NEW VENTURE IDEATION
Introduction
Business ventures involve engagement in small businesses. One of the companies that I would prefer to venture in is college application advisor. It is a small business that enables to create a record that supports long-term goals. The advisor is mainly involved in offering guidance and counseling to the people interested in college education. This type of business venture enables one to choose the right and fit college. They play an essential role in assisting one in the application process. The target markets are young people and their parents. There is a strong focus on the schools which have high visibility. The students who are disabled and those at risk are also helped by the college advisors to achieve the potentials they have. For one to be an advisor, there needs to be having strong organizational skills, thoughtful advice, and willingness to assist young people in taking steps in their careers. The things required for this business are; love to carry out research, a good understanding of the learning system and a computer. This paper expounds more on college application advisor entrepreneurial venture and the government recommendations to assist in fostering the business.
Job Opportunities
There is usually the probability of development of other careers which emerge from various small businesses. A person working as a college application advisor has higher chances of getting job opportunities in the future. They could be in a position to become a private tutor. In this field, the workers are involved in helping college selection processes and completion of application forms (Espenshade & Radford, 2013). This industry has become known to many in the wake of insufficient college counseling in several public high schools in America. It has also affected by the increase of admission competition to elite universities. The private consultants assist the students in choosing colleges and completion of admission forms. Another job opportunity is a college counselor. An individual working in this field aims to ensure the maintenance of a great marketing campaign (BizPlanB, 2014). The step is usually intended to m maximum business visibility it the target market. There is also the establishment of relationship bonds between counselors and learning institutions. These two job opportunities are essential among learners as they help to impart necessary knowledge concerning the colleges.
Identification of The Business Opportunity
Generation of new solutions to problems is achievable through creative imagination. Entrepreneurs usually depend on social inferences to detect the desires which they did not achieve. These are always meant to identify the barriers that prevent the fulfillment of the needs of other people (Jeffery & Alexander, 2017). There is also the need to ensure that the new ideas to overcome the obstacles are appealing. The increase of learning institutions is a factor that facilitated in identifying the business opportunity. The many learning institutions have attracted many people with the need to acquire professional knowledge. The people joining the institutions are usually in need of knowing more about the courses present in the institutions as well as the ones that best suits them (Finer, 2007). There is still the need for knowledge concerning the available job opportunities of the courses offered in the institutions. Many students have shown the need for advice before they join the colleges and still as they are in the learning course. This need created the knowledge of identifying this business opportunity.
The continuity need for college admissions and consulting services is another factor that facilitated the identification of this business venture. The parents, as well as their students, are in great need to get valuable services concerning the colleges (Figure & Magazine, 2013). The issue is only manageable by the college advisors. For example, the students need to get the drive towards the academic while in high school athletic and extracurricular pursuits because they would be in the position to increase the admission chances of the students to their desired colleges. Having no college advisors, this would not succeed. There also the need to ensure that the admission documents are made to reach the appropriate departments on time (Figure & Magazine, 2013). Therefore, there is the creation of a way to identify this business to assist the learners in the paperwork required during application for financial and admission need.
Importance of the Entrepreneurial Venture
Social imaginativeness involves assessment of the importance of the services offered by to the customers by the business. These happen by deliberately being ready to take the perspectives of other people. It also involves putting oneself in the shoes of another person and being involved in mental simulation of the position of another individual (Jeffery & Alexander, 2017). Social imaginativeness pertains asking oneself about how it would feel concerning the product in case you happen to be the other person. Delivery of better services to students as well as their parents by the would enable them to get enough knowledge concerning the learning institutions. It would also help the learners to join the colleges of their choice and do the courses according to their desires.
Social imaginativeness is regularly used to infer believes and preferences of other people. It could happen in an aspect where people possess much empathetic accuracy with their partners, parents, children, or close friends than for a case of an unknown person (Jeffery & Alexander, 2017). Psychographic and demographics are usually collected to facilitate social inferences like these. There might be expectations for social imaginativeness to contribute towards generation and selection of an idea. It might happen by educating entrepreneurs to become aware of the needs, obstacles, or problems and wants of other people that hinder them from getting the satisfaction of the preferences. The same case applies to the college application advisor business, which plays an essential role in the generation and selection of other ideas.
The learners, in most cases, lack sufficient knowledge concerning the learning institutions and the courses. Others have misconceptions, which they believe in (Richard, 2011). Social imaginative is expected to generate ideas by identification of more problems that need solutions thus more stimuli to energize creative effort. It is still through social imaginativeness that the advisor helps the students to select ideas concerning the courses available in the college and edit them. Therefore, the services offered by the college application advisor would assist the students as well as their parents by equipping them with knowledge pertaining the learning institutions.
Practical imaginativeness involves facilitation of an idea selection. People are supposed to have future imaginations so that they can be in a position to anticipate and make a response to possible obstacles before they have emerged (Jeffery & Alexander, 2017). Enhancement of practical imaginativeness could be through the deliberate efforts of an individual and is usually through making plans, preparing budgets, projecting, making future predictions, and thinking. Within the new market, there is always the need to identify and evaluate the competitive threats and predicting the possible reactions. The strategies needed involve the need to have ready set plans for deployment (John, 2013). The priority thing in the market is relationship development with the clients, planning organization, and exports from outside. The next strategy is the need to make a review on the growth strategy, which is considered to be long-term, objectives, goals, practices, and policies. There is then corporate risk tolerance and comfort levels of senior management which operate in different environments apart from the existing domestic operations. When handling organizational risk tolerance and comfort levels of senior management, there is then the iterative determination of the uncertainty level of the project (John, 2013). After the clarification of the objectives, goals, interests of the stakeholders, and the needs of the customers, there is the development of consensus of the objectives and goals of the project.
Activities Involved in Meeting the Strategies
Megatrend and Sub-Trend Analysis
Megatrend is unmistakable and essential forces in the global cultural, political, economic, and technological landscape. These are new patterns that to define the environment of the business and causes effects in a new geographical area for a period between seven to fifteen years (John, 2013). There are examinations at the global level. It then moves to the country, industry group, subindustry, company, and product level. There is the identification of the essential trends, a proper understanding of their nature, assessment of possible implications on the business, and preparations of how to react to them.
Country Risk Profile
The strategic analysis would help to anticipate and react to the possible obstacles. The importance of this analysis depends on the need to determine the country risks, the ability of the industry to handle them, and determination of national competitiveness (John, 2013). There is usually a review of the economic environment of the country in the past and present, social needs, political stability, business practices, import duties, tax policies, and social trends. There is also the determination of availability of labor force, security, and technological level of the country. This strategy is essential as far as the establishment of new businesses is concerned.
Industry Structure Analysis
This step is essential in business anticipation and reaction towards the possible obstacles that might emerge. The purpose of this step is to carry out qualitative evaluations of the strategic position of a business. There is the need to carry out an assessment on the intensity of rivalry and to identify barriers to entry (John, 2013). Identification of these barriers entails product differentiation, assessing the economies of scale and capital acquisition. There is also the need to have the ability to access cheap channels of distribution and policies of the government.
Understanding of the Customers on the New Market
It is an essential need, and its I, one is required to carry out several assessments. The important ones are an appreciation of the habits and customs of local customers, preferences, and tastes, buying motives and expectations. There is also the need to evaluate inputs of the opinion leaders and experts of the local market (John, 2013). It is essential to make evaluations of the behaviors of the existing and the new customers and note the differences as well as similarities to come up with long-term predictions. Determining the selection of the right product for the new market is essential as well as identifying if the modifications of the product are in order.
Strategies of Moving from the Growth to Business Stabilization Stage
Business growth involves the transition of leadership from focusing on one person to managerial team-orientation to handle venture growth. The term stabilization means it is a stage that follows the episode when the industry swings towards failure and decline or more profitability. Business stabilization occurs as a result of the efforts applied by the entrepreneur and market conditions. There are several developmental strategies place in this stage of stabilization which includes; increase in the level of competition, the indifference of the consumer to the goods and services provided by the entrepreneur as well as the market saturation (Donaldo, 2008). The competition increases than usual as every entrepreneur is striving to achieve the stability of the business. At this stage, the sales begin to stabilize. The entrepreneur is expected to start thinking about the place where there is a location for the next period of three to five years. There is usually the need for innovation, which is considered essential for future success.
Importance of Government Support Systems
Government participation in entrepreneurial ecosystems is essential to support offered to the entrepreneurs. It involves bringing people together and foster wealth creation and economic prosperity. First, the government has been able to engage in the private sectors where it participates indirectly in private firms (Beugré, 2017). Its role is that of a facilitator and that management. Secondly, the government offers the support needed to shape the growth of firms.to. It has also been able to create ecosystems locally. There is the growth of the existing firms through enhancing skills and capabilities instead of initiating new industries.
Government Recommendations
The government is expected to develop effective policies trying very hard to avoid impacting effects of changes through direct intervention. The government is recommended to take part in entrepreneurial activities by the provision of incentives and support to nascent entrepreneurs (Beugré, 2017). The government could be in the position of providing tax incentives at the start of new businesses and the provision of favorable conditions during importation and of materials and equipment from abroad. There is the creation of an essential role in helping the college application business venture to develop in a better way. When the business environment is favorable, the activities would be conducted, thus making it simpler to achieve the set goals in the target market.
The government is recommended to offer financial support to learning institutions like universities. There could also be an emphasis on the necessity of entrepreneurship research and education. This recommendation is expected to work efficiently for the universities that have been funded by the government (Beugré, 2017). When the government offers to support the learning institutions financially, it would be possible for the work to be performed efficiently without hinderances like those concerning payments because the colleges will already be having enough money to make the payments to their employees. Development of entrepreneurial ecosystems at the regional level could serve as a better opportunity for attracting the young generation and powerful tool of marketing in a given area. Finally, it is also recommendable for the government to develop the ecosystems in the cities. There would be support by higher education institutions or individuals.
Conclusion
The entrepreneurial venture involves engagement in small businesses, college application advisor being an example discussed in the context. This business targets the students and parent, particularly in schools with high visibility. The services offered include; educating the parents and the students concerning the colleges and the courses offered there. Through creative, social, and practical imaginative, one can begin an entrepreneurial venture. Delivery of services to students as well as their parents by the would enable them to get enough knowledge concerning the learning institutions. Future imaginations in entrepreneur are usually very essential as they help one to anticipate and respond to the possible obstacles that are likely to occur. The entrepreneurial efforts and market conditions are some of the strategies for business stabilization achievement. Involvement of the government in the entrepreneurial ecosystem is essential as far as business venturing is concerned. Financial support to learning institutions and the provision of incentives and support to nascent entrepreneurs are some recommendations needed from the government to foster business ventures.
Reference
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