New Venture Challenge (NVC), Term Paper Example

Reflecting on the NVC content

The ideas presented to the group at the beginning of the NVC were challenging and yet holistic. In that, they prompted each member to think critically about their effectiveness to the venture and conduct in-depth research to gain more knowledge (Anwar and Daniel 2016). Our proposal entails Connect 2 Health, which holistically provides brings together health, fitness users, and professionals using the easy-to-use application. At first, the idea of utilizing an application to bring all health providers, users, and health together as well as ensure health accessibility and quality of care seemed impossible as it presented various challenges (Hills and Hultman 2011, p. 6). The main weaknesses and threats presented by the application are that the health market is at the stiff competition, therefore, requiring the app to present uniqueness and at the same time, demonstrate easy application by users. Moreover, handling individuals’ sensitive health and financial information safely needs the utilization of specialized systems and ensure that the venture verifies all service providers and their credentials. Besides, the team faced the challenge of identifying an experienced software developer to help with the installation (Fiore et al. 2013, p. 63). Lastly, the lack of adequate financial capabilities to onset the company and marketing plans significantly halted the business proposal.

Regardless of the challenges faced, I feel that the Connect 2 Health through the easy-to-use application is a valid idea. Today, technology is dominating the health industry as individuals are moving to the telehealth method of consultation, diagnosis, and treatment. Therefore, the use of this application will help connect patients with health care and insurance providers (Donnelly et al. 2012). Some of the supporting benefits include the ability of the app to allow users to group and share costs and arrange consultation sessions that are convenient to their time and location (Jones, Sethna, and Solé 2013). In this way, users are in a position to match their needs that may include fitness training, health, or wellness, thereby encouraging the users to commit to small groups for regular meetings. Therefore, the easy-to-use application facilitates user requirements to be tailored for particular training sessions.

I fully support this idea because it brings health services to the doorstep of a user. For instance, experts offering these services will benefit since they can charge their services hourly. More so, the app helps to increase service demand and awareness as the customer base is not limited by geographical locations (Hills and Hultman 2013, p. 440). Customers, on the other hand, benefit from an increase in service affordability and low costs. The idea selected by the team provides an opportunity for customers to access group meetings virtually, which ranges from kickboxing, yoga, nutrition seminars, to health consultation all at the comfort and privacy of the users (Jones and Rowley 2011, p. 31). Considering the strengths and weaknesses presented, I rate this proposal as strongly viable especially with the current trends in healthcare today.

The main challenge that the team encountered while transitioning from the initial proposal to the final presentation is the lack of understanding of the specifics of the Connect 2 Health idea. The idea requires technical skills, software, and adherence to mandatory privacy health laws. Therefore, this required the team to conduct extensive research (Didonet et al. 2012). Often, each member came up with numerous ideas making it difficult to settle on one holistic idea. The aspect that was convincing of the final proposal is the knowledge of the fitness health sector and creativity that comes with the design and marketing of the app. Also, the team demonstrated high leadership capacity and skills for a business proposal. This perspective demonstrates the need to provide gym services through an online platform to reach people at a wide-range (Fillis 2010). While the main weakness of the final presentation was a demonstration of a lack of rationality since not all members comprehended the full spectrum of the new venture.

In my observation, the team adequately covered all major aspects of the new venture, especially regarding its installation, usability, and benefit to all users. Having completed this, I believe the venture can be holistically pursued, given the fact that online services are far-reaching, create awareness, and sell fast.

Reflecting on the NVC process

During the NVC process, the team members presented major strengths and weaknesses

Strengths

One of the major strengths demonstrated by the team members is developing learning agility and portraying effective communication skills throughout the process. Each member was a quick learner because of the extensive research conducted in developing the new venture (Maritz 2011). Despite the challenges faced, members adjusted themselves to changes and new circumstances, such as researching new ideas presented by other team members (Fillis 2010). More so, team members demonstrated outstanding communication skills that played a key role in navigating through the ideas to reach a holistic outcome.

Another key aspect that helped in delivering the final proposal is that the members were determined and self-motivated to this proposal through its final stage. Considering that few members had little knowledge about the Connect 2 health idea, members did a commendable job to take it upon themselves to conduct extensive research, gain knowledge, and provide new ideas that shaped the final proposal (Kurgun et al. 2011, p.347). Instead of giving up and wasting time on challenges faced, the team was determined and self-motivated to resolve the difficulties by outlining ways in which the proposal can be pursued (Didonet et al. 2012). More so, all members were team players, hardworking, and demonstrated intelligence throughout the NVC process.

Weaknesses

During the presentation of the final proposal, some of the team members were not calm and thus lost confidence due to pressure. Also, the team was faced with the challenge of punctuality and perfectionism since we wanted our proposal to stand-out among other proposals. Taking on a new venture project requires team members to portray their best ideas. As a result, they get caught in a vicious cycle to demonstrate perfectionism, which often caused the members not to be punctual in delivering presentations or ideas (Morrish, Miles, and Deacon 2010, p. 310). More so, the lack of work delegation caused members to produce repetitive ideas or show of similar works, which resulted in wasting time in analyzing similar ideas. I have learned that delegating, allowing other team members to complete their assignments is an effective approach to teamwork, and in moving forward in group activities and classwork, it is important to give room for growth and excel for the entire team.

In my observation, the team members worked together, excellently, and collaboratively throughout the NVC process. For instance, team members collaboratively researched how much personal training instructors, yoga personnel are paid hourly in the U.K., and how the Connect 2 Health can improve these services. Findings showed that a gap exists for individuals demanding these services, but are not in a position to access or pay full costs. More so, individuals want to acquire fitness but do not know where to begin or how to go about it (Didonet et al. 2012). Therefore, Connect 2 Health through easy-to-use app provides a solution and fills this gap in the market. This analysis demonstrates holistic work conducted by team members and display of their intelligence in providing solutions to existing challenges.

Furthermore, team performance has significantly improved for the past two weeks, especially due to increased interactions, familiarity with the subject, and understanding of the proposal. Members are scheduling for additional time for group discussion to facilitate a holistic analysis of ideas and understand the concepts of marketing, financial needs, and management protocols as well as rules and regulations.  Therefore, the overall team performance during the NVC was excellent, productive, and collaborative (Schindehutte, and Morris 2010, p. 75). Members worked well, especially in areas of research, communication of ideas, and demonstration in practice of how the app can benefit many users. One of the areas that the team could improve is on personal presentation skills of the project (Kolabi et al. 2010, p. 10). I realized that having the concepts and ideas is not enough, as it requires excellent presentation to sell the ideas and enable the listeners to understand the concepts as well as their viability in today’s health industry.

Reflecting on your learning.

The NVC is not what I had in mind. Going into the specifics of the initial and final proposals enabled me to understand the challenges entrepreneurs experience while starting up a business. It entails holistically analyzing all factors that concern the idea, especially the gap it fills in the market, weaknesses, strengths, and viability in the industry. NVC is different in that it allowed me to look at the business proposal from different perspectives other than merely diving in with the one idea I had in mind (Kotler et al. 2019). Moreover, through teamwork, it helped me understand other concepts such as marketing plan, financial needs, and management plan required to onset a business. This experience has enabled me to practice and develop useful entrepreneurial skills and at the same time exposing myself to realistic entrepreneurial challenges.

The most important learning experience that I have learned personally is to conduct extensive research work before starting up a business and the importance of working together with like-minded team members with similar goals (Dufays and Huybrechts 2014, p. 222). Taking on a business idea to the next level requires full comprehension of concepts and theories surrounding the business idea and the market industry (Tidd and Bessant 2018). As such, working together with other members has enabled me to learn that devotion, collaboration, and effective communication skills can bring an idea into reality. Moreover, looking at the personal profile I developed at the beginning of the NVC, I think I would add on the skills that contribute to successful teamwork by adding the need for effective communication and the portray of hard work and intelligence.

Some of the skills I have developed during the NVC process are skillful presentation, leadership, and punctuality. These three skills are the difference between developing an idea and actualizing it (Anderson, Dodd, and Jack 2012). Moreover, I have learned a lot from the previous blocks of this course. For instance, in block one, I learn the importance of connecting innovation and entrepreneurship. In this case, our Connect 2 Health idea is innovative, but we need to connect this business variable to entrepreneurship (Malecki 2011, p. 50). Therefore, it entails understanding the different dynamics of leadership, management, and drafting of the business plan. Entrepreneur skills include ambition, perseverance, and courage in taking risks, the ability to listen, willingness to learn, and creativity (Berkhout, Hartmann, and Trott 2010, p. 480). Mastering these skills propels the idea into a successful business enterprise.

References

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Didonet, S., Simmons, G., Díaz‐Villavicencio, G. and Palmer, M., 2012. The relationship between small business market orientation and environmental uncertainty. Marketing Intelligence & Planning.

Donnelly, C., Simmons, G., Armstrong, G. and Fearne, A., 2012. Marketing planning and digital customer loyalty data in small business. Marketing Intelligence & Planning.

Dufays, F. and Huybrechts, B., 2014. Connecting the dots for social value: A review on social networks and social entrepreneurship. Journal of Social Entrepreneurship5(2), pp.214-237.

Fillis, I., 2010. The art of the entrepreneurial marketer. Journal of Research in Marketing and Entrepreneurship.

Fiore, A.M., Niehm, L.S., Hurst, J.L., Son, J. and Sadachar, A., 2013. Entrepreneurial marketing: Scale validation with small, independently-owned businesses. Journal of Marketing Development and Competitiveness7(4), p.63.

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Jones, R., Sethna, Z. and Solé, M., 2013. Entrepreneurial marketing: conceptual exploration and link to performance. Journal of Research in Marketing and Entrepreneurship.

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