Business Analysis for Journal of Entrepreneurship-myassignmenthelp

Question: Discuss about theBusiness Analysis for Journal of Entrepreneurship. Answer: Ventura is a firm that builds small and medium-sized that is manufactured from traditional materials. Just like any kind of business, Ventura also faces competition from other similar business that is situated in or outside Australia. Because of its traditional way of manufacturing the boats with the unique materials, it has attracted many customers from within and outside Australia. Strengths of the Business As have been stated in the case study, the business has employed unique ways of manufacturing boats that have been referred to as the traditional ways. These days, as opposed to the modern ones, present some very interesting features that cannot be seen in the modern methods. Another strength exhibited by Ventura is the fact that it sells its products to boat yards and directly to the consumers in Australia. This gives them an opportunity to supply a number of customers despite the fact that there are other modern methods of manufacturing boats explored by other companies (Jenster Hover, 2014). The better part of the firms strength is propelled by the fact that it is able to sell to local buyers and a few international markets. Therefore, if there is a decline in its exports, it can fully rely on the domestic market for its products. It is important to note that this firm has been able to be alive because of the fact that it uses materials that are locally available to them. Consequently, these locally available materials are cheap; hence, their financial input would be favourably achieved. Weaknesses Ventura Company is facing a number of weaknesses that hinder their operations. One of these problems is that they have been using traditional methods or means in constructing their boats. These traditional methods and materials are a drawback to the successes of their business since some of them are no longer appealing to the customers. It is described in the case study that the kind of technology the company uses is an outdated kind of technology. This hinders its efficiency in making its products. We know that majority of manufacturing companies in Australia and other international firms have automated their processes and systems with the latest technology that make them more efficient and quicker in their manufacturing operations and other processes. It is important to note that if Ventura remains in this form whereby they stick to the use of outdated technology, there is no doubt that their business will continue registering a decline in growth. The market share controlled by the Ventura firm is however minimal because it lacks the latest technology and proper structures to expand its operations and compete favourably with its competitors both internationally and locally. Opportunities and Threats Opportunities Although Ventura Company is facing challenges with acquiring and using latest technologies, it has indicated improvements in other areas that do not require the intervention of technological advances. It has been stated in the case study that overseas governments have shown indications that some restrictions are going to be removed from the use of traditional boats. This will see Venturas current method of manufacturing boats be considered legal and therefore they can export their boats to such countries without being considered involving in illegal business. The emerging economies of the developing countries have many opportunities for products from Ventura. This is because such countries have no financial capability to acquire the latest or modern boats (Hopkins, 2013). Therefore, they will certainly go for those boats that they can afford. For this case, Ventura Company would be in a position to still command certain markets that would certainly buy their products. It is important to note that this firm has been able to be alive because of the fact that it uses materials that are locally available to them. Consequently, these locally available materials are cheap; hence, their financial input would be favourably achieved. Threats Due to technological advances, the firm is facing serious challenges due to the fact that it is not alive to the changes in technology. It is noted that majority of the companies that are involved in the manufacture of boats in and outside Australia have shown remarkable advances in technological changes. This has made them very efficient and competitive in terms of the boats they make (Jain Jain, 2012). This is a serious threat that Ventura is facing in its current operations because it still relies on old-fashioned ways and methods of manufacturing boats. The fact that there are no technological advances tried by Ventura, the employees morale is tainted (Loudenback Kelley, 2013). The employees have a feeling that their company should also make steps in ensuring that they change their manufacturing processes and all other things in line with the changing technology. We know that majority of manufacturing companies in Australia and other international firms have automated their processes and systems with the latest technology that make them more efficient and quicker in their manufacturing operations and other processes. It is important to note that if Ventura remains in the form whereby they stick to the use of outdated technology, there is no doubt that their business will continue registering a decline in growth. Recommendations It is clear in the case study that Ventura firm is facing stiff competition from other companies. These companies have established their businesses in conformity to the growing technology, which has made them become superior to Ventura. It is important for the firm to realize that it is through technology that can make it compete favorably with its competitors. Similarly, many customers need the latest products made in conformity with the latest technology. Therefore, to ensure retention of its customers and to attract even new customers, it is important to employ the latest technology and innovate new ways of manufacturing boats. Employing technological means in operations would uplift the morale of its employees in the sense that the employees will work in a comfortable environment that makes them feel incorporated in the firm. References Hopkins, D. (2013). The new emphasis on business operations. Entrepreneurship studies, 6(6), 410-419. https://dx.doi.org/10.1016/0019-8501(77)90003-7 Jain, S., Jain, S. (2012). Manufacturing Industries. South Melbourne, Victoria: Cengage Learning Australia. Jenster, P., Hover, D. (2014). How to focus idea on technology for business to serve strategy. Planning Review, 20(4), 32-36. https://dx.doi.org/10.1108/eb054365 Loudenback, L., Kelley, E. (2013). Business opportunities and threats Journal Of Entrepreneurship, 36(4), 113. https://dx.doi.org/10.2307/1250442