New Business Venture Essay Example | Topics and Well Written Essays - 4750 words

New Business Venture - Essay Example Entrepreneurship and new business launch is always associated with meeting the challenges successfully. However, in order to achieve the success in creating a new business and successfully manage it is critical that the overall idea behind the creation of the business is commercially viable and can provide the desired returns. The analysis of the factors such as PESTLE provide a critical insight into the changing nature of the external environment and how entrepreneurs can actually take advantage of such changes to materialize them into successful businesses. This paper also presented a discussion on the particular mindset and individual characteristics which are required to successfully spot the new opportunities and convert them into the new businesses. Entrepreneurship and new business launch is always associated with meeting the challenges successfully. However, in order to achieve the success in creating a new business and successfully manage it is critical that the overall idea behind the creation of the business is commercially viable and can provide the desired returns. It is always important that the new ideas should be properly addressed and developed into successful business provided they have the potential to become successful business. Idea creation is one of the key areas for the new entrepreneurs and it is critical that the idea is properly transformed successfully. However, in order to achieve this, it is critical that the overall attractiveness of the products and services which will be delivered as a result of the new ideas, timeline involved, product value and durability of the products and services to be created as a result of this should justify the introduction of a new product, service or business. (Sorensen, La ssen., & Hinson,2007). This memo will deliberate on a new business opportunity which author considers as an important and believes that can add value to the firm. However, in order to convince the management of the firm and to present the ideas in the more meaningful manner, this memo will attempt to discuss different factors which may affect the new business opportunity for the firm. Apparently, this memo will deliberate on these factors and provide an objective analysis of how these factors can actually contribute towards the successful development of the new business opportunity into a commercially viable business. Description of the product It is a important that a complete description of the product is provided in the memo. The manager must include the relevant and important characteristics of the product to convince the manager that the proposed product can actually add value to the organization. Following information can be included regarded the description of the product: â €Å"The product to be developed and subsequently marketed by the firm is based upon a software program which can add value to the firm’s existing portfolio of software products. This new software will be based upon cutting edge technology and will attempt to offer the features and attributes which are not available in the