Entrepreneurial Context: Institutions, Resources & Business Models

This assignment delves into the institutional context of entrepreneurship, drawing insights from eight academic sources. It focuses on the roles of goals (Hechavarria et al., 2012), founders' own resources (Huang et al., 2012), business model sophistication (Kesting & Günzel-Jensen, 2015), marketing and entrepreneurship integration (Lam & Harker, 2015), crowdfunding agency dynamics (Ley & Weaven, 2011), supporter networks evolution (Newbert et al., 2013), global startup emergence (Rasmussen & Tanev, 2015), and business plans (Zacharakis et al., 2011). Analyze these concepts critically, using real-world examples or case studies to support your discussion.

Business Essential

Table of Contents
INTRODUCTION..............................................................................................................1
TASK 1.............................................................................................................................1
PART A........................................................................................................................ 1
PART B........................................................................................................................ 2
TASK 2.............................................................................................................................3
PESTLE analysis ........................................................................................................ 3
TASK 3.............................................................................................................................5
Part A........................................................................................................................... 5
Launching of event.......................................................................................................5
Part B........................................................................................................................... 5
Budget .........................................................................................................................5
TASK 4.............................................................................................................................6
Different concepts of marketing...................................................................................6
CONCLUSION ................................................................................................................ 7

INTRODUCTION
The trend of start-ups is increasing and young generation is preferring to become
a job provider instead of job seeker (Ashworth, 2012). A sound business idea can
become the prime reason behind success of an organisation. This report is based on
''Printland'', an online printing company. They print any kind of images on t-shirt, caps
and pen. This assignment will discuss about the conversion of an innovative idea into
reality. Objectives, competitors and type of ownership of the enterprise will also become
an important part of this file. PESTLE analysis and launching of an event will be
included in this project. Further, marketing plan will be explained at the end of this
assignment.
TASK 1
PART A
Business environment is rapidly changing and companies that are focusing on
young generation are attaining continuous success as youth always have a tendency of
spending more and saving less. Business idea by Printland is to print a kind of image on
t-shirt, cap and pen and then sell it to the students of university. Buyers can select photo
from website or mobile application of the firm. They can also upload an image, which
they want Printland to paste on their product. Whole business will be done through
online mode and the items will be delivered at residence of students. This organisation
is operating in e-commerce sector.
This idea is innovative and will be successful because youth does not just want
to buy the product, they also like to design it (Wallnöfer and Hacklin, 2013). Their
ordered item will be delivered within 24 hours without charging any money. These are
some features which will provide some extra to ''Printland'' over other players of the
market. This firm will focus on two main things, first is affordable products and second is
''ASAP delivery''. There are many companies that are running the same type of
business but they do not concentrate on affordable goods and their delivery time is also
around 3-5 days.
Competitors Why they are competitors
Almamaterstore They offer same kind of services i.e.
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‘design your own product’. They have
good market reach and deep pockets.
Vistaprint They are working in same field and using
the latest technology for printing. They
also offer high variety of options which can
be pasted on t-shirt.
99tshirts They have good market reach and sell
their products at the competitive price.
PART B
People start a business in order to attain something (Kesting and Günzel-Jensen,
2015). Money can be considered as a prime aim but they also have to set some goals
which can help them in moving forward towards their mission and vision. Below are the
four main objectives of Printland:1. To offer the features of “design your own product” to the buyers2. To provide good quality of products and services3. To make large number of permanent customers4. To use creativity of employees and students for making a successful organisation
Justification of objectives
First objective – The trend in market is continuously changing and instead of just
buying an item, customers want to design it. Earlier, when this type of facility was not
available in the market, buyers were not conscious about designing but now they know
that they can get whatever they want on their t-shirts, caps and even on their pen. If a
firm provides them this service then their business can easily see rapid growth (Schmidt
and et. al., 2011).
Second objective – Customers want ''value for money''. If Printland will charge
less money from buyers but sell low quality products to them then they will not get more
order in upcoming time. Same rules will apply in service also, free home deliver is not
significant if the ordered item will reach late to the customers.
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Third objective – For a new business, instead of targeting more buyers, they
need to focus on increasing the number of permanent customers because they provide
stability to business which is very important in starting period of a firm. If Printland will
successfully achieve this objective then they can easily earn huge revenue for a long
time. Making good relation with students of the university can be a good idea.
Fourth objective – An enterprise cannot succeed until they hire and keep right
employees. Creativity of workers provide competitive advantage to an enterprise and
they also help the firm in focusing on continuous innovation. Reaching an objective like
this is essential for the long term growth.
Form of Ownership
Out of various options, partnership will be the most suitable for this organisation
because right now, they are at their initial stages and they cannot spend money on
complying with different legal formalities (Zanakis, Renko and Bullough, 2012). They do
not have much target market in present scenario and they have limited financial
resources. Sole trading would also not be a good option because managing so many
things in one time for a single person is not possible. In partnerships there are 2-20
partners. If one of them cannot do monetary contribution and then other give more
money of contribution.
TASK 2
PESTLE analysis
External factors have capacity to make a huge impact on the performance of a
firm. They can affect business in both positive and negative manner. Below is the
PESTLE analysis of Printland:
Political
 Brexit – The number of students who are studying in UK in various universities
over there will go down because of Brexit. Most of the people are expecting that
growth of various sectors in this nation will decrease and education will be one of
them. This political factor will negatively influence the business of Printland
 Political instability – In present scenario, political stability is a big problem for
many companies who are thinking about expanding or starting their business in
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UK. Government is rapidly changing many rules, this is creating confusion in
business environment. Printland may also get negative affected by this problem.
Economical
 Growth rate – Economic growth of UK is very low (Ley and Weaven, 2011). This
means that if Printland will start their business in current time, then they will not
get huge market and they have to get satisfy by earning decent amount of
revenue. In long run, they make see many negative impact on this factor. Fear of uncertainty – It is difficult to predict the influence of Brexit on market of
UK, a new business may not get suppose from banking and other financial
institution when they seek loan from them because of they may feel that this is
not a good time to invest in a new firm. Printland may face issues like lack of
funding due to this economic factor.
Social
 Culture – Youth is UK spend more compared to other segment. This is part of the
culture of UK. Printland is going to target students of the university. This factor
will make a positive impact on their business. Diversity – Students from various part of the world study in University. This result
in high diversity in culture. Printland can offer design of one buyers to other by
promoting culture of one nation. This will positive influence their sale.
Technological
 Online – The trend of online shopping is at its peak and this firm is going to do all
of their business through online mode. They are working on latest technology
and it will favourably influence their profit (Rasmussen and Tanev, 2015). Print technology – This technique which this firm is using in printing is latest. It
reduces human efforts and, currently, it is the best in market.
Legal
 Laws and acts – The rules relating to working hours and workmen compensation
are strict. Printland has to make sure that they follow all the rules so they can
save themself from legal trouble. Recent reforms in various acts will be beneficial
for them.
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 Government regulations – Government of UK is going to bring some new laws in
this country. They can be in favour or against of mentioned enterprise. It is
difficult to analyse their impact but understand their importance is necessary.
Environmental
 Pollution – Printland has to choose a mode of delivery which does not pollute the
environment. This is significant for them because people like to buy goods from a
company who care about environment. Working on these issues will be positive
for their growth.
 Wastage – Reducing the wastage of natural resources will help this organisation
in increasing their goodwill. It is important for them to minimise wastage of
natural resources because of their scarcity.
TASK 3
Part A
Launching of event
An event has to be organised in the university so buyers know about company
and their products. Celebrity opening will be best option as the format of event. Fashion
icon and great football players David Beckham will be the guest in the events. He is
know for his great fashion sense and he is an inspiration of youth. This event will be
organised on Saturday i.e. weekend so the student of University can attend it. Food will
be served to them and they the event will take place in the auditorium of University
(Zacharakis, Spinelli and Timmons, 2011). This function will be the first step in attaining
various objectives of the company. By explaining procedures of designing and whole
operation to the potential customers, Printland can achieve objectives of making
permanent customers and offering good quality.
Part B
Budget
Particulars
Event
launch
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Elements for
event Cost £
Venue 1000
Catering 7500
Advertising 1200
Decoration 150
Transportation 200
Anchor 100
Payment to
Guest 10000
Equipment 2000
Total 22150
TASK 4
Different concepts of marketing
Marketing is the process of identifying the need of customers and then offering
them a product or services which fulfil their needs. Providing high level of customer
satisfaction is also part of this procedure.
Marketing objectives – SMART objectives should be set by Printland in so they can
move a step closer to their mission. This firm can set two SMART objective, first is to
increase popularity of the brand among potential customers and second is to provide all
kind of information about firm's products to the buyers. The time allotted for attaining
first objective will be 3 months and it will be measured by comparing the number of
visitors on firm's website and mobile application (Lam and Harker, 2015). The target is
to increase number of visitor by 15%. Second objective of the firm will be attained by
checking the number of queries from the side of buyers. The aim is to decrease the
queries by 10% in 1 months.
Target market – Young generation and student of Universities will be the main target of
the firm. They like to design their t-shirt or caps and they will take more interest in
buying from a place which allow them to make their own product. Working class people
will be second target but the main focus will be on young generation.
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Marketing mix
Element Description Justification
Product Customer want to buy a
product will is exact want
they are thinking. Allowing
buyers to select any image
on the their product or
upload a photo which they
want to paste on their
product will assist company
in attaining fulfilling
customer demand.
Research reveal that young
generation want create
something different.
Price The price of product will be
affordable and option of free
delivery of product
Young generation do not
much income so affordable
price is essential.
Place Products can be bought
online.
Market trend shows that
young generation has
already accepted this mode
of purchasing.
Promotion Online promotion It does not cost much and it
is very effective for targeting
this segment
People Youth like to spend money
of cloths.
Market research proves
this.
Physical evidence Home delivery. Logistics division is physical
evidence of companies
presence.
Process Latest technology for
production.
It does not cost much and
provide better quality.
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Marketing strategies – Youth will be target through online promotions because
they spend more time of internet (Huang, Lai and Lo, 2012.). Personal selling can be
added as promotional tool for making good relation with customers.
CONCLUSION
From the above report, it can be concluded that a business idea will get success
if correct marketing is done. PESTLE analysis shows impact of external factors on the
firm. Understanding strength of competitors is essential before making any strategy.
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REFERENCES
Books and Journals
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understanding survival and sustainability in growth-oriented and comfort-zone
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De Clercq, D., Lim, D.S. and Oh, C.H., 2013. Individual‐level resources and new
business activity: The contingent role of institutional context. Entrepreneurship
Theory and Practice, 37(2), pp.303-330.
Hechavarria, D.M., Renko, M. and Matthews, C.H., 2012. The nascent entrepreneurship
hub: goals, entrepreneurial self-efficacy and start-up outcomes. Small Business
Economics, 39(3), pp.685-701.
Huang, H.C., Lai, M.C. and Lo, K.W., 2012. Do founders' own resources matter? The
influence of business networks on start-up innovation and performance.
Technovation, 32(5), pp.316-327.
Kesting, P. and Günzel-Jensen, F., 2015. SMEs and new ventures need business
model sophistication. Business Horizons, 58(3), pp.285-293.
Lam, W. and Harker, M.J., 2015. Marketing and entrepreneurship: An integrated view
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Ley, A. and Weaven, S., 2011. Exploring agency dynamics of crowdfunding in start-up
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supporter networks in the creation of new organizations. Journal of Business
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Rasmussen, E.S. and Tanev, S., 2015. The emergence of the lean global startup as a
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Schmidt, M.C. and et. al., 2011. Increasing farm income and local food access: A case
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