Idea Initiation In A Young Company

idea Initiation In A Young keep allianceMaking the agate line visualize has been a great hands on envision to learning about sm exclusively business unfoldment. We were not lone(prenominal) required to study theories on how a business is farmd but truly do it ourselves. For me it has been a great learning experience as I had to imbibe a decision to think like an entrepreneur and develop the qualities an entrepreneur has and incorporate the qualities of creativity, drive and a get outingness to take risk.The aim of the downstairs report is to summarize my contribution to this project as rise up as the key areas of idea initiation, police squad excogitate, intro experience, alternative scenarios and learning gained as well as other areas covered in the development of the business formulate.Teamwork all(a) three team members contributed to make this project made and worked unneurotic to create an efficient team.Idea Initiation After several sessions of brainstormin g the class decided on a credit line and technology magazine to a lower place the guidance of Mrs Priti Punatar through the surgical service of identifying opportunity by means of business solving.Presentation draw A learning experience about judgment of conviction perplexity, public presentation and the importance of thoroughly understanding the business meditation an individual urgencys to undertake as well as understanding the date of investors in the entrepreneurial process.Alternative Scenario Consideration of both best and conquer drive scenarios allows BT to prudently predict steady growth rate.Team seduceA vernal risk team is defined as the stem of founders, key employees and advisors that moves a new venture from an idea to a to the full functioning loyal and so with our team it was the matter of bringing together people with diverse abilities and strengths to create a strong unified obligate to achieve the objective of making a booming business pl an. severally individual brought their own individual snip of skills and played a different role in the planning and execution of the business plan. Our team was organize 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 marketing plan, Krupa who has the strongest organizational skills dealt with the organizational complaisant organisation and risk analysis and I was delegated the task of Industry analysis payable to my research skills as well as the operational plan.Initially our team consisted of four members Priyanka, Krupa, myself and Joyce Issowe who later dropped out receivable to medical complications.Working efficiently in a team is a key success promoter for any(prenominal)one 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 knobbed the coming together of three highly opinionated individuals all were uncoerced to listen and respect the others opinions which allowed us to come up with the best viable solutions in a dignified manner.In my opinion, each individual indoors the team worked efficiently to ensure the success of the team.The executive summary, the business and appendices were finished with hard work from all the three team members equally. All In all, every team member put 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 first and rudimentary concern was to come up with a firm that would be entrepreneurial in nature as opposed to being salary braid or lifestyle oriented. The business had to be feasible, mod and we infallible to present both the passion and association required for it.Initially through the process of brainstorming our root had a number of business concepts to go with. J oyce had suggested a dairy farm, Krupa suggested a school for performance arts, Priyanka suggested an engineering consultancy and my own mite 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 acquire the expertise required for an engineering consultancy and the market wasnt ready until now for a web based real estate venture or a school for performing 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 palm 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 increase diversity the need for information had arisen and there was a lack of a locally produced business magazine. We realized the window of opportunity was wide yield and circumstances were just right.Therefore our business concept came about A business and technology magazine for Tanzanians, by Tanzanians. with 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 keep 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 hold find out that the company has focus, specific solutions for the needs of the market, that customers are willing to bribe the product and that the dynamics of the company are strong. They need to bop that the company is run by smart people who can control 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 own(prenominal) interaction and so is a must. Also investors cannot be expected to have the time to sit down and go through lengthy text files, 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 intriguing one that taught me about time management, extraction of essential information from forthcoming data and the involvement of visuals to convey essentia l 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 wherefore took over and covered management team, industry analysis and competition leaving Priyanka to finish the financial overview including share offering, payback, profitability, dissipate level(p) analysis and sure status and projected use of funds ending with exit dodging for investors.Crucial less(prenominal)ons were learnt during this presentation about capturing and retaining the interest and attention of our authorization investors, maintaining the set time limit as well as the importance of authorization and a deep understanding of the business venture.Alternative ScenarioThe success of any business is dependent on outer 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 u ncertainty. In order of magnitude to be prudent all figures taken within the business plan have speculateed a pessimistic view of the bruise 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 unploughed at minimum and the advertising revenue included is less than what the firm will cigarette 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 growt h.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 cost 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 consideration 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 panoramas that are necessary to be considered whilst starting time 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 important it is. This document includes all research and analysis presentation feasibility of a new venture and how all the different resources 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 likely 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 attractiveness and growth, size and buying power of target market, attractiveness and uniqueness of the business model, availability of skilled labour, completion, ROI, legality and hypercritical 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 a pply Porters 5 forces model in considering substitutes, new entrants, existing rivalry, bargaining power of buyers and suppliers as this was necessary in order to situate 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 event of competitors BT would face and was therefore able to develop strategies to allow the firm to contest successfully for example, establishment of BTs brand before the emergence of future competitors.Through the next 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 totality product versus actual product.All in all this process has show n 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.