Free report on entrepreneurship

Into the entertainment world, I am introducing Wii, the latest evolution in motion control and games for all ages. Due to the increased need for better and more interesting motion controlled games by the consumer, I have come up with Wii which is an exceptional product for players of any given age making this the perfect product for any household. Wii comes with an interesting package which include the fun Mario kart Wii games, Wii wheel accessories, a remote plus controller, Nunchuk controller, a sensor bar, a standard composite cable and a power code. There are also downloadable games, possibility of watching TV episodes and movies through this fascinating product, Nintendo clubs on registration in which an individual can win rewards.

The product was entered into the market through Nintendo (leave luck to heaven) which is among the best in production of motion controlled games of all types. It is a multinational company located in Kyoto Japan and well known for there quality revolutionary video games globally. The company’s record of success in a competitive market made it he ideal for me as an entrepreneur to introduce the product into the market. My team and I have strived with great effort to advertise our product through several media and due to the dominance of the company internationally, this has not proved difficult in any way. We have successfully introduced it to the consumer through promotional events, displays and competitions in which we topped.

We have also advertised through the internet by giving away free sample for trials to the consumer to familiarize themselves with this awesome product (Bass, 1990). The approach used in the introduction of Wii into the market has many advantages than the challenges and disadvantages, this include capital to start the production. As an individual, I would have required a large amount of capital for the idea, manufacturing facilities for large scale production which would have been a difficult task to carry on my own.

Since the company is familiar and well accepted internationally, this makes it a big advantage because of the ease of advertising and access to consumers. I will also benefit from additional advice and expertise from the other workers who have a wide knowledge and skills. I will also be exposed to more practice on the business and gain more experience and skill for starting and managing my own company outside Nintendo in future. Security of maintaining a salary is another advantage. (Kotter, & Dan, 2002).

Disadvantages and challenges to this approach include sharing the profits with the company since they played a crucial role in support of the business idea. There is also a disadvantage in that the product may no longer be in my name and will belongs to the company, this means that the right will belong to the company. The other challenge involve having the employees being pulled out in the process from day to day schedule to have them report to their duties hence this will slow down the production of this product

Had the product been brought to the market through entrepreneurship, Wii would have been produced in very low scale and not as good quality. This would have been only for a limited number of consumers due to the cost of production. It would have required more effort to convince consumers to change to the new motion control than the one they know. In this case, the business would have taken more time to come up in terms of market, production and other expenses that come with starting a business. In the initial stage of the business, this would have cost me more (Kotter & Dan, 2002). It would also be an uphill task competing with large companies to win consumers. The advantage would be that I would be the on beneficially of the business and all profits would be mine but in the same case, I would incur all loses of the business. The capital would have been a big challenge to raise which would require taking loans, registering the business and other additional cost would be a real big challenge to overcome.

The intrapreneurial approach was best for this particular idea in that most of the challenges are taken up by the company making it easy for me to speed up the whole process. Since it is a well established company, Nintendo have the best facility for developing the quality new product fit for completion in the already competitive market (Kotter, & Dan, 2002)

Different risk I would have faced by going it the entrepreneur way would have been loses supposing other big companies started thinking in similar ways to mine on the idea; it would have been hard competing. As an entrepreneur, I would have been risking investing with the loan I would have needed to borrow from a financial institution like banks. In this case, it would have been hard getting another loan. In this case, I would have been risking getting myself into a financial crisis.

I would have used a different approach in entrepreneurship in terms of production and supply to the consumer. This would involve employing extra manpower with experience and researching more on the product and proper management of the business. It would have required funding from a loan or a partnership in order to be able to start up the business. Capital would have been hard to come up with alone hence a loan or a partnership would have been necessary. For this particular case, the organizational assets would include the technology used in the production of the video game, information on production, market and competition, the employees are also organizational assets and for success, it would require proper management of these assets. I would need to develop good relations with the local consumers. Have good communication skills to reach, attract, and keep them (Bass, 1985). It would also have been required to maintain the good quality of products and the support of friends and close individuals willing to see me succeed, they would be a good channel to spread the advantages and goodness of the new product. Success would also require patience and more effort to deal with any obstacles arising. Identifying the market, their views and developing business language to be able to convince them that my product is better (Bass, 1985)

Reference

Bass, B. M. (1985). Leadership and performance beyond expectation, New York: Free Press.
Bass, B. M. (1990). Bass and StogdilVs handbook of leadership: theory, research and
managerial application (3rd ed.), New York: Free Press.
Kotter, J P. & Dan S. C., (2002). The Heart of Change. Boston: Harvard Business School
Publishing.