Entrepreneurship and Business Development

This report covers the key dimensions of entrepreneurship and development along with the application of innovation. It includes a brief analysis of causation, effectuation and developing a feasibility study for the new business, assessment of competitors and segmentation, targeting and positioning analysis for assessment of the opportunity gap in corporate world, overview of business model and marketing strategies.

Entrepreneurship and
business development

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................4
A brief analysis of causation, effectuation and developing a feasibility study for the new
business along with evaluating bonding between entrepreneurship and innovation..............4
An assessment of competitors and segmentation, targeting and positioning analysis for
assessment of the opportunity gap in corporate world along with analysing the feasibility..5
An overview of business model on the ground of major concepts and frameworks along with
explanation of the new company functioning........................................................................8
The marketing strategies and business which should be taken into consideration by
entrepreneurs .......................................................................................................................10
Assessment and description of quantitative and qualitative planning tools which can be
applied by entrepreneurs in mitigating and assessing risks along with major and common
mistakes that are made by entrepreneurs at primary stage...................................................11
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
The entrepreneurship is a type of economic activity which is helpful in performing a
business in a well defined manner. It is essential for the entrepreneur to focus on development of
business idea in order to lead the competition(Drobyazko, Barwińska-Małajowicz, and
Danylovych-Kropyvnytska, 2019). The entrepreneurship is also considered as a major business
activity which includes focus on development of key business operations to fulfil wants and
needs of customers. The main purpose of entrepreneurship and business development is to
increase the revenue and profitability of a company. In this project a new start up idea of Candy
Shop is taken into consideration for development of business plan. The name of the candy shop
will be “ Candies for You” and it will be located at Westminster, London. The business will
provide key advantage to customers by providing candies of different flavours from all across the
globe. This report will cover the key dimensions of entrepreneurship and development along
with the application of innovation. The project will also cover various marketing strategies and
functions in order to gain competitive advantage. This report will also cover key quantitative and
qualitative tools which are supporting to an organisation in managing key tasks and functions.

TASK
A brief analysis of causation, effectuation and developing a feasibility study for the new business
along with evaluating bonding between entrepreneurship and innovation
Concept of causation and effectuation for developing feasibility study of new companies
In the functioning of a business entity, causation is termed as a key tool through which
entrepreneurs focus on achievement of set goals instead of finding out key ways to achieve them.
The main role of causation is related to development of crucial decision which helps an
organisation to deliver best practices in an environment which is linear and static. The primary
focus of entrepreneurs is to take into consideration for formulation of major decisions for the
new business venture. The concept of causation is applied only when the future is forecasted
easily.
The effectuation is a major technique which helps a business entity to develop focused
approach in managing key resources to increase their optimum utilisation. The resources are also
one of the major part of a business entity, which helps in increasing the chances of growth and
development (Huang, and Liu, 2019). Candies for you operational management department will
focus on increasing the participation of employees in order to develop best business practices.
The concept of effectuation helps in increasing the chances of strategic alliances and also the
strategies related to marketing.
The feasibility study is a major approach which helps a business entity to determine that
in future, the business will be feasible or not. The analysis is formulated because it helps in
development of proficiency and profitability for the new venture. The feasibility study of
Candies for you business is mentioned below:
 Conduct a primary analysis- In the first stage of feasibility study, the primary analysis
of the new business is conducted. In the primary analysis, a business considers key and
major factors which are related to nature of the marketplace and customers. The primary
analysis is also a key framework which helps the business entity to evaluate major
sources of business working.
 Development of income statement- In the secondary phase, the development of income
statement is generated. The income statement helps a company in knowing what is the
exact financial position of the business.

 Market research and survey- The key function of a new business like Candies for you
is to conduct marketing survey and research in order to collect information (Kraus,
Palmer, and Spitzer, 2018). The information related to market survey and research is
facilitated with the help of quantitative and qualitative research.
 Business operations planning- The planning of business operations is one of the key
tasks and objectives of a company. Operations planning helps a company to develop
focused approach in managing the key operations of a business in a well defined manner.
 Review and analyse the data collected- The data collection is the primary step which
should be taken by a business in order to facilitate data collection. The data collection is a
major technique which helps the new business to perform operations according to the
market demand.
Relationship between innovation and entrepreneurship
The innovation is considered as key approach which helps a business entity to develop
major approach in dealing with key consequences related to market trends. In this approach a
new product is developed by a business entity in order to achieve key objectives and goals. The
needs of customers are fulfilled in an unique manner with the help and support of key operations
and functions. Candies for you will also provide innovative candies to key customers which will
be liked by kids and youth.
An assessment of competitors and segmentation, targeting and positioning analysis for
assessment of the opportunity gap in corporate world along with analysing the feasibility
Competition analysis-
The competitor analysis of a company is conducted in order to know the key factors
which impact on the functioning of a business (Kwilinski, Dalevska, and Kovalenko, 2019). The
Candies for you business will also conduct a major competition analysis in order to lead the
marketplace. The competitor analysis of Candies for you company is mentioned below:

Basis of difference Candies for you Kingdom of sweets M&Ms world
Products The major products of
candies for you will be
flavoured candies.
These Candies will get
flavours from all
across the globe in
order to provide
delicious products.
The Kingdom of
sweets is a major
competitor of Candies
for you which
provides all type of
candies and sweets to
its customers.
The M&Ms world will
provide key focus on
major candies which
are mostly liked by
people of London. The
services of company
are also good which
can be a major
learning for the new
business.
Pricing policy The prices of products
of Candies for you will
be facilitated by
company in order to
develop primary focus
on major plans and
policies set by
marketing
management.
The Kingdom of
Sweets which is a
major competitor of
Candies for you set its
prices according to the
market demand of
customers (Morozko,
Morozko, and
Didenko, 2020).
This company
provides all major
candies on affordable
and reasonable rates in
order to attract large
number of customers.
Promotion strategy In order to develop
effective promotion of
its products and
services, the candies
for you business will
take assistance of
information and
technology.
The promotional
strategy of Kingdom
of Sweets is done by
using the traditional
methods of marketing
which includes direct
selling.
The promotional
strategy is used by the
company with the help
of marketing activities
and functions.

STP analysis-
The STP analysis is considered as key approach which helps a business entity to develop
and deliver best business practices related to marketing. In order to perform STP analysis in a
well defined manner, it is necessary for the Candies for you company to take assistance of
marketing management. The STP analysis of Candies for you company is mentioned below:
 Segmentation- Segmentation is considered as key approach in managing major
marketing operations of the company (Naudé, Siegel, and Marchand, 2017). It is essential
role of a company to focus on development of segmentation in order to increase the
chances of growth and development. Segmentation includes key focus on dividing the
marketplace on the basis of nature of product and demand by customers. The
segmentation of Candies for you will be done after gaining results by conducting market
research and survey.
 Targeting- The targeting includes focus on aiming customers for the business in order to
serve them in a precise manner. Business entity should focus on target customers in order
to develop profitability and revenue. The targeting major customers is essential for the
business in order to increase the chances of serving the customers in a major sense. The
target customers are key resources for the company to gain competitive growth. Positioning- In the functioning of a new business, it is crucial to focus on positioning of
the products and services. The main role of a business is to set up good position of the
product at the marketplace to achieve set targets and objectives. The business entity
should select appropriate geographical approach in managing key operations of the
company.
Discussion about feasibility of new business venture
In order to determine the feasibility of new business venture, it is essential to focus on
contemporary business environment. The new business venture should also develop a research
and development department which is helpful in increasing the competitive growth of a business.
The feasibility of the new business can be also studied with the help and assistance of higher
level authorities of a business (Piispanen, Paloniemi, and Simonen, 2017). In order to gain
effective results in a set period of time, it is essential for the business entity to develop primary
focus on marketing operations. The set targets and goals should be achieved by a company in

order to lead the marketplace. It is major role and responsibility of the management of Candies
for you business to take into consideration key role of growth based objectives.
An overview of business model on the ground of major concepts and frameworks along with
explanation of the new company functioning
The name of new business Candies for you
Vision The main vision of Candies for you business is
to set up a business with more efficiency and
effectiveness. Another vision of Candies for
you is to cross the borders and set up
operations worldwide.
Mission Key mission of Candies for you company is to
set up a reliable business and move ahead of its
competitors within a set period of time.
Objectives The key objectives of Candies for you include
increasing the sales figures of company by
12% till the end of this year.
Marketing mix The application of marketing mix will help the
new business to capture the marketplace within
a short time period. The marketing mix for
candies for you business are mentioned below:
 Price- It is essential for the business
entity to focus on development of
prices. The prices are related to final
value of product including the cost and
profit margin. The prices of the
products of Candies for you company
will be set to affordable in order to seek

attention of key customers (Morales, et.
al. 2021).
 Place- The place is referred to
geographical location selected by a
business entity to sell its key provides.
The place chosen by Candies for you is
Westminster, London which is a major
place in London to perform business
operations.
 Promotion- The business will use
social media and internet marketing in
order to promote key products. The
promotion should be done by marketing
management while considering demand
of marketplace.
 Product- The product is considered as
final output produced by company in
order to sell it at the marketplace. The
company should focus on increasing its
approach related to new product
development for capturing the
marketplace.
Situational analysis The situational analysis will be performed by
Candies for you by taking into consideration
development of key factors and goals. The
situation of marketplace will be analysed by
the company while taking into consideration
marketplace research which will help in further
growth.

The marketing strategies and business which should be taken into consideration by entrepreneurs
This become essential for the entrepreneurs of the organizations to adopt a wide variety
of business as well as marketing strategies which will provide assistance to them in performing
their business functions in an appropriate and successful manner (Zacca, and Dayan, 2017).
There are a large number of strategies that are required to be taken into consideration by the
entrepreneur of the organization such as Candies For You at each phase of the development of a
business enterprise. These different business and marketing strategies are explained as under in
context to Candies For You:
 Start Up Period Phase: This is the initial phase of the process of setting up or
developing a business enterprise. At this stage, entrepreneurs of Candies For You are
required to ascertain the innovative as well as unique plan or idea. The entrepreneur of
the respective organization should be aware of designing a reliable, accurate, appropriate
and effective business plan (Radović-Marković, Brnjas, and Simović, 2019). It is also
required to decide its marketing strategies for its business which will help the
organization in chasing competitive advantage over competitors within the market place.
Entrepreneurs of Candies For You should also develop a marketing plan for conducting
its marketing activities effectively through focusing on the targeted market as well as
customers.
 Growth Phase: This is the second stage and at this stage the entrepreneurs of the
respective organization are required to make an analysis of the different strategies of
Ansoff which includes market penetration, product development, market development as
well as diversification. These strategies will facilitate Candies For You in running its
business operations in a smooth manner. The entrepreneur of the organization can adopt
the marketing strategy of market penetration in which they have to sell out their current
products within the current markets. The entrepreneurs of the respective organization can
also go for the growth strategy of product development in which it is required to develop
its products through making innovations within them and sell out them into the existing
markets. Diversification strategy will help the organization in introducing new products
within the new markets (Tur-Porcar, Roig-Tierno, and Llorca Mestre, 2018). In context to

Candies For You, the organization should adopt the growth strategy of market
penetration because it is a small business and at its starting phase they can bring
innovation within their products.
 Consolidation Phase: Within this phase, entrepreneur of Candies For You can enhance
its range of the product line and also can extend its distribution channels. The
organization can go for the mergers or acquisition with the large brands. The image of the
enterprise is created at this stage as well as they are required to maintain it within the
industry.
 Underperformance Phase: This is the last stage and at this stage, Candies For You is
required to improve its performance and the entrepreneurs are needed to make typical
decisions. The entrepreneurs of the respective organization should perform great market
research for making evaluation reason of underperformance. They should follow up all
those actions that are undertaken and the strategies that are framed.
Assessment and description of quantitative and qualitative planning tools which can be applied
by entrepreneurs in mitigating and assessing risks along with major and common mistakes
that are made by entrepreneurs at primary stage
Assessment of qualitative planning tools for identifying and minimizing risks
The major planning tools applied by the business managers of Candies for you will
include the following techniques: Forecasting- The forecasting is one of the major tools which can be used by the company
to analyse the situation of marketplace (Ratten, and Ferreira, 2017). It is necessary for
company to forecast for key factors and elements related to its marketing operations for
achievement of set targets. This approach will also help the company to minimise risk
associated with the operations.
 Contingency planning – The contingency planning of Candies for you should be
facilitated by a company in order to achieve effectiveness in key results. The contingency
planning is also one of the major tools which helps in minimizing the risk associated with
business operations (Sabden, and Turginbayeva, 2017). The research and development
department of Candies for you should develop a major contingency planning for
satisfying wants and needs of key customers.

Assessment of quantitative planning tools for identifying and mitigating risks Data mining- The data mining is one of the major techniques which can minimise the
risk associated with key operations of a business. In order to develop focused approach at
the marketplace it is essential for the business entity to develop data mining with the help
and support of information and technology. Linear programming The linear programming is a quantitative method which helps in
increasing the chances of company success by minimizing the risk. This technique helps
entrepreneurs in facing issue of production, acquiring machinery and hiring labour. It also
helps them in scanning risks related to manufacturing activities and mitigating them in an
effective manner.
Common mistakes made by entrepreneurs
Entrepreneurs assume themselves as superior and thinks that competitors or well-
established brands will not hamper their business operations. One of the mistake that an
entrepreneur perform that they do not set their objectives before as they do not have proper
directions. The entrepreneurs of Candies for you should develop a systematic framework which
is essential for business growth and development. It is major role of entrepreneurs to avoid
common mistakes by the help of plans and policies (Ribeiro-Soriano, 2017). The key regulations
and rules which are formulated by top level management of a company must be developed by a
business entity in order to achieve key goals on time. In order to avoid common mistakes the
company can take support of management plans and systematic approaches. The company can
also use key IT tools like management information system, decision support system and
knowledge information system to perform all business operations in a well defined manner.

CONCLUSION
From the above stated report it can be concluded that in order to increase the chances of
development of a new business plan it is necessary for the company to develop strategies. In
order to gain competitive advantage at the marketplace, it is essential for the company to focus
on key operations like operations, human resource, marketing and financial management. This
project concludes the importance of strategic and planning frameworks which to be developed by
a new venture to lead the marketplace. This project concludes significance of segmentation,
targeting and positioning in order to dominate the marketplace with key marketing operations.
This report also concludes in order to set up new business it is important for the company to
perform environmental analysis.

REFERENCES
Books and Journals
Drobyazko, S., Barwińska-Małajowicz, A.,and Danylovych-Kropyvnytska, M., 2019. Innovative
entrepreneurship models in the management system of enterprise competitiveness. Journal of
Entrepreneurship Education, 22(4), pp.1-6.
Huang, X. and Liu, C.Y., 2019. Immigrant entrepreneurship and economic development: a local
policy perspective. Journal of the American Planning Association, 85(4), pp.564-584.
Kraus, S., Palmer, C., and Spitzer, J., 2018. Digital entrepreneurship: A research agenda on new
business models for the twenty-first century. International Journal of Entrepreneurial Behavior &
Research.
Kwilinski, A., Dalevska, N., and Kovalenko, O., 2019. Formation of the entrepreneurship model
of e-business in the context of the introduction of information and communication
technologies. Journal of Entrepreneurship Education, 22, pp.1-7.
Morozko, N., Morozko, N. and Didenko, V., 2020, November. Financial Conditions for the
Development of Entrepreneurship in a Modernized Economy. In Innovative Economic
Symposium (pp. 669-676). Springer, Cham.
Naudé, W., Siegel, M. and Marchand, K., 2017. Migration, entrepreneurship and development:
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Piispanen, V.V., Paloniemi, K. and Simonen, J., 2017. Entrepreneurs' business skills and growth
orientation in business development. International Journal of Entrepreneurship and Small
Business, 32(4), pp.515-536.
Radović-Marković, M., Brnjas, Z. and Simović, V., 2019. The impact of globalization on
entrepreneurship. Economic Analysis, 52(1), pp.56-68.
Ratten, V. and Ferreira, J.J., 2017. Future research directions for cultural entrepreneurship and
regional development. International Journal of Entrepreneurship and Innovation
Management, 21(3), pp.163-169.
Ribeiro-Soriano, D., 2017. Small business and entrepreneurship: their role in economic and
social development. Entrepreneurship & Regional Development, 29(1-2), pp.1-3.
Sabden, O. and Turginbayeva, A., 2017. Transformation of national model of small innovation
business development. Academy of Entrepreneurship Journal, 23(2), pp.1-14.
Tur-Porcar, A., Roig-Tierno, N. and Llorca Mestre, A., 2018. Factors affecting entrepreneurship
and business sustainability. Sustainability, 10(2), p.452.
Zacca, R. and Dayan, M., 2017. Entrepreneurship: an evolving conceptual
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pp.8-26.