Question

Part C. What are the most important things that you can do for a venture in order to get the odds of success in your favor? Explain. (10 points)

Answer 1

The most important things that venture can do in order to get the odds of success in its favour are:

1. Management.
Management of any venture is crucial for any ventures success. Having great people in teams and top management will increase the chances of success.

2. The Idea:
The Idea should add value to society and bridge the gap to the problems.

3. Technology+internet:
In the 21st century, any venture with no connection to technology will be handicapped. The venture should be able to take advantage of newer technology. It must be technology-driven.

4. Marketing:
Genius marketing can sell any product. Sales are the linkage between success and failure. Having strong marketing teams ensure business success. The entrepreneur himself should become a great salesperson to sell his ideas.

5. Financial Management:
Finance is the lifeline of the business. Having a good financial mind in very important in the business to manage the working capital to capital budgeting decisions.