Literature Review on Entrepreneurship and Related Topics

The provided assignment is a comprehensive literature review that covers multiple aspects of entrepreneurship. It includes studies on social entrepreneurship in ecotourism, microfinance and women's empowerment in India, innovation entrepreneurship in transition economies, and more. The review also touches upon the efficacy of entrepreneurship training and its impact on improving motivation in the face of economic changes. The assignment presents a detailed analysis of these topics, providing valuable insights for researchers and students interested in entrepreneurship.

ENTREPRENEURSHIP

EXECUTIVE SUMMARY
Entrepreneurship refers to a process wherein a new product or service is launched with
the aim of finding out solutions to social and economic problems being faced by people within
the society. The below mentioned report is based on “Wedding Bells” which provides services
associated with event planning and management. This project is being set up by 3 friends who
would share the profits and losses in the ration of 1:1:1. This entity will target upper, upper
middle and middle class individuals. The firm will collectively invest £1,300,000 into the
business so as to carry out the operations and functions of business effectively. Apart from this,
£500000, £50000 and £300000 will be personally invested by the three partners respectively.

Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
Section One: The Business..............................................................................................................4
A. Description of Business and Aims.....................................................................................4
B. Products/Services...............................................................................................................7
C. Market Analysis.................................................................................................................8
D. Marketing plan.................................................................................................................10
E. Location...........................................................................................................................12
F. Competition......................................................................................................................12
G. Management and operations............................................................................................13
H. Personnel.........................................................................................................................13
Section Two: Financial Data .........................................................................................................13
A. Projected Financial Statements........................................................................................13
B. Break Even Analysis : United Kingdom..........................................................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Entrepreneurship can be referred to as the process of devising, developing, formulating
and managing a new business venture. In simple terms, this process strives to generate solutions
to the social and/or economic problems that exist within the society so as to ensure satisfaction of
the community in which business prevails (Achmad, Saputro and Handayani, 2016). The persons
who initiate this kind of business are referred to as entrepreneurs. Entrepreneurship is largely
concerned with taking the initiates to convert a business idea into action and assuming the risks
to earn profits. The present report is based upon Wedding Bells which is an organisation that
provides services associated with design, music, decorations and catering for marriages and other
parties. This assignment is divided into two sections. The first section lays out the brief
description about the venture in terms of its aims, products/services, location, rivals,
management and operations, personnel etc. Section two consists of financial projections such as
cash flow, profit & loss and capital required.
Section One: The Business
Aims and Objectives
 Wedding Bells is being setup with the sole objective of meeting the social needs and
demands of customers by providing event management services. This will assist the
entity in enhancing its sales and profits.
 The owners of this venture strive to render job opportunities to people within UK so as to
give a boost to economy of the country.
A. Description of Business and Aims
Type of Business
Wedding Bells is a hospitality organisation which strive to cater to the needs,
requirements and preferences of population of United Kingdom so as to derive maximum
satisfaction out of them and ensure sustainability of business for a long duration of time.
Course of Business
Wedding Bells is an event planning company which provides services associated with
music, decoration, catering in several types of events, especially marriages. This enterprise is
going to run in London and provides facilities to the confines of UK.

Status Of Business
Wedding Bells is a start up business which has been designed and developed to meet the
social needs of people and provide services to individuals relating to event planning, organisation
and management so as to execute it in an effective manner.
Legal Status
This organisation is a partnership firm which is jointly owned and managed by 3 friends
in the ratio of 1:1:1. The liabilities as well as the risks are severely and jointly owned by the three
partners in accordance with the terms and conditions stated in the partnership deed (Adebayo and
Otemuyiwa, 2015).
Licences
Wedding Bells is an event management organisation which needs to procure certain
licences from local councils or authority for effective operations of entity without any type of
legal intervention. In this regard, the licences that need to be taken by this company for
organising and managing an event within the confines of law are specified below:-
 Temporary Event Notice (TEN) for such events which comprise of sale of alcoholic or
alcohol-rich beverages and/or provision of entertainment facilities like dance, play, music
etc. In case of an entity playing recorded music publicly or supplying equipments pertaining
to PPL's licence for public performance, a licence has to be applied for with
Phonographic Performance Ltd.
Cost of initiation
The overall cost of starting this venture has been fixed by the partners jointly at
£1,300,000. From this, one partner will contribute £500,000; another partner will give £300,000
and the last partner of this project will give £500,000.
Personal budget
PARTICULARS AMOUNT
RENT 75000
INVESTMENT 400000
TOTAL 475000

MARKETING OUTLAY 70000
PROMOTION 45000
DECORATING MATERIAL 685000
CATERING 25000
TOTAL 1300000
Success factor for Entrepreneurs
The partners who have collectively started this venture project possess the zeal and
encouragement to undertake the activities of this project in an effective and efficient manner so
as to ensure the sustainability of organisation for a long duration of time (Vesperi, Reina and
Gentile, 2015). Further, they have a unique and innovative mindset owing to which they have
come up with the idea of launching an event planning and management entity. They will be
successful in this business owing to the unique element of customisation associated with this
venture that entity will provide to customers.
Past experience of entrepreneur in this type of business
Two out of the three partners who have collectively invested in the activities of Wedding
Bells have no prior experience of working within this industry. The third partner has worked for
a leading event management company for a time span of 4 months post which he had to leave the
organisation owing to some personal reasons.
USP of venture
The owners as well as the team of this venture project is immensely passionate and strive
to render an unrivalled customer experience attained by way of building strong relationship with
suppliers and clients and ensuring their comfort at all the times. Every event or party that this
company will organise and manage will be as special and unique to them as it is to the party
organisers. The USP of this venture will be the high quality services that this entity will provide
to its client base.
Success factor of business
The event management team comprising of highly dedicated and motivational individuals
with high knowledge base of event planning sector strive to work for every event in a manner
that it becomes a huge success (Ahmad and et. al., 2016).

B. Products/Services
Products/services that venture would be selling and their uniqueness
Wedding Bells is an event management company which deals in planning and
organisation of events, especially of marriages, from the engagement ceremony to the
honeymoon of couples. This comprises of providing facilities such as designers for dresses,
destinations for arranging wedding functions, musical events in wedding ceremonies, food and
beverage services. The uniqueness of their services would be that they will give the option of
customisation to customers which reflects that clients can modify the services as per their
accordance.
Features and benefits of Products/services
Wedding Bells provide accommodation and event planning facilities of high quality
which are capable of catering to the needs, demands and preferences of customers so as to retain
them for a long duration of time in future.
Position intended to have in market?
This company aims to attain the leading position within event planning industry by
offering high quality event and entertainment facilities at affordable prices (Tentama, Asti
Mulasari and Risky Kusuma, 2016). Further, the entity is focussing upon gaining the attention of
people by making use of extensive marketing initiatives.
Differentiating factor of products/services
The products and services offered by Wedding Bells differ from competitors present
within the market as they are unique and creative and tend to aim at satisfying the customers in
an effective manner. Further, best part about this company is that it provides serving belonging
to diverse set of categories ranging from cosmetics, design, event, decoration, music etc.
Uniqueness and desirability of products/services
The uniqueness of this venture lies in the highly qualified and knowledgeable set of
personnel who are working as a part of team and are applying their full potential and competence
to make sure that the event is a success. People will desire the services provided by Wedding
Bells because they give the option of customisation which ensures maximum customer
satisfaction.

C. Market Analysis
Market analysis refers to the study of dynamism that takes place at marketplace
(Bhargavi, 2015). It is carried out by organisations to make sure that the strategies developed by
them to deal with the growing competition are effective to run the operations of business. This
market study will provide assistance to Wedding Bells to gain knowledge about the latest trends
and techniques prevailing in event industry as well as the behaviour of consumers towards event
planning and thereby adopt strategies in accordance with them.
Purchaser of products
Within the corporate world, the market segmentation is done into 3 main categories on
the basis of characteristics of markets and consumers within it. These categories are described
below:-
 Geographic: Here, the market is segmented on the basis of geographical characteristics
such as climate, density, economy of country etc.
 Demographic: This enables organisations to segment the marketplace as per their
gender, caste, religion, income group and other consumer demographics.
 Psycho-graphic: This is associated segmentation of market as per the values, attitudes,
beliefs, interest and lifestyles of consumers.
Market segmentation will assist Wedding Bells to run and grow in an effective manner.
Further, it allows the organisation to identify that section of market where the characteristics of
consumers match the values offered by products and services of company. In this regard, UK
market is huge and for effective targeting, Wedding Bells has decided to segment the population
on the basis of the income groups to which they belong. Thus, the entity is targeting customers of
middle class, upper middle class and upper class. This organisation provides services associated
with catering, design, decorations, music on the demands and preferences of their target
customers. For effectively and successfully gaining the attention of target audience, Wedding
Bell strives to adopt certain marketing initiatives which will assist the organisation in enhancing
customer base thereby increasing the sales as well as profits. In regards to this, upper class
segment of UK population is reached by way of internet, upper middle class is contacted through
the use of website and the middle class customer segment is influenced by way of company’s
brochures.
Size of market

The event market of UK is very large and tends to enhance by a fair percentage every
year. The worth of this industry is around £42.3 billion in today’s context (An Introduction To
The UK Event Industry In Numbers, 2019). When the size of market is large, this indicates that
the rivalry within this sector is immensely high and for this, the upcoming entity need to adopt
the right marketing initiatives in order to gain a high stake in marketplace. Over 25000 business
organisations are a part of this sector within UK and can be categorised into Destination
Marketing Organisations (DMOs), event organisers, event insurance specialists, exhibition
contractors, event production companies, transport operators, telecommunication, speciality
caterers etc.
Figure 1: UK Event Industry in Numbers
(Source: UK Event Industry in Numbers, 2019)
Venture’s share at marketplace and change in share over time

As the organisation is planning to adopt a number of marketing initiatives, it is expected
that the upcoming venture would hold a significant share in UK marketplace post its initiation.
Further, the marketing initiatives that are planned to be undertaken by this firm are diverse for
the three customer segments that this venture will target taking into account the preferred use of
marketing medium by people in various customer segments (Chepurenko, 2017). Further, it is
likely that with the passage of time, the loyal base of customers would be built and this quantum
will gradually increase indicating the potential for the firm to expand its market share within next
some years.
Segments of users under-served by rivals
While mostly all the customer segments are tapped by event specialists, it has been
noticed that people belonging to age group of over 60 years are less contacted by these
businesses as there is lack of initiatives undertaken by firms to gain the attention of this segment
of population owing to the likely less use of social media and other channels by old age people
(Devi and Goswami, 2014).
Opportunities presented by under-served customers
The people belonging to age group of 60+ present lucrative opportunities for event
market as it should be the tried by every organisation to tap the mindsets and behaviour of every
person within the population (Ekhtiari, Yadegari and Sadidi, 2016). In this regard, Wedding
Bells have taken this customer segment into account and has planned to make use of brochures to
communicate the services provided by this entity to the old section of society.
D. Marketing plan
Marketing plan tends to serve as the roadmap for an effective launch of products within
marketplace so as to tap the attraction of potential customers. In general terms, it can be referred
to as a business document that lays down the marketing strategies as well as tactics adopted by
an organisation. Wedding Bells is involved in sale of wedding packages and also provide related
services to people with the option of customisation. This feature of entity attracts the attention of
youngsters and other customer segments towards the organisation. This company has planned to
reach its target audience by way of a number of marketing strategies (Grabowska and et. al.,
2015). In this regard, the planned marketing tactics of company is looked upon by way of 4P’s of
marketing.

4P's of Marketing
Product: Wedding Bells has planned to make available a number of products and
services to public such as decorations, music, catering services, design, beauticians etc. These
products will be offered to people as per the demands and preferences of customers. The new
features introduced within this organisation will be that they organise events at different
geographical destinations.
Price: This refers to the economic value offered by organisations to consumers in return
of products and services. Wedding bells will make use of premium pricing as their target
customer segment of UK population has been decided to be upper class, upper middle class and
middle class section. Customers that this organisation is targeting possess the potential to pay
price charged by this venture project as the upper class segment is usually concerned about
availing the luxury services and price is not their real concern.
Promotional strategies: These refer to those strategies which provide assistance to
company in persuading the target customers to avail the products and services offered by the
organisation. Their target audience consists of upper class, upper middle class and middle class.
This entity will make use of social media, websites, brochures etc. to gain their attentions
towards the services rendered by the start-up. Besides this, the venture will offer discounts and
offers to public such as a free pre wedding shot for the one who make use of cameraman of
Wedding Bells.
Place: This usually comprises of the geographical location which an entity is striving to
target (Iveta and Geci, 2017). Being a start-up, this entity will provide services in the confines of
UK only in its initial stage.
Competitors and their products
The major rivals of Wedding Bells are Tebbey and MGN events which carry out planning
of events such as weddings near lake area. Their USP is their concern about adequate and
effective lighting, space, ambience, food etc. They design the overall wedding from some days
before engagement to the very last day.
E. Location
Business address

The main corporate office of the upcoming venture “Wedding Bells” will be situated
within the Mayfair location of London, UK which is an effluent area visited by a large number of
people every day.
Is the property owned or leased?
This property is acquired on lease. The terms and conditions associated with this contract
between lesser and lessee will be in a manner that the title as well as the possession of venture
will lie in hands of lesser only and the property will be provided to lessee for use for a specific
time frame post which lessee will have to vacant the property.
Renovations or modifications
Renovations or modifications will be done within the property in relation to installation
of air conditioning facilities, internet and telephone. There will also be need of furnishing and the
overall cost required to meet these requirements will be £15000 approximately.
Property and its surrounding area
Mayfair is a good location and the surroundings as well as the ambience of this property
are found to be quite good. There is a cafe near next to the office on one side and a library on the
other side.
Rationale behind considering it a good location for business
Mayfair is an excellent location for businesses as this place is daily visited by a large
quantum of UK population (Iveta and Geci, 2017). This renders Wedding Bells an opportunity to
reach out to people in an effective manner and work towards the increment of sales as well as
profits.
F. Competition
As Wedding Bells is a new venture, it faces threat from a number of well established
event planners and organisers within the event industry of United Kingdom. The main rivals of
this company are MGN Events Limited, Wedding Planner Guild, Lindy Dowling Wedding and
Event Planners. The operations of the entity should be better in contrast to rivals so as to make
sure that this venture sustains in market for a long time (Mandić, Borović, and Jovićević, 2017).
The unique concept of Wedding Bells to conduct different events at different destinations is
effective to gain the attention of those who love exploring new locations. Yet it is tiring for those
who are not much fond of travelling.

G. Management and operations
The management team of Wedding Bells will enforce a divisional structure across the
whole organisational premise. The employees who will be hired to be a part of this venture
project will not have a professional experience of less than 3 years. There will be a number of
functions within this entity such as catering department, decoration departments, accommodation
department, transportation department, dress designer and beauty department and beauticians
(Radović-Marković and et. al., 2014). These departments will be monitored by the CEO of
company. The salaries received by managers would be around £25000 and the employees will
receive £15000 for their work. Resources required to create values include finance, manpower,
catering, flowering, design etc. Wedding Bells’ most important assets are designing venue and
manpower.
H. Personnel
The personnel needs of this upcoming project would be managers, event planners,
musicians, dancers, decorators and other associated personnel working to make the business a
success. In future, with the advancement of technology, this entity would require a technical
expert who would impart related knowledge to employees. In future, Wedding Bells would
intend to expand the business so as to make it to the top wedding planners of UK. The staff must
have skills to attain the organisations objectives (Sujarwo, 2016). These skills include research,
listening skills, innovation etc. This is so because venture is operating in a business line where
regular innovation and creativity play a crucial role. The training provided to personnel includes
coaching, presentation, counselling, etc. Such human resources are not easily available but
company will do its best to identify the most knowledgeable and capable candidates who have
been involved in a similar kind of businesses earlier.

Section Two: Financial Data
A. Projected Financial Statements
Total Required Capital
Six month's aggregate fixed Expenses £
Salaries (include owner) Payroll Taxes at 12% Rent Marketing and Advertising
Supplies 105600
Telephone & Utilities 12540
Insurance Maintenance Legal and Accounting 6980
Miscellaneous 1740
Monthly Fixed Expense Sub-total 126860
Asset Purchases
Purchase of Land and Building 650000
Decorating and Remodel-ling Fixtures and Equipment (plus installation) 260000
Deposits on Rental Property and Utilities Beginning Inventory 150000
Asset Purchase Sub-Total 1060000
Start-up Expense You Pay Once
Legal and Accounting Organization Costs 35460
Licenses and Permits 37640
Initial Advertising and Promotion 40040
Start-up Expense Sub-total 113140
Total Estimated Cash Needed to Start = Six Months of Fixed Expenses + Asset
Purchases + Start-up Expenses 1300000
Projected Balance Sheet
Particulars Value in £ Particulars Value in £

Fixed assets 900,000 Capital 1,300,000
Stock 200,000 Creditors 170,000
Debtors 70,000 Working capital 30,000
Bank 330,000
Total 1500,000 Total 1500,000
Projected Profit and Loss Account
Particulars Values in £
Sales 900,000
Cost of Sales 500,000
Gross Profit 1,400,000
Overheads 480,000
Net Profit 920,000

Projected Cash Flow
B. Break Even Analysis : United Kingdom
Unit sales price: £12
Less: Cost of Goods Sold:
Material & Labour
Less: Other Variable Exp:
Commissions
Unit Contribution Margin = £8
(£12 - £2 - £2)
CM % (£8 ÷ £10) = 80%
Monthly Fixed Expenses:
Rent £3,000
Utilities £3,000
Salary £10,000
Other £5,000
Total Fixed Exp. £21,000
B/E = Fixed Expense ÷ CM %
B/E = £21,000 ÷ .8
Monthly B/E Sales = £26,250

CONCLUSION
From the above mentioned report, it has been concluded that entrepreneurship is the key
to growth of an economy. In addition to this, it has been ascertained that entrepreneurs tend to
generate solutions to economic and social problems prevailing within the economic system of a
nation. Further, it has been acknowledged that event market is a lucrative opportunity for
entrepreneurs due to its increasing worth day by day in global marketplace. It has been analysed
that competitive and market analysis are the prerequisites before gaining entry into any industry.