An Introduction to Entrepreneurship (Pdf)

Added on - Nov 2020

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ENTREPRENEURSHIP
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EXECUTIVE SUMMARY
Entrepreneurship refers to all the activities and tasks which are associated with setting up
and starting up own business organisation and effectively managing the same in terms of
sustainabilityandprofitability.Thisactivityinvolvesprocessesandmethodsrequiredto
effectivelydevelopnewbusinessesthroughundertakingextensivemarketresearchand
developing a work frame for venture development. Report below is based on “Wedding Bells”,
which provides effective services related to weddings as well as parties. The business is being set
up by a group of three brothers Thomas, Arthur and John. Wedding Bells is situated in The
McLaren Building, Birmingham. Services provided by this business include effective wedding as
well as event planning to its service users. Target customers of this organisation includes, upper,
upper middle and middle class individuals. There is also quite extensive competition in the
industry and various companies like AK Brides, Elle Affairs and Engaged Wedding Libraries
could potentially be competitors for Wedding Bells. The firm would require effective finance to
conductitsbusinessoperationseffectively.Toattainthis,companyiswillingtoinvest
£1,300,000 into the business. In addition to this, almost finance amounting approximately
£4,33,000 per partner is required in the company for the first term.
2
Contents
EXECUTIVE SUMMARY.............................................................................................................2
AIMS AND OBJECTIVES.............................................................................................................4
SECTION 1- THE BUSINESS........................................................................................................4
Description of business and aims...........................................................................................4
Products and Services provided..............................................................................................6
Market Analysis......................................................................................................................7
Marketing Plan.....................................................................................................................10
Location................................................................................................................................12
Competition..........................................................................................................................12
Management and Operations................................................................................................13
Personnel..............................................................................................................................13
SECTION 2- FINANCIAL DATA................................................................................................13
Projected Financial Statements.............................................................................................13
Break Even Analysis : United Kingdom..............................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
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AIMS AND OBJECTIVES
Wedding Bells is being set up to effectivelymaintain appropriate customer relationship
and establish the company as a potential organisation in the service industry. Owners,
through this business aim at increasing their financial strength and earn more money to
ensure better services to customers in the future(Drucker, 2014).
This organisation would be a supplement to the main income of the owners of Wedding
Bells.
The owners of the company, through this business, aim at providing job opportunities to
their family members as well to attain harmony within the organisation and achieve better
outcomes through integrated efforts of the members.
SECTION 1- THE BUSINESS
Description of business and aims
The type of business under which Wedding Bells would operate is hospitality industry,
where the services provided by organisation would be associated with weddings as well as events
and parties of its customers in Birmingham.
There is a range of services provided by Wedding Bells like music, catering, design and
decorations according to the needs of clients. These services vary in nature according to demands
of its customers.
Wedding Bells is a start-up organisation set up to fulfil the needs of upper, upper middle
and middle class individuals who seek services related to wedding as well as event planning to
celebrate their special occasions(Kirzner, 2015).
Wedding Bells would be a partnership organisation. This means that owners would
divide the share in their company as per the partnership deed been formed by them through
mutual consent. According to the deed, all the partners would have equal share in the company in
1:1:1 ratio which makes them equal bearer of risks and profitability.
Licenses
Various licenses are required for Wedding Bells in order to ensure government support
while operating their business and providing effective services to their customers(Dees, 2017).
These licenses are mentioned below:
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