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The proposed business idea is based on the implanted sensors to measure the functions of the internal organs. This product will be medical sensor and implant that may be located inside or outside the body to determine the functionality of the internal organs of the human body and ensure better health (Gia et al. , 2017). This product will be a collection of lightweight wearable sensor nodes based on real-time sensing that would be helpful to analyze the several vital parameters of patients such as heart rate, blood pressure, blood PH, etc.
This range of devices would be beneficial to gather and share the information with each other and make it possible to analyze data to interpret the health patterns of the patient or any healthy person. Through this, patients will get high quality of health services, as well as an individual, will get the assurance of good health by measuring the parameters of the health of the human body (Darwish, and Hassanien, 2011). These devices will also help the health professionals to provide high-quality healthcare services to the patients by providing the real-time data gathering to eliminate the manual data collection and allow better monitoring of a large number of patients.
Also, it will also help an individual to monitor the body parameters and take preventive measures in advance to protect him/her from any occurrence of diseases (Williams and Viji, 2017). Apart from this, this product range would be helpful to offer the flexibility of operation and cost-saving options with the reduction in user discomfort and increase in mobility. It would be useful to monitor the human physiological data, track and monitor the patients and individuals inside and outside a hospital and provided guaranteed health. It is because effective monitoring of vital signs to measure the basic functions of the human body can be significant to monitor the general health of an individual. This product would be proved as a cost-saving option for both patients and healthcare professionals (Sikder et al. , 2018). This product will be provided at a reasonable price to make it affordable for every patient and increase its adoption in the market.
For this business, an ownership structure will be maintained, which includes the division of the responsibility of the two individual for that particular business. The business comprises the partnership structure, which is performed between two people. This involves the investment of the two people in that particular business, to make a new startup for the business of the implanted sensors based on IoT to measure the functions of internal organs and ensure better health (Kaya and Vereshchagina, 2014). To perform this activity, the two individual should put the equal amount of effort in the entire process and bear the equal responsibility to serve the business as a whole.
Pros: This ownership structure involves some advantages that would be beneficial for the new business idea of implanted sensors. One of the major advantages is the easy way to establish the business because the start-up cost is comparatively lower. Besides, this involves more capital in the business, which ensures much borrowing capacity in the business (Girma et al. , 2015). This partnership high- calibrated work in the business, along with a benefit in the saving of the tax. There is no need for both partners to pay tax separately for the business earnings. This ownership structure is easy to establish and may help to increase the ability to raise funds due to the involvement of more than one owner. It will also be helpful to bring good insights from both partners including skills, knowledge and management aspects that will be crucial for the development of the new business.
Cons: This ownership structure involves some disadvantages in this entire procedure, which can make the negative impact on the business. This should always be considered that both the partners are equally liable for the debt of the business, but the disagreement and the conflicts associated with that partnership business can make the negative impact on the partnership business. Besides, the use of this ownership structure makes it essential for the partners to be jointly and severally liable for the activities of the partnership obligations including trust breaches, contracts, and torts (Kaya and Vereshchagina, 2014).
At the same time, each partner will be liable for the debts and obligations of the business. Apart from this, a partner cannot transfer the interest of the business without the consent of another partner. Besides, it should be considered that each partner is an agent of the entire partnership business, and this involves the liability of the activity performed by one partner to the other. This may create the conflicts in this management of the business (Sarmento, and Renneboog, 2016). The process to raise money to start the businessBoth the partners will be involved in making the business of the implanted sensors. It is assumed that both partners of the business have their own house that can be used for this purpose.
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