Background
The process of planning for a new business venture is usually critical as it entails numerous tasks. These include the product that will be launched, project management techniques, risk management, costs to be incurred, schedule, milestones to be achieved, performance index monitoring and resource management (Wainfan, 2010). These factors are important to the firm as they will dictate the process of planning for the business and ensuring it achieves success. The following paper will look into the plan laid out for a new online-based business venture. The business in question is an agency for mentoring and motivating individuals to achieve the best results from their various skills. These include gaining confidence to be able to attract the partner of their dreams, communication skills, improving their appearance to attract the ideal crowd and even realizing their dream jobs. As the social business continues to grow in terms of life coaching, more individuals are looking for the ideal techniques of speaking, dressing and portraying confidence to achieve success in both personal and professional lives (Honig & Samuelsson, 2013). This will be the desired outcome for the business in reaching out to the youth particularly men to propel them in achieving success.
The organization will include a project manager who will delegate tasks to the various employees involved in the creation of this business venture. These employees will include life coaches who have been involved in the practice of motivating individuals to achieve success in their various life activities be it personal or professional. This team is important as it will enable the organization to effectively incorporate their skills into achieving the main objectives. The project selected will incorporate the spreading of word through social media platforms that will reach out to individuals who have been stuck in their lives and will seek help from experts to propel them to success. The life coaches will agree on particular standards or a curriculum that will be used in instilling confidence, improvement of self and closing the deal to success. The curriculum will be used according to the latest research studies and proven techniques. The organization will ensure that the techniques provided to willing customers are items worth purchasing and can add value to their lives.
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The team will identify various areas where each of them has effectively mastered and will be their main focus during the implementation of the program. These include achieving confidence, overcoming rejection, personal grooming, communication techniques, and body language among others (Churchill & Lewis, 1983). The schedule time for the launching of the new business venture will be clearly outlined where the personnel will brush up on various techniques to grow the business. The initial target is creating an initial customer base of 20 within the first three weeks. This is an effective number to begin the business and laying a foundation to attract more clients. An online forum will be created for these members where they are able to interact with each other and their coaches for individual advice. After the first six months, a retreat will be scheduled for members to meet up and effectively demonstrate their various achievements through the program. The major costs to be incurred include creating the website, advertisements and purchasing of equipment like laptops that will be used by the personnel.
Identify Problem
The business venture is seen as one that has attracted a lot of attention through the upcoming dating and life coaches. Some of the available content available on the internet may be mere cons where the individuals have not conducted adequate research on building confidence and achieving success in both romantic and occupational relationships (Churchill & Lewis, 1983). In creating a successful online-based business venture it is important that this website has an attractive design and captures the attention of the potential client. The creation of an effective social media presence will enable the company to soar into greater heights (Moon, 2016). This is achieved through utilizing close friends and renowned experts in the industry to set the firm on its path to success.
A major problem of online business is its potential to realize losses through copyright infringement of company products. These include books, articles audio and video products that have been created by the company. The organization will significantly seek to enhance the website to avoid the occurrence of such cases. The presence of similar firms in the industry is seen as a potential risk to the organization as it may delay the schedule plan for its launch (Moon, 2016). This may also prompt potential clients from getting involved with the organization and instead opt for alternatives. The selection of various personnel is another important factor that will be necessary in the potential success of the business. Hereby, life and dating coaches will be adequately vetted such that they are capable of providing the clients with the necessary skills to achieving success in both their personal and professional lives.
The online-based venture could face major risks particularly in the management of the project. This is where the organization does not have an effective plan to predict risks that may be incurred during the process of launching the new business (Moon, 2016). It is necessary that the project manager identifies the need to establish healthy professional relationships in a bid to realize the mission and goal of the firm. This may include costs where the numerous employees have to be paid on a timely basis and appropriately according to their various input to the company. The project manager will also require the input of the various personnel on ways to develop and grow the business.
Analysis
One of the major risks identified in the online business industry is inability to maintain constant and potential client visits to the website. Therefore, it is important that the project that will be carried out incorporates accurate information of proven techniques that will be instilled into the numerous clients that the firm will attract. Through numerous testimonials of previous clients the organization will be able to set up a successful future (Blank, 2013). The new venture is identified to have multiple firms that provide similar services. Therefore, it is important to ensure that the organization has a commanding products and services that will set it apart from the numerous firms in the market. This will enable effective marketing of the products available to clients. Personal and business relationships that have already been established the organization will be used to reach out to multiple clients through social media platforms.
The firm should carry out an effective expenditure plan that will be utilized for a period of at least six months in the beginning of the new venture. It is possible that the costs incurred during this period may be seen to fluctuate and additional finances will be set aside for any miscellaneous expenses that may come up. Extensive security will be applied on the numerous products provided by the organization to ensure that minimal copyright infringement occurs. The extensive monitoring of internet activity will be conducted to ensure that copyright infringement does not take place.
Recommendation
There are numerous strategies that may be employed by the organization as a means of establishing the new business venture. Cantillon’s theory of entrepreneurship identifies the entrepreneur not as a production agent but as one that takes a risk to establish equilibrium of demand and supply in the economy. This is evident as there is extensive demand for products and services for life coaching and motivation of individuals. However, there are minimal organizations that can fully satisfy this demand. Therefore, the new online-based business venture will be incorporated to serve members from local the local market, In future the organization will look into establishing an international market base to effectively compete with the renowned firms in the same industry.
The organization may also incorporate the Schulz approach of entrepreneurship where there are numerous situations of disequilibria. In this case, the members of the entrepreneur identifies that their resources should be reallocated to ensure a higher level of satisfaction is achieved. In this case, the degree of ability of an entrepreneur is a major factor towards achieving satisfaction. The organization in this case is seen to realize that numerous firms have established themselves as leaders in the coach dating industry. However, there are minimal that have realized the ability to incorporate these techniques for professional and career purposes. The organization has identified a market niche among men seeking to achieve success both as social beings and as experts in their career fields. This is particularly with the tough nature of interviews conducted or difficulty in starting off a business.
References
Blank, S. (2013) Why the Lean Start-Up changes everything . Harvard Business Review. Retrieved from https://hbr.org/2013/05/why-the-lean-start-up-changes-everything
Churchill, N. C. & Lewis, V. L. (1983) The Five Stages of Small Business Growth . Harvard Business Review. Retrieved from https://hbr.org/1983/05/the-five-stages-of-small-business-growth
Honig, B. & Samuelsson, M. (2013) Business planning and venture level performance: challenging the institution of planning . Swedish Entrepreneurship Forum. Retrieved from http://entreprenorskapsforum.se/wp-content/uploads/2013/03/WP_05.pdf
Moon, A. (2016) How to Start a Business Online . Entrepreneur, Online. Retrieved from https://www.entrepreneur.com/article/175242
Wainfan, L. (2010) Multi-perspective Strategic Decision Making: Principles, Methods and Tools . Santa Monica, CA: RAND Corporation.
