Entrepreneurial Opportunity chocolate shops | Assignment

Entrepreneurial Opportunity
chocolate shops

Table of Contents
INTRODUCTION...........................................................................................................................1
ENTREPRENEURIAL THEME.....................................................................................................3
DEVELOPMENT OF BUSINESS IDEA.......................................................................................4
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
An entrepreneur is an individual who has an ability to start its own business with an
objective of earning huge profits. An entrepreneur is also called as innovator who develop new
ideas after analysing the needs and requirements of customers and thereafter make decision to
start a new business venture. Having an ability of risk taking and self confidence makes an
individual a good entrepreneur. The present essay is segmented into three equal sections which
includes New business idea, entrepreneurial theme, Development of business idea which
required to consider all relevant factors which affects the growth of business. In addition with
this, marketing strategy, target market, customers, required resources, financial plans and other
various aspects are discussed under this essay in brief manner (Dimov, 2011).
As an entrepreneur I am going to start a new chocolate shop in London namely “The
Wild Berry” offering wide variety of chocolates of different nations with a services of “Picking
your own chocolate” option. The people mainly buy chocolates for two purposes i.e. for self
indulgence treat or as a gift. The idea is to facilitate people of London to make better relations
with their closed ones through gifting them chocolates with their desired form of packaging.
An entrepreneur is one who has new and innovative ideas which can help them in
exploiting opportunities and achieve success within shorter period of time. In addition with this,
the main objective of starting new business is to make huge profits and defeat existing rivals
which are not yet successfully fulfil the requirements of customers of various age groups.
Basically, one of the major reason behind starting a new chocolate shop is due to having
more demand in London especially during peak holidays seasons of Christmas, Valentines and
Mother's day. In present time, Halloween is growing in the UK especially in London which
increases the demand of chocolate products. However, the main focus is on packaging due to
which the options has been provided to the customers such as “Picking your own chocolate” and
“Picking your own packaging” which grab an eye of maximum number of people residing in
London city. It helps customers to show their more love and affections towards their valuable
ones in more impressed way (Fayolle, 2013). This will help my new business in grabbing
available opportunities of market after analysing the market situations and customers needs and
requirements.
The uniqueness of idea is providing options of “Picking your own chocolate” and
“Picking your own packaging” in which the customers are able to fulfil their own preferences
1

and not influences by anyone. Packaging of bunch of chocolates according to the direction given
by customers which can facilitates customers in showing more love and affections towards their
closed ones through gifting them in an impressed way of packaging.
In UK, the chocolates are demanded by people of all age groups especially during peak
holidays seasons such as Christmas, Easter, Valentines and Mother's Day etc. According to the
survey, people mostly prefer to buy and consume chocolate products are among Kids and
Teenagers due to which “The Wild Berry” has targeted them to expand its sales and revenue. For
example, In valentine day, or Halloween the demand of chocolate products by teenagers are
more. Therefore, their needs and requirements are required to properly analyse by “The Wild
Berry” if want to achieve growth and success within shorter period of time (Heinonen, Hytti and
Stenholm, 2011).
The most important value proposition of “The Wild Berry” is location i.e. London which
is prime location of foreign tourist due to having numerous number of attractive destinations.
The visitors visited there to celebrates holidays festivals due to which the demand of chocolates
become very high.
Now-a-days, a large number of people are using digital technology with a motive of
searching something new and unique. Thus, it can be useful for new business such as “The Wild
Berry” to make contact with their targeted customers within minimum time and cost. For
example, advertisement on social media, newspapers etc. makes easy to attract targeted
customers towards their products and services.
It is essential for new business such as “The Wild Berry” to identify the customer wants
and requirements before offering them their products and services. As the main targeted
customers of “The Wild Berry” are Kids and Teenagers therefore their needs and demands are
required to be considered which can be possible through communicating them directly either
through conducting research or requesting them to give valuable feedbacks after purchasing their
chocolates products. This will enhances the loyalty of customers as well as achieve good image
in London market which in results increasing profits as well.
After identification of needs and requirements of targeted customers which are Kids and
Teenagers, it is important for an entrepreneur to make changes in their existing strategies and
policies according to the willingness of their targeted customers. For example, giving online
2

payment options makes easy to customers to buy their products and services without facing any
difficulties (Lee-Ross and Lashley, 2010).
ENTREPRENEURIAL THEME
Opportunity is a term which drives every business to achieve growth and success in
market for longer period of time. Grabbing an opportunity by new business help them in gaining
more advantages which makes them more capable to compete with their existing rivals. Two
themes which are highlighted in the present study with the purpose of identifying challenges or
issues comes in the process of launching a new venture in London market. Entrepreneurial
possibility is defined as a word that indicates at the situations demanding new products and
services due to which an entrepreneur came into market with their new and unique ideas to fulfil
in better manner.
Consequently, it can be clearly identified that opportunity generating and innovating are
two different positions which displays that the opportunity of getting success is created or
invented by entrepreneur. Thus, such two impressive possibilities are briefly described under the
below:
It is the beginning stage when an entrepreneur develops new idea which further decided
to bring out in the market to fulfil the needs and requirements of customers. It is called as
screening phase when a businessman decide to detect new things. For identifies new business i.e.
“The Wild Berry” an entrepreneur is going to discover new payment options and delivery of
products to the locations preferred by the customers. It is made after analysing the difficulties
and issues which are faced by the customers while buying products and services. Along with
this, proper identification of wants and preferences of targeted customers are must in order to
make new concept more successful. Therefore, discovering something which are different from
the current packaging and selling concepts by using mental capacity, ability, characteristics and
gathered informations that is experiences within whole life (Mainela, Puhakka and Servais,
2014).
This is the theme which shows that an entrepreneur can itself create its own design or
concepts with the help of available resources so as to maximise the level of satisfaction of
targeted customer. It is known as creation of opportunity. For example, creation of concept of
selling and packaging which are “Picking your own chocolate” and “Picking your own
packaging” on the basis of customer preferences without any influence of any members of
3

business. This will help an entrepreneur in gaining additional benefits which bring their business
ahead than their rivals and achieve stability in competitive market.
At the conclusion, both such chances are considered as an thought invented by an
entrepreneur. In addition, creating own ideas which facilitates targeted customers to buy products
at their own preferences and requirements without any involvement of seller. thus invention is a
starting phase (Naudé, 2010). Such idea of opening chocolate shop in London came due to
having large number of customers on daily basis especially during festive seasons such as
Christmas, valentine days etc. at the time when the demands of chocolates products are high. It
will build confidence to earn huge revenues. Apart from this, there is need to add famous
chocolate products of different nations in current offerings so that maximum customers from
different nations are easily attract towards products and services of “The Wild Berry”.
DEVELOPMENT OF BUSINESS IDEA
After introducing idea of creative selling and packaging chocolate products of my
company “The Wild Berry”, the management team is responsible to make further actions and
strategies so as to bring their new ideas into market in more successfully manner with the help of
following an appropriate steps and methods. It is essential to grab an attention of maximum
number of customers residing in London towards their items and administration. For this, there
are several stages which contributes new business thought of packaging products according to
the direction given by customers. Such stages includes:
First and foremost step is to brainstorming which is considered as a key concept due to
getting support in capturing minds of customers. At this point, individuals meet together and
gathering new ideas and concepts from each individual so that best one is adopted for the
betterment of new business.
In the second stage, research has to be done in order to identify the effectiveness of new
concept which can be done through collecting information from the targeted customers. After
analysing its effectiveness, then such concept will be send it to the examination segments
process. It includes research of market, new concepts created, decision of targeted customers,
desires of cost. This will pushes the new concept ahead (Renko, Shrader and Simon, 2012).
In context with “The Wild Berry”, an entrepreneur identify that the customers will be
more happy if chocolate products and its packaging are according to their preferences due to
which “Picking your own chocolate” and “Picking your own packaging” concept are introduced.
4

After introducing an effective business plan in London market, it is time to formulate an
effective plan and strategy for administration department so that they can offer chocolate
products to customers with an effective packaging so as to increase their satisfaction level. Along
with this, all the materials used in process of packaging of products and delivering it to the
customers are required to be gathered. Collecting information related with customer preferences,
current trends, rivals designs and other various things which can affect the stability of “The Wild
Berry” in new market. For this purpose, the management of “The Wild Berry” has conducting
research in order to identify the actual interest and preferences of customers in London so that
further actions are implemented to achieve better possible outcomes. It is done through
questionnaire, online surveys etc. Apart from this, rival's strategies, current market trends etc. are
also identified through researching their official websites using internet platform. The data has
been collected through adopting primary as well as secondary methods.
Resources includes Land & Building, labours, furniture, funds, staff members etc. whose
contribution makes new business more successful. Therefore, for “The Wild Berry” shop, skilled
and educated staff members are required who knows how to deal with customers coming from
different nations in more effective and efficient manner (Short,and et. al., 2010)
Marketing plan and strategy is an association of plan or activity which are performed to
promote the new business among with their products and its new concepts so as to grab an
attention of people residing in London. It directly impact on the sales and revenue of business in
positive manner thus essentially required to adopt an effective marketing tools and techniques
which are given below:
Social media is an effective online platform where large number of teenagers are active
on daily basis. Thus, the targeted customer of “The Wild Berry” are Kids and teenagers due to
which such platform is more useful to adopt in order to grab an eye of targeted customers. Such
platform includes Facebook, Instagram, Twitter and many more. It is cheaper mode of promotion
which brings more profitable outcomes (Vaghely and Julien, 2010)..
Newspapers also one of the cheapest mode of promotion which can affects the sales of
“The Wild Berry” in positive manner. In this, advertisement will be made regarding their new
business and its new concepts which can easily attract maximum number of customers.
Brochure is splendid document which contains all relevant information related with new
ideas and concepts introduced by “The Wild Berry” in market with the use of images.
5

Apart from this, before making decision regarding implementation of marketing strategies an
organisation must required to consider cluster of marketing mix which includes tradition and
modern P's such as product, price, place, promotion, process, people and physical evidence.
These all elements help management in making an effective decision and suitable plans for the
success of an organisation (Consumers are changing their purchase behaviours, 2018).
Assessment of competitors is must required to done. As Chocolate industry is
consistently growing due to having more demands of customers towards chocolates products. As
it is more demanded in holidays festivals in London such as Christmas eve, Valentine's day,
Halloween etc. therefore the chances of failure of new chocolates shop is almost nil. The major
threat is having high number of competitors in market which includes Dark sugars, Pierre
Marcolini, Melange etc. are some popular and known chocolates shops in London which brings
challenges towards “The Wild Berry” to sustain in competitive market. Therefore, before
establishing business into London market, it is essential to proper analyses their products, pricing
policies and other strategies so that it will be consider first while making own policies and
strategies for their business (Wood and McKinley, 2010).
Capital is considered as lifeblood of success of every organisation as without having
funds decision cannot be implemented. Therefore, the management of “The Wild Berry” are
required to arrange funds from different sources which includes financial institutions such as
bank, owner's capital etc. and accordingly prepare budget for execution of each activities. For
example, to execute marketing plan there is need to prepare a budget which shows the areas of
business in which the expenditure has to be made. Here are the examples of marketing plan
budget:
Marketing budget
Particulars 1st year 2nd year 3rd year 4th year 5th year
Initial money 54000 15000 15000 26000 20800
Investment 20000 15000 16000 14000
6

Total 54000 35000 30000 42000 34800
Marketing
expenditures
Advertisement 10000 7200 6800 6500 6200
Sales promotion 2200 2000 5000 3000 9100
Direct marketing 7700 6500 2500 7500 3000
Total 19900 15700 14300 18000 18300
Available balance 34100 19300 15700 24000 16500
An entrepreneur is always looking for profits, and this can be achieved by growing the
business and ultimately satisfying the overall needs as well as demands of consumers. There are
various sorts of tools that are being used by an entrepreneur for the purpose of earning these
profits, like gaining customer loyalty, using promotional tool that will allow an individual to
reach out to customers effectively, to come up with new kinds of Chocolate products to attract
consumers and grow business and make it even large going forward. Thus profits can be
acquired through these modes by an entrepreneur. Also, Right kind of strategies as well as
policies shall be framed that will allow effective and efficient performance and higher level of
profits.
Break-even point refers to such strategy through which “The Wild Berry” willing to
achieve break-even point where it has neither earn profit nor facing any losses. It is the situation
at which opportunity cost is paid as well as fund have received the risk (Break Even Point,
2017). It is used to earn minimum amount of profit through selling particular quantity of
products and services in . It is further understood with following assumption that if total number
7

of units sold are 500 and total amount of sales revenue to achieve break even is 20000. To earn
minimum profit of 1000, “The Wild Berry” need to achieve sales revenue of 333.33.
CONCLUSION
From the above study, it has been summarised that introducing chocolate shop named as
“The Wild Berry” in London market is not easy task as it requires specific knowledge, talent,
skills, experience etc. in an entrepreneur which help in cope up with the challenges comes during
introduction of new business. For this, it is essential to prepare an effective plans and strategies
to attract large number of customers. The present study is made on starting up new chocolate
shop in London Market who is offering new concepts of selling and packaging. Therefore, it
covers all elements which are playing an important role in making new business more successful.
8

REFERENCES
Books and Journals
Dimov, D., 2011. Grappling with the unbearable elusiveness of entrepreneurial opportunities.
Entrepreneurship Theory and Practice. 35(1). pp.57-81.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Heinonen, J., Hytti, U. and Stenholm, P., 2011. The role of creativity in opportunity search and
business idea creation. Education+ Training. 53(8/9). pp.659-672.
Lee-Ross, D. and Lashley, C., 2010. Entrepreneurship and small business management in the
hospitality industry. Routledge.
Mainela, T., Puhakka, V and Servais, P., 2014. The concept of international opportunity in
international entrepreneurship: a review and a research agenda. International Journal of
Management Reviews. 16(1). pp.105-129.
Naudé, W., 2010. Entrepreneurship, developing countries, and development economics: new
approaches and insights. Small business economics. 34(1). pp.1-12.
Renko, M., Shrader, R.C. and Simon, M., 2012. Perception of entrepreneurial opportunity: a
general framework. Management Decision. 50(7). pp.1233-1251.
Short, J. C and et. al., 2010. The concept of “opportunity” in entrepreneurship research: Past
accomplishments and future challenges. Journal of Management. 36(1). pp.40-65.
Vaghely, I.P. and Julien, P.A., 2010. Are opportunities recognized or constructed?: An
information perspective on entrepreneurial opportunity identification. Journal of
Business Venturing. 25(1). pp.73-86.
Wood, M.S. and McKinley, W., 2010. The production of entrepreneurial opportunity: a
constructivist perspective. Strategic Entrepreneurship Journal. 4(1). pp.66-84.
Online
Break Even Point. 2017. [Online]. Available through<http://www.101computing.net/break-even-
point/>.
Consumers are changing their purchase behaviours. 2018 [Online]. Available
through<http://cosmeticschinaagency.com/10-trends-chinese-consumers-cosmetics/>.
9