Yes, I agree with the statement that to be successful luck is one of the main coins to toss with excellent technology and great ideas that can spark entrepreneurship. When an entrepreneur starts a venture he assesses all the risks and returns to it. The entrepreneur all need is a band of people; good realistic ideas and fund to invest. There are only a few entrepreneurs who are on their own. He needs a team to turn his vision into reality. The entrepreneur is basically the leader who knows when to grab the opportunity and make 5 people work to earn the opportunity.
The whole play set up of the game is the right timing, execution, and information of the opportunity or good idea that might work. Still, the most important thing is luck as even the best of the idea may fail as there are hundreds of ideas executed and on a minute percentage of them are successful. It means that from seven out of ten ideas are likely to fail. The entrepreneur is the risk taker who is brave enough to face the failure. The breed of risk takers is acute, so most of them are made the entrepreneur by education luck and experience. The technology has created more competition; all people buyers and sellers are connected 24/7 through the virtual web. They are there in the market to facilitate each other.
The luck is one who gets the right bunch of people, products, market, and funds to make his rational ideas into reality. He needs the networking of all connected to the venture as technology today has to generate the flow of information available to all with greater competition to survive the market and changes. This creates a decrease in probability graph of success is just more of luck in a relationship with the right technology, product and market mix and finance, and sale strategy. It’s also true when pitching to venture capitalists it is important that you have a highly detailed business plan.
The more detail about the product or service and how it has features that are more sophisticated than those currently in the market the better. Being charming is also essential. The entrepreneur needs an attractive workable business plan for which he can find the best investment. The deal should be innovative and should not be influenced by a change at a fast rate until it’s made into reality. The best business plan with a right set of policies procedure and formulation to conduct business is important. The strategies should lead to goals in a shorter period of time with innovative measure and network and uniqueness to maintain competitive edge utilizing entrepreneurs’ expertise control. Being a charmer is also essential as to predict the future trends and innovation in products and services. It will envisage the profit loss statement that measures the viability of the venture. The profitability will highlight the customer acceptance of the product.
The capitalist must keep in view the benefits of the venture and shortcomings to cover the weakness with linen of strengths the venture possesses. He must be able to bucket all it takes to fulfill needs and wants of customers. The capitalist should be brave, hungry and passionate to dare take a risk to turn dreams to reality in the competitive world. He is in business to earn value out of ideas while showing tenacity in character and producing demand for what he sells. Yes, our assignment is consistent with the way our group approached the business planning assignment. We have focused that business plan is an important attribute when it comes to the pitching of capitalists venture. It’s also viewed in detail that how to make the business plan charming and fascinating. It was of utmost importance to study the key characteristics and features of the product to assess its viability. The highlighted measure was to understand and analyze that how we can maintain a competitive advantage over other products with our best possible product and for this what plan of actions, network, and technology and market strategy must be followed under our business plan.