Entrepreneurial Strategy.

Entrepreneurial Strategy

Table of Contents
INTRODUCTION...........................................................................................................................1
Comprehensive Situational Analysis...............................................................................................1
Critical Review of Strategic Choices...............................................................................................3
Entrepreneurial Strategies......................................................................................................3
Recommendation.............................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship refers to the set of different types of activities which are managing,
organizing, planning new venture with the motive of serving social cause and for providing
economic benefits. In this development of a new business enterprise includes bearing of risk and
challenges by the entrepreneur in order to grow at the competitive marketplace (Gans, Stern and
Wu, 2019). It has been identified that there is some sort of characteristics of the entrepreneurship
which consist of creativity, economic activity, innovation, risk bearing as well as profit. These
are the characteristics undertaken by entrepreneur with the aid of various entrepreneurship skills
such as business management, personal as well as technical skills. Therefore, it has been
concluded that entrepreneur can take benefits of entrepreneurial strategies in the procedure of
developing new venture so that they can satisfy requirements of customers and society by
offering them unique & innovative products and services.
The current report is based on Drink, Shop & Do”, which provide fusion of cafe, bar and
design store performing its business functions at the marketplace of London. Under this project,
formative discussions is developed on comprehensive environmental analysis as well as critical
examination of strategic choices. Apart from this, the report consists of execution of strategies
along with recommendation which aid in the success, growth and development of the
organization.
Comprehensive Situational Analysis
Strategic capability of an organisation can be said to be the abilities in an organisation which
ensure the sustainability of organisation for a longer period of time in the marketplace fighting
the extensive market competition. It is seen that this also includes implementation of a number of
strategies as Willis adoption of resources which enables company to gain success and growth in
the respective market place. In context of Drink, Shop & Do it can be said that with a wide range
of product company have emerged in the market with a good brand name in food and beverages
industry specifically in cafe sectors. The major reason for this can be promotion of company
through positive word of mouth (Gao and et. al., 2018). The loyal customers for company have
helped enormously in spreading positive reviews about company its products and services. It is
necessary for organisation to evaluate all their resources in order to specify which are the
competencies India products and services which are satisfying the customer and also making
them better than their competitors. Through applying various analytical model company can
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effectively gain knowledge regarding the competitive spirit in their present market segment and
industry.
PESTLE analysis is a framework which is used by an organisation in order to evaluate all
the external factors present in an environment which have an intensive effect either positive or
negative on operations and functions of the business. It gives an organisation with an opportunity
to prove themselves better than their competitors. It also enables them to have a Future
knowledge about opportunities as well as threats approaching them through different factors and
external environment. With the help of this organisations can effectively formulate their
strategies to tackle all the situations it might face in future.
Political: In political factors of this analysis all the elements which are related to government
and political parties such as employment law, tariff, anti-trust law, political stability, trait control,
bureaucracy, tax policies, trade restrictions and so on are included. In order to run a business
efficiently in a nation it is important for company to evaluate the political stability in the country
effectively so that they can gain several advantages from the upcoming opportunities (Omotosho
and Anyigba, 2019). It is a sensual for Drink, Shop & Do to make sure that they evaluate all
these factors effectively. When talking about United Kingdom the government is stable and
entrepreneurship is highly supported by government. It has also been seen that the laws and
policies of country are different from various other nations. So the company requires to
affectively analyse all these strategies and policies of country so that they can ensure their
growth and development in this nation.
Economic: it is an important factor in this analysis at eight provide a number of economic
opportunities for the business. The factors included in it are inflation, exchange rate, demanding
supply, interest-rate, gross domestic product, taxes and so on. All these factors have directly or
indirectly affected the functions and operations in a business. When talking about economic
condition of United States it has been seen that it is important for Drink, Shop & Do to examine
Brexit clearly. The following strategy adopted by United Kingdom can provide a number of
opportunities for company.
Social: in this all the elements which are related to values and behaviours in a culture are
included. It also includes age distribution, education level, growth rate of population, religious
beliefs, income statistics, environmental culture and so on. It has been evaluated that the
consumers preference and changing trends in their taste have enormously affected functions and
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operations in a business. It is required by company to have an extensive market research in order
to identify consumer’s needs. This will enable them to have minimum losses and maximum
benefits and profitability through providing customer satisfaction.
Technological: The following factor of analysis contains all the elements which are related to
automation, innovation, information technology and research and development. The
technological environment in today’s Eire is very dynamically changing. There are constant
changes and new innovations brought in every day (Spigel and Harrison, 2018). In order to
ensure maximum profits, it is required for company to study the technological environment of
United Kingdom. The business also requires to bring in innovations in the products and services
to grab attention of customers and provide them appealing services. For this company
particularly the production of food and beverages can be done through various different
innovative machines which provide faster and better services.
Legal: there are a number of jurisdiction and laws to be followed by a company falling under
food and beverages industry. They need to have a number of licenses which include health and
safety norms, food hygienic certificate, restaurant insurance, food safety regulations as well as
alcohol license. All these are to be understood well by Drink, Shop & Do in order to ensure that
they do not break any of the laws and regulations mentioned in the jurisdiction.Company needs
to pay major focus on the ingredients used for cooking and the quality of the food and beverages
should be given first priority.
Environmental: every organisation in today’s world required to operate in order to abide by all
the rules related to environment and their surroundings. There are a number of policies
developed in order to save the surrounding in which a business is run. Drink, Shop & Do are also
needed to abide by all these rules so that they do not harm the environment in which they are
running their business. They should focus on using the recycle products such as cups and plates
in which the food is served. This will also provide a company with positive support from society
and government and will lead to an enhanced brand image of firm (Theodoraki, Messeghem and
Rice, 2018).
Critical Review of Strategic Choices
The company needs to undertake some of the measures so that they can establish their name
and brand image in the market for a longer period of time. They can use a number of strategies
so that they can maximize their profits and revenues. This will also give them a competitive edge
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over their competitors. Below mentioned are some of the strategies company can use for their
growth:
Entrepreneurial Strategies
Effective market analysis: It is an essential strategy used by entrepreneurs which this company
can also use in order to conduct an intensive market research. This will help them to efficiently
identify all the current trends and preferences of customers which the following industry is
facing (De Sousa and et. al., 2020). This will help the organisation to know about what will be
the future demand and they will come with various ideas in order to fulfil those demands of their
customers.
Customer orientation: Company can also effectively used this strategy. In this the major focus
will be paid on their customers. This strategy will allow companies to majorly focus on customer
orientation as well as this will allow them to deter mine all their needs and demands so that they
can be fulfilled affectively. Customer is the king of the market and it is as he shall to fulfil all the
needs in order to make sure that they get maximum satisfaction and the major objective of
companies fulfilled.
Intrapreneurial activities
Innovation: There are a number of dynamic factors present in market. All these keep on
changing continuously. The company here needs to take a number of innovative factors and
bringing changes in their operations and functions regularly. This will help company to grab
attention of the customers through a number of different changes and also gain a competitive
edge over their competitors.
Business objective: Business objective is one of the major aspect for any organisation. When
talking about Drink, Shop & Do company requires to set up basic business objectives and also a
predetermined time to obtain all those objectives. This will enable firm to ensure the
development and growth for longer period of time. It will also give them up initiation point for
all their functions.
Implementation of strategy
All the above-mentioned strategy needs a number of measures so that they can be implemented
on the organisation effectively (Copiello and Bonifaci, 2018). It is necessary that some of the
factors are kept in mind so that the strategies can bring in positive effect for the organisation.
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 Company needs to implement diversification for long term so that they can sustain in the
market for a longer period of time achieving all their objectives through providing
customers with services according to their preferences and needs (Borghoff, 2018).
 It has been analysed that it is very essential for company to use penetration pricing in
order to achieve maximum share of customers in the market. There are a number of
competitors present in the market so company needs to make sure that they gain pricing
advantage over their competitors.
 This will also act as a competitive advantage for the company as there are a number of
competitors it will need to face in food and beverages industry. Also this will target the
major middle income group people in United Kingdom. In this way the following
strategy can help company to gain a large number of customers and also maximise your
profitability through fulfilling consumer needs and obtaining loyal customers which will
remain with them for a longer period of time.
Recommendation
Food and beverages are one of the fastest leading industry which includes ample number of
business entity performing their functions with distinctive goods and services within affordable
price with the aim of producing maximum profitability at the competitive marketplace. In
reference to United Kingdom, it has been identified that there is various sort of business
organization who perform their functionality in Cafe sector & provide ample number of offerings
to the customers which as a result create competition within the segment. For this, it is quite
important for the managers of Drink, Shop & Do in order to undertake various benefits from
strategic tools, techniques, plan so that they can maximise their market share by satisfying needs
and wants of consumer (Zulfa, 2019). It has been recommended to the management team that
they must engage in the procedure of investigation in reference to technology as this help in
getting competition advantage and satisfying customer by offering high quality goods and
services. With the assistance of this, business organisations can adopt various sort of Hi-Tech
technology system so that they can produce innovative goods and services and provide unique
offerings as compare to other rivalry firms. It has also been recommended to the organisation
that in order to beat the level of competition, managers are required to modify their strategies and
plans by examining market situation on a regular basis.
Constant analysis about customer needs:
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It is said that opinion, interest as well as lifestyle of individuals continuously changing
which need to be examined by every business organization. It is essential for the management
team of chosen company to evaluate requirements, preferences & needs of customers before
offering them high quality products and services so that they can maximise their needs in an
effective manner. It has been recommended to the management team of Drink, Shop & Do to
conduct research about customers needs and wants of consumer. This will assist them in order to
maximise the level of satisfaction of customers and retain them for a longer period of time.
Effective market examination:
It is said that Cafe industry consist of ample number of elements and factors which
continuously changing on a regular basis. Therefore, it has been recommended to the
management team of Drink, Shop & Do to acquire extensive and sufficient knowledge about the
market segment so that they can satisfy all the needs and requirements of consumer by offering
them transformed goods and services. Apart from this, it will further allows business entity in
order to overcome the level of competition faced by the company in Cafe industrial segment. As
a result, with the assistance of market analysis chosen organisation can effectively create
futuristic needs which aid them in order to satisfy ample number of customers and can ensure
long term sustainability and growth at the competitive marketplace.
Innovation:
This refers to one of the most essential and crucial segment with the help of which business
organisation can easily beat the competition level available at the marketplace. It has also been
identified that there are large number of organizations deal in similar sector and offer range of
products and services in affordable price so that they can gain maximum amount of profitability
at the market. For overcoming such situations, Drink, Shop & Do bring uniqueness in their
offering by innovative and ensure maximum amount of profitability. Along with this, they will
be able to retain their customers for a longer duration by satisfying their requirements and can
maintain long term sustainability at the marketplace along with maximum customer satisfaction.
This as a result effectively lead towards the attainment of more profitability of the company as
compared to rival companies.
CONCLUSION
According to the above stated information, it is concluded that entrepreneurial strategy plays
very essential role and aid in getting competitive advantages at the market place. It is also very
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important for the business organisation to examine various sort of elements available at the
competitive marketplace so that they can ensure maximum benefit from limited output.
Therefore, in this Pestle analysis proves as an effective tool. Furthermore, with the help of to
intrapreneurial and entrepreneurship strategies ensure maximum advantages at the competitive
marketplace.
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REFERENCES
Books and Journals
Gans, J.S., Stern, S. and Wu, J., 2019. Foundations of entrepreneurial strategy. Strategic
Management Journal. 40(5). pp.736-756.
Gao, Y. and et. al., 2018. Impacts of proactive orientation and entrepreneurial strategy on
entrepreneurial performance: An empirical research. Technological Forecasting and
Social Change. 135. pp.178-187.
Omotosho, S.I. and Anyigba, H., 2019. Conceptualising corporate entrepreneurial
strategy. Journal of Strategy and Management.
Spigel, B. and Harrison, R., 2018. Toward a process theory of entrepreneurial
ecosystems. Strategic Entrepreneurship Journal. 12(1). pp.151-168.
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.
de Sousa, J.C. and et. al., 2020. Entrepreneurial Strategies and Innovative Strategies: systematic
review, concepts, models and future investigations. Revista de Administração, Sociedade
e Inovação. 6(2). pp.112-133.
Copiello, S. and Bonifaci, P., 2018. A few remarks on ResearchGate score and academic
reputation. Scientometrics. 114(1). pp.301-306.
Borghoff, B., 2018. Entrepreneurial storytelling as narrative practice in project and
organizational development. In Entrepreneurship in culture and creative industries (pp.
63-83). Springer, Cham.
Zulfa, M., 2019. The Development Model of Marketing Adaptation Strategy based on
Entrepreneurial Capacity towards Export Performance. Calitatea, 20(171), pp.104-108.
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