology changing the smart home devices from the reactive as well as manual to proactive maintenance which permit the service users to offer in effective manner to serve homes.

Referring the current market trend and demand entrepreneur has decided to initiate business named as SmartTech which will target customers who want to make their home smarter. SmartTech streamlines the everyday tasks as well as offers timely reminders to the users. SmartTech perform functions such as manage climate control, manual intervention optimizes the energy usage. This also integrates the calendars by sending the alerts for the deadlines as well as meetings. SmartTech is interconnected with the internet which provides the user with remote monitor functions like temperature, lighting, security access as well as home theatre (Benmira and Agboola, 2021). This product comes with the self-learning skills which learn the schedule for the homeowners when needed. This is equipped with the lighting control which facilitate the advantage from cost savings related with the energy.

The increasing prevalence of smart home appliances is shaping the homes in the digital age. Users can turn on SmartTech even when they are not at home which assist in reducing the consumption of energy.

With SmartTech people can schedule their HVAC to run the various parts of day, control home temperature as well as track energy usage. SmartTech has motion-based smart lighting which ensures that users don’t have to remember switch off the light when leaving the room (Warren, 2021). By combining the smart lights with the motion detector users can use less energy which depends on the size of the home as well as level of the activities.

With the advanced home automation technologies there has been rising number of individuals who tend to make focus on the adoption of the idea of the smart home. It has been analyzed that the global smart home market size is expected to enhance from $84.4 to $116.6 billion by year 2029 which will be driven by innovation in linked home technologies (Smart home market size, 2024).

Uniquesellingpoint (USP)

Summarise your business’s unique selling point.

The unique selling point of the SmartTech is efficient operation of home devices with the remote control. This facilitates the seamless connection as well as control of the various home appliances from anywhere around the globe. SmartTech home automation device helps in interacting with their living space, energy efficiency as well as make home more comfortable. The main benefit of the home automation system is the energy effectiveness which automates lighting, communication translation, conditioning as well as saves energy (Haslam et al, 2021). SmartTech learn the homeowner’s behavior as well as habits which assists in adjusting the temperature automatically in their particular schedule.

Business structure

Select one of the following for your business:

· Sole trader

For SmartTech, private limited company structure will be selected because separate legal existence from owner facilitate in entering into own property, contracts as well as conduct the business using their own names. Private limited company structure has the capability to raise the capital by attracting as well as issuing shares which will be beneficial for SmartTech. The main advantage of the private limited company is that it offers the limited liability to their owners (Schell, Endreny and Koren, 2024). This will help SmartTech to enjoy the tax benefit as well as incentive accessible to private limited companies.

Operating with the private limited company structure will offer SmartTech with the better financial safety and also safeguard their personal belongings or assets. The limited liability structure is very beneficial for the small size business as it offers protection to the shareholders or investors who invested their funds in the business (Gómez-Leal et al, 2022). The main reason for trading as the limited company are limited liability protection, flexible ownership as well as tax effectiveness. Having with the high equity stake offers the investor with more control over the decision making as well as better share of the business profits. This also enhances the potential for the high financial returns.

Operating as a private limited company will facilitate the organization to attract the new investors as well as raise the capital for the business development. This structure facilitates the separation of financial obligation which offers the layer of protection for the company. This structure also facilitate in the separation of the financial as well as legal obligation which offer with the layer of protection for the organization (Panibratov et al, 2024). The private limited company structure will help business in raising the capital, offer financial resources as well as competitive edge in market.

· Partnership

· Private Limited Company (Ltd)

· Community Interest Company

· Describe how your business will be structured and explain why this is the best structure for your business.

Your leadership skills

The investors want to know what you are like as a leader.

· Complete the leadership audit you will find on iLearn lesson 3 within the face- to-face materials. Discuss the results.

· Which of the following leadership styles would you adopt (choose one)? Explain why this would be the best choice for both you and your business.

1. Autocratic

2. Democratic

3. Laissez-Faire

4. Transactional

· Which motivational theory would you use for your employees and why?

1. Maslow’s hierarchy of needs

2. Mayo’s theory of motivation

3. Herzberg’s two factor theory

Evaluation of leadership skills

By doing assessment I have found that I possess high emotional intelligence which allows me to develop supportive and cohesive relationship with others. On the other hand, weakness such as delegating and over-commitment lead to missed deadlines as well as plunging morale. I can enhance my leadership skills with coaching and mentoring and become the next generation leader. Resistance to change limit knowledge and opportunities which might hinder employees’ development.

I will implement democratic leadership for making my business successful in the highly competitive business arena. This leadership style is a key for the success of an organization which facilitates the equal participation for each one in the decision making procedure. Being a democratic leader I will encourage the feedback from the team members as well as seek their opinions before making the final decisions. Further, as a leader, I will explain as well as rationalize the decisions to make sure the commitment to maintain a momentum in the dynamic atmosphere. I will ensure that all the team members feel valued as well as part of the business growth which will improve their engagement as well as reduces the turnover rates. Participative decision making will promote the culture of inclusivity which withstands the growth and downfall in the new business (Alghizzawi et al, 2024).

By bringing together the diverse perspectives the firm can foster innovative solutions as well as creative approach to the problems. By tapping in to collective intelligence of the team members, as a democratic leader I can make more informed decisions which will reduce the risk of blind spots (Wang, Hou and Li, 2022). I will encourage the open conversation which will assist the workers to set goals, analyze own performance as well as encourage them to grow. By promoting the collaborative environment, I will aim to harness the collective expertise as well as creativity of the team to accomplish the business objectives. By including the team members in the decision making, I can motivate them to take the accountability of their job roles. This will enhance morale as well as motivation which will help them to identity for their contribution (Koirala, Danuwar and Subedi, 2024).

The role of the leader is to guide the discussions, ensures that the team objectives are met as well as mediate conflicts. Collective input will lead more innovative as well as comprehensive solutions. The open exchange of the ideas promotes the creative atmosphere where the team members are inspired to think out of the box. Shared accountability as well as collaboration boosts the relationship in team members which encourages the unity as well as teamwork (Maqbool et al, 2024).

I will use Maslow’s Hierarchy of Needs to motivate my team which allows them to feel valued and fulfilled. Understanding this psychological concept will assist me in determining that the employee’s requirements are met at the workplace as well as how I can meet the needs of the team members. Safety is very essential which influences the satisfaction of the employees at the workplace. It is significant that employees feel safe in terms of both financial and non-financial aspects. When employees felt that they are valued at the workplace then become highly motivated to work hard for the accomplishment of organizational outcomes (Kouzes and Posner, 2024). At organization, it is significant to feel that employees grow with advance results. A self-actualized workers feel trusted as well as empowered which motivate the development as well as engagement. My supervision will emphasize on the workers abilities as well as skills which look the ways to advance the career without pushing them in their roles.

A diverse as well as inclusive environment create the sense of belonging in the team which make them feel more productive as well as connected. A positive work culture can motivate the workers as well as enhance retention. I will offer positive work environment by creating supportive as well as inclusive work culture where the team members can feel respected, valued as well as heard. By investing in the employees’ satisfaction, the company can enhance the motivation and engagement that influence the productivity (Zangana and Omar, 2025). By investing in the employees’ growth the organization can cultivate the talented workforce which is equipped to implement the changing industry trends as well as contribute in the long term development.

Marketing plan

· A description of who your customers are.

Target Customers

SmartTech’s target market will the tech-savvy people between age 25-60 who appreciate the energy saving associated with the electronic devices as well as appliances. By analyzing the factors like income, age, location as well as preferences of the target market, SmartTech can customize their services to meet the particular requirements as well as wants of the clients. In the competitive as well as dynamic market it is essential for the business to stay updated with the customer needs to get success. Smart technology has become a staple of the modern lifestyle such as connected appliance as well as homes filled with gadgets.

· A description of who your competitors are (you will need to research real life competitors and discuss them here)

· Briefly discuss what you would plan to do to market your idea for each of the 4Ps. Give reasons for your approach.

1. Product: The product element refers to the products or services the business sells. A business should conduct market research. to find out the needs and wants of its target market.

2. Promotion: Promotion is the methods a business uses to create interest in its products and services among its customers and potential customers. The main aim of promotion is to either persuade customers to purchase or inform about products.

Types of promotion includes:

TV adverts

use of billboards social media activity

3. Price: Price is the amount a business charges its customers for its product or service. Prices are set according to how much a customer is willing and able to pay. Customers want value for money, and this may mean a business needs to set low prices to generate high levels of sales.

4. Place: Place refers to where the customer can purchase the product or service from such as online, retail store and directly from the manufacturer. Place can also include the channel of distribution used to get the product from the manufacturer to the final customer. Types of distribution include: manufacturer → customer

manufacturer → wholesaler

→ customer

manufacturer → wholesaler → retailer

Competitors

The main competitors of the SmartTech are Apple Home kit, Amazon Alexa as well as Google home. These devices expertise in artificial intelligence, cloud computing as well as device manufacturing to make a seamless smart home ecosystem. SmartTech needs to emphasize on the differentiation strategy by offering unique features which will emphasize on leveraging technology, exceptional customer services as well as create strong brand identity (Badura et al, 2022). Customizing these strategies within the industry will help the business to stand out in the competitive market.

Marketing Strategy (4Ps)

Product: SmartTech will offer smart lighting system which adjusts the lighting when required. This device learn the behavior of home owners which automatically modify setting with comfort. This offers advance security feature like cameras, smart locks, motion sensors as well as alarm system. These components are controlled remotely which offers the real time alerts as well as improves the home security (Day et al, 2021). SmartTech come with the energy saving features as well as maintenance alerts which enhance the effectives along with convenience. This offers real time data on the energy consumption which enablers the owners to handle the electricity usage more efficiently. This granular data simplify the homeowners to identify the high energy consuming strategies as well as adopt the energy saving practices.

Price: The business will adopt the free trial pricing strategy which will offer the target customers to try the product for free for the limited time. This model facilitate the customer to try out the product and experience its amazing services which in turn entices the decision making of target market to use the same services in near future. By lowering the price for the limited time period the business can enhance the value of the product by developing the sense of scarcity. This will help the company to attract more customers towards the new products by providing the low price during the initial offering (Crawford et al, 2023).

Place: SmartTech will be accessible through the mobile application and their own website. By working together to build strong, the business can reach the target audience as well as enhance sales. The company can use recommendation to drive sales as well as enhance the customer engagement. Direct to consumer marketing is designed for the business to skip the traditional distribution channels as well as sell directly to their customers.

Promotion: The business will use social media advertising to reach the target audience as now customers are highly active on the social media sites such as Facebook and Instagram. The company can use these platforms to analyze the shoppers researching brands as well as product driven sales. The business will also promote its products & services through smart home campaign which will emphasize on the automation devices to utility users. This will encourage the use of energy efficiency (Priadi and Thariq, 2023).

In conclusion, SmartTech can adapt integration strategy to enhance the effectiveness, competitiveness as well as market share by expanding the influence in the new areas. When advertising the smart home devices the firm can focus on convenience, energy savings as well as control. The business can partner with the influencers which have the positive effect on the brand awareness, enhance sales as well as audience development. By lowering the prices for the limited time the firm can enhance the value of their products by offering the sense of scarcity.