Business Concept Assignment Solved

ENTREPRENEUR

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
1. Business concept description..................................................................................................1
2. Lean Canvas............................................................................................................................2
3. Marketing Research ...............................................................................................................3
4. Basic Financial Projection.......................................................................................................3
5. Evaluation of the feasibility of the business concept..............................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Entrepreneur is an individual with ideas who invests and operates business taking higher
financial risks as compared to others. The Happy Bean Lounge (HBL) is planning to be located
in Cart Gap beach of South East England to serve the customer's with it's delighted beverages
and eatables. Report will explain business idea of introducing Happy Bean Lounge.
Furthermore, it will apply lean canvas model in context to business. financial projection of
business will be presented in this study(Mavianti, 2019).
TASK
1. Business concept description
Potential business idea is the concept that an entrepreneur develop and by using the ideas
and ability converted into monetary profit terms. The main objective of a potential business idea
is to be innovative and unique.
The business as defined in the following project will be modern coffee shop named
HAPPY BEANS LOUNGE
Business idea
The concept of business is to attract the youth for hang out purposes as they have
designed their entire lounge on theme based concept. The coffee house will display a great view
of nature and will play country songs all the time for its customer's to fell relaxed. It would have
a homely feeling at the time of visit. Happy Beans Lounge plans to serve food in eco friendly
utensils like recycled boxes and glasses and expect appreciation from the consumers.
Mission - The Happy Beans Lounge aims to serve variety of coffees at times to everyone and
help its customer's to feel relaxed by crating a homely environment(Vuković, Prvulović, and
Urošević, 2018).
Objective - Maintain high quality beverages, ensure friendly environment, offer discount at
regular intervals and many such other attractive offers.
Products and services - The lounge aims to serve White Chocolate Syrups, Caramel Sauces,
Energy Drinks, Fresh Baked Goods, etc. to keep its customer's refreshing.
Target Consumers - The targeted customers of the lounge will be the students as they are fond of
such a type of environment(Gochhait, and et.al., 2018).
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2. Lean Canvas
An adaption of Business Model Canvas by Alexander Osterwalder created by Ash
Mayura in Lean Startup spirit ensuring actionable and entrepreneurial focused business plan. It
breaks elaborated business plan into single page model to create better understanding amongst
individuals. Canvas model of HAPPY BEANS LOUNGE is –
KEY
PARTNERS
KEY
ACTIVITIES
VALUE
PROPOSITION
CUSTOMER
SEGMENT
CHANNELS CUSTOMER'S
The HBL will
merged with
Daily Local
Times for its
promotion
Group to earn
name and
fame.
The HBL
will provide
several
online
services such
as deliveries,
bookings, etc
with the help
of mobile
application
thus ensure
convenience
of its users.
The value
proposition will
include
customized
services for its
regular
customers in
HBL and they
even gave and
welcomed
suggestion for
their beverages
from their
visitors(Daigle,
2018).
HBL will believe
in personal
interaction with
its customers and
even welcome
mass
communication
programmes
when come to
change and
development.
The
promotional
activities
will be done
through its
website
www.happy
beanslounge.
com and
even
introduced
mobile
application
for better
convenience
of its
customer's.
HBL will
consider it's
targeted
customers as
the random
travellers came
to enjoy the
beach view as
well as
majority of
local youth in
the
place(Njuguna,
Ochieng, and
Mwangi,
2018).
COST STRUCTURE REVENUE
HBL will promote standard cost structure for
each and every age group and promoted
affordability to its customers.
The revenue of the company will be earned by
advertising, merchandising and charging of
subscription fees for several services.
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3. Marketing Research
The aim of HBL is to out stand from its competition in terms of services and quality
aiming for competitive advantage
Industrial analysis
The industry analysis which is completed by the owners of the business and the other individuals
in order to access the environment which is current(Irene, 2018). Here the hotel industry is taken
in which the hotel Happy Bean Lounge performance can be increased by providing better
customer services then its competition, providing quality products at lower cost, satisfying the
customers and providing after sales services to the customers. Doing the market analysis the
company should also keep in mind the political factors and make the contingent budget
accordingly in order met the political issues(Mach, and et.al., 2018).
Competiors
There are three main competitors which are giving cut throat competition to the HBL. The
London Marriott hotel which is giving competition by providing better after sale services and it
is increasing the number customers for them. The other one is McDonald Bery stede which is
also a prominent hotel in UK and is giving a better competition by providing better infrastructure
to its customers, at last the Swansea Marriott Hotel which is better at providing room services.
So the HBL can increase its competency by providing the respective services(Shah, and Sultan,
2018).
Customers targeted
The hotel is targeting the luxury customers in order to achieve high revenue from them and by
providing respective services to them according to the age and gender of the customers.
4. Basic Financial Projection
Projected cash flow for Happy Beans Lounge is presented as below:
Months Jan Feb March April May June
cash outflow
rent 1000 1000 1000 1000 1000 1000
marketing expenses 2000 2000 1500 1500 1500 600
raw material purchase 3000 3000 3000 4000 4000 4000
utility bills 500 500 600 600 600 600
salary 4000 4000 4000 4000 4000 4500
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Total cash outflow 10500 10500 10100 11100 11100 10700
revenues
Sales 12000 12060 12120.3 12180.9 12241.81 12486.64
Net cash flow 1500 1560 2020.3 1080.902 1141.806 1786.642
5. Evaluation of the feasibility of the business concept
The business idea of Happy Beans Lounge goes through a feasibility test to figure out
viability of the idea before it's implementation. The early determination of the business idea
eliminates the circumstances such as loss of resources and money as well as saves time and
energy. This business idea will help the organization in growing well, as entity will be able to
gain attention buyers by offering them amazing place and services. Cost will be managed and
enterprise is able to generate reasonable profit in next six months. Industry is also growing well
hence investment in this project will be feasible for the organization. This is a viable business
idea and entrepreneur will be able to get success in near future(Thamwicha, and Chaiprasit,
2018).
REFLECTION
The above research I have learnt that entrepreneurial skills in the right place can give
businesses tremendous amount of profits and recognition. I have learnt that by making effective
business plan feasibility of the idea can be tested and implemented accordingly. This study has
improved my entrepreneur skills and research skill as well(Thamwicha, and Chaiprasit, 2018).
CONCLUSION
From the above study it can be concluded that The Happy Beans Lounge will promote
entrepreneurial skills and dare to take a tremendous amount of risk for setting its feet in the
market. The company has plans to gather funds for investment and necessary information for its
implementation. Considering the expected plan HBL is expected to gain attention and
profitability. Thus stating that entrepreneurial skills are necessary and required for any business
establishment.
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REFERENCES
Mavianti, M., 2019, March. MENTAL BUILDING IN ENTREPRENEURSHIP ON
STUDENTS IN FACING THE INDUSTRIAL REVOLUTION ERA 4.0. In Multi-
Disciplinary International Conference University of Asahan (No. 1).
Vuković, M., Prvulović, I. and Urošević, S., 2018. Factors of success and motivation of rural
entrepreneurship in Eastern Serbia. Economics of Agriculture. 65(3). pp.1085-1097.
Gochhait, S. and et.al., 2018. The Role of Innovation in Entrepreneurship in Family Firms: A
Case Study on Developed and Developing Countries.International Journal of
Entrepreneurship.
Daigle, M.E., 2018. Deeper Learning in Paraguay: Examining Relations between Student
Interpersonal, Cognitive, and Emotional Skills, Outcomes, and Career Aspirations at
Escuela Agrícola, Paraguay.
Mach, L. and et.al., 2018. Riding waves of intra-seasonal demand in surf tourism: analysing the
nexus of seasonality and 21st century surf forecasting technology. Annals of Leisure
Research. pp.1-19.
Thamwicha, W. and Chaiprasit, K., 2018. Exporting Analysis of the Small and Medium
Enterprises (SMEs) in the Mukdahan Special Economic Zone. RMUTT Global Business
Accounting and Finance Review. 1(2).
Shah, P.I.A. and Sultan, F., 2018. The Impact of Entrepreneurship and Entrepreneurship
Education on Student’s Motivation and Skills: A Case Study of Abdul Wali Khan
University Mardan. Journal of Management Info. 5(4). pp.13-20.
Irene, B., 2018. 6. Women entrepreneurs in South Africa: maintaining a balance between culture,
personal life, and business. Women Entrepreneurs and the Myth of ‘Underperformance’: A
New Look at Women’s Entrepreneurship Research. p.90.
Njuguna, T.W., Ochieng, D.E. and Mwangi, C.I., 2018. FRANCHISING PROPENSITY AND
FINANCIAL PERFORMANCE OF FRANCHISING ORGANISATIONS: A CRITICAL
LITERATURE REVIEW. African Development Finance Journal (ADFJ). 2(1).
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