Posted on : 2022-10-14 02:40:36
Article : Good evening, Friday Management TASK 212- Entrepreneurship is appealing more lucrative than job career for the present-day Techno management graduates- For success of it the promoters should have thoughtful plan and executing the same.
Entrepreneurship is most appealing than job career for the present-day youngsters. In similar way Two young techno management graduates with a working experience of Two years in a logistics company wanted to start own their business organization with their savings equivalent to USD $ 1, 00,000. With their limited financial resources, they discarded the ideas on manufacturing or retailing which is more investment oriented. They studied different sectors of services but they lacked confidence to venture due to fierce competition, time factor as well as lack of needed investment on right opportunity for service contract gaining, large staff recruitment and maintenance for a year time till the business pickup.
To be in line with their academic expertise, finally they decided to venture into innovative techno products making which are assumed to be needed for larger base of users. They have registered a startup company as Techno soft enterprises. As one of the first few products they have focused on AI based product - linking brand manufacturer to consumer choice of product purchase SKU wise and POS. This consumer choice lead is to benefit manufacturers on brand wise, SKU wise sales forecasts leading to production planning, distribution models, media expenditure controls and finance plan. Further CPG manufacturers can gain area wise consumer behavior data for better operations planning. As such similar and more advanced version of this model is operating in China and the results are highly beneficial connecting consumer look out to brand manufacturer.
Another product is also artificial intelligence with augmented machine learning platform. The product is a Magic mirror for a consumer commodity product to offer out of world experience to women with virtual wearing of ornaments in stores. This magic mirror initially increases walk-ins to stores that lead to major beneficial business making. The stores will gain data on shoppers to customer conversions, shopper data for CSR follow-up, store management, inventory management, reduction in media expenditure, enhancing the capabilities of stores sales staff as counselors for shoppers. The main benefit is gaining real time information of all locations stores activities to the central office for their core business decisions on each store.
Techno soft enterprises promoters have planned their flow chart on time and spend. They have kept product making time limit as 6 months for these Two products. As both the promoters are techno management graduates, they would be the team leads. To control their expenditure, they planned to recruit 20 Final year Engineering students as interns on a stipend of Rs 15,000 per month. 10 interns will work as One team for one product. They approached few Engineering colleges with their idea of internship offering, pleased with the scope One institute has offered them a laboratory on free of cost in return to the internship offering to their students. For this exercise Techno Soft enterprises has allotted a budget of INR 25 lacs for internship payments and other expenditure. But when the products are nearing completion stage, product marketing has become a challenge for Techno soft enterprises.
Please comment your perceptive solutions on how these Two Techno management graduates of Techno Soft enterprises can make their dream come true. We post our perceptive Solution on our Good Morning Monday Management solution post 212 on 17th Oct 2022.
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