THE CREATIVE ENQUIRY PROJECT

Running head: CREATIVE ENQUIRY PROJECT
CREATIVE ENQUIRY PROJECT: BUSINESS DEVELOPMENT PLAN FOR
VOIEVOD IN ROMANIA
Name of the Student:
Name of the University:
Author’s Note:

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Table of Contents
Executive Summary.........................................................................................................................4
1.0 Introduction................................................................................................................................5
2.0 Business Plan Objectives...........................................................................................................6
3.0 Research Method and its Appropriateness................................................................................7
4.0 Ethical Considerations...............................................................................................................8
5.0 Problem/ Opportunity Statement...............................................................................................8
6.0 Problem that Voievod seeks to solve.......................................................................................10
7.0 Existing Landscape of Solutions.............................................................................................11
8.0 Overview of the Business Idea................................................................................................12
9.0 Value Proposition and Novelty of the Business Idea..............................................................13
10.0 Target Market of Voievod.....................................................................................................14
11.0 Industry Analysis...................................................................................................................16
11.1 PESTLE Analysis..............................................................................................................16
11.2 SWOT Analysis.................................................................................................................21
11.3 Porter’s Five Forces Analysis............................................................................................23
12.0 Market and Competition Analysis.........................................................................................26
13.0 Business Model Canvas.........................................................................................................27
13.1 Justification for the usage of Business Model Canvas......................................................28
13.2 Business Model Canvas Voievod......................................................................................29

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13.2.1 Key Activities.............................................................................................................32
13.2.2 Key Partners................................................................................................................32
13.2.3 Key Resources............................................................................................................32
13.2.4 Value Proposition.......................................................................................................33
13.2.5 Channel.......................................................................................................................33
13.2.6 Cost Structure.............................................................................................................33
13.2.7 Revenue Structure.......................................................................................................34
13.2.8 Customer Segment......................................................................................................34
13.2.9 Customer Relationships..............................................................................................35
14.0 Marketing Strategy................................................................................................................35
14.1 Product...............................................................................................................................35
14.2 Place...................................................................................................................................35
14.3 Promotion..........................................................................................................................36
14.4 Price...................................................................................................................................36
15.0 Funding..................................................................................................................................37
16.0 Financial Analysis.................................................................................................................38
17.0 Risk Analysis and Risk Mitigation........................................................................................40
18.0 Conclusion.............................................................................................................................41
19.0 Recommendations..................................................................................................................42
20.0 Reflection...............................................................................................................................43

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References......................................................................................................................................45

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Executive Summary
This project focuses on the presentation of a detailed business plan for the establishment of the
entrepreneurial business venture named Voievod in the nation of Romania. This venture intends
to offer new wave high end fashionable garments to the young people of Romania at affordable
prices and this particular idea had been selected by the entrepreneur through a detailed analysis
of the business environment of Romania. More importantly, the entrepreneur also undertook an
analysis of the clothing industry of Romania through the usage of secondary data which in turn
revealed that the business idea developed by the entrepreneur is a feasible one and also had the
potential to yield profitability if adequate measures are being followed. In addition to these, the
entrepreneur also took the help of the Business Model Canvas for designing the business model
along with its different attributes which would be used by the venture. Furthermore, the
marketing strategy that the venture needs to use had also been proposed through the usage of the
“4P’s of Marketing”. The entrepreneur had also undertake a financial project for the venture
along with the risks that the venture is likely to face and on the basis of this suitable risk
mitigation strategies like the development of a secondary product portfolio, usage of multiple
suppliers for reducing the bargaining power of the suppliers and others had been suggested.
Lastly, the project recommends the development of a secondary product portfolio, usage of
multiple suppliers, usage of digital marketing strategies, attracting investors and sponsors for the
enhancement of the scope of the venture and others. The project concludes with a reflection
which elucidates the personal learning that I had been able to acquire from the completion of this
business plan.

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1.0 Introduction
As stated by Burns (2017), entrepreneurship is the process through which the
entrepreneurs establish their business ventures by way of identifying the most profitable as well
as long-term growth oriented business ideas. Hannibal, Evers and Servais (2016) are of the
viewpoint that the entrepreneurs are required to take the help of the help of the process of
business opportunity identification or the innovative value chain for the identification of the
business ideas. Furthermore, for the identification of the business ideas the entrepreneurs are
required to undertake an analysis of the business markets, industries, conduct feasibility analysis
and others for identifying the business idea as well as the sector which while being profitable
presently would also offer substantial growth opportunities in future as well (Kirkley 2016).
More importantly, along with the selection of appropriate business idea, the selection of the most
profitable business sector is also important since the present as well as the future growth of the
entrepreneurial business venture would substantially depend on the same. In this relation, it
needs to be said that the entrepreneurs are required to select the sectors wherein the industry
rivalry is low, the bargaining power of the buyers and also the suppliers are low, the threat from
the new entrants and from substitution is low (Anglin, McKenny and Short 2018). Lastly, they
are also required to ensure the fact that the sector that they have selected has shown a high
growth rate in the recent years and this growth rate is likely to continue in future as well (Ahmed
et al. 2020).
Davidsson, Recker and von Briel (2018) are of the viewpoint that along with the selection
of the appropriate business idea the entrepreneurs are also required to formulate or for that matter
to design the blueprint of the business venture on the basis of which it would be established.

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Adding to this, Pollack, Barr and Hanson (2017) have noted that the entrepreneurs also need to
formulate effective operations plan, management plan, and others which will enable the venture
effectively capitalize or for that matter to exploit the business opportunity or the problem
statement for the resolution of which it had been established. Lastly, the entrepreneurs also need
to take the help of effective marketing strategies, funding methods and others so as to offer the
consumers the best possible products or services and thereby ensure the long-term growth or the
development of the venture that they have established (Tracey, Dalpiaz and Phillips 2018). At
this juncture, it needs to be said that it is the amelioration of all these factors which in turn
determine the success or the failure of the entrepreneurial business ventures. The purpose of this
paper is to propose a business plan for the entrepreneurial business venture Voievod while
highlighting the target market, business model, marketing strategy, funding method and others
that it needs to use.
2.0 Business Plan Objectives
The primary objectives of this project is to develop a business plan for the establishment
of an entrepreneurial business venture, Voievod, in Romania which will offer high-end new
wave hip-hop fashion garments to the young people of the concerned nation. The secondary
objectives of the project are listed below-
 To analyze the feasibility and the viability of the business idea that had been formulated
for the established of Voievod in Romania
 To evaluate the industry and the market conditions of the clothing sector of Romania and
thereby recommend the marketing strategy that Voievod needs to use
 To formulate the business model which would be suitable for Voievod

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 To design effective operations and management plans which would enhance the
effectiveness of the different business processes of the venture Voievod
 The identify the skills that the entrepreneur would be required to have to ensure the
success of the venture
 To predict the financial performance of the venture on the basis of the start-up capital,
initial expenditures and others
3.0 Research Method and its Appropriateness
This entrepreneur had taken the help of secondary data collection method for the
collection of the data or information which was needed for the completion of this business plan.
The entrepreneur through the usage of this particular data collection had been able to collect
secondary sources of information related to the business idea which had been formulated and
also undertaking a feasibility analysis of the same within the particular context of the nation of
Romania. For instance, the entrepreneur had consulted the industry reports, the annual reports of
the different corporations related to the clothing industry of Romania, peer-reviewed journal
articles, scholarly textbooks, credible newspaper articles and others. In this relation, it needs to
be said that the researcher had not taken the help of the primary data collection method and
thereby used the tools of surveys or interviews for the collection of the data or the information
needed for the completion of this business plan because of resource and time constraints. More
importantly, the data collected from the respondents through surveys or interviews often contain
a substantial amount of bias of the respondents which in turn substantially reduces of the quality
or for that matter the scope of the studies that are completed through the usage of the same.
However, such issues do not arise when the secondary data collection method is being used since
the credibility as well as the reliability of the secondary sources of information had already been