Essay on Entrepreneurship and Business Plan

Arden University
Business and Management
Enterprise and Entrepreneurship Assignment
Enterprise and Entrepreneurship
STU56459
Dr Chuma Osuchukwu
2500
Contents

1.0 Executive Summary........................................................................................3
2.0 The Business...................................................................................................3
2.1 Market Research.................................................................................................................3
3.0 Owner and teams’ entrepreneurial competences.........................................4
3.1 Entrepreneurship and Market Expertise...................................................................4
4.0 Objectives.......................................................................................................4
5.0 The Market: PESTEL factors of Online tutoring..............................................5
6.0 Competition....................................................................................................5
7.0 The product.....................................................................................................6
8.0 Marketing the business: Segmentation, Targeting & Positioning..................6
9.0 Sales and operations:......................................................................................7
10.0 Sales Forecast:..............................................................................................8
11.0 Financial Projections.....................................................................................9
11.1 Profit and Loss.................................................................................................................10
12.0 Strengths and Risks of Freedom of Knowledge..........................................10
13.0 Closing summary.........................................................................................11
Appendix.............................................................................................................12
References;.........................................................................................................16
Enterprise and Entrepreneurship Business Plan
1.0 Executive Summary
This plan is an approach to web-based learning venture that offers coaching administrations to
understudies and pupil that are in the GCSE preparation process. This association is starting at a sole
proprietorship. This arrangement is an inward record for helping the proprietor to build up this

mentoring business. Web based coaching administration has distinguished various market fragments
to be focused by the venture. The proprietor has a family-based association with the teachers in the
field of business and will have the option to get referrals from these educators. As far as
administrations, a wide scope of scholarly subjects will be offered by the organization.
There will be gathered sessions for motivations behind coaching. There will be video tutorials on the
online platform which enables students to learn visually. Additionally, there will be a serious
individual help regards to the lessons however understudies will have to email the tutor with the
questions having a limit of 5 and wait for a response in 24 – 48 hours. However, gathering sessions
will be founded in the group approach. The past papers will be widely utilized as a piece of a
significant showing material and get understudies ready for the tests. The administration will be
going by the proprietor. The proprietor gets the abundance of scholastic greatness and the
mentoring knowledge picked up from the long periods of instructing and consultancy. The owner has
trained business courses for quite a while. The organization will have the option to understand its
objectives and targets on the grounds that the entrepreneur is involved and skill, a solid systems and
associations with teachers and low start-up expenses.
2.0 The Business
Freedom of Knowledge is a mentoring organization situated as online learning and is based in the UK
that was founded in 2019. The business will be financed by the proprietor and social capital of
friends and family also some expenses will be financially supported by the government grant that is
provided for start-up businesses. The online mentoring industry in the UK is presently encountering
a relentless development, with individuals paying a lot for every hour to verify the administrations of
a scholastically qualified tutor. Be that as it may, this organization is centred more around making a
business opportunity for individuals that can't stand to pay high amounts of money for a private
tutor.
2.1 Market Research
The extent of understudies obtaining private or home educational lecture has expanded by over 30%
throughout the most recent decade. In London, the figures are reliably higher, with 34% of
understudies getting private or home educational cost in 2005, ascending to 44% in 2016. The
examination demonstrates 52% of those understudies expressed that the fundamental explanation
was to plan for an important test. More learners are moving over to mentoring sites like Freedom of
Knowledge, which enable understudies to interface with qualified coaches for all subjects. The
internet coaching stages offer both more noteworthy adaptability and progressively focused
evaluating for both understudy and educator.
3.0 Owner and teams’ entrepreneurial competences
It is a business participating with experienced tutors to give the knowledge of freedom and gain
strength and benefit from education. All mentors had various involvement in being the student to

private coaches and private guides themselves, and along these lines have worked together to use
the joined abilities to perform in this industry. The proprietor and the group of master tutors are all
originated from Europe, where they previously understood being instructed by a private coach and
being a mentor themselves. They have all felt that for a portion of the complex subjects, for
example, higher science and different subjects necessitated that the pupils have an extraordinary
comprehension outside of a lecture room. So, they understood that there is a developing interest for
such close to online coaching in the UK.
3.1 Entrepreneurship and Market Expertise
The owner of the business is a lifestyle entrepreneur which gives the opportunity to fit the business
in to the lifestyle and still gain progress and finance. The advantages given with being a lifestyle
entrepreneur would be that it empowers to manufacture the business to suit their own and expert
lives. They can gain comfort and flexibility with their business and add to society in person and
through utilizing new tutors.
As recognized by (Timmons,1994) there are four fundamental attributes that a business
entrepreneur ought to have and these are high vitality combined with enthusiastic steadiness,
creative and imaginative steadiness, conceptual capacity and vision joined with an ability to motivate
which many of our educators including the proprietor have which is an extraordinary lead for the
business. The business is a niche market which means lower challenge, fine focal point on focusing
on specific clients, it develops master aptitude and learning which prompts market expertise. Also,
overall revenues are frequently higher, and clients will in general be increasingly devoted because of
the extent service given.
4.0 Objectives
The organization has plans to make communication easier via technology. The mission of the
organization is that it would approach instructing in an imaginative and extraordinary path with
making the students understand the subject easier so they can handle it better. The accomplishment
of the organization lays on the achievement of the students.
SMART Goals Achievement of Time
Get support from secondary schools in Hackney January 2020
The primary objective is to be the market head
in mentoring administration in Hackney
September 2020
To gain students all around London January 2021
The eager is to increase the income of the
organization
December 2021
Build a solid existence and awareness in public April 2020
5.0 The Market: PESTEL factors of Online tutoring
Political: In certain nations access to the web is confined. This makes giving a web-based learning
background essentially progressively troublesome, since the learning materials must be facilitated in