NEW BUSINESS VENTURE NEW BUSINESS VENTURE Name: Sai Divya Kolakaluru Institution: Ottawa University Date: January 24, 2021 1 NEW BUSINESS VENTURE 2 New Business Venture Developing a new business venture as an individual is not an easy endeavor. New ventures perform an essential part today for the reason that they consider a firm portion of new product innovations. Several ventures repeatedly fail hard before achieving their expected goals (Klotz et al., 2014). Hence, it is necessary to come up with a product that satisfies the demands of the customers. As an entrepreneur, the project's employee achievement could be more potent than with a single entrepreneur since more people deal with challenges. Specifically, each worker will contribute their complementary skills, competencies, and knowledge to the new venture, producing a familiar nature on the business. This paper aims to represent the new venture, a company that makes learning toy product. The paper will first explain the company products and essential logistics. The paper will then investigate a possible role for each employee in making the new venture a success. Business Acumen The skill to produce a marketing and business strategy growth and application is to achieve this strategy efficiently. The company can guarantee to converse among data models, strategic planning, instruments, and thought structures. The production of a marketing strategy is essential as it retains the entrepreneur concentrated in the correct management. The second is having a firmly established and specific knowledge of financial awareness. After a good strategy of the business plan, it will ensure that it concentrates on the metric measure success. The analysis will incorporate financial statements, cash flow reports, and balance sheets (Edmondson, 2018). The third business insight will be utilizing a definite marketing theory that will include developing an influential Learning brand. NEW BUSINESS VENTURE 3 Product Description and Service Offered This project will develop a line of educational tools for children to make toys more engaging and fun to play with than other standard toys. The company name will be 'Toys4Learn'. Opening a New business venture like Toys for Learning is a lucrative idea. Having considered all requirements of starting a Toy manufacturing company, we believe that the company may help bridge a massive gap 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 increase every year, especially for interactive toys. Toys4Learn will, therefore, bridge this gap by manufacturing three lines of education toys and hobby kits. The first product will be the Number toy designed to teach young children numbers skills. The second line of toys will be the 'CuddleToys' designed to help middleaged children learn more about the alphabet, and then three will be Children Hobby Kitts, which will target children of all ages. 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 an excellent strategic plan. Basic Logistics Toys4Learn 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 NEW BUSINESS VENTURE 4 to create another regular toy manufacturing company; instead, its mission is to establish a venture that makes a better product than the existing one. I want to develop an appropriate logistics and supply chain, which will allow the provision of 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. Business 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 employee 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 all participants' communication requirements and timelines are adhered to (Kelly, 2012). The organizer will also ensure that 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 NEW BUSINESS VENTURE 5 project. The organizer will also be involved in any reorganization throughout the project and start any new project aspect 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 employees. When conflict arises, the peacekeeper will ensure proper conflict management; this way, no conflict will stop the group's progress. Expediter: The expediter's role is to ensure that the employees are on track towards completing the project (Kelly, 2012). He or she will not push members mindlessly towards completing the project; instead, he will focus on all project issues. An expediter guides the project and ensures that it does not move in the unintended direction. Employee: Every employee 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 others' unique role should support them to ensure success in this new venture. Notably, the employee should willingly participate in the project progress without being negative by anyone, which implies that they should be positive and not distracted from the main project objective. Conclusion Essentially, 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 how to acquire resources. Working as a group means that more information will be available due to various backgrounds and experiences from every member. Additionally, a group can stimulate creativity; NEW BUSINESS VENTURE 6 therefore, there will be no delay in the project regarding problem-solving. 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 to get along. An effective communication technique will need in such a situation, which 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 succeed. NEW BUSINESS VENTURE 7 References 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. Edmondson, V. C. (2018). Business Acumen. In the Thinking Strategist: Unleashing the Power of Strategic Management to Identify, Explore and Solve Problems. Emerald Publishing Limited. 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), 226-255.