MNG00314 Entrepreneurship and Innovation in Business Venture
Innovation and entrepreneurship management in the ventures facilitate the companies in responding suitably to the internal or external opportunities through employing increased creativity to implement new ideas, processes or products (Abhyankar 2014). The major objective of sustainability maintainice by a venture is focused on implementing better financial, competitor and marketing management. The objective of the paper is to analyze the innovation and entrepreneurship strategies followed within the selected business “Bestway Ventures”. Moreover, in the plan of the current paper is to explain the plan related to venture capitalist. The report will be focused on explaining the venture description of the selected company along with its legal structure. Marketing plan of the selected company will also be explained along with carrying out competitor and financial analysis of “Bestway Ventures”. Risks and challenges faced by this venture will be explained along with describing the ways in which suitable rationale can be provided for addressing the issues faced by the organization.
The venture that is selected in this report is “Bestway Ventures” and the selection of this name suggests that the venture is indicating its consumers the best manner to follow. The mission of this business is focused on conserving the environment by means of re-using the plastics in order to offer affordable life-changing goods for all the target consumers (Barki et al. 2015). Such mission indicates the business purpose of the venture and the manner in which it achieves the same. The vision statement of the company is to position itself as a leader through reusing the plastic in safeguarding the environment. Such vision of the company indicates the future aspirations of the venture. It is also gathered that the slogan of “Bestway Ventures” is “Innovation for a greener future”. This slogan of the company serves as an effective marketing tool which signifies the consumers the aspects in which the business believes in. The company is focused on environmental concerns in order to influence consumer product design through considering re-use of plastic within their business (Kuratko 2016). The major objective of the company’s business is to recycle its own plastic goods into new products till the end of its useful life through bringing the customer within its product supply chain.
“Bestway Ventures” is positioned as an enterprise which deals with the channels of deforestation, plastic waste management, global warming along with unemployment among the youth. The management is considered regarding recycling waste plastic to manufacture sustainable along with environment friendly products for the private as well as commercial use (Manzani, Sidmou and Cegarra 2017). The company’s management ensures the same through implementing technology, high-level expertise, constant innovation along with readily available raw materials. “Bestway Ventures” management team includes the following members:
- General manager- The individual will be responsible to be a leader of the overall management team. The general manager of the company is considered to be the senior manager within the venture and for this reason the managers will be reporting to the concerned person. The person than reports to the investors and shareholders of the venture (Maravilhas, Melo and Oliveira 2018).
- Human Resource Manager- The individual is considered to be in-charge of the human resource within the venture. The human resource manager will be in charge of appraising, recruiting along with training employees.
- Production Manager- The individual belonging to the management team of the company is responsible for being in charge of the manufacturing unit. The production manager is positioned as head of the manufacturing department. All the employees within the reduction unit will report to the concerned person (Mosey and Noke 2017). The production manager will have the responsibility of developing production schedule along with making sure that its offerings meet the desired target.
- Finance Manager- The finance manager is positioned as the custodian of the business venture’s finances. The concerned person will be responsible for being the budget controller along with an investment analyst. The roles and responsibilities of the finance manager within the company’s management team will be preparing yearly financial reports, fund allocation to various departments long with controlling expenses related to operation within the department (Pisano 2015).
- Marketing Manager- The marketing manager will be in charge of the marketing department. The concerned person will serve as the leader of the company’s marketing team. The manager will also be responsible in making sure that the business venture’s reputation and brand is well-built within the marketplace. This also makes certain that the marketing department attains the estimated sales target.
“Bestway Ventures” intends to implement an effective marketing plan and strategies in order to maintain its sustainable position within the competitive marketplace (Poblete 2018). For the reason that there is existence of new products within the market an increased product awareness will be ensured by the company’s marketing plan. For this reason, “Bestway Ventures” business will employ the following market penetration-based marketing techniques:
- Competitive pricing
- Multimedia adverting
- Providing discounts to all the bulk buyers
- Offering durability warrant to the buyers
- Free installation and delivery of products
- Developing effective online selling portals
In the marjting plan of the company, multimedia advertising acts as a combination of different types of advertising media that includes televisions, radios, newspapers, magazines as well as social media advertising among others (Sokol 2017). Within the adverts a demonstration regarding the ways in which all the products of the company can be employed that can be included in order to generate better consumer experience. Such type of advertising is deemed to be suitable for “Bestway Ventures” as it has wider reach among the target audiences irrespective of their social class. For this reason, it is anticipated that this advertising strategy can facilitate in generating an increased number of consumers.
Another marketing strategy implemented by “Bestway Ventures” is competitive pricing plan that can serve as a way of attaining competitive edge over competitors those deal with the substitute goods (Stayton and Mangematin 2016). This pricing strategy is intended to attract consumers to the business venture’s goods through proofing the affordability. The marjrting plan of the company is focused on encouraging its consumers to purchase more along with attracting large businesses as well as institutions. For ensuring the same, the advertising strategy of “Bestway Ventures” is to make purchase of more than 100 units those will be offered a discount.
Durability warranty is another marketing strategy used by the company in order to develop consumer confidence within its goods. Free installation and delivery offered by “Bestway Ventures” as an after sales service as an effective marketing plan. This can facilitate the business in developing consumer relationship along with attracting increased consumer loyalty. Online selling portal advertisement strategy of “Bestway Ventures” is effective in facilitating increased selling of organization’s products to the customers outside the Australia (Zeyen, Beckmann and Akhavan 2014). These will also offer a detailed explanation of the product long with offering an online shopping cart. The marketing plan of the company is focused on developing an effective supply chain strategy in which the company’s implementation of two distribution channels will improve a broader market penetration. For enhancing the marketing effectiveness of “Bestway Ventures”, the company considers direct selling to the consumers and the market is properly maintained and the distributors will be appointed in distinct areas of their target nations.
“Bestway Ventures” has three major competitors those are known to offer substitute goods within the marketplace. These companies are:
- Concrete post manufacturers
- Timber post sellers
- Steel companies those provide competition in both the gate board as well as signage products
From the competitor analysis of the “Bestway Ventures” it has been gathered that the concrete post manufactures offer an increased competition within the posts product line due to the reason that the concrete posts are increasingly renowned within the market (Zeyen, Beckmann and Akhavan 2014). In addition, there are deemed to be harder but these are observed to be greatly expensive. The plastic posts are observed to surpass the ones these are concrete due to the reason that this offer durability long with being less expensive.
Timber posts ae observed to provide very less competition to the business venture for the reason that they are not that durable along with the fact that logging is increasingly regulated by the government. The steel organizations are observed to provide an increased competitive threat to the organization due to the fact that their offerings those include gate boards and road signs are durable as well as are preferred by several individuals as they have been in use over a long duration (Stayton and Mangematin 2016). Conversely, these tend to have two major drawbacks that includes the cost along with vandalism. The competitive price as well as vandalism-based immunity in developing the plastic road signs will offer the company with increased competitive advantages.
Competitor analysis conducted for “Bestway Ventures” revealed that the competitor companies indicated above the plastic sig board companies are prioterising to remain lean and re making an increased investment in order to maintain a decreased installation cost. The plastic signs made by these competitor companies is observed to withstand the harsh outdoor conditions with decreased fading, degradation and cracking. The signboards made by the steel companies are also observed to impose a tough competition as their displays are durable and can also endure stress of heavy usage devoid of damage or losing their clear look (Stayton and Mangematin 2016). However, “Bestway Ventures” has competitive advantage over these diversified business rivals in the market as the company’s plastic sign board experts facilitate the makers of exhibits, signs along with displaying confront increased value-added services encompassing fabrication, thermoforming, routing and film conversion. Moreover, the company has competitive advantage in the market through offering eco-friendly options to all its demanding consumers along with reused plastic printable substrate for the recent year’s sophisticated equipment’s.
“Bestway Ventures” business intends to attain its business finding through the process of venture capital. This financing source is selected for the business for the reason that being a venture capitalist the company looks for technology-based businesses along with observing high growth potentials (Frese, Rousseau and Wiklund 2014). For the new business “Bestway Ventures” has considered to invest around USD 20 million in a reusable plastic signboard manufacturing business.
Risks and Challenges
“Bestway Ventures” business is likely to deal with certain risks and challenges in the form of facing risks and threats to its sustainable position in the market. These risks and threats are indicated below:
- Unreliable distributors
- Threat of new entrants
- Unreliable raw material suppliers
- Malfunction of the manufacturing plant
- Poor employee performance risk
- Lengthy shipping processes to the international market consumers
Suppliers are likely to pose a threat or risk to the business venture in case they fail to deliver the raw materials to the company in the right time or in a situation they are offering low quality raw materials (Becker, Knyphausen–Aufseß and Brem 2015). The venture’s management is deemed to deal with the risks through getting involved with the binding contract with all its suppliers and paying its suppliers only after delivery as well as verification of the product quality. Such risks related with the improper supplier management can also be controlled by “Bestway Ventures” through maintaining contact with several suppliers and holding constant suppler development initiatives those are intended to board suitably with all the suppliers. Another threat that can be faced by the business can take place in case the distributors fail to pay or delay the payment for all the delivered goods (Chemmanur, Loutskina and Tian 2014). In order to deal with such risk, the venture management can develop a policy which necessitates all its distributors to pay for its goods at the time the consumers are placing the order.
Another risk that can be faced by “Bestway Ventures” is that the manufacturing plant might malfunction because of several technical errors those might result in degraded quality goods (Garg and Eisenhardt 2017). Conversely, the company can deal with such threat through carrying out regular production plant maintainice programs. The venture business also needs to make sure that it sustains a strong brand along with better consumer relationship management process so that the business can safeguard itself from any new entrant. One more threat that is deemed to be faced by “Bestway Ventures” is regarding its human resource performance within the business operations. This is for the reason that the employees might deliberately hamper the business operations because of increased consumer dissatisfaction.
The business can decrease or mitigate such risks through carrying out continuous training and development programs, rewarding the existing employees along with paying them in a fair manner (de Mol, Khapova and Elfring 2015). Moreover, the business venture can also deal with threat in case it does not practice suitable waste management practices through maintaining effective corporate social responsibility. Such risks can be decreased by “Bestway Ventures” business through offering regular training to its employees on proper waste management. This can also promote the company’s reputation within the society along with generating better goodwill.
The objective of the paper was to analyze the innovation and entrepreneurship strategies followed within the selected business “Bestway Ventures”. Moreover, in the plan of the current paper was to explain the plan related to venture capitalist. It is gathered from the report that the company’s management ensures the same through implementing technology, high-level expertise, constant innovation along with readily available raw materials. In addition, it has also been gathered that multimedia type of advertising is deemed to be suitable for “Bestway Ventures” as it has wider reach among the target audiences irrespective of their social class. From the competitor analysis of the “Bestway Ventures” it has been gathered that the concrete post manufacturers offer an increased competition within the posts product line. Moreover, the paper revealed that the risks related with the improper supplier management can also be controlled by “Bestway Ventures” through maintaining contact with several suppliers.
Abhyankar, R., 2014. The government of India's role in promoting innovation through policy initiatives for entrepreneurship development. Technology Innovation Management Review, 4(8).
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Becker, A., Knyphausen–Aufseß, D.Z. and Brem, A., 2015. Beyond traditional developmental models: a fresh perspective on entrepreneurial new venture creation. International Journal of Entrepreneurial Venturing, 7(2), pp.152-172.
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de Mol, E., Khapova, S.N. and Elfring, T., 2015. Entrepreneurial team cognition: A review. International Journal of Management Reviews, 17(2), pp.232-255.
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Sokol, D.D., 2017. Do We Need a New Synthesis of Law and STEM: Law and STEM Collaboration in Entrepreneurship. Nw. UL Rev. Online, 112, p.163.
Stayton, J. and Mangematin, V., 2016. Startup time, innovation and organizational emergence: A study of USA-based international technology ventures. Journal of International Entrepreneurship, 14(3), pp.373-409.
Zeyen, A., Beckmann, M. and Akhavan, R., 2014. Social entrepreneurship business models: Managing innovation for social and economic value creation. In Managementperspektiven für die Zivilgesellschaft des 21. Jahrhunderts (pp. 107-132). Springer Gabler, Wiesbaden.
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