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Coursework title: Individual Assignment

2. Subject Code: MBAPML203

3. Subject Name: Startup and New Venture Management

4. Academic Year: 2018 June Start

5. Student First Name: VINOD

6. Student Last Name: KUMAR JAKHAR

7. Student ID No.: 180755118265

8. Student’s personal Email ID: vinod4dubai@gmail.com

What are the traits & qualities of an entrepreneur?

It is true that an entrepreneur is one who has more capacities in the task of organizing and co-
ordinating the various factors related with the production. An entrepreneur should be a pioneer, a
captain of industry.
The following traits & qualities are required for a successful entrepreneur.

1. Mental ability: Intelligence and creative thinking of the individual or an entrepreneur

are includes in his mental ability. An entrepreneur should be intelligent and he should be analytical
minded. He should be capable to solve the various problems and adverse situations in order to deal
with
the others. He should be able to study the various organizational situations under which he can
decided
frequently.

2. Clear Objectives: A successful entrepreneur should have his clear objectives that what is to be
done by him, nature of goods to be produced and necessary activities which are to be undertaken.
Establish products in the market, making profit and render social services should be the
main objectives of the entrepreneur.

3. Business Secrecy: An entrepreneur should be able to maintain the secrecy about his business
so that he can save his business. In the term of business leakage of secrecy is a serious offence which
should be guarded carefully by the entrepreneur. Hence, he should be able to selection of his
subordinates.

4. Human Relations Ability: Human relation is an important traits which is required for success
stability. An entrepreneur always maintain good human relations with his employees which leads to
win their confidence and he can motivate them for higher level of efficiency. An entrepreneur who
maintains good human relations with his customers, employees, suppliers, creditors and the others can
success in his motive easily.

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5. Effective Communication: An effective communication is the main feature of the successful
entrepreneur. He should be able to put his point clearly and effectively. Communication should be to
the point which is an ability of secret of the success of entrepreneur.

6. Technical Knowledge: In the business management the entrepreneurs are mostly deals with
various situations in which sophisticated technology is involved. He should be reasonable level of his
technical knowledge.

7. Decision making power: For smooth running of the business enterprises it requires various
decision. Keeping in view the importance of the decision-making ability an entrepreneur should be
capable to analyze the various aspects of the business for arriving at the decision.

8. Energy: It is required for running of the business, an entrepreneur should be sufficient energy to
work hard for a long period. Hence an entrepreneur should be healthy and sharp minded.

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What are the steps involved in determining entry strategies?

When a complex environment confronts the unemployed persons, if they possess strong orientation
towards entrepreneurship and growth, the most rational decision is to start a small-scale business or
industry. In such an organisation, the whole areas of business in general the owner control and
manage.

An entrepreneur possessing the keen aptitude for setting up a small unit should formulate plan and
take a number of steps to give shape to his business plans.

The entrepreneur put his plans (thoughts) into action. These are as follows:

1) Product selection

2) Selection of form of ownership

3) Selection of industry site

4) Form of capital structure

5) Arrangement of raw-materials

6) Arrangement of technical know-how

7) Arrangement of marketing activities

8) Arrangement of export and import

9) Preparation of project report

10) Obtaining necessary license

11) Obtaining power connection

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Discuss New Product selection?

6 Main Stages of New Product Selection and Development Process

Product Selection and Development Process are very complex process, which begins with idea
generation and continues till commercialization. The process requires coordination between various
departments. The process can be broken up into the following stages:

1. EXPLORATION:
New ideas are sought from the sales force, since that is the department which is in constant direct
contact with customers.
The analysis of customer needs also takes into account competitors’ products and services. New ideas
are also generated from the consultants, shareholders, management employees, report on foreign
markets and products, trade journals, R&D laboratories, other research, etc. However, technical
feasibilities and market potential have to be kept in mind while examining new ideas.

2. SCREENING:
While choosing the most effective ideas, guesswork or hunches are not reliable. To ensure a more
scientific and less risky selection process, it is necessary to keep in mind all possible quantitative, as
well as, qualitative information. Keeping in mind the organizational objectives and available facilities,
the following must points be considered while selecting an idea—

i. Market potentiality
ii. Technical feasibility of the idea
iii. Does the idea fall under any intellectual property rights or patent regulations?
iv. Raw material supply position—at present and in the future
v. Do existing production facilities and resource availability remain suitable for commercialization of
the new idea?
vi. The level of investment required

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vii. Can the company generate this level of required investment from internal sources?
viii. If borrowing is a must, cost of borrowing is a factor
ix. Does profitability projection analysis suggest adequate return on investment?
3. BUSINESS ANALYSIS:
At this stage, technical and economic factors, like manhours, cash flow, inventory holding, etc., are
analyzed to evaluate commercial feasibility. This will ultimately facilitate the budgeting process.

4. DEVELOPMENT:
A working model is developed at this stage to evaluate the practicability of the new idea, by studying
the acceptability of customers to the working model. Most companies use product life cycle model at
this stage.

5. TESTING:
Redesigning of the working model into a production prototype and testing the market before bulk
production.

6. COMMERCIALIZATION:
At the final stage of a new product planning, decisions have to be made whether to make or buy
components; production methods have to be developed; distribution networks activated and the new
product has to integrate with the organization’s normal activity, and satisfactory sales volume and
profitability have to be achieved.

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Write an essay on the 8 stages of project development

6 Main Stages of New Product Selection and Development Process

#1. Idea Generation

The development of a product will start with the concept. The rest of the process will ensure that ideas
are tested for their viability, so in the beginning all ideas are good ideas (To a certain extent!)
Ideas can, and will come, from many different directions. The best place to start is with a SWOT
analysis, (Strengths, Weaknesses, Opportunities and Threats), which incorporates current market
trends. This can be used to analyse your company’s position and find a direction that is in line with
your business strategy.

#2. Idea Screening

This step is crucial to ensure that unsuitable ideas, for whatever reason, are rejected as soon as
possible. Ideas need to be considered objectively, ideally by a group or committee.
Specific screening criteria need to be set for this stage, looking at ROI, affordability and market
potential. These questions need to be considered carefully, to avoid product failure after considerable
investment down the line.

#3. Concept Development & Testing

You have an idea and it’s passed the screening stage. However, internal opinion isn’t the most
important. You need to ask the people that matter – your customers.
A Proven Framework to Turn Users into Customers
Using a small group of your true customer base – those that convert – the idea need to be tested to
see their reaction. The idea should now be a concept, with enough in-depth information that the
consumer can visualize it.
Do they understand the concept?
Do they want or need it?
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This stage gives you a chance to develop the concept further, considering their feedback, but also to
start thinking about what your marketing message will be.

#4. Business Analysis

Once the concept has been tested and finalized, a business case needs to be put together to assess
whether the new product/service will be profitable. This should include a detailed marketing strategy,
highlighting the target market, product positioning and the marketing mix that will be used.
This analysis needs to include: whether there is a demand for the product, a full appraisal of the costs,
competition and identification of a break-even point.

#5. Product Development

If the new product is approved, it will be passed to the technical and marketing development stage.
This is when a prototype or a limited production model will be created. This means you can investigate
exact design & specifications and any manufacturing methods, but also gives something tangible for
consumer testing, for feedback on specifics like look, feel and packaging for example.

#6. Test Marketing

Test marketing (or market testing) is different to concept or consumer testing, in that it introduces the
prototype product following the proposed marketing plan as whole rather than individual elements.
This process is required to validate the whole concept and is used for further refinement of all
elements, from product to marketing message.

#7. Commercialisation
When the concept has been developed and tested, final decisions need to be made to move the
product to its launch into the market. Pricing and marketing plans need to be finalised and the sales
teams and distribution briefed, so that the product and company is ready for the final stage.

#8. Launch
A detailed launch plan is needed for this stage to run smoothly and to have maximum impact. It should
include decisions surrounding when and where to launch to target your primary consumer group.
Finally in order to learn from any mistakes made, a review of the market performance is needed to
access the success of the project.

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New product development can be made much simpler and focused, with a higher likelihood of success,
by following these steps to guide you.

Reference’s:
 Startup and New Venture Management, E2014 by Dr. E B Khedkar, Dr. Yogesh M Gosavi,
, Dr. Kuldip S C harak
 Startup And New Venture Managemente,E.2016 by S Singh, P Aurangabadkar
 Singhania University-MBA Text Book, E.2017, Startup and New Venture Management
 https://www.wikipedia.org/
 https://www.scribd.com/

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Reference’s:
 Business Research Methods, By: Dr. B. J. Lathi & Dr. Parag
 Business Research Methods,by Donald Cooper & Pamela Schindler 12th Edition
 Singhania University-MBA Text Book, E.2017 Business Research Methods.
 https://libguides.merrimack.edu/research_help/Sources
 https://www.wikipedia.org

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