New Venture Creation
Introduction of a New Venture Creation
Our aim- to engage with SimVenture; a business simulation that allowed us to build and sell computers through our virtual company named ‘Genesis’. The formation and running of our virtual company integrated us with new venture creation and about being an entrepreneur. It reinforced concepts previously presented in our course lectures and engaged us in a competitive and volatile business environment. SimVenture ran for three virtual years with five members on its team- each with a different role in the company.
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Home Screen for Genesis on SimVenture
This report accounts for the working and performance of Genesis in financial and operational terms with the key decisions taken in running the organisation, and my involvement in the operation of the business. We needed to fully utilize the features that arose with new ventures, by making sound decisions. These features included innovation, fast growth, vision, employment creation and money making power, along with the ability to take greater risks for higher returns. (Stages in Planning for a New Business Venture)
The Operation of Genesis
After conducting market research, we decided our target market to be the ‘Corporations’ industry due to its characteristics of high order and market size. Selling points were decided after noting the requirements of Corporations, demonstrating that we used consumer driven marketing strategy where we researched the needs of the consumer before making our product.
Competitor research was also carried out to see what products were offered at what prices so that we could decide the mix of attributes and price of our product. In an article 'How Competitive Forces Shape Strategy' in Harvard Business Review (2008), Michael Porter discussed the factors that lead to changes in strategy due to competition. As per the needs of Corporations, our product design had vast features, good performance and style, and average quality.
Our aim- to engage with SimVenture; a business simulation that allowed us to build and sell computers through our virtual company named ‘Genesis’. The formation and running of our virtual company integrated us with new venture creation and about being an entrepreneur. It reinforced concepts previously presented in our course lectures and engaged us in a competitive and volatile business environment. SimVenture ran for three virtual years with five members on its team- each with a different role in the company.
[pic]
Home Screen for Genesis on SimVenture
This report accounts for the working and performance of Genesis in financial and operational terms with the key decisions taken in running the organisation, and my involvement in the operation of the business. We needed to fully utilize the features that arose with new ventures, by making sound decisions. These features included innovation, fast growth, vision, employment creation and money making power, along with the ability to take greater risks for higher returns. (Stages in Planning for a New Business Venture)
The Operation of Genesis
After conducting market research, we decided our target market to be the ‘Corporations’ industry due to its characteristics of high order and market size. Selling points were decided after noting the requirements of Corporations, demonstrating that we used consumer driven marketing strategy where we researched the needs of the consumer before making our product.
Competitor research was also carried out to see what products were offered at what prices so that we could decide the mix of attributes and price of our product. In an article 'How Competitive Forces Shape Strategy' in Harvard Business Review (2008), Michael Porter discussed the factors that lead to changes in strategy due to competition. As per the needs of Corporations, our product design had vast features, good performance and style, and average quality.
References: 1) All business, “Establishing Competitive Prices”, Retrieved on 26th April 2010 from 2) New Venture Creation, Webct, “SWOT Analysis” and “Pest Analysis” Illustrations Porter, Michael E, Harvard Business Review (2008), “The Five Competitive Forces That Shape Strategy”, Retrieved on 25th April 2010 from “Pricing Strategy”, Retrieved on 26th April 2010 from 3) “Stages in Planning for a New Business Venture”, Retrieved on 25th April 2010 from Wikipedia, “Joseph Schumpeter”, Retrieved on 27th April 2010 from