The Planning and Managing of the Venture in the Market - Essay Example

Social and environmental challenges can be tackled through the development of technology such as the one developed y the team of the engineering students. The snowmobile technology that was developed for the Yellowstone National Park was aimed to avoid noise and pollution in the park. They used the technology to fit onto existing machines and placed initially on the emissions event in the clean Snowmobile challenge that reduced hydrocarbons and carbon monoxide emissions by over 99%. Since this was successful, it was subsequently applied in motorcycles.

The inventory of the Envirofit was instrumental in ensuring an environmentally safe and friendly vehicle. Modification of existing technology is instrumental in promoting and bettering the existing technology. For instance, the snowmobile was to be abandoned from the national park. However, the modification by the team made it relevant for the snowmobile to be used in the park as well as motorcycles as well as other vehicles. While working in the project, the team was engaging with each other as well as other relevant interested people as the NGO and the community.

This helped in forming relationships as well as fostering teamwork among the team. Working in a project as big as the Envirofit is challenging and requires perseverance and a lot of patience. The project is time-consuming and requires dedication as well as commitment for it to be accomplished successfully. This instills discipline in the participants in the project who get to learn how to meet deadlines and deliver satisfactory results. As the team in Envirofit observed it is beneficial to get local partners to participate in an environment.

This would give businesses the concept of credibility; it would make the business more effective and efficient. The real challenge of the venture is to reduce the price and figure out how to organize this venture on a large scale. The cost of reducing pollution was high, so the team opted to increase the price of the product, but since the venture was new in the market they had to reduce the price. Meanwhile, the team had difficulties in generating financial returns that would interest private investors and commercial business.

According to Hudnut and Detienne (725), the resources required to get the work done was a lot and they needed assistance from other interested people, but it was hard to get this assistance. Meanwhile, a high level of fuel and lubricant increases the amount of hydrocarbon and other substances in the environment. Meanwhile, government pressure continues to form laws that push the team deeper into poverty that affect the profit of the team. Finally, the serious pollution problem caused the team to face stiff competition from other venture with the same idea.