Idea Initiation In A Young Company

Idea Initiation In A Young CompanyMaking the assembly line cast has been a great hands on experience to learning somewhat sm solely backup development. We were not only undeniable to study theories on how a personal credit line 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 hold the qualities of creativeness, drive and a departingness to take risk.The aim of the below report is to summarize my contribution to this switch as well as the key areas of idea initiation, police squadwork, creation 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 engineering science magazine under the guidance of Mrs Priti Punatar by the carry through of identifying fortune by means of problem solving.Presentation Experience A learning experience about cartridge holder management, public presentation and the grandness of thoroughly understanding the business venture an individual wants to undertake as well as understanding the social occasion of investors in the entrepreneurial work on.Alternative Scenario Consideration of both best and worst shield scenarios allows BT to prudently predict steady growth rate.Team WorkA 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 incorruptible and so with our team it was the case of bringing together people with variant abilities and strengths to create a strong unified force to make the objective of reservation a successful business plan.Each individual brought their own individual set of skill s and played a different role in the planning and exertion 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 commercializeing 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. ab initio 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 component part 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 evaluate th e 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 catch 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 present in the required effort, all meetings were attended in time and all our planned goals were reachedProcess of Idea InitiationIn this most fundamental process our eldest and basic concern was to come up with a firm that would be entrepreneurial in nature as opposed to being compensation 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 expertness required for an engineering consultancy and the market wasnt ready yet for a web based real estate venture or a school for perform 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 rea lized the window of opportunity was wide airfoil 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 ExperienceImportant 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 retain 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 accordingly 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 obtain 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, application 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 culture 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 ScenarioThe 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 tell apart to be prudent all figures interpreted within the business plan have ruminateed a pessimistic view of the wo rst 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 reflection 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 PlanThe 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 most-valuable it is. This document includes all research and analysis video display feasibility of a new venture and how all the different re sources 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 plausibly 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 draw 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 determ ine 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 figure 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 neighboring 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.