Entrepreneur and New Product Development - Case Study Analysis Essay

Entrepreneur and New Product Development - Case Study Analysis - Essay Example Many entrepreneurs have benefited from exceptional product design and expert financial and legal advice, built a stable and profitable business that can succeed in any business environment but have failed due to wrong planning of the time to may be launching the new product in the market. Many spend much time and emphasis in the plan on the strength of the management team they have recruited, the attractive financials and how wonderful the product or service is, than on how to use the strategy to enter the market and continue to penetrate the market over time. Most find themselves trapped in financial, personal and social tensions. With the advent of technology, the world has turned more global and is fast becoming a global village. Entrepreneurs too are not left out as most Australian companies are increasingly investing abroad. Their faith abroad is often very uncertain as they do not know the exact conditions and competitors they will meet, what patterns are customer demands and many issues. Normally, investing abroad has constrains due to the uncertain market. These problems are usually at different levels such as political environment, socio-economic environment, demographic environment, legal environment, and economic environment. 2.1. Political environment: Investing in a politically unstable environment is often hard to determine what may happen to the business. May be the image of the leader in power may be a stumbling block to your business as the image of the goods and services you produce may be looked at differently. Even on the domestic market of the country may be a particular problem. Take the simple case of Santa Teresa investing in Venezuela. Going by the words of the writer, supporters of Chavez should have thought that Mr. Vollmers was just the kind of person they see in their president. This situation may lead to tensions between customers and even lost of market position to competitors. Like