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Business Development Plan Assignment :ABC Ltd

   

Added on  2020-01-06

10 Pages3315 Words169 Views
Business development planning1

Table of ContentsINTRODUCTION ...............................................................................................................................3Role of Entrepreneur........................................................................................................................3Development of idea........................................................................................................................5Management of business..................................................................................................................6CONCLUSION ...................................................................................................................................8REFERENCES.....................................................................................................................................92

INTRODUCTION Looking at the present competitive business world, the success of a new start-up business ishighly depends upon the development of an innovative business idea. It enable firm to establisheffectively into the market and compete effectively with the rivalry firms. Moreover, entrepreneursalso plays a major role in the process of idea generation to create an unique business idea. Apartfrom that, management in the organizations owes liability to manage daily operations, activities andfunctions by framing policies and taking strategic decisions. Better management decisions aregreatly assist firm to achieve their target business goals and objectives. Present project assignmentis based on a new start-up venture of designer fashion outlet, named ABC Ltd. The report explorethe importance of entrepreneur, development of unique and innovative business idea and the role ofmanagement in the success of ABC Ltd. Role of EntrepreneurEntrepreneur is a person who put their own funds by taking high risk in order to start a newbusiness venture in the present competitive market. He is solely the greatest determinant of businesssuccess. They set up new venture and bear entire risk involved in the process of ensuring regularhazard free business functioning (Barreto, 2013). He is commonly seen as a innovator of new ideasand process and implement it to convert his idea into reality. They play an inevitable and major rolein the success of organization. Good entrepreneur identify better opportunities and reflect positiveattitude towards searching for new possibility and finding unmet market needs. Moreover, their risktaking attitude enable them to face market challenges and resolve it by taking strategic decisions toexploit the opportunities. Entrepreneurship is regarded as the process of designing, launching andoperating a new business venture, called a new start-up. In other words, it refers to the capabilityand willingness of entrepreneur to pay focus on launching and running of a successful business bymanaging risk effectively (Grimes and et al., 2013). Successful entrepreneurs find out newopportunities by evaluating and examining the present market demand and thereby take decisions toserve unmet customer desires and expectations. In the current age of globalisation, role of entrepreneurs in the success and growth ofbusiness is increasing day by day. With reference to the chosen business of designer fashion outlet,ABC Ltd, innovation aspect of entrepreneur gained high importance. In the current age, emergenceof entrepreneurial ability stimulated a rising trend of competition in the cloth designing and fashionindustry. In order to grab larger market, entrepreneur require high level of creativity and innovationsso as to produce designer, fashionable and branded cloths to meet customer demand (De Carolis,2014). With the selected business, entrepreneur primarily play a role of fashion entrepreneur who3

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