Discuss about the case study Institution Affiliation for Entrepreneurship.
The technology incubation and developments of entrepreneurs’ has been the key in the transformation of the industry. It takes quite a long time before a business can really stand on its feet and have substantial revenue annually (Boyer et al , 2012). In terms of selling the appliances most entrepreneurs are turning to online marketing though they maintain their shops. Online marketing being the trending marketing strategy the electronics industry has not been left behind. Sites such as Amazon E-bay play a vital role in ensuring the goods are sold and supplied to their clients. The aim of this paper is to comprehensively address the significant issues facing entrepreneurs in this electronic industry and consequently look at the issue faced by the entrepreneur’s.
This is the business which involves the creation and designing in addition to producing as well as selling electronic appliances such as radio, computers stereos, television semiconductors integrated circuits and transistors .The sales of electronics grew fremendaisly well in USA more so especially in 2000. The industry has played a major role in the transformation of factories homes, offices and it’s significant in enlarging the economic sector as well. Consumer electronics are usually the sole distributors of electronic appliances. It is estimated that in 2005 close to $75 billion was spent in purchasing electronics compared to 2004. The consumers have growing needs which the producers addresses adequately in order to ensure that the demand curve is congruent to that of supply. This enables companies such as Apple, Dell, and HP to stay on top of their game. There are also emerging trends such as the growing of 3D home theatre systems as compared to the old ones (Latif, 2014). This means that innovations being created by companies such as HP, Dell will be able to remain maintained even for a long period of time. Maintenance of flexibility in the market is important factor that keeps influencing new venture in
The paper will also discuss the level of entrepreneurial activity in the sector and finally, the factors which influence the probability of new ventures into the industry.
Apparently technology is the industry of choice for many aspiring entrepreneurs. The industry is broad and at the moment it is the fast- growing fields which is highly attracting investors and venture capitalist .For those who are able to succeed in the industry enjoy an enormous payout.
It’s alluring so the capability of launching a new technology start-up because it is easy. However there are so many unique risks that are involved and most entrepreneurs fail to consider them. The risks enable one to stay a flout on the competitive business. Below the significant issues (Yang et al, 2012).
There are so many rapid changes being experienced in the electronic industry. If one is not careful the probability being thrown away as a startup of kilter is definitely high. Most of the business persons in the venture do acknowledge that the pressure to more radically in order to beat the competition is immense. Andrew Van Noy who is the CEO of E-commerce solutions provider once e said, “if a company isn’t nimble enough or cannot execute an idea, the window of opportunity for your product or service may very well close before is ready to the market. He also insisted that, “if you feel you have a solution for the problem addressed yet on the market, don’t be fooled. It won’t be long before someone else does it too” (Business Daily, 2013).
Therein, it is imperative that the entrepreneurs in this sector move swiftly so that they are not overlapped (Kamuff, 2012).
As noted of technology changes as fast as lightening. Therefore there exists a high probability that one may not be able to complete the initial objective as stated in the startup. The challenge that is associated with this point is that many founders fail to accept the failure and change the direction of business but let the operation to lie there stagnant.
“Shawn Livermore describes the solution as “Zombie States”. The founder and the CEO of an outsourcing platform from Ziptauk additionally says “the founders do what to give up , and are embarrassed to concede defeat. So they keep the dream alive but never really complete what they originally set out to do. Large companies are not worried if one of their projects never gets Completed but in a startup, not completing something means you leave the door open in your life and that’s worse than failing.
As a new entrepreneurs in the industry making decisions pertaining the possibility of amalgamating with another company. In the same field is the best way to grow however the stakes involved are much higher for tech startups. The operations can easily be ruined thanks to the hitching of the wagons to the passing fads.
While choosing a partnering company it is important to have clear policies so that they help you grow up easily (Cao et al 2012).
Every business faces this as a major drawback. To find the right employees for your business is quite a walk on thorns. Nevertheless if one can find talent and allow or rather water it germinates the better. Electronics require talents more than the knowledge of books. Most innovators are referred to as “gurus” or “geeks” having special interest (Heap, 2008).
Having addressed the fair key issues facing entrepreneurs in the industry the discussion that follow will look at the activities of entrepreneurs’ in the sector.
Through departments such as electronics and information technology, many governments are able to implement the schemes. The main aim of the multi-pronged departments is to help the higher institutions of learning in strengthening the technological incubation center and provide a platform for young entrepreneurs’ in the sector. He also plays an important role in helping them come up with startup companies for the commercialization and the exploitation of the technological development.
Other activities also include annual workshops organized to share ideas on new innovations of electronic appliances. The objectives being the promotional of products in an oriented research and their development.
They also encourage the acceleration and the development of the indigenous products and packages.
They also conduct activities that will bridge up the gap of advancement and that of commercialization. An additional entrepreneur training is facilitated. There is also a high urge being encouraged to promote high interaction between the industry and that of education. This will play a major role in ensuring that the employees’ challenges are addressed accordingly. In addition the education is aligned to the demands of the market that keep on growing day in day out (Nersesian, 2008).
The entrepreneurs also practice the electronic marketing strategies. They come up with individual or organizational activities that enable them to facilitate in addition to expedite the satisfaction of exchange relationships in a dynamic surrounding. Thus is through the promotion after creation and distribution of the eventual pricing of the goods, ideas as well as the services.
Factors influencing the probability of new venture success in the electronic industry
There is comprehensive analysis that ascertain the correction and qualitative measures of success in the e-business firms .Computer and office equipment .As days go by the is need for innovation .The main question being is the new business venture a new idea or an improvement of business I dear that has been existing ( Cornelisen, 2013).
Another factor influencing the probability of a new venture is the question of value .If there is substantial demand for the product, and then the business should be able to came up with ways to meet and maintain the demand that will help the profit margin
The reliance of steering the business because there will be always the demand of new electronic appliances .Therefore the source should be significant enough to meet the high demand most importantly for future generations that will demand more sophisticated appliances thus
Need to preserve the scarcity in the economy.
Conclusion
Conclusively, the electronic business is one venture that one will never go wrong if the steps are taken and maintained overtime. Each day everyone is improving their homes thus many will try to add more electronic goods. From entertainment units to lighting systems that can be sold. Companies are trying to come up with new ideas of how systems can be implemented not only taka a small space but be more powerful than its predecessors. Thus consumers will be on the forefront of providing information on how certain product has to be designed thus making changes on the demand across the market.
Having mentioned that the entrepreneurs in the business can earn legitimate revenue, if the focus is high, they also need marketing strategy that analyzes the situation in this case where the business is set. They also need to look into their objective and how they would want to achieve the set objectives. Tactics to maneuver the strong waves of competition (Lizmayer, 2013)
References
Boyer, Kenneth Karel, and RohitVerma. Operations & Supply Chain Management for the 21st Century. Mason, OH: South-Western, 2010.
Cao, M., & Zhang, Q. Supply chain collaboration: Roles of inter organizational systems, trust, and collaborative culture. London: Springer, 2013.
Cornelissen, J. Corporate communication: A guide to theory and practice. Sage,2014 .Cousins, P. D., Lawson, B., & Squire, B. Supply chain management theory and practice: The emergence of an academic discipline?. Bradford, England: Emerald Group Pub 2012.
Heap, P. C. Globalization and summit reform: An experiment in international governance. New York: Springer,2008.
Kamauff, J. W. Manager’s Guide to Operations Management. New York: McGraw-Hill, 2010Lashinsky, A.. Inside Apple: How America’s most admired-and secretive-company really works. New York: Business Plus, 2012.
Latif, M., Jaskani, J. H., Ilyas, T., Babar, Z. K., &Gulzar, H. Issues faced by Apple Inc in smart phones industry. International Journal of Accounting and Financial Reporting, 4(2), Pages-50,2014.
Linzmayer, O. W. Apple Confidential 2.0: The definitive history of the world’s most colorful company. San Francisco, Calif: No Starch Press, 2014.
Nersesian, R. L. Trends and tools for operations management: An updated guide for executives and managers. Westport, Conn: Quorum Books, 2008.
Yang, Hailan, and Stephen L. Morgan. Business Strategy and Corporate Governance in the Chinese Consumer Electronics Sector. Oxford: Chandos Pub., 2011. Print.
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