Table of Contents
Introduction 3
Before Launching 3
Major Sections 4
Research & Development 4
Human Resources 4
Finance 5
Marketing & Sales 6
Manufacturing 7
Achievements and Results Obtained 8
Key Lessons Learnt 8
Introduction
Launching a high risk/ high return business is not a simple process. There are several key factors and criteria that need to be met in order for your venture to have a chance. Ignoring them would most likely result in complete failure, and this is why a large number of startups fail in their early stages. This simulation is meant to help me identify the key pitfalls and factors of success.
The purpose of this report is to communicate how I approached the problem of launching the high risk business, and the key lessons I learnt from this simulation.
Before Launching
In this section I will discuss the early decision I made before running the simulation and the mistakes and lessons I learnt.
Hiring Laurie Vs buying the patent
I had to make an early decision of whether to hire Laurie, make her my partner or buy the patent. After studying the proposal, reading the e-mails and meeting with Laurie, I decided to hire her as part of my R&D team. This is because she is one of the few people (10 individuals) who are experts in the area of radiophone. I realized early on that hiring her is crucial to the speed and success of my research and development. I have also decided not making her a partner since she is purely a technical person and I did not believe that I would gain much benefi ...