Entrepreneurship

This document provides a comprehensive study material and solved assignments on Entrepreneurship. It covers topics such as business aspirations, vision, mission, organization, financial plan, marketing plan, and more.

Running head: ENTREPRENEURSHIP
Entrepreneurship
Name of the Student
Name of the University
Authors Note
Course ID

1ENTREPRENEURSHIP
Table of Contents
Introduction:...............................................................................................................................2
Description of business:.............................................................................................................2
Business aspirations:..............................................................................................................3
Business Vision:.....................................................................................................................3
Business Mission:...................................................................................................................3
Organization of the business and Key Players:..........................................................................4
Owners- Roles and Qualifications:........................................................................................4
Qualifications of Owners.......................................................................................................4
Management Team- Roles and Responsibilities:...................................................................4
Employee- Roles and Qualifications:.....................................................................................5
Financial Plan:............................................................................................................................5
Anticipated Operating Costs:.................................................................................................5
Anticipated Investment requirement:.....................................................................................6
Start Up Costs:.......................................................................................................................6
Sales Forecast:........................................................................................................................7
Projected Profit and Loss Account:........................................................................................8
Cash Flow Statement:............................................................................................................9
Monthly Cash Flow:.............................................................................................................10
Projected Balance Sheet:......................................................................................................11
Marketing Plan:........................................................................................................................11

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Summary of Marketing Strategy:.........................................................................................11
Market Analysis:..................................................................................................................12
Target Market Segmentations:.............................................................................................12
Pricing Strategy:.......................................................................................................................13
Promotion Strategy:.............................................................................................................13
Product Strategy:..................................................................................................................14
Place:....................................................................................................................................14
Competition:.........................................................................................................................14
Operations:...............................................................................................................................15
Locations of the Business:...................................................................................................15
Business Operations:............................................................................................................15
Legal and Sundry Issues:.........................................................................................................16
Legal Issues:.........................................................................................................................16
Measures to handle legal issues:..........................................................................................16
Major Challenges:....................................................................................................................17
References:...............................................................................................................................18

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Introduction:
Nerd Petrol will be a B2B computer service firm that would offer its customers with
turnkey computer solution based on current technologies and web-based application. The
company would be serving a separate as well as detailed marketing plan. It will be providing
its customers with technical consultant service to both the household computer users and
locally located small business. Nerd Petrol would be emphasizing on marketing, quality
creation and responsiveness towards customers for better relations.
The company would formed as partnership business where the partners will be
responsible for launching a full-sized business. The company will set up its office in a small
rental premises to service the customers in local area.
Description of business:
Nerd Petrol will be a US based computer Solution Company to offer its customers
with needed technological expertise. It will be introducing the US market with new all-
inclusive business to business computer consultancy (Piperopoulos 2016). It will be
providing web-based computer solution ranging from hosting services for ASP companies to
hosting internet sales for small and mid-size business. This includes;
a. Offering customers with services on the basis of hourly based technical aid, retainer
contracts association to specific system and project consultancy.
b. Nerd Petrol would offer its customers with onsite repair service to households and
locally located companies.
c. The company would help its customers in installation, customization and maintenance
of computers.

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Business aspirations:
The business of Nerd Patrol is to provide an on paper guide for managing the
computer consultancy business with a strategic framework of forming a comprehensive
marketing plan. Beside aspirations there are certain objectives of Nerd Patrol;
Profit: The main aim of Nerd Patrol is to produce adequate profit so that it can fund its future
business growth and providing the needed resources to meet other business objectives of
owners (Colombelli, Krafft and Vivarelli 2016).
Growth and Development: To develop business that is challenging and manageable. It aims
to lead the market with adaptability and innovation.
Business Integrity: The objective of Nerd Patrol is to satisfy the need of small business by
giving online collaboration of software updates and solving the problems associated to
networks.
Business Vision:
Nerd Patrol carries the vision of offering its customers with fast, responsive and well-
versed expertise to constantly offer reliable solution. Nerd Patrol will be aiming to produce
set of repeated consumers and retaining the base of stable customers (Wu and Huarng 2015).
This will help in generating needed profits for future growth of business.
Business Mission:
The mission of Nerd Patrol is to meet the short-term business objectives by
commencing the activities sooner and with lower amount of debt. While the long term
mission of business to attain growth and profitability for comfortable management of the
firm.

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Organization of the business and Key Players:
Owners- Roles and Qualifications:
The business will be formed under the partnership which will be jointly owned by
John Robbins, Mary Singh and Nabil Quresh. John. Concerning the roles of owners during
the initial three months John and Mary will be accountable for every business aspects. While
from third month onwards the owners will be hiring additional technicians (Baker 2014).
Whereas John will be responsible for training and administering new staff. He will also be
responsible for responding to the client’s needs. Mary will be accountable for delegating
technical repairs to techs that will be working in leased office and she will also be responsible
for training staff for telephonic conversation with potential clients.
Qualifications of Owners
Nabil Quresh: Graduated in Business Administration
Mary Singh: Graduated in Computer Science
John Robbins: Graduated in Computer Science
Management Team- Roles and Responsibilities:
Nerd Patrol will be under the ownership of John, Mary and Nabil based on
partnership agreement. The owners here possess five year experience in Information and
Communication Technology Industry. With needed skills and expertise the owners would be
accountable for forming customer creation. The customer formation ability of the business
helps in bringing more amount of operations which in turn would be a profitable venture
inside six months of operations. The management team would include John and Mary since
they specialize themselves in software aspects of computer repair and they are expected to
work collaboratively.

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Besides this, the management team will be responsible for growing the boundaries of
business in the first six months of operations. They are anticipated to make advertisement
which will effectively be targeting the households PC and small business that are located
locally.
Employee- Roles and Qualifications:
Nerd Patrol will be looking forward to hire five employee inside the six months span.
The salary and wages of employees will be directly associated with the business success. The
employees of Nerd Patrol would be holding professional qualifications and computer skills
(Barringer 2015). They are anticipated to hold strong inter personal and technical skills as
well. It is important for the employees to commensurate with needed business abilities and
dedications to serve the customers with utmost satisfaction.
The employees will be accountable for providing services on the hourly basis
technical aid, project counselling and on site services. The employees will also be
accountable for providing customers with first hand solution and should assure 100% quality
assurance in discharge of their responsibilities.
Financial Plan:
Under this head financial plans on yearly basis will be provided for Nerd Patrol. A
detailed cash flow pro-forma based on monthly basis is also provided below.
Anticipated Operating Costs:
The expected cash flow for the first year of operations stands $233,165. This
generally includes the general and administrative expenditure, capital improvement costs and
lease expenses (Burns 2016). The business would also incur the non-recurring costs for its
fixed assets such as computers, furniture and equipment.

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Anticipated Investment requirement:
The expected investment for the first year of operations stands $245,000
approximately. The business anticipates to incur a total fixed cost of $150,000 in the first
year of its operations. The total amount of owner’s contribution would be $125,000 while a
sum of $75,000 would be obtained as bank loan.
Start Up Costs:
Start-up Expenses
Fixed Costs Particulars Amount ($)
Premises (RENT & RATES) $50,000
Salaries $17,500
Interest on loan 10% $7,500
Accountant Fees $14,000
Payroll Tax $2,500
Retainer contracts $12,750
Sales and Marketing $15,000
Postage & Telephone $1,750
Brouchers $2,250
Logo Designs $2,000
Market survey $7,500
Preliminary expenses $2,200
Capital Improvements Expenes $16,000
Total Fixed Costs $1,50,950
Average Monthly Costs
Rent $4,167
Capital Improvements Expenes $1,333
Interest on loan 10% $625
Postage & Telephone $146
Repairs and Maintainance $188
Salaries / Wages $1,458
Total Average Monthly Costs $7,917
x Number of Months: 12
Total Monthly Costs $95,000
Total Startup Expenses $2,45,950
Start-up Requirements

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Start-up Assets
Owner Funding
Owners Fund $1,25,000
Total Owner Funding $1,25,000
Loans
Bank Loan $75,000
Other
Total Loans $75,000
Total Start up Funds $2,00,000
Assets
Equipments $22,000
Computers $20,000
Total Fixed Assets $42,000
Total Start-up Assets $2,42,000
Sales Forecast:
(1) SALES FORECAST
Year 0 1 2 3
Projected Sales 2,50,000 2,75,000 3,08,000
Direct Cost of Sales 75,000 86,250 99,188
Year 1 Year 2 Year 3
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0%
5%
10%
15%
20%
25%
24,050
59,225
63,745
Profit Before tax
Pretax Net Margin
Figure 1: Figure illustrating profit before tax and pre-tax net margin
(Source: As Created by Author)

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Projected Profit and Loss Account:
(4) PROFIT AND LOSS FORECAST
Preop
Year 0 1 2 3
Revenue 0 2,50,000 2,75,000 3,08,000
Cost of sales 0 75,000 86,250 99,188
Gross profit 0 1,75,000 1,88,750 2,08,813
Gross Margin 2,33,165 2,33,543 2,63,379
Expenses/overheads
Payroll 50,000 55,000 61,600
Marketing and Promotion 17,500 19,250 21,560
Accountant Fees 14,000 15,400 17,248
Lease 2,500 2,750 3,080
Supplier contracts 12,750 14,025 15,708
Sales and Marketing 15,000 16,500 18,480
Postage & Telephone 1,750 1,925 2,156
Website Development Expenses 2,250 2,475 2,772
Logo Designs 2,000 2,200 2,464
Interest on loan 10% 7,500 7,500 7,500
General and Admin Expenses 7,500 8,250 9,240
Preliminary expenses 2,200 2,420 2,710
Capital Improvement Cost 16,000 17,600 19,712
Total expenses/overheads 1,50,950 1,29,525 1,45,068
Profit before tax 24,050 59,225 63,745
Tax @ 30% 7,215 17,768 19,123
Before tax net margin 10% 22% 21%
Profit after tax 16,835 41,458 44,621
Transfer to reserves 24,050 59,225 63,745
ROC 17% 33% 30%

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Cash Flow Statement:
(2) CASHFLOW FORECAST Preop
Year 0 1 2 3
CASH INFLOWS
Cash from Sales 2,50,000 2,75,000 3,08,000
Directors loans 75,000 75,000 75,000 75,000
Capital Employed 1,00,000 1,25,000 1,50,000 1,75,000
Other cash inflows
TOTAL CASH INFLOW 1,75,000 4,50,000 5,00,000 5,58,000
CASH OUTFLOWS
Payments for materials 75,000 86,250 99,188
operating expenses ( ) 0
Payroll 0 50,000 55,000 61,600
Marketing and Promotion 0 17,500 19,250 21,560
Accountant Fees 0 14,000 15,400 17,248
Lease 0 2,500 2,750 3,080
Supplier contracts 0 12,750 14,025 15,708
Sales and Marketing 15,000 16,500 18,480
Postage & Telephone 1,750 1,925 2,156
Website Development Expenses 2,250 2,475 2,772
Logo Designs 2,000 2,200 2,464
Interest on loan 10% 7,500 7,500 7,500
General and Admin Expenses 7,500 8,250 9,240
Preliminary expenses 2,200 2,420 2,710
Capital Improvement Cost 16,000 17,600 19,712
Corporation Tax 7,215 17,768 19,123
Loan repayments 7,500 7,500
TOTAL CASH OUTFLOWS 0 2,33,165 2,76,813 3,10,041
Cash flow summary
NET CASHFLOW FOR PERIOD 1,75,000 2,16,835 2,23,188 2,47,959
OPENING CASH BALANCE 0 1,75,000 3,91,835 6,15,023
CLOSING CASH BALANCE 1,75,000 3,91,835 6,15,023 8,62,981

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Monthly Cash Flow:
INCOME Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Operating Income
Sal es Revenue 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 2,50,000
Total Operating Income 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 2,50,000
Total INCOME 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 2,50,000
Operating Expenses
Payroll 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 50,000
Marketing and Promotion 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 17,500
Accountant Fees 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 14,000
Lease 208 208 208 208 208 208 208 208 208 208 208 208 2,500
Supplier contracts 1,063 1,063 1,063 1,063 1,063 1,063 1,063 1,063 1,063 1,063 1,063 1,063 12,750
Sal es and Marketing 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000
Postage & Telephone [phone] 146 146 146 146 146 146 146 1,750
Website Development Expenses 188 188 188 188 188 188 188 188 188 188 188 188 2,250
Logo Designs 167 167 167 167 167 167 167 167 167 167 167 167 2,000
Interest on loan 10% 625 625 625 625 625 625 625 625 625 625 625 625 7,500
General and Admin Expenses 625 625 625 625 625 625 625 625 625 625 625 625 7,500
Preliminary expenses 183 183 183 183 183 183 183 183 183 183 183 183 2,200
Capital Improvement Cost 1,333 1,333 1,333 1,333 1,333 1,333 1,333 1,333 1,333 1,333 1,333 1,333 16,000
Total Operating Expenses 12,579 12,579 12,579 12,579 12,579 12,579 12,579 12,579 12,579 12,579 12,579 12,579 1,50,950
Non-Recurring Expenses
Equipments 1,833 1,833 1,833 1,833 1,833 1,833 1,833 1,833 1,833 1,833 1,833 1,833 22,000
Computers 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 20,000
Utilities 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000
Furnitures 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 20,000
Total Non-Recurring Expenses 6,417 6,417 6,417 6,417 6,417 6,417 6,417 6,417 6,417 6,417 6,417 6,417 77,000
Total EXPENSES 18,996 18,996 18,996 18,996 18,996 18,996 18,996 18,996 18,996 18,996 18,996 18,996 2,27,950
Net Income Before Taxes 1,838 1,838 1,838 1,838 1,838 1,838 1,838 1,838 1,838 1,838 1,838 1,838 22,050
Income Tax Expense 601 601 601 601 601 601 601 601 601 601 601 601 7,215
NET INCOME 1,236 1,236 1,236 1,236 1,236 1,236 1,236 1,236 1,236 1,236 1,236 1,236 14,835
EXPENSES

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Projected Balance Sheet:
Assets FY-1 FY-2 FY-3
Current Assets
Cash $37,800 $64,900 $61,039
Accounts receivable $2,50,000 $2,75,000 $3,08,000
Total current assets $2,87,800 $3,39,900 $3,69,039
Fixed (Long-Term) Assets
Equipments $22,000 $24,200 $26,620
Computers $20,000 $22,000 $24,200
Utilities $15,000 $16,500 $18,150
Furnitures $20,000 $22,000 $24,200
(Less accumulated depreciation) $11,700 $10,900 $10,810
Total fixed assets $30,300 $35,300 $40,010
Total Assets $3,18,100 $3,75,200 $4,09,049
Liabilities and Owner's Equity
Current Liabilities
Bank Charges Payable $7,500 $7,500 $7,500
Short-term loans $45,000 $20,000 $25,000
Income taxes payable $7,215 $17,768 $19,123
Accrued salaries and wages $17,500 $19,250 $21,560
Total current liabilities $77,215 $64,518 $73,183
Long-Term Liabilities
Long-term debt $75,000 $67,500 $60,000
Less: Loan Repayment $7,500 $7,500
Total long-term liabilities $75,000 $60,000 $52,500
Owner's Equity
Owner's investment $1,25,000 $1,50,000 $1,75,000
Net Profits $16,835 $41,458 $44,621
Reserve and Surplus $24,050 $59,225 $63,745
Total owner's equity $1,65,885 $2,50,683 $2,83,366
Total Liabilities and Owner's Equity $3,18,100 $3,75,200 $4,09,049
Balance Sheet
Marketing Plan:
Summary of Marketing Strategy:
Nerd Patrol looks forward to apply extensive marketing strategy that would assure
greater visibility for business in its targeted market (Drucker 2014). It will implement a
centrally focussed marketing strategy. The summarized marketing plan is given below;

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a. Nerd Patrol would be targeting home office and small business that are located
locally. These kinds of business usually have the need of temporary technical help and
can be billed on hourly basis.
b. There are some competing services that provides services locally. These competitors
are widely sized and specialized which provides Nerd Patrol with the opportunity of
expanding by establishing a niche in designated market parts.
Market Analysis:
The owners of Nerd Patrol have on personal note performed a market survey and have
noticed that an attractive niche market is existent for computer repairs, hardware and software
problems, networking and software debugging (Foxall 2014). The competitive nature of
computer industry and constant growth requirement of business for skilled expertise would
help in taking full advantage of the market situations. In the last few years the local
competing firms have noticed a rapid demand for computer repair services. It is noticed that
customers seek assistance for everything that commences from installation of software to the
hardware mechanism. Therefore, small business owners require services of dependable
experts with speedy assistance for all the needs of computer because every down hour may
lead to loss of revenue for the business.
Target Market Segmentations:
The owners of Nerd Patrol looks forward to break down the market in two groups
based on the needs of customers. This include the household PC users and small business
customers.
Household PC Users:
The household PC Users for the business generally includes the non-tech savvy local
dwellers that ranges from the age group of 25 years to 60 years with at least one PC at home

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(Kirzner 2015). These users generally likes to upgrade their own PC with the help of local
technicians in every quarter. The household PC users generally use the sophisticated software
applications and generally require repair or updates from the local technicians. Their
hardware requirements ranges from monitors, keyboards, scanner and printer.
Small business Owners:
The small business would be the main source of revenue for the Nerd Patrol. The
market of small business will be including those offices that are located inside the twenty
mile radius with two or more computers or networks requirement for carrying out business
operations. The business generally ranges from designing graphics, advertisement campaign
and writing copy for press release (Stead and Hastings 2018). Nerd Patrol will be delivering
quality repairs and support available to customers during crisis. While the hardware
requirements would include the system repairs, wireless networking, data back and storage.
Pricing Strategy:
Nerd Patrol will look forward to implement price matching strategy rather than
implementing entry pricing (Priya, Zunke and Mitra 2016). The below stated is the pricing
strategy of Nerd Patrol;
a. Hourly Based Pricing: The Company will be charging an hourly system pricing of
$85.00 per hour.
b. Retainer Pricing: This pricing strategy would include the expected minimum number
of hours per month based on the average price of $160.
c. Project Pricing: This pricing method is based on project related work. Nerd Patrol will
look forward to charge price for 8 hours of work at $85.00 per hour.

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Promotion Strategy:
Nerd Patrol main promotional strategy would be to nurture the present relation with
the clients through known networking technician expert to the word to mouth referrals and
new customer heads. The main promotional strategy is to make the customers content with
service as this will help in generating new and repeat business.
Product Strategy:
The product strategy of Nerd Patrol would include the timely delivery of service and
practical solution of computer problems for the customers (Fu et al. 2015). The product of
business would normally include networking services accompanied with hardware and
software needs.
Place:
The Nerd Patrol office would be located at Orchid Rose Street in the busy city of New
York. This will help the business in attracting wide range of both small business and
household customers (Hallett 2018). The location of the business would help the technicians
to visit the onsite customers and households easily.
Competition:
There are two important competitors of Nerd Patrol in this business. This include the
computer upgrade and repair service providers that are operating in this area. A competitive
analysis of the competitors is given below;
Super Media: They are one of the well-established business operating in this area that
provides services on latest upgrades to clients. Even though they have the highest amount of
staff turnover but the business relatively has inexperienced staff. They do not provide any
onsite advice or services and mainly engages in hardware support.

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Onramp Cabinet: Though they are small and less famous service company but it provides
its customers with wide range of services for residents that are living in southern part of
town. They generally indulge with customers to provide solution to their problems and
determines the needs of clients. They do not give its customers with onsite advice and
consider providing trial pick or drop off service.
Therefore the above stated competitive analysis suggest that competitors that are
operating within the Nerd Patrol business range charges higher price for their service. As a
result, the Nerd Patrol owners can employ their competitive pricing strategy to attract new
customers.
Operations:
Locations of the Business:
The Nerd Patrol office would be located at Orchid Rose Street in the busy city of New
York. This will help the business in attracting wide range of both small business and
household customers (Kuratko 2016). The location of the business would help the technicians
to visit the onsite customers and households easily.
Business Operations:
The business operation days will be from Monday to Saturday. Nerd Patrol will start
its operations from 8 a.m. in the morning till 9 p.m. in the evening all through the weekdays.
The company would operate in the peak business hours so that they can gain with the benefits
of growing computer demands.
A quality assurance programme will be implemented by business to make sure that
the employees are correctly doing their job. Additionally it will also apply in-house training
programs and certification training programs for all its employees. A quality assurance

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program would help in preventing problems through continuous checks to assure that the
workmanship of the business preserved.
Legal and Sundry Issues:
Legal Issues:
There are some important laws that is applied on the new business. Nerd Patrol is
under the obligation of complying with the rules and regulations that governs the business.
The business owners would be under the obligation of obtaining the registration prior to
starting the business operations. Apart from the registration the owners would also be
required to adhere with the several rules relating to tax and legal structure of business. The
rules includes;
a. Commercial business licence
b. Payroll tax
c. Tax file number business
d. Goods and service tax
Beside the legal requirements, Nerd Patrol will be complying with the contract law of
US trade authority (Nosair and Bouffard 2015). The company will comply with rules relating
to trade secrets as this will help in dealing with diverse customer’s personal information for
direct marketing and indulging with personal information.
Measures to handle legal issues:
To safeguard the business from any kind of legal situation it is obligatory for owners
of Nerd Patrol to be familiar with legal requirements of business. Additionally, legal service
of a commercial lawyer would also be obtained to obtain advice on legal matters. The owners
would also be complying with the financial laws by being familiar with laws that is related
with its customers and business. Special attention would be paid towards labour laws and

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lawful characteristics that administrates employment in business. Protection relating to
intellectual property would be obtained by Nerd Patrol to protect the business of their own
works. Appropriate protection from marketing and advertisement laws would also be
obtained by Nerd Patrol because the owners does not want to be sued for any kind of
misleading statements made in their marketing campaign.
Major Challenges:
Finally, the business also faces few major challenges and they are listed below;
a. Aggressive Competition: As a start-up company Nerd Patrol is required to be
aggressive in a manner that it is capable of punching above its weight. As the B2B
and B2C company it may face cut throat competition from the business that are
already operating in the market.
b. Financial Management: As a start-up company Nerd Patrol may face financial
difficulty in managing its cash. To address this, the owners would keep track of
expenditures and revenues.
c. Hiring of suitable candidates: Another important challenge is hiring suitable
candidates. To overcome this challenge an organized team of owners would be
formed to screen the potential candidates. This will ultimately help in developing a
pool of ambitious candidates for meeting personnel requirement.

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References:
Baker, M.J., 2014. Marketing strategy and management. Macmillan International Higher
Education.
Barringer, B.R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Colombelli, A., Krafft, J. and Vivarelli, M., 2016. Entrepreneurship and Innovation: New
Entries, Survival, Growth. Work in progress in the Groupe de Recherche en Droit, Economie
et Gestion (GREDEG), University of Nice-Shopia Antipolis.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Foxall, G., 2014. Corporate Innovation (RLE Marketing): Marketing and Strategy.
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Fu, N., Flood, P.C., Bosak, J., Morris, T. and O'Regan, P., 2015. How do high performance
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