Question

Project Topic Overview: Creation of a New Venture

Create a strategic plan for a new venture: You may choose any idea but do not use something that has already been created. IIT IS A NEW VENTURE!

You must organize the plan to focus on the following subjects:

Summary of New Venture

Overall description of the new venture

How the venture exploits market voids and is a creation or opportunity

Business level strategies

Internal analysis of the new venture

External analysis of the new venture

Governance structure of the venture including description and analysis of CEO, TMT, and BOD

Analysis for Future Expansion

Corporate level strategies

Alliances

M&As

International strategy

No previous chegg answers please and type instead of writing and scanning :-)

Answer 1

The venture I would start is a language training center which focusses on Asian languages including Mandarin, Hindi, and Japanese etc.. The location of the same would be near a college. The idea will be to bring the young crowd and make it a preferred language training center for them.

Summary and Overall description:

As mentioned previously, the venture would be a language training center near a college premise. Every batch will have a seating capacity of 25-30 and will be focused on groups. There will be challenges and other methods to make the time and money spent a memorable one for the students and other participants. There will be provision for free wi-fi and the specialized training which would mean attracting crowds who would want to learn something different from the normal routine.

Exploiting opportunities:

There are lot of job opportunities that are coming up in the Asian subcontinent and most of the developing nations have lot of native language speakers. Similar to trend of people moving to US for better work opportunities, these countries give a niche market for specialized industries. Lot of the businesses worldwide outsource their work to these countries and this has developed the market in the region and has high employment opportunities. But there is lack of local competency and skillset which is needed to effectively do well in these businesses. This is the area lot of B-schools are also exploring. Lot of the subjects is now focused on working in developing and emerging markets. With the advent of globalization the work culture across countries have changed and people are now working across borders to enrich their personal and professional life. But to work properly there needs to be no language barrier. This is what the venture aims to give, our venture would provide a base of these local languages which can make the communication and routine life easier for the people moving to these countries. The aim of staring these lessons early is that people can understand and learn these languages well before moving to these regions.

Business strategy and analysis:

Primary target customers will be based on following segmentation.

• Demographics based on Age and Gender

• Language preference

• Education

• Target country for moving

When starting any business it is crucial to understand the value it brings and the impact it can create in the eco system. Suppose we start a product or a service which is in close proximity with a well-established player, there are high chances that customers will prefer going to the established venture over the new one. In order to differentiate ourselves from the market and the standard products and services, our deliverables should be better than rest. To this effect, every organization does a business environment scanning to understand where the company stands with respect to others and what the company can do differently from others.

To identify this, there are multiple techniques that are used. Few popular tools are:

• SWOT Analysis

• Pestle Analysis

• Five forces

• Balanced scorecard etc.

I would also use these tools to identify the existing players in the market and methods to differentiate myself from others in the industry.

Governance mechanism:

There will be a team who runs the training center on the daily basis. The will include one person who will be in charge of admin activities and one who will be in charge of the arranging the trainers and other educational aspects. There will be staff under both of them as required to suffice the needs of the customer and provide them an augmented customer experience. They will report to the board including me which will comprise of other who will do the funding and start other initiatives. All operational P&L will be shared the person who looks after the financial aspects. Marketing and branding campaign will be done by another who will have a network with bloggers and others who can spread awareness and branding of the training center.

Future expansion and M&A:

Based on the impact it creates and the interest shown by customers, I may take a decision to start a similar venture in other areas. The short term future plan would be to add more seats to the existing training center and make this an exclusive Asian language training center. Long term the plan would be to open additional outlet and create a chain of Asian language training centers for customers at multiple locations. I would also look at getting tie-ups with government agencies to ensure our training centers are certified and the certifications we provide are good enough to get a work visa in these regions.