The name of my company is Wi-Finder and the logo looks like this:
It is likely that my company, Wi-Finder, will start off as a sole proprietorship because I am the only one starting up the business. This means I have unlimited liability on the business and any debts will be paid from my personal assets. Eventually, my business will transition and change into a corporation as my production expands and the company requires more money to expand steadily.
My company creates a product which is a sticker that can be tracked using a phone app. The stickers use Wi-Fi and Bluetooth technology to show and keep a record of items around the house, the classroom, the office, and the outside world. The sticker can come in a large variety of sizes and can be as small as a penny for covert tracking of important objects such as expensive jewelry.
Wi-Finder is an innovative product because it makes the organization, the tracking of items, and promotes accessibility for everybody. Workplaces and classrooms can benefit from the sticker trackers by tracking the location of their supplies and equipment. Wi-Finder helps reduce the time it takes for people to look for supplies/equipment and improves productivity. The tracking sticker also helps find small objects such as keys and easy-to-lose items such as credit cards and wallets. It can also help the elderly locate essential items such as medication and other similar items.
The needs that Wi-Finder satisfies is the need of keeping personal items like wallets and jewelry safe, helps keep track of the location of essential and vital medicines, as well as keeping the location of financial property such as credit cards in check.
The wants that Wi-Finder satisfies is keeping things organized, increasing productivity in the work and learning environment, and helps find everyday items more easily.
Wi-Finder's only competitor is the Tile Mate. Their product mainly advertises being used on objects with keychain hooks, whilst Wi-Finder can be used on objects of all kinds. Each company provides different sizes for their product but Wi-Finder offers the smallest tracker available which is the size of a penny.
It is likely that Wi-Finder may start off with a small number of employees (likely a couple dozen) since I am the only one funding the business, and production will be done in a small office space. However, as Wi-Finder makes money and transitions into becoming a corporation, I can expand my employee count exponentially and increase my production through factories.
A few ethical issues that Wi-Finder may have encounter in its lifetime is environmental violations and the unfair treatment of the company's workers/producers. Once the company expands into factory production, it will to deal with strict environmental safety protocol imposed by the government. Breaching the protocol can result in severe punishment from the government and stakeholders. As well, factory work is highly demanding for employees and making sure that they get paid well enough, are treated well enough, are given breaks, and still remain productive is important too.
The largest element of Corporate Social Responsibility that my business has to deal with is keeping the environment safe where the stickers are produced. Manufacturing electronics uses tons of lethal chemicals and fossil fuels, especially in electronic circuitry. To make sure that my company is responsible for what the pollution it produces, my company will work in coordination with local environmentalists and environmental organizations such as Greenpeace in order to make sure that the production of Wi-Finder products is as clean as possible. This may affect production as a whole, but the company's value at heart is keeping the world a safe and tidy place.