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New Venture Creation

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Introduction of a New Venture Creation Our aim- to engage with SimVenture; a business simulation that allowed us to build and sell computers through our virtual company named ‘Genesis’. The formation and running of our virtual company integrated us with new venture creation and about being an entrepreneur. It reinforced concepts previously presented in our course lectures and engaged us in a competitive and volatile business environment. SimVenture ran for three virtual years with five members on its team- each with a different role in the company. [pic] Home Screen for Genesis on SimVenture This report accounts for the working and performance of Genesis in financial and operational terms with the key decisions taken in …show more content…

Another key decision taken was that the entrepreneur was made to work full time and quit his previous job (as long as his income was not less than that at his previous job as this could be a dissatisfactory factor), so that he could concentrate more on Genesis and make it his primary source of income. (Wikipedia, Joseph Schumpeter) Workforce of Genesis [pic] The third limb of organisation was resources. Before incurring any shortage of storage space, Genesis was relocated onto bigger and more favourable premises with 1000 square feet of space, gaining a better image within the first year coupled with enhancement of our customer pool. We continued to purchase tools, office equipment, furniture, and transport so that the employee to resource ratio was not distorted to lower productivity. Finally, maintenance, cleaning and IT support were also contracted out, creating a sound structural base for Genesis and saving time on trivial matters. [pic] Relocated Premises of Genesis Financial Aspect of Genesis This section will critically evaluate the financial performance of Genesis and will be an explanation of the available financial data on the business. [pic] First and foremost, we needed our monetary sources mapped out to overcome the financing gap many small firms face. The £10000 of savings of the entrepreneur was taken as the start-up capital to finance

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