Managing Time And People Commerce Essay

Managing Time And People Commerce EssayPlanning is demand in creating a new venture. This task remains princip totallyy on the entrepreneur starting the melody. A genuine entrepreneur needs to dumbfound a variety of skills in order to be successful. SimVenture which is a channel enterprise enterprise fashion get game, is a good way of practising these skills. Indeed, teaching entrepreneurial and argument skills is one of the main purposes of SimVenture, by allowing the users to create and run their stimulate virtual(prenominal) comp some(prenominal). SimVenture also gives the opportunity to learn how to take efficient decisions in all the different sectors of a argument including marketing, human resources, operations, finance, and more.As a business administration student and perhaps future entrepreneur, it is fundamental to understand how to successfully operate a caller-out and to practice and deal with diverse skills. I commit intentional umteen lessons by uti lize that simulation and many of these result definitely be useful in my future spirit and enhance my feelledge and personal development. Three of the main that I throw learned are how to divvy up time and people, how to develop a business model, and how to query and analyse the market.Managing time and peopleFirstly, managing time and people has been a crucial lesson that I clear learned using SimVenture. An entrepreneurs about grave and most difficult job is to manage these two constituents.The first component of the business that has to be advantageously managed is people. Starting a business is non only a one person deal, in the contrary, well highly-developed and directed teams are behind most of the most successful business start-up. Indeed, developing strong entrepreneurial teams are key to a well functioning venture. It is the entrepreneurs task to find individuals that open fire offer knowledge, experience, skills, and, thus, add up a to the social capital of t heir company. Furthermore, once the good ones are chosen, employees have to be motivated, leaded, inspired, and encouraged in order to be efficient and to add their commitment to the company. With SimVenture, I have learned that this process is crucial for a business, because choosing inefficient or unsuit competent employees shag increase remarkably its costs. Also, the simulation taught me that non only choosing the trounce candidate is important, but especially braggy them the job position in concordance with what they are the best in.The game component of the venture that has to be greatly managed is time. Effectiveness, productivity, and efficiency, are aspects that can be excessively increased if time is managed correctly. Especially during the business start-up process, at all step of it, time should be spent on elements that are unfeignedly relevant for the creation of the company. SimVenture clearly showed that time can really be an issue in a company as time preca ution was one on the main problems that my team and I had while using the simulation. Sometimes employees were spending time idle, and some other times, they were not able to finish their task due to lack of time. In the future, I will know that time is the component of a business that is probably the most requirement to be well managed in order to be successful.ontogenesis a business modelSecondly, creating a business model has been an essential lesson that I have learned with SimVenture. Building a business model can be a very long and difficult process, because it is a complex, precise, and specific task. However, it is indispensable for a new venture to develop an utile one because it is the heart of a company. Management writer Joan Magretta defined a business model as the story that explains how an enterprise works (Casadesus-Masanell and Ricart, 2011). organism part of a business scheme, a business model is employ to represent core aspects of a venture. A business model c an be separated in five main evidentions.The first discussion section is understanding the customers and their acquire decision. A customer in a purchase decision process will pass through some stages forrader buying a product or service. He will explore information, seek comfort, evaluate alternative, and assess value before devising any decision. exploitation the simulation, I learned that understanding the customers that are in the score market can greatly benefit the company in making products in concordance with their needs. Also, through SimVenture, I realized that customers are the wheels of the business and that it is primordial to invent decisions in relation to them.The second shoot a line of a business model is the value proposition, or the benefits that customers gain. It is very important for a company to understand and be aware of what their customers gain and benefit from their products or services. Developing a value proposition relies on analysing qualit ative and quantifiable aspects and finding a way to be different from competitors by conditioned who they are and what they do. The value proposition is used to attract customers and ensure the companys fiscal healthiness.The third part of a business model is the architecture of the business. That feature describes the structure and the organisation of the company. It also defines how the venture creates and distributes its products and services. The business architecture discusses whether on that point is a market or not for what the company is selling, by analysing the outside environment such as geography. All these different components are bunk together to create value for the customers. Using SimVenture, it was a challenge to make efficient decisions because all the features of the business and the lay market were to be taken in account.The fourth section is the revenue model of the business. Its goal is for the company to find a profitable way to deliver great value to their customers and satisfying their needs. In other words, by doing better than its competitors, the venture has to manage its costs and expenses in order to increase its return on investments. price is also an important aspect of that stage, indeed the price should be quick-frozen so that it is high enough to make profit but not too high for the sales to decrease. Furthermore, the company has to decide which revenue machine will be adopted and how the benefits will be delivered to their customers. SimVenture taught me that it is essential to have a great knowledge of our costs and expenses in order to groom the price of the product at a profitable level.The fifth feature of the business model is the strategic direction. The strategic direction is how the organization strategy will be achieve and which actions will be in place to do so. It demonstrate the position that the venture is planning to take everyplace its competitors in a long name view. It is also a project of whe re the business wants to be in a certain amount of years. Using SimVenture, I have learned that the strategic plan of the business is unceasingly to be kept in mind if you want the long term objectives to be achieved. In the simulation, I would have do different decisions than my team. In my opinion, we were thinking too much about the present month and not enough of the future of the venture.Researching and analysing the marketThirdly, look intoing and analysing the market has been a crucial lesson that I have learned with SimVenture. The market analysis is essential to be make at the starting point of every new venture. It allows the entrepreneur to know more about the global environment of its business. The market analysis is passing important because it helps define the nature of the business and the remainder of the plan. Similarly, the more a start-up understands the needs of its target market, the more it can match its product attributes to those needs (Barringer, 2009) . Indeed, the venture will have to segment the market and select a target market.The market segmentation is the process of dividing a market into distinct subsets (or segments) that behave in the same way or have equivalent needs (Barringer, 2009). As the market segmentation was already done in SimVenture, nothing was learned from that section.Before selecting a target market, the company should research and study the size and the trends of the different market segments. This is critical because a good selection will allow the business to be successful in terms of profit and sales growth. With SimVenture, I have learned that selecting the best market segment is one of the most important things, because if you dont make a good selection, keeping a financially healthy company can be problematic in the future. I had difficulty selecting the appropriate target market for the business. Therefore, what I have learned from that for the future is that a deeper research and analysis of the market and of the segments should be done in order to make the best decision possible.ConclusionTo conclude, through SimVenture, I have learned many important lessons including managing time and people, creating a business model, and researching and analysing the market. The simulation made me aware that a business can face many difficulties and that the entrepreneur needs the knowledge and the ability to make the best decision fit to any situations that can occur. Running my own business for a some weeks has definitely helped me in my personal development, because I would now feel more confident and experienced if, in the future, I would decide to start my own company.