New Venture and Strategic Thinking - 1628 Words

INTRODUCTION â€Å"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†¦show more content†¦In May 2014 we went bankrupt with a closing balance of ( £4,764) which went down to ( £14,355) in June 2014. We then applied for a loan from friends and family and received  £3,000 at an interest rate of 6%. We changed our supplier to source line as we thought it would benefit us better with its terms. We also had to contract out a few of the products for a few months and therefore decided to go full-time with the help of our loan and first relocated to a 250sq.ft Business center costing us  £313 per month. Then by increasing the entrepreneur’s salary to 1000 we went fulltime in October 2014. By then our bank balance had bounced back up because of the increase in sales from the different distributers and we ended the year with a net profit of ( £662) and a closing bank balance of  £19,373. YEAR THREE Our business ran extremely well this year as we realized previous errors and tried to correct them. We first changed our credit control strategies and reinforced action to be taken. Then we accepted another distributer contract with ‘Rad’, which provided us with almost double the amount of orders. We increased the entrepreneur’s salary for better satisfaction. We realized the importance of obtaining finance. Till now we were relying on personal Finance so now we decided to start looking for investors and succeeded in finding one. With more money flowing into the business we decided to spread further awareness and weShow MoreRelatedEntrepreneurial Skills and the Entrepreneurial Instinct 1387 Words   |  6 Pagesattempts to define those characteristics and skills that enable entrepreneurs to realise the business potential in their ideas. In addition it explores the difficulties entrepreneurs may come up against along the way towards having a successful business ve nture. Meredith et al. (1991) describes an entrepreneur as someone who has the ability to see and evaluate business opportunities, gather resources to take advantage of them and undertake the necessary actions to ensure success. 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