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Table of Contents
1. Executive Summery................................................................................3
2. Introduction ............................................................................................4
3. Entrepreneur .............................................................................................5
3.1 Interpretation of Entrepreneur............................................................5
4. Main Managerial Competencies................................................................7
4.1 Planning Skills ......................................................................................7
4.2 Organizing Skills ...................................................................................8
4.3 Leading Skills........................................................................................9
4.4 Controlling Skills...................................................................................9
4.5 Communication Skill.........................................................................10
4.6 Social Skill ..........................................................................................10
4.7 Creativity............................................................................................10
4.8 Innovation..........................................................................................10
4.9 Sees and Acting on Opportunities......................................................10
4.10 Information Seeking.........................................................................11
4.11 Problem Solving ...............................................................................11
4.12 Persuasion .......................................................................................11
4.13 Perseverance ...................................................................................11
4.14 Technical knowledge........................................................................11
4.15 Persistence and Assertiveness .........................................................12
4.16 Need for Achievement.....................................................................12
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4.17 Need for Autonomy .........................................................................12
4.18 Drive and Energy..............................................................................12
5. Opportunity Identify ..............................................................................13
5.1 Opportunity Identification .................................................................13
5.2 Principles of Opportunities. ...............................................................13
5.2.1 Window principle of opportunities...............................................14
5.2.2 Corridor principle of opportunities...............................................14
5.3 sources of opportunity.......................................................................14
6. Screening Process for a New Venture or New Product............................17
Main dimensions for new venture ......................................................................17
6.1 Screening process ..............................................................................18
6.2 Dimensions of screening process.......................................................19
The Dimensions in idea screening are,.....................................................19
6.2. 2 Screening factors.........................................................................21
7. Findings and Conclusion.......................................................................25
8. Recommendation..................................................................................26
9. References ............................................................................................26
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1. Executive Summery
This report provides how to create and manage a new venture and its risks. The
report include who is called an entrepreneur and what are the characteristics of the
entrepreneur and entrepreneur requires to understanding how to create and manage a new
venture and its risks. main managerial competencies that entrepreneurs should develop to
operate a successful business, opportunity identification, principles of opportunities,
sources of opportunities and the main Dimensions of screening process.
The report finds the prospects of the criteria to determine the success of the new
business. Hence the main criteria to determine the success of the new business is
opportunity identification. If not focus the proper opportunity identification that cause to
failure of the new venture. Many entrepreneurs that start businesses, especially the first
time, run out of cash faster than they bring in customers and profitable sales. While there
could be many reasons for this, it is more than often because they have not focused on
opportunities. And also sometimes the individuals (entrepreneurs) who initiate businesses
fail due to lacking in essential managerial competencies. This leads to giving up certain
opportunities even though there is actual growth potential in them. Therefore you have to
more focus on the opportunity identification and skills of the entrepreneurs.
However, screening process also most important step in the new product development.
The aim in idea screening is to retain the successful ideas and eliminate the ideas which
could be failures - much easier to write than to carry out in practice! If in doubt, keep the
idea until more information is obtained. Idea screening can be based on tacit knowledge
of the individual and of the company, with little new explicit information sought in or
outside the company.
According to above consideration you have to more attention on good opportunity
identification and main Dimensions of screening process. This report also has limitations.
For example, this report focus on only screening process. It is not focus further steps of
the new product development.
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2. Introduction
An 'entrepreneur' is a person who is in control of a commercial undertaking. The word
has also come to mean a person who is 'enterprising', who is ready to engage in a bold or
difficult activity. Starting and operating one‘s own business has been becoming an
interest area for individuals from different standard of life. In growing a new business,
any individual, who is called an entrepreneur, requires to understanding how to create and
manage a new venture and its risks.
This proposal will focus what are the main managerial competencies that entrepreneurs
should develop to operate a successful business and the main Dimensions of screening
process. This process includes several steps but this report mainly contrasts the screening
process and opportunity identification.
The objective of the screening stage is to eliminate unsound concepts prior to devoting
resources to them. Idea screening can be based on tacit knowledge of the individual and
of the company, with little new explicit information sought in or outside the company.
But the aim in successive screenings is to build up the necessary information for the
decisions to be made in a quantitative, objective way. Screening is both a reiterative and a
progressive process, so there is a need to relate to the first screening even in the last
screening in case the product description has changed and it no longer fits the screening
criteria first set out.
The paper will review the analysis conducted upon the sources of opportunity and
principles of the opportunity. That will help to succeed your new venture.
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3. Entrepreneur
The word entrepreneur is derived from the word ―entreprendre‖ of French language in
17thcentury. It was referred to the persons who undertook the risk of new ventures. The
entrepreneur is one who undertakes to organize, manage and assume the risk of a
business.
3.1 Interpretation of Entrepreneur
‡ Entrepreneur is a person who possess certain arts and skills of creating new
economic enterprises, yet a person who has exceptional insight in to society‘s
needs and wants and is able to fulfill them (J.B.Say,1803).
‡ Entrepreneur is a person who pays a certain price for a product to resell it at an
uncertain price, thereby making decisions about obtaining and using resources
while consequently assuming the risk of enterprise. (Richard Cantillon, 1755)
‡ Entrepreneur is an Individual Who Undertook The formation of an organization
for commercial purposes. He is an economic agent who transforms the demand
in to supply. (AdamSmith,1776)
‡ Entrepreneur is a change agent who transform the resources into useful goods
and services, often creating the circumstances that lead to industrial growth
(CarlMenger,1871)
‡ An 'entrepreneur' is a person who is in control of a commercial undertaking.
The word has also come to mean a person who is 'enterprising', who is ready to
engage in a bold or difficult activity.
‡ An individual who, rather than working as an employee, runs a small business
and assumes all the risk and reward of a given business venture, idea, or good
or service offered for sale. The entrepreneur is commonly seen as a business
leader and innovator of new ideas and business processes.
Entrepreneurs play a key role in any economy. These are the people who have the skills
and initiative necessary to take good new ideas to market and make the right decisions to
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make the idea profitable. The reward for the risks taken is the potential economic profits
the entrepreneur could earn.
All in all, an entrepreneur is an innovator or developer who
 recognizes and seizes opportunities
 converts those opportunities into workable /marketable ideas
 adds value through time, effort, money or skills
 assumes the risk of the competitive market place to implement the ideas and
realizes rewards from those efforts [R.C.Ronstandt(1984), H.H.Stevenson(1985),
J.B.Cunnighamand J Lischeron(1991)]
Research findings of H.H.Stevenson and Jeffry Timmons (1983) confirm that the
followings are essential characteristics of entrepreneurs.
 Resilience, responsiveness and adaptiveness in seeing new opportunities.
 to activate the vision, willingness to learn, invest in new techniques, to have a
professional attitude and patience.
Entrepreneurs should,
 Self confidence
 Have Tolerance for ambiguity
 Have Internal locus of control
 High energy level
 Possess drive to achieve
 Awareness of passing time
 Have commitment, determination and perseverance
 Be Opportunity oriented
 Be Initiative and responsibility seeking
 Have persistent problem solving ability
 Be seeking for feedback
 Calculated risk taking
 Integrity and reliability
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 Tolerance for failure
 Creativity and innovativeness
 Visionary
 optimism
 Independence
 Team building
4. Main Managerial Competencies
Managerial Competency of an entrepreneur is the ability to direct his staff and define
the expected outcomes clearly and finally to get the things done at the best and cheapest
ways and means. Managerial competency is an approach to managing others and to
ensure optimal use of available resources in meeting organizational objectives on a
sustained basis. the main managerial competencies:-
4.1 Planning Skills
Establishing goals and ways of achieving them.
 Establishing goals — determining the organization‘s broad strategy, translating this
into specific objectives, and ascertaining ways of achieving these. resources, viz,
manpower, machinery, money, materials for the fulfillment of organizational goals.
planning which will help him to prepare an action plan for every area of operation in
order to achieve the pre-determined goals.
 Allocating resources — acquiring and applying resources, viz, manpower,
machinery, money, materials for the fulfillment of organizational goals.
 Making decisions — formulating the direction in which the company, division or
department is to go, by allocating the necessary resources, i.e. the ability to make
good, non-routine decisions. A manager is imposed by the demands of today to make
right and quick decisions.
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The manager of a company should be a person who has the ability:
 to generate new ideas
 to work out plans and business strategies to achieve goals
 to identify and use available resources to implement a plan
 to find information, analysis situation, make decisions and resolve problems
 to put up structures
 to have determinacies
 to take risks
The manager should take notice of immediate needs of the market, while he
materializing all the above actions.
 Developing alternatives — providing various routes according to different
circumstances prevailing, so that alternative choices may be made as a situation
develops.
4.2 Organizing Skills
Arranging people and work to accomplish objectives.
 Designing structure — fashioning the arrangement of people and work to achieve the
organization‘s goals in situations of both stability and change.
 Co-coordinating parts — integrating the activities of separate units in an
organization, to provide unity of action in pursuit of common purpose.
 Arranging delegation — assigning authority and responsibility to other people or
groups, to do specific tasks.
 Managing conflict and change — stimulating a desired amount of controlled conflict
and managing its resolutions, to bring about necessary change for improved
organizational performance.
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4.3 Leading Skills
Encouraging the human factor in performance.
 Implementing decisions — having the confidence to oversee the carrying out of
decisions and the ability to enact them in humane fashion.
 Providing climate — creating and maintaining a good organizational climate, in
which individual members can be motivated to achieve necessary objectives.
 Forming communications — encouraging two-way transmission between people
and between groups, so that they take part jointly in the organization‘s activities.
 Developing personnel — enabling personnel consciously to carry out appropriate
career development through self-assessment and opportunity seeking.
4.4 Controlling Skills
Making sure performance conforms to plan.
 Establishing standards — specifying performance standards in key areas for
individuals and groups and having them accepted through participation of those
concerned.
 Measuring performance — making measurements of actual performance in key
areas at agreed frequencies, and comparing them with the standards set, in time
for action to be taken.
 Taking action — seeing the control process through to its conclusion by action, in
changing operations or standards where necessary, or exploiting opportunities
where indicated.
 Instigating self-control — instituting the means by which organizational members
can control their performances against objectives and ensuring that a proper
balance is achieved in the amount of control exerted.
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4.5 Communication Skill
Communication skill refers to the ability of an entrepreneur to transfer ideas, plans,
policies and programs to employees, debtors, creditors, customers and everyone who is
connected with the business in order to inform, influence and to express his feelings.
4.6 Social Skill
Social skill of entrepreneurs include social perception (the ability to perceive others
accurately), expressiveness (the ability to express feelings and reactions clearly and
openly), impression management (skill in making favorable first impressions on others),
and social adaptability (proficiency in adapting one‘s actions to current social contexts) in
the process of managing his business.
4.7 Creativity
An entrepreneur is said to be creative when he is able to identify a gap in the market
and think up a product or service to meet that gap. Creativity of an entrepreneur also
implies the ability to do old thinks in a new way or able to give new solutions.
4.8 Innovation
Innovation refers to the behavior pattern of an individual who has interest and desire to
seek changes in techniques and ready to introduce such changes into his operations When
practical and feasible.
4.9 Sees and Acting on Opportunities
Sees and acting on opportunities refers to the unique entrepreneurial behavior which
helps him to be alert to information and ability to process it in order to identify and
recognize the potential business opportunities even before his competitor.
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4.10 Information Seeking
An entrepreneur has an urge to look for the required information in order to make an
informed decision, for example, selecting, starting and successfully managing the desired
business. This calls for the entrepreneurs to personally seek and obtain information that is
required to enable him make decisions and improve knowledge on his/her business.
4.11 Problem Solving
Problem solving refers to the application of appropriate knowledge and skills in order
to solve a problem arising while carrying on the business. It requires an entrepreneur to
have creative thinking in order to understand the various techniques involved in resolving
different problematic issues of a business.
4.12 Persuasion
Persuasion in entrepreneurship refers to the ability of entrepreneurs to link, convince
and influence other individuals, groups, agencies, creditors, debtors, customers and even
competitors in order to create a contact and maintain good rapport.
4.13 Perseverance
Need to have perseverance which implies commitment, hard work, and patience,
endurance apart from being able to bear difficulties calmly and without complaint.
4.14 Technical knowledge
An entrepreneur needs to address the rapid technical changes in the industry. Higher
levels of technology must be introduced in the production methods in order to achieve
productivity demands. Therefore he must update his technical knowledge in order to
serve customers quickly and more effectively.
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4.15 Persistence and Assertiveness
Persistence of an entrepreneur denotes the ability which keeps him constantly
motivated even when he is confronted by obstacles that seem insurmountable and willing
to keep trying when things go wrong, and accepts that, ultimately, it is he who has to
make his dream come true. Entrepreneurs seldom give up when things are not going well.
Assertiveness of an entrepreneur is about his behavioral aspect that affirms his rights or
point of view without either aggressively threatening the rights of others (assuming a
position of dominance) or submissively permitting others to ignore. Successful
entrepreneurs for the most part are assertive.
4.16 Need for Achievement
Successful entrepreneurs are characterized by a need for achievement which motivates
them to take up responsibilities for finding solutions to problems. Further this quality
helps them to set challenging goals for themselves, assume personal responsibility for the
goal accomplishment and they are highly persistent in the pursuit of these goals.
4.17 Need for Autonomy
The need for autonomy of an entrepreneur is characterized by a drive to control and
influence others, a need to win arguments, a need to persuade and prevail. Research
studies had asserted that strong need for autonomy/ power/ control/ influence usually will
let the enterprises in to trouble because doctorial, adversarial, and domineering styles
make it very difficult to attract and keep people who thrived on achievement,
responsibility and results. Therefore successful entrepreneurs have high need for
achievement while low need for power.
4.18 Drive and Energy
Entrepreneurs are driven to succeed and expand their business. They are always on the
move, full of energy and highly motivated. They are driven to succeed and have an
abundance of self-motivation.
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5. Opportunity Identify
Many entrepreneurs that start businesses, especially the first time, run out of cash faster
than they bring in customers and profitable sales. While there could be many reasons for
this, it is more than often because they have not focused on opportunities. So carefully
identify the opportunities that is help to growing a new venture.
5.1 Opportunity Identification
Opportunity identification is the very critical and Initial task in every new starting
businesses. So be care to identify the opportunity that is help to achieve our new business
success.
5.2 Principles of Opportunities.
Opportunity is a favorable chance or a circumstance for a business person to start a
venture. Important to note that every business idea will not be a viable idea unless it is an
entrepreneurial business idea. Business idea becomes entrepreneurial business idea once
it possesses the innovativeness of it. Opportunity identification process mainly consist
two principles of opportunities:-
Initial step
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5.2.1 Window principle of opportunities
A widow is a time horizon during which opportunities exist before something else
happens to eliminate them. If an opportunity is attractive to competitors, easy to enter the
market/free of barriers, then the market will quickly be saturated. Hence, entrepreneurs
should be good enough not only to recognize the opportunity but also take advantage of it
while window exists to be successful. Example – Wahaha Nutritional products, China
During 1989, Chinese government was worried about the nutritional aspects of children
and by that time Wahaha had started Nutrition Food Factory and invested to produce Oral
liquid nutrition products. Wahaha used this window of opportunity and achieve the
success by being the first mover.
5.2.2 Corridor principle of opportunities
This suggests that opportunities evolve from entrepreneurs being positioned in similar
work or having had experience with related ventures. This helps the entrepreneur to enter
in to the venture soon after the arise of the window. "with every venture launched, new
and unintended opportunities often arise."Example –3M Post-It-Notes 3M Corp tried to
invent a glue but scrapped the project when it was not strong enough for its intended use.
An enterprising engineer saw the opportunity to use the glue on small pieces of paper for
bookmarks in his church choir. He made some pads of paper and distributed them to
fellow choir members and secretaries at work. Thus, the sticky note was invented.
5.3 sources of opportunity
In accordance with Peter Drucker, there are seven (07) sources of opportunity.
 The unexpected
 The incongruity
 The inadequacy in underlying processes
 The changes in the industry or market structure
 Demographic changes
 Changes in perception, mood and meaning
 New knowledge
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 The Unexpected
 According to Peter Drucker, this is the best source of opportunity.
 In order to identify these opportunities, we have to have deep analysis on them.
 The both unexpected success and unexpected failure give business opportunities.
Example No; 1 -Marriot
o Airline catering business of Marriott with the support of Eastern airlines.
o This lead them to develop the business into a chain of hotels and to offer
diversified services.
Example No; 2 –Ford‘s Edsel
o In 1957, Ford Motors came up with Edsel based on the results of a huge market
research.
o However that was a total failure and stayed in the market only for 2 years.
o This gave rise to identify a special market segment and develop ―Thunderbird‖
Example No; 3 -Post-It-Notes
o This was originally to be used in an industrial application but failed.
o After that 3M‘s Scientists identified that you can use them for another purpose.
 Incongruity –
Example; The Sony Walkman
o Incongruities are the gaps between expectations and realities
o Moreover, this means that you will recognize a mismatch between what you really
need and what is available to you in the market.
o Later on based on Akio Morita's observation of teenager slugging their radio swith
them on vacation sand came equipped with two headphone jack sanda recording
facility.
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 Innovation based on process needs –
Example; Lubricating cup
o Resulted from identifying a "weak" or "missing" link in an existing process.
Opportunities for innovation exist if there is a recognized need to complete the
process.
 Changes in industry and market straucture
o Changes in industry and market structures usually take place as a result of
changing customer preferences, tastes and new values and technological
advancements.
o For instance home health care and preventive medicine have replaced
hospitalization and surgery.
 Demographics (Population Changes)
o Drucker has identified that this population changes are the reliable predictors of
future opportunities and innovations
o Changes in the demography means changes in age, gender, education levels of the
population, geographic locations etc
o These changes will give rise to business ideas based on retirees, land
developments, recreational and health care industries.
 Changes and meaning and perception
o Actually unexpected successes and unexpected failures are often an indication of a
change in perception and meaning
o Identifying opportunities for innovation in this category requires timing and
judgment
o Example: change from Ford‘s Edsel to Thunderbird is a change in perception
o Example: Growing concern for fitness give rise to new business ideas to start new
ventures such as fitness centers
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 New knowledge
o There is a long time span between the emergence of new knowledge and it
becoming applicable to technology
o And also another length of time before the new technology turns into products in
the marketplace.
o They are almost never based on one factor but on the convergence of several
different kinds of knowledge
o Example; Boeing 707
6. Screening Process for a New Venture or New Product
In business new product development (NPD) is the complete process of bringing a
new product to market. A product is a set of benefits offered for exchange and can be
tangible (that is, something physical you can touch) or intangible (like a service,
experience, or belief). There are two parallel paths involved in the NPD process: one
involves the idea generation, product design and detail engineering; the other involves
market research and marketing analysis. Companies typically see new product
development as the first stage in generating and commercializing new product within the
overall strategic process of product life cycle management used to maintain or grow their
market share.
Main dimensions for new venture
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Once you identify the good opportunity you have to generate the ideas. That is help to
achieve the success of the new venture. So you have to analyse and generate the business
ideas. Below sources are help to generate the ideas:-
 Market Research
 Employees
 Consultants
 Competitors
 Customers
 Distributors and Suppliers
After generate the business idea you have to screen an identified opportunity with
proper approach and pay attention before converting the opportunity to a business
concept.
6.1 Screening process
This process involves shifting through the ideas generated above and selecting ones
which are feasible and workable to develop. Pursing non feasible ideas can clearly be
costly for the company. Screening for picture:-
Example
- This
figure illustrates the long process it takes for a drug to enter the market.
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During screening, the company evaluates whether to devote further resources to the
development of a product at various stage gates.
 The company must ask itself a number of questions, such as whether there is a potential
market for the product, whether the product will meet the demands of the consumer
base, and whether the product can be profitable.
 Two major risks arise during screening: an unviable product may be admitted to the
next stage, and a potentially successful product may be rejected.
 Products are often rated on a scale from poor to good on a variety of different criteria
in order to determine their viability. This process is taken a step further by assigning
weights to the criteria, so as to give more importance to factors considered crucial for a
product's success.
The aim in idea screening is to retain the successful ideas and eliminate the ideas
which could be failures - much easier to write than to carry out in practice! If in doubt,
keep the idea until more information is obtained. Idea screening can be based on tacit
knowledge of the individual and of the company, with little new explicit information
sought in or outside the company.
But the aim in successive screenings is to build up the necessary information for the
decisions to be made in a quantitative, objective way. Screening is both a reiterative and
a progressive process, so there is a need to relate to the first screening even in the last
screening in case the product description has changed and it no longer fits the screening
criteria first set out.
6.2 Dimensions of screening process
The Dimensions in idea screening are,
 product idea descriptions or concepts,
 screening factors and
 Screening techniques.
There is a need to have product idea descriptions that everyone involved in screening
understands and is evaluating in the same way. The choice of screening factors is of
course fundamental - obviously the direction of choice is strongly influenced by the
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criteria. Lastly the people who do the screening, and the techniques they use, affect the
screening results.
6.2.1 Product Idea Descriptions
These must be clear and concise. They include:
a clear description of the product;
the use of the product;
the target market segment;
the relationship to the company's present products;
the relationship to competing products.
For example, the new product idea in an ice-cream company could be a range of
liqueur ice-creams. What is meant by a liqueur ice-cream - is it a liqueur flavor, or does
it have drops of liqueur embedded in it? Is it targeted at sophisticated diners at home or
in restaurants? Is it to be the top of the company's ice-cream range? Is the nearest
competitor the specialty ice-creams made in high-class restaurants? Should problems be
anticipated from sections of the community such as teetotallers or religious groups or
will there be legal difficulties with excise duties?
The initial description is usually kept broad so that ideas on the product, the market
and the technology can be continually studied, but there is a need to focus the idea in a
certain direction so that the people involved are not taking off in too many directions at
once. As the product idea builds from a product idea description, to a brief product idea
concept, to the final product concept, to the product design specifications and to the
product specifications, the focus is being narrowed all the time.
One product idea description for the liqueur ice-cream was: ‗a line of plain based
ice-creams with little jellies containing concentrated liqueurs, aimed as a gift to be taken
to dinner parties, sold through higher-class supermarkets‘
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Marketing factors:
Potential market size
Compatibility of market image with company's product lines
Relationship to competing products
Compatibility with existing or specified market channels
Access to suitable physical distribution systems
Fits into an acceptable pricing structure
Relationship to promotional methods and resources
Marketing resources needed to produce success
6.2. 2 Screening factors
The strong screening factors, with which the product idea must agree, arise from the
project aim and the project constraints.
The overall aims of the company always take precedence over other factors. No
matter how brilliant a product idea is in isolation, it is rejected if it does not fit with
the company's business strategy, in particular the product strategy. There may be an
outstanding product idea which may change the direction of the company's business
strategy, but it has to be taken from the project ideas and directed back into the top
management area. This product idea has to be viewed in its scale and suitability for
the company, and decisions within the company must be taken at top management
level.
The constraints identified at the beginning of the project are also important screening
factors. A product may be dropped for many reasons: it does not meet the food
regulations; there is not sufficient money to develop or to produce it; the managing
director does not like it! The factors used in screening should be as objective as possible,
but sometimes subjective decisions are made.
Factors for product screening:-
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Production factors:
Compatibility with existing product lines
Availability of processing equipment
Availability of raw materials and ingredients
Availability of technical skills to produce the product
Availability of production time
Agreement with any legal requirements
Cost and availability of new resources required
Development factors:
Knowledge needed for development
Available knowledge and skills
Available time and human resources
Development funds needed and available
Compatibility with existing strengths
Development difficulties and risks of failure
Financial factors:
Compatibility of development costs with financial resources
Capital investment resources needed and available
Finance needed and available for market launch and on-going product support
Profits or returns on investment required
Significant factors are many and these are just a few that often occur. The choice of
screening factors depends on the type of ideas, the company and its resources, the
company's environment and the level of innovation. There could be many factors but it is
not humanly possible to use them all, so that the factors are ranked in importance and
only the most critical chosen in the first screening, although others may be checked later.
Factors can be rated as crucial, most important, important and minor.
Hence, below questions are help to understand the screening process clearly,
The screeners should ask several questions:
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 Will the customer in the target market benefit from the product?
 What is the size and growth forecasts of the market segment / target
market?
 What is the current or expected competitive pressure for the product idea?
 What are the industry sales and market trends the product idea is based
on?
 Is it technically feasible to manufacture the product?
 Will the product be profitable when manufactured and delivered to the
customer at the target price?
After the screening process there are several steps in new product development or new
venture. That will help to achieve successful business. Below some additional steps for
starting a new business. After screening process.
‡ Concept Development and Testing
 Investigate intellectual property issues and search patent databases
 Who is the target market and who is the decision maker in the purchasing
process?
 What product features must the product incorporate?
 What benefits will the product provide?
 How will consumers react to the product?
 How will the product be produced most cost effectively?
 Prove feasibility through virtual computer aided rendering and rapid
prototyping
 What will it cost to produce it?
Testing the Concept by asking a number of prospective customers what they think of
the idea – usually via Choice Modelling.
‡ Business Analysis
 Estimate likely selling price based upon competition and customer feedback
 Estimate sales volume based upon size of market and such tools as the Fourt-
Wood lock equation
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 Estimate profitability and break-even point
‡ Beta Testing and Market Testing
 Produce a physical prototype or mock-up
 Test the product (and its packaging) in typical usage situations
 Conduct focus group customer interviews or introduce at trade show
 Make adjustments where necessary
 Produce an initial run of the product and sell it in a test market area to
determine customer acceptance
‡ Technical Implementation
 New program initiation
 Finalize Quality management system
 Resource estimation
 Requirement publication
 Publish technical communications such as data sheets
 Engineering operations planning
 Department scheduling
 Supplier collaboration
 Logistics plan
 Resource plan publication
 Program review and monitoring
 Contingencies - what-if planning
‡ Commercialization (often considered post-NPD)
 Launch the product
 Produce and place advertisements and other promotions
 Fill the distribution pipeline with product
 Critical path analysis is most useful at this stage
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‡ New Product Pricing
 Impact of new product on the entire product portfolio
 Value Analysis (internal & external)
 Competition and alternative competitive technologies
 Differing value segments (price, value and need)
 Product Costs (fixed & variable)
 Forecast of unit volumes, revenue, and profit
7. Findings and Conclusion
This study reports finds a person who possess certain arts and skills of creating new
economic enterprises, yet a person who has exceptional insight in to society‘s needs and
wants and is able to fulfill them. This person called as an entrepreneur. And the main
managerial competencies. Hence this report explains two major principles of opportunity
and seven sources of opportunity. Finally this report analyzes the new product
development processes and main dimensions of screening process.
This report explain opportunity identification and main Dimensions of screening
process. This report also has limitations. For example, this report focus on only screening
process. It is not focus further steps of the new product development. Hence screening
factors and techniques are more important of a screening process. And The eight stages of
new product development may seem like a long process but they are designed to save
wasted time and resources.
New product development ideas and prototypes are tested to ensure that the new
product will meet target market needs and wants. There is a test launch during the test
marketing stage as a full market launch is expensive. Finally the commercialization stage
involves careful planning to maximize product success, a poor launch will affect product
sales and could even affect the reputation and image of the new product.
26
8. Recommendation
 Have to more attention on good opportunity identification. Because the first
time, run out of cash faster than they bring in customers and profitable
sales. While there could be many reasons for this, it is more than often
because they have not focused on opportunities. Therefore have to more
focus on it.
 Have to get a good knowledge and skills about new business. Because some
new ventures fail due to lacking in essential managerial competencies. This
leads to giving up certain opportunities even though there is actual growth
potential in them.
 An Entrepreneur should follow some main managerial competencies. This
leads to giving up certain opportunities and business success.
9. References
 Daft, L.R. (2009) Principles of Management. India Edition: Cengage Learning
 Smith,Preston G., Reinertsen Donald G.(1991) Developing products in half the time,
Van Nostrand Reinhold,New York
 http://shodhganga.inflibnet.ac.in/bitstream/10603/5303/9/10_chapter%202.pdf
 http://www.du.ac.in/fileadmin/DU/Academics/course_material/EP_03.pdf
 https://www.boundless.com/marketing/products/new-product-development--
2/screening--2/
 http://www.business.qld.gov.au/business/business-improvement/new-product-
development/generating-screening-ideas-products
 http://www.employeedevelopmentsystems.com/media/pdfs/SkillsforManagers.pdf
 http://www.cjournal.cz/files/90.pdf
 http://www.nzifst.org.nz/creatingnewfoods/idea_generation6.htm
 http://www.learnmarketing.net/npd.htm
 http://en.wikipedia.org/wiki/New_product_development

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How to create and manage a new venture and its risks, (amc, slim)

  • 1. 1 Table of Contents 1. Executive Summery................................................................................3 2. Introduction ............................................................................................4 3. Entrepreneur .............................................................................................5 3.1 Interpretation of Entrepreneur............................................................5 4. Main Managerial Competencies................................................................7 4.1 Planning Skills ......................................................................................7 4.2 Organizing Skills ...................................................................................8 4.3 Leading Skills........................................................................................9 4.4 Controlling Skills...................................................................................9 4.5 Communication Skill.........................................................................10 4.6 Social Skill ..........................................................................................10 4.7 Creativity............................................................................................10 4.8 Innovation..........................................................................................10 4.9 Sees and Acting on Opportunities......................................................10 4.10 Information Seeking.........................................................................11 4.11 Problem Solving ...............................................................................11 4.12 Persuasion .......................................................................................11 4.13 Perseverance ...................................................................................11 4.14 Technical knowledge........................................................................11 4.15 Persistence and Assertiveness .........................................................12 4.16 Need for Achievement.....................................................................12
  • 2. 2 4.17 Need for Autonomy .........................................................................12 4.18 Drive and Energy..............................................................................12 5. Opportunity Identify ..............................................................................13 5.1 Opportunity Identification .................................................................13 5.2 Principles of Opportunities. ...............................................................13 5.2.1 Window principle of opportunities...............................................14 5.2.2 Corridor principle of opportunities...............................................14 5.3 sources of opportunity.......................................................................14 6. Screening Process for a New Venture or New Product............................17 Main dimensions for new venture ......................................................................17 6.1 Screening process ..............................................................................18 6.2 Dimensions of screening process.......................................................19 The Dimensions in idea screening are,.....................................................19 6.2. 2 Screening factors.........................................................................21 7. Findings and Conclusion.......................................................................25 8. Recommendation..................................................................................26 9. References ............................................................................................26
  • 3. 3 1. Executive Summery This report provides how to create and manage a new venture and its risks. The report include who is called an entrepreneur and what are the characteristics of the entrepreneur and entrepreneur requires to understanding how to create and manage a new venture and its risks. main managerial competencies that entrepreneurs should develop to operate a successful business, opportunity identification, principles of opportunities, sources of opportunities and the main Dimensions of screening process. The report finds the prospects of the criteria to determine the success of the new business. Hence the main criteria to determine the success of the new business is opportunity identification. If not focus the proper opportunity identification that cause to failure of the new venture. Many entrepreneurs that start businesses, especially the first time, run out of cash faster than they bring in customers and profitable sales. While there could be many reasons for this, it is more than often because they have not focused on opportunities. And also sometimes the individuals (entrepreneurs) who initiate businesses fail due to lacking in essential managerial competencies. This leads to giving up certain opportunities even though there is actual growth potential in them. Therefore you have to more focus on the opportunity identification and skills of the entrepreneurs. However, screening process also most important step in the new product development. The aim in idea screening is to retain the successful ideas and eliminate the ideas which could be failures - much easier to write than to carry out in practice! If in doubt, keep the idea until more information is obtained. Idea screening can be based on tacit knowledge of the individual and of the company, with little new explicit information sought in or outside the company. According to above consideration you have to more attention on good opportunity identification and main Dimensions of screening process. This report also has limitations. For example, this report focus on only screening process. It is not focus further steps of the new product development.
  • 4. 4 2. Introduction An 'entrepreneur' is a person who is in control of a commercial undertaking. The word has also come to mean a person who is 'enterprising', who is ready to engage in a bold or difficult activity. Starting and operating one‘s own business has been becoming an interest area for individuals from different standard of life. In growing a new business, any individual, who is called an entrepreneur, requires to understanding how to create and manage a new venture and its risks. This proposal will focus what are the main managerial competencies that entrepreneurs should develop to operate a successful business and the main Dimensions of screening process. This process includes several steps but this report mainly contrasts the screening process and opportunity identification. The objective of the screening stage is to eliminate unsound concepts prior to devoting resources to them. Idea screening can be based on tacit knowledge of the individual and of the company, with little new explicit information sought in or outside the company. But the aim in successive screenings is to build up the necessary information for the decisions to be made in a quantitative, objective way. Screening is both a reiterative and a progressive process, so there is a need to relate to the first screening even in the last screening in case the product description has changed and it no longer fits the screening criteria first set out. The paper will review the analysis conducted upon the sources of opportunity and principles of the opportunity. That will help to succeed your new venture.
  • 5. 5 3. Entrepreneur The word entrepreneur is derived from the word ―entreprendre‖ of French language in 17thcentury. It was referred to the persons who undertook the risk of new ventures. The entrepreneur is one who undertakes to organize, manage and assume the risk of a business. 3.1 Interpretation of Entrepreneur ‡ Entrepreneur is a person who possess certain arts and skills of creating new economic enterprises, yet a person who has exceptional insight in to society‘s needs and wants and is able to fulfill them (J.B.Say,1803). ‡ Entrepreneur is a person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using resources while consequently assuming the risk of enterprise. (Richard Cantillon, 1755) ‡ Entrepreneur is an Individual Who Undertook The formation of an organization for commercial purposes. He is an economic agent who transforms the demand in to supply. (AdamSmith,1776) ‡ Entrepreneur is a change agent who transform the resources into useful goods and services, often creating the circumstances that lead to industrial growth (CarlMenger,1871) ‡ An 'entrepreneur' is a person who is in control of a commercial undertaking. The word has also come to mean a person who is 'enterprising', who is ready to engage in a bold or difficult activity. ‡ An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to market and make the right decisions to
  • 6. 6 make the idea profitable. The reward for the risks taken is the potential economic profits the entrepreneur could earn. All in all, an entrepreneur is an innovator or developer who  recognizes and seizes opportunities  converts those opportunities into workable /marketable ideas  adds value through time, effort, money or skills  assumes the risk of the competitive market place to implement the ideas and realizes rewards from those efforts [R.C.Ronstandt(1984), H.H.Stevenson(1985), J.B.Cunnighamand J Lischeron(1991)] Research findings of H.H.Stevenson and Jeffry Timmons (1983) confirm that the followings are essential characteristics of entrepreneurs.  Resilience, responsiveness and adaptiveness in seeing new opportunities.  to activate the vision, willingness to learn, invest in new techniques, to have a professional attitude and patience. Entrepreneurs should,  Self confidence  Have Tolerance for ambiguity  Have Internal locus of control  High energy level  Possess drive to achieve  Awareness of passing time  Have commitment, determination and perseverance  Be Opportunity oriented  Be Initiative and responsibility seeking  Have persistent problem solving ability  Be seeking for feedback  Calculated risk taking  Integrity and reliability
  • 7. 7  Tolerance for failure  Creativity and innovativeness  Visionary  optimism  Independence  Team building 4. Main Managerial Competencies Managerial Competency of an entrepreneur is the ability to direct his staff and define the expected outcomes clearly and finally to get the things done at the best and cheapest ways and means. Managerial competency is an approach to managing others and to ensure optimal use of available resources in meeting organizational objectives on a sustained basis. the main managerial competencies:- 4.1 Planning Skills Establishing goals and ways of achieving them.  Establishing goals — determining the organization‘s broad strategy, translating this into specific objectives, and ascertaining ways of achieving these. resources, viz, manpower, machinery, money, materials for the fulfillment of organizational goals. planning which will help him to prepare an action plan for every area of operation in order to achieve the pre-determined goals.  Allocating resources — acquiring and applying resources, viz, manpower, machinery, money, materials for the fulfillment of organizational goals.  Making decisions — formulating the direction in which the company, division or department is to go, by allocating the necessary resources, i.e. the ability to make good, non-routine decisions. A manager is imposed by the demands of today to make right and quick decisions.
  • 8. 8 The manager of a company should be a person who has the ability:  to generate new ideas  to work out plans and business strategies to achieve goals  to identify and use available resources to implement a plan  to find information, analysis situation, make decisions and resolve problems  to put up structures  to have determinacies  to take risks The manager should take notice of immediate needs of the market, while he materializing all the above actions.  Developing alternatives — providing various routes according to different circumstances prevailing, so that alternative choices may be made as a situation develops. 4.2 Organizing Skills Arranging people and work to accomplish objectives.  Designing structure — fashioning the arrangement of people and work to achieve the organization‘s goals in situations of both stability and change.  Co-coordinating parts — integrating the activities of separate units in an organization, to provide unity of action in pursuit of common purpose.  Arranging delegation — assigning authority and responsibility to other people or groups, to do specific tasks.  Managing conflict and change — stimulating a desired amount of controlled conflict and managing its resolutions, to bring about necessary change for improved organizational performance.
  • 9. 9 4.3 Leading Skills Encouraging the human factor in performance.  Implementing decisions — having the confidence to oversee the carrying out of decisions and the ability to enact them in humane fashion.  Providing climate — creating and maintaining a good organizational climate, in which individual members can be motivated to achieve necessary objectives.  Forming communications — encouraging two-way transmission between people and between groups, so that they take part jointly in the organization‘s activities.  Developing personnel — enabling personnel consciously to carry out appropriate career development through self-assessment and opportunity seeking. 4.4 Controlling Skills Making sure performance conforms to plan.  Establishing standards — specifying performance standards in key areas for individuals and groups and having them accepted through participation of those concerned.  Measuring performance — making measurements of actual performance in key areas at agreed frequencies, and comparing them with the standards set, in time for action to be taken.  Taking action — seeing the control process through to its conclusion by action, in changing operations or standards where necessary, or exploiting opportunities where indicated.  Instigating self-control — instituting the means by which organizational members can control their performances against objectives and ensuring that a proper balance is achieved in the amount of control exerted.
  • 10. 10 4.5 Communication Skill Communication skill refers to the ability of an entrepreneur to transfer ideas, plans, policies and programs to employees, debtors, creditors, customers and everyone who is connected with the business in order to inform, influence and to express his feelings. 4.6 Social Skill Social skill of entrepreneurs include social perception (the ability to perceive others accurately), expressiveness (the ability to express feelings and reactions clearly and openly), impression management (skill in making favorable first impressions on others), and social adaptability (proficiency in adapting one‘s actions to current social contexts) in the process of managing his business. 4.7 Creativity An entrepreneur is said to be creative when he is able to identify a gap in the market and think up a product or service to meet that gap. Creativity of an entrepreneur also implies the ability to do old thinks in a new way or able to give new solutions. 4.8 Innovation Innovation refers to the behavior pattern of an individual who has interest and desire to seek changes in techniques and ready to introduce such changes into his operations When practical and feasible. 4.9 Sees and Acting on Opportunities Sees and acting on opportunities refers to the unique entrepreneurial behavior which helps him to be alert to information and ability to process it in order to identify and recognize the potential business opportunities even before his competitor.
  • 11. 11 4.10 Information Seeking An entrepreneur has an urge to look for the required information in order to make an informed decision, for example, selecting, starting and successfully managing the desired business. This calls for the entrepreneurs to personally seek and obtain information that is required to enable him make decisions and improve knowledge on his/her business. 4.11 Problem Solving Problem solving refers to the application of appropriate knowledge and skills in order to solve a problem arising while carrying on the business. It requires an entrepreneur to have creative thinking in order to understand the various techniques involved in resolving different problematic issues of a business. 4.12 Persuasion Persuasion in entrepreneurship refers to the ability of entrepreneurs to link, convince and influence other individuals, groups, agencies, creditors, debtors, customers and even competitors in order to create a contact and maintain good rapport. 4.13 Perseverance Need to have perseverance which implies commitment, hard work, and patience, endurance apart from being able to bear difficulties calmly and without complaint. 4.14 Technical knowledge An entrepreneur needs to address the rapid technical changes in the industry. Higher levels of technology must be introduced in the production methods in order to achieve productivity demands. Therefore he must update his technical knowledge in order to serve customers quickly and more effectively.
  • 12. 12 4.15 Persistence and Assertiveness Persistence of an entrepreneur denotes the ability which keeps him constantly motivated even when he is confronted by obstacles that seem insurmountable and willing to keep trying when things go wrong, and accepts that, ultimately, it is he who has to make his dream come true. Entrepreneurs seldom give up when things are not going well. Assertiveness of an entrepreneur is about his behavioral aspect that affirms his rights or point of view without either aggressively threatening the rights of others (assuming a position of dominance) or submissively permitting others to ignore. Successful entrepreneurs for the most part are assertive. 4.16 Need for Achievement Successful entrepreneurs are characterized by a need for achievement which motivates them to take up responsibilities for finding solutions to problems. Further this quality helps them to set challenging goals for themselves, assume personal responsibility for the goal accomplishment and they are highly persistent in the pursuit of these goals. 4.17 Need for Autonomy The need for autonomy of an entrepreneur is characterized by a drive to control and influence others, a need to win arguments, a need to persuade and prevail. Research studies had asserted that strong need for autonomy/ power/ control/ influence usually will let the enterprises in to trouble because doctorial, adversarial, and domineering styles make it very difficult to attract and keep people who thrived on achievement, responsibility and results. Therefore successful entrepreneurs have high need for achievement while low need for power. 4.18 Drive and Energy Entrepreneurs are driven to succeed and expand their business. They are always on the move, full of energy and highly motivated. They are driven to succeed and have an abundance of self-motivation.
  • 13. 13 5. Opportunity Identify Many entrepreneurs that start businesses, especially the first time, run out of cash faster than they bring in customers and profitable sales. While there could be many reasons for this, it is more than often because they have not focused on opportunities. So carefully identify the opportunities that is help to growing a new venture. 5.1 Opportunity Identification Opportunity identification is the very critical and Initial task in every new starting businesses. So be care to identify the opportunity that is help to achieve our new business success. 5.2 Principles of Opportunities. Opportunity is a favorable chance or a circumstance for a business person to start a venture. Important to note that every business idea will not be a viable idea unless it is an entrepreneurial business idea. Business idea becomes entrepreneurial business idea once it possesses the innovativeness of it. Opportunity identification process mainly consist two principles of opportunities:- Initial step
  • 14. 14 5.2.1 Window principle of opportunities A widow is a time horizon during which opportunities exist before something else happens to eliminate them. If an opportunity is attractive to competitors, easy to enter the market/free of barriers, then the market will quickly be saturated. Hence, entrepreneurs should be good enough not only to recognize the opportunity but also take advantage of it while window exists to be successful. Example – Wahaha Nutritional products, China During 1989, Chinese government was worried about the nutritional aspects of children and by that time Wahaha had started Nutrition Food Factory and invested to produce Oral liquid nutrition products. Wahaha used this window of opportunity and achieve the success by being the first mover. 5.2.2 Corridor principle of opportunities This suggests that opportunities evolve from entrepreneurs being positioned in similar work or having had experience with related ventures. This helps the entrepreneur to enter in to the venture soon after the arise of the window. "with every venture launched, new and unintended opportunities often arise."Example –3M Post-It-Notes 3M Corp tried to invent a glue but scrapped the project when it was not strong enough for its intended use. An enterprising engineer saw the opportunity to use the glue on small pieces of paper for bookmarks in his church choir. He made some pads of paper and distributed them to fellow choir members and secretaries at work. Thus, the sticky note was invented. 5.3 sources of opportunity In accordance with Peter Drucker, there are seven (07) sources of opportunity.  The unexpected  The incongruity  The inadequacy in underlying processes  The changes in the industry or market structure  Demographic changes  Changes in perception, mood and meaning  New knowledge
  • 15. 15  The Unexpected  According to Peter Drucker, this is the best source of opportunity.  In order to identify these opportunities, we have to have deep analysis on them.  The both unexpected success and unexpected failure give business opportunities. Example No; 1 -Marriot o Airline catering business of Marriott with the support of Eastern airlines. o This lead them to develop the business into a chain of hotels and to offer diversified services. Example No; 2 –Ford‘s Edsel o In 1957, Ford Motors came up with Edsel based on the results of a huge market research. o However that was a total failure and stayed in the market only for 2 years. o This gave rise to identify a special market segment and develop ―Thunderbird‖ Example No; 3 -Post-It-Notes o This was originally to be used in an industrial application but failed. o After that 3M‘s Scientists identified that you can use them for another purpose.  Incongruity – Example; The Sony Walkman o Incongruities are the gaps between expectations and realities o Moreover, this means that you will recognize a mismatch between what you really need and what is available to you in the market. o Later on based on Akio Morita's observation of teenager slugging their radio swith them on vacation sand came equipped with two headphone jack sanda recording facility.
  • 16. 16  Innovation based on process needs – Example; Lubricating cup o Resulted from identifying a "weak" or "missing" link in an existing process. Opportunities for innovation exist if there is a recognized need to complete the process.  Changes in industry and market straucture o Changes in industry and market structures usually take place as a result of changing customer preferences, tastes and new values and technological advancements. o For instance home health care and preventive medicine have replaced hospitalization and surgery.  Demographics (Population Changes) o Drucker has identified that this population changes are the reliable predictors of future opportunities and innovations o Changes in the demography means changes in age, gender, education levels of the population, geographic locations etc o These changes will give rise to business ideas based on retirees, land developments, recreational and health care industries.  Changes and meaning and perception o Actually unexpected successes and unexpected failures are often an indication of a change in perception and meaning o Identifying opportunities for innovation in this category requires timing and judgment o Example: change from Ford‘s Edsel to Thunderbird is a change in perception o Example: Growing concern for fitness give rise to new business ideas to start new ventures such as fitness centers
  • 17. 17  New knowledge o There is a long time span between the emergence of new knowledge and it becoming applicable to technology o And also another length of time before the new technology turns into products in the marketplace. o They are almost never based on one factor but on the convergence of several different kinds of knowledge o Example; Boeing 707 6. Screening Process for a New Venture or New Product In business new product development (NPD) is the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief). There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new product within the overall strategic process of product life cycle management used to maintain or grow their market share. Main dimensions for new venture
  • 18. 18 Once you identify the good opportunity you have to generate the ideas. That is help to achieve the success of the new venture. So you have to analyse and generate the business ideas. Below sources are help to generate the ideas:-  Market Research  Employees  Consultants  Competitors  Customers  Distributors and Suppliers After generate the business idea you have to screen an identified opportunity with proper approach and pay attention before converting the opportunity to a business concept. 6.1 Screening process This process involves shifting through the ideas generated above and selecting ones which are feasible and workable to develop. Pursing non feasible ideas can clearly be costly for the company. Screening for picture:- Example - This figure illustrates the long process it takes for a drug to enter the market.
  • 19. 19 During screening, the company evaluates whether to devote further resources to the development of a product at various stage gates.  The company must ask itself a number of questions, such as whether there is a potential market for the product, whether the product will meet the demands of the consumer base, and whether the product can be profitable.  Two major risks arise during screening: an unviable product may be admitted to the next stage, and a potentially successful product may be rejected.  Products are often rated on a scale from poor to good on a variety of different criteria in order to determine their viability. This process is taken a step further by assigning weights to the criteria, so as to give more importance to factors considered crucial for a product's success. The aim in idea screening is to retain the successful ideas and eliminate the ideas which could be failures - much easier to write than to carry out in practice! If in doubt, keep the idea until more information is obtained. Idea screening can be based on tacit knowledge of the individual and of the company, with little new explicit information sought in or outside the company. But the aim in successive screenings is to build up the necessary information for the decisions to be made in a quantitative, objective way. Screening is both a reiterative and a progressive process, so there is a need to relate to the first screening even in the last screening in case the product description has changed and it no longer fits the screening criteria first set out. 6.2 Dimensions of screening process The Dimensions in idea screening are,  product idea descriptions or concepts,  screening factors and  Screening techniques. There is a need to have product idea descriptions that everyone involved in screening understands and is evaluating in the same way. The choice of screening factors is of course fundamental - obviously the direction of choice is strongly influenced by the
  • 20. 20 criteria. Lastly the people who do the screening, and the techniques they use, affect the screening results. 6.2.1 Product Idea Descriptions These must be clear and concise. They include: a clear description of the product; the use of the product; the target market segment; the relationship to the company's present products; the relationship to competing products. For example, the new product idea in an ice-cream company could be a range of liqueur ice-creams. What is meant by a liqueur ice-cream - is it a liqueur flavor, or does it have drops of liqueur embedded in it? Is it targeted at sophisticated diners at home or in restaurants? Is it to be the top of the company's ice-cream range? Is the nearest competitor the specialty ice-creams made in high-class restaurants? Should problems be anticipated from sections of the community such as teetotallers or religious groups or will there be legal difficulties with excise duties? The initial description is usually kept broad so that ideas on the product, the market and the technology can be continually studied, but there is a need to focus the idea in a certain direction so that the people involved are not taking off in too many directions at once. As the product idea builds from a product idea description, to a brief product idea concept, to the final product concept, to the product design specifications and to the product specifications, the focus is being narrowed all the time. One product idea description for the liqueur ice-cream was: ‗a line of plain based ice-creams with little jellies containing concentrated liqueurs, aimed as a gift to be taken to dinner parties, sold through higher-class supermarkets‘
  • 21. 21 Marketing factors: Potential market size Compatibility of market image with company's product lines Relationship to competing products Compatibility with existing or specified market channels Access to suitable physical distribution systems Fits into an acceptable pricing structure Relationship to promotional methods and resources Marketing resources needed to produce success 6.2. 2 Screening factors The strong screening factors, with which the product idea must agree, arise from the project aim and the project constraints. The overall aims of the company always take precedence over other factors. No matter how brilliant a product idea is in isolation, it is rejected if it does not fit with the company's business strategy, in particular the product strategy. There may be an outstanding product idea which may change the direction of the company's business strategy, but it has to be taken from the project ideas and directed back into the top management area. This product idea has to be viewed in its scale and suitability for the company, and decisions within the company must be taken at top management level. The constraints identified at the beginning of the project are also important screening factors. A product may be dropped for many reasons: it does not meet the food regulations; there is not sufficient money to develop or to produce it; the managing director does not like it! The factors used in screening should be as objective as possible, but sometimes subjective decisions are made. Factors for product screening:-
  • 22. 22 Production factors: Compatibility with existing product lines Availability of processing equipment Availability of raw materials and ingredients Availability of technical skills to produce the product Availability of production time Agreement with any legal requirements Cost and availability of new resources required Development factors: Knowledge needed for development Available knowledge and skills Available time and human resources Development funds needed and available Compatibility with existing strengths Development difficulties and risks of failure Financial factors: Compatibility of development costs with financial resources Capital investment resources needed and available Finance needed and available for market launch and on-going product support Profits or returns on investment required Significant factors are many and these are just a few that often occur. The choice of screening factors depends on the type of ideas, the company and its resources, the company's environment and the level of innovation. There could be many factors but it is not humanly possible to use them all, so that the factors are ranked in importance and only the most critical chosen in the first screening, although others may be checked later. Factors can be rated as crucial, most important, important and minor. Hence, below questions are help to understand the screening process clearly, The screeners should ask several questions:
  • 23. 23  Will the customer in the target market benefit from the product?  What is the size and growth forecasts of the market segment / target market?  What is the current or expected competitive pressure for the product idea?  What are the industry sales and market trends the product idea is based on?  Is it technically feasible to manufacture the product?  Will the product be profitable when manufactured and delivered to the customer at the target price? After the screening process there are several steps in new product development or new venture. That will help to achieve successful business. Below some additional steps for starting a new business. After screening process. ‡ Concept Development and Testing  Investigate intellectual property issues and search patent databases  Who is the target market and who is the decision maker in the purchasing process?  What product features must the product incorporate?  What benefits will the product provide?  How will consumers react to the product?  How will the product be produced most cost effectively?  Prove feasibility through virtual computer aided rendering and rapid prototyping  What will it cost to produce it? Testing the Concept by asking a number of prospective customers what they think of the idea – usually via Choice Modelling. ‡ Business Analysis  Estimate likely selling price based upon competition and customer feedback  Estimate sales volume based upon size of market and such tools as the Fourt- Wood lock equation
  • 24. 24  Estimate profitability and break-even point ‡ Beta Testing and Market Testing  Produce a physical prototype or mock-up  Test the product (and its packaging) in typical usage situations  Conduct focus group customer interviews or introduce at trade show  Make adjustments where necessary  Produce an initial run of the product and sell it in a test market area to determine customer acceptance ‡ Technical Implementation  New program initiation  Finalize Quality management system  Resource estimation  Requirement publication  Publish technical communications such as data sheets  Engineering operations planning  Department scheduling  Supplier collaboration  Logistics plan  Resource plan publication  Program review and monitoring  Contingencies - what-if planning ‡ Commercialization (often considered post-NPD)  Launch the product  Produce and place advertisements and other promotions  Fill the distribution pipeline with product  Critical path analysis is most useful at this stage
  • 25. 25 ‡ New Product Pricing  Impact of new product on the entire product portfolio  Value Analysis (internal & external)  Competition and alternative competitive technologies  Differing value segments (price, value and need)  Product Costs (fixed & variable)  Forecast of unit volumes, revenue, and profit 7. Findings and Conclusion This study reports finds a person who possess certain arts and skills of creating new economic enterprises, yet a person who has exceptional insight in to society‘s needs and wants and is able to fulfill them. This person called as an entrepreneur. And the main managerial competencies. Hence this report explains two major principles of opportunity and seven sources of opportunity. Finally this report analyzes the new product development processes and main dimensions of screening process. This report explain opportunity identification and main Dimensions of screening process. This report also has limitations. For example, this report focus on only screening process. It is not focus further steps of the new product development. Hence screening factors and techniques are more important of a screening process. And The eight stages of new product development may seem like a long process but they are designed to save wasted time and resources. New product development ideas and prototypes are tested to ensure that the new product will meet target market needs and wants. There is a test launch during the test marketing stage as a full market launch is expensive. Finally the commercialization stage involves careful planning to maximize product success, a poor launch will affect product sales and could even affect the reputation and image of the new product.
  • 26. 26 8. Recommendation  Have to more attention on good opportunity identification. Because the first time, run out of cash faster than they bring in customers and profitable sales. While there could be many reasons for this, it is more than often because they have not focused on opportunities. Therefore have to more focus on it.  Have to get a good knowledge and skills about new business. Because some new ventures fail due to lacking in essential managerial competencies. This leads to giving up certain opportunities even though there is actual growth potential in them.  An Entrepreneur should follow some main managerial competencies. This leads to giving up certain opportunities and business success. 9. References  Daft, L.R. (2009) Principles of Management. India Edition: Cengage Learning  Smith,Preston G., Reinertsen Donald G.(1991) Developing products in half the time, Van Nostrand Reinhold,New York  http://shodhganga.inflibnet.ac.in/bitstream/10603/5303/9/10_chapter%202.pdf  http://www.du.ac.in/fileadmin/DU/Academics/course_material/EP_03.pdf  https://www.boundless.com/marketing/products/new-product-development-- 2/screening--2/  http://www.business.qld.gov.au/business/business-improvement/new-product- development/generating-screening-ideas-products  http://www.employeedevelopmentsystems.com/media/pdfs/SkillsforManagers.pdf  http://www.cjournal.cz/files/90.pdf  http://www.nzifst.org.nz/creatingnewfoods/idea_generation6.htm  http://www.learnmarketing.net/npd.htm  http://en.wikipedia.org/wiki/New_product_development