Running Head: LEARN TOYS (NEW BUSINESS VENTURE)
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Learn Toys (New Business Venture)
Learn Toys (New Business Venture)
Developing a business venture as a group is not an easy endeavor. In particular, new
ventures play an essential role today because they account for a substantial portion of new
product innovations. Despite many success stories, many ventures often fail long before they
have fulfilled their intended goals (Klotz et al., 2014). Therefore, it is important to come up with
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a product that meets the demands of the customers. As an entrepreneurial team, the success of
the project could be higher than with a single entrepreneur since there more people to deal with
challenges. Precisely, each member will contribute his or her complementary skills,
competencies, and their experience to the new venture, bringing in a collective nature to the
business. On this note, this paper aims to describe the new group venture, a company that makes
interactive toy product. The paper will first describe the company products and basic logistics.
Then, the paper will explore a possible role for each group members in making the new venture a
success.
New Company and Product Description
In this project, our group will develop a line of educational tools for children to make
toys more engaging and fun to play when compared to other standard toys. The company name
will be Learn Toys. Having considered all requirement of starting a Toy manufacturing
company, we believe that the company may help bridge a huge gap that exists in the Toy Market.
According to ECSIP Consortiun (2013) report, the U.S toy market large, accounting for more
than 14 billion dollars in revenues every year, but its demands are increasing every year,
especially for interactive toys. Learn Toys will, therefore, bridge this gap by manufacturing three
lines of education toys and hobby kits. The first products will be the Number toy designed to
teach young children numbers skills. The second line of toys will be the HintToys designed to
help middle-aged children to learn more about the alphabet, and then three will be Children
Hobby Kitts, which will be targeted to children of all age. This line will involve action figures,
dolls, stuffed toys, science kits, and possibly interactive children video game machines. The
advantage of this entire venture is that it could be done with few resources, as long as there are
few resources and good strategic plan.
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Logistics
Learn Toys product will have a competitive edge because it will be more interactive at all
age levels. In particular, the toys will be designed to encourage skills development while
allowing parents to play with their children with a quality product. The product will be printed
and assembled in the workshop with all members taking part in the development stages. The aim
is not to create another regular toy manufacturing company; rather the company mission is to
establish a venture that makes a better product than the existing one. We will develop an
appropriate logistics and supply chain, which will allow the provision of the products to all
customers across the globe. We will organize the entire shipping process in the destination port
to ensure that all customers receive quality products. The aim is to ensure that the goods arrive at
the right quality, the right time, and the agreed location. Customers will purchase our interactive
toys online, and our partners will sort out shipments accordingly.
Group roles
Leadership: The role of leadership is to focus on company production and project content. The
leader will ensure that all participants in this project have an equal contribution to the project and
similar motivation towards making the project a success. According to Donate and de Pable
(2015), leadership must encourage the development and use of creation and innovation practices
for the team. Thus, in this project, leadership will ensure that all areas of the project are covered
and that every group member understands what they are doing and when they should do it.
Additionally, leadership will ensure that they encourage more participation and collaboration and
solve any conflict with the peacemakers in the group.
Organizer: The organizer will be responsible for organizing group meetings and ensuring that
the communication requirement and timelines are adhered to by all participant (Kelly,
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2012). The organizer will also ensure that during meetings, every member is working towards
the assigned task; this way, the project will move according to the assigned timeline. The aim is
to ensure that the project meets its deadline and that every member in the group does their part
without delaying others and the entire project. The organizer will also be involved in any
reorganization throughout the project and will start any new aspect of the project when
necessary.
Harmonizer: The harmonizers are essentially the peacekeeper in a project (Kelly, 2012). The
primary role is to work with leadership and expediter to solve any conflict among group
members. When conflict arises, the peace-keeper will ensure that there is proper conflict
management; this way, no conflict will stop the progress of the group.
Expediter: The expediter role is to ensure that the group is one track towards completing the
project (Kelly, 2012). He or she will not push members mindlessly towards completing the
project; instead, he will focus on solutions on all project issues. An expediter guides the project
and ensures that it does not move towards the unintended direction.
Group member: Every group member will be responsible for project participation, following
directions from leadership, meeting deadlines, and ensuring proper collaboration (Kelly, 2012).
Every group member will have to recognize the unique role of others should support them to
ensure success in this new venture. Notably, the member should willingly participate in the
project progress without being cohoused by anyone, which means that they should be positive
and not distracted from the main project objective.
Essentially, in order to make the new venture a success, group members need to actively
engage in both the implementation and development of the new products and be part of the
evolving strategy of the new venture. Markedly, this includes setting the mission and vision and
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how to acquire resources. Working as a group means that more information will be available due
to the variety of backgrounds and experiences from every member. Additionally, a group can
stimulate creativity; therefore, regarding problem-solving, there will be no delay in the project.
Lastly, working as a group will foster learning and more comprehension. Nonetheless, all group
members need to have a common goal, which every member will agree on in order to get along
In such situation, an effective communication technique will be needed, and this means proper
participation in the group discussion forum and active participation in physical bonding
activities. Notably, with proper commitment and active participation of all members, this new
venture can be a success.
References
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Donate, M. J., & de Pablo, J. D. S. (2015). The role of knowledge-oriented leadership in
knowledge management practices and innovation. Journal of Business Research, 68(2), 360-370.
ECSIP Consortium. (2013). Study on the Competitiveness of the Toy Industry. Netherlands:
ECORYS.
Kelly, T. (2012). Group work: Strategies for strengthening resiliency. Boston, MA: Routledge.
Klotz, A. C., Hmieleski, K. M., Bradley, B. H., & Busenitz, L. W. (2014). New venture teams: A
review of the literature and roadmap for future research. Journal of Management, 40(1), 226255.
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