FINANCIAL ENTREPRENEURIAL INITIATIVES: Internal Assessment of ILinc
ILinc has a strong, experienced, skilled and aggressive management team. The president of the company, Dr. Jack Wilson, has a Ph.D. in physics and is internationally recognized as an expert in interactive media which will be the center of ILinc Company. On addition to this, he has experience of saving in high-ranking positions, such as the head of the CUPLE Consortium of Universities, which rhymes with his role of making corporate strategic decisions concerning marketing strategy and product development. The executive vice president, Mr. Mark Bernstein, has BA in Economics, and he was able to achieve sixteenth position sales manager out of 350 in the worldwide ranking. His experience in executive position befits his role of overseeing the day to day running of the company. Finally, the vice president in charge of development, Mr. Degerhan Usluel, has seven years of experience in software product development and computer consulting. This paints a picture of a well highly qualified management.
However, the company’s management does not have experience in managing such issues as finance and human resource, which are an integral part of a start business. ILinc, has a strong business plan, with a unique product. While most of the existing technologies develop standardized teaching and training software, the company seeks to differentiate itself by offering software that is scalable to thousands of users and provides corporate trainers with the ability to easily produce curriculum materials. This is a unique appeal to the company that makes it attractive to an investor. On addition to this ILinc business model is simple, and forethought, where it will seek to offer a variety of products and thus will be able to reach different customers such as the learning institutions and the big corporations.
The ILinc company Advantageous software development capabilities, and has advantageous in a promotion that in including public relation, advertising and words of the month. This coupled with strong products, reputable, experienced management, robust business strategy, and exquisite business model which is likely to propel to remain in business, in the long run, makes it very attractive to the investor. However, the company has weak capital source and does not have specific pricing or market segmentation strategy which can make it be outwitted by its competitors. But in overall, the internal assessment of ILinc reveals that it is a promising company to invest in.
Critical Assumptions Underlying Key Features of ILinc’s Business Plan
The ILinc business plan assumes that it will be able to attract big corporates (Fortune 1000 companies) with its products and that the companies and learning institutions will prefer its software model compared to that of its competitors. In this regard, the company assumes that companies will embrace just in time training technology just like they have embraced just in time inventory management. This leads to the projection that the market share will grow by 50-80% annually. As such, the development of the business plan revolves around the key assumption that customers will purchase the product because the management thinks is competitive, technically superior, and customers will agree with the perception that the new products are ‘great.’
The business plan assumes that the company will be able to attract the right staff with any problem. On addition to this, ILinc assumes that it will be able to hold on its prices while gaining the market share rapidly. The market is expected to continue developing and changing with the change in technology, but the company does not expect the market changes to affect its business negatively. As such, the business plan assumes that the external business environment will remain stable, with such factors as political, legal and economic changes having a low impact on the progress of the business. The projections and market analysis are based on the assumptions that business is insensitive to the changes in external environmental factors.
ILinc assumes that it will remain only company developing a complete integrated desktop interactive distance learning system that is geared corporate learning with other companies continuing to develop programs suited for meeting and conferences as opposed to development and training software. The interactive learning, multimedia, and distance training will mimic its historical growth where it has grown at a high pace. Industry growth for the Fourteen 1000 (ILinc’s primary target market) is also assumed to continue with the companies running applications over “wide area links” assumed that they will increase and therefore create a wide market for the company’s product. These are the key assumptions underlying the critical ILinc’s business plan key features including products, marketing, market evidence, and market strategy.
Likelihood of ILinc Succeeding As a New Business
Startup technological companies face unusual time pressures and uncertainty, where the way they respond to these forces acts as the main determinant of their success or failure (Davila, Foster, and Jia, 2010). The ILinc seeks to develop a training and teaching software that is very innovative and in line with the changes in technology. Chesbrough (2006) noted that for the technological company to remain in business for the foreseeable future, it has to invest in developing products that are ahead of time. This is because the technological programs and products change very quickly, and each advancement brings in obsolesce of some of the products. Given this observation, ILinc is more likely to succeed as a new business given that it has invested in the future technology and seeks to introduce a relatively improved product compared to the existing technology that is mainly used for seminars and conference alone.
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