Business Venture Essay Example | Topics and Well Written Essays - 2000 words

Business Venture - Essay Example Some of the themes include: Creation of a new (better) product, bringing in a product with more economic value than others, a vision for growth, desire to foster continuity to a family business and willingness to take uncertainty. ICEVED (2006) explained that research into entrepreneurial behaviour should consider contextual issues and identify the processes that give explicit explanation rather than just describing this phenomenon, and thus leaving the venture vulnerable to ambiguity Economics of value creation is the theme being addressed, and its relevance to the business plan. This heavy duty focus was picked because it is the chief reason for any business venture. This is a basic framework for evaluating and optimizing profits in a business operation. As a matter of emphasis, any business person desires to grow economically. The growth of one individual will automatically overlap into the country's economy. This theme enables a person to make a choice between the infinite business options, and what customers to target and further still how to manage the organisation. A business person is further faced with a forecast of whether there shall be an expansion in his or her venture or not and this is challenging. The road to prosperity is not always easy. Tough decisions have to be made. Such is the case when cornered with many business options to choose from. To support decision making process, a semi-quantitative dimension is added. This consists of general seven step evaluation process as below (Zero million.com, 2008). 1. The starting point is a list of strategic options, as they may have been identified during conventional strategic planning 2. The next step are to identify who will influence the value creation process 3. Find out what value drivers each of them use to influence it. 4. For customers representative of different segments, we can evaluate the value to the customer, the risk to the customer and the relative market power between buyer and seller. 5. The following step is to analyze the cost structure and understand how it scales with market size. 6. By combining the results from the two previous steps it is possible to find the optimal profit as a function of volume, value drivers and the other parameters. 7. In the final step the strategic implications of the various options are integrated with other knowledge to form the basis for selecting a winning business strategy. From a policy perspective, economics of value development; which the main theme of discussion, can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating Jobs, goods and services which override the former ones. Economic development is an area which pushes a country into progress, and in touches all aspects of an economy. This includes Financial, population, agricultural, technological and acquisition sector (Lupke, 2001). Of major interest is the expansion of the business plan named: White Lion Enterprise ltd. Analysing this business plan will bring to light various aspects, all