“A new venture is a company established to commercialize the technology or innovation that was created”(http://www.ipadvocate.org/assistance/terms/index.cfm#N, 2012). In this is case, six individuals created a vibrant group that worked together as an entrepreneur and focused on the formation and the success of the new organization named, ‘RR Financials’. The computer software business started with a bank balance of £10000. It endured a rough start but eventually started making sufficient sales and profits. At the end of the first year, it made a net profit of (£382) with a bank balance of £7,607. In the last month of the second year the business obtained a net profit of (£662) but a greater bank balance of £19,373. We also experienced bankruptcy for two months during the second year but overcame it quickly. Our closing bank balance at the end of the third year was £24,293 and we managed to make a net profit of £6,211 along with generating sales of a total value of £26,845 in the last month of December 2015. Within this report, I will attempt to explain the decisions and choices made by the team by regarding the three years individually and delivering my information in clusters. I will also provide a detailed conclusion stating the blunders made during the three years along with ways the business could have turned out better in the real world. YEAR ONE
One of the most important factors to consider in starting a new venture is strategic thinking. This occurs as a result of competitors so it is important to understand the target market and its competition. We began our business by carrying out market and competitor research. Then we discussed our target segment and finalized on corporations as we thought that it would bring in the most number of sales with the order size being 11 along with a high price range of £640 to £690. After examining our market type and our competitor we worked on the redesign of our product to fit the consumer needs. We...
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