Homework answers / question archive / In reading about your proposed new venture, would it be safe to say that you are aiding new entrepreneurs as opposed to established businesses that have already launched their products to market? At the same time, I also think of entrepreneurs that appear on Shark Tank

In reading about your proposed new venture, would it be safe to say that you are aiding new entrepreneurs as opposed to established businesses that have already launched their products to market? At the same time, I also think of entrepreneurs that appear on Shark Tank

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In reading about your proposed new venture, would it be safe to say that you are aiding new entrepreneurs as opposed to established businesses that have already launched their products to market? At the same time, I also think of entrepreneurs that appear on Shark Tank. Most already have their product in the market but require the financial assistance to expand their business and gain a better foothold in their respective markets. Would these types of businesses find value in what you are proposing? From a supply-chain perspective, I am sure every business is looking for the highest profit margin as the result of finding the most stable manufacturer that can provide the lowest cost per unit. Is this something your business will help provide? For any new business owner, they will want to “research the industry and competitors, talk to industry-veterans, potential users, and others who have failed in the space before” (Kristinsson, 1).

Based on my proposed entrepreneurial opportunity, Area Blue Technology seeks to establish a consultancy firm dealing in research and planning for new products in the market. The company will focus on a supply chain logistics technology-based program that will ensure smooth, virtual, and accurate handling of various forms of merchandise. However, as Morah (2021) indicates, starting a business requires a significant infusion of capital. Therefore, the company will need a substantial investment of capital to kick off operations. While all costs will be considerable, the resources for the business that will be the most expensive include setting up the business, furnishing the workstation, and purchasing all the technical elements required for the job. These are essential elements for the job, and they represent an excellent capital investment. The proposed business model for the organization is entrepreneurial. The organization is starting from the ground up as it seeks to implement the prospective idea. The most expensive activity will be the formation, recruitment, and training process the company will target to equip the new workforce with the skills necessary to undertake the business operations. The business represents a novel idea; as such, it is instrumental that all the workforce is oriented and trained to undertake the activities. Further, since the business is a new venture and does not have an existing market share, it will be instrumental that the organization brand its services so that the targeted market can know about it and seek the services. The activity that the company will undertake to achieve this goal is extensive marketing. Mansoor (2019) asserts that marketing is a critical element for each organization since it helps them engage with their customers, inform, build relationships, build the company's reputation, boost sales and maintain the firm's relevance. Through this activity, the company will present the brand to potential customers, outline the services that it seeks to offer, and show the potential target why they need and should seek the company's services. Mansoor, H. (2019). Why Are Marketing Important? 9 Reasons Why You Do Need It. Retrieved from https://www.business2community.com/marketing/why-is-marketing-important-9-reasons-whyyou-really-do-need-it-02186221 Morah, C. (2021). Business Startup Costs: It’s in the Details. Retrieved from https://www.investopedia.com/articles/pf/09/business-startup-costs.asp Running head: NEW VENTURE 1 Assignment 1: New Venture – Game Plan Veronica Mccullough JWI 575: New Business Ventures and Entrepreneurship Linda Liebert-Hall July 25, 2021 NEW VENTURE 2 COMPANY DESCRIPTION Area Blue Technology is a consultancy firm dealing in research and planning for new products in the market. The company will focus on a supply chain logistics technology-based program that will ensure smooth, virtual, and accurate handling of various forms of merchandise. The company will launch the startup business in five months after all the necessary preparations have been made and the business's operations have been clearly outlined. The launch is scheduled to occur after the organization has met and fulfilled all the requirements and regulations for an entrepreneurial startup. The mission of Area Blue Technology will be to offer consultative and research insight to companies to streamline their supply chain operations and effectiveness. The company will provide practical answers to the supply chain's problems, particularly for multinationals and logistics firms. Organizational Chart NEW VENTURE 3 Area Blue Technology will launch with around seven employees. These are the parties involved in the core operations of the business, which is consultancy. The CEO will be the overall leader of the organization. They will be subordinated by the president, who will be instrumental in coordinating the operations of all the other segments, which include finance and accounts, operations and research, customer service and marketing. The company is a startup that will be offering consultancy services to other businesses and entrepreneurs. While starting a unique business can be challenging, the company will market its operations from the start and plans to see its services and operations pick up within three months. Further, since the company is eager to see the business begin to grow immediately, it will set monthly growth and projections goals. The business will be in Anderson South Carolina but will be able to perform its operations all around the United States as it researches different supply chain logistics operations. NEW SERVICE IDEA The Area Blue Technology aims to provide consultancy services for business firms. It is unique because it will be dealing in research and planning for new products in the market, specifically focusing on supply chain logistics. The uniqueness of the service arises from the fact that businesses are operating in a highly dynamic environment. They need to ensure that their entrepreneurial practices do not follow the old, outdated modes but are informed by the prevailing situation in the market. The service will meet the customers need by addressing the challenges that entrepreneurs encounter as they launch new products into the market. The company will step in and help research and plan on the new product and how the company can successfully launch it into the NEW VENTURE 4 market. It will offer insight on supply chain logistics, making it possible for the company being serviced to have smooth, virtual, and accurate handling of various forms of merchandise. The company's value proposition will offer companies all the insight they need to ensure that their product launch is successful and that their supply chain logistics are well developed and integrated to attain the desired success. The essential resources that the company will provide are qualified and highly skilled talent to research the company's new product and help plan and successfully launch the product. SWOT ANALYSIS NEW VENTURE 5 A review of the business idea shows that it is the right time to implement it since market trends have drastically changed over the past few years. As such, organizations need to adapt their operations to the new changes rather than following outdated practices. The business idea is innovative in that it seeks to work with existing businesses to offer them the service that will see them improve their operations by focusing on supply chain logistics. Conducting a SWOT analysis enables an organization to get a realistic outlook on their standing based on fact and their competitive position (University of Notre Dame, 2020). Assessing the information is instrumental in understanding the company’s current and future potential. (Kenton and Scott, 2021). A look at Area Blue Technology shows that in terms of strengths, the business idea of a consultancy firm dealing in research and planning for a new product in the market is significant since it offers a needed service in the entrepreneurial market today. It enhances operations within the supply chain and provides a comprehensive view by addressing every element within the supply chain. On the downside, the business idea also sustains some weakness because it's a new business idea that has not been tried yet, and its success cannot be attested for. Further, since the idea is new and yet to be tested out, the company cannot affirm its likelihood of success in supply chain logistics until testing is done. More research is carried out before its full implementation. This means that research supply chain experts need to be brought on board and their insights to gauge the likelihood of success of the idea in the field before it is finally rolled out. Experts are great stakeholders in this stage since their observations dictate whether the idea should be rolled out or not and how the company should do it. Similarly, since the concept is new to supply chain logistics, partnering with a company within the field will help reduce the risks of commission NEW VENTURE 6 and omission when rolling out the idea. Such an understanding brings attention to the other weakness: the concept still needs to be adjusted and streamlined before implementing it. The business idea also presents opportunities that can be exploited for business operations and success. On the one hand, the entrepreneurial or business market is constantly changing, requiring new insight to understand how to operate and succeed. Further, there is a gap in the market since the existing technologies can only help business operators keep track of their goods. More services are necessary to enhance the operations of the supply chain. Like any business idea, there are threats to operating in a market. In this case, the firm is likely to face competition from firms in the market that offer similar services or other startups. There is also the threat of having the targeted entrepreneurs be reluctant to embrace the service as a necessity and changing business regulations that are in operation within the field. NEW VENTURE 7 References Kenton, W. and Scott, G. (2021). Strength, Weakness, Opportunity, and Threat (SWOT) Analysis. Retrieved from https://www.investopedia.com/terms/s/swot.asp University of Notre Dame (2020). What is SWOT Analysis? Retrieved from https://www.notredameonline.com/resources/business-administration/what-is-swotanalysis/