Question

You have decided to begin a new venture and are armed with an understanding of the market for your products or services. How do you figure out what resources (financial and nonfinancial) you will need to bring that product or service to that market? Respond to two of your classmates’ postings..

Answer 1

At initial phase I will conduct a throughout analysis of existing services in the market and gather various data as much as I can for research. After that I will contact an industry expert who will guide me with the startup process. They are expert in that field and they will help me effectively. I will approach subcontractors within that industry that will again valuable resource.

For example few years back I started my own consulting business I did not conduct a market analysis for getting to know about financial and non financial resources which will be necessary to required for a business sustainability. I was so concentrated to a starting the business that I ignored and did not anticipate the budget for marketing cost or customer acquisition. Because I did not have necessary budget for increasing my market rich, I was dependant on subcontracting and references. I was planning expand my network, and contact I had not made before with the help of social media or meeting with the vendors. But I was fortunate enough because I had a mentor in the industry who had guided me for required equipment, skills, training and other basic necessities.

Another difficulty was the opportunity cost with my services for bringing it into the market. I came to know that the market was limited in terms of opportunity and I had to plan that if it is useful to utilize my overall budget towards hiring a market company or conduct a strategy of word-of-mouth.

If I look back my previous attempt of launching my business I wish I should have made out the required financial as well as non financial resources. The prospect entrepreneurs who conduct their business without professional knowledge, experience, and wishful thinking face uncertainty in terms of revenue. I had wishful thinking that helped my business to grow. I should have hired a marketing company rather than thinking that I would be able to generate revenue on my own with the help of subcontracting and references. if I had hired marketing company then because of this there would be a steady customers flow to my business that would have given me a good amount of revenue and sustainability to my business .