Unformatted Attachment Preview
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.