Detailed Reflection on New Venture Creation Module and its Impact

This report provides a comprehensive reflection on a New Venture Creation module, detailing the student's personal and professional development throughout the course. The report highlights the impact of lectures on innovation, market analysis, and critical thinking, as well as the practical application of marketing principles and entrepreneurial strategies. It discusses the value of guest lectures, particularly those on financial planning and branding, and their contribution to understanding startup financing and competitive advantage. The report also describes the Minimum Viable Product (MVP) development process, including testing, feedback gathering, and iterative improvements. Overall, the report underscores the module's role in enhancing marketing and entrepreneurship skills, and providing insights into the real-world application of business concepts.

Running head: NEW VENTURE CREATION
NEW VENTURE CREATION
Name of the Student
Author note

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1. New venture creation is a module that has been of significant importance, perhaps
in the lives of all of the students who have been a part of the lectures and activities that have
been a part of this course. It is for this reason why this module has been one of the most
interesting and effective sessions in the course so far. It has not only helped me
professionally, but personally as well. Personally, this course has so far helped me in
developing my creative and strategic thinking abilities. This owes to the numerous lectures
about innovation and how to find opportunities in a given market, including coming up with
competitive advantage. This is simply not just a theoretical or practical knowledge, but also
has an element of wisdom attached to it. This is because of the fact that now when I look at
advertisements and marketing efforts, I do not just view them as creative pieces. I tend to
analyze through an advertisement the market and opportunities that a particular brand is
aiming to penetrate into and the objectives and potential deliverables of the brand.
The main thing that has to be noted about my personal development in this regard is
the fact that this practice of analyzing creative selling has immensely helped my critical
thinking and analyzing skills, and to some extent, has also developed my own persuasion
skills. This is because of the reason that I always seek to make sure that the main thing that I
do while looking at advertisements or other marketing efforts is to analyze what the brand is
trying to convey to whom, and how that communication or message could be more influential
or persuasive in nature.
Professionally too, New Venture Creation has been immensely helpful in making sure
that students get their professional development in marketing and entrepreneurship to good
extent. The lectures have progressed step by step, while also going at a proper pace for the
students to understand the theories and fundamentals related to marketing for a new venture
in a perfect sequence. The course provides for a perfect ground for the students to be able to

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understand how exactly marketing for a new venture works and how successful ventures
become successful in the first place.
Professionally, the main thing that has to be noted is the fact that this course has
taught several terms and practices that are required for the purpose of making sure that
students get to know the ideal processes in the industry to the core. Apart from that, what
really helped me in developing as a professional in the field are the required readings in each
of the week’s learning materials. One of the most valuable readings that I have done in the
course so far is related to week 2, regarding how to know if a new business idea is good. It
has not only provided me with insights of which business ideas are actually perceived as
successful, but has also helped me in getting an idea about how investors sort the businesses
in which they should be investing, and how to effectively make sure that they fund a business
idea. This is an immensely helpful for an entrepreneur, as funding is the main resource that is
required to realize an innovative plan. Last but not the least, relating to the same topic,
lectures on how to effectively pitch an idea for a funding, and also on the various ways to get
a competitive advantage in the market have helped me to gather knowledge on how I should
be going about when the time comes to start up my own business. This is why it has
immensely helped me in my professional development.
2. There have been various guest lecturers that have been present to share their
experiences in the class, regarding marketing for an entering and creating new ventures.
These have been perfect sessions for improving the conscious development of the students in
terms of entrepreneurship. The best lectures arguably have been on gaining competitive
advantage, generating ideas, pitching, and branding and marketing in a new venture. Lectures
on gaining competitive advantage have taught us in how a brand could be able to make a
difference in the market, in a way that would be able to add value to the products of the
brand. This value and uniqueness is what creates an interest in the minds of the target

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segment of the brand, from where, the brand would be able to simply get ahead of its
competitors, as buyers would rather buy from the brand that adds more value to the products,
than the brands that sell products or services of a less value. The guest lectures have also
taught on how intangible assets have become increasingly important for the brands in the
recent times, compared to tangible assets. This is the reason why there has been an increasing
competition in adding intangible values to products and to the brand name, often in the form
of customer relations. Value proposition is therefore becoming increasingly important in the
modern generation of branding and marketing. This is because brands have to be perfectly
clear on what value they are offering to the customers, so that customers can differentiate the
brand from the others, which is the stepping stone to competitive advantage, as learned from
the lectures.
One of the most notable guest lectures that I have been a part of has been by Mr Andrew who
has given impeccable presentation on financial planning for entrepreneurship. one of the
major takeaways from this presentation was the fact that risk and bigger rewards go hand in
hand in a market economy. Mr Andrew has a bachelor's degree in mechanical engineering
and has a masters degree in space science. He is currently an investor and innovator for
entrepreneurs. Mr Andrew has himself ventured into a lot of new markets across the globe
that include Australia, UK, and America just to name a few. The importance of gathering
finances for a startup has been very well explained by the guest lecturer. One of the other
major takeaways from this lecture was the cycle of financial planning, which perfectly
depicts the stages of financial stability for a new startup and the ways in which a startup can
possibly rise up in the levels of maturity in terms of financial stability. One of the main
reasons why this lecture was of particular importance to the students is because of the fact
that the presentation has helped the students in understanding the various sources from which

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finances for a new startup can come. It has not only list the sources but has also explained
concepts like crowd funding, grants, incubators, angels and more.
However, the guest lecture amongst these that I most connected with, has to be that of
branding and marketing in new venture creation, from week 6. This is because the lecture
relating to this exposed me to the world of creative advertising, and also got me to learn about
the various fundamentals that are related to branding and marketing in new venture creation.
Innovation is the key in the field of creative marketing, which is the reason why it was of the
most interest to most of the students in the course. Advertisements from Duracel and
Motorola have been highly inspiring in making students believe that unconventional ways of
advertising and marketing is often highly successful and more so than conventional ways of
advertising and marketing. I being a creative person, could relate perfectly with this concept
of creative advertising and marketing, because of the fact that subtle creativity fascinates me
the most. The ideas that have been presented by the example advertisements make for one of
the most subtle representations of creativity.
Furthermore, the concept of marketing has been so well explained in this topic that it
is clear as to why the process has always been perceived as being so much strategic in nature.
STP marketing is a fascinating concept, without which, marketing efforts would be vague and
in vain. It is for this reason why the concept lays out segmenting, targeting, and positioning
as the steps to effectively market a brand to a target market. The reason why I connected with
this topic as well is because of the fact that I, like most of the other students, have always
been fascinated by the concept of targeting and positioning, since it deals with identifying
who would need the solution offered to a problem, and how this solution has to be perceived
in the market, which are the main components for a new venture.

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3. MVP stands for minimum viable product. In this, the main thing that is considered
is to test a product or a service, on a small customer base, based on which, the main thing that
has to be done is to gather the feedback from that base and make sure that the feedback from
the customer base is implemented before launching the final product or service. This is the
process that is ideally followed in the process of MVP development.
In my case, the first step is to test the product by sampling few of the trusted
classmates of mine and let them use the product for a specific period of time, with specific
features in it. This is for the purpose of making sure that they do get to know what the
product is about, while they only get to use the basic features in it. The idea is that the final
advanced features in the product would not only be more developed than the basic features,
but would also add value to the product, and it is for this reason why the main thing that has
to be considered in this regard is the fact that if the basic features in the product are
comparatively acceptable by the user base, the final product would only be better. There
would be an open ended survey questionnaire that would be given to the users of the initial
questionnaire, that would be asking them about the lags and loopholes and even suggestions
if any, based on the basic features that they have used. Based on that, the development team
would be working towards implementing the suggested changes.
This loop between the feedback from the small set of customers and the development
team will continue to take place unless both of the parties agree upon a particular set of
features, and the algorithm that has gone behind them. Followed by that, the final product
will be launched to a greater segment of the market that will primarily include the target
audiences for the product. This is the entire process that has been planned for the MVP
development of our product.