The challenges for business start-ups Essay Example | Topics and Well Written Essays - 2750 words

The challenges for business start-ups - Essay Example The innovation is all about inventing a new product, therefore generating an idea for a product is the main characteristic for an entrepreneur. The entrepreneur is a creator of wealth which results in development of economy (Talloo, 2007). The entrepreneur has to develop a definite approach to promote their business. Previously the meaning of innovation basically implied technological leadership, but at present it has become a common strategy for every business. Entrepreneurship is required to adopt an approach to ensure that flow of innovation is in right direction according to strategies of the business. There is a need to review an innovation in a business as competition in the marketplace is increasing. In this context, such an innovation is â€Å"The Cave† which is an innovative marketing technique of Procter & Gamble, which has protected the company for many years. â€Å"The Cave† is 3D rooms which make a projection of the visitors into an implicit world through w hich P&G are able to monitor the reaction, behaviour and experience of consumer in a store such as Boots, Asda and Tesco. â€Å"The Cave† restores each detail of a store; captures all interior of store, visitors walking in a store, selecting the product, turning the product to read the tag or manufactured date of a product. This technique helps the company to redesign their store display, product as well as packaging and layout. This is an innovation offered to customer in a different way (Vila & MacGregor, 2010). According to Sawhney, innovation is a formation of an essential value to customers and businesses by considerably changing one or other aspect or by creating completely a new business structure (Sawhney & Et. Al., 2006). The business has to concentrate on holistic business structure for an innovation. General approach of innovation such as product along with technology is inadequate supply for demand of competitive market (Vila & MacGregor, 2010). The business start s with a commitment from an entrepreneur to become successful. The appropriate planning of a business is required for businessmen before starting its business; it can be part time or full time business. The planning regarding time, resource, product as well as service and marketing are essential for a business. The graph for a financial and personal estimation has to be created for identification of proper financial aspects for a business (Aspatore & Vault (Firm), 2002). The information and forecast is the key factor for a business. The following are a few steps followed to start a business: 1. Identification of a business: The selection of the business line is a difficult job for an entrepreneur. One may choose manufacturing or restaurant or service industry but there is no doubt that an innovative idea is required to start a business. The in-dept study of an industry has to be done to understand or gain sufficient knowledge of a particular business line. The market survey is a pro cess to be more focused on the business and hence helps to obtain data related to a specific business. 2. Identification of basic business management: The fundamental aspects such as financial management, book-keeping, accounting, human