Friday, February 14, 2020

Key factors that underpin a successful entrepreneurial team engaged in Essay

Key factors that underpin a successful entrepreneurial team engaged in setting up a business - Essay Example Setting up a business plan Business planning is an integral component when setting up a business. Entrepreneurs need to focus on their business mission and vision, and critical evaluation of both internal and external forces. Based on information gathered during situation analysis, entrepreneurs should establish goals and objectives, which they intend to achieve through efficient strategies (Madura 2006). With or without a business plan, its owners have some ideas of why the business exists, who it serves, and what it offers. In this regard, entrepreneurs need to have a clear set of goals, which should be aligned with the mission and vision statements. This helps the business to determine its growth patterns. However, the business plan is not wholly a factor to consider when setting up a business. Although it reflect the opportunities, concepts, and entrepreneurial team that fit the business, it is vital to consider other issues that the business would rely on for its success. The fo llowing sections will highlight these factors, which entrepreneurs need to consider when setting up a business. ... In fact, it is argued that entrepreneurs should only decide to start up a business after evaluating the likelihood of getting potential customers (Madura 2006). Therefore, demand is a key factor to consider when setting up a business. Another key factor to consider is competition. It is highly likely that there could be other businesses operating in the market one is intending to set up a business in. In this regard, entrepreneurs should ensure that they have full knowledge of how those other businesses operate and their performance (Tulsian and Pandey 2008). After such deliberations, the entrepreneur should design a plan on how to maintain competitive advantage strategies that would enable them emerge and survive in a highly competitive market. One of the strategies is to evaluate the product or services they want to sell. Analysis of, how the product performs in the market is vital. A good market research should aim at identifying the customer needs, preferences, and rationale of t heir consumption (Fischer, 1992). After knowing what customers need, they should set up standards that go in line with the customer’s preferences. In fact, studies have indicated that businesses that offer products of high value are more successful than those that do not (Tulsian and Pandey, 2008). It is also crucial to know the kind of products that suits target population. For example, an entrepreneur intending to start a textile business should have full knowledge of the kind of cloth designs that fit each of the age groups. Nevertheless, for a product or service to thrive in a market, promotion plays an integral role in this assurance. In this regard, it is crucial that

Saturday, February 1, 2020

Value Chain Model Research Paper Example | Topics and Well Written Essays - 1250 words

Value Chain Model - Research Paper Example The principle aim of Audible is to integrate literate listening so much that it becomes the core tool for anyone who is seeking knowledge to be more productive and well informed. Audile’s collection is massive. It‘s collection includes over 85,000 audio programs that have come from above 1000 content providers. These content providers vary from audio book publishers to broadcasters to entertainers to magazines to newspaper publishers to business information providers. The content can be easily downloaded and played back on various wireless mobile devices. Audible is also the leading provider of for audio products for Apple’s iTunes Store. (About Audible) Audible’s Value Chain Activities: According to Porter(1885), the core value chain activities are as following: 1. Inbound Logistics 2. Operations 3. Outbound Logistics 4. Marketing and Sales 5. Service Inbound logistics include some core value chain activities such as receiving the raw materials and stockin g them in warehouses. After stocking in their warehouses, the materials are distributed to the distribution and from there to manufacturing. Audible is an online store that delivers digital content. It delivers audio content and its stock includes DVDs at the most. Hence, its warehouses are designed to keep CDs and DVDs. Its core business model enables customers to shop, purchase and download audio content from their online store, www.audible.com. The operations include customizing the audio content to the standards that run at audible; adding the audible logo on the audible media content and copy-right protecting. Out bound logistics don’t involve brick and mortar here. The customers are given the opportunity to download their desired digital content on the media of their choice. Marketing and Sales involves coming up with customer needs and targeting them for sales. Audible markets itself through online media, social media and through the online big wig, Amazon.com. Audible has a toll free number through which customers can get in touch with their customer services department. (Value Chain Model) The primary activities in value chains are a combination of various things. These include the infrastructure of the firm, its Human resource management, its technology development, and its procurement. Audible is strategically aligned with Random House Inc for the production and publishing of audio content. Audible uses various technologies to support value creation for its business. Audible cut down on all the brick and mortar expenses such as paper, printing, warehousing and shipping by opting for online delivery that not just ensured that the customers were immediately delivered but were also offered a wide ray of DVDs to select from. Moreover, Audible also created value allowing the authors to dub in their own voices. Eventually the population and the masses started with drawing themselves from books because they found themselves too busy to read. Audible offered them the opportunity to become accustomed to reading amidst their busy schedules. They weaned away from books and started looking up to digital content available to them to read. Before this audio publishers found it difficult to ship physical products. An online shop store made it possible for them to come out of that limitation. Audible was the first company to center its