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Entrepreneurial Opportunity chocolate shops | Assignment

   

Added on  2020-12-31

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Entrepreneurial Opportunitychocolate shops

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

INTRODUCTIONAn entrepreneur is an individual who has an ability to start its own business with anobjective of earning huge profits. An entrepreneur is also called as innovator who develop newideas after analysing the needs and requirements of customers and thereafter make decision tostart a new business venture. Having an ability of risk taking and self confidence makes anindividual a good entrepreneur. The present essay is segmented into three equal sections whichincludes New business idea, entrepreneurial theme, Development of business idea whichrequired to consider all relevant factors which affects the growth of business. In addition withthis, marketing strategy, target market, customers, required resources, financial plans and othervarious 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 “TheWild Berry” offering wide variety of chocolates of different nations with a services of “Pickingyour own chocolate” option. The people mainly buy chocolates for two purposes i.e. for selfindulgence treat or as a gift. The idea is to facilitate people of London to make better relationswith 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 inexploiting 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 rivalswhich 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 havingmore demand in London especially during peak holidays seasons of Christmas, Valentines andMother's day. In present time, Halloween is growing in the UK especially in London whichincreases the demand of chocolate products. However, the main focus is on packaging due towhich 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 inLondon city. It helps customers to show their more love and affections towards their valuableones in more impressed way (Fayolle, 2013). This will help my new business in grabbingavailable opportunities of market after analysing the market situations and customers needs andrequirements.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 preferences1

and not influences by anyone. Packaging of bunch of chocolates according to the direction givenby customers which can facilitates customers in showing more love and affections towards theirclosed ones through gifting them in an impressed way of packaging.In UK, the chocolates are demanded by people of all age groups especially during peakholidays seasons such as Christmas, Easter, Valentines and Mother's Day etc. According to thesurvey, people mostly prefer to buy and consume chocolate products are among Kids andTeenagers due to which “The Wild Berry” has targeted them to expand its sales and revenue. Forexample, In valentine day, or Halloween the demand of chocolate products by teenagers aremore. Therefore, their needs and requirements are required to properly analyse by “The WildBerry” if want to achieve growth and success within shorter period of time (Heinonen, Hytti andStenholm, 2011).The most important value proposition of “The Wild Berry” is location i.e. London whichis 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 chocolatesbecome very high. Now-a-days, a large number of people are using digital technology with a motive ofsearching something new and unique. Thus, it can be useful for new business such as “The WildBerry” to make contact with their targeted customers within minimum time and cost. Forexample, advertisement on social media, newspapers etc. makes easy to attract targetedcustomers towards their products and services.It is essential for new business such as “The Wild Berry” to identify the customer wantsand requirements before offering them their products and services. As the main targetedcustomers of “The Wild Berry”are Kids and Teenagers therefore their needs and demands arerequired to be considered which can be possible through communicating them directly eitherthrough conducting research or requesting them to give valuable feedbacks after purchasing theirchocolates products. This will enhances the loyalty of customers as well as achieve good imagein London market which in results increasing profits as well. After identification of needs and requirements of targeted customers which are Kids andTeenagers, it is important for an entrepreneur to make changes in their existing strategies andpolicies according to the willingness of their targeted customers. For example, giving online2

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