Introduction to Managing Skills and Entrepreneurship
Entrepreneur is the one that initiate the business unit in the competitive market scenario while taking the risk. They are one that creates or form the business plan for the unit, while he also acquire the various resources that is human, financial, technological etc (Lussier, Corman and Kimball, 2014). so that they can be fully accountable for the success and failure of the enterprise in the competitive market. The individual rendering service in the organization will become an entrepreneur if the management continuous focuses on the development of their employability skills and ability.
For starting the new venture in the contemporary market place the business unit require the personnel that features the skills and ability to launch and initiate the growth of the firm by taking risks and effective decision making. In the contemporary technological advanced market there is high opportunities in the electronic market. Customers often prefer to buy the smartphones as per the innovative features and functions. As, keeping this in mind the entrepreneur start up the Electronic mart in the UK market to meet the technological requirement of the market customers. With the increasing trend of the selfie and Groupfie the Electronic mart will initiate in manufacturing the phones with the name M7 that features the high quality camera for the customers with the high quality touch.
The present report mainly focuses on the starting up the new business plan while determining the opportunity gap so that they can successfully established the businesses. While, the report will also focuses on the various requirements as well as the skills of the management or the entrepreneur that will assists on making business successful. While, it also determine the factors by which they can manage the business risk to avoid the issues or harm in the future.
New venture concept, the opportunity gap in the market and feasible ways
The entrepreneur is the one that grab the opportunities and take the risks for establishing the new business in the competitive market (Jockenhöfer, 2013). He takes the risks to start up the new venture in the area that features the higher opportunity for attaining the success. The individual rendering service in the organization will become an entrepreneur if the management continuous focuses on the development of their employability skills and ability. The entrepreneur after analysing the market scenario find out that with the increasing technological advancement will result in manufacturing the highly advanced and innovative phones that meet the requirement of the customers. For this purpose the entrepreneur introduce the starting up of the new business namely Electronic mart with their new mobile product smart M7. The concept of opening the new venture include that with the technological advancement the customers prefer the phones that have the feasible touch and the quality camera. In the market research it is being determine that customers mainly prefer these two features while buying the smart phones (Baron and Shane, 2007). So, the Electronic mart company identify the opportunity in the market and introduce their new product in the market so that they can meet the requirement of the customers. The concept of establishing the new venture is that with the increasing demand of quality camera and the advanced touch screen so that with the one touch it should be accessible for the customers to handle the device. The Electronic mart company will mainly target the young and adult customers as, they mostly prefer the new smart phones with the changing technology and features of the smart phones.
According to the Kariv (2011) it has been determined that the there are many other companies that are involved in the same business that is manufacturing and supplying the smart phones in the market so that they should meet the requirement of the customers. There are several competitors that exists in the market and give the tough competition to the Electronic mart company. The company has been established their business in manufacturing the quality smart phones for their customers (Stokes and Wilson, 2010). The new venture in the market can be determine the opportunity gap in the market by the following ways that is:
Conducting market research: The electronic mart company can determine the opportunities gap in the market by conducting the market research. Initially while setting up the business, the market research will benefit the company in providing the necessary information regarding the expectations and the needs of the market customers (Gray, 2002). As, the customer mainly prefer to buy the products that are new in the market and that features the distinct application and the services. Market research also help the Electronic mart company in determining the requirement in the smart phones so that they should focus on the requirement and manufacture the quality products so it can contribute to the success while launching in the market.
Review the competitors position and strategy: While, the Electronic mart company also determine the opportunity gap in the market by reviewing or observing the competitors position (Katz and Green, 2007). By reviewing the competitors product and their product features will help the electronic mart company in determining the gap in the market. knowing the weakness of the competitor company will result in identifying the gap and it also highlight the requirement in the market that has not been met by the competitors.
All these ways of determining the opportunity will help the Electronic mart company in establishing the new venture (Agbim, 2013). While measuring the opportunities it can be said that the new business of the electronic is feasible in nature. With the continuous up gradation of the technology will also ensure the launching of the new smart phones that help the customers in meeting their requirement. While, the new business is also feasible as the business unit mainly focuses on manufacturing the product that will feature the high quality and high lens camera, accessible touch screen with light in weight so that it may attract all the customers in the market (Dingee, Haslett and Smollen, 2000). Thus, the launching of the new smart phone is always acknowledged by the customers as with the technological advancement customers prefer to buy the product that matches their style and status so they keep changing their phone with the introduction of the new mobile in the market scenario.
Requirements for the new business for the start up with the management skills
For establishing the new venture in the electronic market is quite profitable for the Electronic mart. As, with the continuous up gradation of the technologies there is huge demand of the new smart phones and the tablets in the market so the customers can move ahead with acquiring the new smart phones and mobile phones (Fletcher, 2004). For starting up the new venture the certain requirements are:
Financial resources: One of the most important resources that is being require by Electronic mart to establish the business start up is the huge financial resources. Financial resources help the business unit in establishing their premises and the processes so that they should render the quality product in the marketplace (Oakey, 2003). While, the financial resources also assist the entrepreneur in acquiring the various other material and resources that will help in accomplishing the goals and objectives. These resources often help the entrepreneur in raking the risk and filling the gap within the competitive market scenario. As, the new venture Electronic mart introducing their new product that is M7 in the market with the high quality camera and the effective touch screen they require the huge finance for establishing the premises and various department like R&D that require huge cost. Hence, the requirement of the financial resources are essential for the new business start up (Beaver and Prince, 2002). The company must secure the funding for starting up the business from the various financial institutions or also ensure the funding from the private investors that invest their find in the company for starting up the electronic business.
Human resources: While, the another requirement for establishing the Electronic mart as a new venture in the market include effective and adequate human resources in within the business unit that may render the services in manufacturing the quality smart phones for the market customers. As, the new venture mainly focuses on enhancing the quality of the camera as well as the touch of the mobile phone to attract the market customers (Sambasivan, Abdul and Yusop, 2009). The company mainly hire the qualified personnel with the various skills and knowledge about the operating systems, camera that will be best suited for the new product M7. Human resources will also contribute their best in manufacturing process as well as marketing the new product in t