Entrepreneurial Development: Lean Start-Up, Business Objectives, Customer Value Proposition

This document discusses the concept of entrepreneurial development and its importance in advancing skills and knowledge. It focuses on the case of LovelyHairApp, an app that offers home hair care services. The document covers topics such as lean start-up, business objectives, customer value proposition, and a detailed development plan. It also explores possible future changes and the need for finance in a lean start-up.

ENTREPRENEURIAL
DEVELOPMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Introduction to lean start-up. ......................................................................................................1
Business objectives for first three years of business. .................................................................2
Customer value proposition Canvas............................................................................................3
“Lean” Business model canvas ..................................................................................................4
Detailed development plan..........................................................................................................7
Possible future development or changes in direction..................................................................9
Summary to provide finance to lean start-up..............................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
APPENDICES 1............................................................................................................................12
APPENDICS 2..............................................................................................................................12

INTRODUCTION
Entrepreneurship development is define as process which is used to advance and improve
set skills and functionality which have advancement in their knowledge of entrepreneur. The
main motive of this development process is to increase and strengthen number of entrepreneurs.
It is a process which is consist of various different programme which is suitable for training and
coaching which is offered to entrepreneur which helps in attainment of objectives and goals in
improved and sustainable way. Development of entrepreneur is define as process which is used
for designing, launching, running of organisation by which ability and willingness of enterprise
is to make changes in organisation which helps in attainment of profit and management of risk.
The report is based on LovelyHairApp, this is an App which is an ultimate solution for
home professionals for career driven people and busy families. From this App, there is a
professional care for their hairs. The hairstylist individual come to door of customer by booking
a day and time and after some time the experts are at door of individual. There is comfort and
also suitability of hairstylist at affordable price (Bansal and Singh, 2019).
The report involves introduction of lean start up, customer value proposition, objectives
of business, a model of business which is lean canvas model, a detailed about development plan.
In addition, this report also includes possible future changes or development in direction.
MAIN BODY
Introduction to lean start-up.
The lean start up is define as working consequences of organisation which is used for
make moderate level which is of advancement in working standard which helps in attainment of
productive outcome on timely basis. This is define as methodology which is for development of
products and business which have main aim for shorten product development cycle which helps
in rapidly discovered a viable business model. In terms of Start up business such as
LovelyHairApp which provides home services by professional experts for career driven
individuals and busy families ( Bhattacharya, 2020). As due to Pandemic situation Covid-19
there is issues which is face by people so they provide delivering new services which is by
hairdressing and cutting hair at home delivery. There is innovative and unique business idea
which is offered convienient abd affordable solution in this situation. There is also
implementation of two strategies such as Red Ocean and blue Ocean strategy. Basically red
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ocean strategy is focuses on current market customers which helps in competing and exploiting
the demands in existing market competition. In terms of blue ocean strategy this mainly focus
non customers which helps in creating uncontested market which helps in serve competition in
market which is irrelevant.
Business objectives for first three years of business.
It is important for LovelyHairApp to identify economic advancement which helps in
creation of job, contribution which is supportive helps in improving GDP, development of skills,
living standards and so on. The main objective of this App as this helps individuals to look good
with their home facility as this App offers home services with professional hair experts which
helps them from not going outside as due to pandemic situation. For attaining competitive
advantage from business start up LovelyHairApp develops SMART objectives which reflects 3
years of operations by considering sales, profit margins and profit which are discussed below: Specific: The main objective of LovelyHairApp as with this App, owners works for
increase potential customer base as by 30%, also measures increment in sales as 35% and
profit margin as 22% (Repnikova and et. al., 2019). Measurable: LovelyHairApp generally measures their objectives with increase value
and brand image in standardised manner so for this owner of App is working on
promotional activities in specific manner. Attainable: In this objective “LovelyHairApp” which hired professional experts this
leads to accomplishment of targets and goals so that revenue and profit is developed in
continuous period of time. Relevant: Relevancy of “LovelyHairApp mainly based on attainment of targets in
stipulated period of time which helps in achievement of profit.
 Time bound: In terms of App, there is a certain time so for this they are developed sales
up to 30% and profit by 25% in coming three years(Mori, 2018).
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Customer value proposition Canvas.
(Source: What is the value proposition canvas, 2020)
Value Proposition canvas: It is define as tool which is used by business which ensures
about services and products proposed by company that helps for fulfilling demand and need of
customers. “LovelyHairApp” use this tool which helps in analyse interlink with key values
which is need for associated wit products as which ensures customers needs which are fulfilled
in continuous mode(Takhumova and et. al., 2018). This canvas is designed in such manner
which helps in measuring effectiveness which involves various component which is examined by
“LovelyHairApp” are discussed below: Product: This is a factor which is based on sustaining the model by which better
experience and more benefits which is offered to buyers as on basis of advanced features.
In this “LovelyHairApp” gain more values in competitive marketplace which helps in
appropriate level of innovation which is constrained for business for influencing buying
behaviour of customers(Anderson, Eshima and Hornsby, 2019). In this App, services and
products which is given as mobile App services such as classic (Cut+Wash+Blow Dry+
Style), premium ( Cut+Wash+Dye+Blow Dry+Style), Deluxe (
Cut+Wash+Bleach/Dye+Treatment/full head foils +Blow dry& Style). The gain creators
for job is this app have ability for choose all services at one platform, point rating
systems, credit card facility and so on. In their services there must be track list which may
creates as one click cancelling/ booking and also there must be immediate payments.
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There is also services which is need as by booking in advance, style the final results
which may differ as which depends on type of hairs.
 Customers: This is most important aspect for every business as in this when there is
potential customers organisation has gaining more profit which helps in better suitability.
“LovelyHairApp” is worked for increase gaining and covering pains by both long and
short term sales and problems which is attained in continuous mode. It generally involves
profile of customers which is carried out by organisation and furthermore they have to
make changes in their services which match the needs and wants of customers. With App,
owner have tries for satisfy more customers which have ability for influencing buying
services of customers which is increase. In this app there is a age group which is involved
such as I generation, Millennials, generation X, this generally located in London. In this
there must be individuals who are busy in their daily life and which are career driven
people. So App provides services to these individuals as this may create new
opportunities for organisation and also creates needs and requirements of customers
which are facing by individuals at pandemic situation(Werthes, Mauer and Brettel, 2018).
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“Lean” Business model canvas
Key partners
 Suppliers of
product
 Barbers
 Hairdresser
 Application
managers
and
designers
Key activities
 Hair cut
 Hairstylin
g
 Washing
and
colouring
Value
proposition
 Ability to
bifurcate
the several
services.
Like -
Classic-
Cut/wash/
blow-dry.
-Premium-Cut/
wash/dye/ Blow-
dry
-De-luxe
services. In which
Hair treatment is
extra.
 Automatic
payment
by using
mobile
applicatio
n.
Customer
relationships
 Professio
nal
personal
assistanc
e that is
useful
for
balancin
g the
innovatio
n as per
firm
suitabilit
y.
 Long
term
quality
and
loyalty
of the
customer
s.
Customer
segment
 Children
who do
not like to
go at salon
 Customers
who do
not go out
for taking
the salon
treatment
 Working
customers
who do
not have
time to
caring
self.
Key resources
 Physical
resources
 Human
resources
 Intellectua
Channels
 Word of
mouth
 Mobile
store app
 Google
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l
resources
 Financial
resources
 Managers
adverts
 Social
media
marketin
g.
Cost structure
 Promotion and advertising
 The petrol for travelling
 Several equipments that are Gloves,
Colours etc.
Revenue stream
 In this customers are pay high for
getting the qualitative and effective
services related to fast response to the
request.
 In this experts can pay small one time
fee on this.
Business canvas model
It defines to a strategic management technique that is followed by the organisation to
organise the activities so that task can be attained on time. It reflects as a visual chart that is
related to several elements that explains good and bad services of the firm which is useful to
collect funds, resources, analysing customer segments, revenue streams, cost stream etc. In case
of “ Lovely hair app” that is a new business idea in this they can focus on different functions
which can be elaborated below:
 Key partners- It defines the core element of a business enterprise that is effective for
enhancing the scope and working criteria in appropriate manner. In this “Lovely Hair
App” includes the several several partners that are Hairdresser, barber, suppliers,
managers that are significant for conducting the business and operating in successful
manner(Liguori and et. al., 2019).
 Key activities- It reflects the set of various activities that is adopted by “Lovely Hair
App” to attracts the number of customers by using the hair care services and for this they
indulge the several advertising activities such as word of mouth, social media etc. for
gaining the successful results.
 Key resources- It involves several types of resources that is utilised by the business
organisation to perform various types of functions effectively and appropriately. In this
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“Lovely Hair App” needs hair care tools, human resources, financial like cash and credit,
Physical resources like scissors, Gloves etc. so that operations can be preform
systematically(Theodoraki, Messeghem and Rice, 2018).
 Value proposition- It includes the services and products that are presented by the
organisations to their customers for creating value within marketplace. In context of
“Lovely Hair App” they highly focus on customers attraction and their needs and wants
so that they experience to high extent.
 Customer relationship- It is used to maintain long term sustainability with in
marketplace. For instance- “Lovely Hair App” working on offering the quality services
so that high market can be captured.
 Channels- In this “Lovely Hair App” can focus on capturing the large market area. For
this they adopts the use of their online booking app where customers can book their
services and enjoyed it on their own house.
 Customer segment- In this “Lovely Hair App” can segments the customers on several
category so that they developed competitive market for gaining profitable business.
 Cost structure- “Lovely Hair App” includes the several cost in marketing, petrol for
vehicle, tools etc. and firm will manage all this by getting more customers.
 Revenue stream- It involves several streams that customers pay high amount for getting
the convenient salon services at home and by using this “Lovely Hair App” can generate
high revenues(Cacciotti, Hayton, Mitchell and Allen, 2020).
Detailed development plan
 Marketing plan- “Lovely Hair App” has adopted the marketing plan to define strategic
applications which is used by organisation for gaining the profitable results to longer
sustainability. It is a comprehensive document that is adopted by firm to implement the
task appropriately. It reflects a blueprint that outline the marketing map in this several
resources are to be acknowledge for attaining the business targets. By supporting this
company can generate more profits and sales by retaining more customers. It includes
several marketing and advertising strategies that is adopted by “LovelyHairApp” so that
objectives can be attained on time frame. In this enterprise can advertise their services to
measuring the market so that changes can be done accurately that helps in gaining the key
performance area. As “Lovely Hair App” can targets the large market by proving the
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home salon services. For this they need proper planning and promotional activities so that
targets can be reached effectively and efficiently. In this firm offered different products
and services using classic, premium and deluxe packages so that customers can adopts
their services as per their convenience. It will generate the high profitable results that
helps in longer sustainability of organisation with the support of professional (Farooq,
2018).
 Operation plan- It refers to that plan which is used by the organisation to maintain
clarity among the individual staff member related to their working so that activities can
be done effectively and successfully. It is adopted for spreading the transparency to
perform functions in which enterprise can focus on contribution that is included in
achieving the goals that emphasis on working. It is process that is used by the business
firm to plan strategies related to attaining goals and targets. In terms of “Lovely Hair
App” manager can focus on developing the strategies that is useful for completing the
task in effective and efficient manner. This business is to be maximised by the proper
working done by their staff member including proper roles and responsibilities. The
organisation can segmented their working in several slots so that work can be done with
proper perfection. It includes the kind of operations that is effective for balancing the
resources so that firm will gain profitable advantage. In “Lovely Hair App” operations
includes the several types of services which is offered to customers. In this business
enterprise can develops the objectives as per the priority basis so that communication
would be easy as per situation. It is very essential for maintaining communication within
the company so that staff member can understand their working criteria which is
significant for performing the functions (Votchel, Vikulina and Zinovieva, 2019).
 Technical solution and information technology plan- It refers to that plan which is
adopted by business firm for implementing the technologies so that productive results can
be enjoyed. “Lovely Hair App” develops their online services including classic, premium
and deluxe category in which they offer the services like Blow dry and style, hair cut,
head foils etc. that includes the technology. This services are offered to customers in their
homes that maintained the individual person. It includes the newness in delivering the
services relating to cutting hair and hairdressing at customer own home. This will offers
the qualitative services during this pandemic situation so that customers get the proper
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services that are hygiene and effective for attracting customers. “Lovely Hair App” is an
effective application for hair so that people look great without leaving their house. It is
also being used by the number of customers on regular basis to look attractive at their
own house. In this company provide the several types of services as per packages so that
customers can adopts according to their budget and needs. By using the several
equipments related to hair care employees can follow the proper guidelines that cannot
affect an individual person who take the services. It will enhance the profit margin.
 Human resource and organisational plan- It refers to an effective aspect of the
business enterprise because company functions can be performed by the skilled
workforce so that task can be attained on time frame. Human resource are very essential
part of “Lovely Hair App” because they can offer the services to customers for gaining
profitable results. Due to this skills and knowledge can be managed properly and
effectively. In context of “Lovely Hair App” manager can attracts the workforce by
encouraging them effective salary, bonus so that they get motivated and work effectively
for company benefits. In this manager of “Lovely Hair App” can focus on hiring
professionals so that they can offers the services effectively and efficiently. By getting
the professionals and experts company can generate high profits and revenues so that
enterprise will sustain for a longer period of time. Within organisation individual person
in a team can perform their task with perfection so that work can reflected their results in
a long term benefits. In this the CFO and management of “Lovely Hair App” highly
emphasis on developing specialisation so that they can attain huge benefits due to this
market growth is to be enhanced. In this “Lovely Hair App” can provide the different
offers to the individual person so that working is to be developed and enlarged (Ayuso
and Navarrete‐Báez, 2018).
Possible future development or changes in direction
“Lovely Hair App” has proposed the plan that helps in higher success on timely basis
because of effective and efficient working of the staff members so that sustainable growth can be
enjoyed. To gain the future possibilities it is essential that firm will do innovative alteration to
gain the profits and revenues so that they can survive for a longer period of time. In this “Lovely
Hair App” can designed various activities as per the market and customers demands so that
implications can be measured effectively and needs are to be fulfilled appropriately. In this
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organisation can includes the changes in functions by adding the packages and other beauty
services so that more and more customers are to be attracted. In addition to this they also focus
on including the organic products that cannot harm the individual person. This helps in gaining
higher profits and revenues so that high profitable results can be enjoyed. It also helpful to
enhance values, market share, position and productivity that helps in gaining the competitive
advantage in the business industry. In this “Lovely Hair App” is highly focused on developing
their services for their customers so that they will retain with the companies to a longer period of
time and it will enhance the high growth and opportunities in future point of view (Spigel and
Harrison, 2018).
Summary to provide finance to lean start-up
The lean start-up of “Lovely Hair App” is an appropriate approach that is used by the
organisation to gain the profitable results and market development in competitive marketplace.
Because of COVID 19 impact people cannot visit to salons. From this they can developed a
business idea related to offering home hair care services to customers. This helps in gaining
profitable results for a long term survival. To fulfil financial needs for operating the business it is
very essential for the company to attracts the investors towards the business idea so that funds
can be easily arranged. In this organisation can promote the business by hiring the candidates so
that better image can be placed. In this “Lovely Hair App” are working by using financial
resources that are arranged from several investors so that they can get the huge returns. It also
helps the business to higher growth and development by completing the task on specified period
of time. In this business canvas model helps the examine the several factors that are useful for
gaining the high market share and position. This helps in beating the rivals firms(Alqahtani and
Uslay, 2020).
CONCLUSION
From above analysis it is concluded that entrepreneurial development is a significant
process that reflects an entrepreneur with a new and effective business idea. It helps in attaining
the goals and objectives related to generating more profits and revenues. In this several
theoretical aspects are to be included that helps business enterprise to done the improvement
related to maintaining the value proposition. It also inculcates intrinsic and extrinsic aspects so
that needs related to collected the funds are to be completed effectively and efficiently.
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REFERENCES
Books and Journals
Bhattacharya, A., 2020. Art for life: Intangible cultural heritage as a tool for entrepreneurial
development in India. In Indian Entrepreneurship (pp. 65-94). Springer, Singapore.
Alqahtani, N. and Uslay, C., 2020. Entrepreneurial marketing and firm performance: Synthesis
and conceptual development. Journal of Business Research. 113. pp.62-71.
Anderson, B.S., Eshima, Y. and Hornsby, J.S., 2019. Strategic entrepreneurial behaviors:
Construct and scale development. Strategic Entrepreneurship Journal. 13(2). pp.199-
220.
Ayuso, S. and Navarrete‐Báez, F.E., 2018. How does entrepreneurial and international
orientation influence SMEs' commitment to sustainable development? Empirical
evidence from Spain and Mexico. Corporate Social Responsibility and Environmental
Management. 25(1). pp.80-94.
Bansal, S. and Singh, A.K., 2019. Examining the social and entrepreneurial development of
women through Microfinance in Indian context. Journal of Management Development.
Cacciotti, G., Hayton, J.C., Mitchell, J.R. and Allen, D.G., 2020. Entrepreneurial fear of failure:
Scale development and validation. Journal of Business Venturing, 35(5), p.106041.
Farooq, M.S., 2018. Modelling the significance of social support and entrepreneurial skills for
determining entrepreneurial behaviour of individuals. World Journal of
Entrepreneurship, Management and Sustainable Development.
Liguori, E. and et. al., 2019. Development of a multi-dimensional measure for assessing
entrepreneurial ecosystems. Entrepreneurship & Regional Development. 31(1-2). pp.7-
21.
Mori, N.G., 2018. Women’s entrepreneurship development in Tanzania: insights and
recommendations.
Repnikova, V. and et. al., 2019. Strategic aspects of innovative development of entrepreneurial
entities in modern conditions. International Journal of Engineering and Advanced
Technology. 8(4). pp.32-35.
Spigel, B. and Harrison, R., 2018. Toward a process theory of entrepreneurial
ecosystems. Strategic Entrepreneurship Journal. 12(1). pp.151-168.
Takhumova, O.V. and et. al., 2018. Development of entrepreneurial structures of production and
trade sphere on the basis of integration. Research Journal of Pharmaceutical, Biological
and Chemical Sciences. 9(6). pp.1624-1629.
Theodoraki, C., Messeghem, K. and Rice, M.P., 2018. A social capital approach to the
development of sustainable entrepreneurial ecosystems: an explorative study. Small
Business Economics. 51(1). pp.153-170.
Votchel, L.M., Vikulina, V.V. and Zinovieva, E.G., 2019. Entrepreneurial capacity of individual
as a strategic resource of modern development. In The European Proceedings of Social
& Behavioural Sciences EpSBS (pp. 847-852).
Werthes, D., Mauer, R. and Brettel, M., 2018. Cultural and creative entrepreneurs: understanding
the role of entrepreneurial identity. International Journal of Entrepreneurial Behavior
& Research.
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APPENDICES 1
Primary and secondary market research-
It refers to key aspects that is needed by the “Lovely Hair App” at the time of conducting
research which can be elaborated below:
Elements Details
Market size The Market size of “Lovely Hair App” is higher that helps in targeting the
number of audience.
Market growth In this the market growth of “Lovely Hair App” is highly focus on satisfaction
level of customers that is developed by offering the quality services to
customers.
Customer
preferences
In this customer preference is based on the actions that is adopted by
organisation for improving the changes to attracts the large number of
customers.
Customer
segments
“Lovely Hair App” segments the market as per the needs and wants of the
people within society.
Segment size The size of segment is wider to “Lovely Hair App”
Competitors “Lovely Hair App” has several number of competitors within market.
Key partners It includes several key partners like hair dresser, manager, suppliers etc. who
perform their task effectively and efficiently.
Channels
APPENDICS 2
Cost structure: “Lovely Hair App” focus on cost structure that is followed at their starting point
which can be shown below:
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Revenue streams:
14