Describe the “E” personality of entrepreneurs: “Type E” personality
Entrepreneur’s personality for the success of a business, especially in Managerial competencies of entrepreneurs in relation to the definition of success used Entrepreneur’s profile given by the E-personality.
A term introduced by Harriet Barkier to describe professional women who fit neither type A nor type B personality categories but who have a marked sense of insecurity and strive to convince themselves that they are worthwhile. Type E women try to be “all things to all people,” according to Barkier, and tend to suffer psycho logic strain.
Common traits of Entrepreneurs are given below,-
Knowledgeable of markets
A entrepreneur must be concerned about the market knowledgeable, also concerned abut the customer needs, wants, markets information. Independent minded A entrepreneur must create him a good independent minded.
Focus on goal:
Entrepreneurs have very focused on his/her business.
Act quickly: Entrepreneurs have to act quickly when any unfavorable occurrence occurred.
Entrepreneurs have controlled his/her own business. No one can influence his or her business.
Aggressively pursues goal:
Entrepreneurs have aggressively determine about their goal and achieve it. For that entrepreneurs have select a fixed time to achieve the goal.
For achieving goal entrepreneurs have to set some small objectives.
Willing to take risk:
Entrepreneurs have ability to take any risk in any situation.
Entrepreneurs have ability to solve the problems.
Entrepreneurs have to have high expectation on his/her goal.
When any idea get in entrepreneur’s mind, just he/she has to do it mentality.
Entrepreneur have to have some extra qualities like positive minded, optimistic, communicates confidence.
IMPLICATIONS AND CONCLUSION
The literature has suggested that those that begin businesses would exhibit certain personality characteristics such as dominance
2. Describe the entrepreneurial process.
The process of starting a new venture is embodied in the entrepreneurial process, as it allows the entrepreneur to assess.An entrepreneur is a person who habitually creates and innovates to build something of recognized value around perceived opportunities. Although enterprises are as different and unique as the entrepreneurs who create them, most entrepreneurs appear to work through a process that we can observe and describe. Often entrepreneurs discover this process through trial and error, but you can shorten your learning curve by benefiting from the experiences of others. Note how the diagram below illustrates a logical sequence of activities.
One who create a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalized on them.
Exploring Entrepreneurial Context: At first entrepreneur has to select a business for starting. supose
Identifying opportunities/ possible competitive advantages: Now entrepreneur has to find out the opprtunities or possible competitive advantages of selecting business.
Starting the venture:
1. Researching Feasibility:
The resources needed for addressing the opportunity must also be determined. This process. Experience the entrepreneurial seizure The entrepreneurial process usually begins with the entrepreneurial seizure
2. Planning the venture
A good business plan must be developed in order to exploit the defined opportunity. This is a very time-consuming phase of the entrepreneurial process. An entrepreneur usually has not prepared a business plan before and does not have the resources available to do a good job. A good business plan is essential to developing the opportunity and determining the resources required, obtaining those resources, and successfully managing the resulting venture
3. Organizing the venture
Any entrepreneur who makes it through the first stage usually begins to draw up a plan of a proposed business venture. In your spare time, you will fantasize, scheme and plot. You will imagine yourself being at the helm of affairs.
4. Launching the venture
Managing the venture:
1. Managing processes
2. Managing people
3. Managing growth
4. Special issues
3. Describe the different between small business and entrepreneurship. Explain the befits and drawbacks of small business.
Differences between small business and entrepreneurial ventures
Entrepreneurship is the act of being an entrepreneur, which is a French word meaning “one who undertakes an endeavor”. Entrepreneurs assemble resources including innovations, finance and business acumen in an effort to transform innovations into economic goods.
A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships
|Small Business independently owned, operated, and financed.|
|Entrepreneurial Ventures are the innovative practices|
|Small Business needs lass than 100 employees|
|Entrepreneurial Ventures’ Goal are profitablity and growth|
|Small Business does not emphasize new or innovative practices|
|Entrepreneurial Venture seeks out new opportunities|
|Small Business has a little impact on industy|
|Entrepreneur has the ability to willingly to take risk|
Benefits of the Small Business
Backbone of the Economy:
The US Small Business Administration says that small businesses create two of every three new jobs, produce 39% of the gross national product, and invent more than half the nation’s technological innovation. And this kind of statistic could be repeated in country after country around the world. Just because you work for or run a small company doesn’t mean you are unimportant. Your contribution to your country’s economy is huge.
Demonstrate the Essence of Political Freedom:
The ability to develop and conduct your own small business is a wonderful expression of your freedom as a citizen. You may complain about government regulations, but the fact is that small businesses are less regulated than large firms. This gives small businesses the freedom to focus on what is really important — caring for customers.
Provide Better Customer Care:
I’m sure you’ve noticed that the larger a company grows, the harder it becomes to provide good customer service. Just try to find the right person to help you on the phone in a huge corporation — it’ll drive you batty. But when you ask for the owner of a small business, chances are you’ll be speaking to her or him within a few minutes. Marketers toss around buzzwords like “Customer Relationship Management (CRM),” but it’s the small business not the megacorp that really excels at it. Small businesses know that their livelihood is based on their customers. Small is great for customers.
Encourage the Passion Needed to Succeed:
Apathy doesn’t breed nearly as well in small businesses as it does in big business. Small business owners and their workers are focused and immensely proud of what they do. Small business owners are passionate about their businesses. How many employees in bureaucratic organizations can say the same?
Owners Are Highly Skilled: In a small business, you have to excel at a lot of things to succeed. Small business owners and their key employees are masters of dozens of disciplines and perform their intricate balancing act like pros. So what if they wear more than one hat? Whom should we admire more — the corporate manager or the jack-of-all-trades small business owner, who’s skill-set, is sharpened to a razor’s edge, and who survives and succeeds and serves? My vote is with the latter.
Case – 1.2
- Identify the entrepreneurial characteristics of Kim Merritt and how they correspond to characteristics described for successful entrepreneurs.
Entrepreneurs have a great diversity of personal characteristics, individual traits and behaviors associated with the successful lustrates” to identify the skills/tasks/activities they went through when Small capital, expert skills and creativity, Fast decision creation, extra responsive to market, Good control, Goal, Close bond to workforce, Hardworking, risk taking, good communication and networking, and Knowledge on business. From selling candy to a candy store Kim started to run her venture of Candy boutique which shows her entrepreneurial talents. After that she repositioned her Candy boutique to a major distributor of specialty candies. So, it is obvious, her initiative, knowledge, leadership qualities, uniqueness, hardworking, communication, and persistency made Kim a successful entrepreneur at her early age.
2 .Take a position regarding the decision facing Kim weather to expand into a chain of stores. Explain your position in terms of personal objectives you perceive abilities.
Although there is always increasing level of risk associated with corporation and Kim will have to sacrifice her autonomy, I support Kim to expand her business into a chain of stores. Kim has the competency of becoming a corporate manager as well as adequate knowledge on business along with hardworking stamina. She bred her business at early age and her dream is to give a shape of the business as a corporation through forming a regional chain with manufacturing and distribution system of her business. To make large profit, growth of the business, and sharing responsibilities Kim might consider it’s a good decision to expand her business rather considering financial risk and autonomy.
- Based on what you know about Kim and what you believe her characteristics to be, would you say her success was due to luck or persistence? Explain your position, and how luck plays a role in any new venture.
To me, persistence was the main factor rather than luck for Kim’s success. Kim had 18000 orders during her first month of chocolate boutique business. Before graduating, she distributed her chocolate in retail stores of three states. She made her obsession as a challenge to improve her business, for an example, she learned about business and took initiative to develop network with local stores, schools and civic organization for placing order of her chocolate. However, attracting customer for her business was challenging for which she worked hard. She also repositioned her company in 1989 as a major distributor of specialty candies and planning for a regional change. Logically, luck favors for hard worker. For any new venture, making profit or loss is uncertain as entering into a new market is very difficult. If Kim is not determined to run her new venture efficiently, then she might not be able to build strong network with local retail and organizations and thus her business will be unsuccessful which shows unfavorable luck for her. So, it is obvious, persistency rather than luck made her successful in her new venture.
1. List the function pf right brain and left brain? To become an entrepreneur which side brain activity is needed more?
Listed Functions of Right Beain: What do we get from the activation of our fifth brain circuit? The list is long and only a partial listing can be provided at this time. The effort of attainment is certainly worthwhile as you will see from the listing of benefits. These include:
- Improved communications at all levels;
- Improved health;
- Physical agility is improved;
- Improved sex life;
- Psychic ability gained;
- Problem solving is enhanced;
- Ability to image better;
- Ability to discern at deeper levels;
- Creativity is greatly enhanced;
- Opens new levels of consciousness;
- Able to learn new things more easily;
- Increases I.Q.;
- Harmonizes the individual with the environment;
- Aids in gaining a positive outlook;
- Improves financial ability;
- Improves ability to work;
- Abundant available energy; and much, much more.
It is really worth an effort to attempt to attain the full functioning of the fifth brain circuit under conscious control.
Listed Functions of Left Beain:
Below is a list of things that people with left side brain dominance are good at or they like and things that are done in the left side of brain.
• Prefer Classical Music
• Your Left-Brain controls the right side of your body
• Prefer things like instructions to be done verbally
• Good at math
• Like to read
• Follow Western Thought*
• Very Logical
• Dog lovers
• Don’t enjoy clowning around
• Can’t be hypnotized
• Usually remember things only specifically studied
• Need total quiet to read or study
• Like to read realistic stories
• Like to write non-fiction
• Prefer individual counseling
• Enjoy copying or tracing pictures and filling in details
• Also like to read action stories
• Usually rational
• Usually do things in a planned orderly way
• If you have to answer someone’s question, you won’t let your peronal feelings get in the way
• Good at algebra
• Can remember verbal material
• Almost never absent minded
• Like to tell stories but not act them out
• Can think better sitting down
• Like to be a music critic
• Attentive during long verbal explanations
• Prefer well structured assignments over open ended ones
• Read for specific details and facts
• Skilled at sequencing ideas
• Likes to be Organized
To become a entrepreneur which side brain activity is needed more
The more you train your right brain the more creative you will become. Sales and marketing entrepreneurs need to develop the right side of their brain. … as an entrepreneur is to honor God, you need to become a professional. … For example, your left brain will try to talk you out of activity, …
2. Describe the barriers of creativity.
Barriers to innovation .The importance of creativity and innovation for entrepreneurs . Strategies to encourage creativity and innovation
The pace at which things move these days means that, to ensure that their organizations stay ahead of the pack, leaders need to embrace and encourage creativity.
Sadly in some organizations there are real barriers to creativity. So what some of those barriers to which you need to be alert are given below-
Don’t Have Time: As a leader there are two very distinct but interrelated roles to consider by taking care of the present and building long term sustained success in the future. It is easy to fill your schedule with the here and now and fool yourself into believing you have no time.
Being Passive: By that I mean waiting for someone else to come up with the answer and then trying to lift it and shoe horn it into your organization.
Over Control: Much is said and written about employee engagement. The fact is employees will only engage if they feel that if they come up with an idea it will be given appropriate consideration. If you want to control everything you will never get creativity.
No Incentive: Take a look at the reward structures in your organization. Do they reward people who come up with good solutions or do they just treat people as if they are all the same? If they do not provide the reward to, the employeee do not focus their creativity.
Not in a Creative Sector: You may not be an organization that is in the creative sector but that does not mean that you should not be looking at different ways of doing things.
Fear of Failure: Every organization needs to take some degree of risk. Those risks might result in successes sometimes and failure at other times. If you fear failure, your organization, team or function will always be sub-optimal in terms of results. We often learn more when we fail than when we succeed.
Complacency: The minute you think you have it cracked you are in dangerous waters. Just look at organizations that were around in the past who are not any longer. Don’t ever think that you have it all cracked.
3. Explain the creativity process and innovation process?
Creativity processes are describing bellow:
The creative process does not start until it is first triggered. The triggers—the seemingly innocuous events that lead people to say “aha”—are everywhere. They are present in the events of the day, in everyday dissatisfactions, and in everyday searches for satisfaction. They are present in thoughts like “Wouldn’t it be nice
- Idea germination: The seeding stage of a new idea. Idea germination means creating new ideas or solution of the newly arising problems. We should find out the solution of the problem by germinating the ideas.
- Preparation: In this stage we implement the idea that means we should work according to idea. We can take idea form other country& also can modify the existing idea. So we need to researches the idea that which is more fruitful.
- Incubation: Incubation means creating option& developing the modals. So that we can select the best idea, which is more effective.
- Illumination: In illumination stage we find out which modals are more effective. We take one or two modals & reject other.
- Verification: After taking the best idea we need to sampling it & verifying it. By doing this we separate the selected idea from other ideas.
1. Analytical planning: Analytical planning is needed to identify the product design, market strategy, financial need. So we can get the following question answer form analytical planning:
2. Organizing resources: Organizing resources means to obtain materials, technology, human resources capital. So we need to find out the answer of the following question:
Implementation: In implementation stage we need to accomplish batwing organization, product design, manufacturing, services.
Commercial application: It includes value to customers, reward to employee, and revenue for investor, satisfaction for founder. It provides the answer of the following question:
to Schumpeter (1934), covers:
1) The introduction of a new good or a new quality of the good
2) The introduction of a new method of production
3) The opening of a new market
4) The conquest of a new source of supply
5) The carrying out of the new organization of an industry
Question1: Identify and discuss Career Track’s window of opportunity. What social or economic changes occured to create this window? Do you think the window is still open today? Explain.
Identify and discuss Career Track’s window of oppurtunety, at first we need to know what is window what are its function.
Basically window means if anyone bring any idea (business idea) it will be must regarding with the product. The new idea of the product will be followed by the other competitors and in the mean time if competitors increased rapidly then the opportunity to grab the new product window should need to be classified for over competition.
Career Track’s windows are-
- Career Track’s main business is basically training business. Most of the people of the business area are not much more aware of the business. So its may be one of the Career Track.
- At first they only give training to the female members of the country. Because they thought that it will creat high demand for them if they ……………these women in the work field who are passing their sitting idly in the house.
- third window for Career Track’s may be they also give training related to marketing activities to the women, school-colleges’students who will be the future job holder on entrepreneurship of the country . They are much more interested in their work which they will do in future. From here, the Career Track can get a huge sum of profit by giving these people training.
If the window is created, the society and the economy of the country will change as well. The changes are given below-
- Women can engaged in the field work largely which will help the country to increase the GDP and GNP of the country as well.
- New generation can take decision about there work by getting training at early stage.
- The people who are interested about marketing activities, they become expart about marketing division.
If all these people engaged themselves for their betterment. Ultimately society and economy will be changed.
In my point of view, I am saying “ Yes, the window is still open today.” Because people want to get training to make them expart about work. People want some place by going where they can get recent and updated technology to make them knowledgeable about work and opportunities surrounding them. My another logic is that I thing the window is still open, because mordern people specially women want to be professional today. To make them professional they need to get training about versatile work. So I think or bilieve the window is still open today.
Question2: Describe the corridor principle and how it seemed to propel Career Track from a Saturday morning seminar to a global business.
generally corridor means open place.It also means that the product is in the market but it is not get noticed itself to the customer. If anyone highlight this product,then many competitors will come forward and existing competitors will increase as well. the competitors are increasing but it is not really too much competitive. Basically corridor is used for re-developed product.
The world is getting large in both people and with many other different ideas developed by these people. All ideas can not be effective and efficient in same time. Both ideas and knowledges vary from one to another. There may have many ideas in the world related to the business. But all ideas have some restriction related to money, finance, market plan and also environment issues. For this reason all person can not come forward with his idea.
If any person want to set up on establish a business like career track which is got recognize world-wide, he had to have good educational background, mentality to be an entrepreneur and need to have patient of success. For establishing a world recognized business, need to have the innovative idea and excellent plan. At first need to start the business from root level. Then after a period it need to be spread out. Word wide business need more monetary activity than the other businesses. Previously discussed that there are many types of businesses like consultancy firm, training centre like career track, service centre. But to be recognized alive world wide business, the entrepreneur need to be determined, need to have relevent knowledge about his wants and if he/she can do his/her job correctly then in a sturday morning seminer he/she will find them in a global business with a lot of profit like Jimmy Calano and Jeff Salzman.
Question3: Put yourself in Canalo’s Shoes today. What opportunities exist now and for the immediate future in a similar business?
Calano is a great enterpreneur of Career Track. He is the person who make his dream come true by his hard work and maximum effort.
If I am the person in the place of Jimmy Calano and if I have the idea like him, I will do the same thing like him. But here I defferentiate myself that before starting the business, at first I will make an analysis how it is possible to establish such kind of training centre. Then I must thing that my training centre will be must for all ages people of the country. After doing analysis I will tend to start the business if the business seems to me profitable one and it will be beneficial both for me and for the people of the country as well.
Like Jimmy Calano and Jeff Salzman’s Career Track training centre. There may have many similar business inside the country like Nursing, Cooking, Apperal Merchandising and so on. These all are the similar business have many opportunities in present and will be in future as well because,-
Today people want to be professional. They try to do innovative work which will be profitable for them.
These business are similar to proprietorship business. People can earn and enjoy all the benefits by owning the organization.
These types of trainig, cooking, sweing business have demand to the people.
In future these small business can turn into a good and large one which will help both individually and economically.
For all of these reason we can say that these types of business has great future than before.
1 ans. The objective of Stew Leonard’s was not simply to apply his method harder to the task of innovation, but to change the very nature of how he and his organization innovate. While businesses typically focus on only the most obvious form of innovation, new product innovation, in every organization there are three fundamental types of innovation:
- Creating new products, services, or markets
- Extensions or feature improvements to existing products, services, or markets
- Increased efficiencies in existing products or services.
Organizations experience innovation in all three areas above, but typically have a core competency in only one.
2 ans. Owning and running your own business:
- The value increases as the growth based on a tried and tested set of processes reducing their rise.
- Regular income from contracted customers who you own and manage Additional one-off project income
- Commission Income: From introductions of customers to other franchisees from sales of their SaaS (Software as a Service) hosted desktop solution
- The ability to present your business as an established “full service” support organization: centrally provided Service Desk. Technical back-up available centrally. Additional resource available from the Franchisor for large projects.
3 ans. Main success factors:
1. Culture must embrace innovation & risk taking – everywhere!
2. Innovation must be aligned with mission & goals.
3. Who is the beneficiary of this innovation? Always tie into resident benefits.
4. Accept risk and a climate where mistakes are o.k.
5. Emphasize exploratory thinking, idea generation, and experimentation.
6. Solid interpersonal relationships & teamwork – support!
7. Cross-functional collaboration & communication – use all varied resources!
1. Explain the fundamental of good feasibility plan? Select a product and draw a feasibility plan for the business/ product/service?
A good feasibility plan will identify the essential information needed by investors and bankers to make decisions about equity financing or loans .It will be succinct, yet through. It will be clearly written and include essential details with supporting documentation without the tedious attention to detailed research that might characterize a fully developed business plan in a major company. The feasibility plan is meant to be an initial effort to show that a business idea can be realized and to give reason why it will succeed. The plan will describe the entrepreneurial team and the crucial assumptions underpinning projections for success.
Here we will produce strawberry commercially Product and service
Here product is only one that is strawberry
Market size is in some specific area in our country like Banani, Golshan Uttara, Dhanmondy etc. and also all over the country.
Here there are three entrepreneur , they are Suma, Mr.Y and Mr.Z. This is a partnership business so in this partner there is one position of managing partner & others are only partners.
Financial Summary: Fixed cost : 1,010,5524
Sales : 5, 040, 0000
Cost of raw materials : 1, 63, 50,000
Wages and salary ; 55, 20,000
Depreciation ; 6.75.000
Utility cost ; 2, 01,600
Cost of goods sold : 2, 08, 49,600
Net Profit : 1,49,87,236
I am always tried to set up new business & that is totally exceptional from others. I find out strawberry business and we think it is totally innovative& new idea to the market in our perspective. Still now most of the people in our country is not familiar with strawberry but have lost of demand in some specific area and also can get more profit by exporting it. The demand of strawberry in Bangladesh is increasing day by day and from that realization we start it. And I’ll commercially produce it.
Product and service
Here product is only one that is strawberry
Market Research and analysis:
Identify Potential customers:
Some specific city and area in our country and also export to others county Evaluate Market :
Strawberries are growing in many areas of Bangladesh has became very popular. Strawberry were not grow in large quantities few years break but with gradual increase in demand for table varieties as well as from processing unit, number of farmers have now taken up this activity. Some progressive formers should undertaken strawberry processing as a measure of forward integration with assured supply of good quality. Strawberries, quality of products would be very good and the competitive edge would also go up.
The demand of strawberry in the domestic & international market is very high.
Present and projected demand
Year 2010 2011 2012
Ton 35 100 200
This business is totally new idea in our country nevertheless there are very few competitor here.
Pricing strategy: This product is totally new in the market. But it is very much important for the quality of product. And the price will vary on the quality of the product & customer demand.
Distribution channel: Distribution channels are various-
Super shops (upper class and upper middle class)Agora(4 outlets),Shopno(among 41 outlets ,we will target only 5-6), Lavender(1 outlet), Nandan(4 outlets)Fruit Market of Bannai and Gulshan
The Market Plan:
The market plan describes an entrepreneur’s intended strategy. It build on market research and distinct characteristics of the business to explain how the venture will succeed.
Product or Service: Strawberry
The price will vary on the quality of the product & customer demand.
We advertise about our product by using print and electronic media for promotion our product, Distribution Channels: Distribution channels are various
market leadership is to develop by sales training , commission structure, recruitment and sales management.
7. Entrepreneurial Team:
The business of “Strawberry firm is a partnership business. This business is totally new & innovative for us. So in the management we all partners are taking our shares by following the chart; in the partnership business there is one position of managing partner & others are only partners.
Name of the partners Percent (%) of share holdings Status
Mr.X 40% Managing partner
Mr. Y 30% Partner
Mr. Z 20% Partner
Fixed Cost of the Business:
|Land(50 bigha@1lac, 70% advance payment)|
|Office Equipment & Furniture|
|Deposit to PDB|
|Consultancy Fee (1% of the Project Cost)|
|Initial Investment of the Business:|
|Item||Quantity||Selling Price||Total Amount|
Cost of Raw material:
Wages & salaries:
|Research & Development|
Percent (%) Rate
|Machineries (Foreign + Local)|
|Furniture & office Equipment|
Cost of Goods Sold:
|Wages & salaries|
|Advertisement Cost (Assumption Expense)|
Financial Expense & Installation:
|Installment (Repay time)|
|(-) Cost of goods sold|
|(-) Administrative expense|
|(-) Financial expense & installation|
|Net profit before tax|
1. Explore the opportunities in new products and processes, and why manufacturing is important in a free market economy.
Most opportunities for both products and processes arise from changes that occur in society . Commentary early in the chapter focused on a few strategic consideration, specifically those concerned with a society evolving rapidly into information technology , becoming globally competitive , and becoming affluent . The United State has not become less reliant on manufacturing ; to the country , new product development coupled with extraordinary new technologies will foster an era of even more sector is declining as we quickly leave an age of labor-intensive manufacturing an enter an age in which machines do the work . Perhaps the great challenger of the 21st century is to develop technologically sophisticated systems of work, but to manufacture that technology domestically.
2. Discusss the concept of high-tech,mid-tech and low-tech products.
Discuss the concept of high-tech, mid-tech, and low-tech product.
All three concepts are perceptual definetions dependent on the current state of technology, education, and diffusion of information. The electric light bulb was high technology a century ago; VCRs were considered high-tech products decade ago; and high powered microcomputers are still considered high tech today. All three technologies, however, have become commonplace, easily replicated in factories with production processes that are equally commonplace. Perhaps they have become “mid tech” in the sense that they still require skilled employees to produce them, but they are no longer on the cutting edge of new technology. Low tech (or on-tech) products are those requring few skills and common marerials or technologies to produce. For example, anyone with simple tools can build television stands or make plastic signs, yet low tech is very much a part of every economy. The fact that a product is simple does not mean it has no value to consumers.
4.Describe the model for product development as it relates to the general paradigm for creativity.
A product development model is generally the same as the creativty model, starting with idea geneation, incubation, illumination, and implementation, but each element has more specifec meaning with transition activities between them. Thus idea generation is the way one conceives of a product, but in a formal product develepment model, it usually means drafting the firstdesign and questioning its feasibility. A transition activity takes place in which deciseons are made whether to pursue the idea or not. If it is pursued, an incubation period occursin which an inventor ( or R & D team ) is free to explore product ideas, experiment, and try different types of “ bench test” models. Another transition stage occurs as the invenor ( or team) puts forward a formal proposal for product develepment requiring a commitment of time and money. When this is achieved, the illucination stage ( more commonly called implementation) occurs, in which the company gears up for test production, completes patent work, develops an engineered prototype, and at the end, actually produces a oimited run of new products. These are tested, markets are studied and various certificates of appoval are secured before the company enters the final stages of “ diffusion”. Diffusion is the process of expanding into fl production and nto the conumer target markets while contunuing to improve the prodct to meet consumers’ expectations.
5. Explain why “dffusion” is a cirtical dimention of product development.
diffusion is aimportent as part of the development process because design work is not complete untill the product has proved effective and profitable. The best product can go sour because the marketchanges, competitions by management by costs, matterials, supplies, distribution, human resources, product relaibility, and many other factors. In addition, unforseen cercumstances can arise to require redesign of a produict, withdrawal from the market, or repositioning. Too often an entrepreneur ( or a major company) simply launches a new product and then turns away to persue other ideas, and in the wake of this decision, finds that the product is awash in a sea competition or a failure due to a minor flaw. Development continues through a product life cycle, or a list into the final period of decline when it is no longer reasonable to pour money into an obsolete product.
Answer to the question no 3:
Entrepreneurs too often believe that “registration” of a patent, trademark, or copyright make their claims valid. Validity is established only through a curt of record as a person successfully defends his or her right of ownership. Government agencies don’t enforce or defend claims, nor do they bring civil suits to aid individuals. However, any registration become extremely powerful evidence in a court of low, and those that hold registered patents, trademarks, or copyrights have the weight of the federal government behind them.