Here is Sample of BE253 Creating and Managing the New and Entrepreneurial Organisation Assignment
Self-assessment
Analysis of the entrepreneurial characteristics
I have taken up a personality test which helped me to understand how many entrepreneurial skills I have that will help me to understand if I am able to flourish in business. Moreover, the personality test and the tools helped with the use of the internet to understand the way I will be able to work accordingly. The results of my tests showed that I am a highly introverted person and I have a good thinking and feeling process that helps me to evaluate various kinds of situations quite well (Tptests.com. 2022). I too think that as my intuition and judgement understanding are high, therefore, I may be able to analyse each and every situation quite well. I consider that intuition, thinking and judgement are my strengths as I am able to analyse the situation quite well by analysing the situation and evaluating the outcomes effectively.
My strengths will help me to build a strong understanding of the situations and produce better opportunities that will help me to progress well in the competitive market. Thus, in evaluating the situation my emotional stability helps me to come out of any kind of stressful situation that will help me effectively. My lower scores on extroversion, sensing and perception give me a clear idea of the way my weakness in these fields may affect my personality analysis and provide hindrances in becoming an entrepreneur (Refer to appendix 1). I too understand that my weakness may create threats to my progress in the entrepreneurial career and also it might push me back from taking entrepreneurship as a career. Entrepreneurship requires effective communication which I lack and even my sense of perception regarding people’s feelings and understanding is low therefore, these threats may pose harm that may be mitigated with the help of effective management.
SWOT analysis
Table 1: SWOT Analysis
(Source: Self-created)
Discussion about the unique business idea and Value Proposition
The idea of manufacturing electric scooters helps in reducing environmental pollution and even helps in the reduction of the carbon footprint of the vehicle in the global situation. The technological management has to be good so that it helps the innovation to become more profit-driven and mission-driven so that it helps in making better organisational transformation (Komatsu et al., 2020). The Unique Selling Point (USP) of the electric scooter is that the product will be highly helpful for the consumers because of its flexibility and the company will provide discounts for the consumers who have faced problems with the products within a year.
The USP of the company helps the consumers to understand the value and the quality of the products effectively, which helps in promoting the products efficiently in the new market. The community and people are more attracted to any innovative vehicles as it helps to reach a certain destination in a much quicker manner and also as most the people are much more concerned with the safety of the environment so the consumers have to be more attracted towards the product.
The electric scooter has to be slightly more at cost rather than normal diesel and petrol scooters although, the community has to be beneficial even with high costs as the community does not have to cope with the increase in the oil prices. The community and the society are always on the verge to search for better innovative ideas so that it helps the community to lead a good life at low-cost investment. The increase in the environmental degradation and rising in the process of oil creates a huge problem for the community and even affects the working of the society and as the target customers of the company will be the middle-class people therefore, the affordability of the products always have to be kept in mind. The absorptive capacity of the company has to be understood so that it helps in the economic and social values that help in strengthening the knowledge and empirical understanding quite well (Bunyasiriroj, 2021). The electric scooter, although will be expensive, has to be made quite affordable to the middle-class community and as most of the population belongs to the middle-class community so the selling of the products have to be quite good and the profit of the company will be extremely high.
Analysis of the ideas of innovation
The company is able to understand the industry and change in the market structure as Drucker’s seven sources of innovation as these sources help the industry to grow quickly. The company has to make sure that the company understands certain impacts such as technical and environmental monitoring, and implementation of technology so that it helps in problem-solving with the help of interpersonal and organisational skills (Drucker, 2019). The company has to understand the industrial situation of electric scooters which helps in understanding the implementation of the idea that the new venture might put an impact upon the changed market structure effectively.
Resources required
The company in order to start the new venture in electric scooter manufacturing has to make sure that the company has the required amount of 1 million Euros which will be required to execute the venture idea properly. The company also needs skilled workers as people resources who are able to work efficiently and even good designers and engineers who may understand the demands of the target customers so that it helps in creating good and effective products. The success of an innovation depends highly upon the innovative workforce of the organisation that helps in improving the individual as well as group innovation quite possible (Minh and Thi, 2021). The networking of the company may be done with the help of social media and the website of the company and also with the help of partnerships with other medium enterprises such as Vive Scooters and Beyond PEV to name a few. The advantage of the resources is the way the company will be able to invest the required financial cost that makes the company do good marketing that helps in attracting the customers quite effectively. The company may face certain disadvantages if the required demand of the customers is not met due to mismanagement of the technology and even if the financial management is not done well then the flow of the profit will become slower. The company’s suppliers will be mainly the suppliers of wheels, engines and other various parts and the company may distribute the products with the help of the partnership companies so that it provides the company with good exposure and also helps in gaining better customers.
The Market Venture
The company aims at entering the market of the United Kingdom (UK) as the company thinks it will be quite comfortable and even the target customers are able to afford the electric scooters. Furthermore, the company has to make sure that the market situation of the new market is understood quite well with the help of customers’ behaviour and demands and the affordability of the customers depending upon the economic conditions of the country. The financial understanding of the company has to be understood to make the venture possible in the new market with the help of funds and access to investment resources (Trusova et al., 2019). The company is entering the market with the help of partnerships with Vive Scooters and Beyond PEV so that it helps in providing the company with a good market by providing the company with customers and exposure to a much wider market situation. Venture capital helps in transforming the innovative environment that helps in flourishing the emerging company in the market (Sun et al., 2019).
The company on entering the market of the UK has understood that as the market is quite profitable for the company that helps the company to sustain well for long. Moreover, the alternatives the company will have if the company does not flourish in one part of the UK the company may shift to another part. The company also has to make sure that as the company is targeting the middle-class people as the customers, the electric scooters will be a little expensive for the young generation to afford and also it is more helpful for the target population for doing work in an easier manner. The prices of the product have to be made affordable so that it helps the company to attract a good number of target customers quite well. The venture helps the business entrepreneur professionals with the help of promotion and innovation that helps in eliminating problems in the competitive market situation (Gu and Qian, 2019).
Evaluation of the business model
The company is able to incorporate the bundling model that helps in providing the services and product management and packaging into a single offering for the customers. The company with the help of a partnership with other companies helps in reaching the desired customers quite easily by maintaining the sustainability and the value of goods and products of the company by maintaining the income flow management. The company has to understand the market dynamics that help in understanding the production level and the changes in the industry structure that help in the management of the production of the company (Bhargava, 2021).
Network and team building
The company has to make sure that the company has skilled and talented workers with experience so that it helps the company to sustain itself in the market and also the quality of the products has to be good so that it helps in building good networking. The company has to maintain the optimisation so that it helps in gaining good benefits that help in putting effective strategy maintenance by the company (Li et al., 2022). The partnerships with the other companies have helped the company to gain a good number of customers and the help of technology management through the use of social media management has helped the company to flourish well. The company has to effectively connect not just with the customers, however, with the suppliers and distributors so that it helps in gaining a good market for the company. Thus, the company may be able to maintain an analytical approach that helps in maintaining flexibility in different market conditions (Kopczewski et al., 2018).
Limitations and barriers
The company may face various kinds of hindrances such as technological mismanagement, products not reaching the customers on time and the prices may increase due to the rise in the prices of other products. The sustainability of the company has to be maintained by preparing a sustainability report that helps in maintaining the goals, missions and visions of the company quite well (Palit, 2018). Therefore, the company has to make sure that the company is able to maintain technological management with the help of skilled workers and also by maintaining good relations with the customers quite well.
Conclusion and Implications
It may be concluded that with the help of understanding the problems faced by the company and also the problems in the business entrepreneurial management I have understood that with my strengths I will be able to manage the company that helps in the progress of the company. I think that the market venture will be possible with the help of various possibilities I may get by making collaborations and partnerships and the way the company is able to gain the target customers quite well. Thus, I have to make sure that I am not demotivated by my weaknesses and do not think about any kind of threats although, the way I think I might approach the problem will help me to gain various kinds of opportunities in product management in the new market.
References
Bhargava, H.K., 2021. Bundling for flexibility and variety: An economic model for multiproducer value aggregation. Management Science, 67(4), pp.2365-2380.
Bunyasiriroj, S., 2021. The relationships between the strength of ties, absorptive capacity cum type of knowledge, and values creation: an exploratory sequential mixed methodology study of service-based social enterprise in Thailand (Doctoral dissertation, Université Grenoble Alpes [2020-….]; Bangkok University).
Drucker, P., 2019. 7.5 Innovation practice. Professional Practice in Engineering and Computing: Preparing for Future Careers, p.212.
Gu, W. and Qian, X., 2019. Does venture capital foster entrepreneurship in an emerging market?. Journal of Business Research, 101, pp.803-810.
Komatsu Cipriani, T., Deserti, A., Kleverbeck, M., Rizzo, F. and Terstriep, J., 2020. Business models & social innovation: mission-driven versus profit-driven organisations. International Review of Applied Economics, 34(5), pp.541-566.
Kopczewski, T., Sobolewski, M. and Miernik, I., 2018. Bundling or unbundling? Integrated simulation model of optimal pricing strategies. International Journal of Production Economics, 204, pp.328-345.
Li, X., Lu, M., Li, F., Xiong, W. and Li, Z., 2022. Prosumer energy-storage trading feasibility evaluation and price bundling. Energy, 239, p.122163.
Nguyen Minh, H.O.A. and Do Thi, D.O.N.G., 2021. SOURCES OF INDIVIDUAL INNOVATION AT WORK. BUSINESS TRANSFORMATION AND CIRCULAR ECONOMY, p.305.
Palit, S., 2018. Emerging Significance of Sustainability Accounting and Reporting In India-A Conceptual Study. International Journal of Accounting and Financial Management Research, 8(4), pp.1-6.
Sun, S.L., Chen, V.Z., Sunny, S.A. and Chen, J., 2019. Venture capital as an innovation ecosystem engineer in an emerging market. International Business Review, 28(5), p.101485.
Tptests.com. 2022. Google. [online] Available at: <https://www.tptests.com/Candidate/Practice/Results> [Accessed 12 April 2022].
Trusova, N., Tanklevska, N., Prystemskiy, O., Hryvkivska, O. and Advokatova, N., 2019. Determinants of the development venture financing of the subjects of Agrarian market of Ukraine.
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