Develop creative ideas for a new possible business ventures. These should not be copying others ideas, but using your own creativity to see possible opportunities. You may work on this alone, or may brainstorm with other students, but each student must submit unique ideas. Six ideas should be submitted. They should be no longer that a paragraph each. You do not have to validate the idea, only offer the idea as a possibility.
The six ideas should be from the areas of trends, problem solving and gaps:
1. Economic forces
2. Social forces
3. Technological forces
4. Political and regulatory forces
5. Solving a problem
6. Filling market gaps
Economic forces: In order to develop a new business venture in any location, developer or the owner has to understand the current economic situation of their own. Apart from that, has to understand the trends of home economy. Need to know the general issues elated taxation and have to create or develop specific taxation for products or service. Weather issues or seasonality also affected to the economic forces in business venture (Hassanien, Dale and Clarke). Rate of exchange and interest is also the important part of economic forces in new business venture.
Social Forces: Demographics factor such as age, income of people, geographic region and the trends of lifestyle are the most important part in order to develop a new business venture. Changes of law or buying accesses are also related with the social forces for a new business venture development. Apart from that, advertising and publicity along with business ethnic has great influence in social forces of a new business. Views of media and consumer’s attitude are also the key term of social factor for new business.
Technological Forces: In order to achieve competitive advantage and increase customer base, owner or developer of the new business venture has to adopt new technology in relation to business. Capacity and maturity are also the potential part of technology from the point of view of new business venture. Need to design ICT system within the organisation for better communication and sharing information to others. Need to develop global communication technology such as social media communication, video call technology like skype, Google Plus etc. Gadde, Hjelmgren, and Skarp assumed that for develop new business venture, organisation has to identify the intellectual property issues for their business.
Political and Regulatory Forces: Fro start up new business, developer of the company has to take ideas about current legislation of market and trending policies. International legislations and government policies are also important method for developing a new business venture in any part of the world. Environmental issues and ecological issues are also closely related with the business. Initiatives, funding and grants has to involve as well as maintain for starting the new business venture.
Solving a Problem: In order to solve the problem, management staff of new business venture has to communicate with their employees regularly and need to understand their problems. Management of the company has to adopt or hold meeting at the end of week and nee to discuss about current process. Apart from that, annually they have to provide rewards such as salary increase, job position change, etc based on performance of the employee.
Filling Market Gap: In order to fill up the gaps of market of the new business venture has to segment their market. This strategy will allow them in understanding exact need and demand of the customer based on area. Segmentation based on geographic and demographic allows new business venture in identify accurate demand of customers. Providing products or service based on demand to consumer organisation in business is able to acquire large market share and customer base (Holmlund).
Gadde, Lars-Erik, Daniel Hjelmgren, and Fredrik Skarp. 'Interactive Resource Development In New Business Relationships'. Journal of Business Research 65.2 (2012): 210-217. Web.
Hassanien, Ahmed, Crispin Dale, and Alan Clarke. Hospitality Business Development. Amsterdam: Butterworth-Heinemann/Elsevier, 2010. Print.
Holmlund, Maria. 'Interactive Resource Development In New Business Relationships: A Commentary Essay'. Journal of Business Research 65.2 (2012): 218-219. Web.
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