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Operations Assignment

The document provides tips for entrepreneurs on how to attract business investors. It suggests extending your network to find potential investors, showing evidence like successful pilots or market research to demonstrate potential, personalizing your pitch by researching investors' priorities, choosing co-founders to complement your skills, refining your business idea through accelerators, building an online brand, considering alternative funding sources, keeping pitches concise, emphasizing originality, and preparing a polished presentation.

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tanya sharma
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© © All Rights Reserved
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Download as DOCX, PDF, TXT or read online on Scribd
17 views

Operations Assignment

The document provides tips for entrepreneurs on how to attract business investors. It suggests extending your network to find potential investors, showing evidence like successful pilots or market research to demonstrate potential, personalizing your pitch by researching investors' priorities, choosing co-founders to complement your skills, refining your business idea through accelerators, building an online brand, considering alternative funding sources, keeping pitches concise, emphasizing originality, and preparing a polished presentation.

Uploaded by

tanya sharma
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Answer 2.

Using Fishbone Diagrams for Problem Solving


Problems are obstacles and challenges that one should overcome to reach the goal.
They are an inseparable part of any business, and the success of an enterprise often
depends on ability to solve all problems effectively. The process of problem solving
often uses rational approach, helping to find a suitable solution. It is important to have a
well-developed sequence of actions when difficulties happen, in order to make right
decisions. For instance, if the result of some manufacturing process is unsatisfactory,
that means that there has been a violation of production conditions, and it is necessary
to detect and correct the causes to enhance the quality. Wrong decision can only
temporarily cover up a problem and may end up in dire consequences.
First you should accurately define the problem. For instance, “employees work poorly” is far
from exact definition and solving a problem like that will prove difficult. Then you need to try to
find the root of the problem. Your next step is to find all possible options, the more - the better.
You should then rank the solutions you've found, considering time, cost and complexity of
implementation. Finally, after you put your decision to practice, it is important to collect the
feedback – the information about the real effectiveness of the measures taken.
Using Fishbone Diagrams for Problem Solving is a productive and illustrative tool to identify the
most important factors causing the trouble. ConceptDraw DIAGRAM extended with Fishbone
Diagrams solution from the Management area of ConceptDraw Solution Park is a powerful tool
for problem solving with Fishbone Ishikawa diagram graphic method.

Example 1. Using Fishbone Diagrams for Problem Solving


Your organization may choose to apply Fishbone diagram for problem solving using the
cause-and-effect analysis. Construct Fishbone diagram and identify many possible
causes for an effect for attack complex problems solving.
Example 2. Fishbone Diagrams Solution in ConceptDraw STORE
Use the predesigned objects and templates, illustrative examples and samples offered
by Fishbone Diagrams Solution for ConceptDraw DIAGRAM to draw Ishikawa diagrams
for effective problem solving.
Example 3. Fishbone Diagram - Inability to Meet Project Deadlines
The samples you see on this page were created in ConceptDraw DIAGRAM using the
tools of the Fishbone Diagrams Solution. An experienced user spent 5-10 minutes
creating each of these samples.
Use the Fishbone Diagrams Solution for ConceptDraw DIAGRAM Solution Park for
quick and easy drawing Fishbone Diagrams, and succeed using Fishbone Diagrams for
problem solving.
All source documents are vector graphic documents. They are available for reviewing,
modifying, or converting to a variety of formats (PDF file, MS PowerPoint, MS Visio, and
many other graphic formats) from the ConceptDraw STORE. The Fishbone Diagrams
Solution is available for all ConceptDraw DIAGRAM or later users.

Answer 1.
So, you’ve got a brilliant business idea, and now you need money to get it off the
ground. This is where business investors come in handy. Investors are an
invaluable resource for entrepreneurs, providing essential financial support for
their projects. However, convincing them to come on board with an endeavor can
be a considerable challenge.

1. Work on extending your network.


Many entrepreneurs dread the hard sell of approaching an investor.
Understandably, they find the process intimidating. One way to avoid this kind of
interaction is to cultivate a network rich in potential investors.

If you have a pre-existing relationship with potential investors, the dynamic may
be different when you approach them. You may even find that interested parties
approach you regarding your business ideas.

Remember, investors aren’t just investing in your business; they’re also investing
in you. That’s why it pays to have heightened visibility and a positive reputation in
relevant circles.

2. Show evidence.
When it comes to large sums of money, investors don’t usually gamble on a
hunch. Instead, they want hard data that convinces them of your project’s
potential. Unfortunately, this can be difficult to obtain at an early stage: after all,
you haven’t received an investment for the work yet!

However, it’s not impossible. For example, the results of a successful small-scale
pilot or some focused market research findings demonstrating strong interest
could be enough to convince an investor.
4. Personalize your pitch.
If you can, research potential investors prior to approaching them. That way,
you’ll be able to save time and work smart by focusing on those who are most
likely to be interested in your investment opportunity.

Maybe they already have a portfolio of investments. If so, you should look at the
projects that have successfully attracted them and try to find common themes.
Ultimately, you want to understand a potential investor’s priorities so that you can
tailor your pitch to their tastes.

To attract investors, find the right angle to sell your project directly to them. For
example, an investor who consistently funds environmental projects will
undoubtedly want to hear about your business’s sustainability measures.

6. Choose co-founders wisely.


Do you have a co-founder? If not, you might want to find one fast. They are a
great way to complement your skills and background with anything you might be
missing.

For instance, maybe you’re the brains behind an incredible new technology, but
you don’t have any business acumen. A co-founder with a background in
business will make your project even more attractive to investors. If you’re
extremely resistant to the prospect of pitching, you might choose a co-founder
that can be a confident spokesperson.

7. Refine your business first.


Before you start selling your company to others, make sure it’s in the best shape
possible. One way to do so is to participate in a startup accelerator. A reputable
accelerator brings many benefits: you can meet mentors, expand your network,
and iron out any difficulties you’ve been experiencing while working on your idea.

Some accelerators have an excellent reputation, which means graduating from


those particular programs could impress and attract future investors!
8. Build a strong brand online.
Investors are guaranteed to research your business before they commit to
investing in it, so make sure what they find online is positive. If you can build up a
community of supporters before you start pitching, that’s proof of interest in your
project.

An amateurish web presence won’t inspire faith in your abilities. Your site and
social media accounts should be updated and professional to ensure positive first
impressions.

9. Think outside the box when it


comes to investors.
When you think about business investors, you shouldn’t necessarily visualize rich
people in expensive suits. These days, alternative forms of funding are available.
Maybe your project lends itself to group funding, for example. There are online
platforms designed to facilitate this by matching interested parties with
investment opportunities.

Pitching on these platforms is a different experience from the traditional investor


pitch. For inspiration on your approach, research other projects on your chosen
platform that successfully attracted funding and see how they achieved their
goals.

10. Don’t overload potential


investors with information.
When you’re trying to convince a would-be backer, it can be tempting to provide
every fact and figure available about your project. However, important details that
could seal the deal may be lost when you prioritize quantity over relevance.

Rather than flooding investors with information, make the process as easy as
possible for them. Provide relevant details in a concise, accessible format. If you
overcomplicate matters, you’ll probably struggle to keep their attention.

11. Emphasize your originality.


Investors have likely seen many pitches, which means they’re probably bored of
the same-old, same-old. Of course, you shouldn’t build your pitch around cheap
gimmicks, but you should lean into what makes your project unique, embracing
and emphasizing your originality.

Explain specifically what makes your idea different from others: how will your
business conquer its competitors? What does it do that no other business in your
sector does? The ultimate goal is to generate excitement. Potential business
investors should feel inspired to be part of your project.

12. Spend time on a polished


presentation.
A pitch with a potential investor is definitely not the time to wing it. Not only do
you risk losing the investment, but you could also damage your reputation, which
can have long-term implications for your business.

To avoid this, prepare for your pitch and practice your presentation thoroughly.
Ideally, you should practice it in front of a knowledgeable audience that can
provide constructive feedback.

Demonstrate that you’re a professional and that you believe the investor’s time is
valuable. This will make them much more confident about going into business
with you.

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