Mission and Vision

Discuss about the Entrepreneurship Venture for Aussie Truck Service.

The following report has prepared a detailed plan to start a new entrepreneual venture. The report will be highlighting the important elements or components that are needed to start the following venture. It starts with an overview of the business venture that will discuss the types of products to be sold by the organization, the target market of the organization and more specifically the industry in which the business will operate itself. The evaluation of the innovative measures will be discussed in the next part which will be followed by the benefits and challenges that the the implementation of the business in the market will experience. The report will also discuss the different strategies that will be implemented in its transformation from the early stage to the growth stage of the business life cycle. Last but not the least in any ways the report will highlight the support system that the government of the country has in place for the new business ventures. This will include the policies and the procedures in place for the extensive growth of the business.

The entrepreneur venture will be a new Truck service company named “Aussie Truck services” has been selected for this particular project. The name “Aussie Truck Services” is the best name for the organization as because it brings with it a sense of nationality. The company will be operating in the truck service industry and will provide trucking services to both private and public sector organizations. The company will be offering both for-hire trucking as well as private carriers. However the largest portion of the business will be derived from the private carriers of Australia. Both truck load as well as less than truck load will be offered to the private players to gain the maximum possible revenue from the business. The “Aussie Truck Services” will be the especially attractive to the food industry as because the participants in the following industry use referrals, customer service and reputation as the variables for purchase. The management of the organization has earmarked its target group of customers before the start of operations. The company will be serving four different kinds of market segments. As mentioned earlier the first and foremost industry that it will serve is the food industry just because of its exclusive profit. The following segment is supposed to be experiencing a growth of 3% annually. The management has already identified around 2000 potential clients who will be in need of the truck services once the company starts its operations. Currently there is a shortage in the truck industry in the island continent which is the main reason for the high demand of the different kinds of trucks ranging from high utility to low utility.

Strategies and Steps for Growth

The second segment is the retail industry which again is estimated to grow at the rate of almost 10% annually and last but not the least the heavy products industry which includes the transportation of different heavy duty products like cars, vehicles buses, steel and many other kind of similar products. The rise in the economy of the country has led to the increase in the demand for different cars and personalized imported vehicles which need to be transported from the ports and airports to the warehouses or showrooms. This provides another prospect for the company to utilize. Thus all the three segments will result into an unprecedented growth of the new entrepreneurial venture.

The mission of the company is to be the best trucking Services Company of Australia.

The vision of the company is to provide the best services to different business sectors of the market and be a part of the economic progress of the country.

The presence of a transparent planning for the growth of the organization has been helpful for the industry to identify the different opportunity for growth of the industry. The presence of the road map will help in infusing new technology, energy and enthusiasm that will result in the proper growth of the industry (Ahlers et al. 2015).  Some of the steps by which the management of “Aussie Truck services” has identified its growth are;

1. Concentrating on the main product- The management of the company after deciding on the venture of the business has decided to make sure that they provide full concentration in the following area. The main theme that they decided to follow was to provide the best quality services that provide the customers with the greatest value. They have decided to build their business in such a way so that the service and the products they provide the business are well and truly different from the other existing products in the market. Specialization is thus the best asset for “Aussie truck Services”.
2. Keeping the pitch simple- The Company has decided to provide the clients a very short but precise pitch to make them understand the aims and objectives of the enterprise. The more is the value of the pitch the easy it is for the customers to get an idea of the exact value of the products and services of the organization.
3. Staying Honest and integrated- The management of the mentioned organization has quite clearly got the idea of what are the exact aims and demands of the organization. Such an idea helps the organization to make the exact use of the available resources and utilize them accordingly to provide the best services to the customers (Alvarez?Garrido and Dushnitsky 2016).
4. Mapping the Plans- The mapping of the different capabilities with the prospected clients like the clients from the food and retail industry will help the organization to make use of the resources in a planned and correct possible way (Baum Frese and Baron 2014). There might be a demand for the medium utility trucks for some clients but providing them with any other types of trucks may not be of any help and will ultimately lead to the loss of customers and a loss in terms of the business.
5. Utilization of the marketing tools- According to, Baum Frese and Baron (2014) the utilization of the different marketing tools is important for the organization as because it will help the management of the mentioned truck company to analyze the present micro and macro factors that may have an impact on the business. The use of the marketing tools can also be of great help to determine the exact ways of communicating with the different clients and suppliers of the organization.
6. Implement a proper plan of Action- The management of the business has drawn out the exact plans that will be undertaken by them to implement the best plans for the action in the business. The action plan will also help to measure the amount of progress that will be made by the organization. The measurement of the different action plans will help in the establishment of the different goals and objectives of the organization.

The implementation of the different business systems by the management of the organization is the best thing for the mentioned trucking company of Australia. This provides the benefits only with the proper designing and application of all the necessary elements. The main benefits of the system includes the likes of the;

1. The company manages to surpass all the different expectations and meets all the goals as stated in the beginning. The company has decided to take a systematic approach that will be having a subsystem to look for the different expectations and the satisfaction level of the customers. The following sub system will determine, analyze, measure and conclude on the different wants and needs of the customers and accordingly take the necessary actions.
2. The performance of the employees will be at its best and will rather improve from the present rate. The completion of a work much earlier than the specified time limit will surely have a positive impact on the productivity of the employees as well as the productivity of the business organization. (Bellavitis et al. 2017). This productivity will help the truck company to collect, transport and deliver products either before the stipulated time or at the right time.
3. The more is the productivity and punctuality of the trucking business, the less is the cost incurred for operating the business by the management of “Aussie Truck services”. The reduction in the expenses of the company will also help them to provide the best quality services and make them one of the leading companies of Australia.
4. The maintenance in the quality of the service by the organization will ensure the company to fall in line with a particular business system (Bruton et al. 2015). This business system will make the company organized and capable to do different types of business tasks in the best possible way.
5. “Aussie Truck Services’ must have a dedicated and capable measurement system to receive a proper feedback on a regular basis and make the organization able to solve different complex problems on a regular basis. The feedback will send the management signals about all the different kinds of impending problems that might arise or has already aroused. The problem solving process will mean a change for the company and a change in its improvement. The implementation of the business systems will thus help the organizations to continuous improvement and also to solve the different problems that may arise as a result of such problems.
6. All the different benefits which have been discussed earlier in this part of the chapter will lead to a greater profitability for the organization and will help in the effective and fast growth for the truck company. Australia is already in the verge of an economic outburst which has helped the organization to embark on a growth journey. The organization will be having a proper internal organization and can easily solve the different problems that may occur both externally and internally.

Similar to the large number of benefits at the early stage of the business life cycle “Aussie Truck Service4” will face a number of different challenges that will threaten its establishment in the market. This includes the likes of;

1. Keeping up with the Market- The mentioned business organization will face a challenging time to keep up with the market. The more the business will be expanding in the Australian market in the early stages, the more the competitors will notice it and will prepare strategy to challenge the business. Being a new kid in the block the focus of the other competitors will be more on the mentioned truck company (Colombo et al. 2014). This is more because the loyal customers of the other companies will often have a look into the opportunities that the companies provides to the clients and will have the tendency to shift their loyalty to the new company. Thus the management of the existing companies always keeps a close tabs on the new developments of the other companies and makes their strategies accordingly.
2. Information Sources- The information sources are needed by the organization to have a close look into the market and construct the best strategies to gain a competitive advantage in the Australian market. The challenge lies in the identification of the sources from which the different information’s can be received. At the early stages of the operations it will be difficult to identify the supplier of information and thus the company will have to make extra effort to remove such an obstacle from the path of their growth to success.
3. Planning Ahead- It will be really difficult for the organization to plan ahead as they will lack the experience of the market conditions about what shape will it take in the future. The growth of the business must follow a constant update of the strategies of the truck enterprise to attain a certain degree of competitive advantage in the market (Colombo et al. 2014). However the absence of the opportunities for the business in the early stages will make them lose business in the coming days.
4. Cash Flow and Financial Management- A proper and effective cash flow control is utmost important for the business. Being a truck company the investment will be huge both at the beginning and on the course of its business (Drover et al. 2017). Thus the cash flow statement must be maintained professionally to avoid any frauds or miscalculations which can raise serious issues to the proper functioning of the particular business.
5. Absence of Skills- The absence of any proper training programs in the early stages of the business development is a serious issue for the organization. Presence of unskilled employees can damage the reputation of the business at the early stages which will spell doom for the truck enterprise. The management of the mentioned business enterprise thus must implement a proper training system for the employees to provide the best services to the clients of the mentioned trucking company.

The management of the organization must take a leaf out of the different examples of the business organizations that started in Australia but survived only a few years just after its establishment (Jin et al. 2017). They hardly managed to survive the early stages or just 5 years while there are examples of others who survived the early stages but failed miserably during the course of the growth stage. This was because the organizations lacked visionary measures to protect themselves from the different challenges of the modern market. Taking such examples into account the management of “Aussie Truck Services” must prepare and implement different strategies for the survival of the business and ensure its sustainability in Australia. Some of the main strategies are as follows;

1. Establishing a value proposition- The understanding of the long term growth of the organization sets the company apart from the different competitions in the market. It is important for the management of “Aussie Truck Services” to make use of the marketing tools and determine the uniqueness of the following product. The truck services that they will offer will be unique and different from the traditional as well as the contemporary and usual services offered by the other organizations of the market. For example the company will provide additional discounts on transportation of bulk amounts of goods or can provide an extra trip for free if the client agrees to transport the goods only through the mentioned organization. Such kind of innovativeness will be useful for the business organization to put an authority of its stronghold in the market.
2. Identification of the Ideal Customer- According to, Kuppuswamy and Bayus (2018) the identification of the ideal customer is utmost important for the management to get the maximum profitability from the business. The truck company must not entertain any client with unjust and growing demands and also the clients who tries to utilize the benefits provided by the mentioned company to them.
3. Definition of the Key Indicators- The key performance indicators of the organization must be measureable by the organization as it helps to judge and analyze the performance of the business and improve in any areas that it feels is not meeting the requirements of the company. The definition of the key indicators to the performance also helps the organization to invest time and money to the right areas for gaining maximum profitability (Kuratko 2016).
4. Concentrating on the strengths of the organization- The Company must not waste maximum time to improve on the weak areas and must rather concentrate on improving the strong areas and make it stronger to gain more competitive advantage in the market.
5. Proper Investment- As said earlier, the management of the mentioned truck company must invest wisely in the correct areas to stay sustainable and effective in nature (Morris 2015). The misutilization of the funds and revenue of the organization will lead to the failure of the company in the market.

Benefits of Our Business System

The government of Australia has in place the Entrepreneurs program which is the flagship initiative for the business competitiveness and productivity (Morris et al. 2016). The following program is a part of the Australian Government’s National Innovation and Science Agenda. The following program offers support to different businesses through four different elements namely;

1. Accelerating Commercialization
2. Incubator Support
3. Business Management
4. Innovation Connections

On the other hand the Government of Australia also provides practical support for the business ventures by means of:

• Different advice from qualified experts with experience in the private sector enterprises
• Funding that takes advantage of the different opportunities of growth
• Connection and collaboration opportunities
• Different forms of grants to commercialize new products, processes and services

Conclusion

The following report is a well constructed theoretical report of the new truck company that is being planned to be opened in Australia. The report provides a proper guidance for the management of the mentioned truck company, which if followed will help in the proper development of the business organization and will also help the truck company to establish itself as a major player in Australia. The report has included all the necessary elements related to the entrepreneurial venture that includes the overview, mission statement, vision, strategies, benefits, challenges and the steps to be undertaken for the gradual growth of the industry from early stage to a growth stage in the business life cycle. The inclusion of all these reports have been crucial for the completion of the report in a compact nature and have also increased the scope of the report. The large scope of the report will be of great help to the future works to be done on the same topic. A proper analysis of the report will help the readers to have an idea of entrepreneurship and its proper utilization.

References

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