Entrepreneurship and Innovation in a Business Venture: Bestway Ventures

This report analyzes the innovation and entrepreneurship strategies followed within the selected business “Bestway Ventures”. It explains the venture description of the selected company along with its legal structure, marketing plan, competitor and financial analysis of “Bestway Ventures”.

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Entrepreneurship and Innovation in a Business Venture: Bestway Ventures
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1ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
Executive Summary
“Bestway Ventures” is positioned as an enterprise which deals with the channels of
deforestation, plastic waste management, global warming along with unemployment among the
youth. The report will be focused on explaining the venture description of the selected company
along with its legal structure. From the competitor analysis of the “Bestway Ventures” it has
been gathered that the concrete post manufactures offer an increased competition within the
posts product line due to the reason that the concrete posts are increasingly renowned within the
market. “Bestway Ventures” business intends to attain its business finding through the process of
venture capital. Moreover, the business venture can also deal with threat in case it does not
practice suitable waste management practices through maintaining effective corporate social
responsibility. This can also promote the company’s reputation within the society along with
generating better goodwill.

2ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
Table of Contents
1. Introduction......................................................................................................................3
2. Venture Description.........................................................................................................3
3. Management....................................................................................................................4
4. Marketing Plan.................................................................................................................5
5. Competitor Analysis........................................................................................................7
6. Financial Analysis...........................................................................................................9
7. Risks and Challenges.......................................................................................................9
8. Conclusion.....................................................................................................................11
References..........................................................................................................................12

3ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
1. Introduction
Innovation and entrepreneurship management in the ventures facilitate the companies in
responding suitably to the internal or external opportunities through employing increased
creativity to implement new ideas, processes or products (Abhyankar 2014). The major objective
of sustainability maintainice by a venture is focused on implementing better financial, competitor
and marketing management. The objective of the paper is to analyze the innovation and
entrepreneurship strategies followed within the selected business “Bestway Ventures”.
Moreover, in the plan of the current paper is to explain the plan related to venture capitalist. The
report will be focused on explaining the venture description of the selected company along with
its legal structure. Marketing plan of the selected company will also be explained along with
carrying out competitor and financial analysis of “Bestway Ventures”. Risks and challenges
faced by this venture will be explained along with describing the ways in which suitable
rationale can be provided for addressing the issues faced by the organization.
2. Venture Description
The venture that is selected in this report is “Bestway Ventures” and the selection of this
name suggests that the venture is indicating its consumers the best manner to follow. The
mission of this business is focused on conserving the environment by means of re-using the
plastics in order to offer affordable life-changing goods for all the target consumers (Barki et al.
2015). Such mission indicates the business purpose of the venture and the manner in which it
achieves the same. The vision statement of the company is to position itself as a leader through
reusing the plastic in safeguarding the environment. Such vision of the company indicates the
future aspirations of the venture. It is also gathered that the slogan of “Bestway Ventures” is

4ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
“Innovation for a greener future”. This slogan of the company serves as an effective marketing
tool which signifies the consumers the aspects in which the business believes in. The company is
focused on environmental concerns in order to influence consumer product design through
considering re-use of plastic within their business (Kuratko 2016). The major objective of the
company’s business is to recycle its own plastic goods into new products till the end of its useful
life through bringing the customer within its product supply chain.
3. Management
“Bestway Ventures” is positioned as an enterprise which deals with the channels of
deforestation, plastic waste management, global warming along with unemployment among the
youth. The management is considered regarding recycling waste plastic to manufacture
sustainable along with environment friendly products for the private as well as commercial use
(Manzani, Sidmou and Cegarra 2017). The company’s management ensures the same through
implementing technology, high-level expertise, constant innovation along with readily available
raw materials. “Bestway Ventures” management team includes the following members:
 General manager- The individual will be responsible to be a leader of the overall
management team. The general manager of the company is considered to be the senior
manager within the venture and for this reason the managers will be reporting to the
concerned person. The person than reports to the investors and shareholders of the
venture (Maravilhas, Melo and Oliveira 2018).
 Human Resource Manager- The individual is considered to be in-charge of the human
resource within the venture. The human resource manager will be in charge of appraising,
recruiting along with training employees.

5ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
 Production Manager- The individual belonging to the management team of the
company is responsible for being in charge of the manufacturing unit. The production
manager is positioned as head of the manufacturing department. All the employees within
the reduction unit will report to the concerned person (Mosey and Noke 2017). The
production manager will have the responsibility of developing production schedule along
with making sure that its offerings meet the desired target.
 Finance Manager- The finance manager is positioned as the custodian of the business
venture’s finances. The concerned person will be responsible for being the budget
controller along with an investment analyst. The roles and responsibilities of the finance
manager within the company’s management team will be preparing yearly financial
reports, fund allocation to various departments long with controlling expenses related to
operation within the department (Pisano 2015).
 Marketing Manager- The marketing manager will be in charge of the marketing
department. The concerned person will serve as the leader of the company’s marketing
team. The manager will also be responsible in making sure that the business venture’s
reputation and brand is well-built within the marketplace. This also makes certain that the
marketing department attains the estimated sales target.
4. Marketing Plan
“Bestway Ventures” intends to implement an effective marketing plan and strategies in
order to maintain its sustainable position within the competitive marketplace (Poblete 2018). For
the reason that there is existence of new products within the market an increased product
awareness will be ensured by the company’s marketing plan. For this reason, “Bestway
Ventures” business will employ the following market penetration-based marketing techniques:

6ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
 Competitive pricing
 Multimedia adverting
 Providing discounts to all the bulk buyers
 Offering durability warrant to the buyers
 Free installation and delivery of products
 Developing effective online selling portals
In the marjting plan of the company, multimedia advertising acts as a combination of
different types of advertising media that includes televisions, radios, newspapers, magazines as
well as social media advertising among others (Sokol 2017). Within the adverts a demonstration
regarding the ways in which all the products of the company can be employed that can be
included in order to generate better consumer experience. Such type of advertising is deemed to
be suitable for “Bestway Ventures” as it has wider reach among the target audiences irrespective
of their social class. For this reason, it is anticipated that this advertising strategy can facilitate in
generating an increased number of consumers.
Another marketing strategy implemented by “Bestway Ventures” is competitive pricing
plan that can serve as a way of attaining competitive edge over competitors those deal with the
substitute goods (Stayton and Mangematin 2016). This pricing strategy is intended to attract
consumers to the business venture’s goods through proofing the affordability. The marjrting plan
of the company is focused on encouraging its consumers to purchase more along with attracting
large businesses as well as institutions. For ensuring the same, the advertising strategy of
“Bestway Ventures” is to make purchase of more than 100 units those will be offered a discount.

7ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
Durability warranty is another marketing strategy used by the company in order to
develop consumer confidence within its goods. Free installation and delivery offered by
“Bestway Ventures” as an after sales service as an effective marketing plan. This can facilitate
the business in developing consumer relationship along with attracting increased consumer
loyalty. Online selling portal advertisement strategy of “Bestway Ventures” is effective in
facilitating increased selling of organization’s products to the customers outside the Australia
(Zeyen, Beckmann and Akhavan 2014). These will also offer a detailed explanation of the
product long with offering an online shopping cart. The marketing plan of the company is
focused on developing an effective supply chain strategy in which the company’s
implementation of two distribution channels will improve a broader market penetration. For
enhancing the marketing effectiveness of “Bestway Ventures”, the company considers direct
selling to the consumers and the market is properly maintained and the distributors will be
appointed in distinct areas of their target nations.
5. Competitor Analysis
“Bestway Ventures” has three major competitors those are known to offer substitute
goods within the marketplace. These companies are:
 Concrete post manufacturers
 Timber post sellers
 Steel companies those provide competition in both the gate board as well as signage
products
From the competitor analysis of the “Bestway Ventures” it has been gathered that the
concrete post manufactures offer an increased competition within the posts product line due to

8ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
the reason that the concrete posts are increasingly renowned within the market (Zeyen,
Beckmann and Akhavan 2014). In addition, there are deemed to be harder but these are observed
to be greatly expensive. The plastic posts are observed to surpass the ones these are concrete due
to the reason that this offer durability long with being less expensive.
Timber posts ae observed to provide very less competition to the business venture for the
reason that they are not that durable along with the fact that logging is increasingly regulated by
the government. The steel organizations are observed to provide an increased competitive threat
to the organization due to the fact that their offerings those include gate boards and road signs
are durable as well as are preferred by several individuals as they have been in use over a long
duration (Stayton and Mangematin 2016). Conversely, these tend to have two major drawbacks
that includes the cost along with vandalism. The competitive price as well as vandalism-based
immunity in developing the plastic road signs will offer the company with increased competitive
advantages.
Competitor analysis conducted for “Bestway Ventures” revealed that the competitor
companies indicated above the plastic sig board companies are prioterising to remain lean and re
making an increased investment in order to maintain a decreased installation cost. The plastic
signs made by these competitor companies is observed to withstand the harsh outdoor conditions
with decreased fading, degradation and cracking. The signboards made by the steel companies
are also observed to impose a tough competition as their displays are durable and can also endure
stress of heavy usage devoid of damage or losing their clear look (Stayton and Mangematin
2016). However, “Bestway Ventures” has competitive advantage over these diversified business
rivals in the market as the company’s plastic sign board experts facilitate the makers of exhibits,
signs along with displaying confront increased value-added services encompassing fabrication,

9ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
thermoforming, routing and film conversion. Moreover, the company has competitive advantage
in the market through offering eco-friendly options to all its demanding consumers along with
reused plastic printable substrate for the recent year’s sophisticated equipment’s.
6. Financial Analysis
“Bestway Ventures” business intends to attain its business finding through the process of
venture capital. This financing source is selected for the business for the reason that being a
venture capitalist the company looks for technology-based businesses along with observing high
growth potentials (Frese, Rousseau and Wiklund 2014). For the new business “Bestway
Ventures” has considered to invest around USD 20 million in a reusable plastic signboard
manufacturing business.
7. Risks and Challenges
“Bestway Ventures” business is likely to deal with certain risks and challenges in the
form of facing risks and threats to its sustainable position in the market. These risks and threats
are indicated below:
 Unreliable distributors
 Threat of new entrants
 Unreliable raw material suppliers
 Malfunction of the manufacturing plant
 Poor employee performance risk
 Lengthy shipping processes to the international market consumers

10ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
Suppliers are likely to pose a threat or risk to the business venture in case they fail to deliver
the raw materials to the company in the right time or in a situation they are offering low quality
raw materials (Becker, Knyphausen–Aufseß and Brem 2015). The venture’s management is
deemed to deal with the risks through getting involved with the binding contract with all its
suppliers and paying its suppliers only after delivery as well as verification of the product
quality. Such risks related with the improper supplier management can also be controlled by
“Bestway Ventures” through maintaining contact with several suppliers and holding constant
suppler development initiatives those are intended to board suitably with all the suppliers.
Another threat that can be faced by the business can take place in case the distributors fail to pay
or delay the payment for all the delivered goods (Chemmanur, Loutskina and Tian 2014). In
order to deal with such risk, the venture management can develop a policy which necessitates all
its distributors to pay for its goods at the time the consumers are placing the order.
Another risk that can be faced by “Bestway Ventures” is that the manufacturing plant might
malfunction because of several technical errors those might result in degraded quality goods
(Garg and Eisenhardt 2017). Conversely, the company can deal with such threat through carrying
out regular production plant maintainice programs. The venture business also needs to make sure
that it sustains a strong brand along with better consumer relationship management process so
that the business can safeguard itself from any new entrant. One more threat that is deemed to be
faced by “Bestway Ventures” is regarding its human resource performance within the business
operations. This is for the reason that the employees might deliberately hamper the business
operations because of increased consumer dissatisfaction.
The business can decrease or mitigate such risks through carrying out continuous training
and development programs, rewarding the existing employees along with paying them in a fair

11ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
manner (de Mol, Khapova and Elfring 2015). Moreover, the business venture can also deal with
threat in case it does not practice suitable waste management practices through maintaining
effective corporate social responsibility. Such risks can be decreased by “Bestway Ventures”
business through offering regular training to its employees on proper waste management. This
can also promote the company’s reputation within the society along with generating better
goodwill.
8. Conclusion
The objective of the paper was to analyze the innovation and entrepreneurship strategies
followed within the selected business “Bestway Ventures”. Moreover, in the plan of the current
paper was to explain the plan related to venture capitalist. It is gathered from the report that the
company’s management ensures the same through implementing technology, high-level
expertise, constant innovation along with readily available raw materials. In addition, it has also
been gathered that multimedia type of advertising is deemed to be suitable for “Bestway
Ventures” as it has wider reach among the target audiences irrespective of their social class.
From the competitor analysis of the “Bestway Ventures” it has been gathered that the concrete
post manufacturers offer an increased competition within the posts product line. Moreover, the
paper revealed that the risks related with the improper supplier management can also be
controlled by “Bestway Ventures” through maintaining contact with several suppliers.

12ENTREPRENEURSHIP AND INNOVATION IN BESTWAY VENTURES
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