Innovative Idea for a New Product, namely the Round Umbrellas Essay

Innovative Idea for a New Product, namely the Round Umbrellas - Essay Example For this reason, I chose to come up with a new product on umbrellas that are consumer friendly both in price and in its use. The umbrellas will help minimize the issue of umbrellas being prone to damages both during storms and also in high winds. The umbrellas will be aerodynamic wind-resistant designed that will ensure that the umbrella will not overturn during heavy winds. The umbrella will also be extra reinforced rib constructed to ensure that they are firm enough to withstand storms and wind. The umbrellas will be designed in different sizes; big to serve many people in a place, relatively small for few individual and also for one person. The umbrellas are designed such that one will not be wet on trousers and even hands, unlike the other umbrellas. The umbrella will use less expensive materials like anodized aluminum, its configuration is manual and has 5 -6 ribs that make it's cheaper but still strong to withstand storms. For this business, the business structure that best suits it is partnership structure. A partnership involves two or more agree to start a business and run it jointly. The partnership will work well for this innovation since it has few formalities needed, and there is a partnership deed that regulates the operations of the business. With the partnership, there is shared management control and task sharing that reduces the workload for one person. The partners may also take part in their areas of specialization where they are best skilled ensuring that the business runs so well. Partnership venture also limits the chances of one bearing the losses that one may incur alone since they are shared among the partners hence; it makes it attractive to many businesses. Having the issue of loss sharing every partner will work keenly to reduce possible chances of incurring losses in the market, and so the business runs efficiently to gain profits. To establish a venture,  it all begins with d eveloping some ideas. In this stage, researchers are more involved.