Business Continuity Plan Of Firefish Inc Company

Published Date: 02 Nov 2017

Background

It was integrated in Nevada on 29th of April in 2008 in the name Firefish-Inc. It resides in this office, where by it is chartered by means of an associate of Harshawardhan Shetty, without paying any rental fee.  It has established a website to test certain possible Internet offerings, including possible tutoring additional to its social networking platform. Forthcoming investors are strongly warned that any information emerging on its web site must not be supposed to be an element of this list, and must not be used in making a judgment to buy its securities. (Doughty, 2001)

The Firefish Inc is a start up edification venture that aim at building up a portal for online social networking through associated mobile device efficiency targeted to young, minor middle class inhabitants of India.  It formerly started by a Mechanical engineer based in India, the current Sole Director, Harshawardhan Shetty, to recommend social networking activities to engineering students in India as well as, young engineering experts incisive of linking its network members through job placements, professional improvement resources and potential tutoring clients. 

The Firefish Inc quickly discovered that job placement, social networking as well as tutoring for scientists were hardly scratching the neglected demographic surfaces located within India in requirement of services for social networking. However, it revealed requirements for ancillary offerings and services for social networking was much greater than merely being engineers and incorporated nearly everyone between 17 and 24 years old, minor and middle class demographic (Jake Kouns, 2011).  Though it is still assessing whether to include job placement and services for tutoring via its social networking portal, it intends for the bulkiness of the revenue as well as the bulkiness of the web design to be centered on developing a comprehensive, robust social networking podium for its core demographic. 

 At first, this portal will draw members through partnerships and the educational offerings it intends to develop with colleges, educational institutions and education NGOs (non-governmental organizations).  This portal will represent an opportunity for clients to practice pure English in a convincing social environment as well as accessing the powerful characteristics of social networking podiums via their mobile devices.  

It intends to develop proprietary expertise, which will improve the quality of society interaction amongst clients of the portal as well as providing an expanding world of social networking technologies on the portal enabling users to be attracted and delighted.  It also intends to develop ancillary line of business, which can influence its client foundation and/or develop knowledge within the eyed market.  It presumes that there exist a number of neglected communities in India whom would be engrossed by the types of work it is offering.  This includes associates of the huge call center and commerce process outsourcing (CPO) community as well as engineering students and younger engineering professionals in India (Jill Slay, 2006).

It anticipates that their revenues will be primarily derived from sponsorships and sales of advertising of its Internet website, fees due to premium services salaried by our clients and revenue distribution of fees from telephone and mobile carriers for mobile clients of its social networking portal.

Social Background

Firefish-Inc begun after the realization that social networking based on internet is an evolving and multifaceted industry.  Since this business is comparatively fresh, revenue sculpts keep on evolving and the description of what comprises a social network based Internet keeps on growing and changing over-time.  

The principal source of revenue presently is advertising in the social networking sites. Under an archetypal social networking site, a user is able to build a profile and is able to look for and include acquaintances from the group of many others with profiles.  Firefish-Inc considered the fact that a number of sites usually keep attention on a particular type of link (for example, classmates.com keeps attention on connecting a group of persons attending school collectively) or may focus on a certain interest (for example TheSocialGolfer.com) whereas; others (such as Face book) are more universal.  Popular players like Face book, Twitter, Google+, LinkedIn, and Foursquare make social networking commonplace. Revenue from advertising on sites of social networking has gone from fundamentally nothing to more than $5 billion within 5 years. (Jill Slay, 2006) 

Firefish-Inc realized that sites of social networking are predominantly the attractive areas for Internet advertising because clients post many personal aspects, letting advertising to be aimed at a carefully preferred demographic.

Political Background

Political effects involve things like even shifts in the controlling political party, the availability of government contracts, tax policies, and government-issued safety regulations. International act, for example tariffs and trade agreements, which may have an effect on the demand and supply chains and existing markets for several diverse companies as well. Firefish-inc has been affect politically especially due to the change of tariffs and trade agreements by the international act (Sadgrove, 2008).

Economic Background

Even if the proprietary technologies and website are successfully made and obtain market approval, of which there cannot be, assurance, its future presentation may rely in greatly on the upcoming economic situations in India.  Consequently, our business, results of operations, financial condition, as well as prospects that focus on the economic, legal, regulatory and political developments and conditions in India. Any reject in the general financial system of India or worry about an imminent reject could delay decisions made by prospective clients to make initial purchases of, or evaluations of, its products. Any delays in or diminution of expenditures would spoil its business. Adverse improvements in the Indian marketplaces may have an unfavorable effect on the figure of the company’s results of operations and subscribers, which could result to material adverse result on its business (Blyth, 2009).

Competitive Background

Many corporations worldwide are devoted to ancillary services linked to social networking and the social networking. Firefish Inc looks forward to more Organizations to enter both businesses. Their contestants in both industries differ in size, which is from small corporations to very large corporations with prevailing market dividends and considerable financial resources.  Firefish-inc website will contend with these corporations and others. A greater number of its contestants have importantly greater development, financial and marketing resources than it has.

Due to that, it may be unable to dedicate enough resources to acquire, develop or authorize new technology, commence wide-ranging marketing operations, adopt belligerent pricing strategies or adequately reimburse their builder to the identical scale as certain of its contestants.

As the ancillary and social networking, industries in majority of our recommended markets are rapidly evolving and relatively new, our future or current competitors may contend more productively as the business turn out to be full-grown. Particularly, any of our challengers may offer services and products that contain considerable creativity, price, performance and other benefits over our technologies and website (Sadgrove, 2008).  

These services and outputs of the competing companies may majorly influence the order for its services, with assumption of success in building up our website. Additionally, any of its future or current contestants may be obtained by, take delivery of assets from or get into additional deliberate relationships with better-financed, larger and longer-established companies and as a result achieve momentously greater marketing, technology licensing and financial and improvement resources than we Possess. If Firefish Inc is not able to contend successfully in its financial condition, its business, principal markets and results of business could be farcically and unfavorably affected (Doughty, 2001).

The legal framework the company

Firefish-inc is a private company. Zoma Law Group (LLC) has approved the security validity being given by this prospectus.

Stakeholders of the company

The stakeholders of Firefish-inc comprise of the directors governing the company that are:-

Directors: Harshawardhan Shetty is the all-time Sole Officer as well as the sole Director since the beginning of this company. He holds a lot of qualifications among which is a bachelor’s degree in Mechanical Engineering Technology from IIT Madras, Masters in Mechanical Engineering from Maryland University, College Park and received his MBA as student at Tuck Business School located at Dartmouth. He is the one responsible with all the proceedings of Fishfire-inc and carries out all managerial issues of this company (Doughty, 2001).

Statutory duties of the company

Firefish has urbanized a platform for online-social networking. Its previous target demographic comprised of college students and graduates, members (who are career oriented) of the desiring minor to average set who are between 18 and 30 years old. It was capable to employ prior customers for our social networking policy via corporations with educational institutions, non-governmental organizations (NGOs), and other units. The Firefish recommend all of the customary features of communal networking, with supplementary features that are inclusive of the capability of communicating widely with the platform over cell phone and the capability to converse with others in lots of languages (Fulmer, 2004). In addition, it have urbanized two ancillary offers to monetize its services on social networking promoting services for dealers to send short/text message, advertising messages to our database.

For its movable marketing services to traders, they have brought up the online platform. This platform allows sellers to access their account, choose a segment for a consumer to send its promoting message to selecting income levels, age, location and gender, create the marketing message to send, privatize the message through addressing the user by name, and program the message to deliver later. Traders can also disburse online. Moreover, traders can also request Firefish to completely manage its promotion campaign. While the Firefish database of customers on the mobile endorsement platform was kernelled by its customer from social networking services, it has notably developed the size of its database through consumer achievement events and database acquisitions (Perry, 2003).

Its competition/ certification/ English language training services consist of the annual English competency program, English Olympiad and rivalry for young students with the assessment being carried on in January and February yearly.

Company’s activity classification according to importance and necessity

Advertising revenue.

On-line social networking services.

Developing ancillary businesses to the core services in social networking.

Online tutoring.

Web development.

Job placement.

Sponsorships.

The activity that has most impact on the company in the shortest time is advertising revenue. It expects that advertising revenue can be a significant supply of revenue in the near future, though it intends to decrease its dependence on it through attempting to make ancillary businesses to its core services in social networking. Advertising contracts are repeatedly short term and terminable by the promoter at any time by means of little notice (Finance, 2007). Therefore, it has no assurance that it will be capable of obtaining, and retaining advertising contracts. Its ability to create advertising revenue may, besides the successful conclusion of our website as well as proprietary technologies, rely on several aspects, including:

The continued development of the Internet as an advertising medium;

The pricing of advertising on other Internet sites;

The amount of traffic;

Pricing delays, pressures and new product launch;

Their ability to demonstrate, achieve and maintain attractive client demographics;

Company’s ability to retain and develop a sales force in skilled advertising.

Risk assessment

1. Firefish-inc there is significance of risks due to absence of operating history and early development stage of its company.

The services and products which it intends to develop and market if developed, has not yet generated any revenue. From marketing, it is expected to generate all its future revenues and development of supplementary service offerings, on-line social system services, supports and advertizing.  Consequently, evaluation of the Company and its prospects cannot be based on it since there is no operating history in implementing its business model and it is difficult for prediction on future results of operations of the company (Fulmer, 2004).

In the early stages of a new business enterprise, its prospects have to be considered in light of the difficulties, risks, and expenses frequently encountered by organizations particularly those in highly competitive markets. It faces competition since it is among many that have entered the social networking market. It also encounters many specific risks to its business, for example the related to successful development of the website and proprietary knowledge, victoriously marketing the website and proprietary knowledge, the need to run existing and growing operations, the continuing are required to raise additional funds, the reliance upon and requirement to hire key employees, and the requirement to improve spending to sufficiently market its social system services (Jake Kouns, 2011).

To address these dangers, Firefish-inc must, respond to contesting developments, carry on attracting, retaining and motivating competent persons, and go on upgrading its technologies. Fishfire-inc cannot offer any guarantee that it will be victorious in dealing with such dangers. The organization’s failure to do so will possibly have a fabric adverse outcome on its financial condition, results of operations, business and prospects and result in shareholders losing their total investment (Finance, 2007).

2. Firefish-inc plans are reliant upon key persons and the capability to attract competent employees to be successful

So that it successfully builds up websites, the Organization is always reliant upon Harshawardhan Shetty. The defeat of the giving up person could have a fabric adverse consequence upon the Organization’s business prospects and forbid the Company from victoriously achieving its objectives. Moreover, Fishfire-inc success persists to rely to a major extent on its capacity to hire, identify, attract, train and retain managerial personnel, technical, creative, professional and qualified. Competition for such employees is powerful, and it cannot guarantee that, it will be unbeaten in attracting, hiring, identifying, training, and maintaining such workers in the future. The contest for creative personnel, web developers and technical administrators is especially strong because of the increasing demand for such persons. If it is not capable to hire, retain and assimilate such competent employees in the future, such lack of ability would have a fabric adverse result on its industry, operating results and financial condition (Finance, 2007).

The corporation may also rely on Third party freelancer and other associates to expand its proprietary and website technologies in addition to any future improvements, if originally urbanized. There cannot be guarantee that it will be victorious in either retaining and attracting competent personnel, or forming arrangements with Third parties. The malfunction to success in these attempts will have a fabric adverse outcome on the corporation and its capability to achieve its business plans (Doughty, 2001).

3. Firefish-inc faces the risk of changing industry and consumer uncertainty and preferences of market approval of its website and services.

Its ancillary and services of social networking are evolving concepts and new. The level of market acceptance and demand of social networking, online tutoring and placement of job in general, and of particular websites in particular, are focus to a high level of uncertainty. As industry and consumer preferences and trends grow, there is a greater degree of uncertainty concerning whether clients will continue to judge some of the key characteristics which it intends to integrate into the website (Perry, 2003).

The malfunctioning of the market place to deem its characteristics desirable may dishearten the use of its web site and reduce the capability of Firefish-inc to generate revenues. Additionally, tutoring and placement of job from other sources, counting phone tutoring and employing recruiters could erode the expansion of the online training and job placement companies.  Additionally, it is unclear if the marketplace will allow a website, which mixes tutoring, and placement of job services as this mode has never been tried to the fullest of the company’s knowledge.  A reject in the reputation of job placement and online tutoring in general as well as a lack of market-place acceptance of its model will likely include a materially adverse influence on its prospects and business (Sadgrove, 2008).

4. The business might be in danger of destruction due to computer virus attacks sudden network disruptions or security breaches.

Having successful development of the website and proprietary technologies, it will be necessary for the organization to develop, and keep a substantial infrastructure for computer network. It may happen that, significant harm may be caused by any failure to sustain satisfactory presentation, reliability, safety and accessibility of such network communications, be it maintained by the organization or by other businesses. The major risks that relate such on coming network communications include:

In case of failures or system malfunction occurring from natural disasters, loss of power or telecommunications failure, thus causing a constant shutdown of all or a material segment of its servers.

Trough computer viruses transmission, hacking thus no security, loss of data or breakdowns of software, hardware or other computer equipment.

Due to the foregoing factors there could be reduction of future users’ contentment, Destroy its business and bad status, its financial condition and results of operations and also result in the loss of a subscriber’s entire investment are adversely affected (Blyth, 2009).

  5. Firefish-inc business may be adversely affected due to lack of patent or copyright cover and any unlawful use of the website or proprietary knowledge by third parties.

The Company’s website planned proprietary technologies and planned products are not filed for any patent and copyright protection. The present intention by the company is to rely on its employee’s, customer’s, business partner’s confidentiality agreements and others to guard its intellectual rights for property. It may be possible for third parties to obtain and use its intellectual property without authorization despite that certain precautions are taken by it. Due to the lack of any patent or copyright protection, there may be an increase in this risk. There will be substantial costs incurred if any of its proprietary rights are misappropriated or it is obliged to defend its intellectual rights for property. Substantial costs and diversion of its resources, including diverting the time and effort of its senior management could be caused by such litigation and could interfere with its business through an adverse effect, prospects, financial condition and results of operations on it (Fulmer, 2004).

Appropriation of application for patent and copyright protection for the company is determined by management will frequently. There is no guarantee from company that, it will offer the company any meaningful protection from other companies in its business be it filed, any granted applications or, awarded. Additionally, the organization may be granted any of the patent or copyrights which may lead it to being held by a court to infringe on the intellectual rights of property and the company towards damages (Fulmer, 2004).