Question

What are the characteristic of good venture team for a new business in this modern world? (1000 words)

Answer 1

Times have changed and businesses need to follow new features which help them to survive and thrive in the new and dynamic world.

For the success of a business , it has to learn how to structure its mode of operation and it is necessary to adapt new methods to meet the needs of the modern customer. To accomplish this it necessary for a business to have at least the following traits or characteristics :

1. A Well Conceived Plan of the business

Good plans are essential for the success of business . There is no need of a complex business plan to make a business successful, but you should have a plan that is well thought out and executed. It includes plans relating to finance, operations etc.

2. Leadership

Strong and efficient leadership is necessary when it comes to steering the organization's course. They know how to build strong relationships between the employees and also provide the space for an open communication . These leaders motivate their team and hold everyone to high standards of responsibility, accountability and also creates discipline.

3 Willingness to take risk

The successful businesses have owners who are passionate about taking business risks . Business owners must be flexible in order to take f decisions relating to technology. However, they must also avoid taking risks without a good plan.

4.A positive corporate culture need to be maintained

One of the important qualities of a good business is the motivation to do more than simply achieve financial success. Whether owners and their management teams are fueled by the love of business or the love of the product/service they are providing, they need to get enough out of the business to want to continue through tough times. This inspiration should be passed on to employees and encouraged as part of the company's corporate culture.

5. Encouraging a Healthy Work Environment

A healthy work environment of the company is another important characteristic of a successful business. Workers should be suited to the jobs they perform and policies should be designed in a way that it motivates them to achieve success. Businesses need to commit resources and time to training their employees, as well any independent contractors with whom they work must be done by the venture team . Because of the frequent changes in the nature of business, continual training that is strongly rooted in the organization's business plan is necessary to compete in the market .

6. Customer Oriented

According to the modern business concept consumer is the king. It is explained below :

According to help_scout, citing an American Express Survey, "78% of consumers have bailed on a transaction or not made an intended purchase because of a poor service experience."

So it proves that the modern business should be focused on consumer satisfaction rather than profit making

If you don't have happy and satisfied customers of your products the business won't be for very long.

7. Attention on Marketing

The business should also give due importance to marketing. The fluctuations in the market conditions need to be observed and the marketing decisions should be made on the basis of it . For example, online marketing was still in its infancy 15 years ago. Now , this is an absolute must. With 61 percent of internet used for researching the product online it's a good idea to spend time and money on this part of your marketing plan which will improve the return and lead to increase the sales .

8. Hiring the Best Talent

The hiring of the best talented employees involves a number of process,which includes recruitment, selection, orientation and induction and finally the placement. Therefore the skilled and efficient employees are to be selected.

9.Customer service or After sale services

It can be defined as taking care of your customers. Nowadays many companies provide customer service and made it a part of the business culture. In most cases, the business plan dictates how they will provide quality customer service. For example,call centres.

10.Positive Attitude.

The owner of the company must have a positive attitude and accept 100 percent of the responsibility for the results of the business. When the responsibility is accepted , the entrepreneur can make the necessary changes to accomplish the desired results. The successful business entrepreneurs understand that it's all about people: hiring and retaining the right people, eliminating ineffective people and providing the necessary resources for employees to master their tasks.

11 Adoption of business strategy. A complex strategy or business plan isn't necessary to achieve success. A simple one-page document will do, but it should be well thought out and well executed. A good business plan defines and drives the activities and behaviors of the entire firm or organisation . Without it, the business becomes a ship without a rudder; it simply can't be steered and ends up going around in circles so it talks about the importance of a good business strategy . A sound strategy includes the following such as financial plan, marketing differentiators, and product strategy as well as a plan for employee retention.

12.Discipline. Discipline refers to the execution of the strategies and then staying the course. It's about staying focused on the core markets of business and measuring success as defined by your business strategy. It's not about overreacting to market changes and adjusting your core strategy to keep up.

12.Financial roadmap.

The efficient management of the business have the creation of a financial roadmap and budget--and then having the discipline that need to be followed. A financial plan helps the owners to understand where and how to spend money, and it provides ways to measure progress or shortfalls. A sound financial plan is the backbone of a great business plan.

13.Business processes.

Business process is an important milestone in the success of the business. The business process must be productive, profit creation, and focuses on the growth of organisation .

14.Information technology.

Today the use of technology is important, it doesn't have to be complex or costly to be effective. Effective technology is probably the most important enabler for change that a company can introduce. It must be used in a way which leads to the success of the firm

These are some of the characteristics that are need to be possed by a good venture team in the modern world.