Entrepreneurial Development: A Detailed Plan for Taxi Scanner Ltd.

Entrepreneurial
Development

Contents
INTRODUCTION...........................................................................................................................................3
MAIN BODY.................................................................................................................................................3
CONCLUSION...............................................................................................................................................9
REFERENCES..............................................................................................................................................10

INTRODUCTION
Entrepreneurial Development refers to making the use of specific approaches and
methods which can help a lot in ensuring that the Entrepreneurs are able to develop their skills
and competencies in such a manner so that the detailed goals and objectives in the future can be
attained effectively and efficiently (Ayoade and Agwu, 2016). Thus, it is quite important from
the point of view of the businesses that they are able to make its use so as to target the attainment
of the goals and objectives in the short-term, medium-term and long-term in the right manner. In
this report, detailed discussion will be made on the development of a plan for an Entrepreneurial
Venture. The name of this Entrepreneurial Venture will be Taxi Scanner Ltd. It is a Business
Idea in which the scanning of the different types of taxis can be done and therefore the customers
can be provided with an option of choosing a taxi according to their needs and requirements. In
this assignment, specific analysis will be made on the different types of aspects of the business
idea which the venture has to consider for attaining success in the market.
MAIN BODY
Introduction to the Lean Start-Up-
Taxi Scanner Ltd. is an application in which the scanning of the different types of taxis
can be done by the customers according to their wide range of needs and requirements
(Goswami, Mitchell and Bhagavatula, 2018). This will allow them to select a taxi accordingly
which will be helpful in meeting their commuting needs and requirements. Therefore, it becomes
quite important that the customers are able to make the use of these taxis in the right manner. It is
a business which will partner with the Drivers of taxis nearby ad will connect them with the
customers who have the need or requirement of booking a taxi. It will thus act as a medium
connecting the Taxi Drivers with the customers and will offer the option to the customers to
book Taxis at just one click of the smartphone.
The different aspects of the business are as follows-
Profit- The Company aims to start earning profits in the second year of its operations. It
aims to make a profit of 16, 52,500 pounds in the second year and it aims to reach the profit of
40, 75,000 in the third year (Hayter, 2016).
Creativity- Company aims to make sure that it is able to adopt a creative approach which
will be quite helpful for it to be able to ensure that it provides the right facilities to the customers
who want to book taxis for the different types of purposes and thus in this way this will be quite
helpful for it to make sure that the enhancement of the level of profits can be done (Henley,
2017).

Lean Characteristics- Lean Characteristics which are associated with the business are
explained as follows-
 The Business will work on an application-based model and will tie-up with the various
taxi drivers nearby so that the location of the taxis can be made available to the
customers.
 The application will make the use of GPS and navigation system to ensure that it is able
to track the location of the customers and therefore provide them with the options of
choosing from the different types of taxis which are available so that they are able to
meet out their needs and requirements.
Business Objectives-
Profit- The Business will aim to earn profits of 16, 52,500 pounds in the second year and
it also aims to reach the profits of 40,75,000 pounds in the third year (Ismail and et.al., 2016).
Sales Revenue- Business aims to earn decent sales revenue in the starting period and it
will gradually increase its target in the subsequent financial years so that the level of profitability
can be enhanced (Lombardi and et.al., 2019).
Profit Margin Objectives- Business aims to earn a decent profit margin in the first few
years of its operations. It also aims to ensure that it gradually enhances the profit margin which it
wants to earn in the future so that the goals and objectives can be attained properly.
Value Proposition Canvas-