A review for the literature and roadmap - Myassignmenthelp.Com

Question: Discuss about the A review for the literature and roadmap. Answer: Introduction: I was very excited before staring the new course name Creating a New Venture. I had opted for the course mainly because I had felt that this course would help me to start a new project or venture all by myself in my own life. After joining the course, I have been feeling that this course is the right ne to make me prepared for venturing into new ideas and businesses. In the process of the course, I have come across the idea and approach of Business Model Canvas (BMC) for the first time of my life. The course has also been helping me in associating the learnt approach to start-ups. Starting a new venture right on, the field is a time consuming job but it significantly increases the chances of success and decreases the risk factors associated with it. my fellow students have been discussing on ways that will help them to understand the view points of the customers about the idea that is going to be launched before launching it on field. In the process of the course, I have understood t hat if a lean start-up is launched before the original venture then, it will give us a broad insight into the condition of the market, which will save our investment from being wasted. Understanding this, I have already started to work on the idea that I have as my new venture, i.e. Pet Shelter, by applying the lean start-up and I have been interviewing people of my targeted market. However, I have felt that language is one of the biggest barriers while communicating to different people. On the other hand, this helps me in gaining insight into my target market and also understands the relevance of my new venture in the Swedish context. I might not be able to secure the basic funding that I require but this will help me in working out my plan properly, which will be beneficial in the long run. Before entering into this course I was completely confused about how to understand the target market and make an in depth analysis of the same. I had no idea about the strategies of entering into a new market and make a hold there or on what basis should I judge my planned venture. Now, after entering this course, I have a clear idea about from where I should start my business and I have started to act accordingly. I enjoy while working on my own idea. In the process, I am able to check my assumptions of the target market and compare them with the actual responses given by the consumers. This procedure has made me understand that the demands vary with every context and culture. Business Model Canvas: Developing ones own ideas into a profitable business could be proven to be a complex job. During the period of my Bachelor studies, I had taken up a course called entrepreneurship, which had helped me to understand the concept of start-ups in a better way. However, it is the current course that I have undertaken has helped me to understand the concept of BMC. This has helped me to get hold of a new perspective of turning a new venture into a business because with the other aspects there are the requirements of a base fund and the response of the target market, where as BMC helps in turning the entire picture into a simple business model. One of our professors of the course is of the opinion that BMC works as a strategic tool that helps in turning ones ventures into business ideas that can be executed and implemented. The reason that BMC is becoming popular day by day is that it consists of nine building blocks. The centre point of these nine blocks is value proposition. The other components are customer relationships, key activities, customer segments, key partnership, key resources, channels, and cost structure and revenue streams. The most important aspect of BMC is its consisting of iteration as it makes the idea get repeated and properly tested according to the market needs. This helps the uncertainty associated with the idea lessened. By applying Business Model Canvas to my venture plan and idea of PET SHELTER, I was able to analyze all the aspects related to it and reconsider the factors associated with the idea. The mentioned nine building blocks of BMC helped me to work on my assumptions of the market before I started interviewing and surveying the market practically. The model helped me to get a clear picture of the customer demands and the necessary taxes to be considered. One of my professors further helped me in these fields and in this way my idea got more polished. Lean Startup: Lean start-up refers to the philosophy that gives more importance to experiments than developing explanations, inputs given by the clients rather than instinct and repetitive use of an idea over the conventional way of improvement of an idea. Before venturing in the market with a new idea, it is recommended to take help of the lean start-up as it significantly reduces the risk factors associated with the particular idea. As pointed out by Onyemah, Pasquera Ali (2013) the main reason behind the failures of the start-ups are the lack of connection between the market and the launching individual. Lean start-up makes the idea get tested and re-tested, which makes the ambiguity associated with it lessened and feasible to launch in the market. I have decided to apply lean start-up to my venture of PET SHELTER and compare my assumptions of the market with the original one. My professors had also advised that it always served better if one iterated ones ideas before bringing it to the market . Through the course, I have learnt that every idea, being different from each other requires different approaches and different amount of time to be spent on the iteration of the ideas. It is possible that if one spends too much time on iterating the ideas, the actual launch of the business will be delayed. Lean start-up mainly consists of three central values. Firstly, lean start-up focuses on compressing the multiply diverse idea into a narrowed down venture by using BMC. Secondly, it emphasizes on going on the field to understand the market better as by interviewing potential consumers of the going to be launched product. Thirdly, it helps in making certain adjustments in the ideas by cutting off elements, which are not necessary. The lean start-up strategy also helps companies in making quick renovations and changes as per the market demands. While working on my venture idea with the help of the lean start-up strategy I decided considering the per shelter providers of Vastrap and Nacka. As a result I have realised that there are competitors present in the market but i will be successful if I can provide proper care to the pets in a competitive and moderate price. Team of Entrepreneurs: In the process of the course we were given the option of doing team work or working in an individual manner. Given the fact that I have my own venturing idea I preferred to work as an individual. However, it had been stated by Lechler (2001) that most of the venturing initiatives were taken by a group of individuals i.e. by a team. According to Cooney (2005) the definition of an entrepreneurial team is two or more individuals who have a significant financial interest and participate actively in the development of the enterprise. I have learnt through the course that teams should consist of individuals who have financial share in the project, individuals with good leadership skills as well as individuals who are capable of doing strategic management. However, during the process of the course most of the venture ideas were new and so a New Venture Team was formed by us, that described the group of individuals that is chiefly responsible for the strategic decision making and ongoing ope rations of a new venture (Klotz et al.,2014). All the members of the NVT contribute actively towards the goals and missions of the team. One of our guest lecturers named Karin Hellerstedt gave us insight about the concepts of homogeneous and heterogeneous teams. In the process of the course I have understood the necessity of heterogeneous teams as it gives t work with individuals consisting different ideas and that helps in the betterment of the root venture idea. According to Burn (2014) for the growth of any given team, it is necessary to have diverse minded people as then only the ideas get nurtured in a proper way. Hence, after attending the lectures of my professors and forming the NVT, I have realized the benefits of working in a team as it provides me with more resources that I could have ever got hold of if I worked individually on my venture idea. Digital Entrepreneurship: The present era is an era of technology, especially of information technology. This has created a new avenue for digital entrepreneurship. During the last decade a number of start-ups have been started basing themselves on information technology. The field of digital entrepreneurship can be broadly divided into three segments 1) digital platforms, 2) digital artifacts and 3) digital infrastructure. I have learnt about these segments during the process of the course and I have understood how each of them work. Digital artifacts refer to the addition of new contents that add up to the value of the related product. Digital platforms are there to provide complimentary benefits and services. For example, Google Play Store serves as a digital platform that allows the users to get access to different applications. The third one, digital infrastructure consists of elements like social media, data analytics and cloud computing. During the course, I have understood that the digital entrepreneurs pay more attention to the satisfaction of the customer rather than just adding on more features to their services. Our professors had advised us that in case of digital entrepreneurship one must focus mainly on customer demands. I have planned that I will launch my venture idea in the digital market als after properly analysing the market responses. Intellectual property: The course has made me learn that being a student of entrepreneurship, my chief concern should be of protecting my new venture. An entrepreneur gives all his efforts into his ideas and works continuously on making them better. Hence, he is always prone to the risk of getting his ideas stolen or copied by his competitors of some other or of the same marketplace. Here in comes the concept of intellectual property that helps in protecting the idea. In the process of the course, I have learnt that the most important ask while developing a new venture is the protection of the potential idea of the venture from competitors. In the opinion of Burns (2014), intellectual property (IP) consists of four types of elements, which are, patent, registered design, copyright and trademark. Our guest lecturer Edward Humphreys had pointed out the benefits of having and using the IP. In the first place, intellectual property is taken as an asset, which holds market value and draw investors to invest mon ey in the venture idea. Secondly, having the IP helps the entrepreneur to spread his business in a global level. I have decided that when I will link my venture idea with practical business I will get it registered first, which will automatically give me the access to the trademark, the logo and the name of the brand, following the system of Sweden. I am yet to decide on incorporating the blend recipe at the initial stage. Ten lessons on Start-up: During the course of my classes, a serial entrepreneur named Chrille Peterson took our classes as a guest lecturer. He had started ten entrepreneurial start-ups and had come to share his experience and knowledge. One of the main points of his discussion was that in case of a number of entrepreneurs there remains a large gap between the process of thinking and ding. He pointed out that an entrepreneur should act in accordance with his thinking process. After getting familiar with the present course that I have undertaken, I have understood that it is very important for an entrepreneur to iterate his ideas and survey the market before launching the idea as otherwise; the risk factors may be proven to be disastrous. Later, Chrille Peterson also shared his experience of working in start-ups, which were out of his field of expertise. He explained it by saying that in case of start-ups what mainly matters is the love and passion for the venturing idea. He further pointed out that it was im portant to have a proper partner or a group for having a successful launching of a start-up. From my classes of the course I have realized that hard work is the main ingredient of a successful venture or start-up. I have understood that no matter how good an idea is, without hard work, no idea can be turned into a feasible business plan and launched in the market. I have decided that while linking my venture idea with my own business I will spend as much time as possible on doing market research and collecting the feedbacks from customers, so that I can properly launch my start-up. Marketing for the Entrepreneurs: Entrepreneurial marketing focuses on the values that customers consider noteworthy. This is in accordance with the BMC as well as lean start-ups as both of them focus on the customer needs. Before launching ones idea into the market the main part consists of making proper communication with the target customers. However, there are certain differences between entrepreneurial marketing and marketing in the traditional way. One of our guest lecturers, Joaquin, had mentioned that traditional marketing mainly follows the safer routes of marketing a product as by using rational policies only. However, he further opined that entrepreneurial ideas, being risky and innovative follow the marketing policies, which are flexible. New venture ideas follow the marketing strategies that focus on identifying the problems and change the plan accordingly. Moreover, Joaquin further pointed out that due to lack of cash in case of start-ups their marketing ideas are more innovative and less expensive. One of the most common strategies that the entrepreneurs follow is that relying on advertising by word of mouth. In the process of the course I have learnt about the case study of Drop Box, which showed that how the entrepreneur had made his venture idea viral by relying on advertising by words of mouth. Hence, entrepreneurial marketing can be defined as an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders, and that is characterized by innovativeness, risk-taking, pro-activeness and may be performed without resources currently controlled (Kraus, Harms Fink, 2009). It can thus be said that entrepreneurial venture needs continuous nurturing of the idea as it requires continuous improvement for suiting customer needs. In accordance with that entrepreneurial marketing is also a flexible process, which consists of a high amount of uncertainty and understanding the customer needs with limited resources. The Courage to Fail: This course has helped me look at failure in an entirely new way. It has made me learn that with failure we actually learn something that helps us improve ourselves. Entrepreneurs are generally afraid of failures but they must not be, as it will only help them to understand the market and their business in a better way. While taking this course I have seen that often in case of entrepreneurial start-ups a number of major issues are not looked at carefully, like, problems within the founders and several other legal issues. The entrepreneur must keep in mind that his venture always consist certain amount of risk while at the beginning of the launching of the idea and thus he should be calculative and prepared to deal with the risk factors that might appear. One of our guest lecturers, Seekly, had pointed out that the entrepreneurs should divide their time so that they can give enough time to their venture idea and also manage their studies. According to Mantere and Aura (2013) there ar e a number of psychological ways to deal with failure. Firstly, the failed person should try to let his natural emotions deal with the grief that comes with the grief. Secondly the entrepreneur should not lose hope or give up and rather find different ideas to enhance his plan and proceed further. In this whole course, this is the most important lesson that I have learnt. This has helped me understand that failure always brings up new opportunities that could be worked on upon and enhance the venture idea. I have decided that I will not be afraid of experimenting with my venture idea and will face the failures courageously that will come on my way. From the lectures of my professors and from my own understanding of the course I have decided that failure actually helps in the process f learning and every entrepreneur should let go of their fears of failures and take the risks associated with the venturing idea. Challenges: Before taking up this course, I was of the opinion that starting ones own business was an easy task. However, my perspectives changed after enrolling to the course. Now I know that there are multiple factors to be considered before launching ones business into the market. I have realised that there are existing competitors in the market and it will not be easy for me to give them a competition as an entrepreneur as they have already been in the market for a long time now. However, using the NABC model could be fruitful for me, as it will help me understand the customer needs and work on the flaws of my plan. Challenges are also likely to be faced in terms of collecting the base money for starting the venture. I have decided that i will contact financial investors and try to make them understand the potential of my plan so that I can get monitory help from them. This course has taught me that adding pitch to my idea and relating it to the NABC (Need, Approach, Benefit and Competition) model will help me get money from the investors. Another challenge that might be faced by me is getting along with the team I will be working in. I will have to make sure that the diverse ideas of my team members are synchronized and they work in a harmonious way as, otherwise the team will be a failed team. During the course, I have realised that there will be number of challenges that I will face while working on my start up idea and launching it in the market. I will have to keep eyes on the growth and productivity of the team as well as search for investors and work on the basic idea as well. I will have to make a plan for dealing with the risk factors that are inevitable to any start-up and try to assess the risks beforehand as proposed by our guest lecturer Seekly. References: Burns, P. (2014). New Venture Creation: A Framework for Entrepreneurial Start-Ups. Palgrave Macmillan. Blank, S. (2013). Why the lean start-up changes everything. Harvard business review, 91(5), 63-72. Klotz, A. C., Hmieleski, K. M., Bradley, B. H., Busenitz, L. W. (2014). New venture teams: A review of the literature and roadmap for future research. Journal of Management, 40(1), 226-255. Kraus, S., Harms, R., Fink, M. (2009). Entrepreneurial marketing: moving beyond marketing in new ventures. International Journal of Entrepreneurship and Innovation Management, 11(1), 19-34. Lechler, T. (2001). 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