Advanced Entrepreneur

Advanced Entrepreneur

Introduction

IP (Part 1: Product Idea)The Product- Farm Machinery Manufacturer (FMM)

The product that is being focused and used as an example for being innovative within its industry is “Farm Machinery Manufacturer”; I actually feel that this product is innovative because it has been observed to take newer risks for developing systems and machinery for the stubble, cereals, vegetables, potatoes including “beach cleaning turn” key machinery & projects.

It can be seen that this product has been brought into the market with the help of entrepreneurial approach because within the United States farming was observed to be increasing day by day and mechanization was needed since the World War II. And by viewing the objectives related to this it demonstrates the focus on the present opportunity through the untapped market for agricultural machinery since the existing suppliers of the agriculture machinery & applied are very diversified for serving the higher specialized requirements of potato segment, while ignoring the needs of the crops in order mechanize the livestock, wheat, cereal and vegetable sectors. Although this product has been capable of differentiating itself from a number of importers and manufacturers of “agriculture machinery and implements” with the help of providing service maintenance and spare parts for their custom solution related to the demands of the customer, professional advice for the customers, service maintenance for the maintenance.

There are a number of advantages for using the entrepreneurship approach for introducing the product in the market because in entrepreneurship new ideas for business are develop which we already observed in this product and testing them within the business venture while innovation could be observed because it stood out from the number of markets that are out there providing the similar kind of product or services. However the advantages linked towards entrepreneurship and Intrapreneurship are similar. Mainly the advantages have the capability of the benefiting its own organization.

Motivation is one of the advantages resulted from using entrepreneurship that is capable of promoting innovations and supporting newer ideas, offering access to the resources, maintaining failure, error and trial and also a multi-disciplinary teamwork.

Tapping newer markets because in this they are able to touch and focus newer markets. Considerations are given for bringing innovations in the new market. This also results in bringing new customers for attracting towards the products while fulfilling the requirements of them. In this way it is capable of increasing the business by providing services including growth in the entire market that result in profitability.

Stability is another advantage that is brought in by using this approach since innovation is promoted and “Farm Machinery Manufacturer” have been demonstrating the usage of innovations and adopting different methods of improving the products and products that result in creating new products. This also helps the product to face the competitive challenges within the market and increases the chances for survival in the market. Innovation is also capable of leading towards economic stability and if this is not observed in the organization or products there are lesser ...