Open Mind Developments: Identifying & Utilizing External Resources

This report identifies and analyzes the external resources available to Open Mind Developments, a British Columbia-based organization focused on developing and manufacturing plant-based sustainable products. It explores financial, physical, human (including networking), technological, reputational, organizational resources, and time, assessing the value each brings to the business. The report discusses how utilizing these resources can improve performance and profitability. It also addresses issues related to leadership and motivation within the new venture team, such as communication gaps, coordination challenges, conflicts, and lack of punctuality and transparency. The report further examines viable and non-viable opportunities associated with resource utilization, including the appeal of eco-friendly products and difficulties in attracting investors. Ultimately, it highlights the importance of effective resource management and leadership in achieving entrepreneurial success.

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Open Mind Developments
Entrepreneurship and new business creation
9/15/2019

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Executive Summary
The report is prepared so that the external resources of the company can be identified and their
vale benefit to the company can be ascertained. Financial resources of the company include the
bank depositors, cash and liquid financial investments, etc. The company not only improves its
performance but also can increase the profitability with the help of the resources which was
explained in this report. There are some issues has been found in the new venture team related to
the motivation and leadership which is also stated in this report such as lack of communication in
the company, less coordination of the different departments, more conflicts, less punctuality, less
efficiency, and transparency, etc.

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Contents
Introduction......................................................................................................................................3
Search and identification of external resources...............................................................................3
The value benefit to the business in utilizing these resources.........................................................5
Optimal integration into the business and timing of the potential use of the external resources....6
Issues relating to leadership and motivation of a new venture team as an entrepreneur.................7
Conclusion and Recommendation...................................................................................................7
References........................................................................................................................................9

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Introduction
Open Mind Development is the British Columbia organization which develops and manufactures
the Plastic. The company generally makes plant-based sustainable products. The company does
not offer a variety of range of the products to their customers and even does not charges the high
prices for the products (Felfe and Schyns, 2014). The purpose of this report is to analyses the
external business opportunities so that value benefited from these resources can be created. The
new business venture is created so there are many internal and the external factors which affect
the business which will be stated in this report. The entrepreneurial opportunity of this new
business Green is that they are collaborating with the OMD so that more profits can be earned by
them. This company is the sustainable innovation industry which is integrated into the new ideas
and considers social, financial and environmental things majorly.
Search and identification of external resources
Financial resources: The companies have some financial incentives and tax benefits as the
financial resources as the Green is engaged in the ecofriendly products. For the daily operations
of the company cash is required at a higher level. The financial status of the company is not
stable so business is at the risk (Fan, et al., 2014). Financial resources of the company include
bank deposits, cash, and liquid financial investments, etc. If the company wants to get some
more cash then they collect it from the financial institutions and the banks as they easily provide
the loans to the sustainable innovation company and also promote their product to enhance the
market. The financial resources are needed in the company so that business operations can be
done more effectively. In the company the money is available in the form of the liquid securities,
cash and credit lines. The business needs enough cash to operate the daily functions and to
evaluate the working capital financing (Speak man, 2017).
Physical resources: To operate the business functions there are some physical resources which
are required by the company such as a table, chair, pen, laptop, etc. (Parmatteo, 2019). These
resources are important to available in the company so that the value of the functions can be
created. The physical resources for the new ventures which are required are the office furniture,
materials, manufacturing equipment’s, buildings, etc. These resources are the tangible resources

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which are contained in the company so that the business operation scan is carried out effectively.
These resources are made by the men who are easier and quicker to use such as chairs, desks,
rooms, floors, etc. (Think Reusable, 2019).
Human resources (including networking): Human resources mean the skills and the
knowledge which the person has while operating the business functions. Human resources are
also the human capital which is used in the companies. These resources are needed in the
company to deal with the employee-related issue such as benefits, compensation, hiring
recruiting, training, organizational culture, etc. The employees are also needed in the company
who know how to operate the updated technology networks effectively. Human resources also
mean the workforce of the organization which helps in developing the more different products
which are ecofriendly and more reliable. The use of cell phones and computers are also done at
human networking (Kraja and Osmani, 2015).
Technological resources: As the market has become very dynamic so to earn more profits the
company also needs high updated technologies. In the new venture of the Green, the hardware
and software technologies are needed so that product can be made more viable. There are many
technological resources are required in the company such as digital cameras, whiteboards,
scanners, etc. (Gumusluoğlu and Ilsev, 2019). The effective machine and the electronic tools are
required in the company so that the effective eco-friendly product can be developed.
Technological resources are also essential to run the business operations effectively and to
increase the profit of the new venture. This resource not only saves the tie of the person but also
give effective responses which help in improving the financial conditions of the company. With
the help of the technological infrastructure of the company the efficiency, culture and the
relationship of the business get affected.
Reputation: The reputation of the company in the market is very good. The company is making
the product which is eco-friendly and not harming any person or the environment so their brand
image at the market position is very effective. The company was making the product with the
flaw straw waste which was free from any harmful radiation so it was having a good impact on
the customers. The reputation in the market for the products is very good as the customers prefer
those products which are less harmful and more innovative. The good reputation gives a good

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score to the product which helps in enhancing the more profit to the new venture. Good
reputation gives a good advantage to the company as it helps in distinguishing it with the
competitors and gives more trust to the customers (Lin and Wu, 2014).
Organizational resources: While making or producing any product the resources which are
available such as human resources, monetary resources, capital resources, raw materials, etc. are
the organizational resources. These resources are very important in the company for making an
effective plan and to provide transparency. These resources are used for the managers of the
company to accomplish the goals. This resource helps in providing better performances of the
company and helps in utilizing the resources in an effective manner. All the important
organizational resources are explained above, which helps in attaining the goals of the company.
Time: After evaluating all the resources it is important to manage, operate and access the
resources on a daily basis. Time plays an important role in external resources as all the resources
should be work on time then only the profit can be maximized. The resource has to be monitor
on the regular intervals. Not only has this but the plan had to change with the time so that new
changes can be to respond with the business environment (Kraja and Osmani, 2015).
Customers: This is the important external resources which play a major role in the company. If
the customers will like the products more than the more profit will be earned by the company.
But if the products made by the company are not that much effective and if it is not liked by the
customers then it creates the major problem (Murray, 2019). The customers of the company are
liking the product as the product is eco-friendly and less harmful. The company is offering
innovative products to the customers so they willing to spend to more ecological benefits.
The value benefit to the business in utilizing these resources
The company can get several benefits by utilizing these external resources. The company not
only improves its performance but also can increase its profitability. The company can maximize
their efficiency and operate their business functions more effectively (Oyston, 2014). With the
help of the financial resources the company can meet the needs of the cash and operate their
daily functions in a more effective manner. The company can never go with the lack of cash and
they can arrange many things in the company more effectively. By managing the proper cash in

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the company the operation and the activities of the business can be performed effectively. The
physical resources are also very helpful in the company as it provides the infrastructure materials
and the necessary things which are needed to operate the business functions more effectively
(Shamir, et al., 2013). With the help of the physical resources only the company can fulfill their
infrastructure requirements of the company such as by managing the furniture, blackboards, etc.
The proper human resources are also needed in the company as it benefiting in providing a
variety of products. If the employees of the companies are properly trained and have good skills
and knowledge then they can make any innovative products and can also use the updated
technology in an effective manner. In the new business venture the training is very effective as it
provides value to the company (Bond, et al., 2019). Technology resources are also very helpful
in adding the more creative innovation as the company is making the eco-friendly product so
they require higher technology so that they can make the products which are not harmful to the
human beings and for the environments. The reputation helps in adding more value to the
company.
Optimal integration into the business and timing of the potential use of the external
resources
The potential use of resources has some viable and non-viable opportunities for the company.
The viable opportunity for the company is that they are making the product which is eco-friendly
and not harming the environment so it will be demanded more by the customers. If the demand
for the product will be higher in the market then this venture will also create more profit. The
company also has the viable opportunity that they can give the social value so this brand product
will be recognized for the social thing (Vandenabeele 2014). The company also has the
opportunity of viability that they do not have to pay many taxes as the government gives some
exemptions on that product which are eco-friendly. The government will give monetary benefits
and rebates to the company. The company can also grant more subsidies and will contribute to an
effective environment. The company can also use the equipment’s which are energy efficient so
it will be more effective in cutting the cost of the production. The non-viability opportunity for
the company is that they have a new venture so it is difficult to find the investors. It is difficult to

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promote the new brand as the people do not know about the quality of the product (Bhasin,
2019).
Issues relating to leadership and motivation of a new venture team as an entrepreneur
In the new venture team, the entrepreneur faces many issues which are related to the motivation
and leadership such as in the new venture the people employees have the low confidence that
whether the company will be effective or not or will the company make any profit in the future
or not (Cremades, 2018). Not only this the leader also has to face certain issues as they face the
problem of the lack of communication in the company, less coordination of the different
departments, more conflicts, less punctuality, less efficiency, and transparency, due to this issues
the entrepreneur does not get success and they face many issues in doing the operations of the
company.
Due to the lack of financial resources in the company, the leader does not perform his function in
effective ways (Indris and Primiana, 2015). The people get the motivation in the company when
they are serving with some high incentives or other benefits but due to the lack of the financial
crisis in the company, there is the lack of the motivational factor. The leader faces the issue of
the lack of proper planning in the new venture which creates a problem in putting the right
resources at the right place at the right time. The leader also faces the issues regarding the proper
time management of the company and neglecting the sales of the company. As the company has
the new venture so they also have much pressure from the outside market so the leader faces the
issue of the high pressure. Due to this the work efficiency declines and the performance of the
company is not becoming much effective.
Conclusion and Recommendation
From the above report, it is concluded that there are many external resources which are required
in the company so that the business operations and activities can be done in an effective way.
There are many external resources required by the new venture Green which is stated in this
report. The report also explained the value benefits of these external resources which help in
improving the performance of the company. There are some issues has been found in the new
venture team related to the motivation and leadership which is also stated in this report. There is

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some recommendation which is stated below which helps in improving the financial conditions
and the profit of the company.
 The company has to make the promotion of their Green products so that the customers
will be aware of them and the sales of the company can be increased. If sales will
increase then only the profitability of the company can increase.
 The leader has to make the proper plan so that the issues related to the coordination and
inefficiency can be reduced in the company.
 The company can tale the loans from the financial institutions so that they do not have the
face the problem of the lack of financial resources.
 For funding the more investors the company has to put the initial funding so that the
performance of the company can be improved.

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