SECTION 1: INTRODUCTION Entrepreneurial Development

This business idea can be developed as a large scale bakery venture and can facilitate the customers with high quality bakery and confectionery products with unique offers so that overall experience of customers can be modified and organisation will increase its customer base and market share in market. This business idea can be developed as a large scale bakery venture and can facilitate the customers with high quality bakery and confectionery products with unique offers so that overall experience of customers can be modified and organisation will increase its customer base and market share in market.

Entrepreneurial
Development

Table of Contents
SECTION 1: INTRODUCTION.....................................................................................................1
Proposed Development...........................................................................................................1
SECTION 2: ....................................................................................................................................2
OPPORTUNITY FORMATION.....................................................................................................2
Perceived Uniqueness of Product ..........................................................................................3
SECTION 3......................................................................................................................................3
Section 4 CONCLUSION................................................................................................................9
REFERENCES..............................................................................................................................11

SECTION 1: INTRODUCTION
Entrepreneurial development can be defined as a process of improving skills and
understanding of individuals which can be improved by them through making engagement of
themselves in training, seminars, class programmes etc. Whereas, entrepreneurs performs several
activities of setting or managing their own organisation. Therefore, it is very necessary for each
entrepreneurs to engage themselves in these development so that efficiency of their business can
be improved easily. For completing this project Delicio Patisserie is taken which is a UK based
confectionery that offers Pastry, Bakery products and other confectionery items such as cookies,
chocolates etc. this report will discuss about the importance of entrepreneurial development and
business expansions. Main purpose of this business business idea is to provide a better
experience to the customers and fulfil their demand of bakery products. Business will also focus
on providing organic pastry for health conscious individuals. Central London is the selected
location where the bakery will be established as it will be prove beneficial because a vast number
of customers visits in a day which will be lead the organisation towards growth and sustainability
in market. In modern world, it is very important for the entrepreneurs of bakery to consider
demands and wants of customers along with providing them good quality in bakery products so
that high success can be gained in marketplace (Zellweger and Sieger, 2012).
Proposed Development
Being a business venture that will meet with bakery needs of customers in London
market, business idea of this will includes a wide scope of becoming a growing bakery across the
UK. This business idea can be developed as a large scale bakery venture and can facilitate the
customers with high quality bakery and confectionery products with unique offers so that overall
experience of customers can be modified and organisation will increase its customer base and
market share in market. As a result of it, Delicio Patisserie will easily take growth and
sustainability in London market which will helps them in expanding their market share in other
market areas. Organic chocolates are highly preferred by the customers so that this idea have
adopted by entrepreneurs to launch new organic pastries in market. With the help of this idea,
entrepreneurs of Delicio Patisserie have opportunities of gaining high competitiveness in
marketplace. Along with it, some mission and vision for growth should be also formed by the
entrepreneurs of venture such as capturing market share of confectionery sector up to 50%
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whereas, vision should be related with promises of organisation with customers such as vision
statement of Delicio Patisserie implies to deliver quality products leadership can be gained in
market.
With the help of it, popularity of business will be increased in market which will
automatically enhance the market share and customer base of firm. Through focusing on
delivering quality products, good experience of buying will be taken by customers which will
lead new venture towards healthy relation with customers. This can be possible when
entrepreneurs of new venture having good team of workers within their workplace because
without experienced workers they can't provide effective services to the customers which will
lead their new ideas towards failure in market. Good team of workers will provide better
contribution in satisfying needs of customers which will automatically increase the growth and
customer base of firm in market (Van Doorn, and et.al., 2013). Along with it, by taking support
of experienced and knowledgeable employees entrepreneurs of Delicio Patisserie will be able in
achieving high growth and competitiveness within a small period of time. It is also important for
entrepreneurs to make effective portfolio of bakery products of different culture in shop so that
ultimate experience can be provided to customers. Moreover, by forming well-structured
marketing strategies and plans, new venture i.e. Delicio Patisserie can easily take rapid growth
and sustainability in market within a shorter span.
SECTION 2:
OPPORTUNITY FORMATION
Business idea such as introducing new bakery in London market which has been
incorporated by executing a brief investigation of market and needs and wants of customers of
UK. This idea has been developed by entrepreneurs through analysing bakery shops and their
offerings in market. As a result of it, it has been founded that these shops are charging heavy
prices on their offerings due to which customers are not preferring their products. Along with it,
it has been also identified that customers of UK are more health conscious so that launching
bakery with organic pastry will prove beneficial as it will attracts the large number of customers
towards products and services of firm which automatically improve brand image of new venture
in market.
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Perceived Uniqueness of Product
Uniqueness of business idea lies in provisions of products of bakery items with sugar free
and good quality pastries of different flavours. The sugar free pastries will prove beneficial for
new venture as the customers of UK more concern about their health issues due to which they
prefers sugar free products in market. As Delicio patisserie planned to start up its company, they
started it by developing an organisation process which involved planning to identify a problem
and started by analysing market trends. While analysing they got an idea of starting a business
which deals in confectionery products such as cakes, pastries, wafers, cookies, breads etc. came
up after analysing a problem which involved in consumption of these products was that, these
product have direct impact on health of consumers as these products are unhealthy and does not
give any nutritional value to consumers. This problem has given an opportunity to entrepreneur
to set up a business and start a confectionery which contains healthy products and have high
nutritional value, with good taste. As Delicio Patisserie provides bakery products, pastries, cake
as per the requirements of consumers and good quality raw material with high nutritional value,
and is manufactured in their in house set up manufacturing plant with highly trained
professionals. It also gives a benefit to customer to customise their cakes as per their desired
occasions and layouts of cakes (Saeed and et.al., 2015).
SECTION 3
It should be considered by the entrepreneurs to form an effective business plan so that
ideas of introducing new bakery can be lead towards well-established business venture. Through
developing or forming these kind of idea international kind of opportunities will be gained by
entrepreneurs. Therefore, it is very important for entrepreneurs to form or develop some effective
business ideas such as becoming a successful entrepreneur or making growth of their venture up
to national or international level. For making success of idea it is also important for
entrepreneurs to form an effective organisational structure, effective marketing strategies,
appropriate formation of plans and policies etc. for modifying the idea into reality, it is very
important for entrepreneurs to develop some effective financial strategies so that desired success
can be gained by their venture (Phelan and Sharpley, 2012). Cost analysis of their venture is
given as below:
Cost of establishing venture
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Particulars Amount (£)
Land and Building 85000
Advanced tools and Techniques 45000
Arrangement of Human resources 75000
Bank Loan 55000
Promotional expenses 40000
Trade Licences 10000
TOTAL 310000
From the above analysis, it has been identified that entrepreneurs have done several
expenses for building good image of their venture in marketplace. Such as they have purchased
land and building, allocate funds from bank, promotional expenses etc. so that their venture can
be established in effective manner. As they have made proper expenses on each things then there
is a high possibility in future for them to gain high competitiveness in market. Furthermore, they
have to make effective financial strategies such as planning for purchases, investments for
growth, long term financial plans etc. so that through utilising financial resources in optimal
manner desired growth can be taken by them in marketplace. Furthermore, they can also take
support of BEP analysis which is a point where the organisation is not in profits and losses. As
the venture is new in market then it will profitable for entrepreneur to manage funds optimally so
that desired targets can be achieved in marketplace. Along with it, They have introduced their
venture in market with unique idea of health conscious products then it will leads them towards
growth and success in future period of time. In addition, it is very important for entrepreneurs of
new ventures to recruit HR managers so that their effective support can be gained in removing
challenges of workplace. In new venture like Delicio Patisserie, their HR managers has to look
for highly professional employees so that they can carry out their business and provide good
quality products with high nutritional values (Lourenço, Jones and Jayawarna, 2013). For
managing human resources in better manner, it is very important for HR managers of new
venture to perform some effective function such as develop handbook of venture, cultural and
ethical norms of venture etc. and provide it to the entrepreneurs or senior managers so that they
can take consideration of these norms while making decisions for future. It will prove beneficial
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for the new venture and its entrepreneurs in managing and retaining human resources at
workplace. As the venture is newly established in market then it is very important for HR
managers to frame some effective compensation policies so that eligible and knowledgeable
experience will attracted towards job vacancies of Delicio Patisserie. They can also make focuses
on New venture development process as it will help them in taking growth and success in market
within the predetermined time period. Process of New venture development is given as below:
New Venture Development Process
Venture development process is a process ion which a new venture is perused, whether it
is related to the production of new product in existing market or taking their existing product into
new market. As in the above case a new business is set up to meet consumers need in an exiting
market. Entrepreneurial Venture Process includes the following steps:
 Identification and evaluation of opportunity: In the above case owners of Delicio
Patisserie has analysed the change in market trend and identified that customers are
switching more toward healthy food which gave them an opportunity to start up a
business to produce bakery product with high nutritional value.
 Development of business plan: Business plan was developed by the owners of Delicio
Patisserie after the analysis of problem which they identified during their research for the
change in market trends and consumers taste and preferences.
 Determination of required resources: The resources which are required by Delicio
Patisserie for providing healthy bakery products was to procure raw material of high
nutritional value and hire qualified professionals who can customize the cake as per the
need of consumers (Lindh, 2017).
 Management of resulting enterprise: Management of the new resulting enterprise
should be that the relationship between the employees and management should be healthy
as the company is newly established. Management should be open to suggestions from its
employees and think about the benefits of employees before developing any strategy.
Canvas Model
Key Partners
It includes various partners
such as:
 Investors
Key Activities
 Inventory management.
 Ensuring quality
products.
Value Proposition
 Providing special
customization offers of
cake as per consumers
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 suppliers
 stakeholders
 Pricing and selling
goods.
need
 Free delivery
Consumer Relationship
 Accessible consumers
service through mobile
application
 Customization of cakes
and other bakery
products as per needs.
 Self service.
Key resources
 Human resource
management
 Employees.
 Inventory.
 Raw Material
Revenue Streams
 Earn money through
sales of Cakes, pastries,
and other bakery
products
 Through mobile
application
Channels
 Social media marketing
which involves
Facebook, Instagram
etc.
 Traditional marketing
 Physical stores
Cost Structure
 Hiring highly qualified
professionals
 Advertisement cost.
 Promotional activities.
Consumer Segments
 Middle class and upper
middle class will be
considered as targetted
customers.
 Age group of 15-28
will be targetted utmost
as these customers are
more prefers to eat
patties or pastries.
Location which is selected by entrepreneurs of Delicio Patisserie is Central London
which is an effective location and is considered as the heart of city. This location includes a
number of shops due to which a large number of customers always visits at the location. For
turning the venture into franchisee system, it is very important for entrepreneurs to specifically
segment the targetted customers on the basis of age, income level or geographic so that through
satisfying their needs effectively high growth and success can be attained in market (Lechner and
Gudmundsson, 2014). For analysing the bakery industry of UK market, entrepreneurs of Delicio
Patisserie can consider Porter's five force model as it will support them in making future plans
and growth strategies. Description of model is given as below:
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Porter's five force model
Threat of New Entrants – This aspect of model defines obstacles that has been faced by
entrepreneurs at the time of entering into food industry of UK. A very lower investment and
requirements has to be followed by entrepreneurs who wants to enter within this sector
effectively. This factor can be prove beneficial as through it, Entrepreneurs of Delicio Patisserie
can gain competitive edge in marketplace which is beneficial for their future growth and
sustainability. For gaining competitiveness in market they can deliver product in affordable
prices to customers which will beneficial for them in attracting large number of customers
towards their offerings.
Threat of substitutes – This aspect of model defines habit of customers to prefer similar
product which are available in cheap prices at marketplace. This can bring an opportunity for
entrepreneurs and their new venture because most of the bakers in London offers sugar free
products at high prices due to which entrepreneurs of Delicio Patisserie can easily launch their
venture and sugar free bakery products in affordable prices that will leads them and their venture
towards growth and sustainability in future.
Competitive Rivalry – This aspect depicts competitiveness in food industry. As
competition is very high in this sector then it is very important for entrepreneurs of Delicio
Patisserie to analyse competition and rivals strategies so that they can get sustainability in
marketplace. Along with it, for getting effective sustainability of firm in market entrepreneurs
have to develop unique products such as organic pastries, gluten free cookies etc. so that rivals
such as Hart's bakery, forge Bakehouse etc. can be defeated easily (Farsi, Imanipour and
Salamzadeh, 2017).
Bargaining power of Supplier – This defines ability of suppliers of firm within the food
industry which is related with increasing or decreasing of cost of products and services. In this
industry, negotiation power of suppliers are very low because a large number of suppliers are
present in marketplace. Hence, entrepreneurs of Delicio Patisserie should offers their products at
affordable prices in the market but after succeeding in market they can increase the prices of
their offering. This strategy will prove beneficial in future as through it, they will gain higher
customer base and market share in food industry of UK.
Bargaining power of Buyer – Customers are the king of market because their decisions
decides growth and success of firm. As customers of UK are more concern about their health
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then it is responsibility to entrepreneurs of Delicio Patisserie to adopt effective or attractive
pricing strategy in starting so that high growth can be attained by them in marketplace. For
gaining high customer base in future, they should concentrate on developing uniqueness in their
offerings so that desired goals and targets of capturing market share can be achieved easily.
Swot Analysis
Strengths:
 Strengths of Delicio Patisserie is that
they provide unique and customized
cake with high nutritional values.
 They procure best raw materials with
high nutritional values to provide
satisfaction to consumer needs
Weakness:
 As they are new in market they do not
have a high brand value of their product
 Stiff competition in the bakery sector
Opportunities:
 Company has an opportunity to take
their business on international level as
they offer a unique product with high
nutritional values.
 Delicio Patisserie has an opportunity to
implement new technologies for their
bakery products.
Threats:
 Existing and established brands within
the industry
 The major threat faced by Delicio
Patisserie is the entrance of new bakers
with unique ideas.
Risk assessment is very important because without it desired growth and sustainability
can't be attained by them. This is a term that is used by organisations for developing paths for
solving risks or challenges that can be occurred at workplace. Causes of these issues are several
in numbers such as ineffectiveness of prices, irresponsive nature of customers, lack of resources
etc. that can affect the whole profitability and sustainability of venture in negative manner. There
are some ways through which entrepreneurs of Delicio Patisserie can manage these risks some of
them are given as below:
 Product differentiation – This strategy will prove beneficial as through it, risk of
competition will be managed properly which assists the entrepreneurs in gaining growth
and sustainability in market (Dodd and Hynes,2012).
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 Attractive pricing strategy – It is also an effective way that can be used by
entrepreneurs for attaining growth and success in market. In addition, through it
enterprisers of Delicio Patisserie can easily attract a large number of customers towards
their offerings which automatically leads their venture towards competitiveness in
marketplace.
 Optimal Utilisation of resources – In order to achieving targets in predetermined time
frame it is very significant for entrepreneurs of new venture i.e. Delicio Patisserie to
manage resources such as funds, human etc. so that desire goals can be achieved easily.
Section 4 CONCLUSION
It has been concluded from the above discussed informations that ideas can be modified
by entrepreneurs into real when they properly analyse the demand and competition level of
marketplace. It is very important of entrepreneurs to evaluate the needs and wants of customers
effectively so that through satisfying their needs and wants desired growth can be achieved
easily. Several analysis such as porter, SWOT, risk assessment etc. should be conducted by the
entrepreneurs for introducing venture in market. As these analysis helps them in successfully
developing their venture in market.
This following is a reflective paper which is based on my own experience which I came
across while making the completion of this project. There were several experiences which were
positive and negative during the course of the completing the project. The completion of this
assignment made me aware about the concept of Entrepreneurship and Small Business
Management. Before doing this assignment I was not aware about all these aspects which prove
to be an important part of every business organisation. This assignment changes my perceptions
into reality as the perceptions regarding this project changes when I came across this project.
When I did this project first time, at that time also I was not having much knowledge about what
to do, how to do and complete the project But I was given with a second chance to do this project
as my tutor gave feedback on this project. The feedbacks provided by my tutor also helped me a
lot as with the help of these feedbacks I was able to find out the areas where I was lacking behind
and also provide me way of working. The feedbacks also help in enhancing my knowledge and
skills regarding making the project and also about the topic because in the earlier attempt there
were several things which were missing from the project but by considering the feedback I was
able to make understand the areas where I was lacking behind and it also enhanced my
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knowledge as this time I am also adding some other topics in this assignment so that the work
can be done successfully. The bad experience was about the collection of data in order to
complete the project which was solved with the help of family, friends and teachers. These issues
faced by me during the completion of project also helped me in improving my skills which
further contributed in my personal and professional development. This assignment has also made
me capable of doing further assignments in future to do them in an efficient and effective
manner.
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REFERENCES
Books and Journals
Ács, Z. J. and Szerb, L., 2012. Global entrepreneurship and development index 2012. Edward
Elgar Publishing.
Dodd, S. D. and Hynes, B. C., 2012. The impact of regional entrepreneurial contexts upon
enterprise education. Entrepreneurship & Regional Development. 24(9-10). pp.741-766.
Etuk, R. U., Etuk, G. R. and Michael, B., 2014. Small and medium scale enterprises (SMEs) and
Nigeria’s economic development. Mediterranean Journal of Social Sciences. 5(7).
p.656.
Farsi, J. Y., Imanipour, N. and Salamzadeh, A., 2012. Entrepreneurial university
conceptualization: case of developing countries. Global Business and Management
Research: An International Journal. 4(2). pp.193-204.
Guerrero, M., and et.al., 2016. Entrepreneurial universities: emerging models in the new social
and economic landscape. Small Business Economics. 47(3). pp.551-563.
Lechner, C. and Gudmundsson, S. V., 2014. Entrepreneurial orientation, firm strategy and small
firm performance. International Small Business Journal. 32(1). pp.36-60.
Lindh, I., 2017. Entrepreneurial development and the different aspects of reflection. The
International Journal of Management Education. 15(1). pp.26-38.
Lourenço, F., Jones, O. and Jayawarna, D., 2013. Promoting sustainable development: The role
of entrepreneurship education. International Small Business Journal. 31(8). pp.841-865.
Phelan, C. and Sharpley, R., 2012. Exploring entrepreneurial skills and competencies in farm
tourism. Local Economy. 27(2). pp.103-118.
Saeed, S., and et.al., 2015. The role of perceived university support in the formation of students'
entrepreneurial intention. Journal of Small Business Management. 53(4). pp.1127-1145.
Van Doorn, S., and et.al., 2013. Entrepreneurial orientation and firm performance: Drawing
attention to the senior team. Journal of Product Innovation Management. 30(5). pp.821-
836.
Zellweger, T. and Sieger, P., 2012. Entrepreneurial orientation in long-lived family firms. Small
Business Economics. 38(1). pp.67-84.
Online
Porter's 5 Forces, 2019. [Online]. Available Through:
<https://www.investopedia.com/terms/p/porter.asp>
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