Idea Initiation In A Young Company

Idea Initiation In A Young Company Making the business plan has been a great hands on experience to learning about small business development. We were not only required to study theories on how a business is created but actually do it ourselves. For me it has been a great learning experience as I had to make a decision to think like an entrepreneur and develop the qualities an entrepreneur has and incorporate the qualities of creativity, drive and a willingness to take risk. The aim of the below report is to summarize my contribution to this project as well as the key areas of idea initiation, teamwork, presentation experience, alternative scenarios and learning gained as well as other areas covered in the development of the business plan. Teamwork All three team members contributed to make this project successful and worked together to create an efficient team. Idea Initiation After several sessions of brainstorming the group decided on a Business and technology magazine under the guidance of Mrs Priti Punatar through the process of identifying opportunity by means of problem solving. Presentation Experience A learning experience about time management, public presentation and the importance of thoroughly understanding the business venture an individual wants to undertake as well as understanding the involvement of investors in the entrepreneurial process. Alternative Scenario Consideration of both best and worst case scenarios allows BT to prudently predict steady growth rate. Team Work A new venture team is defined as the group of founders, key employees and advisors that moves a new venture from an idea to a fully functioning firm and so with our team it was the case of bringing together people with different abilities and strengths to create a strong unified force to achieve the objective of making a successful business plan. Each individual brought their own individual set of skills and played a different role in the planning and execution of the business plan. Our team was formed keeping in mind the strengths of its members and tasks were delegated accordingly. Priyanka who is good with numbers did the financial plan as well as the marketing plan, Krupa who has the strongest organizational skills dealt with the organizational structure and risk analysis and I was delegated the task of Industry analysis due to my research skills as well as the operational plan. Initially our team consisted of four members; Priyanka, Krupa, myself and Joyce Issowe who later dropped out due to medical complications. Working efficiently in a team is a key success factor for anyone who wants to be a successful entrepreneur as he/she will be required to meet with and bring together a venture team to work with. We were very lucky in that, although our team involved the coming together of three highly opinionated individuals all were willing to listen and respect the others opinions which allowed us to come up with the best viable solutions in a dignified manner. In my opinion, each individual within the team worked efficiently to ensure the success of the team. The executive summary, the business and appendices were completed with hard work from all the three team members equally. All In all, every team member put in the required effort, all meetings were attended in time and all our planned goals were reached Process of Idea Initiation In this most fundamental process our first and basic concern was to come up with a firm that would be entrepreneurial in nature as opposed to being salary substitute or lifestyle oriented. The business had to be feasible, innovative and we needed to have both the passion and knowledge required for it. Initially through the process of brainstorming our group had a number of business concepts to go with. Joyce had suggested a dairy farm, Krupa suggested a school for performance arts, Priyanka suggested an engineering consultancy and my own suggestion was a web based real estate firm. By the process of elimination using our checklist we realized that a dairy farm wasnt innovative enough, we didnt have the expertise required for an engineering consultancy and the market wasnt ready yet for a web based real estate venture or a school for performing arts. As the foundation of any successful business lies in recognizing opportunity, we decided to speak with a few people, in our social network, involved in different industries whilst researching the trends in various fields and industries. Finally under the supervision of Mrs. Punatar, we decided to work on a business and technology magazine that would be the first of its kind to be produced in Tanzania. Due to the growth in the economy and changing social factors such as more graduates entering the labour market and increasing diversity the need for information had arisen and there was a lack of a locally produced business magazine. We realized the window of opportunity was wide open and circumstances were just right. Therefore our business concept came about; A business and technology magazine for Tanzanians, by Tanzanians. Through this process I learnt that opportunity needs to be defined, timely, attractive and of value to the end user. I learnt also to identify opportunity through observing trends, finding a gap in the marketplace and solving a problem. Apart from this I saw how economic and social factors account for the creation of opportunities and how different characteristics such as prior experience, creativity and social networks help entrepreneurs and finally I learnt to apply the 5 steps of generating creative ideas as well as the different techniques involved such as brainstorming and surveys. Presentation Experience Important factors considered by investors in their decision making process include determining that the company has focus, specific solutions for the needs of the market, that customers are willing to buy the product and that the dynamics of the company are strong. They need to know that the company is run by smart people who can control expenses and make a profit. If expected to invest, they in turn need to trust the management team running the business in terms of their experience, maturity, reputation as well as a track record of success and personal interaction therefore is a must. Also investors cannot be expected to have the time to sit down and go through lengthy documents, they want to get instant answers for any concerns or queries. The process of crafting the slides to be presented, and ensuring the presentation would cover all essential areas whilst summarizing the entire business concept, was a challenging one that taught me about time management, extraction of essential information from available data and the involvement of visuals to convey essential points. All three members of the group presented the plan in parts with me introducing the business, the problem we aimed to solve and our business model. Krupa then took over and covered management team, industry analysis and competition leaving Priyanka to finish the financial overview including; share offering, payback, profitability, break even analysis and current status and projected use of funds ending with exit strategy for investors. Crucial lessons were learnt during this presentation about capturing and retaining the interest and attention of our potential investors, maintaining the set time limit as well as the importance of confidence and a deep understanding of the business venture. Alternative Scenario The success of any business is dependent on external as well as internal conditions. Internal factors are easier to control and predict relative to the external factors. With regards to external conditions, there is always some degree of uncertainty. In order to be prudent all figures taken within the business plan have reflected a pessimistic view of the worst case scenario. In order to achieve this and to reflect alternative scenarios that may arise due to unpredictable factors the revenue included in the business plan is less than that actually expected by investors. Due to the unpredictability of Macro-environmental factors the number of subscriptions has been kept at minimum and the advertising revenue included is less than what the firm will target to achieve. Another relevant point concerns the break even analysis. To keep alternative scenarios in mind, both best and worst case of total revenue have been considered whilst the figure taken for cost has been kept at maximum in line with the accounting principle of prudence. This allows investors to be comfortable to know that the minimum success will be as presented in the business plan with an additional potential for greater growth. Business partnerships have also been taken into account in order reflect alternate means to achieve a target. This can be seen as in the outsourcing of printing to keep costs low as well as the establishment of a network of free lance contributors. Figures for costs and budget in the analysis of the financial statements have also been calculated after the consideration of the alternative growth scenarios and B%T therefore is expected to have steady growth as a worst case scenario where the best case reflects a quicker point of break even and higher profitability. Learning and Usefulness of the Business Plan The experience of coming up with a business plan opened up my eyes on the many aspects that are necessary to be considered whilst starting up a business. Extensive research is required together with knowledge of the industry. I have realized that an entrepreneur must have a clear vision on how exactly his company will work and perform. Before making a business plan myself I had no idea of how important it is. This document includes all research and analysis showing feasibility of a new venture and how all the different resources needed may be brought together synergetically. In developing a business plan it becomes necessary to look at every single aspect of the business and it therefore provides a clear picture of whether a new venture is likely to succeed or fail. The business plan analyses the potential of turning an idea into a source of revenue and in so doing answers the question of viability, industry attractiveness and growth, size and buying power of target market, attractiveness and uniqueness of the business model, availability of skilled labour, completion, ROI, legality and critical risks. It can be stated therefore that it is a critical document providing answers to investors for them to make an informed decision on whether or not to turn a particular idea into a business venture. This process has taught me a lot. I learnt to apply Porters 5 forces model in considering substitutes, new entrants, existing rivalry, bargaining power of buyers and suppliers as this was necessary in order to determine the attractiveness and profitability of the industry and position our firm where we could make maximum profit. In carrying out competitor analysis I understood the type of competitors BT would face and was therefore able to develop strategies to allow the firm to compete successfully for example, establishment of BTs brand before the emergence of future competitors. Through the next step of developing a business model we had to apply what we learnt in class to create an effective model for BT as was the case with applying knowledge on financial analysis and the value of pro forma statements, forecasts and budgets to determining success of the new venture. I also learnt how to develop a successful marketing mix through looking at the issue of core product versus actual product. All in all this process has shown me that a business plan is the most important tool needed in the entrepreneurial process as is incorporates within it everything any stakeholder would need to know about the viability of the idea and its conversion to a business venture.

Acre Wood Retirement Community Case Study Essay

The pool design was not in tune with the original design, so what was promised was not delivered. Funds allotted were not fully used. Sarah’s complaint in the newspaper would create another legal issue and would invite public outcry against the organization. Ethical issues: – The director was not concerned about the welfare of public even though the organization’s mission was to improve the quality of life of its residents both physically and emotionally. Lack of commitment to visit the pool and refusing to look into Sarah’s complaints were other ethical issues. A2.   The behaviour of director only promoted greed (underutilization of money), irresponsibility (refusing to visit the pool and not listening to the complaints), unethical practices (not concerned about public safety; totally against the organization’s vision) and partiality (promoting Gene who wasn’t complaining) A3.   A role model is some one who inspires, motivates and ultimately brings out the best in the follower by making him realize his own potential. Ethics are one of the key determinants of a role model. An ethical role model is one who puts his organization’s goal ahead of his personal goals, who does not promote malpractices, who is always ready to look in to matters which interest public health and welfare and one who is always ready to listen to his employees suggestion. The director had all the qualities missing which surely don’t make him an ethical role model.   

The Most Disregarded Answer for Essay Writing Samples Gre

The Most Disregarded Answer for Essay Writing Samples Gre Should you need samples fast, then you'll almost certainly enjoy our simple three-step approach. Well everyone requires some sort of assistance from time to time. For instance, in a country like Canada, where health care is absolutely free to all citizens, the potential for heart disease is on the upswing. It's important to thoroughly read and adhere to the directions in order to fulfill the test requirements. The Basics of Essay Writing Samples Gre Both Analytical Writing tasks are meant to test critical thinking and the capacity to articulate and assess complex arguments and discussions. Reasoning plays an essential role in specifying the general level of your essay. Consider your essay is limited concerning word count. An essay has to be composed of an introduction, a body, and a conclusion. You may observe that many Issue Essay prompts make statements that are hard to totally support. The 2nd essay would be about the argument analysis. GMAT writing must be achieved with care as you not only will need in order to recognize the holes in the statement you will critique you will also have to acquire your thoughts down in perfect English with no errors. Essay writing skills is a hard and time-consuming undertaking. Take the time to proofread your essay, after you finish writing it. Practice brainstorming a lot of different essay prompts from the ETS website to get accustomed to coming up with examples that you may use to support your standpoint. As soon as you have gathered ideas on the subject, you must properly place your thoughts into words. Others, naturally, scoff at the idea since they're such very good writers. Other times, you'll be given the freedom to develop informative and creative topics. If you are going to be taking the paper-based test, you must guarantee that you may write quickly and legibly, and you might want to devote extra time on day one of your essay to make certain that your thoughts are well-organized before you start to write. What the In-Crowd Won't Tell You About Essay Writing Samples Gre BYJU'S will be happy to assist you in your GRE preparation journey. However you get ready for the essays, make sure you at least write a couple of each type before you take the actual GRE. So, you need to make sure there are at least 5-6 paragraphs in your essay, if you would like a good score on the AWA. While reading, it's also advisable to make note of all of the unfamiliar words and later learn them. Yes, there are a few great articles and sample 6. You will get your essay scores approximately 10-15 days following your test date. Employing a great essay proofreading service does not just enable you to correct the paper which you've written. Simple mistakes in your writing will significantly harm your last scores which is something you won't want if you're to compete in your admissions. If you're able to reveal wonderful writing skills along with a good ability to organize, you will become definitely an ideal grade. Learning along with reading is a must, but also is writing along with applying the knowledge you've got. The very first issue to do before you get started searching for GRE sample essays is to comprehend what the Analytical Writing test section is about. To practice writing awa essays all you want to do is. If you get ready for the exam format. If you get ready for the exam format from greguide.

Critical Analysis Of The Handmaids Tale - 1229 Words

Paula Hawkins, a well known British author, once said, â€Å"I have lost control over everything, even the places in my head.† In Margaret Atwood’s futuristic dystopia The Handmaid’s Tale, a woman named Offred feels she is losing control over everything in her life. Offred lives in the Republic of Gilead. A group of fundamentalists create the Republic of Gilead after they murder the President of the United States and members of Congress. The fundamentalists use the power to their advantage and restrict women’s freedom. As a result, each woman is assigned a specific duty to perform in society. Offred’s husband and child were taken away from her and she is now forced to live her life as a Handmaid. Offred’s role in society is to produce a child†¦show more content†¦Offred struggles with her new life, stating, â€Å"I want to be held and told my name. I want to be valued, in ways that I am not; I want to be more than valuable. I repeat my former name; to remind myself of what I once could do, how others saw me† (Atwood 97). Offred is emotionally run down. She misses her husband Luke and the way he made her feel. Offred spends most of her days wondering about her husband Luke, and daughter. She wonders if her husband is dead, made it across the Canadian border, or was captured. Although Offred never finds out her husband’s life status, Serena Joy offers to tell Offred some information regarding her daughter. The only catch is Offred must sleep with Nick to conceive a child. Serena s husband, the Commander, is unable to have children, but to maintain societal norms, he must think he is the father of Offred s child. Offred s decision is unconventional and risky, both for herself and Nick. If they are caught, they could be executed. However, her unorthodox decision pays off. 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