Since the launching of a business starts right from the moment of conceiving an idea and its germinations, it takes a comprehensive preparation before the actual launch that is presenting the product before world. Though official launching of a product looks like a part of tradition, it has more to do with accomplishing a goal. That necessitates the marshalling of a solid idea baked by hard work, which is possible if there is enough enthusiasm. Enthusiasm works as the guiding engine of a product to make it successful, otherwise there is no other set of principle that can guarantee the success of a venture.
However, there is some regulation items that need to be handled properly before the official launching, like Title, Contracts, Rule of the law, Accounting Procedures, Media issues, Taxes, or Quality Control. There is always the chance to create the demand of an item that is far-fetched – this is an age-old trend, which generally evolves around the basic sectors like food, clothing and anything that promises well-being, ranging from the cosmetics to food, besides any item that might prove interesting to the buyers of the different region.
Besides these, an attitude to improvise the existing products enables one to grab opportunities in any trade, like rubber plantation lands turning into grazing land to foster meat trade. An eye to the futuristic prospect of an invention, like trades coming out generally modified organisms (GMO) or some other trades with improvised version of certain items also brings in opportunities. In fact, new opportunities can spring up from almost anywhere – they can appear as a response to the market need, or from the scope to create a market niche, or from a simple improvisation of an existing trade item.
2. Relative Strengths and Weaknesses of the use of Patents or Trademarks: Lessons Learnt from the Handouts Patent aims at placing an inventor to a vantage point, yet there is always the risk of loosing out the market response and subsequently, money and time, while waiting for the approval. While applying for a patent, it takes to demonstrate its efficacy with a detailed account of the invention. This makes the invention itself vulnerable; because, any skilled mind can find ways of another invention around the patent!
It is always misleading to equate monopoly in a product with monopoly in a market. However, securing patent may help to position the product in the market, e. g. , Bayer company still dominates the market years after its patent protection expired. Thus, a proper evaluation of several situations is a must before opting for the patent protection, which involves money, time and revelation of the invention. Otherwise, there is always the encouraging example of Coca Cola who still leads the market without patenting its product.
That points at the ability to create an impact on the potential clients, within the periphery of ethics. A series of elements call for evaluation to garner the necessary insight to introduce trademark or logo. Such elements include knowledge base of the target market segment, their appetite for vocabulary or attitude – A logo can be pervasive to a targeted buyer, only when it would supplement the mental rhythm the buyer already has. It is the acumen in finding such ‘One or the other way’, makes branding effective.
Thus, successful leveraging lies in the ability to inform, educate and entertain the buyer, which would then culminate into a relationship between the product and the buyer, the most deserving symbiosis in any trade. 3. Impact Chain and Managing Challenges as an Entrepreneur: Lessons Learnt from the Handouts Impact Chain is like a huge web of possible events spun around a product. Some of them can be harmful, yet some of them might be more beneficial.
In fact, there could be almost an endless impact chain around a product; going beyond anyone’s anticipation – just like when a little label surreptitiously contaminates the little food packet and converts the food as a poison and poses threat to a million, unsuspecting customers. However, impact chain can be considered a package of ‘clues’ evolving out of a product, where the clues first can be clustered as developmental or destructive. After that, a close inspection of the clues from both the ranks would ultimately help me to develop all the way – which, undoubtedly, can be multidirectional and of various magnitude.
However, I believe I could turn the tide in my favor, if I can anticipate a good many thread of impact chain and envisions more business out of them. This in fact calls for an attitude to imagine and associate events and possibilities in all possible directions out of a product. I believe this ‘conscious’ and calculating tendency culminate into an insight – which in turn creates a rock-solid foundation of principles (the do-s and don’t-s list) both for the myself and for my company.
At the macro-level, it can pave way to ground breaking inventions or unique solution towards protecting the earth from a disaster. In fact, in these hard-hitting situations, the apex of the pyramid of impact chain is dominated by the survival questions about earth itself. Because, it is the wrong analysis of impact chain in many of the business that has brought in this situation – like, burning excessive fossil fuels for the sake of development, and incurring the wrath of nature as a consequence.
This entire process is the outcome of the impact chain of the oil trade, save the impacts like gulf war or oil spills. Thus, it should be my prime task to gauge the relationship of my product with these questions – like someone shunning the idea of packaging his product for Alaska with plastic pins, and instead opting for something biodegradable item – this I believe is the global angle of impact chain, and doing that way I may even earn a few points towards winning my buyers’ confidence – which would be another thread of impact chain!
In other levels of trade, correct guessing about the impact chain associated with a new product launched by another company might prove beneficial for me – like when someone gets a clue of a specific garment trade complementing to the popularity of Harry Potter. Impact chain is something that exists at every level of life. Thus it is sending signals to everyone in millions of direction, from which I need to decipher the right ones either for my own sustenance in both macro and micro level, or to avail a quantum leap in my business venture.
Thus it is a sacred job for an aspiring entrepreneur like me – who would first notice the range of the impact his/her ware can earn, and then evaluate all possible clues involved in that range. The journey of impact chain of any product usually takes the route from local to global, via environmental and social tunnels of the globe. And in each stations of its journey, I believe, there are thousands opportunities waiting to embrace me – only if I apply myself to see and utilize them, towards winning my race! The above situation clearly shows that managing impact chain stands as one of the great challenges in my career.
Because it encompasses all levels of operation and thus it is always brimming with possibilities to put up any sunny or stormy situation. In the modern times the effect of impact chain is much ramified than it is comprehended at one go. The established concepts and belief on many a subject has been turning towards a newer explanation. This has mainly happened due to the sort of explosion in the field of communication, which has made the earth a true ‘global village’ for anyone who wants to walk through it online!
This global environment has raised the responsibility of an entrepreneur like me to a great degree, because the rules of the business has also taken a new path, where I have develop the newer mantras regarding man management to digital office administration, save the factors like forgetting the fixed time jobs ethics (because it now adds two globes at a time, thanks to Internet) or job definition. Thus to manage this relative new situation where me or my products form links with more ramified impact chain, the best quality I believe I need to develop is, to create and sustain an ‘open mind’ to all situations and treating each of them as new!